2009 Jul 22nd

The Weekly Wednesday Wrap Up – Hoboken Condo Sales and Inventory for the Week of July 21st

Hoboken Condos Inventory & Sales – Week of July 21th

Some surprising transactions this week.  Several properties were reduced and then ended up selling for over asking.  Guess that’s what can happen when you price them correctly.  There is a lesson to be learned there, sellers.

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Here is the Weekly Wednesday Wrap Up from July 14th.

Studio & 1 Bedroom Hoboken Condos:

8 new listings. Average list price $428,837. Average $591 per sq. ft.

184 total active – $ 393,172 average asking price. 110 average DOM. Average asking price $559 per sq ft.

2 dabos. 114 average DOM.

7 sold for an average price of 343,857 in 61 days. That’s much faster than in the recent past.

11 price reductions.

Two Bedroom Hoboken Condos:

12 new listings – average list price $518,741. Average $503 per sq. ft.

292 total active – $596,450 average asking price. 112 average DOM so far. Average asking price $502 per sq. ft.

4 dabo’d. 114 average DOM

16 sold – $548,034 average sales price. Average 100 DOM.

11 price reductions.

Three Bedroom and Larger Hoboken Condos:

74 active 3BR condos – $932,163 average asking price. 103 DOM so far. Average asking price $514 per sq ft.

8 new listings. Average list price $1,008,986. Average $561 per sq. ft.

1 dabo in 118 DOM.

1 sold for sales price of $999K in 83 days.

1 price reduction.

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.

Want to Receive New Listings Daily?

If you would like to be emailed the new listings each day in either 1br, 2br or 3br categories just email us at [email protected] letting us know which size(s) you would like and we’ll add you to the daily email list.
You can always contact us at 201 993 9500.
Thanks for reading and, as always, we welcome your comments!
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  1. homeboken

    Wow, 2 bedroom in Garden Street lofts for $460 psf, with parking! Comp killer for that building.

  2. JC

    best picture of the week: 130 Madison (new 1 BR listing) Do those shoes come with the unit?

  3. Bill

    homeboken said at July 22nd, 2009 at 11:50 am

    Wow, 2 bedroom in Garden Street lofts for $460 psf, with parking! Comp killer for that building.

    Check you math – its 544 psf

    Anyway – I don’t see how a million dollar 2 br could ever be considered a comp killer

  4. homeboken

    Bill – You check your math $675,000 / 1465 = $460psf.

    Where do you get a million dollar 2BR? 675,000 was the sale price.

    Go ask a resident that paid close to original list in GSL if they think this sale is a comp killer.

    Better yet, wait until Bijou unloads the rest of the units in a similar psf range. Then tell me what comps should be.

    JC – I can’t remember the site, but there is a web-site that gathers all types of horrible listing photos. I will see if I can find it, but it is a very funny site.

  5. Andy

    Wow I guess Garden st lofts people must be pissed that the developer unloaded at 675K. They must need to get the cash out of these asap. They are not shabby units and @ 32% discount from original list you definately errode that profit margin.

  6. Bill

    My bad – I thought you were referring to this listing

    http://hudson.fnismls.com/publink/default.aspx?GUID=5ede532f-e687-44fb-be13-d8762b775cc4&Report=Yes

  7. Jane

    Wow- I may be wrong, but this looks like the first week in a very long time where (one bedroom) condos actually sold for over asking price! I couldn’t believe my eyes! Maybe its a fluke or maybe things are starting to slowly shift?

  8. homeboken

    For all, here is the site I mentioned. These are all actually photos, from actual real estate listings.

    http://www.lovelylisting.com/

  9. lori

    I’ve seen that site and it is hysterical. We’re going to start doing the ‘real estate blooper of the week’. You can’t imagine some of the things we hear and see. For example, just yesterday, an agent in Hoboken asked me if my rental unit at Hudson Tea had a balcony.

  10. TS

    Homeboken,

    The unit looks right into a wall/garage. Look at the balcony picture, and notice the shades are drawn (you can even see the building through them). In my opinion, that kills a unit’s value, especially in a market like this.

    I have mixed feelings on GSL. Some of the interior elements are nice, like bathrooms, but the layouts are poor in general. And I just don’t see why this building should be priced much more than the St Louis, for example.

  11. stan

    how about that one in the constitution that closed for 520k

    I know its probably not facing the water, but I don’t recall the prices for anywhere below the 600’s

  12. homeboken

    The problem with 2 Constitution is the tax and maintenance.

    $11,816 a year in taxes on a $520,000 condo. 2.27%!

    719 per month in HOA fees, and that doesn’t even include parking.

    The taxes and the maintenance in that building are what is hammering value, IMO

  13. TS

    Stan, is that addressed to me? If so, I wasn’t talking about the Constitution, I was replying to a specific claim by Homeboken about GSL.

  14. Lori

    What I’d like to know about GSL is where do you put your food, dishes, pots & pans? I guess you’re supposed to eat out every night. The kitchens are pretty but I need more cabinets or, even better, a pantry!

  15. jc

    The constitution HOA is very high although they do have alot of grounds. Every $100 of HOA is equal to $18,000 of mortgage at 5.5%. If we bring that HOA down $300 you still end up with $419 monthly condo fees but can afford $54k more house! I’m not knocking their ammenities but that’s an interesting trade off analysis.

  16. jc

    Also Condo fees aren’t tax deductible while at least the high taxes are

  17. homeboken

    The taxes may be deductible, but so what? That unit is the prime example of why a reval is needed in Hoboken. Taxes that are 2.27% of the purchase price! That is absurd.

  18. stan

    TS??

    wasnt directed to anyone, was stating that I know places were going for 200k+ and higher in constitution.

  19. rob

    mayor arrested this morning? good or bad for those who is moving in hoboken?

  20. Helping Hoboken Moms Sell Their Condos » The housing market appears to be recovering

    […] this relates to the NYC MSA and Hoboken, but the fact that recent sales show a bunch of properties selling over the asking price is promising. I don’t think we’re out of the woods yet, but at least the freefall in […]

  21. homeboken

    Back to real estate:

    JC – The taxes are only deducible to a certain level. If you are in AMT, they are effectively not deductible. If you make more than $150k per year, the deduction phases out. If you and your spouse make more than $250k per year the taxes are not deductible.

    I contend that any buying a $520,000 2BR better be making over $150,000 per year and likely the couple makes greater than $200k. Therefore the favored selling point of “the property taxes are deductible” is moot.

  22. Recent Buyer

    PMI gets phased out early too, right? 109K or so?

  23. JC

    homeboken – is that a NJ thing? If so, are they at least “banked” for later use? Thanks

  24. Tiger

    homeboken, agree but not everyone is subject to AMT.

    Also, how do deductions phase out post $150K? $250K per couple?

    I know people who make A LOT more than that, yet enjoy deductions on their million dollar property…

    Is there anything I’m missing?

  25. homeboken

    Mortgage interest reduction is still in place.

    Property tax reduction is being phased out for NJ for those making $150k per year or $250 per couple. The Gov said this is a one-year only thing, but I find that hard to believe.

  26. Tiger

    Got you now, thanks!

    But man, that SUCKS! Not only does the state of NJ charge some of the highest property taxes, but now they are phasing it out. Nice

  27. JC

    So What’s the one year we should all make $149,999 in? 2009 or 2010?

  28. homeboken

    For some reason government administrators like to assign tags to people at certain income levels. On the state and federal level you are probably going to be considered rich once you get to $150,000 and you will definetely be rich at $250,000 per couple.

    The government really dropped the ball on this one (IMO). They are trying to fit every citizen into a certain class, without regard for regional economics.

    Perfect example is the $8,000 first time home-buyer credit. Sounds like a great plan. But I would bet that most people considering a home purchase in Hoboken will not qualify to receive it.

  29. Brian

    I have a question I would like to post for debate: Is median home price really a good indicator of home values? I would bet the majority of people would think so, but I disagree.

    By definition, this is the price of the home sold where half had a sale price above and half had a sale price below. It’s been widely stated that most of the recent sales have come from first-time homebuyers for entry-level homes/condos. Now if a disproportionate amount of sales comes in at this price range, the median sales price will obviously be lower than if the numbers of sales was normally distributed across all available homes. In simple terms: If we have 5 sales (3 for 350k, 1 for 500k, 1 for 800k), the median is $350k. Now if this distribution of sales does not represent the actual market, it will not accurately reflect home values.

    Since many of these indices go by median home price as a gauge of home values, I really think they are missing the big picture. The FTHB tax credit and low interest rates have definitely spurred interest (in starter homes), but home sales are down precipitously overall. The major problem is that homes in those higher price ranges just aren’t moving. So even though we’re seeing drops in the median home prices across all regions, are prices really where they need to be? I’ve heard whispers of prices bottoming in NJ and around the area, but I just don’t see it. I feel that a combination of the false hope on recent increased sales numbers in a seasonal industry, the tax credit, and the NAR continuously standing on their soap box proclaiming a bottom has given some buyers a false sense of security.

    Maybe I’m just a skeptic. Just my thoughts…what does everyone else think?

  30. JC

    I agree median home values could be skewed now and also were most likely skewed on the way up. There are so many variables that go into home values its too tough to nail down just one metric that we should look at.

    You mentioned higher priced homes not moving. While I agree our area really is the last of the large regions to see declines and therefore we may not be done yet we need to remember the frozen credit markets. Especially the jumbo mortgages are making it very difficult to buy these higher valued properties.

    With our governmetn taking such a proactive stance on the housing market (im not saying its working) who knows what may happen next. My point is if the mortgage market somehow sees money flowing and markets are once again buying these jumbo mortgages, meanwhile everything else being equal, we will see these higher properties start moving.

    If credit markets stay illiquid then either the buyer must put down a big chunk of cash or eventually house prices will have to come down if they want to sell.

    This stock market rally is helping the housnig market in my opinion. lets hope we dont test the stock market lows this year…giving properties time to get sold before the negative wealth effect takes over again.

  31. TS

    Brian,

    I think median price per square foot is a better gauge of the market, although this too has its problems.

  32. lori

    Brian: You said “Now if a disproportionate amount of sales comes in at this price range, the median sales price will obviously be lower than if the numbers of sales was normally distributed across all available homes.”

    What is a normal distribution of all available homes? I would suggest that in Hoboken the distribution of home prices available for sale is also skewed towards the lower end of the scale so the median of those sold (as in your example) may reflect the distribution of the population.

    If you don’t use median what do you use?

  33. Andy

    Guys, go read the article on Bloomberg this morning about the first monthly increase in prices nationally. Bottom may be here. Just sit tight.

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