METRO NJ REAL ESTATE MARKET REPORT HOBOKEN AND … · The Hoboken and downtown Jersey City real estate market continued the pace of sales seen during the first half of the year with

METRO NJ REAL ESTATE MARKET REPORT

2H 2011

HOBOKEN AND DOWNTOWN JERSEY CITY

945 Bloomfield Street, Hoboken, NJ: $1,400,000

METRO NJ REAL ESTATE MARKET REPORTMARKET ANALYSIS 2H 2011

©2012 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 2

MARKET RECAPThe 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 of2010. With average condo prices of $440k in downtown Jersey City and $516k in Hoboken, condo buyers lookingfor an alternative to the sky-high cost of living in Manhattan (average condo price of $1.78M) continue to see tre-mendous value compared to parts of Brooklyn where average condo pricing is $958k. In Hoboken over the 2nd halfof 2011, average condo prices actually increased 6.6%, the largest upward movement in average prices since2005. Inventory of condos for sale is also down a significant 44.4%, with only 200 condos for sale in Hoboken atthe start of 2012. Since we started tracking the active inventory of Hoboken condo listings in 2006, there have con-sistently been between 350 and 550 properties on the market.

The townhome markets in Hoboken and downtown Jersey City moved in opposite directions as we saw a de-crease in sales volume but an increase in average prices in downtown Jersey City and an increase in sales volumebut a decrease in average prices in Hoboken. In both neighborhoods, single family townhomes outsold 2 familyhomes; in Hoboken, the sales volume went up 26.8% from 1H2011 and 62.1% from 2H2010 and also increased inDowntown Jersey City, up 10.8% from 1H2011 and 46.0% from 2H2010. We attribute the increase in townhomesales to an increase in buyers looking for larger spaces and more bedrooms as these areas continue to attractgrowing families.

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 42.4% from 2H2010 Total $ of Hoboken Condos Closed: Up 10.4% from 2H2010 Jersey City Condo Closings: Up 15.3% 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 13.3% from 2H2010

Notable Negative Indicators: Average Jersey City Condo Price: Down 6.6% from 1H2011 Jersey City Condos Under Contract: Down 12.3% 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



TOTAL SALES VOLUME BY PROPERTY TYPEProperty Type 2H 2011 1H 2011 % Change 2H 2010 % Change

Hoboken Condos $168,781,613 $167,508,173 0.8% $152,932,477 10.4%

Hoboken Townhomes $26,239,500 $24,765,000 6.0% $29,847,853 -12.1%

Downtown JC Condos $81,097,750 $80,190,787 1.1% $76,045,825 6.6%

Downtown JC Townhomes $15,493,250 $17,579,650 -11.9% $15,910,250 -2.6%

Total Sales Volume $291,612,113 $290,043,610 0.5% $274,736,405 6.1%

HobokenCondos,

$168,781,613

HobokenTownhomes,$26,239,500

Downtown JCCondos,

$80,190,787

Downtown JCTownhomes,$15,493,250



CONDO MARKET REGIONAL COMPARISON2nd Half 2011 Downtown JC Hoboken Brooklyn* Manhattan

Average Sales Price $440,749 $516,152 $958,175 $1,780,046

Average Price / SqFt 428 472 757 1243* Brooklyn Heights - Carroll Gardens - Cobble Hill - Columbia Street Waterfront - Dumbo - Red Hook

$440,749 $516,152

$958,175

$1,780,046

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

Downtown JC Hoboken Brooklyn* Manhattan

AVERAGE SALES PRICE

428 472

757

1243

$0

$400

$800

$1,200

$1,600

Downtown JC Hoboken Brooklyn* Manhattan

AVERAGE SALE PRICE PER SQFT



HOBOKEN CONDO MARKET SUMMARY2H 2011 1H 2011 % Change 2H2010 % Change

Average Sales Price $516,152 $484,128 6.6% $488,602 5.6%

Average Price / SqFt 472 449 5.1% 456 3.4%

Total Value of Condos Sold $168,781,613 $167,508,173 0.8% $152,932,477 10.4%

On Market at Period End 200 360 -44.4% 347 -42.4%

Listed within Period 465 627 -25.8% 447 4.0%

Under Contract within Period 298 405 -26.4% 307 -2.9%

Closed within Period 328 346 -5.2% 313 4.8%

DOWNTOWN JERSEY CITY CONDO MARKET SUMMARY

1H 2011 1H 2011 % Change 2H2010 % Change

Average Sales Price $440,749 $471,711 -6.6% $466,539 -5.5%

Average Price / SqFt 428 441 -3.0% 422 1.5%

Total Value of Condos Sold $81,097,750 $80,190,787 1.1% $76,045,825 6.6%

On Market at Period End 249 273 -8.8% 302 -17.5%

Listed within Period 372 433 -14.1% 342 8.8%

Under Contract within Period 150 245 -38.8% 171 -12.3%

Closed within Period 188 170 10.6% 163 15.3%



$208 $209

$259

$197$206

$225

$267

$215$206

$194

$118

$201$210

$153

$168 $169

$56

$71$66

$89

$75 $75

$97

$118$108

$87

$48

$76$84

$76 $80 $81

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

$250

$275

$300

$325

1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11

Mi llions

TOTAL CONDO SALES VOLUME(MILLIONS) HOBOKEN

DOWNTOWN JC



$373k

$422k

$457k

$516k$526k

$510k

$535k

$517k

$536k

$515k$528k

$487k

$505k

$489k $484k

$516k

$338k

$391k

$414k

$456k $458k$467k

$452k

$511k$501k $498k

$455k

$437k $434k

$467k $472k

$441k

$300k

$325k

$350k

$375k

$400k

$425k

$450k

$475k

$500k

$525k

$550k

$575k

$600k


AVERAGE CONDO SALES PRICEHOBOKENDOWNTOWN JC

380

439

466

532 531520 521

558544 538

486476

468456

449

472

344

392

434

480491 488

478

500509 515

453438

423 422

441428

300

325

350

375

400

425

450

475

500

525

550

575

600


AVERAGE CONDO SALES PRICE PER SQFTHOBOKEN

DOWNTOWN JC



103110

119

9384 87

7786

49

85

6055 57

63

79 82

92

81

6672

49

2925

31

49

39 38

5866

79

51

76

66

84

5046

6056

93

111

7062

54 56 5450 52

41 42

54

8884

7264

5458

5055

46

35

0

20

40

60

80

100

120

140

J-07

F-07

M-0

7A

-07

M-0

7J-

07J-

07A

-07

S-07

O-0

7N

-07

D-0

7J-

08F-

08M

-08

A-0

8M

-08

J-08

J-08

A-0

8S-

08O

-08

N-0

8D

-08

J-09

F-09

M-0

9A

-09

M-0

9J-

09J-

09A

-09

S-09

O-0

9N

-09

D-0

9J-

10F-

10M

-10

A-1

0M

-10

J-10

J-10

A-1

0S-

10O

-10

N-1

0D

-10

J-11

F-11

M-1

1A

-11

M-1

1J-

11J-

11A

-11

S-11

O-1

1N

-11

D-1

1

HOBOKEN CONDOS - CONTRACTS SIGNED - PER MONTH

332

264

212200 199

255

187

85

126

203 193180

209186

164143

184

220

162136

0

75

150

225

300

375

450

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

HOBOKEN CONDOS - CONTRACTS SIGNED - PER QUARTER



62

34

6165

39 38

4843

4034

29

13

3034

38

47

31

45

26 2730

1319

13 1419 18

23

37

30

4044

27

3531

28

20

3942

59

28

38

2724

2833

25

34

24

33

51

36

50

60

3025 25

212422

0

10

20

30

40

50

60

70

80

90

J-07

F-07

M-0

7A

-07

M-0

7J-

07J-

07A

-07

S-07

O-0

7N

-07

D-0

7J-

08F-

08M

-08

A-0

8M

-08

J-08

J-08

A-0

8S-

08O

-08

N-0

8D

-08

J-09

F-09

M-0

9A

-09

M-0

9J-

09J-

09A

-09

S-09

O-0

9N

-09

D-0

9J-

10F-

10M

-10

A-1

0M

-10

J-10

J-10

A-1

0S-

10O

-10

N-1

0D

-10

J-11

F-11

M-1

1A

-11

M-1

1J-

11J-

11A

-11

S-11

O-1

1N

-11

D-1

1

DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER MONTH

157

142131

76

102

123

83

4551

90

111

94101

125

7992

108

146

8067

0

25

50

75

100

125

150

175

200

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER QUARTER



537

425

390377

491501

556

444

511

347360

200

384

332

358

302

273

249

0

100

200

300

400

500

600

700

1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11

ACTIVE LISTINGS AT PERIOD END(CONDOS)

HOBOKEN

DOWNTOWN JC



DOWNTOWN JERSEY CITY TOWNHOME SALES SUMMARY2H2011 1H2011 % Change 2H2010 % Change

Average Sales Price $737,774 $651,098 13.3% $649,069 13.7%

Average % Discount From Asking -6.4% -6.4% 0.0% -6.1% 5.0%

# Closed 21 27 -22.2% 26 -19.2%

Average Closed per Month 3.5 4.5 -22.2% 4.3 -19.2%

Average Days on Market 73 82 -11.7% 120 -39.6%

1 Family Total Sales Volume $6,528,500 $5,894,650 10.8% $4,473,000 46.0%


3 Family Total Sales Volume $2,146,750 $4,865,000 -55.9% $6,277,250 -65.8%

Grand Total Sales Volume $15,493,250 $17,579,650 -11.9% $15,910,250 -2.6%

HOBOKEN TOWNHOME SALES SUMMARY2H2011 1H2011 % Change 2H2010 % Change

Average Sales Price $1,049,580 $1,125,682 -6.8% $1,105,476 -5.1%

Average % Discount From Asking -4.3% -2.8% 52.9% -7.7% -45.0%

# Closed 25 22 13.6% 27 -7.4%

Average Closed per Month 4.2 3.7 13.6% 4.5 -7.4%

Average Days on Market 82 43 93.1% 86 -3.9%


2 Family Total Sales Volume $4,087,500 $9,837,000 -58.4% $9,475,000 -56.9%

3 Family Total Sales Volume $5,329,500 $1,660,000 221.1% $9,996,066 -46.7%

Grand Total Sales Volume $26,239,500 $24,765,000 6.0% $29,847,853 -12.1%



SINGLE FAMILY HOBOKEN TOWNHOMES - CLOSED

TYPE ADDRESS LOT SIZETOTALBEDs

DAYS ONMARKET CLOSING DATE ASKING PRICE SOLD PRICE

% FROM ASK-ING

One Family 802 GARDEN ST 17.5 x 50 3 15 11/10/2011 $839,000 $825,000 -1.7%One Family 154 8TH ST 20 x 55 3 33 9/29/2011 $899,000 $850,000 -5.5%One Family 208 8TH ST 16.5 x 75 4 112 9/6/2011 $899,000 $860,000 -4.3%One Family 921 BLOOMFIELD ST 15 x 72 4 25 8/3/2011 $799,000 $880,000 10.1%One Family 217 11TH ST 15 x 68 4 50 8/15/2011 $995,000 $937,500 -5.8%One Family 1114 GARDEN ST 15 x 100 4 28 8/11/2011 $1,150,000 $1,075,000 -6.5%One Family 718 PARK AVE 16 x 100 4 55 9/13/2011 $1,139,000 $1,080,000 -5.2%One Family 1133 GARDEN ST 15 x 100 3 20 8/4/2011 $1,150,000 $1,100,000 -4.3%One Family 723 PARK AVE 15.08 x 100 3 7 7/29/2011 $1,050,000 $1,100,000 4.8%One Family 1113 GARDEN ST 15.95 x 100 3 14 9/7/2011 $1,199,000 $1,115,000 -7.0%One Family 604 MADISON ST 25 x 100 3 119 9/19/2011 $1,150,000 $1,140,000 -0.9%One Family 837 GARDEN ST 14.96 x 100 4 17 9/30/2011 $1,350,000 $1,300,000 -3.7%One Family 1213 BLOOMFIELD ST 15 x 75 3 36 7/15/2011 $1,399,000 $1,300,000 -7.1%One Family 208 HUDSON ST 14.45 x 100 5 43 12/21/2011 $1,625,000 $1,450,000 -10.8%One Family 932 HUDSON ST 16.67 x 110 5 43 12/28/2011 $1,999,990 $1,810,000 -9.5%

AVERAGE 3.7 41 $1,176,199 $1,121,500 -3.8%

TOTAL VALUE $16,822,500



TWO FAMILY HOBOKEN TOWNHOMES - CLOSED



% FROM ASK-ING

2 Family 213 4TH ST 25 x 44 4 119 10/3/2011 $760,000 $750,000 -1.3%2 Family 216 GARDEN ST 15 x 100 4 195 7/29/2011 $875,000 $800,000 -8.6%2 Family 922 CASTLE POINT TERRACE 29.5 x 115 4 71 12/22/2011 $1,300,000 $1,050,000 -19.2%2 Family 1215 GARDEN ST 14.94 x 100 4 80 9/2/2011 $1,525,000 $1,487,500 -2.5%

AVERAGE 4.0 116 $1,115,000 $1,021,875 -7.9%


THREE FAMILY HOBOKEN TOWNHOMES - CLOSED



% FROM ASK-ING

3 Family 116 BLOOMFIELD ST 21.83 x 95 6 420 7/28/2011 $700,000 $725,000 3.6%3 Family 160 8TH ST 18 x 60 4 465 12/23/2011 $799,900 $760,000 -5.0%3 Family 503 BLOOMFIELD ST 19 x 54.33 7 0 10/14/2011 $859,000 $842,000 -2.0%3 Family 903 PARK AVE 20 x 60 4 6 7/22/2011 $895,000 $865,000 -3.4%3 Family 1240 PARK AVE 20 x 82 6 14 8/4/2011 $1,025,000 $987,500 -3.7%3 Family 204 BLOOMFIELD ST 17.42 x 90 6 73 7/14/2011 $1,240,000 $1,150,000 -7.3%

AVERAGE 5.5 163 $919,817 $888,250 -2.9%




SINGLE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED



% FROM ASK-ING

One Family 396 1ST ST 20 x 80 4 15 7/20/2011 $389,000 $370,000 -4.9%One Family 63 1/2 BRIGHT ST 16 x 80 3 11 7/27/2011 $515,000 $508,000 -1.4%One Family 272 7TH ST 25 x 100 3 98 11/18/2011 $599,000 $509,000 -15.0%One Family 159 1/2 COLES ST 12.5 x 50 3 35 12/9/2011 $599,000 $568,000 -5.2%One Family 34 WEST HAMILTON PL 12.5 x 70 4 92 7/13/2011 $699,900 $645,000 -7.8%One Family 590 1/2 JERSEY AVE 16.67 x 50 3 23 11/23/2011 $649,999 $650,000 0.0%One Family 293 1/2 8TH ST 12.5 x 100 3 29 8/3/2011 $669,000 $655,000 -2.1%One Family 323 PAVONIA AVE 16.67 x 50 2 28 12/7/2011 $679,000 $679,000 0.0%One Family 659 JERSEY AVE 20 x 75 4 61 9/13/2011 $1,095,000 $945,000 -13.7%One Family 335 YORK ST 16.67 x 75 3 111 11/2/2011 $1,100,000 $999,500 -9.1%

AVERAGE 3.2 50 $699,490 $652,850 -5.9%




TWO FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED



% FROM ASK-ING

2 Family 308 4TH ST 25 x 95 3 132 8/30/2011 $650,000 $445,000 -31.5%2 Family 293.5 PAVONIA AVE 16.67 x 50 5 13 9/21/2011 $585,000 $585,000 0.0%2 Family 313 4TH ST 16.67 x 95 3 145 10/28/2011 $699,000 $680,000 -2.7%2 Family 168 GRAND ST 21 x 100 4 119 10/7/2011 $799,000 $763,000 -4.5%2 Family 311 YORK ST 17.67 x 75 4 84 8/16/2011 $1,095,000 $995,000 -9.1%2 Family 266 BARROW ST 18.75 x 100 4 152 9/26/2011 $1,095,000 $1,030,000 -5.9%2 Family 660 JERSEY AVE 16 x 75 4 93 11/23/2011 $1,095,000 $1,050,000 -4.1%2 Family 3 PAULMIER PL 17.5 x 75 5 9 10/27/2011 $1,275,000 $1,270,000 -0.4%

AVERAGE 4.0 93 $888,054 $852,250 -7.3%


THREE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED



% FROM ASK-ING

3 Family 238 2ND ST 25 x 100 5 47 12/23/2011 $644,900 $600,000 -7.0%3 Family 227 8TH ST 18x66 4 135 11/16/2011 $760,000 $715,500 -5.9%3 Family 242 1ST ST 20 x 50 3 94 9/19/2011 $865,000 $831,250 -3.9%

AVERAGE 4.0 92 $756,633 $715,583 -5.6%




Address Type Lot Size DOM Beds Asking Price Sold Price % Under Ask932 Hudson Street One Family 16.67 x 110 43 5 $1,999,990 $1,810,000 -9.5%

Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask1125 Maxwell Lane 901 1915 7 2 $2,193,995 $2,137,517 1116 -2.6%

Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask1125 Maxwell Lane 901 1915 7 2 $2,193,995 $2,137,517 1116 -2.6%

Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask410 Jefferson Street 1R 546 49 1 $190,000 $190,000 348 0.0%

Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask315 Monroe Street 4 1405 1 2 $367,200 $367,200 261 0.0%

Address Type Lot Size DOM Beds Asking Price Sold Price % Under Ask3 Paulmier Place 2 Family 17.5 x 75 9 5 $1,275,000 $1,270,000 -0.4%

Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask174 Washington Street 2L 2007 32 2 $1,095,000 $1,057,000 527 -3.5%

Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask77 Hudson Street 1404 758 132 1 $498,000 $495,000 653 -0.6%

Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask229 Brunswick Street 2 589 37 1 $177,500 $171,500 291 -3.4%

Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask205 10th Street 2E 1550 84 1 $300,000 $300,000 194 0.0%

NOTEWORTHY HOBOKEN SALES:

HIGHEST PRICEDTOWNHOME SALE

HIGHEST PRICED CONDOSALE

HIGHEST PRICE PER SQFTCONDO SALE

LOWEST PRICED CONDOSALE

LOWEST PRICED CONDOSALE

LOWEST PRICE PER SQFTCONDO SALE

LOWEST PRICE PER SQFTCONDO SALE

NOTEWORTHY DOWNTOWN JERSEY CITY SALES:HIGHEST PRICED

TOWNHOME SALE

HIGHEST PRICED CONDOSALE

HIGHEST PRICE PER SQFTCONDO SALE

METRO NJ REAL ESTATE MARKET REPORT

METRO NJ OFFICE: 79 Hudson Street, Hoboken NJ, 201.478.6700

Visit hudsonrealtygroup.com for access to all of our reports, listings, neighborhood information and more.

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.

Documents

METRO NJ REAL ESTATE MARKET REPORT HOBOKEN AND … · The Hoboken and downtown Jersey City real estate market continued the pace of sales seen during the first half of the year with