Categories: Hoboken Condos
Research, analysis & post by Lori Turoff
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.
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.
- 322 Grand was originally listed at $459,000 in April. It was reduced to $445,000 in October and sold for $430,000.
- 1300 Grand was originally listed at $615,000 in June. It was reduced to $599,999 in July, $587,000 in October, $575,000 again in October and sold for $562,500.
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.
- 219 Willow was originally listed at $745,000 in June. It was reduced to $689,000 in September and sold for $680,000.
- 78 Jackson was originally listed at $1,000,000 in April. It was reduced to $985,000 in July and sold for $952,500.
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