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Hoboken Real Estate

By
Real Estate Sales Representative with Weichert Realtors

So as we monitor the markets in New Jersey, I wanted to get into the Hoboken real estate topics for a second.  Hoboken is a unique city and ranked #1 by CNN as the best place to live (as a bachelor).  Local residence typically are entrepreneurs, brokers, or other business professionals. 

Hoboken's real estate market is dominated by brownstones, and condo/apartment buildings.  Rents are typically higher than average and Hoboken condos for sale range from $350-$500 per square foot.  Although the national housing market has plunged, Hoboken remained stable until mid 2008.  An increase in property taxes on top of rising unemployment has hurt the market and homes what was once a huge seller's market has turned into a huge buyer's market.

Deutsche Bank predicts that New York City metro markets, which includes Hoboken is set to drop another 40% in value.  While I disagree with that statement, I do not believe that Hoboken is at bottom yet.  Rents have come down and so have purchase prices.

There are great deals out there and a good negotiating broker can truely get you a great deal.  Hoboken is a 1 mile city that has a huge nightlife and entertainment appeal.  Additionally you can be in New York CIty via public transportation in a matter of 7 minutes.  Take the PATH train for $2.50 or take a bus for about the same.  I enjoy spending sunny Saturday's going to Yankee Stadium which is 25 minutes away or Central Park.  If not that, I stay right in Hoboken and enjoy the natural amenities of being on the Hudson River waterfront.

Hoboken is awesome.  If you like the burbs, they are only minutes away also. 

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