Condo Price per Square Foot

In Hoboken, price per square foot can vary greatly. Three major factors influence price: location, condition and amenities, and size. Large square footage is anything 1500 square feet and larger. Anything larger than this, whether a modern condo in an elevator building or a duplex (two floor condominium unit, usually in a brownstone) will have a sizeable number of prospective buyers who are usually trading up to a larger space due to children in the household.

What is often surprising for sellers of large units is that most command a smaller price per square foot than, say, a one bedroom unit. A nice one bedroom with decent square footage, good location, and amenities can easily price out at anywhere from $570 a square foot to $800 a square foot plus. Last summer, I sold a very nice duplex with amazing period plaster ceilings, a yard, and a nice kitchen, for $800,000, or $500 a square foot. A larger condo in a location seen as undesirable by the majority of buyers, even one modern and renovated, can fall well below $500 a square foot.

For the most part, however, Hoboken square footage pricing starts at $500 a square foot. For a larger unit to command more than that, it must have parking or a great kitchen, amazing outdoor space, or a view. A prime example is my recent sale of a three bedroom 2006 square foot condo in Maxwell Place. This resale had parking, a doorman, a gym, a great location, two balconies, the most modern of kitchens and baths, and the most incredible view of the NYC skyline, the Hudson River, and the George Washington bridge that I have ever seen. It sold for about $1122 a square foot.