2008 Dec 17th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for December 17th

Research, analysis & post by Lori Turoff

info@hobokensbest.com

Another Slow Week In The Hoboken Condo Market

As of this minute the total number of active Hoboken condo units is still 515 – same as last week.  Price reductions continue. A total of 6 units sold, 5 under contract and 23 new listings.  Don’t forget to check our Google Map of Hoboken Open Houses  to see if any of the new listings (or old actives) are having open houses.  We start updating it today.

Hoboken Property Tax Increase Under Fire

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

Studio & 1 Bedroom Hoboken Condos:

4 1BRs sold in an average of 85 days at an average sale price of $466,250.

830 Bloom originally listed at 474,900 in September.

2 1BRs under contract this week in an average of 35 days.

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.

167 total active with an average asking price of $485,742 with 7 price changes.

8 new listings with an average list price of $618,359 (4 Maxwell Place and 1 Constitution penthouse pushed up the number).

Two Bedroom Hoboken Condos:

1 2BR sold in 84 days for $715,000.

Original list prices:

2 2BRs under contract this week in an average of 85 days.

418 Bloom listed at $595,000 in August.

67 active 2 BR condos up to $500,000

226 active 2BR condos over $500,000

The combined average asking price of all 293 active 2BR condos is $675,070 with 20 price changes.

14 new 2BR listings with an average list price of $991,855 (6 at Maxwell Place).

Three Bedroom and Larger Hoboken Condos:

1 3BR under contract in 78 days, originally listed at $615,000 in September dropped to $549,999.

1 sold this week for $650,000 in 299 days (new construction – that’s partly why the long days on market) originally listed for $759,000 last October, reduced to $675,000 in June.

54 active 3BR condos for sale with an average asking price of $1,452,036 with 3 price changes.

1 new 3BR listings with a list price of $824,900.

Where Do We Go From Here?

Not much is selling. Inventory is building. Sellers don’t seem to want to budge when initially pricing their units (when it sits unsold, they drop the price). Buyers are still on the sidelines or shopping for that unrealistic “bargain”. How long do you think this will last?

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  1. JCjc

    $595k for 418 bloom dropped to $469k? wow. any info on this why the crazy price drop? It was a new construction so maybe developer was desperate. This just seems like a good value. I know $595k was probably way overpriced.

  2. Lori Turoff

    JCjc,
    I’ll do some snooping and see what I can learn. Check back tomorrow.

    – Lori

  3. G

    How much % drop has Hoboken seen in last one year?

  4. Lori Turoff

    JCjc,
    OK – I have seen that unit. As you can see from the photos – it’s narrow. The ‘backyard’ is tiny. The whole building was gut renovated and all the units were for sale. From what I can tell, it looks like they were all listed at higher prices and then had reductions because (duh) they didn’t sell…
    The other 3 went under contract at $429K and $459K so I guess $469K is what it took to get it Dabo’d. It’s happening often in this market.

  5. Lori Turoff

    G,
    Take a look at:
    http://hobokenrealestatenews.com/2008/12/01/hoboken-condo-sales-the-november-numbers-are-in-and-they-are-surprising/

    and

    http://hobokenrealestatenews.com/2008/12/02/where-is-the-hoboken-housing-market-going/

    I post sales results every month. You can see what has happened by month for the whole year.
    – Lori

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