2009 Mar 10th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for the Week Ending March 10th.

Research, analysis & post by Lori Turoff

Why did the post change?  See comments below about the MLS system.  Sorry for the confusion.

Studio & 1 Bedroom Hoboken Condos:

176 total active – $443,453 average asking price.   85 average DOM so far.

2 Dabos – 100 average DOM.

1 sold – $340,000 sales price.   25  DOM.

6 new listings – average list price $487,998.  (one is a 900K+ property at the new W  Hotel & Residences).

15 price changes.

Two Bedroom Hoboken Condos:

294 total active – average asking price $649,691.   113 DOM so far.

1 dabo – after 29  DOM

4 sold – average sold price $489,500.  Average DOM 42.

23 price changes

16 new 2BR listings – average list price $720,167 (another at the W for 2 mil+).

Three Bedroom and Larger Hoboken Condos:

56 active 3BR condos – average asking price $1,117,470.   136 DOM so far.

1 under contract in 111 days

1 sold for 642,500 in 175 days.

3 price changes

No new listings.

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. Jon

    Lori,
    Just an FYI, the 56 active 3 bedroom link is not working correctly. It is showing 1 listing.

  2. Tiger

    Hi Lori,

    Thanks a lot. 21 sold? That seems to be a very good number. I doubt next weeks would be as high but definitely good news.

    Over the past few months, confusion was they key for the market, I’m glad to see that the numbers are at least starting to make sense, and I think you said it best ‘good value for the money’ is key.

    BTW It seems there is a broken link (2 br’s sold). Also, the numbers are not adding; it says 21 sold on top, but the breakdown is 1 + 3 + 1. Thanks :-)

  3. Lori Turoff

    RE: Numbers not adding up – I though I was going crazy. I was so careful when I did this last night. I just went back and double checked and learned something very strange. Our MLS system is crazy – not me. If I search one way, using what we call the ‘hot sheet’ I get 22 sold listings. But in the column labeled “closing date” the dates range from last September to March 4th. If, instead, I search as if I’m doing a search for a customer and ask the system to show me all sold properties from March 4 to 10th I get only 6 results. I’m on the phone with the MLS right now trying to straighten this out. So sorry for the confusion. I’m on it.

  4. JC

    Why does the 1 BR listing at the W only have $3296 annual taxes, which says will not be increasing! Tax abatement? That looks like a nice unit, but $1181 per square foot is expensive.

  5. Lori Turoff

    Latest update – I’ve been informed by our MLS data systems provider that the “sold” figures on our market report don’t really mean sold. It means the day the agent remembered to enter the change in status into the system. Many times, this can be days after the property actually sold. So from now on I’ll do an individual search by unit size for sold properties in each category and then add the results to get an accurate count. This weeks has now been corrected.

  6. homeboken

    21 units sold did seem very high. 6 sold is alarmingly low (again).

    The change in invetory seems to be accelerating. If the Spring fails to spark drastic demand, I think the summer and fall will be the start of real downward price moves.

    As for now, most of these listings really are not for sale. That is, the owner can’t accept much lower than asking in order to get out whole. Meanwhile, the buyers know that the value is way below the ask. Hence we all sit and watch inventory sky-rocket.

  7. Lori

    Homeboken – I think you’ve got that right. We’re seeing inventory build little by little every week but prices are barely moving down. I can tell you there are many realtors in town who are not doing any business and won’t be realtors for too much longer.

  8. D$

    How is $700 per square foot for a Maxwell 1-BR priced to sell? Give me a break!

  9. Lori Turoff

    If you saw how many listings at Maxwell have expired and been withdrawn you’re realize that it’s simply not “priced to sell”. As I keep saying – the sellers just don’t get it. They are living in the past, they are chasing the market, they are averse to taking a loss. I guess that’s human nature. It’s easy to see the market going down when it’s the entire market in the abstract. It’s much harder to be willing to get hit in your own pocketbook.

  10. Tiger

    If only we can dig further beyond those numbers and see who truly is selling and who is ‘testing the waters’ out there — of course we can’t, unless we somehow tie the MLS to the income and spending habits of the seller, plus perform an overall asset vs liabilities, job situation, family ties, and then perform an Analytical report, then we can find out… but then again that technology does not exist yet (well, maybe only for department of homeland security).

    BTTP, I think the reason the market is in standstill is due to the fact that most sellers are not sellers. I don’t think this is a nice thing to do; I’m sorry, unless you are really willing to sell, you shouldn’t waste the time of your agent and even prospective buyers, and clog down the market. It’s that kind of activity that’s only driving inventory higher.

  11. homeboken

    Tiger – I agree with you, but my contention (and this is not based on research) is that many of these sellers are faced with four options:

    1. List at a price that gets owner out whole or with slight loss. Content to wait 200 + DOM.
    2. Price to sell, close quickly, and Seller writes check to bank to pay-off mortgage.
    3. Wait/pray that something magical will happen that brings buyers back in droves.
    4. Foreclosure

    We are seeing A LOT of 1 and 3. Very little of 2, and 4 is a foregone conclusion for some unfortunate people. FK’s are tough, but necessary for a lot of “speculative investors” and those that purchased at market peak.

    Those that bought pre 2000, also have a tough pill to swallow. Sure they likely don’t risk foreclosure, but their home that they thought was worth $X is now worth some fraction of that.

    That isn’t a real dollar loss, but it sure feels that way to an owner that missed the chance to sell at peak.

  12. Clemson

    What do you think of 531 Garden going to contract at somewhere around $700k without parking?

  13. Lori Turoff

    Tiger – I’d love to be able to ‘dig deeper’. I definitely see what homeboken is talking about – 1’s and 3’s all over the place. I don’t think owners who don’t have to sell feel nearly as awful as those who have to write the check (2). Most owners, myself included, realize that it’s all paper money, just like stocks that appreciate and depreciate. Unless you have to sell it really doesn’t matter. Assuming, of course, that you haven’t used your house or condo as an ATM.

    531 Garden – I haven’t seen it but I’ve heard about it and seen the photos. They did use above average appliances, windows, finishes, etc. It is a great location. You probably don’t have a real good feel from reading this blog since I don’t focus very much on the Hoboken brownstone market but I think these units are more comparable to renovated brownstones. There are so few of them and lots of people still want them so they tend to sell at very high prices – still. The nice ones, that is.

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