METRO NJ REAL ESTATE MARKET REPORT

Transcription

1 2H 2010 HOBOKEN AND DOWNTOWN JERSEY CITY 100 Garden Street, Hoboken, NJ: $1,12,000

2 MARKET RECAP The second half of 2010 showed a decrease in sales activity due not only to the usual seasonal drop off but also in response to slightly higher interest rates. While the average sale price in Hoboken was $88k, off about % from the first half, it was up in Jersey City over 7%, to $66k, seemingly due to the lack of inventory as there was a 20% drop in condos listed in the second half of Hoboken condo inventory is at the lowest level since we started tracking this stat in 2006, with only 7 active listings. While total sales volume showed a year over year decline the average sales price seems to have held steady in Hoboken and actually edged upward in downtown Jersey City. While there were no significant changes in the average sales price per square foot, the number of contracts signed in 2H2010 compared to 1H2010 fell 2.1% in Hoboken and was down 2.% in downtown Jersey City. The average price of a townhome in Hoboken was $1,10,76, up 6.2% from the first half of 2010 with just under $0MM worth of 1, 2 and family townhomes changing hands over the 6 month period. Downtown Jersey City townhome sales activity surged 6.8% with 26 closings at an average sale price of $69,000. As we approach the spring buying season it may be that we have turned the corner on the bottom of the market as we see pent up demand due to a lack of new construction through Manhattan and the waterfront areas of New Jersey. With interest rates continuing at all time lows and unemployment seemingly on the way down it may be a great time for buyers to jump into the market. Hudson Realty Group 2

3 TOTAL SALES VOLUME BY PROPERTY TYPE Downtown JC Condos $8,272,121 2% Downtown JC Townhomes $12,977,000 % Hoboken Condos $210,072,9 61% Hoboken Townhomes $7,89,000 11%

4 CONDO MARKET REGIONAL COMPARISON 2nd Half 2010 Downtown JC Hoboken Brooklyn* Manhattan Average Sales Price $66,9 $88,602 $80,22 $1,71,219 Average Price / SqFt * Brooklyn Heights - Carroll Gardens - Cobble Hill - Columbia Street Waterfront - Dumbo - Red Hook $2,000,000 $1,71,219 AVERAGE SALES PRICE $1,00,000 $1,000,000 $00,000 $80,22 $66,9 $88,602 Downtown JC Hoboken $0 $1,600 Brooklyn* AVERAGE SALE PRICE PER SQFT $1, $800 $00 Manhattan 22 6 $0 Downtown JC Hoboken Brooklyn* Manhattan

5 HOBOKEN CONDO MARKET SUMMARY 2H H 2010 % Change Average Sales Price $88,602 $0,289 -.% Average Price / SqFt % Total Value of Condos Sold $12,92,77 $209,69, % On Market at Period End % Listed within Period % Under Contract within Period % Closed within Period % DOWNTOWN JERSEY CITY CONDO MARKET SUMMARY Average Sales Price 2H 2010 $66,9 1H 2010 $,92 % Change 7.% Average Price / SqFt % Total Value of Condos Sold $76,0,82 $8,272, % On Market at Period End % Listed within Period % Under Contract within Period % Closed within Period %

6 Mi llions $2 TOTAL CONDO SALES VOLUME $00 (MILLIONS) $27 HOBOKEN DOWNTOWN JC $267 $29 $20 $22 $22 $208 $21 $209 $206 $200 $210 $206 $197 $201 $19 $17 $1 $10 $12 $118 $118 $108 $100 $97 $89 $71 $7 $87 $7 $8 $76 $7 $76 $66 $6 $8 $0 $2 $0 1H0 2H0 1H0 2H0 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 6

7 $600k AVERAGE CONDO SALES PRICE $7k $0k $16k $2k $6k $k $26k $17k $11k $10k $00k $7k $7k $6k $8k HOBOKEN DOWNTOWN JC $01k $28k $1k $98k $67k $0k $7k $2k $0k $k $1k $91k $00k $7k $67k $k $2k $0k $22k $89k $87k $7k $8k $2k $00k 1H0 2H0 1H0 2H H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 2H10 AVERAGE CONDO SALES PRICE PER SQFT HOBOKEN 8 09 DOWNTOWN JC H H0 2H0 1H0 2H0 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 7

8 10 HOBOKEN CONDOS - CONTRACTS SIGNED - PER MONTH 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-10 A-10 S-10 O-10 N-10 D HOBOKEN CONDOS - CONTRACTS SIGNED - PER QUARTER Q06 2Q06 Q06 Q06 1Q07 2Q07 Q07 Q07 1Q08 2Q08 Q08 Q08 1Q09 2Q09 Q09 Q09 1Q10 2Q10 Q10 Q10 8

9 90 DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER MONTH 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-10 A-10 S-10 O-10 N-10 D DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER QUARTER Q06 2Q06 Q06 Q06 1Q07 2Q07 Q07 Q07 1Q08 2Q08 Q08 Q08 1Q09 2Q09 Q09 Q09 1Q10 2Q10 Q10 Q10 9

10 700 ACTIVE LISTINGS AT PERIOD END HOBOKEN DOWNTOWN JC (CONDOS) H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 10

11 HOBOKEN TOWNHOME SALES SUMMARY # Closed Average Closed per Month Average Days on Market Average Sales Price Average % Discount From Asking 1 Family Total Sales Volume Total Sales Volume Family Total Sales Volume Grand Total Sales Volume 2H $1,10,76-7.7% $10,76,787 $9,7,000 $9,996,066 1H $1,01,61 -.1% $19,999,000 $9,6,000 $8,02,000 % Change -2.0% -2.0% -0.% 6.2%.2% -8.1% 0.1% 2.6% $29,87,8 $7,89, % DOWNTOWN JERSEY CITY TOWNHOME SALES SUMMARY # Closed Average Closed per Month Average Days on Market Average Sales Price Average % Discount From Asking 1 Family Total Sales Volume Total Sales Volume Family Total Sales Volume 2H $69, % $,7,000 $,160,000 $6,277,20 1H $68, % $,818,000 $6,26,00 $1,922,00 % Change 6.8% 6.8% 9.0% -.0% 20.6% -7.2% -17.% 226.% Grand Total Sales Volume $1,910,20 $12,977, % 11

12 SINGLE FAMILY HOBOKEN TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs TH ST 8 WILLOW TERRACE 10 WILLOW TERRACE 1217 PARK AVE 702 GARDEN ST TH ST 218 7TH ST 71 WASHINGTON ST 212 8TH ST 819 GARDEN ST 907 HUDSON ST 20 x 12.6 x x x x x 7 1. x x x x x 100 AVERAGE 8.1 DAYS ON MARKET CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASKING 7/1/ /1/ /21/2010 8/12/ /16/2010 8/12/2010 7/16/ /16/ //2010 8/6/2010 7/6/2010 $99,000 $629,000 $769,900 $829,000 $819,000 $99,000 $99,000 $1,100,000 $1,99,000 $1,99,000 $1,700,000 $1,017,082 $00,000 $608,00 $726,787 $70,000 $799,000 $870,000 $90,000 $97,000 $1,287,00 $1,20,000 $1,700,000 $9, -.2% -.% -.6% -9.% -2.% -8.% -.% -11.% -8.0% -.6% 0.0% -8.% TOTAL VALUE $10,76,787 12

13 TWO FAMILY HOBOKEN TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs DAYS ON MARKET 1 PARK AVE 11 ADAMS ST 100 BLOOMFIELD ST 111 BLOOMFIELD ST 102 GARDEN ST 90 MONROE ST 60 HUDSON ST 800 HUDSON ST 17. x x x x x 70 2 x x x 88 AVERAGE CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASKING 12/0/2010 9/16/ /20/ /22/ /28/2010 8/26/2010 7/20/2010 8/27/2010 $9,000 $70,000 $9,000 $1,29,900 $1,299,000 $1,0,000 $1,99,000 $2,20,000 $1,267,109 $00,000 $660,000 $890,000 $1,17,000 $1,200,000 $1,2,000 $1,82,000 $1,980,000 $1,18,7-8.9% -12.0% -.7% -6.0% -7.6% -7.8% -8.% -12.0% -8.6% TOTAL VALUE $9,7,000 THREE FAMILY HOBOKEN TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs Family Family Family Family Family Family Family Family 21 7TH ST 66 PARK AVE PARK AVE 109 BLOOMFIELD ST 91 WASHINGTON ST 70 HUDSON ST 6 1ST ST 626 HUDSON ST 18 x x x x 7 2. x x x 0 20 x 100 AVERAGE DAYS ON MARKET CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASKING 10/12/ /0/2010 9/0/2010 7/2/ //2010 8/11/2010 8/6/ /18/2010 $899,000 $89,000 $1,09,000 $1,27,00 $1,199,000 $1,62,000 $1,800,000 $1,999,999 $1,,62 $819,86 $82,000 $97,000 $1,17,000 $1,21,201 $1,0,000 $1,600,000 $1,920,000 $1,29,08-8.8% -2.8% -7.1% -.8% 2.7% -10.8% -11.1% -.0% -6.0% TOTAL VALUE $9,996,066 1

14 DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TYPE Family Family Family Family Family Family Family Family Family ADDRESS 10 ERIE ST 216 GRAND ST 18 1/2 COLES ST 29 2ND ST 27 MONMOUTH ST 227 TH ST 6 1/2 8TH ST 10TH ST 01A MANILA AVE 27 2ND ST 21 8TH ST 02 6TH ST 7 PAVONIA AVE 206 RD ST 6 ERIE ST 2 JERSEY AVE 1 TH ST 11 WAYNE ST 119 COLES ST 262 BARROW ST 211 YORK ST 26 2ND ST 26 TH ST 61 JERSEY AVE 6 JERSEY AVE 01 VARICK ST BETWEEN 6th & 7th Marin Blvd & Grove St 9th and Pavonia ERIE AND MANILA MONMOUTH Jersey Ave and Erie Street Monmouth and Brunswick Coles & Monmouth 8th and 9th Streets Jersey Ave. and Erie Erie & McWilliams Coles & Monmouth Monmouth and Brunswick Manila & Erie RD & TH ST Christopher Columbus/Newark COLES & MONMOUTH Grove and Marin 6th & 7th York and Montgomery Grove St & Marin Blvd Manila & Erie COLES AND MONMOUTH th & 6th 7th & 8th St. MONTGOMERY ST AND YORK ST LOT SIZE 18.7 x x x x x x x x x x 0 2 x x x x x x x 0 2 x 6. IRR 21. x x x x x x 6 20 x x 7 AVERAGES TOTAL BEDs DAYS ON MARKET CLOSING DATE 19 9/28/ //2010 9/20/ /2/ /8/ /2/ /2/ /29/ /20/ /26/ /1/ /9/ /18/ /29/ /6/ /0/ // /10/ /1/ /2/ /0/ /8/ /6/ /2/ /20/ /21/ ASKING PRICE $79,000 $9,000 $9,000 $29,000 $119,900 $69,000 $279,900 $00,000 $99,000 $6,000 $1,9,000 $90,000 $1,000 $62,000 $69,000 $6,000 $99,000 $0,000 $699,000 $1,20,000 $69,999 $699,000 $69,000 $99,000 $71,000 $899,000 $69,069 SOLD PRICE $697,000 $,000 $0,000 $12,000 $112,000 $6,000 $220,000 $02,000 $70,000 $0,000 $1,70,000 $880,000 $8,000 $60,000 $60,000 $7,000 $61,000 $11,000 $690,000 $1,200,000 $69,000 $60,000 $620,000 $7,000 $60,000 $770,20 $611,9 TOTAL VALUE $1,910,20 % FROM ASKING -6.9% -10.1% -.% -.2% -6.6% -.8% -21.% 0.% -.8% -.% -1.8% -7.% -.8% -1.9% -6.8% -9.% 2.7% -7.1% -1.% -.0% -0.2% -7.0% -.% -10.% -9.1% -1.% -6.1% 1

15 NOTEWORTHY HOBOKEN SALES: HIGHEST PRICED TOWNHOME SALE 800 HUDSON STREET Type 2-FAM Lot Size 2.71 x $2,20,000 $1,980, % HIGHEST PRICED CONDO SALE 2 CONSTITUTION COURT Unit Num PH1 & PH2 Sq Feet $2,600,000 $2,200,000 Price/SqFt % HIGHEST PRICE PER SQFT CONDO SALE 112 MAXWELL LANE Unit Num 76 Sq Feet $1,679,99 $1,6,80 Price/SqFt % LOWEST PRICED CONDO SALE 1212 Washington Street Unit Num N Sq Feet $229,000 $180,000 Price/SqFt % LOWEST PRICE PER SQFT CONDO SALE 17 JACKSON STREET Unit Num 02 Sq Feet $9,000 $9,000 Price/SqFt % NOTEWORTHY DOWNTOWN JERSEY CITY SALES: HIGHEST PRICED TOWNHOME SALE 21 8TH STREET Type 2-FAM Lot Size 2 x $1,9,000 $1,70,000 HIGHEST PRICED CONDO SALE 108 GRAND ST Unit Num 1 Sq Feet $ $1,219,000 $1,07,000 Price/SqFt % HIGHEST PRICE PER SQFT CONDO SALE 2 2ND STREET Unit Num 207 Sq Feet $20,000 $7,000 Price/SqFt 9-8.7% LOWEST PRICED CONDO SALE 29 YORK STREET Unit Num 1-G Sq Feet 00 6 $0 $179,000 $170,000 Price/SqFt 2 -.0% LOWEST PRICE PER SQFT CONDO SALE 1 2ND STREET Unit Num 2 Sq Feet 10 6 $26,900 $29,000 Price/SqFt % -1.8% 1

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.