Categories: Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of February 9th.
Well, there is no question that inventory is approaching the 500 active unit mark again. Not a good sign, especially when sales remain sluggish. Sure, my buyers were outbid on a beautiful 3 bedroom this week. But the build-up is in the 2 bedroom area. Big 3 bedrooms with all the bells and whistles are few and far between. Sure, some prime properties in prime locations with all the sought-after amenities still sell quickly. It’s the other sellers that I worry about. I’ve seen some strange things (see 501 9th St. below). I’m sure there will be more to come. Unless, of course, things really start to change when the storm blows over!
Here are this weeks numbers vs. a week’s ago numbers:
- 495 active Hoboken condo units today – vs. 463 last week.
- 30 price reductions, vs. 27
- 11 dabo (under contract) vs. 6
- 16 sold vs. 5
- 41 new listings vs. 48
- 40 expired listings vs. 4
Studio & 1 Bedroom Hoboken Condos:
18 new listings.
204 total active – $376,001 average asking price. Average 78 DOM.
4 dabos. Average 20 DOM
- 215 Clinton listed at $385k on Jan 13; increased to $385,168.
7 sold for an average sales price of $389,142. Average 71 DOM
- 114 Willow listed at $399k in Aug 18; reduced to $385k on Oct 5; sold for $360k
- 511 Madison listed at $449k on Aug 7; reduced to $425k on Oct 27; sold for $415k.
- 1500 Hudson listed for $510k on Aug 8; reduced to $500k on Sep 17; sold for $485k.
10 price reductions.
Two Bedroom Hoboken Condos:
21 new listings
241 total listings. Average list price $574,279. Average 96 DOM.
4 dabo’d. Average 36 DOM.
8 sold. Average price $503,437. Average 93 DOM.
What was up with 501 9th Street? Listed for $560k and sold for $480k (nice looking 2 br with parking) with no price reductions in 54 days? That’s a comp killer – bet his neighbors aren’t too happy. It was a “for sale by owner” who paid a flat fee to get listed on the MLS and was sold by a “non-member” which means the agent that brought the buyer was not a member of the Hudson County MLS – or, in other words, from out of town. According to the tax records, the owner paid $490k back in 2004. The last sale of a unit that size (1033 sq ft) seems to have been in Aug. 2008 for $615k!!! Granted – pre-Lehman but that’s quite a difference for essentially the same unit. Guess this owner was very anxious to get out.
- 803 Willow listed at $565k on Sep 16; reduced to 541k on Oct 27; $535k on Nov 16; sold for $500k
- 403 Monroe listed at $299k on Aug 18; reduced to $289k on Oct 2; sold for $275k.
18 price reductions. Includes a bunch of price cuts at “Capella”. They’ve only got 4 out of 20 2brs under contract in the whole building.
Three Bedroom and Larger Hoboken Condos:
2 new listings
53 active listings. Average price $962,589. Average 127 DOM.
3 dabo’d. Average 83 DOM.
- 411 Washington listed at $570k on Jul21; reduced to $519k on Oct 16.
1 sold. Average price $995,000. Average 105 DOM.
2 price reductions.