2009 Sep 30th

The Weekly Wednesday Wrap Up – Hoboken Sales & Inventory for the Week of September 29th

Hoboken Condos Inventory & Sales – Week of September 29th

Here are this week’s numbers:

Inventory is down a bit. Sales & dabos up a bit from last week. Of course, one week doesn’t mean much. It takes a few days for the listings to be entered but I’ll be posting the September monthly results in a few days and also the 3rd quarter results. They may be much more telling. We are taking a work break / vacation from the 5th to the 13th of Oct. so there won’t be any weekly numbers on Oct. 7. I’ll catch up the following week. Sorry but even we need a week off sometimes!

If you would like to see this report with the MLS links just fill out this little form:

Here is the Weekly Wednesday Wrap Up from: September 22, September 15th, September 8th, September 1st, August 25th, August 18th..

Studio & 1 Bedroom Hoboken Condos:

13 new listings

184 total active

5 dabo. 92 average DOM.

6 sold

19 price reductions.

Two Bedroom Hoboken Condos:

15 new listings

301 total active

6 dabo’d. 84 average DOM

9 sold

20 price reductions.

Three Bedroom and Larger Hoboken Condos:

69 active

1 new listing

No dabos

None sold

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!
  1. Victor

    Dear Lori,
    thanks once again for a very useful source of information on the state of the local real estate.
    This question has been probably brought up previously – I noticed that the numbers don’t quite add up: if there are 36 new listings and only 21 sold (plus one expired), that would mean that the inventory should go up. Even if the new dabos are excluded from the inventory, that should still result in an increased inventory. So I assume there are unreported sales, or unreported expired or withdrawn listings. Do you know which of these numbers accounts for the discrepancy?
    Thanks! — Victor

  2. vreporter

    My guess… mostly withdrawn/re-listed; a very common event under current market psychology.

  3. Lori

    Yes – it is strange. It is partly, as vreporter said, that properties get re-listed, some get listed once as a 1 br then again as a 2 br (if, for example, it’s a 1br plus den) but it is only reported once when sold. or a property listed as both a condo and a house. It’s partly that deals are entered late. Something sells but doesn’t get changed to sold for weeks. It’s not a perfect system and I honestly wish it was better. Technologically it certainly is possible. Unfortunately, we have to make due with what we’ve got so we do the best we can. When I see a particular discrepancy with respect to a property I try to point it out.

  4. thoughts

    Every time I start to think the pessimists are right, I see sales like the following:

    600 Hudson – 712K
    308 Bloomfield – 721.5K

    700K is not a small number.


  5. Eric

    Thoughts, I can’t tell if you’re kidding, or if you just completely miss the concept. The size of the number means nothing without context. A billion dollars is a big number too, but that doesn’t mean there’s reason to be optomistic just because someone spent that much on a house.

    Yes, 721.5k is a lot of money. But it’s a lot less than 740k, which is what 308 Bloomfield sold for in 2005.

    Sale Date: 03/29/05 Book: 7608 Page: 290 Price: 740000 NU#: 0

  6. Andy

    Eric, I think Thoughts is making a psychological argument that people are still willing to make a very large investment in expensive property for Hoboken. The mean apartment selling in Hoboken used to be roughly 500-550k. There were plenty above and below but that was average. To see inventory moving at the high end of the spectrum even with a small price drop(btw, thats a mere 3% decrease in price) is a very positive sign. So from a psychological standpoint, you can infer that there are buyers out there who still view Hoboken as a good place to live and has long term growth potential. Those shouting 30-40% price drops are loosing the impact of their arguments with each additional sale.

  7. stan

    sale price for that 600 Hudson apartment was 783,000. peak pricing in 07030 was 2006.

    Sr1a Date Book Page Price NU# Ratio Grantee
    More Info 02/21/06 7825 207 783000 600 HUDSON ST #5A

  8. patk14

    Yes, 600 Hudson is a much better example of a typical decline from peak. 308 Bloomfield actually has held up very well with only a slight decline.

    If you were the buyer of 600 Hudson in Feb 2006 @ $783K and put down 10%, after closing costs you ended up losing your entire down payment. So, for the joy of ownership, you paid interest to the bank (a large # considering the purchase price, $4,000/month), a small amount of principal over the last 3.5 years on a declining asset, and another $1,700/month ($71,000/42 months) in declining value of your home. Clearly much better off renting in that example.

  9. stan

    agreed, very small decline on 308 bloomfield. puck has been headed to 2005 pricing across town though. Interesting to see where we end up

  10. Andy

    Isn’t 600 Hudson the Union Club? Who the heck would pay over 750k to look at a parking lot? Don’t get me wrong its a lovely building w/ history but over 750k for one of those even at the height is pushing it big time.

  11. thoughts

    going back to my comment, nobody can argue that hoboken is 15-20 off of the very high. our economy hit big trouble. that said, we have held steady at 15-20 off of the very high very a long long time.

    as was stated earlier:

    “Those shouting 30-40% price drops are loosing the impact of their arguments with each additional sale.”

  12. stan

    Thoughts- down roughly 20 % now. If declines have stopped you are right. I do not think they have stopped here. We shall see. Tough to call the game at halftime

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