Research, analysis & post by Lori Turoff
What’s new in Hoboken?
There are some interesting deals around these days. I’ve noted a few below. Some interesting new selling concepts, too. Ever hear of a “Dutch Auction“? Well, read on. Other than that – it’s still more of the same. More listings, fewer sales, Hoboken condo inventory continues to accumulate.
If you are in the market for a Hoboken condo, don’t forget to check our 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. The map is updated every week so even if your google search seems to pull up an older version, when you click on the link you’ll see the current version.
Here is the overall picture of Hoboken condo market activity for the past week:
- 510 active Hoboken condo units today, up from 494 last week.
- 23 price reductions vs. 24 a week ago
- 8 dabos (under contract), 4 last week
- 4 sold vs. 7 last week
- 40 new listings vs. 33 last week
- 10 expired listings vs. 5 last week
- 0 withdrawn listings vs. 0 last week
Studio & 1 Bedroom Hoboken Condos:
164 total active – $456,904 average asking price. 97 average DOM so far.
6 Dabos – 86 DOM.
Here’s an interesting one – 88 Park is a small but nicely renovated 1BR with some exposed brick, a mantle, w/d and new kitchen offered at $359K. The listing says it has a terrace. It also says “Private backyard with patio set & BBQ”. But it’s a 4th floor walk-up. How does a 4th floor unit have a backyard? Or is the ‘terrace’ really a roof terrace? You can’t tell from the photos. It’s certainly not clear from the description. I called “here at Liberty Realty we believe that your satisfaction is the key to our success.” After putting me on hold for 9 minutes and 53 seconds (my phone keeps track), not knowing who I was, I was unable to reach anyone to ask for clarification.
- 800 Jackson – Listed for $450K in Nov; reduced to 408.9K in Jan.
- 928 Garden – Listed for 459K in Oct; reduced to 419K in Nov.
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 were priced at when they went under contract or sold for by clicking the link to the listings.
2 sold – $286,400 average sales price. 111 average DOM.
311 Monroe is a small but renovated 1br with a private deeded yard that sold for $253,500. Now that’s a deal!
- 711 Clinton – Listed for 365K in June ’08.; under contract on Sept. 15th, back to active on Sept 23rd (the week Lehman went under) reduced to 349K in Sept; reduced again to 339K in Dec.
9 new listings – average list price $382,777.
Two Bedroom Hoboken Condos:
285 total active – average asking price $661,430. 111 DOM so far.
2 dabos – after 93 average DOM
2 sales – at $495,000 average sale price, 68 average DOM .
- 536 Grand listed at $579K in Sept; reduced to $545K in Sept; reduced to 537K in Oct; reduced to 499.9K in Nov.
18 new 2BR listings – average list price $591,766. Included are a bunch of new units at 1300 Park – a Fields gut reno and also at 415 Adams, another new project. There is also an over 1000 sq. ft. 2 bed 2 bath with a deeded yard & pretty deck. It looks like you might have to walk through the bedroom to get outside but still a good deal – attention dog lovers!
Three Bedroom and Larger Hoboken Condos:
61 active 3BR condos – average asking price $1,129,350. 136 DOM so far.
None went under contract.
7 new 3BR listing – average list price of $670,928.
More units at 1300 Park among them. Here’s an interesting concept at 211 Adams: DUTCH AUCTION: the listing price will be reduced $2500 each week until property sells. This is the first time I’ve seen this in Hoboken real estate sales. Then there is my personal favorite – 2 adjoining units at Hudson Tea with due north views over the Hudson. Combine the two into an 1870 sq. ft. beauty for only $1.45 mil. Plus the cost of renovations. That’s $775 a square foot for the space and at least another $2oo to $300 per square foot to do the work. Oh, right, and the taxes. Taxes will be based on the new assessed value which would be unknown until you are finished with the construction and the tax assessor comes to pay you a visit! Hey, if it worked for Eli Manning, it might work for you too.