Hoboken 2 Bedroom Condo Glut

I spoke with a Hoboken resident this week that follows the market there very closely since he owns a few rental properties. He confirmed what I have been hearing, which is that sales of two bedroom condos that are not directly on the waterfront have ground to a halt since about late September, early October. These types of condos, which are also in Jersey City, Edgewater, Weehawken, Brooklyn and Queens, are the classic starter properties for recently married couples with one or no kids and are only purchased with the intention of moving out to the ‘burbs within 3 to 5 years, or whenever the second kid comes, whichever is sooner. I believe that couples that have difficulty selling these Hoboken condos will not be showing up at open houses in Holmdel or Howell this spring unless first, the Hoboken seller lowers there asking price significantly and second, the Holmdel seller does the same.