05-16-2006, 10:33 PM
| | Hoboken Condo Market Going Down
As someone trying to sell a condo in Hoboken, I can tell you that the market has changed. I've had to lower my price three times which amounts to about a 10% reduction.
Last August the identical unit below mine sold for $609K. Mine is now listed for about $550K. I have one offer of $530K, and he won't budge.
By the way it was built in the past 3 years, and is not one of those crappy walk up units.
I think there is currently somewhat of a standoff between most buyers and sellers regarding price that is not yet reflected in statistics.
My prediction is that come September/October, after the summer buying season is over, seller's will have no choice but to lower their prices. Seller's outnumber buyers now and the ratio will just get worse. I've always been a bull on Hoboken real estate, but this has me concerned.
The only hope at this point is if mortgage rates go back down. That would again stimulate the market