2009 Mar 18th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for the Week Ending March 17th

Research, analysis & post by Lori Turoff

 

How Many Price Reductions Does It Take to Sell A Hoboken Condo?

Take a look at some of the properties that sold this week – like 418 Bloomfield and 1301 Adams.  These properties have too many price reductions to list and ended up dropping 15 to 30% before selling.  Until sellers become more realistic about what buyers are willing to pay for these properties they just are not going to move and inventory will continue to accumulate.  Note, also, that those that were priced correctly to begin with sold quickly.  

Today I took the time to cross check every sold listing to make sure, despite entry mistakes by agents or the MLS, the sold figures would be accurate.  

 

Studio & 1 Bedroom Hoboken Condos:

177 total active – $446,659 average asking price.   87 average DOM so far.

4 Dabos – 75 average DOM.

1 sold – $480,000 sales price.  34  DOM.

15 new listings – average list price $394,780. 

10 price changes.

Two Bedroom Hoboken Condos:

293 total active – average asking price $640,662.   110 DOM so far.

6 dabo – after 102  DOM

10 sold – average sold price $503,115.  Average DOM 88.

22 price changes

16 new 2BR listings – average list price $512,306.

Three Bedroom and Larger Hoboken Condos:

56 active 3BR condos – average asking price $1,062,720.   139 DOM so far.

None under contract.

None sold.

4 price changes

4 new listings  average list price $686,875.

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, don’t forget to check our once again, new and improved 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. Eustace

    Can someone explain how this unit is priced so low?

    http://www.realtor.com/realestateandhomes-detail/Jc,-Downtown_NJ_07302_1106371776

  2. Lori Turoff

    The unit is at the Zephyr Lofts on the Jersey City side of the border, technically, but really in Hoboken geographically (right by the NJ Rail lines. Here is the link:
    http://HUDSON.fnismls.com/publink/default.aspx?GUID=832ef6d2-8fe2-4224-94a5-2a702161561c&Report=Yes

    The reason it is priced so low is because it is a short sale and subject to bank approval – which can take as long as a year!

  3. Dan Simon - Charleston SC Real Estate

    Thanks for sharing this info. We are seeing things pick up as well in the Charleston SC real estate market. Properties that are priced right from the start are not lasting long. We still have a lot of inventory but a large percentage are “on the market” and not priced to really be considered “in the market”. In most cases, sellers that bought two or three years ago are needing to sell for less then what they paid in order to be successful (get showings & offers).

  4. Tiger

    Thanks Lori! This morning I was like “it can’t be Wednesday, we still don’t have the weekly wrap-up”, but now we do :-). I know it takes a long time to compile all those numbers so I really appreciated.

    It still surprises me how some units are just priced completely offrange. Any savy buyer can plot those numbers and see how things are just completely off. That said, I think it’s good that there seems to be a bit more of activity, 11 units a week is not bad at all.

    The stock market seems to be picking up some momentum too, so who knows? Stay positive either way everyone!

  5. homeboken

    Wow, $425psf, 2 BR, renovated on 4th & Bloom? Very interesting stuff. Lori- Thank you so much for the info,I hope your efforts on this blog result in some listing/$ for you.

    Great work

  6. Lori Turoff

    Yes, that’s a good price and a great location. I think a lot of real estate today is coming back to the fundamentals – location, location and location. It is a pretty narrow building so the apartments are long and narrow though it doesn’t look too bad from the photos. Thanks, Homeboken. I’m big on karma so I believe if I put out good into the business will find me. So far, it’s working (plus, I’m a pretty good agent).

  7. HobokenPete

    Great site!! Just passed it along to some friends…

    My question is: Why can’t I find any units at 1125 Maxwell appearing in the MLS listings? I am certain that not all the buyers will close and assume that some existing owners will need to sell. Therefore, this should have an affect on the pricing at 1025 Maxwell and the Constitution – correct?

    Thanks for your insight. I am dipping my foot in the water to make a Hoboken purchase…but I can’t justify any of the prices that are being asked (especially taking into affect the huge tax increase that is just being felt). Will definitely give you a call when I am ready. Thx.

  8. stan

    Lori,

    great job as always. Looking at the reduction numbers is very telling. Multiple cuts is what it takes to get the job done.

  9. Lori Turoff

    HobokenPete – if you click on the link for active 2 bedrooms over $600K there are a number of units for sale on the MLS at both 1025 and 1125 Maxwell. They are still selling for pretty high prices, too. The bigger question is how many units does the Toll Bros. sales office have that are unsold. We don’t have any way of knowing that and they certainly aren’t going to disclose that info. I think the bad economy has hurt the west side of town and the ‘run of the mill’ 1000+ sq. ft. 2 bed / 2 bath condos that were built from 10 years ago on, over around the 9th street path and all along Jeff, Mad & Monroe way more than it’s hurt the very high end in Hoboken. Those units used to sell close to $600K and now many of them are selling for closer $500K. That’s just my feeling, though.

  10. Tiger

    Yes multiple cuts but I think VALUE and FEATURES are important too. You can never tell for certain from the listings and pictures, but I don’t see any of the awkwardly laid out units being sold, and anyone who shopped the market knows there are plenty of those.

    I think buyers are looking to move in their condos, they are savy and know that they won’t be selling anytime soon, so they are making sure that they can live in their unit for a few years.

  11. 10andPark

    HI Lori-

    Firstly, I really enjoy reading your website.

    I was wondering if you ever thought about adding ‘a little something something’ on your site for potential second home buyers. I’m sure there are those like me–current condo owner considering to buy and move into an upgrade, and rent out the existing unit–who follow your analysis to follow the market. If we can couple that information with the rental market trend, I think we would be in a better position to make our buying decision.

    What do you think?

  12. Lori Turoff

    10andPark – I think that’s a great idea and I’m going to work on it today. There is one problem with tracking the rental market – there is only a very small proportion of rental units listed on the MLS. The others are scattered among agencies, listed on craigslist, etc. So there is no central repository for the info like there is for sales. Trying to pull the data would be way too cumbersome and time consuming for me. I can still give you my sense of what’s going on and some good advice.

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