Archive for December, 2007
Hoboken Condo Sales - Year End Analysis 2007
Categories: For Buyers, For Sellers, Hoboken Real Estate News, Market Analysis
2007 Price per Sq. Ft. for a Hoboken Condo Exceeds ‘06.
Prices peaked in May and surpassed 2006 through the end of this year. Average price per square foot was $533 at the end of 2007, 5% higher than at the same time last year ($506).
Average Condo Sales Price Held Steady at $500,000 for Past Two Years.
March May, June, September and October 2007 were slightly higher than 2006 while the rest were slighty lower. All along, for the past two years the average price of a Hoboken condo has been hovering right around $500,000.
Statistics Show that Properties Sold Faster in ‘07 but That May Be Misleading.
Based on the MLS, it appears that most listings were sold in two months (from listing to closing).
These figures are skewed. Sometimes, a price change is entered on the MLS as if it were a new listing and as a result the number of days on market (”DOM”) resets back to zero. When that occurs, the average number of days will look lower than it really was. Given my knowledge of the Hoboken real estate market over the past 10 years, I find it more likely that price reductions of this nature drove the “DOM” number down.
Sellers often don’t take the advice of their agent and insist on listing their property above market rate. After the unit lingers on the market with no offers and little interest, the owner drops the price and then the property sells.
Condo Sales Volume is Seasonal
The monthly number of closed sales in ‘07 was similar to last year. Both had a high point in the Spring, and decreased later in the year. In ‘06 the number bounced back at the very end of the year but this year it did not. Of course, the number of properties actually on the market each month impacts how many sell.
Condo Listing Drop During the Summer and Holidays
Both ‘07 and ‘06 saw a significant drop in the number of properties listed at the end of the year (the holiday season) and during the summer (vacation time). There were actually fewer units listed this year than last. If you’re buying, you’re likely to have the greatest amount of inventory to look at in the Spring. If you’re selling, list in December and avoid the competition.
In my next post, I’ll take a look at the absorption rate by month to see what that tells us. In the meantime,
Happy New Year!
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The 3 Most Important Questions to Ask When Selecting a Hoboken Realtor.
Categories: About Realtors, Hoboken Real Estate News
So you’re ready to buy your first condo or trade up to a larger unit.
You know a realtor can help you shop for properties but how do you know which one to choose? First, you should have a good gut feeling about the person - we all know instinctively we like someone or we don’t. Beyond personal chemistry, however, you should ask every realtor you are thinking of working with the following 3 questions:
1. Do you live in Hoboken?
This seems obvious but many realtors do not live in the neighborhoods in which they work. There are realtors in Hoboken who drive in from the suburbs, park at the municipal lot, walk a block to their office and rarely venture much further around town. Do you think they really know what it’s like to live next to the light rail? Or how hard it might be to find a parking spot uptown on a Saturday night? Can they tell you which gym has the best aerobics classes or even which supermarket has the best produce? It’s the accumulation of all the little things that may make a difference in your ultimate happiness when deciding where to buy. A realtor who lives in Hoboken has more to offer than an outsider.
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Secrets You Can Learn From Kitchen Cabinets in New Hoboken Condos
Categories: Design
All new condo construction in Hoboken is billed as “luxury” - it’s interesting to take a closer look what “luxury” means. A quick look at the kitchens and bathrooms in the model units of these new condos show that luxury means different things to different people. What is considered luxury in new Manhattan condos is not the same as in Hoboken condos.
I love to cook but have a tiny kitchen in my home. So storage and multiple use cabinets are of major importance to me. Cabinet makers today offer an amazing array of special purpose cabinetry. You can choose from pot draws, cutlery trays, pull-out pantries, spice storage, lazy susans, wine storage and more. These special features are essential in small kitchens and helpful in larger ones too.
Then there are the draws themselves. If they are truly high-end, they should be fully extendable draws (so you can get at what is in the very back) and some have soft closing mechanisms so they don’t slam shut. Under-counter lighting is essential. They should be xenon lights - not the cheap hockey-pucks. If you have high ceilings you should have extra-tall cabinets or double rows of cabinets. I can’t tell you how many new condo units I see in Hoboken where the builder slapped some cabinets onto the walls leaving a useless gap between the top of the cabinets and the ceiling.
Almost none one of the “luxury” projects, not Maxwell Place or Harborside Lofts, not the Upper Grand or the Skyclub offer truly upscale features in their kitchens. There’s not a fully-inlaid door in sight. No special purpose inserts either. Very little under-cabinet lighting. One or two developments have Viking, Miele or Bosch appliances. Most offer GE Profile which is fine but nothing special any more. Appliances, unlike cabinetry, are easy to upgrade should a buyer so choose. To install better cabinets after the kitchen has been built usually requires a full demolition since they are attached to the wall, each other, and the countertops.
Of course, when a buyer walks in and sees the stainless steel appliances and granite counters they are “wowed” by the surface appearance of the kitchen. Once they move in and start unpacking or acquiring all those Williams & Sonoma and Sur La Table must-haves they will soon realize what is lacking in their new kitchens. Even if the doors have brushed chrome handles and maybe, maybe, maybe there is a pull-down faucet for the undermount sink so many other features are missing. It only takes one or two nights of trying to wash a pot or two in those little undermount sinks before you will start yearning for a nice, big farmhouse style sink.
While there was a time when a homeowner would have to purchase custom cabinets from a company like Smallbone or Rutt to get these great design features, now even Ikea includes them in practically every cabinet line. Why don’t the developers include any of these very standard amenities in their kitchens? That’s easy - they cost more than a plain vanilla box. If the buyers of these units don’t start demanding more, the builders will not provide more. So speak up, buyers, while the market is working in your favor. Here is a list of some of the features you should ask for:
- under cabinet lighting - xenon, not the cheap halogen hockey-pucks
- lazy susans in those impossible to reach into corner cabinets
- a cutlery/knife drawer
- pull-out pot drawers
- a pull-out pantry tall or half height
- full extension drawers (so you can get to what’s in the back)
- cabinet heights that reach the ceiling or double layers of cabinets
- pull-out garbage/recycling bins
- built-in wine fridge
- stainless steel dishwasher interiors
Then, of course, there is the bathroom.
Does a brushed stainless faucet and Home Depot tumbled marble really make for a luxurious bathroom? Some fussy buyers would have a list that includes many of the following:
- a steam shower
- frameless glass shower doors
- a rain shower head and multiple body shower jets
- radiant heat - of course, a marble or tile floor
- towel warmers
- a built in medicine cabinet
- a linen closet in the bathroom or nearby - (you’d be surprised how many bathrooms have absolutely no storage space!)
- a jacuzzi tub
- maybe even a bidet . . .
There is one new project, the Garden Street Lofts, that is getting it right. They’re offering Valcucine Italian Kitchens and some other nice features. At an appropriate price, of course.
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Quarterly Sales Trends for Hoboken Condos since 2000
Categories: Hoboken Real Estate News, Market Analysis
Here are some interesting visuals that might help put things in perspective. As I’ve been saying, the Hoboken real estate market is plugging along.
Say what you will, but it looks like the traditional indicators show a very healthy market.
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