Monday, November 07, 2005

Hoboken Slowdown

I spoke with a mortgage broker over the weekend who primarily works in Hoboken and Jersey City. He said that the market in Hoboken has slowed dramatically over about the past two months and that inventory is growing there pretty substantially. A slowdown in the number of sales in Hoboken is not good news for the Jersey Shore, since the people selling there are often married couples who have outgrown their starter condo with the birth of their first or second child and are looking for larger houses further south or west. In other words, if you can’t sell the Hoboken condo, then you can’t buy the Lincroft ranch.


Anonymous Anonymous said...

Well it's about time. I guess buyers are finally saying "UNCLE!"

When a 2br condo in a highrise right next to the projects (and on a street noteworthy for the times it's referenced in the police blotter) goes for $640K someone's bound to think about it more than a few seconds.

And when other condos are priced so that rents couldn't cover half the carrying costs, even the trusty BANK OF DAD may prove to have higher underwriting standards.

"Hoboken will never go down" I'm told. Yeah, just like prices didn't go down in 1989-93 and hundreds of condos didn't sit on the market for many months because no one wanted to buy them.

Monday, November 07, 2005 8:30:00 PM  

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