2010 Feb 10th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of February 9th

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!IMG_1285

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

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Studio & 1 Bedroom Hoboken Condos:

18 new listings.

204 total active – $376,001 average asking price. Average 78 DOM.

4 dabos. Average 20 DOM

7 sold for an average sales price of $389,142. Average 71 DOM

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.

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.

1 sold. Average price $995,000. Average 105 DOM.

2 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, due to MLS regulations, to receive the map with the actual links, you will have to request it using the request form on the post. It takes a second.

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. So what is an ongoing relationship? That’s sort of up to you – it assumes you want to keep working with your current agent. It also 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. If you think the agent who hosted an open house or showed you a property is incompetent or does not meet your needs why would you use that person as your agent? Unless you’ve signed a “buyers agency agreement”, which is highly unusual in Hoboken, find an agent you like, trust and whose advice you respect. It’s your money, no?

You can always contact us at 201 993 9500.

Thanks for reading and, as always, we welcome your comments!
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