We have reached the midway point of the year. Today, I want to look back over the first six months and give you what I believe were the five items that have had the biggest impact on the Hoboken real estate market so far this year.
Low InventoryWith Hoboken condo inventories down some 30% from traditional levels, it has impacted the market in several ways. Lower days on market for sold properties is chief among them. Bidding wars and contracts for well priced condos is leaving stale inventory in the dust as Hoboken buyers, with limited choice, are acting fast.
Low Interest RatesHistorical lows in interest rates are having an impact on move up buyers. Three bedroom Hoboken condos are selling fast and furious as families with a long term plan are locking in for the long haul.
Short Sales StalledWhile the Hoboken real estate market is not as directly impacted by short sales and foreclosures as other markets, the bank moratorium on foreclosures and the subsequent delays in the short sale process has mitigated most impact that lower sale prices would have on existing sales.
Sales Are StrongThere were 321 Hoboken condos sold in the second half of 2010 as compared to 343 Hoboken condos sold in the first half of 2011. While the second half of 2010 was a low caused by the homebuyer tax incentive, the first half of 2011 had no incentive and thus the second half should not be as negatively impacted from buyers front loading their purchases.
Toll Brothers Is Building And Selling In Hoboken
1450 Washington Street, the latest in Toll Brothers’ Hoboken condo offering, is being built at a breakneck pace. The 156 condo structure is on schedule for completion in the first half of 2012 and sales have already begun. Toll does not commit lightly and they are bullish on the sale prospects for the foreseeable future. A great sign for Hoboken real estate!
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