No Comps.

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It’s hard to tell value when there aren’t a lot of comps in a tiny niche of the market. Take for instance the the 2 bedroom condo priced over $650k but less than 1100 sqft. There are only three available units and one that sold in 2008. Usually, it’s something pretty unique that will push the price per square foot up into this stratosphere. NYC views, loft ceilings, amazing outdoor space and of course parking..something like that.

But parking is really only going to account for $35-$40 a square foot. So when there are lots of choices in the $500-$550/sqft range (with parking factored in) what gives? Look to the two most obvious options, 1) the unit is spectacular and unique that when the right buyer comes along it gets sold 2) it is simply overpriced and should be in the range with the other nice but less than extraordinary condos.

The old real estate axiom: Every seller thinks their property is unique and better than the identical unit next door. The old “but we used better nails” defense.

Hoboken Condos 2008
2 Bedrooms
$650k+, less than 1100sqft
Active 3
under contract 0
Sold 1Information deemed reliable but not guaranteed

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