2009 Jul 29th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for the Week of July 28th

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  • 545 active Hoboken condo units today – 550 last week.
  • 32 price reductions vs. 26 a week ago
  • dabos (under contract) vs.7 last week
  • 7 sold vs. 25 last week.
  • 22  new listings vs. 28 last week
  • 9  expired listings vs. 11 last week
  • none withdrawn vs. none last week

Here is the Weekly Wednesday Wrap Up from July 21st.

Studio & 1 Bedroom Hoboken Condos:

6  new listings. Average list price $397,999.   Average $564 per sq. ft.   My favorite pix of the week has to be the living room at 130 Madison.

178 total active – $ 396,531 average asking price. 114 average DOM. Average asking price $565 per sq ft.

3 dabos. 103 average DOM.

3 sold for an average price of 324,000 in 111 days.

11 price reductions.

Two Bedroom Hoboken Condos:

13 new listings – average list price $690,530.   Average $541 per sq. ft.  A pretty nice loft at Harborside is included in the bunch!

292 total active – $601,199 average asking price. 109 average DOM so far. Average asking price $753 per sq. ft.

2 dabo’d.   40 average DOM

2 sold – $409,000 average sales price. Average 92 DOM.

16 price reductions.

Three Bedroom and Larger Hoboken Condos:

72  active 3BR condos – $936,888 average asking price. 111 DOM so far. Average asking price $514 per sq ft.

No new listings.

1 dabo in  59 DOM.

1 sold for sales price of $587K in 166 days.

5 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 & Price Reductions Daily?

If you would like to be emailed the new listings and price reductions each weekday 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

    To the owner at 2 Constitution unit 308, you need to fire your realtor ASAP. Anyone that allows you to list your unit for 725,000 does not want to help you sell it and has obviously not looked at a single comp.

    Last week a unit 2 floors above yours sold for $525,000. Your unit is basically the exact same (ie no upgrades) and 2 floors lower.

    Also, take a peak at the two of the expired listings in your building. #716 expired with a list price of $678,000 and #601 expired with a list of $685,000. Those units generated no interest at prices well below your list.

    That unit in Harborside lofts is very nice. However, who is paying 827 psf anymore? The owner bought this place on 12/13/07 for $1,311,900. Surely she must be compensated to the tune of 16% (213,000) appreciation during the 20 months she owned it. Get real.

  2. stan

    Thanks as always Lori.

    that 3 bedroom on newark came down a lot. finally sold in the high 500’s

  3. NAG

    812 Grand – Unit 520 (top floor) is a new one-bedroom listing in the Huntington. 873 sq. ft. Parking spot included. It is listed for $525k. I echo the sentiments of homeboken about firing the realtor. I checked the tax records, and this owner bought in 2006 for $525k exactly. I can appreciate wanting to make back your money, but at what point does a realtor have to tell his client, “You are making me look like a moron by pricing the property this way because no one is going to pay anything close to that.” Isn’t it a waste of everyone’s time? The seller, the potential buyers, the listing agent? I was, quite literally, shocked to see this listing. Just a few weeks ago, we saw a similar unit in the Huntington, same sq. footage, but on a lower floor, sell for $425k. The top floor can’t possibly warrant an increase in sales price of $100k.

  4. Lori Turoff

    I had a relocation company contact me through my brokerage the other day. They wanted me to give a market value analysis of a unit. Their clients are the employer of the sellers (who are relocating and leaving town for work reasons). The potential sellers told me they had to have 2 agents from different agencies give their opinion on what the property was worth before they were permitted to hire an agent to put it on the market. I submitted my lengthy paperwork and shortly thereafter got a call from the relo person.

    “Excuse me, Lori, but you must have made a mistake because your number was $100,000 lower than the other agent’s” said her voicemail message. I called her back to explain that the recently condo converted building was still partially unsold, the developer of the condo conversion held a majority interest, it would be next to impossible for a buyer to get financing, and that the seller’s unit which would be competing with never-lived-in units was ‘less than pristine’. Plus, the unsold units had been unsold for almost a year even after price reductions. The only way these people could ever hope to sell was if they priced their unit substantially below the market rate. I politely explained that I had not made the mistake, the other agent had. She nearly hung up on me. Some people just don’t like to hear the truth.

  5. Recent Buyer

    Why do agenst/sellers take pictures of the units at night? Silly…

  6. Randy

    “Some people just don’t like to hear the truth.”

    So very true.

  7. Eric

    Anyone care to weigh in on why so few sales in general this week?

  8. Bill

    Tough to gauge closing numbers.

    The actual sales happen months ago and any number of factors can determine when the closing happen. Vacation schedules ect…

    DABO is a much better stat to look at (which the number reported is missing this week)

  9. Lori

    6 total dabos. Sorry missed that in the total summary. You can see them under each size category though.

  10. 'boken

    “Some people just don’t like to hear the truth.”

    Anyone see real estate intervention on HGTV? Creat program that holds this statement at its core.

    As for the rebound highlighted in the papers, it is very much focused on the low-end of homes Less than 250k. Applicable to the NY & NNJ markets?

  11. Randy

    What is a dabos?

  12. Andy

    ‘boken, give it a few more months. Finance stopped firing people in droves and many are hiring again. Things will pick up in our market. Hoboken took a long time for prices to come down so people could move inventory. I think you’ll see a flattening for the rest of this year and then an uptick in prices here as well. The sky did not fall. Financially illiterate people who bought more than they could ever afford will be weeded out over time. But fire sales will be few and far between.

  13. Tiger

    I am with you Andy, I don’t think it was / is that bad to begin with. But as for the recovery, I still see we have a bit to go. I think for now, it seems that the worst (i.e. everyone panicking, massive layoffs, companies going bust) is behind is, but we still have a painful ride ahead.

    But we already survived the worse, so I’m sure we will be fine in the long run.

  14. Tiger

    ON a related note, did you see 411? CAMARANNO is finally resigning! There’s still good in this world

  15. bz

    I agree with Andy and Tiger. Hoboken rental market is not encouraging people to buy. Rents have come down so much that sideline buyers are getting very comfortable renting.

  16. Interested

    I’m finally closing on my Hoboken apartment – signed the mortgage docs – just waiting the wire to hit. Missed the scheduled closing date by a few days.

    BEWARE BEWARE BEWARE- the mortgage process has become a total nightmare – I’m a real estate/banking attorney and I have a great real estate paralegal, but the mortgage bank was still a real pain the arse!!! Horrible process…..

  17. Andy

    Interested, I completely agree. I closed before the mess and it was still a big hassle. The banks drag their feet on purpose so that you run up against your mortgage rate lock. Then they pitch you that you can always pay more in fees to extend the lock. I pushed on everyone hard and I was able to make my closing date by 1 day to spare. But it was like pulling teeth. My attorney was great but his hands were tied since the bank held all the cards really.

  18. Andy

    Tiger – Best day of my life. Scammarano is resigning. Finally we don’t have to go on knowing our high taxes are lining someone’s wallet. I hope Dawn can get through some of her ideas and lower taxes for all of us.

  19. bz

    Dawn has a mess to deal with. The budget is a big headace. But I’m glad that the bad flood is gone…hope there’s no more…at leaset for now.

  20. Bill

    Is it definite Zimmer is taking over?

  21. Andy

    Per what I have read she will step in as acting mayor for the interim. Someone said there might be another election in November? I’m not sure how that all works but she is definately stepping in after he resigns tomorrow.

  22. Eric

    Interested and Andy, I closed last month with Wells Fargo and didn’t have any problems at all. My closing was scheduled for the last day of my rate lock, so it had me sweating a little. But everything went as planned.

  23. homeboken

    Im sorry guys but are you serious? You really think this market is leveling off and about to go up?

    I see no data that indicates any sort of rise for the next 5 years at a minimum. Buying anywhere in NJ now, considering the local and state wide tax debacle could be a financial disaster for any family.

    Someone show me some stats of stabilization, and don’t show me Case Shiller month-to-month increase. 4 weeks do not make a trend.

    Sellers in Hoboken are still PSYCHOTIC. They can’t accept that a decade of savings is now a decade of loss. Don’t buy their problems. Get real, look at the data. If you can’t interpret the data, ask Lori for my email, I will help you.

  24. Jane

    I second Eric’s comment about Wells Fargo. I closed with them last week and they were very accomodating. They even extended our rate lock one day with no fees b/c of a potential delay on our closing date. I think the hardest part is finding a bank that will communicate well. I was surprised how many gave us misinformation or never returned phone calls.

  25. bz

    Homeboken- There are many ways to look at the data. There can be many thoughts after reading the data. Yours is fine, but that shouldn’t warrant that anyone else’s are wrong. Some people are optimistic and some are pessimistic. That’s all cool, and that’s part of the beauty of this world. Don’t try too hard to convince the world that you are absolutely right. Just be a little open-minded and people will appreciate it.

  26. homeboken

    BZ- You are right, my comments need to be pared back a bit. I get very worked up when talking heads spin the slightest bit of good news into euphoria. The home buyind decision is (most times) the biggest finanical commitment anyone will make. I can’t stand when people are so cavalier.

  27. TS

    Homeboken,

    You really think you’re able to predict things 5 years out with such certainty? That’s a bit delusional, don’t you think?

  28. PK4

    TS – homeboken isn’t delusional. Of course no one can predict the future, but there is broad consensus on two points:

    1. Economic growth will be less than it was over the last 2 decades

    2. Unemployment will continue to be high for some time holding down average incomes (the main driver of house prices)

    You can argue about the specialness of Hoboken or the NY area, but then I would accuse you of delusion!

  29. TS

    PK4,

    I don’t have an issue with people making predictions but I get very skeptical when:
    1. They are certain of their predictions.
    2. They make such certain predictions 5 years out.

    Get real, no one knows what the economy will be like 5 years from now. Let alone being certain of it.

  30. PK4

    TS – I don’t think Homeboken is suggesting certainty or making a prediction: “I see no data that indicates any sort of rise for the next 5 years at a minimum”. That was his quote. His points are fair, and imply a debate about realistic or unrealistic expectations. As we know, home buyers and sellers can easily miss rationality (unlike our good Lori!). Had they been rational, the last 5 years of bubble would have been avoided.

  31. Lori Turoff

    Real Estate Intervention (HGTV) is my living nightmare. It’s pretty funny to watch these “real estate consultants” talk to buyers, show them other properties, try to let the seller reach his own conclusions based on the facts and competition as to why their asking price is too high only to have the seller say “well my place is worth 50k more because I have a better paint color”. I have had a seller tell me that his unit at Hudson Tea was worth 20K more than his next door neighbors (mirror image) because – and I could not make this up – his kitchen was to the right after you entered the door instead of the left. Huh?

  32. homeboken

    From the weekends WSJ: http://www.nytimes.com/2009/08/02/realestate/02njzo.html?_r=2&ref=realestate

    “Hoboken used to be the top performer in Hudson County when the county was the top performer in the state in the early 2000s. But the story in Hoboken was similar in June: 575 homes listed, 87 sales, which means demand was 15 percent of supply.

    New listings continue to pour onto the county market, at a reported average rate of 499 condos per month, and 99 single-family houses per month, although Mr. Otteau said he believed those figures were somewhat inflated by the relisting of properties that had not sold at a higher price.”

  33. Andy

    Everyone agree to disagree. The good thing about having both sides of the argument here is that all of us falling on one side or the other just made a market. How wide or narrow the spread between us will be remains to be seen. But I think a buyers market can fade just as quickly as a sellers market did. None of us are able to time it perfectly. If we were, we’d all be rich and retired by now. 😉

  34. TS

    PK4,

    How is this NOT a prediction (negative predictions are predictions as well): “I see no data that indicates any sort of rise for the next 5 years at a minimum” (quoted from homeboken)??

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