Categories: Weekly Wednesday Wrap Up
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 Orleans 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.
Here are this weeks numbers vs. a week’s ago numbers:
- 475 active Hoboken condo units today – vs. 459 last week.
- 27 price reductions, vs. 22
- 9 dabo (under contract) vs. 8
- 13 sold vs. 11
- 55 new listings vs. 50
- 6 expired listings vs. 5
Studio & 1 Bedroom Hoboken Condos:
21 new listings.
183 total active – $371,014 average asking price. Average 83 DOM.
2 dabos. 22 Average DOM.
- 423 Jeff listed at $245k on Dec 22; reduced to $235k.
2 sold for an average price of $328,500. Average 92 DOM
- 422 Bloomfield listed at $350k on Aug 12; reduced to $340k on Sep 10; $325k on Sep 24; sold for $297k.
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.
- 83 Grand listed at $615k on Oct 3; reduced to $595k on Oct 20; $575k on Oct 28; $548k on Oct 31.
6 sold – $557,500 average sales price. Average 183 DOM.
- 717 Madison listed at $580k on Sep 10; reduced to $549k on Oct 2; $535k on Nov 3; sold for $485k.
- 325 Adams listed at $570k on Jun 23; reduced to $549k on Jul 29; $525k on Sep 17; $519k on Oct 28; sold for $500k.
- 508 Garden listed at $639k on Aug 21, 2009; reduced to $629k on Sep 30; $620k on Nov 17; $605k on Jan 12; $590k on Mar 20; $555k on Aug 13; $530k on Sep 8; sold for $500k. (Short sale).
- 65 10th Street listed at $619k on Jun 15; reduced to $599k on Jul 15; $579k on Oct 5; sold for $545k.
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.
- 219 Madison listed at $949k on Jul 13; reduced to $899k on Aug 13; sold for $835k.
1 price reduction.