Research, analysis & post by Howard Turoff
It’s a New Year In Hoboken – Positive Thoughts Only!
There are 564 active Hoboken condo units on the market. There were 15 price reductions this week. Only four units sold, four went under contract and there have been 32 new listings.
The Hoboken Open House Google Map returns this week after a break for the holidays. Check it out to see if any of the new listings (or old actives) are having open houses.
Studio & 1 Bedroom Hoboken Condos:
One 1BR sold in 29 days for a sale price of $242,500.
One 1BR under contract this week after being on the market for 104 days. (Reminder – the final sales price won’t show until after the deal closes.)
- 117 Bloomfield St. was originally listed for sale at $414,500 in Sept. ’08. It was reduced to $404,275 in early October and to $399,000 in late October. It was dropped again in November to $389,000 and sold for $384,000 in December.
Note – For deals that 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.
17 new listings with an average list price of $608,215.
Two Bedroom Hoboken Condos:
One 2BR was sold in 93 days on the market at $510,000.
Three 2BRs went under contract this week after being on the market for an average of 71 days.
282 active 2BR condos with an average asking price of $665,599 with eight price changes.
14 new 2BR listings with an average list price of $682,690.
Three Bedroom and Larger Hoboken Condos:
No 3BR went under contract this week.
One 3BR was sold this week after 53 days on the market for $650,000.
- 1107 Grand was originally listed at $739,900 in Sept. ’08. It was reduced to $689,000 just a few days later and was reduced further to $649,999 in October.
There was one new 3BR listing with a list price of $1,327,995.
Hope Springs Eternal Hoboken!
As we enter the new year, wars are raging in the Middle East, there are grave concerns about the U.S. and world economies and many difficult challenges awaiting the new administration in D.C. about to be inaugurated. It would be easy to hide under the covers and wish it all away, but that’s just not the way it works. A positive attitude and a desire for health, happiness and success in the new year is a great place to start, but hoping and praying doesn’t hold a candle to DOING! Volunteer for a charity. Clean up your neighborhood. Help your elderly next-door neighbor. Smile at a stranger. Make the world (and Hoboken in particular) a better place by “paying it forward” and EVERYTHING (including all our property values) will benefit.