2009 Mar 4th

The Weekly Wednesday Wrap-Up – Hoboken Condo Sales & Activity for the Week Ending March 3

Research, analysis & post by Lori Turoff

[email protected]

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.

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.

8 price changes.

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.

25 price changes

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)

None sold.

4 price changes

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.

Thanks!

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  1. Ari

    FYI – The owners of recently DABO’d 224 Hudson were trying to sell the place w/out a realtor this summer and was asking for 625K+ (if memory serves).

  2. stan

    ari, that’s b/c they paid 585k for it in 05:

    Sale Date: 01/14/05 Book: 7489 Page: 184 Price: 585000 NU#: 0
    Sr1a Date Book Page Price NU# Ratio Grantee
    More Info 01/14/05 7489 184 585000
    224 HUDSON ST

  3. Q209 Buyer

    For those who are not aware of this link, the link below is to the free Hudson County tax record page. This is a great tool for all buyers to quickly look up the purchase price of virtually any Hoboken property. Using the Excel Output Format (Step #5) is a great way to get a custom set of comps for a particular building or block.

    http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?&ms_user=monm&passwd=data&srch_type=0&adv=0&out_type=0&district=0905

  4. Te

    The property at 224 Hudson was the best deal I have seen in Hoboken so far (been looking on JC Waterfront mostly but Lori’s blog hooked me!). If I had to buy a 2BR today this would be it.

    Flawless location, <$450/sqft ASKing price, parking, elevator, and a relatively new building. That is how you get it done in this market. Meanwhile, I see listings 10-15 minutes from PATH in old walk-ups asking for $500 per sqft, what are they smoking?

    If this sold for <$450/sqft, any 2BR outside of 5-min-to-PATH area needs to be < $400/sqft. Sellers are just way too delusional.

  5. CR

    Te
    Did you ever see the 224 Hudson listing? Parking isn’t in the building. And place didn’t show well, at least when I saw it.

  6. Te

    I didn’t (still waiting for price to go down more and job market to stabilize), can you tell me more about it? Any parking is better than no parking at all IMO.

    Or perhaps if you have to buy a 2BR for say ~500K, what would you pick? <$450 per sqft, East of Washington Street (so close to park + river), 5 min to PATH, year 1990 building, how can you beat that?

  7. dkzzzz

    Q209 Buyer , thank you very much for that link. I was looking for public information on Hudson but it is well hidden frm any Google search.

  8. Q209 Buyer

    Dkzzzz – No problem! That’s what this site is about; freedom of speech / knowledge so that the average person is empowered to make better decisions.

    I don’t think 224 Hudson showed particularly well either. When I went to see it, the building was undergoing a hallway renovation and the renters were in the unit (and did not have any plans on stepping out!). One of them was actually taking a shower while we were there and we saw him scurry out into the 2nd bed room just before we left.

    This is a 100% location buy. The kitchen and bathrooms are all old and would need significant updating, the parking is across the street in the municipal lot and you pay for it. With the maintenance at $400+ (including the parking) and taxes at $10,000+ (costing almost $1,250 / month), I decided to pass on the unit. This is a high number to start with for a no frills 2 Bed / 2 Bath and cannot trust that the payments for the parking and taxes will not balloon in the next few years.

  9. Te

    I thought taxes are determined by sale price? Is that how it works? A lower sale price $500K should be cheaper on taxes?

    $400 maintenance including parking for a 1200 sqft unit sounds reasonable. I would expect it to be old given the price.

    Location + sqft >>>>>>>>> ALL

  10. Te

    Not saying it is flawless either, I am sure in six months listing like that won’t look as hot as it does today.

    I just looked Trulia last night, nothing in that price range felt competitive against 224 Hudson. Most felt like sellers still living in 2006.

  11. Tiger

    Q209 Buyer, it’s not hidden from Google, just look for NJ Tax records and it’s the first or second result :-).

    Te — It’s much more complicated in Hudson county. There are many tax rules and I’m sure Lori can answer this question better than anyone. To me it seems that tax is based on the value of the unit the year it became a condo, with possible reassessments in case of renovation.

  12. dkzzzz

    IMHO, 215 Bloomfield 2 story unit was much better deal than Hudson. Owners still walked with 50K of profit, not bad for downmarket.

  13. Q209 Buyer

    Tiger – Agreed, the link was not hard to find at all, but I wanted to provide it for those who did not know the public records existed.

    I also agree with you about the taxes. My understanding from what I have been told at the tax collector’s office is that the city multiplies an annual rate ($42.93 per thousand for 2008) by the assessed value of a unit (this can be found on the tax link I provided above). This will give you current year taxes. This number should match the tax 2008 tax number on the MLS listing. If it does not, I usually just call the tax collector’s office to find out why and what the actual number is.

    The assessed value determined in when the unit is first built or undergoes a major renovation. Every year the formula for determining the assessed value of a new or renovated unit changes slightly. This assessed value will remain constant for a unit regardless of how many times the unit changes hand and the prices it sells for until: 1 – you gut renovate the unit, 2 – you successfully appeal your taxes, or 3 – the city has an entire city-wide reassessment.

    Anyone / Lori – please let me know if the information I have received is accurate regarding Hoboken taxes. Thank you.

  14. Lori Turoff

    Taxes – yes you are correct Q209.

    When you buy a resale, you take the prior owners tax ‘base’. (I don’t mean that in the technical sense but didn’t know what else to call it). So it doesn’t matter how much or how little you pay for a unit – you get what the guy before you had. If the unit is brand new construction or a gut reno, the taxes are based on the sales price and there is a formula that applies – it is something like 1.3% x the sales price. Yes, you can try to appeal your taxes. Some people have been doing this on the theory that the valuation is not as high as the tax assessor says it is. I have not had any direct experience with this but I know it has been done. A city-wide reval has been talked about but who knows if or when it might happen. It’s a political firebomb. Hope this helps clear things up a bit.
    – Lori

  15. Lori Turoff

    PS – regarding 224 Hudson: Great location, ordinary looking unit. Elevator building which is rare downtown. Parking is at the muni lot right across the street – not a bad deal. Don’t know if it’s a reserved space or just what ever is available when you pull in each day. Yes, the unit needed updating. No high ceilings, no historic or architectural detail, but not a bad deal in the very low 500’s. Tenants make bad impressions but the contract is sure to say “delivered vacant” and the halls are being redone so you can see past the work, hopefully. Taxes are in line with what they should be for a 2 bed. You’re not going to find much lower than that today unless the place is a real dump.

    LESS THAN 70 DAYS TO THE ELECTION – PLEASE PLEASE PLEASE go register if you have not yet done so. Nothing matters more to Hoboken real estate than the make up of our next local government & school board.

  16. dkzzzz

    Hi Lori you ahve been mentioning election that is coming up.
    Do you have any info on who is running and who you would want to see in current gov. position?
    I am new to this area and just registered to vote.
    Thanks.

  17. Lori Turoff

    That’s a good question. It’s also one that I don’t want to answer prematurely. I have been a friend of Beth Mason’s for about 10 years. She has absolutely earned my respect for her dedication to making Hoboken government more open and responsible. I find her to be an honest and caring person. I have supported her in the past and intended to do so again.

    I’ve recently read stories (on Hoboken411.com) that concern me regarding her recent city coucil votes on proposed development and on extending the PILOT at Church Towers. I’d like to know more about the situation and learn what really happened from her. If it is true that she sold out, then I will support Dawn Zimmer.

    Here is the link to a lengthy thread that is worth reading:
    http://hoboken411.com/?p=16851&cp=1#comments

    Bravo to you for your interest!

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