Hoboken Condo Price Per Square Foot Comparison
Several calls inquiring about square foot prices in Hoboken have motivated me to write a little blurb about what is going on out there and how we value condos in town. The good news is that almost every month of sales since April has gained on the previous month for square foot prices. Take a look as to how September performed against the annual average.
|September 2011||2011 Average|
|Studio & 1 BR||$494||$473|
As you can see, these numbers are averages. If you are looking to value a condo in Maxwell Place, your figures are going to be different from a brownstone 4th floor walk-up. So just what is the difference between different condo types?
Let’s discuss the 3 BR market. There has been a high demand for 3 BR units recently and condos with approximately 1,500 square feet or less have been trading for good value. Anything larger than 1,500 square feet is typically discounted. Call it bulk pricing! A 3 BR condo that has been recently updated and includes elevator and parking is trading for about $475-$500 per square foot right now. Updated Condos in a walk-up west of Garden Street are trading for about $350 per square foot and those same type of condos EAST of Garden Street are trading for about $360-$380 per square foot. Sometimes you get lucky and get something priced in the low $300 psf range, but typically those buildings have higher fees, older condition, etc…
Looking at the 2 BR market, most walk-up condos west of Washington Street are trading for about $380 – $400 per square foot. Those with elevators are trading for about $430 – $450 per square foot. Condos east of Washington that include elevators are trading for about $500 per square foot. Condos at Maxwell Place with a view are trading for about $775 per square foot and those without a view trading quite less at around $650-$675 per square foot.
Below is a graph showing monthly averages for Hoboken sales and the price per square foot.
I hope this shed some light for you readers on the Price Per Square Foot arena. If anyone has any questions or would like a free condo valuation, please call me at 877-688-7582 or e-mail me here.
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