Monday, November 21, 2005

Hoboken No Sale

I had a chance to wander around Hoboken this weekend and noticed tons of open house signs along Washington Street that pointed to apartments on the “Presidents” streets further west. Weichert was particularly aggressive with their signs and balloons.

From what I have seen and from what I have heard, inventories of one and two bedroom apartments are building rapidly in the western half of Hoboken, which is less desirable than the eastern half of Hoboken. The obvious slowdown in condo sales in parts of Hoboken is not a good sign for the more bucolic suburbs of the Jersey Shore, western Jersey (i.e. Chatham) or points north (i.e. Tenafly) since the buyers of single family houses in those areas are often the sellers of starter type condos in Hoboken, NYC and Jersey City. Hoboken is a feeder town for the more traditional suburban towns. As families grow, the two bedroom condo bought a few years ago starts to get pretty cramped and suddenly the daily hour-and-ten minute commute to NYC from a Marlboro McMansion becomes unavoidable (instead of the 20 minute commute from Hoboken). In my opinion, this cycle, which has persisted since at least the late 80s, when Jersey City and Hoboken finally became habitable, could be slowing as the overall housing market cools. As I have said before in this space, if you can’t sell the two bedroom condo on Jefferson Street in Hoboken, then you can’t buy the three bedroom ranch on Jefferson Street in Middletown.

(FYI - The "President streets" of Hoboken are located west of Willow. Back in the day, this was generally a no-go area when looking for a place to rent fresh out of college. Although the president streets are no longer as dangerous as they used to be, they are still kind of far from the Path, the ferry or regular bus service.)


Anonymous Anonymous said...

Even on more desirable 11th & Bloomfield sits a 2br 1bath rowhouse condo that's been sitting on the market for a few months.

It's only listed for $790K. No idea why it hasn't sold.

Monday, November 21, 2005 8:38:00 PM  
Anonymous Anonymous said...

because 790K is a laughably obscene amount of money for soemthing so modest

no so long ago $790K could buy an entire brownstone, albeit a 15' 3 or 4 bedroom rather than a 20'

Tuesday, November 22, 2005 4:19:00 PM  
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