2009 Jul 15th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales and Inventory – for the Week of July 14th

News on the Tech Frontier

We’ve set up our system so that as of today, when you fill out the little request form, you will not only be redirected to the page with the links but you’ll also receive an email with the report with the links at the email address you put on the form.  Read it now or read it later!

I’d been emailing the report to the group manually based on your requests but starting today it will be automatic.  Just to be sure I get the report to all who requested, for today we will do both so sorry if you get a duplicate email.  Note also that in the opening summary is a link to last’s weeks report with links.  Thanks for completing below:

Hoboken Condos Inventory & Sales – Week of July 14th

There was a slight decline in inventory from last week.  It seems to be from sales but there were some listings that expired as well.  Regardless of how we get there, fewer units on the market is a good thing.  We’re still seeing lots of price reductions, also a good thing. 

 

Studio & 1 Bedroom Hoboken Condos:

8 new listings.   Average list price $427,876.

189 total active – $398,349 average asking price. 109 average DOM.  Average asking price $564 per sq ft.

2 dabos.   84 average DOM.

2 sold for an average price of 502,740 in 82 days.

11 price reductions.

Two Bedroom Hoboken Condos:

9 new listings – average list price $503,119

290 total active – $602,763 average asking price. 111 average DOM so far.  Average asking price $503 per sq. ft.

1 dabo’d.  96 average DOM

5 sold – $495,300 average sales price. Average 84 DOM.

15 price reductions.

Three Bedroom and Larger Hoboken Condos:

70 active   3BR condos – $928,773 average asking price. 106 DOM so far.  Average asking price $513 / sq ft.

2 new listings.  Average list price $807,000.

1 dabo in 854 DOM.

2 sold for an average sales price of $695,000 in an average of 194 days.

3 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. Like this report, to receive the map with the actual links, you will have to request it.

 

Thanks for reading and, as always, we welcome your comments!
  1. Andy

    OK I have no idea who you are and I really don’t care anymore. I never once directed attacks on you or your realtor. Get over yourself. I have had aweful experiences w/ realtors in Hoboken and pleanty of other posters on this blog have as well. Even Lori herself can support that there are questionable realtors in town.

  2. lori

    Questionable does not begin to describe what I have seen – and Hoboken is nothing compared to the rest of Hudson County!

    I think I will do a post with a google map showing what has closed from Sept 15 2008 to date (if anyone knows how to do a heat map I’m all over it). Then we will see what is selling and where. I simply don’t believe that anyone has actually crunched the numbers to analyze it and you’re just taking based on assumptions. A real study would be interesting, no?

  3. stan

    Great idea Lori.

    Thanks for all the effort

  4. Interested

    Lori – Can you should the number of listings in an area versus the number of closings that would be prefect – but, likely impossible…..

  5. Lori Turoff

    Interested – after attacking me earlier you now ask me to do even more work? You might at least apologize first.

    I don’t have time to show every listing. Why don’t you pull it off the weekly wrap ups since you say you studied the numbers?

  6. Interested

    Lori –

    Please re-read the posts. We had a heated debate going until you decided to go personal when I disagreed with you. See:

    “lori said at July 16th, 2009 at 7:36 pm”

    I don’t think there was anything attacking you prior to then.

  7. TS

    Interested said at July 17th, 2009 at 6:17 am:
    “By the way, I find Lori very biased on this site. For example, she was arguing with the MLS that she does this to provide information and NOT promote herself. Wow – is that true?”

    How is that not attacking Lori?

  8. Lori

    Exactly. Thank you. I try very hard to be even handed and fair

  9. Eric

    about setting the comp, very true that getting a good price in no way means you’ll turn your savings into profit when you sell, but I’d rather set the comp than let someone else do it a month later 🙂

  10. Potential

    Potentially interested in a condo that is on the 5th floor, but no elevator. Stairs don’t bother me, but does anyone think this is going to be a major issue for re-sale?

  11. JC

    Potential….IMO yes, it will narrow the resale buyer pool down. But hey, you dont mind it therefore I’m sure there are folks out there likeminded.

  12. Recent Buyer

    Potential: I would never buy a 5th floor walk up. Liked in a 6th floor walk up in midtown Manhattan for 3 years and it was awful…groceries…walking the dog…not convenient at all. I think you’d have trouble w/ re-sale.

  13. leafgreen99

    Just to clarify: the high school kids go out for lunch because there is an open-campus policy. There is no connection between the students being outside and lack of staff. Where did that come from?

  14. Lori Turoff

    I definitely have buyers tell me on a regular basis that they will not look at anything above the 2nd or 3rd floor. In my opinion, if I’m going to be on an upper floor and have to climb stairs anyway I would just as soon go all the way to the top and benefit from often higher ceilings, possible skylights and certainly less noise as no one would be walking above me. So 5 may just be better 3 or 4.

  15. Recent Buyer

    I totally disagree…three is already daunting, so by the time you reach five it def. feels different.

  16. Potential

    The location is great. Close to the Path but not too close and the place is brand new, updated and has great space. Just concerned about re-sale when the time comes…

  17. bz

    Potential – I think everything should have a balance, including buying your home. If you will enjoy it for many years to come, don’t worry about resale. If you do, here’s what will happen: your property will go up/down the value with the market. If most people don’t like 5th floor walkup, I’m sure that you will get this property for a lower price compared to the units on lower floors. If you resale the property in the future, it should be priced accordingly. So for net profitability, it doesn’t really matter. All the prices are relative to their condition and location.

  18. Hobozer

    I am in the midst of finding an apt in Hoboken to buy, and I’m finding all of this is quite funny. It’s a SQUARE MILE, for one thing. A SQUARE MILE. A person is two blocks closer to the PATH and the world is a better place? Puleeze. I realize that certain folks have to use the PATH as it gets them to their area of the city. I work in midtown and cannot imagine taking anything but the fab buses we have. It is the simplest, most comfortable trip. And I always always always get a seat. I’m in midtown in 20 minutes. I have seen new construction that is tops, and some that is the pits. (Full disclosure – I haven’t seen too many apartments in older buildings that I have liked. There’s always something off. Too narrow. It will be a 2-bedroom, and the second room is perfect for my dog. But that’s about it. SUPER-tiny. But that’s my opinion. Hoboken is quite an amazing palce to live.

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