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NFT: Potentially moving to Hoboken

knicks3031 : 2/20/2018 1:38 pm
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.
From what I've heard it's true  
JonC : 2/20/2018 1:41 pm : link
as it is in Manhattan and many parts of Brooklyn. Demand has been higher than supply for years, probably since the time where 9/11 fear had worn off and/or foreign money started pouring in.
Talk..  
FatMan in Charlotte : 2/20/2018 1:42 pm : link
to Rover. Guy did a mad amount of research about living in or near NYC.

Dude can hook you up with recommendations on car parking and how to get to New Hampshire on Friday night!
She's  
ryanmkeane : 2/20/2018 1:49 pm : link
pretty much dead on. We bought back in spring of 2014 and had to go 20K over asking just to outbid the 5-6 other offers, and it was only on the market for a few days.

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.



The Grove street  
ryanmkeane : 2/20/2018 1:51 pm : link
area of Jersey City is pretty awesome now. You might be able to get a lot more for your money over there, if you don't care as much about being in Hoboken vs JC.
I live in Park Slope and the going rate  
Essex : 2/20/2018 1:53 pm : link
now is 1,100 per square foot. It is insanity. At what point does it stop. Will people be paying in ten years from now 1.5 for 1,000 square foot apartment. At some point, reality has to set in and people are not going to spend that much fr that little. We live in a 1,300 square foot apartment (my wife and two kids) and I want to go to the burbs like anything. My sister in law just bought a town house in Windsor Terrace for 2.6, which was 3700 square feet. WINDSOR TERRACE!!!!! Honestly, I don't know Hoboken that well, but if you are going to end up in the suburbs you might as well go now. I don't see the point in buying anything other than what you will stay in for a long time in this market.
As much as that sucks for us  
knicks3031 : 2/20/2018 1:56 pm : link
Happy to hear that her input was accurate. We got discouraged early on because we would see things we liked that just came on line on a Tuesday for example, and then by the following Monday we found they had a best and final and it was off market in less than a week or two.

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.
RE: I live in Park Slope and the going rate  
knicks3031 : 2/20/2018 2:01 pm : link
In comment 13837207 Essex said:
Quote:
now is 1,100 per square foot. It is insanity. At what point does it stop. Will people be paying in ten years from now 1.5 for 1,000 square foot apartment. At some point, reality has to set in and people are not going to spend that much fr that little. We live in a 1,300 square foot apartment (my wife and two kids) and I want to go to the burbs like anything. My sister in law just bought a town house in Windsor Terrace for 2.6, which was 3700 square feet. WINDSOR TERRACE!!!!! Honestly, I don't know Hoboken that well, but if you are going to end up in the suburbs you might as well go now. I don't see the point in buying anything other than what you will stay in for a long time in this market.


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.
i've been in Hoboken for 11.5 yrs...  
only1eli : 2/20/2018 2:34 pm : link
the prices have risen quite a bit over that period. it's an absolutely wonderful place, though. despite having a kid last year, it still serves our needs really well.
Jersey City would be cheaper  
weeg in the bronx : 2/20/2018 2:50 pm : link
Certain parts (Grove as mentioned) are extremely nice. Also check Exchange. Look at the area southwest of the Holland Tunnel, it ain't cheap but its not Hoboken. There is always the area surrounding Journal Square, which in ten years will be another place you can't afford.
very competitive...i went out to look at  
DCPollaro : 2/20/2018 2:55 pm : link
open houses in hoboken in january and each house was flooded with people and a lot of ppl from NYC coming over.

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 may not be a realtor but I play one on BBI....  
Jim in Hoboken : 2/20/2018 8:00 pm : link
Hoboken is great, extremely convenient if you work/play in the city. For example, had dinner at L'Artusi Friday night at 6pm (early I know, but we are B&T) and was sitting on my couch in Hoboken by 8:30pm.

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.
Thanks so much everybody - that’s really great insight  
knicks3031 : 2/20/2018 11:10 pm : link
Will definitely let you guys know if we have any specific questions
Hoboken  
TyreeHelmet : 2/21/2018 9:11 am : link
I know it’s expensive right now, but I still see long term value in owning in Hoboken. The town is 1 square mile surround by water, cliffs and road borders- not much room to expand. All the new buildings going up are rentals. The flooding issue has improved significantly and it will always be close to Manhattan.

Am I wrong in believing in the long term value of Hoboken even in this hot/ expensive market?
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