All The New That’s Fit To Print

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Anyone see the Hoboken Real Estate article in the NYT this weekend? http://www.nytimes.com/2008/06/22/realestate/22njzo.html?ref=communities
The numbers didn’t seem to reflect what I am seeing on the ground here. So I did a little statistical exploration.

Here’s an excerpt from the article “Meanwhile, the average price for a one-bedroom unit has dropped 9.3 percent since January — to $420,797 — and 40 percent of those units now on the market have had their asking prices reduced, by an average of 3.3 percent.”

I have no idea what they are talking about. Asking price? Is that any indicator of the market? Why print it at all? I think I’ll list a ten million dollar one bedroom just to show how useless it is to look at average ask price.
My research says that in Q4 2007 seventy three Hoboken one bedrooms sold for an average sale price of $391k. Since April 1, 2008 seventy seven Hoboken one bedrooms sold for an average price of $416k. This is about 6% INCREASE not a 9.3% decline.

Maybe the stats should be left to the Wall Street Journal.

Hoboken Condos 2008
One Bedrooms
Q4 2007
Sold 73

Avg Sale price $391k
Since 4/1/08
Sold 77
Avg Sale price $416k
Information deemed reliable but not guaranteed

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