Categories: Weekly Wednesday Wrap Up
Hoboken Condos Inventory & Sales – Week of November 11th
This week’s activity is similar to last week. Inventory is thankfully headed downward again although we have a long way to go. My question for the week is what’s up with Hudson Tea? There was a short sale of a studio that was originally listed at 534,900. It sold for only $345,000. There are plenty of comps in the building. Why would the bank take so little? The market value should easily be higher than 345k. The most recent comps sold for between $525 and $680 per square foot depending on view/exposure. The 1500 Washington building with water & NYC views command the highest prices. The interior units that face the other building the lowest. This one sold for $457 and had a view somewhere between the best and worst – it faces due South and looks out over all of Hoboken. Some people I’ve discussed this with surmised that the bank took what was owed on the mortgage. But if only $345,000 was owed, and the true market value for the unit should have been closer to $450,000 then by definition, how is that a short sale? The mortgage was not less than the market value of the home. I’m curious to know if any of you can explain this one. Similarly, why would Toll list a studio for over $480k and sell it for $385K? These comps are going to cause appraisal problems for future buyers.
Here are this week and last week’s numbers:
- 507 active Hoboken condo units today – 523 last week.
- 23 price reductions, the 40 last week
- 15 dabos (under contract) vs. 15 last week
- 24 sold vs. 24 last week
- 23 new listings vs. 30 last week
- 6 expired listings vs. 17 last week
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Studio & 1 Bedroom Hoboken Condos:
10 new listings.
175 total active – $381,327 average asking price. 74 average DOM.
4 dabos. 61 average DOM.
- 80 Bloom listed on Sep 8 for 369k; reduced on Oct 14 to 359k.
- 422 Bloom listed on Aug 12 for 350k; reduced on Sep 10 to 339k; Sep 24 to 325k.
- 709 Adams listed on Aug 9 for 309k; reduced on Sep 24 to 299k.
6 sold for an average price of $337,333 Average 84 DOM.
- 1013 Park listed on Jun 16 for 279k; reduced to 259k on aug 19; sold for 251k.
- 412 Monroe listed on Jul 2 for 375k; reduced to 365k on Jul 30; sold for 354k.
- 1500 Hudson listed on Feb 20 for 534,900; reduced to 529k on Apr 6; 469k on Jul 15; sold for 345k (short sale).
- 128 Madison listed for 329k on Feb 27; reduced to 309k on Aug 12; sold for 300k.
10 price reductions.
Two Bedroom Hoboken Condos:
10 new listings
270 total listings. Average list price $595,035. Average DOM 84.
- 192 up to $600,000
- 78 $600,000 and over
7 dabo’d. 93 average DOM.
- 809 Wash listed on Oct 2 for 489k; reduced on Oct 9 to 469k.
- 350 7th listed on Jun 9 for 719k; reduced on Jun 22 to 699k; Jul 9 to 650; Sep 4 629k.
- 331 Jeff listed on Jul 7 for 499k; reduced on Sep 25 to 475k.
- 405 Bloom listed on Jul 31 for 569k; reduced on Sep 9 to 549k; Oct 7 to 529k.
4 sold – $518,875 average sales price. Average 36 DOM.
- 812 Garden listed for 540k on Jul 3; reduced to 523k on Aug 25; sold for 511.5k.
11 price reductions.
Three Bedroom and Larger Hoboken Condos:
2 new 3 BR listings
61 active listing. Average price $974,787. Average DOM 107.
1 dabo’d. 60 average DOM.
1 sold. $665,000 average sales price. Average 1 DOM.
2 price reductions.