2H 2011 HOBOKEN AND DOWNTOWN JERSEY CITY 95 Bloomfield Street, Hoboken, NJ: $1,00,000
MARKET RECAP The Hoboken and downtown Jersey City real estate market continued the pace of sales seen during the first half of the year with a slight increase in total dollar volume closed of 0.5% and also 6.1% better than the 2nd half of 2010. With average condo prices of $0k in downtown Jersey City and $516k in Hoboken, condo buyers looking for an alternative to the sky-high cost of living in Manhattan (average condo price of $1.78M) continue to see tremendous value compared to parts of Brooklyn where average condo pricing is $958k. In Hoboken over the 2nd half of 2011, average condo prices actually increased 6.6%, the largest upward movement in average prices since 2005. Inventory of condos for sale is also down a significant.%, with only 200 condos for sale in Hoboken at the start of 2012. Since we started tracking the active inventory of Hoboken condo listings in 2006, there have consistently been between 50 and 550 properties on the market. The townhome markets in Hoboken and downtown Jersey City moved in opposite directions as we saw a decrease in sales volume but an increase in average prices in downtown Jersey City and an increase in sales volume but a decrease in average prices in Hoboken. In both neighborhoods, single family townhomes outsold 2 family homes; in Hoboken, the sales volume went up 26.8% from 1H2011 and 62.1% from 2H2010 and also increased in Downtown Jersey City, up 10.8% from 1H2011 and 6.0% from 2H2010. We attribute the increase in townhome sales to an increase in buyers looking for larger spaces and more bedrooms as these areas continue to attract growing families. Notable Negative Indicators: Notable Positive Indicators: Average Hoboken Condo Price: Up 6.6% from 1H2011 Average Hoboken Condo Price/SF: Up 5.1% from 1H2011 Hoboken Condo Inventory: Down 2.% from 2H2010 Total $ of Hoboken Condos Closed: Up 10.% from 2H2010 Jersey City Condo Closings: Up 15.% from 2H2010 Total $ of Jersey City Condos Closed: Up 6.6% from 2H2010 Jersey City Condo Inventory: Down 17.5% from 2H2010 Hoboken Townhome Sales Volume: Up 6.0% from 1H2011 Jersey City Townhome Avg Sales Price: Up 1.% from 2H2010 Average Jersey City Condo Price: Down 6.6% from 1H2011 Jersey City Condos Under Contract: Down 12.% from 2H2010 Hoboken Townhome Sales Volume: Down 12.1% from 2H2010 Hoboken Townhome Avg Sales Price: Down 6.8% from 1H2011 Jersey City Townhome Sales Volume: Down 11.9% from 1H2011 2
TOTAL SALES VOLUME BY PROPERTY TYPE Property Type Hoboken Condos 2H 2011 $168,781,61 1H 2011 $167,508,17 0.8% 2H 2010 $152,92,77 10.% Hoboken Townhomes $26,29,500 $2,765,000 6.0% $29,87,85-12.1% Downtown JC Condos $81,097,750 $80,190,787 1.1% $76,05,825 6.6% Downtown JC Townhomes $15,9,250 $17,579,650-11.9% $15,910,250-2.6% Total Sales Volume $291,612,11 $290,0,610 0.5% $27,76,05 6.1% Downtown JC Condos, $80,190,787 Downtown JC Townhomes, $15,9,250 Hoboken Condos, $168,781,61 Hoboken Townhomes, $26,29,500
CONDO MARKET REGIONAL COMPARISON 2nd Half 2011 Average Sales Price Downtown JC $0,79 Hoboken $516,152 Brooklyn* $958,175 Manhattan $1,780,06 Average Price / SqFt 28 72 757 12 * Brooklyn Heights - Carroll Gardens - Cobble Hill - Columbia Street Waterfront - Dumbo - Red Hook $2,000,000 $1,780,06 AVERAGE SALES PRICE $1,500,000 $958,175 $1,000,000 $500,000 $0,79 $516,152 Downtown JC Hoboken $0 $1,600 Brooklyn* AVERAGE SALE PRICE PER SQFT Manhattan 12 $1,200 757 $800 28 72 Downtown JC Hoboken $00 $0 Brooklyn* Manhattan
HOBOKEN CONDO MARKET SUMMARY Average Sales Price 2H 2011 $516,152 1H 2011 $8,128 6.6% 2H2010 $88,602 5.6% Average Price / SqFt 72 9 5.1% 56.% Total Value of Condos Sold $168,781,61 $167,508,17 0.8% $152,92,77 10.% On Market at Period End 200 60 -.% 7-2.% Listed within Period 65 627-25.8% 7.0% Under Contract within Period 298 05-26.% 07-2.9% Closed within Period 28 6-5.2% 1.8% DOWNTOWN JERSEY CITY CONDO MARKET SUMMARY Average Sales Price 1H 2011 $0,79 1H 2011 $71,711-6.6% 2H2010 $66,59-5.5% Average Price / SqFt 28 1 -.0% 22 1.5% Total Value of Condos Sold $81,097,750 $80,190,787 1.1% $76,05,825 6.6% On Market at Period End 29 27-8.8% 02-17.5% Listed within Period 72-1.1% 2 8.8% Under Contract within Period 150 25-8.8% 171-12.% Closed within Period 188 170 10.6% 16 15.% 5
Mi llions $25 TOTAL CONDO SALES VOLUME $00 (MILLIONS) $275 HOBOKEN DOWNTOWN JC $267 $259 $250 $225 $225 $208 $215 $209 $206 $197 $200 $210 $206 $201 $19 $175 $168 $169 $15 $150 $125 $118 $118 $108 $100 $97 $89 $71 $75 $87 $75 $8 $76 $75 $76 $80 $81 $66 $56 $8 $50 $25 $0 1H0 2H0 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 6
$600k AVERAGE CONDO SALES PRICE $575k $550k $516k $525k $56k $55k $526k $517k $511k $510k $500k $75k $57k $56k $58k HOBOKEN DOWNTOWN JC $528k $515k $501k $98k $67k $67k $55k $52k $7k $22k $50k $8k $72k $1k $k $1k $91k $00k $75k $89k $87k $50k $25k $516k $505k $7k $8k $25k $00k 1H0 2H0 1H05 2H05 1H06 600 2H06 1H07 2H07 1H08 2H08 1H09 2H09 2H10 1H11 2H11 AVERAGE CONDO SALES PRICE PER SQFT 575 558 550 52 51 525 500 80 91 520 88 66 75 50 9 521 500 5 509 HOBOKEN 58 DOWNTOWN JC 515 86 78 76 80 68 5 72 56 8 2 25 00 1H10 9 1 22 28 92 75 50 25 00 1H0 2H0 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 7
10 HOBOKEN CONDOS - CONTRACTS SIGNED - PER MONTH 119 120 110 10 100 111 9 8 87 80 86 79 82 77 60 60 9 9 92 85 55 57 81 66 6 79 72 76 66 58 9 0 9 29 25 1 88 8 51 9 8 72 70 66 60 50 56 8 62 6 5 56 5 6 5 50 52 5 58 50 1 2 55 6 5 0 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-10 J-11 F-11 M-11 A-11 M-11 J-11 J-11 A-11 S-11 O-11 N-11 D-11 20 50 HOBOKEN CONDOS - CONTRACTS SIGNED - PER QUARTER 75 2 00 26 255 212 225 200 199 20 187 150 19 220 209 186 180 16 126 18 162 1 16 85 75 0 1Q07 2Q07 Q07 Q07 1Q08 2Q08 Q08 Q08 1Q09 2Q09 Q09 Q09 1Q10 2Q10 Q10 Q10 1Q11 2Q11 Q11 Q11 8
90 DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER MONTH 80 70 62 61 65 8 50 0 60 59 60 9 8 51 7 0 0 29 0 5 8 1 26 27 0 1 5 0 19 20 0 7 1 1 1 19 18 2 27 9 1 2 8 28 28 27 20 2 28 25 50 6 0 25 25 2 21 222 10 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-10 J-11 F-11 M-11 A-11 M-11 J-11 J-11 A-11 S-11 O-11 N-11 D-11 0 200 175 DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER QUARTER 157 16 12 150 11 125 12 125 111 102 100 76 75 9 90 8 108 101 92 80 79 67 5 50 51 25 0 1Q07 2Q07 Q07 Q07 1Q08 2Q08 Q08 Q08 1Q09 2Q09 Q09 Q09 1Q10 2Q10 Q10 Q10 1Q11 2Q11 Q11 Q11 9
700 ACTIVE LISTINGS AT PERIOD END HOBOKEN DOWNTOWN JC (CONDOS) 600 556 57 91 500 511 501 25 90 00 8 77 58 2 60 7 02 00 27 29 200 200 100 0 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 10
HOBOKEN TOWNHOME SALES SUMMARY Average Sales Price 2H2011 $1,09,580 1H2011 $1,125,682-6.8% 2H2010 $1,105,76-5.1% Average % Discount From Asking -.% -2.8% 52.9% -7.7% -5.0% # Closed 25 22 1.6% 27-7.% Average Closed per Month.2.7 1.6%.5-7.% Average Days on Market 82 9.1% 86 -.9% 1 Family Total Sales Volume $16,822,500 $1,268,000 26.8% $10,76,787 62.1% Total Sales Volume $,087,500 $9,87,000-58.% $9,75,000-56.9% Family Total Sales Volume $5,29,500 $1,660,000 221.1% $9,996,066-6.7% 6.0% $29,87,85-12.1% Grand Total Sales Volume $26,29,500 $2,765,000 DOWNTOWN JERSEY CITY TOWNHOME SALES SUMMARY Average Sales Price 2H2011 $77,77 1H2011 $651,098 1.% 2H2010 $69,069 1.7% Average % Discount From Asking -6.% -6.% 0.0% -6.1% 5.0% # Closed 21 27-22.2% 26-19.2% Average Closed per Month.5.5-22.2%. -19.2% Average Days on Market 7 82-11.7% 120-9.6% 1 Family Total Sales Volume $6,528,500 $5,89,650 10.8% $,7,000 6.0% Total Sales Volume $6,818,000 $6,820,000 0.0% $5,160,000 2.1% Family Total Sales Volume $2,16,750 $,865,000-55.9% $6,277,250-65.8% $15,9,250 $17,579,650-11.9% $15,910,250-2.6% Grand Total Sales Volume 11
SINGLE FAMILY HOBOKEN TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs 802 GARDEN ST 15 8TH ST 208 8TH ST 921 BLOOMFIELD ST 217 11TH ST 111 GARDEN ST 718 PARK AVE 11 GARDEN ST 72 PARK AVE 111 GARDEN ST 60 MADISON ST 87 GARDEN ST 121 BLOOMFIELD ST 208 HUDSON ST 92 HUDSON ST 17.5 x 50 20 x 55 16.5 x 75 15 x 72 15 x 68 15 x 100 16 x 100 15 x 100 15.08 x 100 15.95 x 100 25 x 100 1.96 x 100 15 x 75 1.5 x 100 16.67 x 110 AVERAGE 5 5.7 DAYS ON MARKET CLOSING DATE 15 112 25 50 28 55 20 7 1 119 17 6 1 ASKING PRICE SOLD PRICE % FROM ASKING $89,000 $899,000 $899,000 $799,000 $995,000 $1,150,000 $1,19,000 $1,150,000 $1,050,000 $1,199,000 $1,150,000 $1,50,000 $1,99,000 $1,625,000 $1,999,990 $1,176,199 $825,000 $850,000 $860,000 $880,000 $97,500 $1,075,000 $1,080,000 $1,100,000 $1,100,000 $1,115,000 $1,10,000 $1,00,000 $1,00,000 $1,50,000 $1,810,000 $1,121,500-1.7% -5.5% -.% 10.1% -5.8% -6.5% -5.2% -.%.8% -7.0% -0.9% -.7% -7.1% -10.8% -9.5% -.8% TOTAL VALUE $16,822,500 11/10/2011 9/29/2011 9/6/2011 8//2011 8/15/2011 8/11/2011 9/1/2011 8//2011 7/29/2011 9/7/2011 9/19/2011 9/0/2011 7/15/2011 12/21/2011 12/28/2011 12
TWO FAMILY HOBOKEN TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs 21 TH ST 216 GARDEN ST 922 CASTLE POINT TERRACE 1215 GARDEN ST 25 x 15 x 100 29.5 x 115 1.9 x 100 AVERAGE.0 DAYS ON MARKET CLOSING DATE 119 195 71 80 116 10//2011 7/29/2011 12/22/2011 9/2/2011 ASKING PRICE SOLD PRICE % FROM ASKING $760,000 $875,000 $1,00,000 $1,525,000 $1,115,000 $750,000 $800,000 $1,050,000 $1,87,500 $1,021,875-1.% -8.6% -19.2% -2.5% -7.9% TOTAL VALUE $,087,500 THREE FAMILY HOBOKEN TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs DAYS ON MARKET CLOSING DATE Family Family Family Family Family Family 116 BLOOMFIELD ST 160 8TH ST 50 BLOOMFIELD ST 90 PARK AVE 120 PARK AVE 20 BLOOMFIELD ST 21.8 x 95 18 x 60 19 x 5. 20 x 60 20 x 82 17.2 x 90 6 7 6 6 20 65 0 6 1 7 AVERAGE 5.5 16 7/28/2011 12/2/2011 10/1/2011 7/22/2011 8//2011 7/1/2011 ASKING PRICE SOLD PRICE % FROM ASKING $700,000 $799,900 $859,000 $895,000 $1,025,000 $1,20,000 $725,000 $760,000 $82,000 $865,000 $987,500 $1,150,000.6% -5.0% -2.0% -.% -.7% -7.% $919,817 $888,250-2.9% TOTAL VALUE $5,29,500 1
SINGLE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TYPE ADDRESS 96 1ST ST 6 1/2 BRIGHT ST 272 7TH ST 159 1/2 COLES ST WEST HAMILTON PL 590 1/2 JERSEY AVE 29 1/2 8TH ST 2 PAVONIA AVE 659 JERSEY AVE 5 YORK ST LOT SIZE TOTAL BEDs DAYS ON MARKET 20 x 80 16 x 80 25 x 100 12.5 x 50 12.5 x 70 16.67 x 50 12.5 x 100 16.67 x 50 20 x 75 16.67 x 75 AVERAGE 2.2 15 11 98 5 92 2 29 28 61 111 50 CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASKING 7/20/2011 7/27/2011 11/18/2011 12/9/2011 7/1/2011 11/2/2011 8//2011 12/7/2011 9/1/2011 11/2/2011 $89,000 $515,000 $599,000 $599,000 $699,900 $69,999 $669,000 $679,000 $1,095,000 $1,100,000 $699,90 $70,000 $508,000 $509,000 $568,000 $65,000 $650,000 $655,000 $679,000 $95,000 $999,500 $652,850 -.9% -1.% -15.0% -5.2% -7.8% 0.0% -2.1% 0.0% -1.7% -9.1% -5.9% TOTAL VALUE $6,528,500 1
TWO FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs DAYS ON MARKET 08 TH ST 29.5 PAVONIA AVE 1 TH ST 168 GRAND ST 11 YORK ST 266 BARROW ST 660 JERSEY AVE PAULMIER PL 25 x 95 16.67 x 50 16.67 x 95 21 x 100 17.67 x 75 18.75 x 100 16 x 75 17.5 x 75 AVERAGE 5 5.0 12 1 15 119 8 152 9 9 9 CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASKING 8/0/2011 9/21/2011 10/28/2011 10/7/2011 8/16/2011 9/26/2011 11/2/2011 10/27/2011 $650,000 $585,000 $699,000 $799,000 $1,095,000 $1,095,000 $1,095,000 $1,275,000 $888,05 $5,000 $585,000 $680,000 $76,000 $995,000 $1,00,000 $1,050,000 $1,270,000 $852,250-1.5% 0.0% -2.7% -.5% -9.1% -5.9% -.1% -0.% -7.% TOTAL VALUE $6,818,000 THREE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs DAYS ON MARKET Family Family Family 28 2ND ST 227 8TH ST 22 1ST ST 25 x 100 18x66 20 x 50 AVERAGE 5.0 7 15 9 92 CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASKING 12/2/2011 11/16/2011 9/19/2011 $6,900 $760,000 $865,000 $756,6 $600,000 $715,500 $81,250 $715,58-7.0% -5.9% -.9% -5.6% TOTAL VALUE $2,16,750 15
NOTEWORTHY HOBOKEN SALES: HIGHEST PRICED TOWNHOME SALE 92 Hudson Street Type Lot Size 16.67 x 110 5 $1,999,990 $1,810,000-9.5% HIGHEST PRICED CONDO SALE 1125 Maxwell Lane Unit Num 901 Sq Feet 1915 7 2 $2,19,995 $2,17,517 Price/SqFt 1116-2.6% HIGHEST PRICE PER SQFT CONDO SALE 1125 Maxwell Lane Unit Num 901 Sq Feet 1915 7 2 $2,19,995 $2,17,517 Price/SqFt 1116-2.6% LOWEST PRICED CONDO SALE 10 Jefferson Street Unit Num 1R Sq Feet 56 9 1 $190,000 $190,000 Price/SqFt 8 0.0% LOWEST PRICE PER SQFT CONDO SALE 15 Monroe Street Unit Num Sq Feet 105 1 2 $67,200 $67,200 Price/SqFt 261 0.0% NOTEWORTHY DOWNTOWN JERSEY CITY SALES: HIGHEST PRICED TOWNHOME SALE Paulmier Place Type Lot Size 17.5 x 75 9 5 $1,275,000 $1,270,000 HIGHEST PRICED CONDO SALE 17 Washington Street Unit Num 2L Sq Feet 2007 2 2 $1,095,000 $1,057,000 Price/SqFt 527 -.5% HIGHEST PRICE PER SQFT CONDO SALE 77 Hudson Street Unit Num 10 Sq Feet 758 12 1 $98,000 $95,000 Price/SqFt 65-0.6% LOWEST PRICED CONDO SALE 229 Brunswick Street Unit Num 2 Sq Feet 589 7 1 $177,500 $171,500 Price/SqFt 291 -.% LOWEST PRICE PER SQFT CONDO SALE 205 10th Street Unit Num 2E Sq Feet 1550 8 1 $00,000 $00,000 Price/SqFt 19 0.0% -0.% 16
PREPARED BY: HUDSON REALTY GROUP AT HALSTEAD PROPERTY NJ LLC 2011 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 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, 201.78.6700 Visit hudsonrealtygroup.com for access to all of our reports, listings, neighborhood information and more.