2009 Jul 1st

The Weekly Wednesday Wrap Up – Hoboken Sales and Inventory for the Week Of June 30th.

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Hoboken Condos Inventory Finally Declines!

Studio & 1 Bedroom Hoboken Condos:

9 new listings. Average list price $395,666.

191 total active – $400,361 average asking price. 104 average DOM. Average asking price = $563/ sq ft.

3 dabos after 40 average Days On Market (DOM).

5 sold for $an average price of 375,000 in 133 days. Sales price = $498/ sq ft.

12 price reductions.

Two Bedroom Hoboken Condos:

12 new listings – average list price $603,825.

297 total active – $603,989 average asking price. 106 average DOM so far. Average asking price = $509 / sq ft.

7 dabo’d. 44 average DOM

10 sold – $560,896 average price. Average 98 DOM. Average sales price = $464 / sq. ft.

14 price reductions.

Three Bedroom and Larger Hoboken Condos:

72 active  3BR condos – $920,320 average asking price. 109 DOM so far. Average asking price = $510/ sq ft.

2 new listings. Average list price $949,000.

1 dabo in 85 DOM.

None sold.

2 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. We are going to have to set up an “opt in” system for this, as well, as it also has links on it. Stay tuned for more news!
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  1. Recent Buyer

    Has anyone gotten the links?

  2. JC

    Yes, Got them at 9:30 a.m.

    Lori, thank you! The inventory is the same from last week, what decline are you speaking of?

  3. Tiger

    Thanks Lori!

    15 sold, 11 under contract. Sounds good to me!

  4. Bill

    I actually think the 20 expired and 11 withdrawn are more significant…..get the crap and the non serious sellers off the market

  5. Tiger

    True Bill, and there are 23 new listings vs 36 last week. I guess sellers are finally getting it; if you don’t have to sell, don’t sell, and if you want to sell; be prepared to price your unit accordingly.

  6. JC

    Agree Tiger….One statistic that is very indicative of seller’s pricing correctly is the spread bewteen asking and actual price the property sells at. For example Q1 2009 in NYC the spread was approx 12% but Q2 it was closer to 8%. Therefore sellers were pricing the properties closer to market value and not being as stubborn as in Q1. I’d be curious w

  7. potential_buyer

    531 Garden, both of the remaining units sold for a considerable amount below what they originally were asking. These were nice units as well, and recall thinking 5 months ago that the mid-high 500s was what would move ’em. Here we are in July, looks like they needed to bit the bullet.

    But nice units with great location…

  8. Lori Turoff

    Sorry – total active is 560. Didn’t change number from last week in total. So there was a decrease. I can say in shopping for properties with customers I am definitely seeing prices come down. 531 Garden is a great example. There are many more. I showed a unit on Jackson that sold for 700+K at the height of the market that’s currently listed for $425K. It is a short sale but there are many others.

  9. jc

    531 garden units all sold for approx 15% off original list, not too bad and certainly nothing close to lori’s example on Jackson St at 35% drop.

    Mortgage rates continue to drop relative to early June. That should help sales for now.

  10. Tiger

    I don’t think rates will go up anytime soon.

    Expect them to go down (AGAIN) as there are plans for yet another bailout.

  11. CJ

    Thanks Lori for the info and the emails with links now. Best part of my Wednesday!

    Quick question…

    I am set to close on my condo in Hoboken this Thursday and I did a walk through with my realtor yesterday and found there to be some work still left to do (e.g. punch out holes from running cable wires in the bedroom need to be spacked and painted and hardware on the kitchen cabinents, etc), as this place was just completeley renovated. When we spoke with the sellers agent she said she would follow up on the status of the work but that she was not sure if a C.O. appointment has been scheduled yet. With you guys knowing Hoboken better than I do, is it possible to get a C.O. in only 2-3 days time? Thanks!

  12. Bill

    ummmm…..shouldn’t your realtor have those answers?

  13. Lori Turoff

    As is true in any field, there are good realtors and there are not so good realtors. A good realtor would have headed this problem off WAY prior to the week of closing. That’s why we earn a commission – to be on top of the deal not just at the ‘shopping’ stage, not just when the offer is made and the price negotiated, but throughout the course of the transaction. It can take weeks or even months to get final C of O approvals in Hoboken. Your agent should know this. So maybe next time CJ and others like her will hire a realtor who does her job and does it well – like me.

  14. Tiger

    CJ, it is up to you, but if I were you I would get my lawyer to delay closing until all issues are resolved. Yes it will painful, inconvenient, you might need to pay extra for temporary housing arrangements, the seller might be pissed, etc, but just once you sign that dotted line you are on your own.

  15. CJ

    Thank you for your comments; very much appreciated.

  16. bz

    CJ, I had a similar issue when I closed my condo a few years ago. My realtor actually suggested that we close as planned but withheld $5000 in the escrow for the repair within 30 days (in my case the stove and a window penal were broken). If the seller doesn’t want to deal with the hassle, we keep the money after 30 days (more than enough to get everything replaced, better than just repair). But if the seller wants to get that $5000 back, he had to do all the repair. My seller actually did the repair and his money back in 2 weeks. Hope my story helps.

  17. CJ

    bz .. your pre-closing situation sounds similar to mine. Holding money in escrow is a potential gameplan and I am glad to see your work was completed for you within 2 weeks. Good for you! Thanks for sharing with me.

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