Hoboken hit hard by financial crisis

9/26/2008:

From tomorrow’s Business Week:

Hoboken ranks as 3rd hardest hit city

New York’s Ripple Effect
“Moreover, many of these jobs often tend to cluster around certain towns; bankers in one community and tech support in another. And while Manhattan is at the center of the turmoil, the fallout will be nationwide. Already the financial sector alone has lost 10,000 jobs through July, or about 2% of finance jobs. Moody’s Economy.com projects that New York City and its suburbs will lose 65,000 finance jobs by the middle of 2010, or 11% of the total.

hoboken-hit-hard-by-financial-crisis-in-new-york-city.jpg

Economists are projecting that Manhattan real estate prices will finally sink under the pressure of financial-sector layoffs and shrinking Wall Street bonuses. Wall Street accounts for about 12% of jobs in the city of New York, and a quarter of salaries.

“New York is the stone in the puddle that ripples across the country,” said Scott Simmons, vice-president and founding partner of Crist/Kolder Associates, an executive recruiting firm in Chicago.

Smaller Cities Could Feel It More
In other words, smaller financial centers and their suburbs could also see trouble ahead. BusinessWeek.com worked with PolicyMap.com, a Philadelphia-based online data and demographics site, to rank the communities with the largest percentage of residents working in finance, real estate, insurance, and leasing. Topping the list is Darien, Conn., an affluent New York suburb where the median salary is $168,000 and 27% of residents work in those industries. Bloomington, Ill., home of State Farm Insurance, came in second, followed by Hoboken, N.J., which is across the Hudson River from Wall Street.

3. Hoboken, N.J.
Share population in finance and real estate: 23.33%
Nearest large city: New York
Population: 40,002
Median salary: $81,356

Read the rest of the story here.

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61 Comments on "Hoboken hit hard by financial crisis"

MidnightRacer
Member

[quote comment=”109120″]Chip – you must feel real good that you need to come on an internet site to show off your superficial assets – seems like you’re lacking other things in your life? ;)[/quote]

perhaps all chips, and no bag?

WF
Member

If you are not upside down and forced to relocate and sell your for a loss, you should be fine if you buy somewhere that experienced a similar loss in real estate value right?

It shouldnt be difficult as many parts of the state/country have taken bigger hits than hoboken.

bradykp
Member
bradykp

[quote comment=”109200″][quote comment=”108780″][quote comment=”108770″]Did the luxury car come with a washing machine? Yes you are so smart you didn’t buy a place in Hoboken instead you are renting from someone who bought a place and helping them pay for their mortgage. Everyone is stupid but you.[/quote]
Actually, you shouldn’t assume. She could have bought before the bubble of the past few years. She spoke only of buying in a specific time frame as being a problem.

You see what happens when you assume? :mrgreen:[/quote]
the reason I assumed chip rent instead of own is because no one is stupid enough to call homeowners dumb asses when he/she is a homeowner.[/quote]

we’re not allowed to call people similar to us dumbasses? shit – i’m in trouble.

bradykp
Member
bradykp

good point RUHOBO on it doesn’t matter when as long as you’re long. i guess part of the assumption in my analysis there was many people that bought at the peak were taking more of those hybrid mortgages or putting less money down, so they are upside down on their mortgage now, but if they can afford the monthly payment, it doesn’t really matter as long as they stay 5-10 yrs or more.

another assumption i’m making is that most buyers in hoboken don’t plan on staying in hoboken for a long period of time (this is solely based on people I know and knowing that some of our jobs are sometimes very mobile).

sorry – i definitely had a few assumptions in there.

basically, you’re in relatively good shape as long as you don’t NEED to sell in the next year or two, but if you got in at the peak, you missed out on some potential gains if you wanted to move to the burbs (which the housing slump most likely affected before it affected hoboken).

sorry for my rambling. i just stared at a bunch of jibberish for 4 hours and tried to make sense of it.

RUHOBO
Member
RUHOBO

[quote comment=”108780″][quote comment=”108770″]Did the luxury car come with a washing machine? Yes you are so smart you didn’t buy a place in Hoboken instead you are renting from someone who bought a place and helping them pay for their mortgage. Everyone is stupid but you.[/quote]
Actually, you shouldn’t assume. She could have bought before the bubble of the past few years. She spoke only of buying in a specific time frame as being a problem.

You see what happens when you assume? :mrgreen:[/quote]
the reason I assumed chip rent instead of own is because no one is stupid enough to call homeowners dumb asses when he/she is a homeowner.

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