Home Buying in 07030>Question Details

condoowner, Home Buyer in Hoboken, NJ

Which appreciate faster? Brownstone condo or those newly developed condos at Upper Grand?

Asked by condoowner, Hoboken, NJ Mon Jul 21, 2014

I saw many two Bdr condos in the new development has appreciated more than 20%. Brownstones (even gut renovated) don't seem to enjoy the same appreciation. Does that mean we should buy new development?

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4
Hoboken owner,
Continue your research as you have. Observe completed new projects of all types and measure their value appreciation the following three years. I think you will see an irrefutable pattern.

Now, be aware, exceptions can occur if the new project is mismanaged, under funded or gets involved in litigation.

If you bore deeper into the data, for those projects allowing, you will see many multiple purchase owners, usually investors buying a pre-construction prices. Often this real estate is sold two times in the next three years at a profit every time.

It is true, predicting the future is problematic. With big ticket items, you will find it beneficial to consult with the local professionals who actually help others buy and sell dozens of condos every year. They have access to the real data (not Zillow) and can create the report. However, for these professionals this is not a hobby. If you want them to work on your behalf, hire them.
0 votes Thank Flag Link Fri Aug 8, 2014
Oh, I wish I had a crystal ball to figure out what will be ... I'd be RICH! :)

The fact is, Hoboken is a strong real estate market, because of proximity to NYC, forms of commuting to NYC, and because it's just a great cute town to live in. There are several types of properties in Hoboken, and there is a market for all of them.

Consider purchasing what feels like home to you and that has many of the features you desire. I think that you will just know the right home for you, when you open the door. And, when you are ready to sell your home, there will be a buyer who feels the same way that you did, the first time you walked in the door.

Best of luck with your home search, and as always, if I can assist you, feel free to call or e-mail me direct ... http://TheHobokenDream.com
0 votes Thank Flag Link Fri Aug 8, 2014
I believe by brownstone condo you mean a railroad condo. Unfortunately many of these have a strange layout. For example, you enter in the middle, there is a living room, a formal dining room (with french doors) which used to be a dining room, and then a bedroom, which may or may not have a closet. On the other side, there is a small bathroom and the kitchen. That is how the lifestyle was 100 years ago.

Even in gut renovations, this layout is seldom changed, since it is very expensive, and even impossible to move kitchen/baths more than 20-30 feet.

In modern condos, the living room/kitchen are together (open concept), and the master bed/bath are together (master suite). The kitchen may be smaller, the baths bigger. The layout is more square than a long rectangle. Obviously, buyers are willing to pay more for that.

Hope this helps.
0 votes Thank Flag Link Thu Aug 7, 2014
No of course not. Prices are not that inefficient -- if appreciation were guaranteed it would be obvious for all to see and prices would just rise. Also the phrasing of your question is strange -- prices can (and do) go down, especially considering the potentially high carry cost.
0 votes Thank Flag Link Mon Aug 4, 2014
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