So just for fun, I wanted to look at the difference in cost per square foot since the peak of the Hoboken real estate market, which was arguably Q3 2007.
Although the average price of a condo sold in Hoboken has actually risen since 2008, don't let that mislead you in saying that Hoboken was IMMUNE to the real estate debacle.
Prices may have gone up, but price per square foot is way down since peak.
Basically, these days you can get more for your money today in Hoboken which is intriguing to homebuyers today.
Take a look.
Q3 2007 Average Price per square foot: $556 Q2 2010 Average Price per square foot: $485 This is a drop of 12.
8% since the peak.
If I were to do a line graph of what the price per square foot quarterly since peak 2007, it would look like a downhill bunny slope with a couple of moguls.
Studio gained sharply from Q2 2009 to Q1 2010, then plunged about 17% during Q2 2010.
So since the peak, here is what things look like in comparison to the peak in 2007: If you consider the law of averages, the average price per square foot in Hoboken has dropped approximately 12.
8% since the peak in 2007.
The price per square foot is your biggest indicator of the market.
One and two bedroom units seem about stable these days, while the bigger units such as 3 and 4 bedroom units are a bit more vulnerable to the market at this point.
Studios appear to be dropping in price per square foot but keep in mind that there are not a lot of studio sales that change hands each quarter.
More affordable condos priced under $400,000 had assistance from the First Time Home buyer Tax Credit.
With no more tax credit, we can expect sales to drop off a bit and pick back up sometime during the spring of 2011.
During this time, you will see a lot of great opportunities to buy in Hoboken as sellers compete for the buyers that will actually trounce around in the cold and snow! So in conclusion, while the average price of condos is rising, the price per square foot has dropped considerably.
This is actually a great sign for Hoboken.
Now that more house for your dollar is affordable, expect sales to pick up by the end of Q2 2010.
Although the average price of a condo sold in Hoboken has actually risen since 2008, don't let that mislead you in saying that Hoboken was IMMUNE to the real estate debacle.
Prices may have gone up, but price per square foot is way down since peak.
Basically, these days you can get more for your money today in Hoboken which is intriguing to homebuyers today.
Take a look.
Q3 2007 Average Price per square foot: $556 Q2 2010 Average Price per square foot: $485 This is a drop of 12.
8% since the peak.
If I were to do a line graph of what the price per square foot quarterly since peak 2007, it would look like a downhill bunny slope with a couple of moguls.
Studio gained sharply from Q2 2009 to Q1 2010, then plunged about 17% during Q2 2010.
So since the peak, here is what things look like in comparison to the peak in 2007: If you consider the law of averages, the average price per square foot in Hoboken has dropped approximately 12.
8% since the peak in 2007.
The price per square foot is your biggest indicator of the market.
One and two bedroom units seem about stable these days, while the bigger units such as 3 and 4 bedroom units are a bit more vulnerable to the market at this point.
Studios appear to be dropping in price per square foot but keep in mind that there are not a lot of studio sales that change hands each quarter.
More affordable condos priced under $400,000 had assistance from the First Time Home buyer Tax Credit.
With no more tax credit, we can expect sales to drop off a bit and pick back up sometime during the spring of 2011.
During this time, you will see a lot of great opportunities to buy in Hoboken as sellers compete for the buyers that will actually trounce around in the cold and snow! So in conclusion, while the average price of condos is rising, the price per square foot has dropped considerably.
This is actually a great sign for Hoboken.
Now that more house for your dollar is affordable, expect sales to pick up by the end of Q2 2010.