hudson realty group metro nj market report 1h 2014

METRO NJ REAL ESTATE MARKET REPORT

1H 2014

HOBOKEN AND DOWNTOWN JERSEY CITY

METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2014

©2014 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 2

MARKET RECAP

The residential real estate market’s upward trajectory that carried pricing above pre-financial meltdown price points in 2013, continued it’s climb during the first half of 2014, setting all time high condos and townhomes prices in both Hoboken and Downtown Jersey City. In spite of these record numbers Metro NJ is still selling at a substantial discount to Northern Brooklyn where the average condo sales prices also hit highs averaging $1,534,701, 2.6 times higher than averages seen in Hoboken and Downtown Jersey City. The average price/SF in Northern Brooklyn was 1049, approximately 78-82% higher than Hoboken and Downtown Jersey City. For the first time since 2004, when we started tracking Hoboken and Downtown Jersey City pricing, average condo prices and average price per square foot in Downtown Jersey City surpassed what was realized in Hoboken. This was due to the number of luxury doorman buildings built in Jersey City be-tween 2004 and 2008 that were on the resale market. In Jersey City this type of luxury inventory exceeds the current inventory in Hoboken. In both Ho-boken and Downtown Jersey City demand continued to outweigh supply which made multiple bid situations commonplace throughout the area. The red-hot townhome market saw prices increasing 21.8% in Hoboken to $1,592,465 and increasing 6.6% in Downtown Jersey City to $930,320, com-pared to the same period a year ago. Supply remained tight which caused listings to sell quickly (32-42 days on the market) and often with several offers. Townhomes in Jersey City sold for an average of 1.1% over asking and townhomes in Hoboken sold for an average of 0.1% under asking. Looking ahead to the 2nd half of 2014, we anticipate property values will continue to rise due to solid demand combined with a lack of inventory and the absence of new condo development coming online in the near future. Considering the recent increase in property values, we also expect to see an increasing volume of activity now that homeowners that purchased in 2005-2007 have regained lost equity and many sellers that purchased during the downturn of 2009-2012 are now able realize a profit.

DOWNTOWN JERSEY CITY

Average Condo Sales Price: $595,937 - UP 13.5% Average Condo Price/SF: 589 - UP 16.6% On Market at Period End: 129 - DOWN 18.4% Average Days on Market: 34.4 - DOWN 19.7% Condo Sales Volume: $170M - UP 14.3% Avg Condo Discount from Last Ask: -0.7% - DOWN 46% Avg Townhome Sales Price: $930,320 - UP 6.6%

HOBOKEN

Average Condo Sales Price: $590,912 - UP 4.2% Average Condo Price/SF: 576 - UP 7.1% On Market at Period End: 201 - DOWN 32.6% Inventory (months): 2.0 - DOWN 51.6% Condo Sales Volume: $276M - UP 13.1% Avg Condo Discount from Last Ask: -0.5% - DOWN 28.2% Avg Townhome Sales Price: $1,592,465 - UP 21.8%

POSITIVE MARKET INDICATORS | COMPARED TO 1H2013



* Brooklyn Heights - Carroll Gardens - Cobble Hill - Columbia Street Waterfront - Dumbo - Red Hook

REGIONAL MARKET COMPARISON



TOTAL SALES VOLUME BY PROPERTY TYPE Property Type 1H2014 2H2013 % Change 1H2013 % Change

Hoboken Condos $275,955,882 $207,078,665 33.3% $243,932,495 13.1%

Hoboken Townhomes $44,589,012 $36,022,000 23.8% $37,919,232 17.6%

Downtown JC Condos $170,437,948 $204,861,721 -16.8% $149,131,012 14.3%

Downtown JC Townhomes $23,257,999 $31,847,000 -27.0% $20,944,498 11.0%

Total Sales Volume $514,240,841 $479,809,386 7.2% $451,927,237 13.8%




CONDOMINIUM

MARKET REPORT



HOBOKEN CONDO MARKET SUMMARY

1H2014 2H2013 % Change 1H2013 % Change

Average Sales Price $590,912 $578,432 2.2% $567,285 4.2%

Average Price / SqFt 576 558 3.3% 538 7.1%

Total Value of Condos Sold $275,955,882 $207,078,665 33.3% $243,932,495 13.1%

Average DOM of Sold Condos 33.8 42.2 -19.8% 35.6 -4.9%

Inventory (months) 2.0 2.5 -21.0% 4.2 -51.6%

On Market at Period End 201 152 32.2% 298 -32.6%

Listed within Period 827 604 36.9% 789 4.8%

Under Contract within Period 599 456 31.4% 586 2.2%

Closed within Period 467 358 30.4% 430 8.6%

AVG % Discount from Original Asking -1.1% -2.7% -58.4% -1.0% 10.2%

AVG % Discount from Last Asking -0.5% -1.5% -67.7% -0.7% -28.2%



DOWNTOWN JERSEY CITY CONDO MARKET SUMMARY



Average Price / SqFt 589 539 9.4% 505 16.6%

Total Value of Condos Sold $170,437,948 $204,861,721 -16.8% $149,131,012 14.3%

Average DOM of Sold Condos 34.4 42.2 -18.6% 42.8 -19.7%

Inventory (months) 2.3 2.0 15.3% 2.6 -12.3%

On Market at Period End 129 103 25.2% 158 -18.4%

Listed within Period 494 402 22.9% 455 8.6%

Under Contract within Period 339 312 8.7% 364 -6.9%

Closed within Period 289 377 -23.3% 284 1.8%

AVG % Discount from Original Asking -1.2% -1.8% -34.8% -1.6% -27.4%

AVG % Discount from Last Asking -0.7% -1.2% -42.5% -1.3% -46.0%




TOWNHOME

MARKET REPORT



HOBOKEN TOWNHOME SALES SUMMARY


Average Sales Price $1,592,465 $1,162,000 37.0% $1,307,560 21.8%

1 Family Average Sales Price $1,665,953 $1,194,250 39.5% $1,435,684 16.0%

2 Family Average Sales Price $1,461,800 $1,167,700 25.2% $1,000,154 46.2%

3 Family Average Sales Price $1,147,500 $1,047,400 9.6% $1,320,000 -13.1%

Average % Discount From Asking -0.1% -1.4% -89.5% -1.1% -86.8%

# Closed 28 31 -9.7% 29 -3.4%

Average Closed per Month 4.7 5.2 -9.7% 4.8 -3.4%

Average Days on Market 42 78 -45.8% 48 -11.2%

1 Family Total Sales Volume $34,985,012 $19,108,000 83.1% $27,278,000 28.3%

2 Family Total Sales Volume $7,309,000 $11,677,000 -37.4% $8,001,232 -8.7%


Grand Total Sales Volume $44,589,012 $36,022,000 23.8% $37,919,232 17.6%



SINGLE FAMILY HOBOKEN TOWNHOMES - CLOSED

TYPE ADDRESS LOT SIZE TOTAL BEDs

DAYS ON MARKET CLOSING DATE ASKING PRICE SOLD PRICE

% FROM ASKING

One Family 60 WILLOW TERRACE 12.64 x 50 3 171 5/7/2014 $545,000 $495,012 -9.2%

One Family 58 WILLOW TERRACE 12.36 x 50 3 36 2/5/2014 $775,000 $775,000 0.0%

One Family 26 WILLOW TERRACE 12.52 x 50.14 2 2 5/15/2014 $775,000 $775,000 0.0%

One Family 722 PARK AVE 12.50 x 100 2 17 6/23/2014 $825,000 $825,000 0.0%

One Family 207 6TH ST 17.67 x 43.18 4 134 2/28/2014 $915,000 $950,000 3.8%

One Family 820 PARK AVE 12.67 x 100 4 7 1/15/2014 $1,050,000 $1,070,000 1.9%

One Family 917 PARK AVE 13.58 x 100 3 79 1/17/2014 $1,339,000 $1,300,000 -2.9%

One Family 1302 BLOOMFIELD ST 16 x 65 3 16 5/19/2014 $1,490,000 $1,450,000 -2.7%

One Family 1116 GARDEN ST 15 x 100 3 45 1/6/2014 $1,549,000 $1,515,000 -2.2%

One Family 1210 BLOOMFIELD ST 17 x 100 4 32 1/13/2014 $1,600,000 $1,610,000 0.6%

One Family 819 HUDSON ST 29.25 x 100 0 0 5/1/2014 $1,600,000 $1,745,000 9.1%

One Family 1314 GARDEN ST 17.57 x 100 4 7 1/31/2014 $1,795,000 $1,750,000 -2.5%

One Family 1249 GARDEN ST 16.12 x 75 4 7 6/19/2014 $1,795,000 $1,795,000 0.0%

One Family 208 HUDSON ST 15 x 100 4 14 6/30/2014 $2,169,000 $2,095,000 -3.4%

One Family 1202 GARDEN ST 15.2 x 100 4 14 6/24/2014 $2,100,000 $2,100,000 0.0%

One Family 88 GARDEN ST 21.5 x 59.88 4 0 4/1/2014 $2,150,000 $2,130,000 -0.9%

One Family 162 11TH ST 20 x 70 4 19 1/6/2014 $2,100,000 $2,200,000 4.8%

One Family 1118 BLOOMFIELD ST 15.33 x 100 4 9 5/15/2014 $2,100,000 $2,205,000 5.0%

One Family 1227 GARDEN ST 16 x 100 3 62 1/15/2014 $2,399,000 $2,250,000 -6.2%

One Family 1021 WILLOW AVE 20 x 100 5 15 6/26/2014 $2,495,000 $2,450,000 -1.8%

One Family 913 HUDSON ST 33 x 100 5 6 6/30/2014 $3,500,000 $3,500,000 0.0%

AVERAGE 3.4 33 $1,669,810 $1,665,953 -0.3%

TOTAL VALUE $34,985,012



TWO FAMILY HOBOKEN TOWNHOMES - CLOSED



% FROM ASKING

2 Family 303 PARK AVE 16 x 57 3 126 1/2/2014 $985,000 $999,000 1.4%

2 Family 702 PARK AVE 19 x 66 3 26 5/16/2014 $1,325,000 $1,350,000 1.9%

2 Family 512 BLOOMFIELD ST 21 x 95 4 12 1/21/2014 $1,350,000 $1,460,000 8.1%

2 Family 224 GARDEN ST 21.5 x 95 4 19 6/19/2014 $1,400,000 $1,525,000 8.9%

2 Family 1106 BLOOMFIELD ST 16 x 100 4 108 3/4/2014 $1,999,000 $1,975,000 -1.2%

AVERAGE 3.6 58 $1,411,800 $1,461,800 3.8%


THREE FAMILY HOBOKEN TOWNHOMES - CLOSED



% FROM ASKING

3 Family 121 MONROE ST 25 x 100 5 64 3/7/2014 $979,000 $900,000 -8.1%

3 Family 263 4TH ST 20 x 75 7 136 2/28/2014 $1,525,000 $1,395,000 -8.5%

AVERAGE 6.0 100 $1,252,000 $1,147,500 -8.3%




DOWNTOWN JERSEY CITY TOWNHOME SALES SUMMARY



1 Family Average Sales Price $952,750 $858,962 10.9% $842,437 13.1%



Average % Discount From Asking 1.1% -3.0% -136.1% -4.4% -125.0%

# Closed 25 36 -30.6% 24 4.2%

Average Closed per Month 4.2 6.0 -30.6% 4.0 4.2%

Average Days on Market 32 45 -29.5% 46 -31.8%

1 Family Total Sales Volume $7,622,000 $11,166,500 -31.7% $6,739,499 13.1%

2 Family Total Sales Volume $10,914,999 $15,096,500 -27.7% $7,894,000 38.3%


Grand Total Sales Volume $23,257,999 $31,847,000 -27.0% $20,944,498 11.0%



SINGLE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED



% FROM ASK-ING

One Family 363 5TH ST 16.7 x 70 5 240 4/10/2014 $320,000 $295,000 -7.8%

One Family 238 GRAND ST 18 x 100 4 94 5/12/2014 $799,900 $799,000 -0.1%

One Family 339 1/2 8TH ST 16.67 x 50 3 20 5/16/2014 $795,000 $800,000 0.6%

One Family 207 9TH ST 18.5 x 100 4 30 1/6/2014 $900,000 $896,000 -0.4%

One Family 221 YORK ST 16.67 x 100 3 18 5/9/2014 $995,000 $935,000 -6.0%

One Family 309.5 4TH ST 12.5 x 95 3 0 2/18/2014 $949,000 $968,000 2.0%

One Family 309 4TH ST 12.5 x 95 3 0 1/29/2014 $999,000 $989,000 -1.0%

One Family 459 JERSEY AVE 20 x 100 6 6 6/18/2014 $1,600,000 $1,940,000 21.3%

AVERAGE 3.9 51 $919,738 $952,750 1.1%




TWO FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED



% FROM ASK-ING

2 Family 361 5TH ST 16.67 x 70 3 12 4/30/2014 $629,000 $575,000 -8.6%

2 Family 321 PAVONIA AVE 12.5 x 50 3 49 3/20/2014 $725,000 $665,000 -8.3%

2 Family 220 1/2 3RD ST 20 x 50 4 47 4/11/2014 $799,000 $690,000 -13.6%

2 Family 115 COLES ST 25 x 100 6 34 1/6/2014 $650,000 $700,000 7.7%

2 Family 287 2ND ST 22 x 100 4 20 4/15/2014 $670,000 $700,000 4.5%

2 Family 318 6TH ST 16.67 x 50 3 15 6/17/2014 $749,000 $725,000 -3.2%

2 Family 306.5 4TH ST 16.67 x 75 2 25 3/4/2014 $739,000 $740,000 0.1%

2 Family 198 GRAND ST 18 x 100 3 31 5/14/2014 $888,999 $881,999 -0.8%

2 Family 151 COLES ST 16.67 x 50 2 8 5/12/2014 $850,000 $888,000 4.5%

2 Family 304 GRAND ST 24.55 x 65.11 5 20 2/21/2014 $825,000 $1,150,000 39.4%

2 Family 516 MANILA AVE 18 x 61.5 4 12 6/27/2014 $1,295,000 $1,300,000 0.4%

2 Family 295 PAVONIA AVE 25 x 100 6 4 5/19/2014 $1,795,000 $1,900,000 5.8%

AVERAGE 3.8 23 $884,583 $909,583 2.3%




THREE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED



% FROM ASK-ING

3 Family 358 4TH ST 20 x 50 3 9 1/6/2014 $649,000 $642,000 -1.1%

3 Family 409 2ND ST 20 x 80 6 40 4/17/2014 $799,000 $799,000 0.0%

3 Family 350 5TH ST 16.67 x 95 5 20 1/15/2014 $825,000 $805,000 -2.4%

3 Family 224 8TH ST 18.75 x 100 5 12 6/17/2014 $1,250,000 $1,175,000 -6.0%

3 Family 69 WAYNE ST 16.8 x 65.56 4 22 6/12/2014 $1,295,000 $1,300,000 0.4%

AVERAGE 4.6 21 $963,600 $944,200 -1.8%


METRO NJ REAL ESTATE MARKET REPORT

METRO NJ OFFICE: 200 Washington 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

©2014 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.

Matt Brown 201.805.7403

[email protected]

Peter Cossio 917.855.5817

[email protected]

Lindsey Brown 201.320.9716

[email protected]

Clare Cossio 201.478.6711

[email protected]

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