2009 Aug 19th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for the Week of August 18th

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Here are this week’s numbers:

Here is the Weekly Wednesday Wrap Up from Aug. 11h.

Here is the Weekly Wednesday Wrap Up from August 4th.

Studio & 1 Bedroom Hoboken Condos:

19 new listings. Average list price $364,047. Average $559 per sq. ft.

183 total active – $396,875 average asking price. 100 average DOM. Average asking price $565 per sq ft.

7 dabos. 103 average DOM.

When 1026 Clinton hit the market for $379k with deeded parking I immediately alerted my 1 br buyers. It is a nice, true loft-style building with enormously high beamed-ceilings, a nice lobby, an elevator and located on a quiet cobblestone street set down a garden path. The unit looked like it was in good condition. Under contract in 10 days! No big surprise there.

4 sold for an average price of $405,125 or $478 per sq. ft. in 40 days.

15 price reductions.

Two Bedroom Hoboken Condos:

14 new listings – average list price $607,760. Average $599 per sq. ft.

279 total active – $609,668 average asking price. 111 average DOM so far. Average asking price $503 per sq. ft.

4 dabo’d. 82 average DOM

7 sold – $534,750 average sales price or $427 / sq. ft. Average 113 DOM.

11 price reductions.

Three Bedroom and Larger Hoboken Condos:

69 active 3BR condos – $ 917,791 average asking price. 102 DOM so far. Average asking price $511 per sq ft.

7 new listings. Average price $684,200. Average price $496 per sq. ft.

2 dabo’d. 317 average DOM.

None sold.

6 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.

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. bz

    What’s wrong with 107 Jackson? It has 1500sqft, parking, terrace and nice finishes. For only $425k? That’s $283/sqft!

  2. homeboken

    If the 3 bedroom at Garden Street Lofts closes at more than $1,000,000 that will be the first $1.0m + close in Hudson County since June I think. At least that is what was quoted in the NYT.

  3. Nilton

    What does dabo mean?

  4. Recent Buyer

    Nilton – Welcome! Deposit Accepted by Owner

  5. bz

    Lori –
    I can only see one property in the link to 10 sold 2bs.

  6. Bill

    what about mls 90007165 at 300 Newark?

    1500 sq ft plus outdoor for $469k? 312 per sq ft?

  7. JC

    where is 300 newark?

  8. JC

    in what category? thanks

  9. Bill

    300 Newark is by that strip mall with the dunkin donuts

    its a 2br but I got it from the “15 sold” list

  10. Bill

    “homeboken said at August 19th, 2009 at 10:20 am

    If the 3 bedroom at Garden Street Lofts closes at more than $1,000,000 that will be the first $1.0m + close in Hudson County since June I think. At least that is what was quoted in the NYT.”

    a brownstone went for over a mill in the current sold list

  11. TS

    A brownstone also closed in June at 1.25MM.
    I think Homeboken meant that no *condo contracts* above 1mm have been signed in Hudson County since June.
    The only other closings in Hoboken above 1mm are in 1125 MP – and I’m guessing those were signed years ago.

  12. homeboken

    Yes, I meant condo contract

  13. thoughts

    BZ – “Whatโ€™s wrong with 107 Jackson?” – location?

  14. jc

    Bill – I’m sorry man I still can’t find 300 Newark! The links may not be matching up for me. It’s under the. ‘sold 2 BR’?

  15. jc

    Ok found it. ID have to say that kitchen has a lot to do with the price it sold for. Bathroom too.

    Anybody have any info on the single family that sold for $970k at 622 garden? Nice size 20x 95 lot, but anybody know how many sq ft the actual property is?

  16. lori

    107 Jackson – I’d have to check but it may be a short sale. It doesn’t show well as it’s vacant. Looks like it had tenants in it.

  17. bz

    I wish I had the cash for the down payment for 107 Jackson. The location isn’t too bad, with 2 very good day cares on the same block (I have a baby). 1500sqft is definitely big enough for a family of 3 even 4. It’s on the market for more than 110 days already.

    Lori-if the economy is getting better next year (very likely) I think properties like 107 Jackson will be favorable as Hoboken families has started out-grow their homes. Trading up will be a bigger trend in this town.

  18. Recent Buyer

    When I was looking to buy, I saw several apts on Jackson. I personally would not live there. Having moved from midtown Manhattan to Harlem to save money and get a bigger apt., I know how it is to live in a nice city, but not really. Living on Jackson defeats the whole purpose of living in Hoboken, in my opinion. Granted Jackson is alot closer to the “action” in Hoboken than Harlem is, but still, it’s not the same. I thought it would be when I moved to Harlem, but, nope…no nice restaurants within walking distance, no nice dry cleaners or corner markets, people on sitting on their stoop all day/night, and, not sure if this happens in Hoboken, but people bbq’ing right on the street as if it was their back yard…

    Just a warning for those interested in the admittedly very nice and large units on Jackson.

  19. Kathy Zucker

    I think where you live in Hoboken depends on your lifestyle choice. When my husband and I first moved here we lived at 2nd and River for two years because we wanted to be near the PATH and Washington Street. When we were planning to start a family, we moved to SW Hoboken to a building with a PATH shuttle. We wanted to be within walking distance of the restaurants and stores but in a quieter part of town, and that’s what we got. And now that we have kids, it’s great to be near everything but not have to deal with the constant partying.

    I used to live in Morningside Heights and know what you mean about the stoop neighbors and street barbeques. You really don’t see that in Hoboken. The way I look at it, my choices were not between SW and NE Hoboken. It was between SW Hoboken and the suburbs because the prices were comparable. And in that situation, I will choose SW Hoboken every time.

  20. Andy

    Have friends that bought a place in Harlem on 5th and you walk east and its stoops and bbqs which is actually been part of the culture up there for decades. But you walk west and its much more gentrified esp closer to 125th. But thats Harlem. It has tried to have a run up more times than I can count and every time it doesn’t take hold for very long. But it does get a few more renovated condos with each go.

    I think its real problem is lack of amenities. Take Hamilton park as a good example. It has beautiful brownstones and a huge park something many people would love to live near. But it has absolutely no amenities other than a mall. The prices there have always been significantly lower than Hoboken even though its maybe 4-5 blocks south of Observer.

    My personal thoughts are if you need a car to do all your day to day shopping why live in an urban setting? You get twice the space plus a yard by moving 20 mins west. I laugh when I see people going 5 blocks from the Shoprite and then spend an hour trying to find parking again. But thats just laziness and off subject completely ๐Ÿ˜‰

  21. Recent Buyer

    I lived on 141st and 7th. 125th, at least near my end, was not gentrified at all. 145th was – there are two high rises, a starbucks and a NYSC, so there was more gentrification there, but….it’s not manhattan living, at all.

  22. bz

    I lived on 112 Broadway for 6.5 years when I was at Columbia for grad school. I have seen stoops and bbqs in Harlem and thought that’s just a cultural thing. I have seen stoops on Jackson, more like between 2nd to 3rd where the little strip market is, no bbqs though:). They seem just stay on these blocks. I heard that 5 years ago, you can even see them on Madison and Monroe. But not today. I wonder what the city is going to do with the projects on Jackson. The land there is so precious now. But I know the political issues behind any action to revitalize/rezone the area. I have girl friends living on 4th and Jackson, facing the baseball field, and they feel fine living there.

  23. CA

    Walking distance to shops and restaurants when you live in the far SouthWest? Did they open something other than a dry cleaners that I missed? It’s desolate back there and the traffic is worse than normal in Hoboken thanks to the Patterson Plank mess and cars cutting through to get from the Lincoln to the Holland. I don’t get the appeal.

  24. Kathy Zucker

    I live on Second and Jackson. Grimaldis Pizzeria is nearby on Second Street (five short blocks?), the Little Grocery is three blocks away, there is a deli/bodega three blocks away on First Street. Northern Soul is one block away. We are one block from the Light Rail. Compared to the suburbs, we are light years closer to stores.

    Hoboken is a mile square, people. When I lived in NYC, I used to walk much farther to get to the subways and thought nothing of it. I know NJ has a real car culture, but to think SW Hoboken is isolated is taking the car thing too far. For a family, we really like this area. Near everything but not so near that we have bar traffic spilling onto our street every Thurs-Sat PM.

  25. thoughts

    So, are people saying that location when purchasing in Hoboken is important?

  26. just lookin

    We looked at 107 Jackson a year ago. It was listed at 550k and the realtor said it was a steal for that price. It had just gone into short sale. It’s been at 425k for a while now. I’m guessing the realtor just marked it down really low to get interest. The unit is nice. Private Elevator, Tandem Parking, Swimming Pool, etc. It looks like the owners paid 700k for it back in 05’!! I’m guessing the bank would want at least 600k but will never get it now. Very unfortunate.

  27. TS

    107 Jackson looks like one of the better opportunities I’ve seen, much better than what some people on this site have been touting.

  28. Lori

    I sold the almost identical a block away unit to a young couple recently. It was huge and had much to offer, especially for people who drive to work in the ‘burbs. They paid a similar price for it and compared to what else was out their in that price range they got a big bang for their buck and are quite happy there.

  29. thoughts

    TS – Why don’t you see the place and neighborhood before you make such statements? I’ve learned that until you see a place and neighborhood in person, it’s very hard to tell what a place is really like. I just emailed my friends some links to places they should look at for two bedrooms in their price range. It turns out, they already saw such places and the places were awful. A MLS listing is just a MLS listing.

  30. TS

    Thoughts,
    I have been in this building before – albeit years ago. And I lived in the area once upon a time.

  31. thoughts

    TS – Cool. My cousins are looking for a 2 bedroom. Based upon your opinion, I will point them in that direction for a look.

  32. thoughts

    Does anybody know of any 2 bedrooms in the 425K price range they like? I want to pass some info on.

  33. Lori

    Of course. I’ve seen most of them but it depends quite a bit on how many flights of stairs they are willing to climb and in what part of town they wish to be. Have them call or email me and I would be happy to help.
    201 993 9500

  34. nag

    Do the people who live on Jackson walk down Jackson at night the same way you might walk down Washington to grab an ice-cream? Maybe it’s one of those things where, once you live there, you feel better about it. I drove down Jackson last night for the first time around 10 p.m., and I was very glad to be in a car instead of on foot.

    I hope the new mayor will do something about more policing back there instead of focusing all energy on the rowdy bars on and near Wash.

  35. TS

    “Maybe itโ€™s one of those things where, once you live there, you feel better about it”

    Perhaps it’s one of those things where if you bought elsewhere and now realize you didn’t get such a good deal you try to cut down every other potential deal to make yourself feel better.

  36. nag

    Good deal? No, no, AMAZING deal. Now that I’ve been in my new place for 5 days, I can honestly say I would have paid even MORE for it. That is the kind of “deal” I got. I am so unbelievably happy with my purchase that your moronic twisting of my comment above, TS, means nothing to me. In fact, I hope everyone can feel as good about the purchase of his/her first home as I do about mine.

  37. TS

    You’re so unbelievably happy with your purchase that you feel the need to bash other opportunities? That’s the mark of insecurity.

    nag/Interested, I truly hope you enjoy your home and reach a point where you can enjoy it for what it is and not feel the need to put down others to make yourself feel more secure with your decision.

    I don’t think this conversation is going to lead anywhere productive so perhaps it’s best to end it.

  38. Recent Buyer

    It’s all about what you’re looking for…if you want a great new place with loads of amenities and the biggest bang for your buck and you’re willing to forego location, then Jackson may be for you!

    For instance, when we were looking, my husband and I saw this awesome place at Hoboken Grande with a deck the size of the apt. we ended up buying! I loved it and so did he, but he didn’t want to live all the way in “the back of Hoboken” and he also didn’t want to live in a big building. Now, we’re just leaving Harlem at this point because we missed all the action midtown Manhattan had provided to us prior to moving to Harlem. So, that’s what is on our minds…

    Now, do I have a toddler that would love to spend his/her days in a sandbox on that deck at the Hoboken Grande? Nope. If I did, would we have considered it a bit more? Probably. At that point, the aversion to big buildings and “the back of Hoboken” would probably not matter.

    Everyone likes different things. If you can afford to live in the thrust of it all in a place with everything your little heart desires, awesome. But, that’s not the case for most of us.

  39. thoughts

    i think “nag” is saying what’s on most people’s minds.

    i think we all agree that the location and price go together?

  40. Recent Buyer

    thoughts – how does your place compare w/ the jackson units? is it as large? does it have as many amenities? the units i saw had pantries that spanned the entire back wall of huge kitchens. they had back yards and decks. they were brand spanking new. washer/dryer in units. very sunny all around. just beautiful. but, across the street from the projects.

    how does yours compare in price? did you pay premium for your location? probably.

    you def. didn’t get a comparable unit closer to path for the same price.

  41. thoughts

    right, so location and price do go together.

    as your location changes in Hoboken, so does the price and demand. that same place at bloom and 2nd (i.e. with the same amenities) would be substantially more in price because of the demand.

    therefore, i think the idea is to get a very good location, price and amenities (i.e. size, parking, terrace, etc.) – but maybe i’m being too basic.

    the location is why its so cheap. but, someone said its a short sale. if so, does the bank have to except the “list price” – i’m not sure. anybody know?

    thoughts

  42. TS

    Of course location matters and will affect price all else equal. However, you have to consider other things that (at least in Hoboken) affect the price significantly. Things like:
    1. Is it a walk-up or is there an elevator? (In my opinion, this is one of the more significant ways to separate sub-markets)
    2. Any building amenities?
    3. Is the building around the corner from, say, an emergency room or firehouse and hence loud due to the occasional ambulance or firetruck?
    4. Is the layout optimal? How are the finishes?
    5. Build quality (concrete, steel, or wood frame?)? How old is the building?
    7. Are the assocation financials strong?
    8. Are there parks nearby?

    I think it’s rather simple-minded to just say “buy the best location” given that certain condos in great locations lack some of the above-mentioned things and therefore are not ideal – meaning there appreciation potential is limited.

  43. Interested

    i agree – i just think that location trumps for a lot of people

  44. TS

    Interested,

    That means little. I can say the same thing – that for a lot of people the above criteria trump location. The market is what ultimately dictates what the discount should be.

    That said, the point was whether 107 Jackson Unit #1 specifically represents a good opportunity. Someone claimed that its being on 1st/Jackson is the reason why it’s so cheap. But consider the following sales, which represent everything sold on 1st/Jackson in 2009:

    109 JACKSON STREET #2-D: 1162 sf, built 2001, $485000 on 01/15/09 (~417/sf)
    109 JACKSON ST #4C: 1728 sf, built 2001, $660000 on 04/15/09 (382/sf)
    128 JACKSON STREET #3C: 600 sf, built 2005, $305000 on 05/27/09 (508/sf)
    109-119 JACKSON ST #5G: 1075 sf, built 2001, $450000 on 05/28/09 (419/sf)

    I haven’t been to any of these exact units (though I’ve been to 109 Jackson) so I can’t draw any definitive conclusions. But it’s obvious that people don’t have a problem paying a decent amount on a $ per sf basis to live on 1st/Jackson even in this market where choices abound, and certainly much more than 283/sf that 107 Jackson Unit #1 is asking.

    Within 107 Jackson I found the following two resales:
    1.
    107 Jackson, Unit #3: 1500 sf, built 1999, $535000 on 03/25/05
    This unit does NOT have parking while the short sale we are discussing (Unit #1) does. So if you add on say 20k for parking to normalize it compared to Unit #1, that would bring #3 to 555k, or 370/sf, in 2005. So Unit #1 offers a 23.5% discount to early 2005 prices in the building.

    2.
    107 Jackson, Unit #2: 1500 sf, built 1999, $368500 on 06/04/02
    This unit also does NOT have parking, so normalizing it compared to #1 yields $388,500, or 259/sf.
    So Unit #1 is asking about 9% more than 2002 prices in the building. And depending on whether the bank is flexible, you might get it for the same price per sf.

    To me this looks like a pretty good opportunity given the unit isn’t wrecked. Can anyone else find a unit that reverted to about 2002 prices?

  45. lori

    I think the point, though, is that there are buyers (and I’ve met ’em) who simply won’t look at anything west of Willow. So , yes, you can get a great deal on Jackson; and, yes, there are people who will pay over 600K to be in a super-nice, new building with tons of nice features even back near Jackson (see Arthur’s Court or the Harrison) but the same unit on the east side of Hoboken will always command a “location” premium over the all-other-things-being-equal similar unit on the west side of town.

  46. TS

    My point was simply it is a good opportunity. Whether that opportunity matches up with one’s personal preferences is another matter entirely.

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