Home Buying in Hoboken>Question Details

Catherine Gi…, Home Buyer in

How much of a decrease in value should you expect for a 5th floor walk up (condo) in Hoboken?

Asked by Catherine Giametta, Thu Oct 18, 2007

Great Location, Great Condo

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I agree the higher the floor figure about 5-10k decrease unless the top floor has views and a roof top deck with exclusive access then that could change the entire story it depends on your unit. If your unit is nicer than the others then the rule would not apply. However I would predict for the next two years prices to hold steady or decrease no more than 10 percent in Hoboken as it is a very strong market
0 votes Thank Flag Link Thu Dec 20, 2007
In Hoboken, the 5th floor is typically the highest floor in non-elevator buildings. The advantage of the top floor with no neighbors overhead is that it is quiet! So while a walk-up is not for everyone, I often tell buyers (and sellers) that it is better to be on top than sandwiched on 3 or 4. There have been recent sales of 5th floor walkups on Hudson St. in the mid 500,000's to the mid 600,000's so for the right buyers, the walk-up may not be an issue if the unit is nice, priced right and in a good location. As always, getting good value is what is most important to buyers. We also have many young buyers who don't mind a little extra exercise every day. Nonetheless, as a rough rule of thumb, figure about $10,000 per floor drop in price as you go up in flights, all other things being equal, which is rare.
0 votes Thank Flag Link Sat Oct 20, 2007
All reports that I hear indicate that Hoboken is doing well holding its own. I can't speak to your specific unit, but in general, I hear postive reports about Hoboken and NYC. Hoboken is able to catch an overflow from NYC buyers.
0 votes Thank Flag Link Thu Oct 18, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
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