2009 Nov 4th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for the Week Of November 4th

Hoboken Condos Inventory & Sales – Week of November 4th

We’re seeing more of the same with regard to Hoboken condo sales. We have been in a pretty steady holding pattern. The good stuff is selling quickly when it’s priced right from the get go. Lots more is just sitting in inventory. Pricing correctly is really key to a successful sale these days. Needless to say, your property must show well. There are a few short sales among the “solds” today. While the prices are very low, the process is a long, drawn out battle with the buyer having little to no control over it. Short sales are not for everyone. You must have a high threshold for frustration, an attorney with experience with short sales and a good agent. If time is not of the essence, it may be worth it in the end.

Tomorrow I will post the monthly Hoboken Condo Sales stats for October. If you’re interested in seeing the 10 year Quarterly Hoboken Condo Sales Results you can check out this Google Doc spread sheet. If you click on the titles on the bottom you can see it all in chart format, too. To me, the most encouraging is the last chart showing 3 consecutive quarters of increase in number of units sold. We need to soak up some of the inventory to get back to a healthy market!

To get this report with MLS links please complete this little form:

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Here are this week and last week’s numbers:

Studio & 1 Bedroom Hoboken Condos:

10 new listings.

176 total active – $386,775average asking price. 73 average DOM.

4 dabos. 44 average DOM.

10 sold for an average price of $346,197 Average 193 DOM.

13 price reductions.

Two Bedroom Hoboken Condos:

16 new listings

281 total listings. Average list price $539,551. Average DOM 82.

10 dabo’d. 122 average DOM.

10 sold – $491,050 average sales price. Average 145 DOM.

27 price reductions.

Three Bedroom and Larger Hoboken Condos:

4 new 3 BR listings

66 active listing. Average price $950,939. Average DOM 101.

1 dabo’d. 105 average DOM.

3 sold. $742,333 average sales price. Average 104 DOM.

NO 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. BP

    First time poster – long time watcher. Let me start with, you two post the most objective, relevant and complete data I’ve ever seen of any real estate agent(s).

    I looked at your Google Doc spreadsheet charts and they are helpful. However, I was surprised to see your comment above stating, “the most encouraging is the last chart showing 3 consecutive quarters of increase in number of units sold.” Since homes sales are highly seasonal, consecutive quarterly sales comparison are not very telling for trend purposes. A better comparison would compare year-over-year for each quarter. A quick eye-ball of the chart suggests that Q1, Q2 & Q3 of 2009 are each below (way below in some cases) the same quarters of multiple past years. Sorry to rain on your hopes.

  2. lori

    You clearly are a fan of the Mad Dog. I like him too. Listen, I don’t claim that 3 quarters of improvement a recovery make. I’ve said repeatedly in this post and others that we have too much inventory and until either the sales volume increases or listings decrease the problem is not going to go away. That being said, I would still rather see the numbers go up rather than down. I’m glad you find the data useful. By presenting the raw numbers I hope everyone can reach their own conclusions and make informed decisions. Thanks,
    Lori

  3. TS

    BP,

    No one ever stated we are back on track to where things were last year, so you’re not going to want to look at YoY #s comparing quarter to quarter either.

    What you want to look at is whether the uptrend in sales the last 3 quarter has outstripped typical seasonality.

  4. TS

    # sold Q1 Q2 Q3
    2009: 102 131 201
    2008: 173 220 221
    2007: 233 303 255
    2006: 137 254 256

    (My numbers could be off, I calculated these quickly)

    In 2006-2008, the change in Q2 to Q3 was either flat (as in 2006 and 2008) or a drop (-15.8% in 2007). However, in 2009 there was a 53.4% increase from Q2 to Q3.

    The change from Q1 to Q2, however, didn’t look favorable for 2009.

    This leads me to believe that we are in an uptrend that started some time in Q2. Whether this recovery will last or not is a different story. But those Q2 to Q3 #s are pretty encouraging, to say the least.

  5. Victor

    I wonder if anyone has any info on that hudson tea building sale, a 755 sq ft single bedroom for $345K — seems very strange — more than 100K below listing, and significantly below comps in similar nearby new buildings, I would imagine. It’s understandable for a seller to be under time pressure, but I’m sure it would go for at least $390K very quickly.

  6. lori

    Victor – it was a short sale. It is tenant occupied (rent $2,850) and you cannot get a tenant out if they don’t want to leave.

  7. thoughts

    You can get a tenant out when their lease is up and the landlord (owner) is moving in. Otherwise, I wouldn’t want to be a landlord…..

    Despite all of the trend and # people, desirable units in Hoboken are week after week fetching a good price in this market. Less than 20% off of the high has been steady % for a long time now. The difference between the good and bad stuff is very dramatic in this town.

    That screws the #s.

    Thoughts?

  8. Lori

    Thoughts, you are correct. I tell my clients all the time that some areas, some buildings, some types of units were hit much harder than others. That’s why the condition of a unit matters so much now, in addition to location of course.

    As for getting a tenant out, it depends on whether they have a lease or are mont-to-month. Certain tenants have protected status – seniors, low income, handicapped, etc. So it’s not always so easy. Don’t know the details of this situation.

  9. jc

    118 garden St (3 BR new listing) list $939k at 2470 square feet comes put to $380/SF. From the pics looks nice, any comment on the low price? Are properties over $1mm that frowned upon, even a huge place on garden?

  10. Tiger

    Thanks Lori (you are the best!)

    JC, being a long time reader of this blog I learned that the bigger the unit, the lower the $/sqf. 1 BR apartments seem to have the highest $/sqf rates; then 2 br, then 3 br. The Hoboken ‘average’ is typically closer to the popular 2BR option, so don’t be surprised if the 3 Br is lower, and 1 Br is higher

  11. jc

    Thanks….I meant Bloomfield.

  12. Lori

    I saw 118 Bloom at a brokers’ open house yesterday.

    Pros: It is very spacious and has a great backyard which can be accessed from both levels. There is a small basement. The open kitchen is large with lots of counter space. There is a fireplace in the living room. The master bath has a steam shower. It is very close to thee PATH.

    Cons: The appliances are white. Overall finishes are not high-end by today’s standards. My guess is that the renovation was done in the 80’s. The upstairs ceilings are normal height – not super high like in some parlor levels. There is carpet in the bedrooms, not hardwood. I don’t recall any historic detail. What’s up with the house next door? There are several bars nearby.

    So is it worth over 900k? Entire brownstones go for that price or less uptown. In a two unit condo you need to have a good relationship with the other unit owner which is entirely different than owning a single family home. There is a premium to be paid for proximity to the Path. The owner could potentially buy the upstairs unit and turn it back into a 2 family with a rental unit or a very large 1 family.

    It will be interesting to watch.

  13. JC

    thanks for the detailed response. You mentioned the applicances are white but the first picure looks like the appliances are stainless and high end. The listing describes the kitchen: chefs kitchen with Viking range, Bosh D/W, SS refrigerator.

    I agree the house next door is an interesting one.

  14. Lori

    They might be a mix of white and stainless. They were premium brands but not brand new (based on my memory – I was only there for a short time). My overall impressions was that if it were my kitchen I’d want to redo it and the bathrooms at some point, but don’t all women? OK – not to be sexist – some men who care about such things, too 😉

  15. Joseph

    any news on this new tax credit? Obama signed the bill today. Does that mean any closing after today will be able to claim the new credit or does the closing have to be after the old one expires (11/30)?

    Your thoughts?

    thanks

  16. Lori Turoff

    2009-2010 Home Buyer Federal Tax Credit Fact Sheet

    Who is Eligible
    First-time home buyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
    Existing home owners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
    All U.S. citizens who file taxes are eligible to participate in the program.
    Income Limits
    Home buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
    For married couples filing a joint return, the combined income limit is $225,000.
    Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
    The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.
    Effective Dates
    The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.
    Types of Homes that Qualify
    All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.
    Tax Credit is Refundable
    A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.
    For example:
    A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time home buyer tax credit).
    A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
    All qualified home buyers can take the tax credit on their 2009 or 2010 income tax return.
    Payback Provisions
    The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

  17. Joseph

    Thanks Lori,

    May I ask where you obtained that information from? I read the actual ammendments to the original bill and from my understanding the closing must be after 12/1/2009. I posted the link below.

    http://finance.senate.gov/sitepages/leg/LEG%202009/103009_Worker_Homeownership_Business_Assistance_Act.pdf

  18. Lori

    That is from Wells Fargo. It could be inaccurate. I’ll check asap.

  19. Lori

    Joseph – I looked at your link to the amendment. To what line do you refer regarding closing after 12/1/2009? I’d love to get the right info but you are not clear as to where you think there is a discrepancy. Thanks.

  20. mike

    hey Lori,

    Where you able to get anymore insight on the effective date of the new tax credit ammendment?

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