By Lori Turoff – [email protected]
Staying Ahead of the Pack
I aim to provide you with intelligent, useful information that you can’t find elsewhere. Knowledge is power. The more you, the consumer, knows about the Hoboken real estate market and the better informed you are, the wiser decisions you can make. Good information helps you stay ahead of the pack. I’m always searching for ways to improve this weekly post and help you stay ahead of the pack.
First, all of the week’s price changes are now broken down by unit size. You’ll find them in each category just after the active listings. This makes it easier for you to track when a property you have your eye on is reduced.
In today’s real estate market, a crucial piece of information is the price properties sell for. Sellers can ask whatever they want. That doesn’t mean they are going to get it. Price probably has the greatest impact on whether or not a property sells. I can go in and look at the property history and get the first asking price before any reductions. For all of the sold and under contract properties, I’ve pulled the original asking price. You can see where it started out, what the asking price was when the condo went under contract (the contract price is not disclosed until closing) or where it finally sold. Keep in mind that some of these condos started out as for sale by owner for even higher numbers than the asking price at which they were first listed. As you will see below, the spread between the original list price and sold price can be significant.
Finally, it’s easy to copy someone else’s ideas and hard work and claim it as your own. It’s a lot harder to be consistently thoughtful, original, analytical and interesting. That is certainly what I strive for and what I believe keeps this blog ahead of the pack. I hope you find this valuable and, as always, I welcome your comments.
Studio & 1 Bedroom Hoboken Condos:
2 sold in an average of 139 days at an average sale price of $365,000
Original list prices:
358 14th $349,000 in April sold for $322,000
812 Grand $430,000 in March sold for $408,000
2 under contract this week in an average of 35 days.
(1115 Willow original list price $389,000 in March. Only properties with price drops are noted. )
9 new listings with an average list price of $627,333
Two Bedroom Hoboken Condos:
5 2BRs sold in an average of 103 days at an average sale price of $776,200
Original list prices:
322 Grand $429,000 in Sept. sold for $415,000
611 Willow $529,000 in March sold for $451,000
700 1st St. $589,000 in April sold for $545,000
1125 Maxwell $2,350,000 in August sold for $1,900,000
3 2BRs under contract this week in an average of 129 days.
(800 Jackson original list price $639,900 in March. Others no price drop.)
70 active 2 BR condos up to $500,000
228 active 2BR condos over $500,000
The combined combined average asking price of all 298 active 2BR condos is $657,911with 21 price changes.
9 new 2BR listings with an average list price of $641,166
Three Bedroom and Larger Hoboken Condos:
1 3BR sold this week in 88 days for $562,500. Original list $600,000
1 under contract this week in 53 days. Original list price $739,900 in September.
No new listings.