2010 Apr 7th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of April 6th

Seems like the only new things in Hoboken this week are the Taco Truck and Cinnamon Snail parked down on River St., supposedly much to the chagrin of the Spa Diner, Lua and City Bistro. Similar to the pedicab debacle of not long ago, there is now much debate over the existence of mobile food vendors in Hoboken. cinnamon snail

Why have Itaco truck seen the Mr. Softee truck at Church Square when we have Ben & Jerry’s, Cold Stone Creamery and a kajillion frozen yogurt places on Washington St? Oh, and the hot dog truck up by Elysian? Maybe more, better food options will make Hoboken yet more appealing to a young, more affluent crowd and thereby ultimately help property values. Maybe it is just nice to have some new and different options for lunch, especially when they are healthy, fresh and inexpensive and you can sit by the river and enjoy a beautiful day.

Hoboken Condos Sales & Activity – Week of April 6th.

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

Studio & 1 Bedroom Hoboken Condos:

11 new listings.

232 total active – $378,283 average asking price. Average 78 DOM.

5 dabo. Average 65 DOM

4 sold. Average price $402,812. DOM 55.

13 price reductions.

Two Bedroom Hoboken Condos:

26 new listings

263 total listings. Average list price $572,520. Average 87 DOM.

6 dabo’d. Average 74 DOM.

8 sold. Average price $479,312 Average DOM 114.

16 price reductions.

Three Bedroom and Larger Hoboken Condos:

10 new listings

52 active listings. Average price $904,144. Average 100 DOM.

None dabo’d.

5 sold Average price $748,400. Average DOM 149.

7 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.

Want to Receive New Listings & Price Reductions Daily?

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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. stan

    Thx Lori.

    any info on that mulitfamily on park. Good price, no?

    it also goes to your point form the other day, 12k in taxes for a four unit building.

  2. Lori

    The one on the 1200 block? It was a short sale. I showed it a few times. Needed LOTS of work. Great location though.

  3. Lonnie

    Just wondering if in fact, your “for sale” units are correct…Take a look at Zillow.com, there appears to be many, many more than 500+ for sale….
    ty

  4. Tiger

    Lonnie, zillow is as reliable as Toyota breaks when it comes to number of units for sale. I remember when I first started looking I used to check it out everyday; data is delayed, incorrect, incomplete, and duplicated, particularily for a place like Hoboken where your address could be:
    123 ANY STREET UNIT A

    or
    123 ANY STREET
    UNIT A

    According to Zillow at one point my entire building (68 units) was up for sale for 400K. There was another entry as well for a condo for 400K. See what I’m talking about? It grabbed data from two sources apparently, the first line in address did not match so it listed the same unit twice, and that’s a simple example not counting typos and things like ‘7TH STREET’ vs ‘SEVENTH STREET’ vs ‘7TH ST’.

    I trust Lori’s numbers, they are manually scrubbed.

  5. homeboken

    Please remember that Lori’s numbers reflect MLS only, which is as good as anyone can do. (and for free no less)

    But this doesn’t include the hundreds of developer owned units that are part of the inventory in town. I put this developer owned total around 200 units. Bringing total inventory in Hoboken to 750 give or take.

  6. Lori

    Just curious, homeboken, as to specifically what developer owned units you refer? Some projects which are new construction (i.e., developer owned) are listed for sale on the mls (The Emsee, South Point, Garden St. lofts, some of Toll Bros. units). I don’t know of many that are developer owned that are NOT listed on the MLS – how would the manage to sell them? Toll may have a few but certainly not 200. What’s your data?

  7. Tiger

    I think also someone here (Lori?) mentioned that even Toll Brothers themselves are also using MLS to list some of their own units, and offer higher comission for agents. It’s a tough market, the days of ‘I can promote and sell my own units’ are long gone. Everyone is going for max visibility and it makes sense.

    Again, be careful about duplicates people. The same unit can be listed in multiple locations.

  8. homeboken

    The tax records indicate 143 units at 1125 Maxwell Place owned by PT Maxwell LLC. If those are listed on the MLS, I’d love to see your data.

    There are 37 units owned by 700 Grove St Urban Renewal LLC. (OK this is technically JC, but Toll markets it has Hoboken).

    That’s 180 units right there. I add appx 20 for HTB, Harborside, and other various non-MLS listings.

    I would have thought that you would have these numbers Lori.

  9. homeboken

    Correction – There are only 17 units at 700 Grove, the other 20 are parking. Still I stated about 200, I never said exactly.

  10. lori

    I never include JC and 700 Grove is in JC and does not appear in the MLS as anything but JC so those don’t count.

    There are about 10 units listed on the MLS by Toll at 1125 Maxwell. They do have about 140ish in inventory. They don’t list them all as when you or your agent go to the sales office they let you know what’s available. I never said otherwise, I merely asked what your source was. That has been a constant over the past few years. So I’m still comparing apples to apples and using the best data available to me. If you’d like to do a manual count of every other building based on the tax records and submit it to me on a regular basis I’m happy to post it. I simply don’t have the time.

  11. homeboken

    Lori – Please understand, I am not questioning your methods. I am simply stating that the actual inventory in Hoboken is north of 700 units, not the 546 that is shown. There is more to local real estate than the MLS, we use the best sources we can to compile data. The fact that it is this difficult to get a true picture is a testament to the work you do each week.

  12. homeboken

    One more thing, I know that 700 Grove is in JC, but in “my opinion” 700 Grove is a direct comp to all those buildings on the SW border of Hoboken and thus relevant to the inventory discussion. Again, not stating facts, just opinions.

  13. Lori

    I agree but we have to work with what we have. My objective is to be consistent and allow for comparison on that basis. That’s all.

  14. TS

    Homeboken,

    I agree with your point about the shadow inventory with respect to Toll. But you’ll also have to consider the fact that sales that occur through Toll’s office – for ones they haven’t listed on the MLS – will not be reflected in Under Contract or Sold in Lori’s numbers. Whether this balances things out to make the absorption rate unaffected I have no clue, but it’s just something to keep in mind. If you’re going to count inventory not listed on the MLS then you’re going to have to count sales that occurred on condos not listed on the MLS.

  15. homeboken

    TS – You are correct, and Lori’s numbers don’t show non-MLS listings or sales.

    I was just trying to highlight a portion of the “shadow” inventory in town.

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