The challenge in evaluating "comparables" rather than recent sales of comparable properties - is an exercise fraught with danger.
A major NJ real estate evaluator has been making that mistake in their "prolonged" call for a bottom in this regional market.
Unfortunately, they paid little attention to other more pressing circumstances regarding the region's economic pressures - property taxes included.
At last review (from a quarterly basis) we were into comparables priced at early 2005 prices. The stage is set for a deeper correction as naysayers begin to freeze up - literally.
I suspect that the implications of this damage will just BEGIN to be realized in 2009, as far as Hoboken is concerned.
Remember... the emotional stigma of the property investment defies the "investment" objectivity required in assessing the largest such activity for most households!
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