2009 Nov 18th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for the Week of November 18th

Hoboken Condos Inventory & Sales – Week of November 18th

Here are this week and last week’s numbers:

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Studio & 1 Bedroom Hoboken Condos:

3 new listings.

175 total active – $38o,932 average asking price. 79 average DOM.

3 dabos. 108 average DOM.

4 sold for an average price of $359,375 Average 87 DOM.

4 price reductions.

Two Bedroom Hoboken Condos:

5 new listings

267 total listings. Average list price $595,702. Average DOM 89.

2 dabo’d. 22 average DOM.

4 sold – $540,000 average sales price. Average 76 DOM.

18 price reductions.

Three Bedroom and Larger Hoboken Condos:

1 new 3 BR listings

61 active listing. Average price $977,158. Average DOM 111.

None dabo’d.

None sold.

2 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. thoughts

    same old same old – prices are still holding….

    and interest rates are super low.

    also, if you had $$ in the market, your cash is almost back.

    the trend is anti-moving to the burbs.

    a perfect storm to buy NOW!

  2. patk14

    What happens should interest rates move in the only direction that is possible, upward? Stock market still considerably below its highs despite a very strong run since the end of the 1st quarter, will these gains hold? Seems things are stagnating right now on the real estate side. The government is doing everything in its power to support housing prices (screwing the hell out of lower income potential buyers who would benefit the most from lower housing prices). All of this support is a direct transfer of wealth from the taxpayer to sellers of properties. Tax credit to benefit buyers? That simply allows the seller to realize a higher price. Wouldn’t the buyer be better off paying a lower price? Would you rather pay $50,000 for a Mercedes with a $10,000 credit from the government or $40,000 for the exact same car without the credit. Who benefits from the higher price?

  3. stan

    cue the “Hoboken doesnt benefit from the first time homebuyers credit” music.

    :)

  4. Tiger

    patk14, most of the ‘lower income potential buyers’ are no longer potential buyers as they got laid off thanks to the horrible economy. It’s kinda bad, but it’s typically ‘little people’ who get hit the hardest in economic crisis; even though their losses seem minimal compared to the millions lost by the rich, they are the ones hit the most.

    I am not advocating either with or against the tax credit, but I just wanted to point that out.

    And that said, it is **still** a great buyers market, we have years to go before sellers get the advantage.

    ** Neither a buyer nor a seller here **

  5. scared

    There is a CNBC article today about condo apt auctions in Manhattan. Many more to come it says. As this happens, I don’t see how this doesn’t put pressure on Hoboken. Once the City starts big discounting, where does this leave Hoboken???

    Please someone talk me off the ledge!!!

  6. Lori

    Weren’t the “lower income potential buyers” the ones who took out mortgages they couldn’t afford and contributed to this mess? Maybe some people simply shouldn’t be buying a house.

    The CNBC article is about a building in Riverdale, in the Bronx,not Manhattan.

  7. JerseyBoy

    You’re right Lori about the apts being in the Bronx. Who would choose to live there, although the apts do look better than even Hudson Tea or anything I’ve seen in Hoboken.

  8. Andy

    Riverdale has always had a loyal following among Jewish circles as different generations have lived there over the years plus its locale next to the hudson river in a nicer section(ie trees in stead of high rises). However, I would never live up in the Bronx. You need at a minimum a car and if you do want to take mass transit it’ll take you forever to make it back into the city.

  9. Confused

    I don’t understand this:

    “also, if you had $$ in the market, your cash is almost back.”

    Since when does 10,300 = 14,000?

    Can anyone help me here?

  10. Laki

    I just wanted to point out one thing that is not necessarily related to Hoboken in particular. 14.4% of all outstanding residential mortgages in United States are either delinquent or foreclosed on as of Q3 2009. This does not include all the modifications that were done in Q3 (historically 50-60% of mods re-default within 6-12 month period). Think about this number. Every 7th mortgage in United States is not paying. On top of this 11% of all homes/condos are empty year-round in United States.

  11. thoughts

    confused – there was years you made $$$ and received dividends. so, did you put all of the $$$ at 14,000? come on….

  12. thoughts

    confused – also, the minimum amount of cash lost is more than made up with the discounted real estate prices….

  13. TS

    thoughts,

    The only reasonable way to interpret your comment is that by “your cash is almost back” you meant that it’s back to what it was at the peak (marked to market). Otherwise, how can you even make such a comment since people invested at different points in time – some might never have lost any money according to your definition.

    Also, in your last post you must have meant the *maximum* amount of cash lost being made up for by lower RE prices.

  14. tired

    I have 5 condos that I’m going to sell in Hoboken. I’m tired of playing this game of waiting for a bottom. I can’t afford to wait anymore or else I’ll be bankrupt with these carrying costs. Taxes are killing me and rent isn’t close to covering my expenses. 2 of my tenants told me their moving out soon. Maybe selling now it’s not the right move for most people, but it’s the right move for me. If you think we’re at a bottom, then please buy one of my places.

  15. vreporter

    This is going to be a long and slow drawn out process. Too much of the anxiety is focused on the past few months, as if the hole we were in wouldn’t look good at some point given all the stimulus thrown around. So, all we’ve done is bought more time for that bottom to arrive. That means, in this area, we catch up to the norm for the country before we see any worthwhile price recovery. As for “tired’s” post, it seems disingenuous at best! If he/she really were a seller of multiple properties (by the way, many brokers are!), it’s going to take that kind of guts to cut the rope in the real world.

    There’s some great analysis about the rosy real estate numbers on Diana Olick’s blog at cnbc.com. There is still some sensibility in the media amidst this second coming celebration. While I follow the Hoboken situation regularly, I concluded long ago that there will be as many stupid buyers in this supposed bargain period as there were near the top. That’s how this scenario draws out a protracted suffering; I’m guessing at least five years. So the current buyers are simply playing musical chairs with fewer chairs left in the game. Hoboken’s hospital funding on top of an existing tax/budget crisis gets worse still as the state goes begging for its own survival.

    The CRE environment comes along and kicks it down even further. Do any of you residential specialists understand the impact of the commercial market on your individual situations? Mr. Otteau is going to be dead wrong about a meaningful recovery, but he has to say something different! Otherwise the thousand brokers looking (and paying) for love have got nothing to listen to.

    We have got a lot of pain to come. So debate all you want; even the professional flippers are looking for other careers. What does that tell you?

    (Yes, this was meant to invite your anger and opinion because there’s too much patting each others’ back sides going on here, I assume by the very brokers who are contemplating life about now)

  16. tired

    vreporter,

    not sure why you called me disingenuous. it must be fun to kick someone while he down, huh?

  17. thoughts

    vreporter – like always, you provide your opinion, but state it as fact and act like a DB

    with the right deal (i.e. 20% or so off the peak), the tax write offs, and the low interest rates – buying in Hoboken beats renting a nice place for around 3K or so. obviously, if you don’t plan on moving. also, the trend is for families to stay in the urban environmental – the burbs are dead – ask any developer.

    you can argue all you want, but all of the foregoing statement are true

    TS – your interpretation is correct regarding my comments on the market, etc.

  18. thoughts

    tied –

    can you post your apartments? i (and others) may be interested if they are in the south east part of towm…..

  19. lori

    Tired – if you really want to sell you need to list your units on the MLS. Please don’t post them here – this is not the right forum. I’m happy to help if you email me.

  20. confused

    thoughts, once again you confuse me.

    You deride vreporter for stating his opinion as a fact, yet you state “you can argue all you want, but all of the foregoing statement are true”.

    In fact, your statements are clearly an opinion just as much as those posted by vreporter.

    Quite hypocritical of you.

  21. patk14

    I still see most people heading to the burbs before their children reach school age. There are exceptions for sure, but many people still crave more space and a yard. There are people selling in the burbs and moving to places like Hoboken after their kids are out of high school which is a relatively new dynamic brought about by the increase in “luxury” units in town.

  22. vreporter

    Schooling will always be a Hoboken issue among the cost vs quality items. Once kids reach school age, there is nothing here to compensate for the high cost in taxes and convenience. It would be a different matter if the education system had opportunities. Hoboken already spends an exorbitant $25k per student! How can you improve educational services if you can’t start from a lower cost structure. The hospital is an additional financial disaster. So things are piling up on the bottom line and that will filter up to the price of properties. No way around it. 20% off peak doesn’t even come close — dream on!

  23. thoughts

    confused – you can run the rent v. buy numbers to substantiate my claims – therefore, it is fact….

    patk14 – the HUGE trend is anti-burbs – you can check any real estate industry publication about that fact

    vreporter – the school issue is being worked on – if you ask teachers in town, the schools have improved greatly over the past 7 to 10 years. check out the younger grades. i don’t understand you comment about 20% off the peak comment?

  24. confused

    thoughts, thanks for setting me straight.

    Are you a Hoboken realtor or Hoboken City Counselor?

  25. thoughts

    confused – anytime, i assume you’re not being sarcastic – have a good holiday.

    if you’re being sarcastic, go buy in the burbs. according to the real estate industry, going forward the burbs will never have the demand or recovery an urban area will have….

    i also faith in the yuppies you have taken over hoboken that they’ll fix all of the issues. maybe not today, but in the coming years.

    check out the rising taxes in the burbs. for example, a 550K west orange home has 18K in taxes. taxes are more than a Hoboken issue…..it’s a NJ issue

    lastly, where are all of the young NY couples moving?? that’s right – Hoboken!

  26. thoughts

    sorry – i only a had a minute, so i have some missing words and bad grammar

  27. Tiger

    I don’t think Hoboken taxes will ever go down again, I would be grateful if they just stand still for the next few years.

  28. Andy

    Tiger, any decreases we’ll see will be trivial at best. All we can hope for is to hold on to status quo. The county will continue to raise taxes especially given the economic environment. None of those people will be willing to take a paycut and god forbid they layoff anyone in civil service.

  29. lori

    Layoff anyone in civil service? You mean like the woman sitting and reading a paperback at the office where you pay parking tix at city hall while 14 people waited on line? Keep dreaming.

  30. Tiger

    Just another day in Hoboken, Lori.

    Heck, I would be grateful if anyone at City Hall smiles; It’s like mysery took over that building.

    On an related note, yesterday my friend moved to a new building in Jersey City. It’s a nice unit, but he is paying $2,400 for a 580 sq ft one bedroom! It’s surprising that people are charging that much in rent in Jersey City!

  31. homeboken

    Lori – I’ve been following the closings and DABO’s for the last few months and I have noticed that there are virtually zero waterfront sales occuring. You get the occassional studio or 1 BR but I see no 2BR + in the shipyard, Maxwell, Harborside, HTB, etc.

    Is this due to the large number of developer owned units that are being sold? OR do you think that the “luxury” market of the Hoboken waterfront is dead? It seems to me that the disconnect being asking prices and demand is the largest for waterfront properties.

    I understand that the current waterfront owners are more affluent and thus don’t HAVE to sell, but then why list the unit?

    Part two of this question is how will any lack of demand for waterfront property (at current pricing) affect the Hoboken market in general?

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