Functional Obsolescence

Hoboken's equivalent to the One Bathroom Mansion: The Three Bedroom Walk-up.

The three bedroom market is far more limited than the two bedroom. Thus, buyers who insist on three bedroom usually need the third bedroom for a specific purpose. (Office, third bedroom for 2nd child, guest room because they have a kid. ) Keeping with this premise, most three bedroom buyers have children or plan to have them and are expanding their space for an expanded family.

A second floor walk-up is the cutoff. Even if there is a place to leave the stroller, try dragging, a 15 lb kid in a baby carrier and a diaper bag and your own personal belongings up two or three flights of stairs. Doesn't work for most. I know people who do it. I also know people who choose to live in Maine in the winter.

Hey Rocky: Watch me pull an elevator out of my hat.

Hoboken Condos 2008:

3 Bedroom Update
Actives 40

Under contract 12
Sold in past six months 32

information deemed reliable