2009 Sep 2nd

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for the Week of September 1st

Hoboken Condos Inventory & Sales – Week of September 1st

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Here are this week’s numbers:

Here is the Weekly Wednesday Wrap Up from August 25th.

Here is the Weekly Wednesday Wrap Up from August 18th.

Here is the Weekly Wednesday Wrap Up from August 11th.

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

Studio & 1 Bedroom Hoboken Condos:

6 new listings

420 Monroe at under $300k won’t last. A new Ikea kitchen and it would be a beauty. I’ve even seen people paint those cabinets with pretty good results.

162 total active

4 dabos. 45 average DOM.

5 sold

Take a look at 129 Willow – it sold for full price in about 2 weeks. I’m not surprised, having seen it. It was a really nice little unit in a good, clean building in a great (close-to-the-PATH) location for a young person. It was decorated perfectly. I showed it to my buyer twice and said “this won’t last”. He wasn’t ready to bite. Someone else was.

Same for 725 Jefferson – a 1 br with all the bells and whistles that showed beautifully. It has deeded parking and is in a nice, MetroHomes building, not too far west. Listed for $389k it sold for $370k in 41 days. I showed this one, too, and said “this won’t last”. There are certain units out there with nice features that are priced right. What does that mean? To me, it’s intuitive. I have seen enough properties over years and years that I can walk in and know when it’s a good one. Of course, buyers tend to think a sales person will say that about anything but I try to be pretty honest with my opinions. Every now and then, a real winner pops onto the market. These were two, some smart buyers recognized it and they got a nice, new home at a reasonable price. Congrats to them!

5 price reductions.

On a similar note as above, the 1BR just reduced to $409K at The Columbus is now looking pretty good as is 119 Clinton for only $275k.

Two Bedroom Hoboken Condos:

8 new listings

256 total active

6 dabo’d. 98 average DOM

13 sold

9 price reductions.

Three Bedroom and Larger Hoboken Condos:

62 active

No new listings.

2 dabos 101 average DOM

2 sold

64 Jeff is one of the very pretty, townhouse-style condos with a private 3 car garage, private yard and private deck. This one sold in 3 weeks for just under $400 a square foot. Another winner.

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 & 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. Tiger

    Thanks Lori!

    I know I constantly and sometimes incurably optimistic (to borrow from MJ Fox), but wow, looks like a good active week! Inventory down to 482, 12 under contract and 20 sold!

  2. bz

    There’s a consistent inventory decline since July…I wonder how much is the seasonal decline and how much is the real market movement. Is this inventory shrinkage going to last for the rest of the year? If it is, it will bring us to the balanced market with 6-7 months inventory level. So…is this the true bottom?

  3. homeboken

    A while back I predicted we would end the year around 600 active listings. Obviously I will be wrong, so I will adjust to 540 active listings on 12/31.

    I think the sales momentum will be back in the low-teens to single digits by end of September. The main driving force in reducing inventory will be expired listings.

    This is purely opinion and not based in fact, so don’t try and engage me in a debate supporting the above. Simply an estimate of what I think

  4. thoughts

    In regard to the 2 bedrooms, I’m shocked by some of the sales prices of the units that sold and the listing prices (assuming the sale prices are about 5% lower) of some of the units that went under contact. Obviously, Hoboken still fetches some great prices – this should give some real hope to Sellers.

    Thoughts?

  5. lori

    I’ll be posting the end of August numbers in a few days and the 3rd quarter results at the end of next month. That should put the recent surge in better perspective. My feeling is that it’s a combination of factors which account for the sales activity. A lot of first time buyers are scrambling to take advantage of the $8,000 credit. Many of them are trying for FHA spot approvals while they exist. I think some of the upper price point buyers going for the bigger units just see good price opportunities. I have no idea if it will continue. One can only hope.

    We still have about double the inventory we ‘should’ based on previous years and about half the sales activity. Still a long way to go for full recovery.

  6. JC

    Thoughts….looking at those Dabo’d 2 BR’s :
    110 Willow is asking $613/sq ft. $675,000 for 1100 sq ft….. I wonder what the final sale price will be. Nice Place but seems pretty expensive. Maybe the yard did it.

  7. Lori

    FYI – 110 Willow was brand new construction and fairly high-end. I haven’t seen them but from the pictures they look nice and it’s a good location. A full yard that is not shared is going to bump up the price quite a bit, too.

  8. Andy

    Since we’re officially out of the recession and people have been saving for most of this year I predict(IMHO) people will be in the mood to spend their $$ this spring. People will still hold back this fall/winter waiting for one more round of price drops and then swoop in this spring. I think you’ll see the spread between the small crappy 2br and high end 2br apts widen even further as people finally understand they can do better in their home purchase. But the low end 2br will finally allow many first time buyers back into the market thus increasing the buying pool. I won’t call long term since everything is uncertain but I don’t see any further price declines on average.

    Disclaimer – this is completely my personal take. Predictions(although seemingly spot on) may not hold true long term. 😉

  9. bz

    I agree with you, Andy.

  10. Lori Turoff

    dkzzz – I am quite aware that you just attempted to post a comment under my name. That is dishonest and unacceptable. You will no longer be able to comment here.

  11. thoughts

    that’s so odd – what was he or she going to say? there isn’t even a debate going on…..

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