The Best Hoboken Condos Sell
What struck me this week in compiling these numbers is that the units that closed were all very nice condos and most of them sold without any price reductions from the original list price and at about 5% off asking! The only property that required price reductions to get it sold was still a nice unit, just not in a great neighborhood. So as I’ve said before, the good stuff sells – and when it is priced right it sells quickly and close to asking. I’ve seen too many serious buyers waiting on the sidelines only to jump in to make an offer on a property by which time it’s to late.
Looking at what went under contract, though, shows that there were still plenty of overpriced units out there and it took significant markdowns to bring about some action. Finally, contrary to my prediction, inventory dropped and we did not cross the 600 unit mark. Enjoy!
Hoboken Condos Activity Holds Steady
- 578 active Hoboken condo units today – 590 last week.
- 36 price reductions vs. 55 a week ago
- 18 dabos (under contract) vs. 8 last week
- 7 sold vs. 9 last week.
- 27 new listings vs. 43 last week
- 3 expired listings vs. 6 last week
- None withdrawn vs. none last week
Studio & 1 Bedroom Hoboken Condos:
6 new listings. Average list price $472,316.
199 total active – $418,169 average asking price. 100 average DOM. Average asking price = $574 / sq ft.
8 dabos after 75 average Days On Market (DOM).
- 128 Garden first listed for $325K on Jan 27; reduced to $299K on Feb 25; $275K on Mar 10; $225K on Mar 20. (This was a property in need of a total gut rehab.)
- 64 2nd Street first listed for $314K on Apr 10; reduced to $299,999 on May 12; $290K on May 19.
- 300 Newark first listed on Mar 18 at $379K; reduced to $359K on May 11.
- 830 Monroe first listed on Jan 16 for $474,888; reduced to $458,888 on Feb 2; $444,888 on April 2 (what is with these wierd numbers?); $429K on April 24.
2 sold Sold for an average of $412,500 in an average of 37 days. Average sales price = $469 / sq ft.
- Both beautiful units that sold without price reductions and quickly!
Two Bedroom Hoboken Condos:
17 new listings – average list price $600,284.
310 total active – $611,683 average asking price. 108 average DOM so far. Average asking price = $516 / sq ft.
9 dabo’d. 110 average DOM
- 1208 Washington first listed at $425.9K on Jan 12; reduced to $414.9K on Feb 18; $395K on Mar 19; $385K on May 6; $375K on May 18.
- 818 Jefferson first listed at $499,922 on Feb 9; reduced to $469K on Mar 6.
- 1112 Park first listed at $479K on Mar 12; reduced to $465K on Apr 17; withdrawn on May 9; relisted at $439K on May 21.
- 224 Willow first listed at $500K on Apr 7; reduced tp $475K on May 8.
- 1425 Garden first listed at $945K on Mar 12; reduced to $975K on Apr 7; $895K on Jul 2; $850K on Feb 12; $765K on Apr 24. (This is in the Garden Street Lofts)
4 sold – $606,750 average price. Average 111 DOM. Average sales price = $468 / sq. ft.
- 530 Madison first listed at $515K on Jan 23; reduced to $497 on Feb 28; $475K on Mar 27; $459 on Apr 9; sold for $450K
- The other three were all beautiful units that sold without price reductions. This one was also nice but the location was not as desirable probably causing the price cuts to be necessary.
Three Bedroom and Larger Hoboken Condos:
68 active 3BR condos – $887,260 average asking price. 113 DOM so far. Average asking price = $506 / sq ft.
4 new listings. Average list price $1,179,725.
1 dabod. 115 DOM.
- 211 Adams – This is the “Dutch Auction” property. First listed at $492.5K on Feb 17; reduced to $489.9K on Feb 23; dutch auction started on Mar 2 at $487.4K and property was reduced $2,500 every week until it went under contract at $459.9K on Jun 12. So what do you think? To me this just looks like an overpriced property that went through a lot of reductions until it finally sold. Was this a good or bad idea or are you just indifferent?
1 sold. $617,500 sales price in 50 days. $475 / sq ft. Another beautiful unit in a desirable building that sold without price cuts.
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. As always thanks for reading and we welcome your comments!