Research, analysis & post by Lori Turoff
Will Obama’s Housing Plan Help Hoboken?
Details of Obama’s housing rescue plan were released today. While not perfect, it’s better than nothing and a step in the right direction. Anything that can help stem the tide of foreclosures and this seemingly never-ending downward spiral is certainly welcome. In the meantime, it’s more of the same in Hoboken. I’ve noticed two things this week: multiple, multiple price reductions seem to be what it takes to get properties under contract and sold; and that there seem to be an increasing number of units for sale at rather low prices at the SkyClub.
- 525 active Hoboken condo units today, up from 518 last week.
- 38 price reductions vs. 35 a week ago
- 8 dabos (under contract), 7 last week
- 14 sold vs. 3 last week
- 42 new listings vs. 26 last week
- 15 expired listings vs. 5 last week
- 11 withdrawn listings vs. 6 last week
One of you asked me to look into the Zephyr Lofts and 700 Grove – both technically in Jersey City. Toll Brothers is still selling units at 700 Grove through the sales office so it’s hard to know what’s happening there. On the MLS there are 14 units for sale and another 7 for rent. At Zephyr Lofts there are only 9 units for sale and 4 for rent. I’ll try to call the sales offices and find out more when I have a chance.
Studio & 1 Bedroom Hoboken Condos:
174 total active – $444,707 average asking price. 84 average DOM so far.
2 Dabos – 100 average DOM.
- 152 6th St – Listed for 355K in Oct; reduced to 339K in Oct; reduced to 319K in Jan.
- 920 Jeff – Listed at 395,888 in Jan; reduced to 368,888 in Jan.
2 sold – $361,000 average sales price. 150 average DOM.
- 659 1st St – Listed at $469K in June; reduced to $449K in Nov.
15 new listings – average list price $388,053.
Two Bedroom Hoboken Condos:
288 total active – average asking price $647,187. 113 DOM so far.
5 dabos – after 63 average DOM
- 1214 Wash – Listed at 429.9K in Jan; reduced to 409.9K in Jan.
- 224 Hudson – Listed for 594.9 in Dec; reduced to 584.9 in Jan; reduced to 554.9 in Feb; reduced to 539K in Feb.
- 1300 Grand – Listed at 679 in Oct; reduced to 659 in Oct; reduced to 639 in Dec; reduced to 625 in Jan.
- 1500 Wash – Listed at 699,999 in Feb; reduced to 659K in Feb. – Listed at $474.9K in Oct; reduced to 445K in Jan; reduced to 429K in Feb.
7 sold – average sold price $592,895. Average DOM 56.
- 329 Willow – Listed at $499.9K on Sept. 11; reduced to $489.9K in Sept; reduced to 479K in Nov; reduced to $459K in Dec.
- 215 Bloom – Listed at 499K in Jan; reduced to 479K in Jan.
- 1200 Grand – Listed at 675K in Oct; reduced to 639.9K in Oct; reduced to 629.9 in Nov.
- 706 Park – Listed at 839K in Oct; reduced to 814 in Nov.
16 new 2BR listings – average list price $566,843.
Three Bedroom and Larger Hoboken Condos:
60 active 3BR condos – average asking price $1,117,470. 136 DOM so far.
1 under contract in 313 days (Arthur’s Court new construction)
4 new 3 bedroom listings – average asking price $678,225.
Hoboken Condo Open Houses
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.