2009 Mar 25th

Hoboken Condo Sales & Inventory: The 3/25 Weekly Wednesday Wrap-Up

Research, analysis & post by Lori Turoff

Quick Hoboken Condo Sales – A Fluke or an Indication that Things are Improving?

Just last week I criticized unrealistic sellers who priced their properties too high only to drop their asking prices 15 to 30% before finally selling.  This week I’d like to give a shout-out to some sellers who clearly “got it”.  Below you’ll see a 2BR unit over 1100 sq. ft. for $539,000 at 1001 Clinton that went under contract in only 13 days.  Top floor unit with a great kitchen and NYC views.  Not only that, there was a parlor level, 1000 sq. ft. 2BR unit at 635 Garden with a private yard that closed this week.  It went under contract after only having been on the market for 10 days.  The other exciting news is the beautiful parlor level 1000 sq. ft. 1 BR at 940 Bloom listed for $399,000 has been on the market for 1 week and received 5 offers already.  “Final & best” is Friday and it’s sure to go for over asking.Not a bad selling strategy – price low and get multiple bids (but it’s still a beautiful property to start with in a great location).  Clearly, nice, well priced units do sell even in a challenging market.

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:

188 total active – $430,612 average asking price.   85 average DOM.

4 Dabos – 81 average DOM.

1 sold –  $335,000 sales price.  147  DOM.

14 new listings – average list price $353,620. 

14 price changes.

Two Bedroom Hoboken Condos:

289 total active – average asking price $638,962.   111 DOM so far.

3 dabos – after an average of 124  DOM

1 sold – Sold for $559,000 – full asking price –  in only 10 days.

25 price changes

16 new 2BR listings – average list price $540,461.

Three Bedroom and Larger Hoboken Condos:

54 active 3BR condos – average asking price $1,071,782.   142 DOM so far.

1 dabo in 7 DOM. (This unit was listed previously, expired & relisted so the 7 days was really 189 days)

None sold.

10 price changes

3 new listings  average list price $773,300.

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our once again improved Hoboken Open House Google Map is your single best source for info on every open house in Hoboken.  It’s posted on Friday every week.  The info is updated weekly.  If your google search seems to pull up an older version, click on the title link to get the most current map.  

Please feel free to call us at 201 993 9500 if you’d like to schedule an appointment for a private viewing of any of these properties or if you’d like more info. 

Thanks!

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  1. JC

    OK, so 221 Clinton 1R (new 2 BR link) is 604 sq ft priced at $435k. Nice place and great private yard with deck. Price per square foot is $720. Clearly this property should not be priced at the $500 psf which would bring it down to $302k. Does the price per square foot metric get thrown out the window with these smaller properties? $720 PSF is Maxwell Place level pricing however that yard is sweet and at the end of the day a property is worth what somebody will pay for it. Whats the boards opinion with such a high Square footage pricing? Should this property really sell for $500psf – $600psf or $302k – $364k?

  2. stan

    JC-

    I think they are out of their minds as you could get a heck of a lot more square feet for such a price. However the point that someone may desire the backyard is relevant.

    It looks like they did a good job redoing the place, but your paying for a space that can really be used for 1/2 the year. My prediction is this place will eventually sell under 400k. Somewhere in the 600/sf, only because of the backyard and deck. Cute place though.

  3. stan

    To me the place at 919 park(next on the list) with the 30% more indoor space and ‘unfinished’ private yard is more appealling. Its 530 sf, and probably will need some reductions to move as well.

    cuique suum I guess

  4. frink

    lol @ 358 3rd st as well in the 1brs…unbelievable.

  5. Lori Turoff

    Price per square foot does get skewed when you are looking at small units. There have been a number of exceptional 1 brs that sell in the 600 to 700 dollar per sq ft range because price per square foot is a guide – not an absolute rule. When it comes down to two 1 br units – one smaller, say 500 to 600 sq. ft. but with some feature, like a yard, or beautiful historic detail, or extra high 14 ft. ceilings, or an amazing renovation, a Hudson street location or maybe more than one of these things, this prime unit will sell for more than a larger 1br unit, say 600 to 700 sq ft or more but without the feature(s). Buyers are willing to pay a premium for the ‘something extra’. Buyers are also willing to give up some space for something extra.

    The same thing happens on very large units – the price per square foot tends to decrease when the unit gets exceptionally large – say over 1500 sq. ft. A three bedroom is still a three bedroom. People only find so much utility out of a very large bedroom – once they get too big they just look bare. So unless the unit has something exceptional, again, a view, outdoor space etc., it’s not going to command a strict $/sq ft multiple for price.

  6. dkzzzz

    Regarding square footage advice to all potential buyers: Do yourself a favor and check TAX records for property you are interested in. I found number of properties including the one I lease that are listed with wrong square footage. Yes, you guessed it right; they sellers/realtors rounded it to the next big number.
    I see it happening all the time especially with 1br. Units. So not only they are going for $600-700/sq ft. they r selling the space that doesn’t exists, which is perfectly legal among other things.

  7. Lori Turoff

    dkzzzz,
    I have to disagree. I’ve seen thousands of listings and only very few had a significant discrepancy in the square footage vs. that on the tax records. The tax records is where we realtors get the info. If there is rounding, it is insignificant – say, 789 to 800.

    Moreover, square footage is not exact. Do you measure from inside the walls or out? That could change things significantly. Include closets or not? What about utility closets? Is it done by laser or by hand? Is the info on the tax record rom the architects plans or the condo docs? Several people could measure square footage by different means and come up with different results. We take what’s on the tax records – oh, and sometimes the people who create the records make mistake. So don’t blame the realtors for malfeasance that doesn’t exist.

    Square footage is a guideline. Buyers should go to a property and see how it feels. That’s the only thing that really matters.

  8. dkzzzz

    I can see that you have a very interesting relationship with numbers: square footage as well as distance.
    Will you accept approximate commissions for your sale? After all there could 50 different ways to count the money.

  9. Tiger

    dkzzz, square footage records have a bit of discrepancy (1% to 2%) due to the fact that many buildings are older than others. Hoboken has buildings from one year old all the way to over 100 years old. You can’t possibly convince me that they used the same method for measuring those units. Now, I would make a big deal if we’re talking about 5%+, but 1 or 2%?

    As for distance, I know for you the most important factor is distance from path, but this is not the case for all Hoboken residents. A lot of Hoboken residents don’t even work in the city, they choose Hoboken for the location, convenience, and lifestyle. With massive wall st layoffs, you will see more and more people being diversified in their search geography. I speak from experience, Hoboken still has the good location advantage, even for someone who works in NJ.

    Point is, there’s more to real estate than distance and square footage, and as Lori explained the average is only an average; and it typically seems to be around the 2BR market; it will always be higher for smaller units, always lower for bigger units.

    You are going to live in the condo for a few years, so it better be good (not only the ‘best bang for the buck’)

  10. rich

    Lori
    I cannot tell you just how refreshing and how informative your website is. Assisted my son in renting in Hoboken about 2 years ago with an agent through his company. I cannot even begin to tell you the attitude of the potential “rental” agents with their take it or leave it demeanor . He managed to find a place in an old building, well kept but not for the long term. Currently, he is looking to buy something, and, not so suprisingly, the agents in Hoboken have undergone an attitude adjustment. Oh, and by the way, I am no neophyte and I have my real estate license for over 20 years and built houses for 25 years, so I am serving as his buyers agent. Thanks for all the information. It is fabulous. Wish you were my agent. Regards, Rich

  11. Lori Turoff

    Thanks Rich!

  12. jimmz

    Lori,
    Great site, I read it weakly and look forward to your updates. I know its only a guide but in this market what should a seller be asking per square foot for a 3bdrm, 1400 sqft condo, new construction?
    thanks,
    Michael

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