NJBIZ / njbiz.com
The activity comes amid measured improvement in the state’s condo market. Sales of condos and town homes reached 20,714 last year, up 0.5 percent from 2013 and 22 percent from 2012, according to the New Jersey Association of Realtors. The median sales price reached $255,000 in 2014, up 2 percent and 4 percent from the previous two years, respectively. But Jeffrey Otteau, president of Otteau Valuation Group in East Brunswick, said a better indicator is resale prices in some of the state’s most desirable markets. In places such as Hoboken and Jersey City, he said, condos are now back to selling for around $600 per square foot after dropping roughly 30 percent three years ago.
