Hoboken Condo Sales Figures: The December Results - Part I
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
Few Hoboken Condos Sell - But Those That Do, Fetch Decent Prices
There is no doubt that the past few months have been slow ones for Hoboken real estate sales. It may not be long before we start seeing some real estate agencies closing (see Cupo Real Estate) and many idle agents looking for new ways to earn a buck. Believe me, I am the first to agree that Hoboken has way too many realtors, nail salons and banks. I’ll be glad to see some of them go. Sales volume in the Hoboken real estate market has slowed down to a trickle. From a high of 91 condo sales that closed in October, we’re down to only 25 in December. (Remember, that’s just sales through the MLS - not new construction sold directly by the developer, like Toll Bros., and it’s not for sale by owner properties - as if any of those actually sell in this market). Listings are also down to 73 in December from March’s high of 233.
Here is the chart:
Here are the numbers shown against those from the past 2 years:
This is something to get you started thinking. I’ll be attending a conference this week starting tomorrow but will continue to post more details and analysis on the year-end Hoboken condo market sales results over the next few weeks.
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Happy, Healthy, & Healing 2009 Hoboken!
Categories: Crazy Ball, Hoboken Condos
By Lori Turoff
2008 is just about over. It’s been a rough one, no doubt. Tax increases, the mortgage crisis, a housing bubble burst, economic chaos and the many problems that we will all inevitably face as a result. Now is the time for us to put the negative behind us, let go of it and move on. Hoboken still has much to offer. We are a relatively young, hard-working, ambitious group who make up our community with many diverse backgrounds and talents. There is a lot we can learn from each other. With the right attitude and a little luck, we can all do our part so that Hoboken can remain a great place to live.
Thanks for your support, enthusiasm, participation and continued interest in what we have to say about Hoboken and the real estate market in particular. We will return to our usual subjects shortly. In the meantime, we wish each and every one of you a happy, healthy, prosperous new year.
- Lori & Howard Turoff
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The Weekly Wrap Up (Christmas Edition) - Hoboken Condo Sales & Inventory for December 24th
Categories: Hoboken Condos
Research, analysis & post by Lori Turoff
info@hobokensbest.com
The Holidays: A Time for Friends and Family (condo sales - not so much.)
As of Christmas day there were 504 active Hoboken condo units on the market. We saw a couple of price reductions this week but for the most part, things have been put on hold for the holidays. Only six units sold, five went under contract and there have been eight new listings.
Ordinarily we’d remind you to check our Google Map of Hoboken Open Houses to see if any of the new listings (or old actives) are having open houses, but as we stated in a previous post - the map is on vacation this week.
Studio & 1 Bedroom Hoboken Condos:
One 1BRs sold in 91 days for a sale price of $329,000.
One 1BRs under contract this week after being on the market for 47 days. (Reminder - the final sales price won’t show until after the deal closes.)
Note - These deals went under contract or were sold at their original asking price. By comparing “LP” (Listing Price) to “SP” (Sales Price) you can see how far sellers had to drop the price to negotiate the sale. We will separately break out individual deals only if those properties had interim price reductions.
49 total active with an average asking price of $329,642 with Five price changes.
Three new listings with an average list price of $427,666.
Two Bedroom Hoboken Condos:
Three 2BR were sold in an average of 126 days on the market with an average price of 455,805.
- 322 Grand was originally listed at $459,000 in April. It was reduced to $445,000 in October and sold for $430,000.
- 1300 Grand was originally listed at $615,000 in June. It was reduced to $599,999 in July, $587,000 in October, $575,000 again in October and sold for $562,500.
Three 2BRs went under contract this week after being on the market for an average of 85 days.
280 active 2BR condos with an average asking price of $667,215 with Three price changes.
- 135 active 2BR condos up to $600,000
- 150 active 2BR condos over $600,000
Five new 2BR listings with an average list price of $606,780.
Three Bedroom and Larger Hoboken Condos:
One 3BR went under contract this week after being on the market for 62 days.
Two 3BR were sold this week in an average of 115 days on the market with an average price of $816,250.
- 219 Willow was originally listed at $745,000 in June. It was reduced to $689,000 in September and sold for $680,000.
- 78 Jackson was originally listed at $1,000,000 in April. It was reduced to $985,000 in July and sold for $952,500.
54 active 3BR condos for sale with an average asking price of $754,972 with One price change.
There were no new 3BR listings.
Is Hope for Hoboken on the Horizon?
The holiday season, and especially the celebration of the New Year is an opportunity for unbridled hope. It’s like baseball’s spring training when all teams start the season with the same record and optimism for their chances. While it’s foolish to ignore the problems of the economy, the real estate market and the other challenges we face in 2009, let’s put it all aside, at least for one week, and spend it loving our families and pets, appreciating our friends and hoping for peace, prosperity and happiness in 2009!
Happy Holidays from HobokenRealEstateNews,
Lori, Howie and Sempai
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Categories: Hoboken Real Estate News
Posted by Lori Turoff
Forget About Real Estate - At Least For the Next Week
The Weekly Wednesday Wrap-Up and The Open House Google Map are on vacation for the holidays, as are we. Our regular posts about Hoboken real estate will resume in the new year. Meanwhile, here is my favorite quote which I think is especially valuable during our current times:
Do not believe in anything simply because you have heard it. Do not believe in anything simply because it is spoken and rumored by many. Do not believe in anything simply because it is found written in your religious books. Do not believe in anything merely on the authority of your teachers and elders. Do not believe in traditions because they have been handed down for many generations. But after observation and analysis, when you find that anything agrees with reason and is conducive to the good and benefit of one and all, then accept it and live up to it. ~Buddha
We wish you all a safe, fun, holiday surrounded by family and friends and a healthy and prosperous New Year.
Lori Turoff
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Some Hoboken Condo Sellers Don’t Really Want To Sell!
Categories: For Sellers, Hoboken Condos
By Lori Turoff - info@hobokensbest.com
“I Have a Great Idea, Let’s Lock the Buyers Out!”
We’re in the throes of the worst real estate market in memory. The economy is crashing all around us with little hope for recovery anytime soon. It’s probably the slowest week of the year in any real estate market. There are a whopping 513 condos for sale in Hoboken today. You would think that the owners of these properties would do absolutely everything within their power to get their condo sold. Or at least hire an agent who would do so. Yet that is not the case.
Maybe “Abracadabra” Will Open The Door
I was taking a serious buyer out to look at a few Hoboken condos yesterday and was amazed by my experience. We went to the first property on the list and walked up the steps. I stood there trying to open the front door for about 5 minutes to no avail. Fortunately, the listing agent happened to drive by and saw that I was having trouble. “Pull the key out just a teeny-tiny bit then turn” she said. After a few attempts and her indicating to me which key was the correct key and instructing me which way to turn, it worked. We got in the building. There were actually two units in the 4 story building for sale and we wanted to see them both. The apartment doors were not numbered, yet on the MLS sheet one was listed as unit #2 on the 2nd floor and the other as unit #3 of the 4th floor. Huh?
Does This Really Count as an Open House?
Next I brought my buyer to see an open house. The listing said it was unit 5L. Open houses are usually a nice break for me because I don’t have to go pick up and return keys, and the listing agent is there to answer any questions. We approached the building and saw the usual sandwich board outside. The flyer on the board also said unit 5L. Problem is, there was no bell labeled 5L. The doorbells were numbered 1 to 10. There was no sign on the door saying which doorbell to ring. No sign with a cell phone number. Nothing. Being familiar with these types of 5-story Hoboken buildings, I knew 5L was the top floor so the bell was probably #9 or #10. I rang both and we were buzzed in. There was no one there but the agent. No surprise there - how is a potential buyer supposed to know how to get in?
Guess Which Keys Fit Which Door?
With the last property we went to see I again couldn’t get the front door open. Someone happened to be going in and let us follow. This time we were headed for unit 1R. The doors once again weren’t numbered and there was no sign posted by the listing agent. As is often the case in Hoboken condos, each unit had more than one door to the hallway. I tried the doors on the right side of the hallway with no success. Maybe they mean right facing the other way so I tried the unit on the other side. The keys didn’t even fit the locks. I called the listing agent. Might I have been given the wrong keys? These had a big blue flashlight on the keychain. Did that sound right? He told me he had no idea but that he would call me back in a few minutes. He never did. Eventually I called the receptionist in his office who apologized profusely for having given me the wrong keys. I had to go back and swap them for the correct set.
Here is an Important Bit of Advice, Hoboken Condo Sellers:
Are these sellers really serious about selling? I suspect they are. However, with 500+ Hoboken condos competing for the few buyers out there during the holiday season, they can not reasonably expect to find a buyer when they (or more justly, their agents) make it next to impossible for a buyer to find their property? If I were one of these sellers trying to sell my condo I would fire my agent today. Here’s a tip to you sellers out there. IF BUYERS CAN’T SEE IT - YOU CAN’T SELL IT! If you were trying to sell your Hoboken condo in today’s market, would you put up with this nonsense?
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