Categories: Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of March 2nd.
The story this week is twofold. First, a few questions to ponder about this Saturday. If you own property, or if you are thinking about buying property, consider the affect the upcoming St. Patty’s Day parade may have on you. For example, if there are house parties in your condo and someone gets hurt, could the condo association be held liable? If the condo association insurance covers the claim will the rates be increased? If damage is done to the common areas, who is responsible for paying for the repairs? If your tenants have a party, can you be summoned for allowing disorderly conduct? If you host a party and serve alcohol to a guest who later goes out and causes injury can you be held liable under host liability laws? If the fire escape or deck on your building collapses due to overcrowding, what might the consequences be? Many condos are now amending their rules to prohibit house parties on this day. Similarly, many landlords are including a clause in their leases that prohibits house parties. Just food for thought.
The other story is yours. Over a hundred comments on last Wednesdays post and a really interesting discussion about several topics. Is getting an FHA loan a subsidy? The consensus is yes. Will the Fed continue to buy mortgages? On this one, the consensus is no. Does the first time home buyer credit matter in Hoboken? Not much. Are prices headed up, down or flat? Debatable. Sincere thanks for all of your contributions and the respect shown even when you disagreed. Let’s keep the discourse going! I’m going to ask my techies to make pages for the comments so you won’t have to scroll.
Finally, I’m happy to say inventory moved down this week. Here are this weeks numbers vs. a week’s ago numbers:
- 507 active Hoboken condo units today – vs. 520 last week.
- 38 price reductions, vs. 35
- 8 dabo (under contract) (no short sales) vs. 13
- 10 sold (no short sales) vs. 17
- 27 new listings (no short sales) vs. 47
- 13 expired listing vs. 7
Studio & 1 Bedroom Hoboken Condos:
7 new listings.
220 total active – $380,370 average asking price. Average 75 DOM.
1 dabo. Average 60 DOM
16 price reductions.
Two Bedroom Hoboken Condos:
15 new listings
249 total listings. Average list price $577,443. Average 98 DOM.
6 dabo’d. Average 54 DOM.
- 1100 Clinton listed for $525k on Jan 21; reduced to $510k.
8 sold. Average price $626,362. Average 76 DOM.
- 62 Madison listed at $599k on Aug 8; reduced to $579k on Dec 15; sold for $570k.
18 price reductions.
Three Bedroom and Larger Hoboken Condos:
4 new listings
49 active listings. Average price $975,504. Average 121 DOM.
2 dabo’d. Average 105 DOM.
2 sold. Average price $667,500. Average 50 DOM.
- 1300 Park listed for $469k on Oct. 26; reduced to $409k on Jan 11; reduced to $399k on jan 11; sold for $385k.
4 price reductions.
Hoboken Condo Open Houses
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.
If youattend an open house or see several properties with several different agents, that’s not an ongoing relationship. That’s the nature of our job. Despite what some agents in town would like to have you believe, simply showing a buyer a single property, or even a few, does not a relationship make. You are the consumer – you get to decide with whom you wish to work. Unless you’ve signed a “buyers agency agreement”, which is highly unusual in Hoboken, an agent doesn’t have any “hold” over you. So find an agent you like, trust and whose advice you respect. It’s your money, no?
For more information you can always contact us at 201 993 9500.
Thanks for reading and, as always, we welcome your comments!