Is Hoboken Housing Market Immune?
Hoboken mentioned on Bloomberg: Real or Propaganda?
Toll Bros. says they’re doing great – how about everyone else?
The headline of the article made it seem as if Hoboken properties are flying off the shelves like hot cakes: “Hoboken Homes Gone in 60 Minutes Signal U.S. Recovery” – and the sizzling opening paragraph read:
“For the latest sign of a U.S. housing rebound, Toll Brothers CEO Douglas Yearley points to Hoboken, New Jersey: A couple torn between two condos last month at the sales office for its Hudson Tea complex decided to think about it over lunch. When they returned an hour later, both units were gone.”
To me, the article read like a sales brochure for Toll, and based on the rest of the housing market in this country – it begs the question “Is this factual news, or just psychological propaganda wrapped into an article?”
Perhaps Hoboken is insulated from the woes everywhere else – but is the market really rebounding? Are they doing this to promote the new 1450 Washington building, as well as the upcoming Maxwell Place project they’re heavily invested in?