Research, analysis & post by Lori Turoff
Well, it’s time to get your dog license and parking permit renewed. The city council is supposed to meet tonight to ‘discuss’ PILOT programs at Church Square Towers among other things. Don’t forget to check out the Hoboken Open House Google Map on Friday, Saturday & Sunday to see if any of the new listings (or old ones) are having open houses this weekend.
Here is the overall picture of Hoboken condo market activity for the past week:
- 501 active Hoboken condo units today
- 32 price reductions vs. 46 a week ago
- 2 units sold
- 4 dabos (under contract)
- 22 new listings
All in all, not great news. Inventory continues to increase despite price cuts. What I find interesting is that these price drops are on properties that were initially listed after September 15th – when Lehman went under and the market tanked. Sellers seem too optimistic even after knowing of the economic turmoil.
Studio & 1 Bedroom Hoboken Condos:
163 total active – average asking price $466,644. DOM 102
2 dabos after 21 average days on market (“DOM”)
(Final sales prices are not known until after the deal closes.)
Note – If there were intermediate price reductions for a property to be “dabo’d” (placed under contract) or sold, they are noted here. You can check what all the others sold for by clicking the link to the listings. Each listing states the list price (LP) and the sales price (SP).
None sold. Not one.
9 new listings – average list price $432,964.
Two Bedroom Hoboken Condos:
286 total active – average asking price $665,232. DOM 135 so far.
As was the case last week, 14 high end Maxwell Place units included in there pulling up the average. Interesting – 6 of them are in the older building which are probably resales and only 8 in the new building. Wonder why so many 1025 Maxwell residents are selling?
2 dabos – after 43 DOM
- 839 Willow originally listed at $349,000 in November reduced to $339,000 in December. (By the way, for someone looking for a big two bedroom with character, who is willing to do some work, these units seem like a great value.)
2 sales – average price of $627,500. DOM 53.
- 109 Jackson originally listed at 579,000 in September, reduced to $539,000 in October, and 515,000 in November.
- 909 Garden originally listed at $819,000 in October, reduced to $799,000 in November.
10 new 2BR listings – average list price $712,078.
That includes a unit for $1,288,888 (how did they come up with that number?) at Hudson Tea. Get this – there’s a 7% commission if it sells for $1,255,000 or more. That’s exceptional for a Hoboken property. Maybe if the Giants last performance Eli Manning wants to trade down from his custom unit in the building it would be an option for him.
Three Bedroom and Larger Hoboken Condos:
52 active 3BR condos – average asking price $1,146,285. DOM 145 so far.
No dabos. No sales.
3 new 3BR listing – average list price of $1,109,262.
Where Do We Go From Here?
If things continue along these lines, we’re going to have some pretty serious inventory of unsold condos in Hoboken. A few weeks ago, the Jersey Journal interviewed me and another realtor in town – here’s the article. They asked me if I thought the recent 47% tax hike had an affect on Hoboken property sales. Duh . . . I gave my honest opinion that yes, of course it does, because it makes Hoboken a more expensive place to live. Some of the “powers that be” at our local board of realtors were not pleased with us talking to the press. 1st Amendment anyone? By writing this blog, I am commited to providing you – the consumer, home owner, local resident, interested reader, with honest, open information about the Hoboken market. Don’t you think you deserve to know what’s going on in your own neighborhood?