Categories: Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of March 30th.
Spring has sprung, or at least it was supposed to. Along with it have come lots of new listings. Sort of like baby bunnies, once you have a few you just can’t stop from having even more. My instincts and life on the street tells me there will be more new listings after the Easter holiday. The real question is, will the Hoboken buyers come out of hiding and start making offers or are they still scared by the uncertainty in the market? There is no question that some properties out there are selling at numbers that even a short time ago would have been surprising. I’ll be posting the 1st Quarter 2010 results in a few days. Perhaps that will give us some better insight as to what is really going on.
I’ve noticed a few other interesting things lately. There has been some debate about Hoboken rent control. In fact, the Mile Square Taxpayers Association has filed a class action suit about it. Of course, any time rent control is even mentioned, tenants who enjoy rent control start crying over the loss of affordable housing. Does anyone know exactly what percentage of Hoboken housing units are subsidized, Section 8, or free market versus rent controlled? Another thing I have noticed is that every single new listing says “taxes under appeal”. The other day I read that Jersey City has to borrow $8 million to pay the successful tax appelants. So if everyone in Hoboken with high taxes appeals, won’t Hoboken have to borrow money or raise everyone’s taxes? The rent control and tax issues are intertwined. It seems that the buildings that pay the least in taxes (proportionally) are the 8 and 10 unit walk-up rental building filled with rent controlled units. The landords claim they can’t afford higher taxes because the rents won’t cover them. But the reason the rents won’t cover is because the units are rent controlled. Do the tenants have to meet any sort of income or asset test to be protected by rent control? Or is it like the old days in NYC when Mayor Koch lived in a rent controlled apartment for $441 a month which was worth $1,200 on the open market, much to the chagrin of many New Yorkers. Then there is the issue of whether landlords of rent controlled units have any motivation to improve their properties. The one thing I know for certain, this one isn’t over yet.
Here are this weeks numbers vs. a week’s ago numbers:
- 548 active Hoboken condo units today – vs. 560 last week.
- 46 price reductions, vs. 40
- 17 dabo (under contract) (no short sales) vs. 10
- 12 sold (no short sales) vs. 12
- 34 new listings (1 short sale) vs. 69
- 7 expired listing vs. 9
Studio & 1 Bedroom Hoboken Condos:
17 new listings.
232 total active – $378,283 average asking price. Average 78 DOM.
4 dabo. Average 48 DOM
- 1100 Adams listed at $449k on Jan 13; reduced to $435k on Feb 5; increased to $437k on Feb 5.
- 222 Grand listed at $419k on Jan 25; reduced to $395k on Feb 11.
5 sold. Average price $343,100. DOM 45.
- 84 Adams listed for $449k on Jan 4; reduced to $439k on Feb 2; sold for $417k
- 80 Park listed for $345k on Nov 5; reduced to $399.5k on Dec 4; sold for $308.5k.
14 price reductions.
Two Bedroom Hoboken Condos:
14 new listings
263 total listings. Average list price $572,520. Average 87 DOM.
- 193 up to $600,000
- 70 $600,000 and over
5 dabo’d. Average 86 DOM.
- 522 Hudson listed at $749k on Oct 5; reduced to $669k on Feb 5; $629k on Mar 2.
- 700 1st St. listed at $489k on Sep 23; reduced to $479k on Jan 27.
6 sold. Average price $507,083 Average DOM 212.
- 700 1st St. listed for $519k on Apr 22; reduced to $499k on Aug 13; $480k on Oct 23; $465k on Jan 12; sold for $450k.
- 830 Monroe listed for $479k on Dec 8; reduced to $474.5k on Jan 23; sold for $460k.
- 78 Monroe listed for $679k on May 7; reduced to $650k on May 28; $645k on Jul 24; $615k on Oct 2; $600k on Oct 20; sold for $547.5k.
23 price reductions.
Three Bedroom and Larger Hoboken Condos:
3 new listings
52 active listings. Average price $904,144. Average 100 DOM.
1 dabo’d. Average 86 DOM.
2 sold Average price $565,000. Average DOM 101.
8 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 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!