2010 Mar 24th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of March 23rd.

Thanks for the article, JC, on the much quoted Case-Shiller index and whether it applies to places like New York City (and Hoboken) since it omits data on condos and coops. The Feds are still debating whether to end the mortgage market support. Open houses were busy this weekend but inventory keeps climbing.

Picture 3The census bureau recently sent out census forms to be filled out by Hoboken residents. Here is an interesting chart from the census data that shows Hoboken’s population in past years. Perhaps the problem today is not that we have too many Hoboken condos for sale but that we don’t have enough people in Hoboken! If only it were 1910 again.

Hoboken Condos Sales & Activity – Week of March 23rd.

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

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Studio & 1 Bedroom Hoboken Condos:

26 new listings.

228 total active – $378,882 average asking price. Average 74 DOM.

4 dabo. Average 48 DOM

3 sold. Average price $334,5,000. DOM 89.

26 price reductions.

Two Bedroom Hoboken Condos:

33 new listings

286 total listings. Average list price $575,480. Average 87 DOM.

5 dabo’d. Average 86 DOM.

12 sold. Average price $503,583 Average DOM 63.

17 price reductions.

Three Bedroom and Larger Hoboken Condos:

7 new listings

55 active listings. Average price $966,318. Average 108 DOM.

1 dabo’d. Average 86 DOM.

None sold

3 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 only 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 listings. You can ask your own agent to do that. So what is an ongoing relationship? Is that not up to you? Have you been working with another agent on a regular basis? More importantly, are you happy with that agent’s service? If so,we respect that relationship. If not, find an agent you like!

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!

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  1. Tiger

    Interesting article from USA today:

    http://www.usatoday.com/money/economy/housing/2010-03-24-1Aunderwater25_CV_N.htm

    Two things I’d like to point out:
    1- Sellers, before you cry about the 10% value, read the stories of people and be grateful you are not in their shoes.

    2- Look at the table towards the end, some bad news for Detroit as it may not recover even by 2020, most metro areas recovering by 2015 – 2016.

  2. mike

    Hoboken looks worse than Detroit-Livonia-Michigan by zip codes – Hoboken (07030) vs. Livonia (48150 if you punch each into zillow. Multi unit buildings vs single family homes distort the density of units for sale in the comparison, but Hoboken is a sea of red which probably translates into negative equity into 2020 similar to Detroit. Sure the prices are higher here, but the percetages are proably similarly painful.

  3. Tiger

    mike, I don’t follow? Sea of red means units for sale? Is Livonia the Hoboken of Michigan? Meaning does Livonia have 44K residents? condos vs single homes? average income? Age groups? Demogrpahics?

    I don’t trust zillow for areas like Hoboken, because it is simply steamlined for the typical suburban scenario.

    But that said, here is Livonia:

    http://www.zillow.com/local-info/MI-48150-home-value/r_79015/

    And here is Hoboken:

    http://www.zillow.com/local-info/NJ-07030-home-value/r_60545/

    They don’t evne look the same!

  4. teaorcoffee

    Thanks for posting the article. It was interesting, though also infuriating. A 75-year-old is upside down on a mortgage for a property costing almost $650K – and he sunk $100K into it? People just assuming that they could live off appreciation? I feel sorry for those who have lost their jobs, but I don’t feel sorry for those who saw their houses as a place to get cash to live beyond their means.

    By the way, Livonia was once an extremely nice suburb of Detroit (haven’t been there lately). Definitely single family homes, and very nice ones, too.

  5. Tiger

    You’re welcomed, teaorcoffee.

    What happend to Livonia, MI? I heard its name a few times but I couldn’t find anything about its history. Is it the same case as Paterson, NJ? Apparently that city was blooming back in the day, due to elevation it actually has some nice panoramic (a bit far though) views of NYC. But due to manufacturing industry changes and outsourcing. I would be curious to know what happened to it.

  6. mike

    Paterson, NJ has 395 for sale listings while Hoboken, NJ has 679 for sale listings according to realtor.com.

  7. bill

    Mike…does that make Patterson a more attractive place to buy?

  8. Tiger

    apparently, bill. mike is willing to give all sorts of half-stats, pseudo-‘proofs’ that Hoboken is the new poster child of real estate bubble.

    Very well, to each his own. I go to Paterson every month or so to buy import food, I’ll stop by and say hi, mike!

  9. carl

    Do do these numbers sound right 169 unsold units at 1125 maxwell out of 372 approx. so just 55% sold. And only 1 out of the ten townhouses

  10. carl

    actually 140 unsold so 63% sold

  11. teaorcoffee

    1125 does have a bit of a deserted feel, and friends who live there say that there are a lot of vacant units on their floor. Of course, that bit of trivial information doesn’t back up your numbers, Carl.

    Though I guess it would explain why Toll hasn’t done much to build the other MP buildings or the other HTB buildings they said they would.

  12. teaorcoffee

    Tiger – I don’t think anything happened to Livonia other than the housing prices dropping like a stone. It hasn’t fallen into complete disarray like Detroit has (though anyone who knows Detroit knows that Detroit has been full of vacant buildings and lots for decades – it’s just worse in the past few years).

    A lot of people who worked in the auto industry lived in Livonia – more “white collar” types like engineers. (And times have not been good for engineers – I actually know at least 5 who have gone back to school for teaching degrees and certification.) I wouldn’t compare Livonia to Paterson.

  13. Tiger

    Thanks, teaorcoffee.

    Yes, it is kinda scary to think about; that any town, I don’t care where it’s located or how high real estate prices are, is subject to this.

    As for Engineering, it really depends what branch are we talking about. I am a Computer Engineering (Stevens rules!!!), and I think I am doing ok. Though I have to admit I am more into business intelligence reporting than telecom. Several colleagues in Mechanical, Industrial (aka Engineering Management), Chemical seem to be doing fine. Civil engineering is a mixed bag; those who worked on government project in fact are busy with stimulous money, those in private sector suffered.

    Again, not statistics, just my observation.

  14. teaorcoffee

    Tiger, it’s still good to be an engineer – just not in the Detroit area, working for an auto company or an auto company supplier. :-)

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