My wife and I are starting to look to buy our first home (condo) in the Hoboken area. There was some really great advice on the "First time home buyer advice" thread, but I was curious to hear from any BBI'ers that might live in the Hoboken/Jersey City area and any tips or suggestions they may have about neighborhoods and likes/dislikes about the area.
We went out with a realtor that we were referred to the other day and from what we were told, there is significantly more demand than supply in the area. She told us that everything we looked at would probably get above asking, which sounded crazy to me.. maybe somebody here could comment on how true that might be just to get another opinion. I want to believe she isn't just saying that so that we up our potential bid, but who knows.
We are both 30 years old, no kids, and work in the city. Thanks in advance for any feedback. Really appreciate it.
Dude can hook you up with recommendations on car parking and how to get to New Hampshire on Friday night!
During that time, stuff was going like crazy but i think it has leveled out to an extent, but there is certainly more demand than supply.
If you're looking for something that is adequately priced and still in a great location, try the midtown Hoboken area (3rd to 8th st, park to adams). We've lived at 5th and Adams for 4 years now and absolutely love the proximity to pretty much everything in Hoboken (downtown and uptown) and it is set back a bit, so it's quiet. This area has been expanding for a few years with nicer units, more bars and restaurants...
I've lived all over Hoboken (10 year resident) and downtown has gotten a little too expensive (and quite honestly, not as quiet or residential) and while uptown is certainly a good option, still feels a bit far from the action. That being said, the uptown area is pretty popular for young couples looking to buy.
I guess we should plan on things moving much quicker than anticipated if we really love a place, and be prepared to pay a premium as well.
That is crazy. We're looking and seeing things around 725-825. It's the premium we'll pay for wanting to be close to the city I guess.
We don't really have any interest in going to the suburbs at this point, and probably not for the next 8-10 years minimum. We love the city.. unfortunately just can't afford it and don't want to pay the NYC resident tax on top of the home prices. So the Hoboken/JC area seems like our best bet.
after wanting to be in hoboken but seeing how ridiculous the prices were, I am under contract in Jersey City Heights with 1500 sq ft and exclusive use of the roof if i want to build roofdeck overlooking nyc
I've been in Hoboken since 2009 and kick myself everyday for not buying a town home 8-9 years ago. Now a shack fit to be gutted is going for 1.5M a pop. BTW, Eli just droped his Hudson Tea pad a cool million, now you can have it for a cheap 4.2M....
You are young, so Hoboken would be great for you. Nowadays young families are staying longer instead of fleeing to Westfield, Ridgewood, or Chatham like before.
I like Jersey City better for its dining scene, but it's going through a tax re-assessment and people are expecting 50-100% tax hikes so you'll have to take that into consideration. Jersey City Heights will give you a better bargain, but you have to ask what the eventual taxes will be. It's easily accessible by bus to midtown or lightrail + path to downtown. Along Ogden Ave there will be million dollor views, the current JC mayor has a house there. The whole area is still undergoing gentrification but represents a good bargain.
Hoboken is much smaller compared to JC, and doesn't allow skyscrapers that will be flooding JC soon, so the inventory will be relatively limited. Ernest & Young is moving here, so that will help the real estate prices as well. Trader Joe's just opened here, so did West Elm. Soon Sephora will be here as well (not that I care but it can't hurt the real estate market.)
You can look at an 1Br in one of the better equipped condo complexes uptown and along the water, or a 2Br in a walk-up in the middle of Hoboken. Generally closer to the Path station is more desirable, but most of the condos have shuttles to the Path station. If you work in Midtown, bus is more convenient. Ferry goes to both but can be expensive. Flood used to be an issue in the western parts and southwestern parts, but the waterpumps seem to have curbed that problem moderately.
Let me know if you have any specific questions.
Am I wrong in believing in the long term value of Hoboken even in this hot/ expensive market?