Sunday, February 5, 2012

16 Sales in Hoboken This Week-Hoboken Sales Update-February 3, 2012

We had a total of 16 sales in Hoboken this week, which is better than we've had over the last three weeks.

All of the agent's that I've talked to have all commented that the market is getting busier again.

There was a 1 bedroom at 73 Garden that sold for $483/sq.ft. despite that fact that most of the units in the building are tenant occupied.  This is a big problem some smaller condo units face as most banks don't want to see buildings more than 50% tenant occupied. The listing for this unit stated upfront that only buyers with 20% down or more would be able to submit offers.

Overall, one bedrooms averaged a very strong $595/sq.ft. this week.

2 bedroom condos averaged $442/sq.ft. and were brought down by a 4th floor walkup sale at 721 Madison for $329/sq.ft.  Fourth floor walkups can be a challenge to sell and price adjustments are usually necessary to lure buyers.

We had 3 three bedrooms sales this week for $493/sq.ft. which we don't see very often.

What's more strange is that we had 2 four bedroom sales this week for an average sale price of $378/sq.ft.  The listing at 99 Park is actually 2 two bedroom units combined.  The layout is a little strange, but if you need a large 4 bedroom condo there aren't many choices out there.  The added bonus is that the property sold with two deeded parking spaces.

Please click on the link below if you can't see the spreadsheet:

Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957

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