2009 Jan 14th

The Weekly Wednesday Wrap-Up – Hoboken Condo Sales and Inventory for January 14, 2009

Research, analysis & post by Howard Turoff

[email protected]

What’s New In Hoboken on Inauguration Week?

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.

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.)

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.

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.

2 3BRs were sold in an average of 123 days for an average sales price of $1,112,000.

There are  52 active 3BR condos for sale with an average asking price of $1,131,658 with 5 price changes.

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.

  1. Willy

    Given the slow traffic board, any data on the realtor count over this past year? Surely that has to give way before property prices do.

  2. Lori Turoff

    I’ll look it up and post it for you. You can be assured – there will be a falling out.
    – Lori

  3. Tiger

    Exit reality has exited Hoboken last year, I guess we’ll see who else will exit…

  4. Lori

    There are some real estate agencies that have been in Hoboken forever and they own the storefront space in which they operate. Since they don’t pay agents any salary or benefits, their overhead is extremely low and they can afford to remain even if they aren’t doing any business. Especially if they have an affiliated company that acts as a ‘management company’ for various condo associations around town and they collect hefty fees for managing the condo.

  5. stan

    uggh. looks like prices drop, places move. unfortunately this will be the new reality.

    Deflation is great until its your assets.

    Seems to be accelerating, I don’t think that spring will bring much stabilization especially with all of the layoffs in the area.

    gret work Turoff’s as usual…

  6. Hoboken Resident

    Kudos to your last paragraph regarding transparency.
    It effectively translates to being honest in business dealings.

  7. Lori

    Glad you like it. We still have more year-end stats to post so stay tuned.
    – Lori

  8. Willy

    Here’s one I found on a local blog. This would tell me that many in the RE biz are in for a double whammy after many years of loose money:

    Benjamin D. Jogodnik is a vice president with Toll City Living. Read his comment about the Hoboken stake that RE brokers are hung with!


    “Quite a few brokers, often avid real estate investors themselves, wound up putting their money where their mouths are, at Toll City properties. Some 40 of them have bought $35 million worth of real estate at Toll buildings that have gone up on the Hudson waterfront over the last three years, according to Toll’s records.

    Real estate sales agents have bought condos to live in, or to rent to tenants — or both — at four company properties, including 700 Grove in Jersey City, and Harborside Lofts at Hudson Tea, and Maxwell Place on the Hudson in Hoboken, Mr. Jogodnik said. Many of those same people have also brokered sales and are continuing to market condos in buildings where they own property, he added.
    Dean Geibel, the principal of Metro Homes, said he had witnessed the same broker “hat trick,” so to speak, at several of the buildings his company has developed in the waterfront district.”

  9. Tiger

    Speaking of Toll Brothers, apparently they sold five Hoboken condos in the last week or so, vs none in Manhattan. The CEO seemed to be optimistic about Hoboken; something to think about 😉

  10. Lori

    Most of the agents who bought at Toll did so pre-construction. I know quite of few of them who have already sold their units at a profit. The same is true for the MetroHome buildings. When these units are put on the market initially, the prices are much lower then after a bunch of units are under contract. So don’t feel too sorry for them.

    – Lori

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