2009 Apr 8th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Market Activity for the Week Ending April 7th

Research, analysis & post by Lori Turoff

Last weeks’ Weekly Wednesday Wrap-Up resulted in a great discussion in the comments on the current state of the market and where you all think it is headed.  Your thoughts, views and contributions make this so much more valuable to us all.

This week also had many price reductions before things got sold or went under contract.  I can’t help but wonder if the owner of the unit originally listed at $454,900 wouldn’t have done better than $405,000 had they initially listed it for less.

If you’d like to see the quarterly sales result numbers from 2000 to date send me an email ([email protected])  with words  “Quarterly Hoboken Figures” in the subject and I’ll invite you to view the googledoc spreadsheet.  Happy Passover, happy Easter, happy Spring and happy, happy, happy Opening Day – now if only we had some warm weather!

The Hoboken Condo Weekly Numbers

Studio & 1 Bedroom Hoboken Condos:

197  total active – $431,923 average asking price. 85 average DOM.

3 dabos after 119 DOM.

5 sold –  $379,000 sales price.  101  DOM.

8 new listings – average list price $514,374.

15 price reductions.

Two Bedroom Hoboken Condos:

279 total active – average asking price $643,673. 114 DOM so far.

4 dabo’d.  111 DOM

1 sold – $582,500 sales price. 25 DOM.

15  new listings – average list price $556,451.

12 price reductions.

Three Bedroom and Larger Hoboken Condos:

57 active 3BR condos – average asking price $980,639.   138 DOM so far.

None under contract.

None sold.

2  price reductions

4 new listings average list price $922,500.

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.

 

Thanks!

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  1. patk14

    Wow, look at 609 Observer. Originally put on the market in July 2008 for 710K (pre-Lehman peak pricing) and reduced periodically to 498K by Feb 2009. That is a 30% reduction from original ask. Wonder what the actual sale price will turn out to be. Tough location with long walk or shuttle to PATH so would be considered subprime Hoboken, but still. Looking back, I’m sure the owners wish they had asked less to start and got a sale done quickly. That will be a constant regret by sellers over the next few years.

  2. stan

    thanks as always Lori.

    I think they were swinging for the fences at ‘vesta’

    Huge drop though. Lori made a go9od point with the 2br on jeff that sold for 405. had parking too

    Not a bad deal for the buyer, 440/sf.

  3. potential_buyer

    How do you see the previous pricing history if you haven’t been following a particular property? Patk14 – you are totally right, 30% reduction is occurring for some properties, and still it sits…

  4. homeboken

    I love Wednesday’s when I can flip through the new listings/reductions/DABO’s etc.

    Here is my favorite – 1025 Maxwell Place

    Unit #812 – 1 BR + Den – 1,340sqft, DABO $789,888

    Unit #314 – 1 BR (maybe 2BR) – 1,361 DOM 102 ASK $919,000

    I guess being 5 floors below is worth $130,000 premium. Are they marketing specifically to Acrophobics?

    Irrational Listing Price Syndrom – to the tee.

  5. Smith

    Another week goes by with no transactions above $600k (there are usually at least some it seems). The top end of the market is going to take a bath, I’m just hoping to dive in at the right time and come out clean. But is is impossible to tell when or how much to pay, hence the market paralysis.

    I want to thank Lori (and higher powers that be) for posting this information. The RE market has always been super shady, and this transparency of information is so helpful that I can’t believe it is not readily available elsewhere. You, ma’am, are a godsend.

  6. stan

    Smith-

    I agree.

    It is unbelievable that for so long, the biggest purchase of ones life was done with so little transparency. You could not find out what was going on in the market to gauge an accurate Bid/ask.

    Lori is helping both buyers and sellers, making a more efficient market

  7. Tiger

    Good point Smith, I think it’s safe to say that people are investing less; Lori once observed that the units that sell not only are a good value for the money, but also are in very livable condition. So those who are buying are going for something comfortable and affordable.

    No one is stretching to buy a condo they cannot afford (or can only afford with XXXXXXX bonus). This in my opinion is a good thing.

  8. ParkAve

    Guys, check this out, citing “average co-op prices fell as much as 24 percent” during 1Q 2009 and “luxury apartments s 40% off in Manhattan.

    http://www.nytimes.com/2009/04/09/realestate/manhattan/09real.html?_r=1&ref=realestate

  9. Lori Turoff

    Potential Buyer – there is not really any way to see past price reductions on a given property without going back week by week to look for it. If there’s a particular place in which you’re interested in knowing the price history, though, email me and I’ll pull it for you.

    The Vesta is new construction – there is no ‘private owner’ as in a resale. They’re being sold by the developer. Do they even have a shuttle to the PATH? Says close to transportation (i.e., light rail). What’s a “virtual doorman”?

    As always, I’m glad you all find this blog helpful and informative. That’s my goal. By the way – if it were up to the ‘powers that be’ in the NJ real estate domain they’d keep this info under wraps as long as possible. They think that gives them power.

    Finally – ParkAve – that article is a bit misleading. Now I’m not denying a decline but if you look only at co-ops on Park Ave. or only at units that go for over 10 Mil that’s not really a complete picture of the market.

    I am a native New Yorker, graduated college in ’79 and entered the NY job market at that time. Things were bad economically but there were still many opportunities and energy in the city. I don’t think we New Yorkers can be suppressed that easily. Just my experience & opinion.

  10. stan

    Hi Lori.

    did the place doing the dutch auction ever close?

  11. Katherine

    Virtual doorman:
    http://www.nytimes.com/2007/12/23/realestate/23cov.html

  12. Tiger

    Celebrity and 1/2 celebrity homes are hardly an indicator of anything. In other news Madonna just finished expanding her pad at Central Park west after buying yet another condo in her building last year, and thanked her lucky stars that she invests her money in bonds and sold all her stocks in 2007… Seriously NYT is a piece of fluff sometimes!

    Earlier this year the NYT had a full article about a couple who ‘invaded new territory': He lives in Hoboken… she lives in the village, and they settled in…. **drumroll** Jersey City! We even heard details of how their rent is cheap but the kitchen is outdated, and they settled for gingerbread for the housewarming party.

  13. Christian Decker

    The Vesta at 609 Observer does not feature a Virtual Doorman(tm) system. The Virtual Doorman(tm) system is provided exclusively by Virtual Service (www.VirtualService.net). If you have would like to confirm that a listing has Virtual Doorman(tm) service, you can call our offices at 212-400-6000 and ask one of our staff members to check the building’s address against our database. There are other companies that offer electronic doorman service, but Virtual Service is the only one that installs and provides the Virtual Doorman(tm) product and service.

  14. Steven Coppola

    The Vesta 1t 609 Observer features a Video Doorman Service. The Video Doorman Services is a cut above other services currently on the market place.

    Here’s how it works: A delivery person presses a button on our Video Intercom Panel, installed on the outside entry of your building. A trained UL Certified Central Station Operator views the courier on the screen. After conversing and securing proper identification, the operator allows entry via our remote system. All activity is recorded…both audio and video!

    A series of cameras within the building, each supplied with speakers and microphones, monitors the delivery’s progress through the building while “escorting” the courier to a secured package room. The tenant is then e-mailed with delivery notification. This same system can also “escort” tenants to their units!

    Video Doorman offers the highest quality security product components on the market, using proprietary Internet Protocol technology with vital signs monitoring to deliver system reliability and 24/7 building security. Only Video Doorman is backed by American Security Systems’ 30 years in the Central Station monitoring business.

  15. homeboken

    Christian/Steven – Congrats on your web-surfing abilities. Clearly you are on top of any web-site that mentions “Virtual Doorman.”

    Do us all a favor and get lost now. This is a Hudson County real estate blog, you probably know your demographics well and realize that in Hudson County, residents prefer “Literal Doormen” or “No Doormen”.

    Go sell your technology somewhere else.

  16. potential_buyer

    Lori – can’t you remove these advertisements on the blog? As Homeboken stated, they really have no place to pawn off their products here…

  17. Steven Coppola

    I was simply trying to answer the question Lori had asked in regards to the Video Doorman and what it was. We have put the service currently in place at the Vesta building already and was trying to help her out. I apologize if it was taken more as a sales pitch.

    Thank you

  18. Christian Decker

    Homeboken/Lori,

    Like Steven, I’m also sorry if my post came across as a sales pitch for our system. The reality of it is that our company has experienced problems with brokers listing properties as having our system, when the building actually has a different system. When tenants move into the building, they call our company with problems and we have to turn them away as they are not one of our clients and we’re unable to help them. As a result, our company has become proactive in making sure that listings are correct and don’t list Virtual Doorman unless it is actually being installed at the site.

    Again, I apologize if my previous post came off as an ad for Virtual Doorman. The goal was to ensure that the readers of this site know that our company is not affiliated with the project.

  19. Lori

    Guys – I am really, really loathe to censor people. It just goes against my principals and the purpose of this forum. These guys did respond to something I asked. I’m not going to delete because I “opened the door”. They are doing a service in clarifying the amenities of a specific property in this town. But that’s it. It’s finished. On to the net topic. Thanks.

  20. Tiger

    Actually I am impressed with this technology, being an IT buff and a big fan of automation and efficiency. Thanks Christian and Stevens.

    To me also this is an indication of how popular this blog is. Great job Lori!

  21. Adam Wright

    Sorry to keep this going, but I agree with tiger and am looking at the Vesta Hoboken currently. It is nice to know that I can receive packages and dry cleaning when I am not home, since there will be no doorman there. Great blog Lori.

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