Research, analysis & post by Howard Turoff
What’s New In Hoboken on Inauguration Week?
The Jets and Giants are done. Eli Manning signed a new contract. Maybe he needs a bigger unit at Hudson Tea now? Pitchers and catchers don’t report for another month. Got time on your hands? Great – you can keep your eye on the Hoboken condo market!
There are 495 active Hoboken condo units on the market today.
There were 46 price reductions this week vs. only 15 a week ago. Only 7 units sold, 12 went under contract and there have been 31 new listings.
Don’t forget to check out the Hoboken Open House Google Map to see if any of the new listings (or old actives) are having open houses this weekend.
Studio & 1 Bedroom Hoboken Condos:
Three 1BR sold in an average of 75 days at an average sales price of $318,333.
- 501 9th St. was originally listed at $485,000 in October 2008. Price was lowered to $468,000 in November.
- 402 Monroe was originally listed at $319,000 in September 2008. Price was lowered to $299,000 in early October and to $269,000 in late October. It was dropped again to $249,000 in October and to $239,000 in December.
- 601 1st St. was listed at $329,000 in August ’08. The price was reduced to $315,000 in September.
Four 1BR under contract this week after being on the market for an average of 81 days. (Final sales prices don’t appear on the MLS until after the deal closes.)
- 711 Clinton was originally listed for sale at $365,000 in June. It was reduced to $349,000 in September and to $339,000 in December.
- 163 14th St. was originally listed for sale at $429,000 in September. It was reduced to $414,900 in November and to $389,900 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.
161 total active with an average asking price of $466,560. These units have been on the market for an average of 99 days (so far) and there have been 10 price changes.
14 new listings with an average list price of $371,953.
Two Bedroom Hoboken Condos:
2 2BRs were sold in an average of 79 days at an average price of $519,000.
- 915 Madison was listed at $537,500 in October and reduced to $505,000 in December
6 2BRs went under contract this week after being on the market for an average of 56 days.
329 Willow was originally listed for $499,999 in September and reduced 3 times to $459,000 in December
There are 283active 2BR condos with an average asking price of $667,214 and there were 31 price changes this week. The numbers are skewing high due to the large number of expensive Maxwell Place listings.
There were 17 new 2BR listings this week with an average list price of $632,276.
Three Bedroom and Larger Hoboken Condos:
2 3BR went under contract this week.
- 650 2nd street was originally listed at $799,900 in November and INCREASED to $824,900 in December.
- 111 Garden was listed at 1,150,000 in July and reduced to $1,100,000 in November.
2 3BRs were sold in an average of 123 days for an average sales price of $1,112,000.
- 300 Newark was originally listed at $1,295,000 in July. It was reduced to 4 times and ended up at $1,075,000 in December.
There was 1 new 3BR listing this week with a list price of $2,999,999. It’s a 3 bedroom 3 bath 2400 square foot unit at the W Hotel which is not yet completed. The ‘owner’ has not yet even taken title – that’s a flipper for you!
Transparency – What Does That Mean?
We heard a lot about transparency last week at our real estate marketing convention. It seems that’s what the consumer wants. Well, what is it exactly? It means giving you, the consumer, the type of information that’s in this post. Realtors should not have any better access to the listings, the sales figures, the market data or pricing than anyone else. You’re doing the buying and making the decisions therefore you are entitled to know what is going on in the market. Hopefully, we are taking a step in the right direction here.