Ten years after property values began depreciating from their original purchase price in 2004 to 2006, townhouses have regained most of their value and are now where they were in 2008. It’s been a slow and unsteady climb to this and hopefully the trend will continue so the community can keep pace with the rest of the market in Hudson county.
So far this year sellers have achieved an average price of $386,000 for sold properties. In 2008 the average sold price was $386,580 – a difference of only $580.
Pre-construction prices in 2004 to 2006 ranged between $400,000 and $640,000.
In 2007 one year after the builders left the average sold price was $435,636. Values slowly declined thereafter and up until 2016 ranged from $275,000 for the smaller 1400 sq. ft. designs to $372,000 for the 2000 sq. ft. designs.
The upward trend began in earnest in 2017 with an average of $378,413.
The years of declining prices are attributed to the US economy which greatly affected the housing market causing some short sales and foreclosures. Hopefully those days are behind us.
If you’d like to find out what your Boatworks townhouse is worth call me Janice Hall at 201 232 8577.
