2009 Jun 3rd

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for Week Ending June 3rd.

(Sorry for the technical glitch that “hid” this post this am)

Each and Every One Of You Should VOTE Tuesday June 9th!

Since Wednesday’s attract the biggest audience on this blog and this is the last Wednesday before election day I though the following was important.  Why does it matter if you vote?  Elections in this town are won and lost primarily because of voter apathy and lack of turn out.  Whether you currently own property in Hoboken, are thinking of buying or are ready to get out, the value of your property is directly affected by several very important factors that are very dependent on who wins this election.  Think about the answers to these questions:

I could continue but those some of the issues I can think of that we are facing on Tuesday.  Now – go look at who supports each of the two candidates – Zimmer and Cammarano.  Where is the money coming from?  Take a good look at the campaign election fund reports to see to whom Zimmer and Cammarano might be indebted should they win. Where do they stand on the issues?  Get informed and make your own decision then PLEASE go vote.  The value of your condo is at stake.  If people don’t want to live in Hoboken, real estate prices will decline.   The weekly numbers are triva compared to the importance of this election.

Hoboken Condos Activity Holds Steady

Studio & 1 Bedroom Hoboken Condos:

203 total active – $414,127 average asking price. 94 average DOM.  Average asking price = $572 / sq ft.  The lowest is 519 Willow at $236 / sq ft.  Being sold ‘as is’, never renovated, with a protected tenant for cash buyers only.  The highest is a penthouse loft unit with a private deck at Harborside Lofts for $1440 / sq ft.

1 dabos after 53 DOM.

6  sold Sold for an average of $297,614 in an average of 92 days.  Average sales price = $525 / sq ft.

  • 601 1st Street listed for $319K on Dec 15th;  reduced to $309K on Feb 26;  sold for $280K.
  • 128 Jackson listed for $355K on Oct 27;  reduced to $340K on Dec 4;  sold for $305K.
  • 208 Willow listed for $369K on Feb 4;  reduced to $349.9K on Feb 24; $339.9K on March 12;  sold for $332K.
  • 725 Jeff listed at $399.5K onApr 7;  reduced to $379.9K on Apr 17;  sold for $359.9K.
  • 211 Jeff listed at $479K on Oct 14;  reduced to $459K on Oct27;  $439K Jan 13;  sold for $420K.

Look at 1500 Wash (Toll Bros. Hudson Tea).  It was sold directly by Toll Bros.  It’s the desirable, north-facing line, totally renovated, listed for over $480K.  They accepted $385k  for with a 4% commission?  That’s surprising!13 new listings – average list price $428,967.   The lowest priced unit on a per square foot basis is

26 price reductions.

Two Bedroom Hoboken Condos:

315 total active – $616,528 average asking price.  106 DOM so far.  Average asking price = $520/ sq ft.

The lowest is 610 Wash at $324/sq ft.   It’s a basement unit without a backyard.   The sliding doors open to a ‘well’ below Washington St.   The highest is a unit on the 19th floor of the W at $1316 / sq ft.  But get this – it’s on the back!

5 dabo’d.   55 average DOM

  • 920 Hudson listed at $549K on Feb. 13;  reduced to $529K on April 30.

8 sold – $502,175 average price.   Average 132 DOM.  Average sales price = $489 / sq. ft.

  • 839 Willow listed for$345K Nov 4;  reduced to $335K Dec 9;  sold for $335K.
  • 109 Jackson listed at $530K on March 24; reduced to $509K Apr 3;  reduced to $504K Apr 9;  reduced to $499K on Apr10;  sold for $450K
  • 901 Madison listed at $507.5K on Nov 18;  reduced to $489.9K on Jan 6;  reduced to $479.9K on Feb 6;  sold for $465K.
  • 700 1st St. listed for $549.9K on Aug 8;  reduced to $539.9K on Oct 3;  reduced to $524K on Oct 20;  reduced to $515K on Nov 12;  reduced to $499K on Feb 5;  sold for $$483K.
  • 78 Jackson listed for $684K on Apr 18;  reduced to $670K on July 18;  reduced to $650K on Nov 24;  sold for $597K.
  • 1500 Wash listed for $699.9 on Feb 3;  reduced to $659K on Feb 17;  dabo’d then back on market at $699K  on May 18;  sold for $667K.

18 new listings – average list price $784,566.

11 price reductions.

Three Bedroom and Larger Hoboken Condos:

60 active 3BR condos – $899,088 average asking price.  114 DOM so far.  Average asking price = $515 / sq ft.  The lowest is at 502 Observer, a triplex with outdoor space for $276  / sq ft.  The highest is the huge penthouse custom unit at 2 Constitution for $1167 / sq ft.

1 dabo’d in 4 day.

2 sold $852.5K average sales price in 205 average DOM.  Price per sq ft average = $415.

5 new listings – $938,380 average list price.

6 price reductions.

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.

Thanks for reading!

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  1. FAP

    For Realtors this election professionally should be an easy call.

    Peter will likely have to raise taxes to payoff the public employees who will want raises and or expanded departments with more positions. Higher taxes hurt housing prices which in turn hurt sales and commissions.

    Peter will also support the over sized NJ transit development plan and other large developments around town, that’s why the construction unions are supporting him. That plan will add thousands, you read that right, of condos to the market. This extra supply will decrease the value of property in the southern part of Hoboken significantly, and the rest of Hoboken suffer an impact, and the quality of life will be adversely affected by the added traffic and population. So while Realtors might sell more in the near term in the long term Hoboken will become a less desirous place to live.

    People who smacked their foreheads eight years after supporting Roberts shouldn’t expect the city to become a much better place under Peter. Hopefully we’ve learned the lesson of the past and won’t support the candidate supported by outside interests and city unions.

  2. Lori Turoff

    FAP – This realtor thinks higher taxes and unfettered construction is a terrible idea. Some of us are very concerned with the future of Hoboken and will vote against the candidate who supports those positions. Hoboken is our home, too!

  3. potential_buyer

    78 Jackson seemed to have been taken for quite a nice price. Location isn’t prime, but it certainly isn’t bad at all either. Were there previous price reductions on that property before it sold? Maybe it was the carpet pattern which drove down the price?

  4. Lori Turoff

    It was originally priced at $684,000. See detailed info above. I suspect those colored squares were easily removable carpet tiles.

  5. Bill

    I think that’s a common kids play room

  6. Andy

    Everyone else who is a condo owner in Hoboken should be voting for someone who can lower taxes and increase the non resident tax base.

  7. homeboken

    Andy – I think you are half right. I agree that we need to vote for someone who can lower taxes.

    BUT – Lower taxes need to come through cuts to the budger. We can’t depend on increasing tax receipts, just like NYC the tax rolls in NJ (and Hoboken) are a fraction of what they were 3-4 years ago. The budgets and spending MUST move in lock-step with the tax receipts.

  8. frink

    Ah the Internet, where ANYONE can pretend to have experience with property ownership, or even talk down to professionals in a field such as the Realty profession because YOU KNOW IT ALL!!

  9. stan

    Thanks as always Lori.

    Interesting numbers this past week. Looks like Toll is cutting prices agressively @ 1500 to move the units.

  10. dkzzzz

    I want to vote for Zimmer, but if she cleans up Hoboken budget, lowers taxes and prevents new condo influx then the prices will go up again. IMHO, there is no incentive for any potential buyer in this scenario.

  11. Lori Turoff

    Let me get this straight – So it’s better to buy low but have high taxes and a city in financial crisis?

  12. Bill

    I’m hoping dkzzzz is being sarcastic

  13. Tiger

    dkzzz, I hope you are being sarcastic too.

    Another way to look at it is, if the taxes go up, corruption continues, and massive condos are built, then all property value is going to collectively dramatically fall; leaving no incentive for current owners to stick to their mortgage, so they shortsell, or better yet, foreclose.

    Government spending goes up, but hey, no one is here to pay for those insane taxes… crime goes up, and before you know it buildings start mysteriously catching ‘fire’, just like the 70s and 80s!

    Good luck then.

    People move on, leaving behind ruins of what the city used to be. This is not about a single property, this is about preserving the city you love and decided to call home.

    Vote, and vote responsibly please.

  14. homeboken

    dkzzz – It’s tough to follow what you are saying, but I am pretty sure you just contradicted yourself.

    Let me make my point. A city that is in good financial shape, with solvent finances, strong public services and a sound infrastructure is a place where I want to live.

    I am hoping to purhcase in Hoboken soon, but I wouldn’t purposely vote for the candidate that will ruin the city and thus make it cheaper for me to buy (I think that was your point)

    We all benefit from sound leadership and fiscal responsibility. To hope for the opposite, so you can gain personally, is cutting off your nose to spite your face.

  15. dkzzzz

    First of all, let’s reduce assumptions: assuming that if not Zimmer than buildings would go up in flames and all hell brakes loose is well how should I say it: naive?
    Yea let’s call it naive for now.
    Second, I have no interest in Hoboken other than a place that is very close to Manhattan, but not subject to 10% city tax. If NYC would repeal income tax I would not be here and many of us wouldn’t be here either. So let’s call all those Hoboken-the-town-I-love patriots, somewhat insincere?
    Third , I have no children, so schools are not very high on my priorities list.
    I am in fact interested in Hoboken RE to crash and burn instead of stabilize and start going up again. Not because I cannot afford to buy but simply because I don’t believe in bullshit that created these prices in a first place thus market ‘correction’ that everyone awaits in Hoboken in my mind means going back to 2000 prices.
    To sum up I want Hoboken taxes to stay put and drive the prices down and Zimmer seems to be aiming at lowering them eventually.

  16. stan

    dkzzzz-

    seek help

  17. Lori Turoff

    Maybe he should just buy in Camden.

  18. Tiger

    Oh wow, dkzzz.

    It is one thing to wish for a great deal (and honestly I hope you find what you are looking for) but it is another to wish for a city to crash and burn. Really, do you like what’s going on in Florida and Cali? You shouldn’t be wishing ill to others just so you can have a deal. Anyway, it’s not like anything you say will be true, it’s just disturbing to know.

    Have you considered the Jersey City alternative? I don’t mean this in a bad way, but if your interest in Hoboken is simply to commute, you honestly can get cheaper places or get more bang for your buck in Jersey City.

  19. potential_buyer

    Hey, everyone is entitled to their opinion. Not every single person is in Hoboken for the same reasons, this is ok and I actually appreciate dkzzz’s honesty, although I do disagree with him/her. This does however highlight something which is relevant, and that is the apathy that many folks here feel towards voting and changing things. If many folks feel that way, and are transitory and only here due to proximity to NYC, then they may not give a shit…

  20. potential_buyer

    Which is unfortunate.

  21. patk14

    When prices were going up at ridiculous rates and everyone was rushing to buy, those who are more conservative and sat on the sidelines became priced out of buying. No one ever mentions this problem. There were clear winners/losers (buyers won and renters lost). The renters who finally gave up and bought and now have to sell were punished severely.

    It seems that because of loose money and a consistently rising real estate market, many younger “first time” buyers were forced to make a decision between taking on more debt than they could prudently handle or not buy that home. Now, those who took the risks are being helped by the govt in an attempt to stabilize home prices. This, again, hurts those who were prudent who want to buy using no more than 28% of their income for housing.

  22. TS

    Sometimes you have to wonder about people on this site: the best way to get a good value on your condo purchase is to hope for the destruction of the town’s finance; banks’ improved earnings is bad news/smoke and mirrors, the value of your condo is the most unfavorable comp we can find, etc.

    What next?

  23. Lori Turoff

    Pretty sad, I agree – but remember, wishing all that ill on everyone around them will just come right back to them.

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