2008 Dec 10th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for the Week Ending December 10th

Research, analysis & post by Lori Turoff

201 993 9500 or [email protected]

Another Week With Slow Activity In The Hoboken Condo Market

As of this minute the total number of active Hoboken condo units are down to 515.  That’s only oneless than last week.  Price reductions are becoming the norm.

Hoboken Property Tax Increase Under Fire

Don’t forget – there is a meeting to protest the recent increase in Hoboken property taxes next Wednesday, Dec. 17th, at Hoboken City Hall.

Studio & 1 Bedroom Hoboken Condos:

2 sold in an average of 66 days at an average sale price of $425,000

1300 Grand originally listed at $509,000 in September

None under contract this week!

Note – Only properties with price drops are listed. The others went under contract or were sold at their original asking price. From this you can see how far sellers had to drop the price to get some action.

168 total active with an average asking price of $476,215 with 16 price changes.

5 new listings with an average list price of $396,800

Two Bedroom Hoboken Condos:

2 2BRs sold in an average of 40 days at an average sale price of $428,250

Original list prices:

1210 Washington listed at $448,000 in Sept. reduced to $399,000

5 2BRs under contract this week in an average of 79 days.

915 Maidson originally listed at $537,500 in Oct. dropped to $505,000.

109 Jackson originally listed at $579,000 in Sept. dropped to $515,000.

77 Jeff originally listed at $599,000 in Sept. dropped to $549,000.

257 12th St. originally listed at $649,999 in Oct. dropped to $599,999.

402 Jeff originally listed at $659,000 in July dropped to  $649,000.

72 active 2 BR condos up to $500,000

235 active 2BR condos over $500,000

The combined average asking price of all 291 active 2BR condos is $659,305 with 33 price changes.

20 new 2BR listings with an average list price of $657,799

Three Bedroom and Larger Hoboken Condos:

1 3BR under contract in 42 days, originally listed at $649,999 in October dropped to $599,999.

None sold this week.

56 active 3BR condos for sale with an average asking price of $1,032,160 with 2 price changes.

1 new listings with a list price of $2,999,999 – it’s at the W Hotel.

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