METRO NJ REAL ESTATE MARKET REPORT

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1 1H 2010 HOBOKEN AND DOWNTOWN JERSEY CITY 64 Madison St, Hoboken, NJ: $575,000

2 MARKET RECAP Hoboken and Jersey City Real estate sales started out with a bang in 2010 with a robust spring selling season that began in late February and lasted through early June. Interest rates remained at all time lows driven by increased and sustained activity in the bond market. Meanwhile the first time home buyer tax credit continued to drive sales in most categories. Total sales volume nearly doubled compared to the first half of 09. With sellers and buyers still posturing for the best deals, buyers seem to have won out as the price per square foot in the condominium market returned to 05 levels. The townhome market remained viable as many significant town homes sales helped that end of the market hold steady Willow Avenue received the second highest price ever for a single family residence in Hoboken at $2,295,000. As usual the summer doldrums have hit as sales volume has suffered a significant slowdown from the second half of June through July. Hudson Realty Group 2

3 TOTAL SALES VOLUME BY PROPERTY TYPE Downtown JC Townhomes $12,977,000 4% Downtown JC Condos $84,272,121 24% Hoboken Townhomes $37,489,000 11% Hoboken Condos, $210,072,493 61% 3

4 CONDO MARKET REGIONAL COMPARISON 1st Half 2010 Downtown JC Hoboken Brooklyn* Manhattan Average Sales Price $431,973 $508,656 $823,489 $1,686,690 Average Price / SqFt $2,000,000 $1,500,000 * Brooklyn Heights - Carroll Gardens - Cobble Hill - Columbia Street Waterfront - Dumbo - Red Hook AVERAGE SALES PRICE $1,686,690 $1,000,000 $823,489 $500,000 $431,973 $508,656 $0 $1,600 $1,200 Downtown JC Hoboken Brooklyn* Manhattan AVERAGE SALE PRICE PER SQFT 1176 $800 $ $0 Downtown JC Hoboken Brooklyn* Manhattan 4

5 HOBOKEN CONDO MARKET SUMMARY 1H H 2009 % Change Average Sales Price $508,656 $486, % Average Price / SqFt % Total Value of Condos Sold $210,072,493 $200,967, % Average DOM of Sold Condos % Listed within Period % Under Contract within Period % Closed within Period % DOWNTOWN JERSEY CITY CONDO MARKET SUMMARY 1H H 2009 % Change Average Sales Price $431,973 $437, % Average Price / SqFt % Total Value of Condos Sold $84,272,121 $75,521, % Average DOM of Sold Condos % Listed within Period % Under Contract within Period % Closed within Period % 5

6 Millions $325 $300 $275 $259 TOTAL CONDO SALES VOLUME (MILLIONS) $267 HOBOKEN DOWNTOWN JC $250 $225 $200 $208 $209 $197 $206 $225 $215 $206 $194 $201 $210 $175 $150 $125 $118 $108 $118 $100 $75 $50 $56 $71 $66 $89 $75 $75 $97 $87 $48 $76 $84 $25 $0 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 6

7 $600k $575k $550k $525k $500k $516k AVERAGE CONDO SALES PRICE $535k $536k $526k $517k $515k $510k $511k $501k $498k $528k HOBOKEN $509k $487k $475k $450k $425k $422k $457k $414k $456k $458k $467k $452k $455k $437k $432k $400k $375k $350k $325k $373k $338k $391k $300k H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 AVERAGE CONDO SALES PRICE PER SQFT 558 HOBOKEN H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 7

8 175 AVERAGE "DAYS ON MARKET" (CLOSED CONDOS) HOBOKEN DOWNTOWN JC H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 8

9 A-05 M-05 J-05 J-05 A-05 S-05 O-05 N-05 D-05 J-06 F-06 M-06 A-06 M-06 J-06 J-06 A-06 S-06 O-06 N-06 D-06 J-07 F-07 M-07 A-07 M-07 J-07 J-07 A-07 S-07 O-07 N-07 D-07 J-08 F-08 M-08 A-08 M-08 J-08 J-08 A-08 S-08 O-08 N-08 D-08 J-09 F-09 M-09 A-09 M-09 J-09 J-09 A-09 S-09 O-09 N-09 D-09 J-10 F-10 M-10 A-10 M-10 J-10 J HOBOKEN CONDOS - CONTRACTS SIGNED - PER MONTH HOBOKEN CONDOS - CONTRACTS SIGNED - PER QUARTER Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 9

10 A-05 M-05 J-05 J-05 A-05 S-05 O-05 N-05 D-05 J-06 F-06 M-06 A-06 M-06 J-06 J-06 A-06 S-06 O-06 N-06 D-06 J-07 F-07 M-07 A-07 M-07 J-07 J-07 A-07 S-07 O-07 N-07 D-07 J-08 F-08 M-08 A-08 M-08 J-08 J-08 A-08 S-08 O-08 N-08 D-08 J-09 F-09 M-09 A-09 M-09 J-09 J-09 A-09 S-09 O-09 N-09 D-09 J-10 F-10 M-10 A-10 M-10 J-10 J DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER MONTH DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER QUARTER Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 10

11 HOBOKEN TOWNHOME SALES SUMMARY # Closed within 6 month Period Average Closed per Month Average Days on Market Average Sales Price Average % Discount From Asking 1 Family Total Sales Volume 2 Family Total Sales Volume 3 Family Total Sales Volume Grand Total Sales Volume $1,041, % $19,999,000 $9,465,000 $8,025,000 $37,489,000 DOWNTOWN JERSEY CITY TOWNHOME SALES SUMMARY # Closed within 6 month Period 19 Average Closed per Month 3.2 Average Days on Market 81 Average Sales Price $683,000 Average % Discount From Asking -5.1% 1 Family Total Sales Volume $4,818,000 2 Family Total Sales Volume $6,236,500 3 Family Total Sales Volume $1,922,500 Grand Total Sales Volume $12,977,000 11

12 SINGLE FAMILY - HOBOKEN TOWNHOMES - CLOSED TYPE ADDRESS LOT SI ZE TOTAL BEDs DAYS ON MARKET CLOSING DATE ASKI NG PRI CE SOLD PRICE % FROM ASKI NG One Family 29 WILLOW TERRACE x /25/2010 $430,000 $375, % One Family 207 8TH ST 17 x /21/2010 $550,000 $425, % One Family 28 WILLOW TERRACE 12.5 x /16/2010 $550,000 $540, % One Family 5 WILLOW TERRACE 12.5 x /26/2010 $629,000 $604, % One Family 113 GARDEN ST 16 X /10/2010 $880,000 $750, % One Family 158 7TH ST x /25/2010 $999,000 $912, % One Family 723 GARDEN ST 12.5 x /9/2010 $929,000 $935, % One Family 721 PARK AVE 15 x /29/2010 $1,025,000 $980, % One Family 1233 GARDEN ST 16 X /2/2010 $1,099,000 $1,070, % One Family 917 PARK AVE X /16/2010 $1,099,000 $1,110, % One Family 1251 GARDEN ST x /16/2010 $1,295,000 $1,240, % One Family 1202 GARDEN ST 15.2 x /8/2010 $1,295,000 $1,285, % One Family 736 PARK AVE 15 x /26/2010 $1,239,000 $1,315, % One Family 208 NEWARK ST 23 x /3/2010 $1,599,000 $1,355, % One Family 823 HUDSON ST 16 x /11/2010 $1,495,000 $1,382, % One Family TH ST x /6/2010 $1,850,000 $1,650, % One Family 933 WASHINGTON ST x /14/2010 $1,995,000 $1,776, % One Family 1028 WILLOW AVE 20x100 & 40x /3/2010 $2,495,000 $2,295, % 1 FAMILY AVERAGES $1,191,833 $1,111, % TOTAL VALUE $19,999,000 12

13 TWO AND THREE FAMILY - HOBOKEN TOWNHOMES - CLOSED TYPE ADDRESS LOT SI ZE TOTAL BEDs DAYS ON MARKET CLOSING DATE ASKI NG PRI CE SOLD PRICE % FROM ASKI NG 2 Family 517 MONROE ST x /18/2010 $569,000 $505, % 2 Family 213 4TH ST 25 x /19/2010 $749,000 $720, % 2 Family 1242 GARDEN ST x /25/2010 $880,000 $950, % 2 Family 634 GARDEN ST 18.6 x /21/2010 $1,099,000 $980, % 2 Family 1228 BLOOMFIELD ST 20 x /14/2010 $1,150,000 $1,075, % 2 Family TH ST 21 x /16/2010 $1,075,000 $1,090, % 2 Family 1315 GARDEN ST 18 x /25/2010 $1,325,000 $1,210, % 2 Family 1141 PARK AVE 17 x /25/2010 $1,295,000 $1,295, % 2 Family 935 BLOOMFIELD ST 16 x /14/2010 $1,728,000 $1,640, % 2 FAMILY AVERAGES $1,366,389 $1,051, % TYPE ADDRESS LOT SI ZE TOTAL BEDs DAYS ON MARKET TOTAL VALUE $9,465,000 CLOSING DATE ASKI NG PRI CE SOLD PRICE % FROM ASKI NG 3 Family 616 MADISON ST 25 X /9/2010 $599,900 $525, % 3 Family 604 PARK AVE 20 x /19/2010 $775,000 $750, % 3 Family 1230 PARK AVE X /6/2010 $595,000 $750, % 3 Family 615 BLOOMFIELD ST x /12/2010 $825,000 $770, % 3 Family 56 MADISON ST 22 x /26/2010 $839,900 $800, % 3 Family TH ST 19 x /11/2010 $899,999 $855, % 3 Family 912 WILLOW AVE 22 x /24/2010 $945,000 $925, % 3 Family 616 HUDSON ST 25 x /16/2010 $1,599,000 $1,325, % 3 Family 206 HUDSON ST 25 x /28/2010 $1,300,000 $1,325, % 3 FAMILY AVERAGES $930,978 $891, % TOTAL VALUE $8,025,000 13

14 DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TYPE ADDRESS BETWEEN LOT SIZE BEDs MARKET DATE ASKING PRICE SOLD PRICE ASKING One Family MONMOUTH AVE OFF 4TH AVE 11X /19/2010 $267,500 $230, % One Family 337 1/2 PAVONIA AVE BRUNSWICK AND SEVENTH ST 16.67X /1/2010 $439,900 $388, % One Family 15 LAUREL CT 1ST AND 2ND STREETS X /19/2010 $400,000 $390, % 3 Family ST ST Off of Erie 19.6 X /12/2010 $389,000 $405, % One Family 354 4TH ST Monmouth and Brunswwick 12.5x /25/2010 $425,000 $410, % One Family 164 COLES ST 9TH ST + PAVONIA AVE 12X /16/2010 $569,000 $535, % One Family 331 1/2 8TH ST Coles & Monmouth Sts 12.5 X /1/2010 $595,000 $550, % One Family 230 GRAND ST Grove & Marin 18 x /31/2010 $650,000 $600, % One Family 167 COLES ST 9th & Pavonia 12.5 x /28/2010 $619,000 $610, % 2 Family 202 BRUNSWICK ST 7th & 8th St. 18 x /19/2010 $650,000 $610, % 2 Family 252 BARROW ST York & Bright 14.67X /1/2010 $779,000 $738, % 3 Family 617 JERSEY AVE 5th & 6th St. 20 x /21/2010 $769,900 $742, % 2 Family 256 9TH ST Jersey Avenue & Erie Street 16.67x /21/2010 $799,000 $750, % 3 Family 224 8TH ST Manila & Erie St x /29/2010 $799,900 $775, % 2 Family 232 3RD ST Jersey and Erie X /15/2010 $875,000 $875, % 2 Family 4 WEST HAMILTON PL On Hamilton Park x /30/2010 $895,000 $895, % One Family 311 VARICK ST Mercer and Montgomery 20 X /12/2010 $1,195,000 $1,105, % 2 Family 1 PAULMIER PL Corner of Barrow 18.3X /27/2010 $1,250,000 $1,179, % 2 Family 129 MERCER ST JERSEY & VARICK X /7/2010 $1,295,000 $1,189, % AVERAGES $719,063 $683, % TOTAL DAYS ON CLOSING TOTAL VALUE $12,977,000 % FROM 14

15 NOTEWORTHY HOBOKEN SALES: HIGHEST PRICED TOWNHOME SALE HIGHEST PRICED CONDO SALE HIGHEST PRICE PER SQFT CONDO SALE LOWEST PRICED CONDO SALE LOWEST PRICE PER SQFT CONDO SALE Address Type Lot Size DOM Beds Asking Price Sold Price % Under Ask 1028 WILLOW AVE 1-FAM 20x100 & 40x $2,495,000 $2,295, % Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask 225 RIVER ST $2,750,000 $2,400, % Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask 225 RIVER ST $2,750,000 $2,400, % Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask 227 MONROE ST 2L $269,000 $200, % Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask 517 JACKSON ST $389,000 $385, % HIGHEST PRICED TOWNHOME SALE HIGHEST PRICED CONDO SALE HIGHEST PRICE PER SQFT CONDO SALE LOWEST PRICED CONDO SALE LOWEST PRICE PER SQFT CONDO SALE NOTEWORTHY DOWNTOWN JERSEY CITY SALES: Address Type Lot Size DOM Beds Asking Price Sold Price % Under Ask 239 MERCER ST 2-FAM x $1,295,000 $1,189, % Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask 299 PAVONIA AVE $1,333,000 $1,100, % Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask 20 NEWPORT PARKWAY $879,000 $850, % Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask 343 4TH ST $197,000 $175, % Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask 299 PAVONIA AVE $1,333,000 $1,100, % 15

16 PREPARED BY: HUDSON REALTY GROUP AT HALSTEAD PROPERTY NJ LLC This information may not be copied, commercially used or distributed without Halstead Property s prior consent. This data includes all condos that were listed in within the Hudson County MLS, MLS records do not include some new construction developments. While information is believed true, no guaranty is made of accuracy. METRO NJ OFFICE: 79 Hudson Street, Hoboken NJ, Visit hudsonrealtygroup.com for access to all of our reports, listings, neighborhood information and more.