The Weekly Wednesday Wrap Up – Hoboken Condo Sales and Activity for the Week of March 16th
Categories: Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of March 16th.
Lots of new listings this week and more to come now that Spring has sprung. Then there is the property tax question. The promised 25% reduction is not looking promising and Christie’s budget proposal may not help either. The Fed plans to stop buying mortgage backed securities shortly. None of this is likely to be good for the Hoboken market. At least the weather is nice.
Here are this weeks numbers vs. a week’s ago numbers:
- 538 active Hoboken condo units today – vs. 532 last week.
- 40 price reductions, vs. 36
- 20 dabo (under contract) (no short sales) vs. 20
- 12 sold (no short sales) vs. 13
- 55 new listings (no short sales) vs. 50
- 6 expired listing vs. 4
Studio & 1 Bedroom Hoboken Condos:
15 new listings.
217 total active – $379,184 average asking price. Average 76 DOM.
2 dabo. Average 97 DOM
- 60 Madison listed at $310k on Sep 16; reduced to $300k on Dec 4.
1 sold. Average price $375,000. DOM 98.
- 1500 Hudson listed at $394k on Sep 17; reduced to $389k on Nov 2; sold for $375k.
23 price reductions.
Two Bedroom Hoboken Condos:
33 new listings
- 326 Madison listed at $289k on Sep 22; reduced to $259k on Oct 28; sold for $245k.
271 total listings. Average list price $571,483. Average 90 DOM.
- 192 up to $600,000
- 79 $600,000 and over
13 dabo’d. Average 154 DOM.
- 700 1st St. listed $500k on Jan 26; reduced to $475k.
- 1330 Clinton listed at $500k on Nov 18; reduced to $479k on Jan 4; $465k on Feb 17.
- 423 Jeff listed at $369k on Jan 12; reduced to $360k on Feb 17.
- 1425 Garden listed at 1,450mil; reduced on Jan 6 to to 1,295mil; Apr 24 to 1,166mil; Jun 5 to 1,050mil.
- 1425 Garden listed at 1,230mil on Mar 12; reduced to 1,125mil on Apr 24; 1,025mil on Jun 5; 990k on Jun 24.
- 312 Madison listed at $425k on Jan 4; reduced to $399k on Feb 19.
9 sold. Average price $467,611. Average DOM 44.
- 930 Park listed at $489k on Jul 24; reduced to $475k on Nov 4; sold for $445k.
- 612 Adams listed at $455k on Nov 3; reduced to $439k on Dec 11; sold for $400k. (I love this description. How exactly is 612 Adams 2 blocks from the Lite Rail? Is there a stop we don’t know about in midtown?)
17 price reductions.
Three Bedroom and Larger Hoboken Condos:
6 new listings
50 active listings. Average price $965,109. Average 113 DOM.
1 dabo’d. Average 51 DOM.
2 sold. Average price $873,50 . Average DOM 70.
- 1300 Park listed at $469k on Oct 26; reduced to $409k on Jan 11; sold for $392k.
- 206 Newark listed at 1,675mil on Oct 2; reduced to 1,599mil on Oct 26; sold for 1,355mil.
No price reductions.
Hoboken Condo Open Houses
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If you attend 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!
Is 101 Park apt 3e joking by asking for 730,000? The condo is large, has a good location and has parking, but it has a dated kitchen and likely similar bathrooms. If it was updated, I beleive that it would be worth around 730K. Right now, I would guess around 665,000.
I don’t think we will ever see tax cuts in Hoboken. I will be grateful if it doesn’t continue to increase. Mayor Zimmer is clueless IMHO, I supported her, and I think she has the best intentions, but I just don’t think she’s fit for the job. That said, she was the best option available, it was either that or downright corrupt politicians.
Hoboken has a lot of great features, politics is not one of them.
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Is it possible to tell how many of the listings are just re-listings. So many new listings but not too much of an increase inventory
Even a completely competent and honest mayor will have difficulties reducing taxes based on the system in place. If all the policy have to do is threaten arbitration or strike to continue to retire at 55 after working 30 hours per week higher taxes are a guarantee. Hopefully Christie will fix this.
fyi
3BR sale was 208 Newark not 206.
There were other soft concessions beyond the asking price cut but the new owners will still lose on this one despite those relative reductions. Ironically, proximity to PATH was not a buyer priority. All this information is third-hand so don’t shoot the messenger. Seller was a realtor.
Don’t wait for the government to lower your property taxes (I don’t think I’ve ever seen that happen in my lifetime). Take matters into your own hands and lower them yourselves by appealing them. Aside from new construction, most of the city’s tax appraisals are far out of line with the reality of current market value. Compare the taxes on new construction with comprable resale properties. The new construction is usually cheaper than resales because its got a current appraisal. That’s how I knew something was wrong. I’ve appealed mine and I’m expecting a $2200 reduction annually. That’s not chump change. Current appraisals are off by a lot.
Lastly, with the Feds ceasing to buy mortgage backed securities, you can expect interest rates to go up. So I’d get in the market now. Might prices still go down another 5% this year? Sure. But it’s not worth waiting for a small price reduction if it means paying a point or more in interest. Rates are at about 5.25% right now and will be at 6% by year’s end. If you plan to stay awhile, you lose out much more by paying that extra .75% annually over 15-30 years.
case shiller as it relates to NYC:
http://theapplepeeled.com/buyers/how-relevant-is-the-case-shiller-index-to-manhattan-and-nyc/
Question for all the folks.
What is valued higher in Hoboken: View/Sun-Light or Location.
For example, a Sunny unit in the Upper Grand or a norht facing unit in Maxwell Place (north face units face the Shipyard and dont get much direct sunlight or a courtyard view Hudson Tea unit).
Looking for some opinions.
Thanks!
No contest – location.