Market Conditions in 07030>Question Details

HS, Home Buyer in 07030

I've been looking in Hoboken to buy a 2BR for a few months and just recently I feel like I've seen

Asked by HS, 07030 Sat Mar 22, 2008

a number of price reductions. Is there a perception that the market may be softening a bit? And if so, any more in one corner of town than others?

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I have been looking too and have rec'd a few price reduction emails from selling agents just recently. The NYC metro area had been insulated from the rest of the country's real estate woes b/c of the demand to live in/near NYC. The problem that is just starting in NYC area is Wall St/Investment firms are laying employees off. For the employed Wall St investor types -- they have most of their would be cash in sagging stocks -- so they don't have the cash for a down payment. Basic economics are in play here and the domino effect has started - so prices will continue to go down in this area. Unfortunately the buyers for niche neighborhoods around NYC are either unemployed or not liquid right now.
0 votes Thank Flag Link Wed Mar 26, 2008
I've been looking for a while as well and it really depends on the property. The units that have a noticable "issue" such as being a 5th floor walk-up, poor layout, etc. seem to be having the most trouble. The ones that have a "unique" niche to them (specific location, great layout, high-end finishes (and not the fake high-end stuff most are passing off), etc.) are still doing very well and actually receive multiple offers. in the long run, I think Hoboken is very well positioned to do better than the overall market (especially most of the 'burbs) because of it niche...so if you find something you like you'll probably do well , in terms of ROI, over the next 3-5 years.
0 votes Thank Flag Link Tue Mar 25, 2008
Buyer to buyer, YES, I think so. I have been looking for MONTHS now and I finally found what I am looking for. There has been a couple of properties that I thought were good but overpriced, but they dropped in the past couple of weeks (one of them listed in Adam's Square was originally 410K, now down to 380K after three 10K price cuts, the last two of which were last week). For me it was too late, but I think finally the sellers got it.

I have to admit there is a LOT of overpriced condos in Hoboken, so my only advice as a fellow buyer to you is to keep looking, eventually you will find a condo that you like and that is at your pricepoint. and don't think you don't have options, you have plenty of them, even in a mile square town. Once you find 'IT', then make a good offer. Good luck :-)!
0 votes Thank Flag Link Tue Mar 25, 2008
Most agents and mortgage brokers will tell you what is starting to hit the press -- now is the BEST time to buy, while prices are "softer" and inventory is high. Bottom line -- if you see something you love, can visualize yourself in, and is in the right location, buy it. Hoboken is so popular now, there is no one wrong end of town.
0 votes Thank Flag Link Sat Mar 22, 2008
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