The Weekly Wednesday Wrap Up – Hoboken Condos Sales & Activity for the Week of January 12th
Categories: Weekly Wednesday Wrap Up
I spent the day at a real estate and technology conference in the city yesterday. The most interesting thing I learned is that the NAR (National Assocation of Realtors) is coming out with a product for realtors that is going to go head-to-head and way beyond the likes of Trulia and Zillow. Many of you are familiar with “Zestimates” which let you see what a property is worth. The value given in the Zestimate is based on an algorithm and isn’t always 100% accurate, though.
This new product, called RPR (Realtor property Resource), will be available only to Realtors but will take the Zestimate a big step forward by including much more information in the algorithm that calculates market value and adds nationwide MLS info, appraisal values and allows agents with local market knowledge to comment on the properties they’ve seen and indicate corrections to the (often incorrect) public records. It’s also a highly sophisticated property search engine that takes info from all MLS’s, tax records, and more. It will show school & neighborhood info, transportation, and shopping. It will show price trends, mortgage history, estimated loan balance, sales transaction & pricing history, and much more. There is an extremely sophisticated system for pulling and evaluating comps and determining market value. Go to the above RPR link and check out the video if you’re really interested. This is going to be a game changer.
It seems as though the MLS’s will have to opt-in to the system and they have historically been resistant to sharing information, transparency and change. I can’t wait to see what our local board decides.
Hoboken Condos Inventory & Sales – Week of January 12th.
Here are this weeks numbers vs. a week’s ago numbers:
- 436 active Hoboken condo units today – vs. 422 last week and so it begins.
- 37 price reductions, vs. 19
- 6 dabo (under contract) vs. 10
- 12 sold vs. 15
- 47 new listings vs. 26
- 7 expired listings vs. 25
Studio & 1 Bedroom Hoboken Condos:
24 new listings.
161 total active – $375,084 average asking price. Average 87 DOM.
1 dabo. 36 Average DOM.
7 sold for an average price of $316,678 Average 68 DOM
- 80 – 82 Bloom listed at $369k on Sep 8; reduced to 359k on Oct 14; sold for 334k.
- 422 Bloom listed for $350k on Aug 12; reduced to 340k on Sep 10; 325k on Sep 24; sold for 305k.
- 123 Willow listed for $375k on Sep 9; reduced to 362k on Sep 22; 349k on Oct 6; sold for 330k.
13 price reductions.
Two Bedroom Hoboken Condos:
22 new listings
227 total listings. Average list price $566,478. Average 109 DOM.
- 167 up to $600,000
- 60 $600,000 and over
5 dabo’d. Average 54 DOM.
- 62 Madison listed at $599k on Aug 8; reduced to 579k on Dec 15.
- 700 1st St. listed at 520k on Dec 21; increased (?) to 525k on Dec 23. (Short sale)
5 sold – $442,700 average sales price. Average 55 DOM.
- 331 Adams listed at $380k on Oct 23; reduced to 369k on Nov 16; sold for 365k.
- 135 Garden listed at $550k on Aug 17; reduced to 450k on Sep 25; 435k on Oct 5; 430k on Oct 12; 425k on Oct 21; 415k on Oct 28; 405k on Nov 20; sold for 392.5k. (Short sale).
- 1100 Adams listed for $545k on Sep 21; reduced to 539k on Oct 23; sold for 519k.
20 price reductions.
Three Bedroom and Larger Hoboken Condos:
1 new listing
49 active listing. Average price $936,483. Average 144 DOM.
None dabo’d.
None sold.
3 price reductions.
62 Madison is gorgeous new construction. Went and saw them twice during my search. Good to see they finally came down off that $600k perch and got one under contract. No deeded parking and a walk-up on Madison for $600K? That was never going happen. I betcha it sold for $550k.
I’ve read Lori’s comments on some other posts and it looks like she is continually in denial. But I don’t blame her for being positive because that is her job–to sell. What is she supposed to do–tell everyone (potential clients) that this market is about to collapse?!?!?!
Anybody watching these inventory numbers and the inventory that’s about to hit the City. This stuff is not really moving at these prices. Maybe a few idiots will buy at these levels, but I think most people now are taking a step back and asking themselves if it makes sense to spend a half a million dollars in NJ on a few rooms…
Seems like some sense is starting to filter into the market. Of course it will take sellers a long time to realize this. The smart ones will be very aggressive now in unloading. The ones that wait will at some point wish they didn’t.
Steve, who’s in denial? Lori has always presented both sides of the arguement, and needless to say actual NUMBERS, week after week.
Show us your proof, when is that collapse going to happen? Is the stock market going to fall apart again? Or is everyone going to become jobless overnight? Will Hoboken get hit with another tax increase? I am very curious to know. You seem to know something so share with us, little people.
Don’t pee on my leg and tell me it’s raining.
Hahahahaaa. I love that last line.
How come we keep seeing price reductions?? And how come Lori’s saying market prices are steady?
Price reductions get individual units sold. That’s entirely different from price trends which are an aggregate measure.
Sold prices lag economic trends. I’ll make a better informed decision post spring 2010. Everyone kept saying rates were going up. I think I just saw today 30yr fixed avg 5.05%. Rates are still low. Those who can finally put that 20% down are going to come into the market. Most of the investors have long left Hoboken. There are a LOT less stupid condo developments going up which takes pressure off of inventory. Taxes are starting to stabilize. Sorry if I’m missing something but what is pushing Hoboken to devalue another 100k? Speculation?
I guess it’s possible to spin anything…
Where I come from, price reductions = price going down. When prices go down for a time, if that does not make a trend, then what does it make? And if the trend is down, isn’t that by definition an aggregate measure when you’re looking at many apartments?
Ok, I get it. Let’s look at only the apt prices that go up. Yes, we’re Alice and Wonderland!!
The Boston Fed Chief expects mortgage rates to rise 50 to 75 basis points before year’s end.
http://www.calculatedriskblog.com/2010/01/feds-rosengren-expects-mortgage-rates.html
Here’s a summary of the NYC market – looks good:
I am happy to inform you that Corcoran has released its Fourth Quarter Corcoran Report, our quarterly survey of residential real estate sales in Manhattan. This report compares data based on deals that closed in 4Q 2009 (October 1 through December 31) with that closed in the prior quarter and in the same quarter one year ago.
No doubt you have been following the economic news closely over the last year. If so, you have had your eyes on the real estate market as a key indicator for economic recovery.
This quarter there is reason to be hopeful that the significant devaluation we have tracked since the demise of Lehman Brothers is coming to an end. Although values are down significantly compared with 2008 (median prices are 15% lower than they were one year ago; average price per square foot is 17% lower), prices in the Fourth Quarter were essentially unchanged from the Third, suggesting that buyers and sellers reached price equilibrium after twelve months of downward pressure. This was particularly apparent in the comparison of quarter-over quarter resales: the median price for a re-sold apartment in the Fourth Quarter was $725,000, down 3% from the prior quarter, while the average price per square foot rose 1% to $936.
In the past few months, smart buyers have been taking advantage of reduced prices, low interest rates and tax credits. The Fourth Quarter was an extremely busy one for closings; when all deals are fully recorded in the public record, we anticipate this quarter will outpace the same quarter one year ago by 48% in number of sales. In addition, the total available inventory has decreased 36% since the peak in March, restricting choice and increasing competition.
The combination of shrinking inventory, stabilizing prices and increased sales are hopeful signs for the value of real property as we enter the New Year. I will be tracking them all closely as 2010 unfolds, and would welcome the opportunity to answer any questions you may have about the report or the market generally.
Start showing sale price higher in your weekly data. Start showing increases instead of constant reductions. Do that consistently and then I will believe you that the market is not going down. Isn’t that fair?
Huh?
G has not his medication and gone bye-bye. Lori thank you for putting the data out there. G, if you look you’ll see weekly sales broken down by bedrooms.
does anybody know anything about that new construction on clinton between 2nd and 3rd (east side of the street)? cannnot find it anywhere?
thanks,
thoughts