2009 Apr 15th

The Weekly Wednesday Wrap Up: Hoboken Condo Sales and Activity for the Week of April 15th

Research, analysis & post by Lori Turoff

 

The Hoboken Condo Weekly Numbers

Another week with a prime example of a seller chasing the market.  Let’s take a look at 2 Constitution.  It’s a nice, big townhouse style unit at the Shipyard.  It faces the other building so there’s not really a river view but because it’s a duplex with real stairs, it does feel almost like a little house.  The owners paid $620K for it back in ’01.  They first listed it for $1,399,000 in January 2008 when, in my estimate, it was worth just over a million or maybe 1.1mil.  From there, was reduced several times until it was down to $1,275,000 in July of ’08.  Then they re-listed it with a different agent at $1,149,900 in January of 2009.  It was again reduced to 999,875 in Feb. and to 965,000 last week.  It’s finally under contract.  How much more do you think they would have gotten over a year ago had they priced it lower to start?  It will be interesting to see the actual sale price when it closes.  Assuming they sell for something close to 950K (given that so few buyers are willing to pay asking these days), I figure they could have easily done 100K better and saved over a year of aggravation and strangers traipsing through their home.   Yet every day there are similarly overpriced properties listed and the price reductions follow.

Here are this weeks stats:

  • 541 active Hoboken condo units today – 533  last week.
  • 24  price reductions vs. 23 a week ago
  • 5 dabos (under contract) vs. 6 last week  
  • 6 (3 + 3) sold vs. 6 last week  (including 1500 Hudson, 98 Park and 1011 Park.  All closed in the past but the status wasn’t changed in a timely manner.  In fact, I brought the buyer to 1011 Park and made 2 calls to the broker requesting that the status be reported as sold.  Finally, I had to call the Liberty Board (our MLS) to get them to do it.)  So the true number sold this week is 3.  From now on I’ll break out what really sold this week and what didn’t.
  • 23 new listings vs. 35 last week
  • 5 expired listings vs. 8 last week
  • 8 withdrawn listings vs. 10 last week  (almost all at the Emsee, a new building at 517 Jackson)

 

Studio & 1 Bedroom Hoboken Condos:

202  total active – $430,593 average asking price. 88 average DOM.

2 dabos after 91 DOM.

  • 410 Jeff listed at 299K  Feb.1; reduced to 289K Feb. 16; 279K March 31.
  • 601 1st St. listed at 319K Dec. 15; reduced to 309K Feb. 26.

2 sold –  $342,800 sales price.  24  DOM.

7 new listings – average list price $419,434.

7 price reductions.

Two Bedroom Hoboken Condos:

281 total active –  $644,651 average asking price. 116 DOM so far.

2 dabo’d.  85 average DOM

  • 99 Park listed at 749K Dec. 2; reduced to 700K Feb. 26. (Had first been listed last year for 824.9K last July with a flat fee agency).

1 sold – $333,500 sales price. 55 DOM.

13  new listings – average list price $737,891.

14 price reductions.

Three Bedroom and Larger Hoboken Condos:

59 active 3BR condos –  $961,284 average asking price.   135 DOM so far.

1 dabo.  90 days.

  • 2 Constitution listed for $1,149,900 Jan. 14; reduced to 999,875 Feb.25; reduced to 965K April 3.  

None sold.

3  price reductions

3 new listings average list price $669,280.

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.

 

Elections Matter When it Comes to Hoboken Real Estate

A full 30% of your real estate taxes in Hoboken go to the school system here.  It’s only 6 days until Hoboken School Board elections are here.  Tuesday April 21st is the day.  I’m not sure what time polls are open as it’s always a controversial issue – I believe it is 2 pm to 9 pm.  It is possible to vote by absentee ballot with this form.  There is a candidates debate this Saturday, April 4th from noon to 2pm at the Demarest School at 401 Garden.  I do know that if you have an interest in protecting nothing more than the value of your real estate there is no question that it’s time for a change.  Our high school has failed us and our students miserably.  Seeing how the current board conducts themselves at public meetings on TV and the internet is disgraceful and shocking.  I urge you to support the “three moms”:  Theresa Minutillo, Maureen Sullivan and Ruth McCallister.  You can get more info here and here.  Please take the time to vote.

Thanks!

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  1. jimmz

    Could it be that its not the seller but the realtor? It seems to me some realtors throw out an unrealistically high price during their presentation to entice you to sign with them, figuring you’ll come down or that they’ll get lucky and another agency will sell it. I’ve also had realtors tell me how bad the market is and try to convince me to sign at a much lower than average price, because they know they can sell it quickly themselves and get the double bubble. A seller wants to leave the table knowing they got close to as much as they could get for their property. Sometimes its hard to figure out who’s interests, a realtor is putting first.

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