2008 Dec 26th

The Weekly Wrap Up (Christmas Edition) – Hoboken Condo Sales & Inventory for December 24th

Research, analysis & post by Lori Turoff

[email protected]

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.

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.

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.

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

  1. Tiger

    Well said Lori! Hope you enjoyed the holidays and happy new year!

    All this could be a blessing in disguise. I look at fellow Hobokenites -myself included- we are all young and aggressively looking for more, and more and more! Sometimes I feel I work so hard to pay for my overpriced lifestyle that I’m missing it out, I’m too tired to enjoy what the area has to offer, and I don’t mean overpriced bars, clothes and gadgets, I mean just people; family, friends, and even friends you are yet to meet. It is hard to snap out of this cycle, so maybe something like that is a good learning experience for all of us (and again, I’m guilty as charged!)

    I said it before and say it again, no matter how bad you think you have it, take a moment to think of others who have it worse than you – help them if you can! and I don’t mean only financially, maybe you can drive them to the airport to save them a cab fare, or invite them over for dinner, or just call to see how they’re doing.

    Happy 2009!

  2. stan

    Hi Lori. Thanks for your site and all of the work you put in to it. Happy 09

  3. Lori Turoff

    Same to you! Thanks for reading and please spread the word.

    I’ll be posting again soon – having a week off rocks!

    – Lori

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