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:
Here are this week and last week’s numbers:
- 523 active Hoboken condo units today – 549 last week.
- 40 price reductions, the 39 last week
- 15 dabos (under contract) vs. 11 last week
- 24 sold vs. 28 last week
- 30 new listings vs. 35 last week
- 17 expired listings vs. 5 last week
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.
- 924 Jeff listed for 410k on Jun 23; reduced to 390k on Jul 21; sold for 380k.
- 519 Willow listed for 199k on Mar 13; reduced to 192k on Apr 7; 184k on Apr 30; 177k on May 18; 160k on Jun 25; 150k on Jul 18; sold for 136k. (This was a never renovated property occupied by a protected tenant paying $1000 rent and had to be an all cash deal).
- 133 Mad listed for 279k on May 26; reduced to 239k – Short Sale – sold for 220k.
- 1500 Hudson listed for 535k on Feb 20; reduced to 529k on Apr 6; 469k on Jul 15; sold for 345k. Wow! This was a short sale.
- 1425 Garden (Garden St. Lofts) listed for 695k on Mar 12; reduced to 675k on Jul 2; 608k on Apr 24; sold for 545k. Wow, the prices on these have really come down! Maybe the “green” selling point is offset by the not-so-green parking garage abutting the entire back side of the building.
- 222 Mad listed at 290k on Jun 16; reduced to 276k on Jul13; 260k on Aug 11; sold for 246k.
- 1125 Maxwell listed at 687k on Apr 3; reduced to 655k on Aug 6; sold for 625k.
- 1013 Park listed at 279k on Jun 16; reduced to 259k on Aug 19; sold for 251k.
- 412 Monroe listed for 375k on Jul2; reduced to 365k on Jul 30; sold for 354k.
13 price reductions.
Two Bedroom Hoboken Condos:
16 new listings
281 total listings. Average list price $539,551. Average DOM 82.
- 202 up to $600,000
- 79 $600,000 and over
10 dabo’d. 122 average DOM.
- 78 Jackson listed at 689k on Jun 29; reduced to 629k on Aug 4; 619k on Sep 10; 599k on Sep 21.
- 1100 Adams listed at 545k on Sep 21; reduced to 539k on oct 23.
- 533 Adams listed at 625k on Dec 12 ’08; reduced to 595k on Jan 13; 575k on Feb 27; 550k on May 19; 500 K on Aug 5. Another example of why it pays to buy some top-down Levolor shades when you’re trying to sell a street level condo. Gorgeous finishes but it felt like the world was watching!
10 sold – $491,050 average sales price. Average 145 DOM.
- 800 Jackson (MetroStop) listed at 721k on Mar 7; reduced to 659k on May 14; sold for 543k. That’s over 20% off the original price!
- 70 Adams listed for 649k on Apr 14; reduced to 629k on Sep 7; sold for 615k.
- 1016 Willow listed Jul ’08 for 475K; reduced to 465k and expired. Relisted at 449k on Nov 18 ’08; reduced to 429k on Feb 17; 405k on May 14; 399k on Jul 14; 395k on Aug 27; sold for 380k. If any sellers think how your property shows does not matter – here is a perfect example of why it’s worth it to spend a little money and rent a storage bin rather than reduce your sales price by almost 100K. The photos don’t look bad thanks to the work of a good agent, but I saw it and the property needed some serious de-cluttering.
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.
- 510 Monroe listed at 535k on Apr 22; reduced to 516k on May 15; 499k on Jun 4; 479k on Oct 12. This is really a 2br plus den.
3 sold. $742,333 average sales price. Average 104 DOM.
- 110 Willow listed at 730k on Jun 9; reduced to 695k on Jul 25; sold for 640k. These are nice enough units but I couldn’t see them going for over 700k by any stretch! Especially without an elevator.
- 207 2nd (Tara Gardens – the new construction on the corner of Bloom) listed at 839k on Apr 28; INCREASED to 862k on May 6; INCREASED to 877k on Jun 4 sold for 840k. The other sold unit went for over asking. Guess pre-construction commitment pays off!
NO price reductions.