2009 Dec 2nd

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week Ending December 1st

Hoboken Condos Inventory & Sales – Week of December 1st.

We are back down under the 500 mark, which is good. It’s been a pretty quiet week due to the Thanksgiving holiday though. Tomorrow I will post the end of November Hoboken condo sales numbers including past year comparisons going back to 2006.

For this report with links to the MLS listings please complete this little form:

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Here are this week and last week’s numbers:

Studio & 1 Bedroom Hoboken Condos:

No new listings.

160 total active – $378,062 average asking price. 85 average DOM.

2 dabos. 328 average DOM.

11 sold for an average price of $338,000 Average 111DOM .

5 price reductions.

Two Bedroom Hoboken Condos:

4 new listings

261 total listings. Average list price $589,913. Average DOM 98.

1 dabo’d. 47 average DOM.

9 sold – $661,131 average sales price. Average 78 DOM. (Two Maxwell Place sales over $1mil bumped up the average).

3 price reductions.

Three Bedroom and Larger Hoboken Condos:

1 new listings

60 active listing. Average price $965,294. Average DOM 119.

1 dabo’d. 30 DOM.

4 sold. Average price $653,240. DOM 72.

4 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

    still waiting for the other shoe to drop – i won’t say it again, but buyers will shoot themselves if this miss this opportunity –

    low prices
    low interest rates
    inventory to choose from (buyer’s market)
    and
    hoboken is only getting better and better:

    *yuppies have taken over politics, including the school board
    *the trend is to stay in an urban environment
    *high end places are opening monthly in hoboken – see the new jewelery store on Newark?

    What’s the counter to this? Taxes, which is a problem wherever you go!?! The market is going to sink from this point?!? Well, it hasn’t yet – this isn’t Maimi and Vegas. You can rent for cheaper – not a nice place and run the numbers – you can’t!

    You say – I must be a broker? Nope, I’m telling the foregoing to all of my friends who are now finally going to start buy – they have all just gotten Realtors, so they do not lose out….

  2. stan

    Thoughts-

    are we looking at the same numbers? I see transactions at lower and lower price levels……

  3. Andy

    Thoughts and Stan, the trend over this year was definately lower. Real estate trends have always lagged the markets since pricing in real estate is based on perception on a longer term horizon. Those buying in Hoboken today are not flippers or buying to make a profit in the next 3 years until they pop out some kids and move to the suburbs. I think many people realized that they would want to live in Hoboken more long term(i know I’m one of them). The economy is not in freefall anymore and people are starting to make a comeback in the tri-state area. Across the rest of the country its a very different story. I’d be very interested to see how the spring selling season does before we make any further predictions but I really doubt you’ll see a freefall. Many of the flippers who overpaid in years past have since sold and left Hoboken. Will be interesting to see.

  4. lori

    I’ll be posting the November numbers later today but the important trend I see is that today buyers can get more for their money. The bigger (i.e., 1200 & 1300 sq ft)2br units are selling for the price that a 1000 sq ft 2br used to sell for. That is ideal for Hoboken demographics – young families who need room for babies. Stay tuned.

  5. homeboken

    Very interested in seeing the numbers, I was surprised to see the two million plus units move at Maxwell. Definetely answered my question from last week that the high-end waterfront market was dead. Things are slow, but two million + sales is nothing to sneeze at.

    Lori – The Maxwell sales, is there anyway to know if they were under contract from long ago or if they were recent? I think they are direct sales from Toll so the data may be tough to gather.

  6. bz

    I know that it’s hard to predict the future. But people still do it based on existing information (otherwise, there won’t be any inventions). I think this winter won’t be too bad and the next spring will be better than this fall. Many buyers are serious about buying aiming to catch the low interest rate and the bottom of the housing market. In addition, the newly extended and revised homeowner credit has been attractive enough to lure many sideline buyers in and around Hoboken. A couple of new buyers I met at my daughter’s day care were from JC. As you all know that today’s buyers all have a longer term horizon and are optimistic about the living environment that Hoboken offers.
    Tax and school systems are the biggest complain among the potential buyers and existing residence. But when you do the comparison on commute, urban life quality, school/politics improvement, and potentials from demographic trends and RE development limitations, Hoboken is still very attractive.
    Yes…there are a lot people renting right now. These are most likely the younger crowd (singles and couples without kids or no plan to have kids soon) that doesn’t have a well defined future in terms of employment and family life. As we going into 2011/12, these people will have a better picture about their future and most likely to buy in Hoboken. That will be the time Hoboken’s housing market starts to have a significant upswing trend. Price and volume will start to rise considerably compare to now. Will we be back to 2005-7 level? Probably not, but it will for sure make everyone of us much happier.

  7. jp

    Anybody who has millions to spend at the Maxwell should just buy in Manhattan. People like me go to Hoboken b/c we can’t afford Manhattan. With a couple million, you can afford Manhattan and there’s no reason to live in Hoboken. I know I’ll vitriolic response, but we all know we would want to live in Manhattan if price wasn’t an issue. Anybody saying otherwise is lying.

  8. Lori

    Except us since we moved here FROM Manhattan.

  9. vreporter

    I’ll be waiting for all of you… no further comment until you can see that this was a bump-up and not the bottom. I stay in cash for a lot longer. I will get an even lower mortgage and I will buy at an even lower price. All of you go to deflation school. And of course, have a good weekend!

  10. SJ

    Obviously I can only speak for myself, but I really don’t see the point in purchasing in Hoboken unless there is an indication that there will be an upswing in real estate greater than 10% over the next 5 year period. As a potential buyer (and I think there are many out there like me) I am a young couple that would like to start a family in Hoboken and then move to the burbs when my kids will need better schools, etc. (prob 5 or 6 yrs). Given closing costs and all other fees and maintenance associated with buying, owning and selling a home, (at least 5% of purchase price), I just don’t see the real estate market appreciating enough to recoup those costs when it will be time to sell. Not to mention the fact that I have seen way too many of my peers grow out of a two bedroom much more quickly than anticipated!!

    Someone please explain to me the purpose/benefit of buying versus renting for a 5 to 7yr time horizon during which no significant market appreciation is anticipated?? I am aware of the benefit of the tax credit, but other than that??? Also, in my experience the current rentals appear to offer more for my money over buying.

  11. JC

    SJ….you make good points. It seems as if you view Real estate as ONLY a investment, and if thats the case it may be hard to persuade you running the numbers.

    However, you stated you want to start a family. Personally I would not want to “start a family” and commit to “5 or 6 years” in a rental situation. With all due respect to those that do it, I personally would rather not if I had funds to buy. Owning is just a differnet type of feeling, growing roots, etc. Its hard to put a price tag on that.

    If you belive in this “5-7 years your property wont appreciate” then running the numbers its hard to prove owning is better than renting.

  12. thoughts

    when i use to ask the smartest person i know (who has moved a couple of times) whether a condo “was a good deal”, his response was “i never bought a home for as an investment, i bought to live there and be happy”.

    i can’t agree with him more – purchasing a place you love is amazing.

    also, renting a nice place is around 3k plus parking – run the numbers, look around – you can get a nice 2 bed with parking for the same monthly nut.

  13. homeboken

    thoughts – the smartest person you know didn’t answer your question, instead he/she answered with some statement that fits your ideals.

    At the end of the day, it really is personal preference. There is the camp that says “purchasing a place you love is amazing”

    There is also a camp that says “renting a place you love is amazing” For me, I value my liquidity and mobility more than the idea of owning. That doesn’t hold true for everyone, plus, someday maybe my ideals will change.

    At the end of the day though, buying a home is 100% an investment. Looking at it any other way clouds judgement and can lead buyers to over-extend and make poor long-term choices. It will very likely be the single-largest purchase (or debt commitment) one makes in their entire life. For me, I need to know my real return on that investment. I could never take the plunge becasue of the magical feeling I get when I own my walls.

  14. jc

    Homeboken, mobility and liquidity was the most important thing to me as well, until it wasn’t :) and agree a renter should value both. Sorry but I disagree buying a home is 100% an investment, and many folks don’t purchase in that mindframe. Sure the home can lose or gain value and there will be a financial consequence. Sure I don’t want to lose money on my home when I sell but my goal was not to make money, if I do I view it as gravy. My goal was to start my llife with my fiance and enjoy the place and the benefits that come with ownership. If I can make a buck along the way all the better but not the sole purpose.

    I agree homeboken, it’s very much a personal choice and since those are your words you must somewhat agree it’s not always 100% an investment. My choice is to LIVE in my home and invest in real estate rental units, equities, commodities, and private start up companies. If I’m the only idiot in te world that thinks like that so be it.

    I also should add that if your home is 100% an investment then the allocation in your investment portfolio is way out of whack. In fact you say NOT thinking of your home as an investment forces folks to over leverage themselves when I would argue it forces folks to put all their eggs in one basket which is the ultimate enemy of investing in the first place.

    I’m not trying to be argumentative here just trying to debunk the ‘a home is 100% an investment’ theory.

  15. thoughts

    homeboken – most normal people like their own personal style, comfort, and belongings – therefore, they want their own home – a stiff like you won’t likely understand that….

  16. 'boken

    Hey guys…

    Great dialogue. Coming from an investment background professionally, I almost can’t help but look at a home purchase much like an investment. Also to homeboken’s point, mobility may mean more to him as he is not in a long term marriage relationship as of yet. I am also in this boat, at least for now, so putting roots down where I dont see appreaciation to cover the costs after 5 years does worry me as well. I have been glad to rent over the past two years as prices have gone down and now stagnated a bit. Perhaps this continues? I may rent even longer.

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