2010 Jan 26th

The Weeky Wednesday Wrap Up – Hoboken Condo Sales and Activity for The Week of January 26th

There is no question now that inventory is creeping up again. More new listings and not as many sales. This has got to put downward pressure on pricing. A previously much discussed unit closed this week at 508 Garden so for those who were curious, this short sale went for $500k. Another unit of interest to me was 65 10th Street. We actually met with the sellers about listing it and I have a very clear memory of our discussion about pricing. The owner said something along the lines of the first number having to be a “6” and I thought to myself, “I don’t want this listing”. It sold for $545,000 after almost 6 months on the market. Guess he had his 6’s mixed up.

Finally, of course we are disappointed about the Jets but that is overcome by our joy that the New Orleansnola saints Saints will be going to the Superbowl! The National Association of Realtors held their annual convention in NOLA just after Katrina and we attended and took the requisite tour of the 9th ward. It was the first convention after Katrina to be held in the convention center that housed so many stranded people during the hurricane. Having been another site of real devastation, seeing the stadium a scene of such joy and celebration was truly heart warming. “Who dat? Who dat? Who dat say dey gonna beat dem Saints? Who dat? Who dat?”

Hoboken Condos Sales & Activity – Week of January 26th.

  1. (valid email required)
  2. (required)
 

Here are this weeks numbers vs. a week’s ago numbers:

Studio & 1 Bedroom Hoboken Condos:

21 new listings.

183 total active – $371,014 average asking price. Average 83 DOM.

2 dabos. 22 Average DOM.

2 sold for an average price of $328,500. Average 92 DOM

13 price reductions.

Two Bedroom Hoboken Condos:

26 new listings

238 total listings. Average list price $577,385. Average 105 DOM.

6 dabo’d. Average 111 DOM.

6 sold – $557,500 average sales price. Average 183 DOM.

8 price reductions.

Three Bedroom and Larger Hoboken Condos:

8 new listing

54 active listings. Average price $963,690. Average 133 DOM.

1 dabo’d. 101 average DOM.

1 sold. 144 DOM.

1 price reduction.

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. A word about that – if you have an ongoing relationship with another agent we are not going to email you. That means someone you’ve been working with on a regular basis and whose services you are happy with and to whom you feel loyalty. We respect that relationship. If that is the case, ask your own agent for listings. If, however, you’ve gone to an open house or you’ve seen several properties with several different agents, that’s not an ongoing relationship. Showing someone a single property, or even a few, does not necessarily a relationship make. You are the consumer – you get to decide with whom you wish to work. So we will ask you before we email you.
You can always contact us at 201 993 9500.
Thanks for reading and, as always, we welcome your comments!
FacebookTwitterGoogle+Share
  1. ShortsEqualMarket

    Can we please stop the lie that short sales sell at a discount to the market. 508 Garden is proof. It started at a high price and rode the market down until it sold at the market price.

  2. thoughts

    that wasn’t very nice at all about “65 10th Street” – they bought it at the height for 650K and sold it for around 16% less. i can’t blame them for trying to recoup some of their loss. it’s a lot of money. personally, i think they got a good price for it at 545K. 16% off of the high!

    Lori – Query – besides a few months earlier to satisfy the broker – what do you think you could have sold it for?

    Thoughts?

  3. DrSharma

    Lori, I read your blog when i’m researching hoboken real estate. I’ve found it insightful & in some instances quite helpful. However in this case, I have to agree with the last comment and also think that your ego is a little bit out of control.

  4. Lori

    I think that sellers who price there property the closest to the true market value to start have a much greater chance of getting what they ask. It has nothing to do with my ego. It’s about days on market and the single opportunity a seller has to reach the buyers with a well-priced product. Waste that opportunity and you don’t get a second one.

  5. JC

    “Jersey Gold Coast Luxury Real estate Market is back”

    http://www.nypost.com/p/news/business/realestate/residential/jersey_soars_d24EgLCryDjZuxjkfV1CzI/1

  6. G

    Only a fool would think there is a “Gold Coast” anywhere in the state of New Jersey.

  7. Tiger

    G, no need for NJ hating here on a Hoboken real estate forum. Seriously, take this somewhere else.

    How is the Bronx doing?

  8. thoughts

    Lori –

    Well – “65 10th Street” – did get a second chance, as they got the unit sold. Also, some people are not in a rush to sell…..

    I think my question was – do you think you could have fetched him a substantially better price than 545k assuming that he went with you from the beginning and listed at your suggested price????

    Thoughts?

  9. thoughts

    Lori –

    A couple of questions:

    1. first – see above – could you have gotten him a better sale price?

    2. second – you keep playing both sides – if hoboken is only down 5% and “65 10th Street” bought it at 650K – why was asking for 600K so bad??????

    Thoughts?

  10. Lori

    1. – I can’t say what ‘could’ have happened because there is no way to know that. As I have already said, pricing a property correctly at the start, in my opinion, results in a better sales price than pricing too high and going through a series of price reductions.
    In fact, I would suggest pricing a little under market with the goal of getting more showings and multiple offers. It’s a numbers game.

    2. – I’m not playing any sides. I just publish the data. You can interpret it as you see fit. I’ve also said repeatedly that one property does not a market make. To see a trend you need to have a statistically significant sample – not an individual unit.

    All too often, the seller’s analysis goes like this: I paid $650k in 2007 and I have to pay the 5% commission plus closing costs so that means I have to list for over $700k and get at least $699k to break even. That’s just not how you price a property.

  11. FN

    Lori-

    It should not be difficult to build a statistically significant data of change in price based on repeat sales. It would still leave change in propety condition (imporovements and destruction) but one could adjust for it by leaving out the outliers. I could do the model work if I got data.

    All I need is all arm lenght sales that took place in 2009 “date of sale, adress, number of beds, Unit, sq ft and price” and the pervious sale of the same unit “date of sale, address, unit , number of beds, sq ft and price”.

    But how would one get the data ??

  12. thoughts

    Lori –

    Every unit we discuss on this site is 15-20% off of its high – yes, one unit does not make a market, but everyone we discuss may…..

    Question – Are there any units listed (or buildings) that you believe have a present FMV of only 5% or so off of its high? In other words, have you ever walked into a unit and believed that the unit shouldn’t go for much less then it did in 2007/2008?

    Thoughts

  13. Tiger

    FN, you can find the data you are looking for by searching for ‘NJ Tax records’ in google, you can find NJ state tax records, pick Hoboken, and adjust settings to get a download of all S1r /deeds. Typically they are a couple of weeks of sale date, but this should be sufficient to do your model.

    I would be curious to see what you find.

  14. FN

    Tiger,
    thanks, I will try in when I get time will publissh in next few weeks

Leave a Reply

Copyright © 2008 Hoboken Real Estate News     Login     Sitemap