2009 Apr 22nd

The Weekly Wednesday Wrap-Up: Hoboken Condo Sales & Activity for the Week of April 22nd.

Research, analysis & post by Lori Turoff

Congratulations to the Kids First slate who swept for the three open seats on the Hoboken Board of Education.  Theresa Minutillo, Ruth McCallister and Maureen Sullivan have a tough job ahead of them.  Let’s hope they recognize that the young, enthusiastic teachers are essential to the kids’ progress and that they cut much of the bloat at the top, instead.  The possibility for a better school system is good news for Hoboken.  It means more parents willing to stay here for longer and increased property values.  Thanks to all of you who took the time to vote.  Now – the mayoral and city council election is only 18 days away.  Just because you vote for a candidate for Mayor DOES NOT MEAN you have to vote for their slate for city council!!!  The fight for a better Hoboken is not quite over yet.  Please stay informed and involved and remember to go out and vote again on May 12th!

The Hoboken Condo Weekly Numbers

Here are this weeks stats:

Studio & 1 Bedroom Hoboken Condos:

203  total active – $427,189 average asking price. 92 average DOM.

4 dabos after 103 DOM.

  • 1222 Wash:  Oct. 23 – $419k; Oct. 28 $409K; Oct. 28 $395K; Nov. 14 $$391k; Dec. 8 $359K; Jan 2 $339k; Jan 21 $318k;  (went under contract & back to active) Apr 14 $328k; Apr 14 $335k (?) short sale approved
  • 1015 Wash:  Dec. 1 $429k; Feb. 1 $425k; Feb. 26 $399K – dabo

None sold.

10 new listings – average list price $366,090.

14 price reductions.

Two Bedroom Hoboken Condos:

284 total active –  $645,560 average asking price. 113 DOM so far.

9 dabo’d.  144 average DOM

  • 839 Willow:  Nov. 4 $345k;  Dec. 9 $335k;  dabod
  • 700 1st St:  Feb. 21 $499k;  Mar 3 $479k;  Mar 19 $450k;  dabod
  • 84 Bloom:  Jan. 31 $499k;  Apr 1 $488k;  dabod
  • 308 Garden:  Aug. 13 $559k;  Feb. 23 $539.0k;  Apr. 13 $524.9k;  dabod
  • 78 Jackson:  Apr. 18 $684k;  July 18 $670k; Nov. 24 $650k;  dabod
  • 87 Park:  Aug. 6 $799.9k;  Nov. 8 $749k;  Mar. 5 $699k;  dabod

6 sold – $441,250.   Average 104 DOM.

  • 839 Willow:  Nov. 4 $345k;  Dec. 9 $335k;  sold for $322.5k.
  • 839 Willow:  Nov. 4 $349k;  Dec. 9 $339k;  Dec. 9 $349k; sold for $345k.
  • 1214 Washington:  Jan. 8 $429.9k;  Jan. 28 $409k;  sold for $390k.
  • 119 Madison:  Jan. 29 $499k;  Feb. 11 $489k;  sold for $460k.
  • 102 Jefferson:  Jul. 8 $589k;  Sept. 19 $579k;  Nov. 8 $559k;  sold $520k.
  • 1300 Grand:  Oct. 15 $679k;  Oct. 29 $659k;  Dec. 10 $639k;  Jan. 8 $625k;  sold $610k.

19  new listings – average list price $617, 874.

21 price reductions.

Three Bedroom and Larger Hoboken Condos:

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

No dabos.

1  sold. $660,000.  111 DOM.

6  price reductions

6 new listings average list price $746,862.

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your single best source for locating 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.


  1. redman

    After an Off Year, Wall Street Pay Is Bouncing Back

    The rest of the nation may be getting back to basics, but on Wall Street, paychecks still come with a golden promise.

    Workers at the largest financial institutions are on track to earn as much money this year as they did before the financial crisis began, because of the strong start of the year for bank profits.

    Even as the industry’s compensation has been put in the spotlight for being so high at a time when many banks have received taxpayer help, six of the biggest banks set aside over $36 billion in the first quarter to pay their employees, according to a review of financial statements.

    If that pace continues all year, the money set aside for compensation suggests that workers at many banks will see their pay — much of it in bonuses — recover from the lows of last year.

    “I just haven’t seen huge changes in the way people are talking about compensation,” said Sandy Gross, managing partner of Pinetum Partners, a financial recruiting firm. “Wall Street is being realistic. You have to retain your human capital.”

    Brad Hintz, an analyst at Sanford C. Bernstein, was more critical. “Like everything on Wall Street, they’re starting to sin again,” he said. “As you see a recovery, you’ll see everybody’s compensation beginning to rise.”

    In total, the banks are not necessarily spending more on compensation, because their work forces have shrunk sharply in the last 18 months. Still, the average pay for those who remain — rank-and-file workers whose earnings are not affected by government-imposed limits — appears to be rebounding.

    Of the large banks receiving federal help, Goldman Sachs stands out for setting aside the most per person for compensation. The bank, which nearly halved its compensation last year, set aside $4.7 billion for worker pay in the quarter. If that level continues all year, it would add up to average pay of $569,220 per worker — almost as much as the pay in 2007, a record year.

    “We need to be able to pay our people,” said Lucas van Praag, a spokesman for Goldman, adding that the rest of the year might not prove as profitable, and so the first-quarter reserves might simply be “sensible husbandry.”

    Indeed, last year, when Goldman lost money in the fourth quarter, it did not pay out some of the compensation it had set aside when earnings were stronger.

    At other banks, pay scales tilt in favor of particular units. JPMorgan Chase, for example, is setting aside what would total $138,234 on average for workers. But in the bank’s trading and investment banking unit, if revenue stays at first-quarter levels, workers are on track to earn an average of $509,524 over the year. That figure was $345,147 in 2006.

  2. TS

    aahh, the benefits of assuming multiple identities, right Mr Reality?

  3. redman

    I am a long time reader but new poster…that was my first post…I have no other names on this site…just thought the above article was relevant to the discussion…

  4. Lori

    Redman has never posted before today as Redman or another identity. Thanks for your contribution, though, Redman.

  5. potential_buyer

    I just came across an interesting article which touches upon something that has come across this blog on several occasions. The piece in WSJ does not go into as much detail as I would have liked, but it certainly does highlight one of the theories of why the Hoboken market hasn’t adjusted to the levels other parts of the country have.


  6. TS

    Sorry Redman, I wasn’t referring to you. Let’s bury this though because I find the site very informative and don’t want to take us away from that.

  7. anonymous

    23% drop in NY expected by traders from 3/31/2009 to dec 31 2009…expect Hoboken to be same or worse….


    why you haven’t seen the full hit yet:
    “Prices in the Manhattan condominium market have taken longer to fall than prices in many other markets. In part, this is because sales of homes out of foreclosure are only a small share of total sales in Manhattan, but have become a large share
    of total sales elsewhere. Sellers of existing condos in Manhattan have been reluctant to reduce prices, preferring instead to take their homes off the market and/or offer them for rent until prices improve. In contrast, when a bank or other institution holding a property after foreclosure puts a home on the market, it drops the price rapidly until a buyer is found in order to clear inventory. Motivated sales like these are still uncommon in Manhattan.”


  8. Tiger

    anonymous, I don’t think I can follow. How will prices fall 23% over the next year if most sellers in Manhattan are not willing to sell, and the number of foreclosures is very little?

    I think the article potential_buyer posted hits the nail on the head; Unless strongly motivated by savings on another deal, or certain circumstances, most homeowners are not willing or don’t have to sell.

    Lori actually mentioned that a few weeks ago about Hoboken; the city is relatively well off hence it doesn’t look like we will see many foreclosures.

    The more I read about this, the more I think we are on an L, not a V, recovery; probably prices will continue to drop, hit bottom, and then rise again, but both movements will be incredibly slow that they will look almost like a flat line

  9. TS


    It is rather easy to copy and paste articles showing that someone believes something that is unlikely to occur. You can find a proponent for any position these days, no matter how unlikely. The critical mind must sift through all these predictions, construct one’s own reasoning and logic, and then come to one’s own conclusion…and not simply defer to someone just because they confirm what you hope.

    But I realize not everyone, myself included, has the time to dedicate oneself to being a housing analyst. Therefore, I believe the best way to measure what traders on average – not one or two traders – think of the future of real estate is to look at Case-Shiller futures. Those futures indicate an approximate 5% decline over the next 12 months for US home prices.

  10. stan

    havent posted or been here since last week……

    Metro Area February 2009 Change from January Year-over-year change

    New York 178.16 -1.60% -10.20%

    “The rates of decline also accelerated in Charlotte, New York and Washington.”
    “We continue to believe that it is unlikely that we are anywhere near a bottom in nationwide home prices,” said economist Joshua Shapiro of MFR Inc”

  11. stan

    havent posted or been here since last week……

    Metro Area February 2009 Change from January Year-over-year change

    New York 178.16 -1.60% -10.20%

    “The rates of decline also accelerated in Charlotte, New York and Washington.”
    “We continue to believe that it is unlikely that we are anywhere near a bottom in nationwide home prices,” said economist Joshua Shapiro of MFR Inc”


  12. TS

    The seasonally adjusted condo values from Case-Shiller are more relevant here.
    New York 209.45
    Change from Jan to Feb: -1.26%
    YoY Change: 7.9%

  13. AJTM

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