2010 Apr 28th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of April 28th

Time to take advantage of the First Time Home Buyer’s Tax Credit has just about run out. count down You would have to be in attorney review today to get out by Friday. You need a binding contract by April 30th. I have to say, though, that there has not been any significant activity surge evidenced by this week’s numbers to indicate that it mattered much to Hoboken condo buyers. Maybe next week will tell a different story. We shall see.

villaSpeaking of next week – I’m going on vacation. Howie will be running the show in Hoboken while I sip espresso in Florence. Getting onto the MLS from abroad is not easy. Howie will be running the show until he joins me in Italy for a 130km bike race with 1871 meters of climing. For those of you not familiar, that’s a lot of hills! We will therefore post an abbreviated version of the WWWU for the next 2 weeks. Thanks in advance for your indulgence. Even we need some down time every now and then. Maybe I’ll write about the European real estate market for a change of perspective.

Hoboken Condos Sales & Activity – Week of April 28th

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

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Studio & 1 Bedroom Hoboken Condos:

23 new listings.

224 total active – $382,080 average asking price. Average 83 DOM.

9 dabo. Average 61 DOM

7 sold. Average price $397,785. DOM 28.

23 price reductions.

Two Bedroom Hoboken Condos:

37 new listings

274 total listings. Average list price $566,919. Average 75 DOM.

9 dabo’d. Average 34 DOM.

14 sold. Average price $575,107. Average DOM 152.

20 price reductions.

Three Bedroom and Larger Hoboken Condos:

6 new listings

64 active listings. Average price $807,949. Average 84 DOM.

3 dabo’d. Average 47 DOM

2 sold Average price $582,500. Average DOM 106.

5 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?

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.

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. curious

    213 Clinton and 70 Adams, both 2 bd, 2 bath, sold in only 1 day on the market? is that right. if so it’s pretty impressive

  2. Craig

    A 1200 sq. ft. 2br/2ba condo in Sky Club sells for $440k. Is that place a comp-killer or what? Meanwhile, for $480k you get a newer build large 2br/2ba unit with parking in the Grand Clinton and $505k gets you a 1000 sq. ft. with parking in the Upper Grand. Lastly, 70 Adams 3N (The Oz) sold for $20k over asking? How did that happen…was there actually a bidding war on it? What does all this tell us? I have no idea, but it would appear the northwest section of Hoboken is not holding its value as well as the southwest. The further from the PATH you get, the worse your property value appears to be holding up. I did not expect to see any 2 bed and 2 bath 1000+ sq. ft. newer construction units (especially with parking) dip under $500k unless it’s a short-sale.

    The main difference in features between 70 Adams and 1120 Clinton is an extra 90 sq. ft. and a terrace at 70 Adams – Yet Adams sold for nearly $100k more than Clinton. Is the 10 minute walk to the PATH from Adams compared to the non-walkability from 1120 Clinton the defining difference?

  3. Tiger

    Where is thoughts when you need them to give us the 0.5 mile raduis theory? :)

  4. homeboken

    What is going on at Hudson Tea? 4U sold for $585,000? 1200 sqft, I get that it is basically 100% interior unit with little lite, but 585 is 10% lower than what the original deal the buyer got during the conversion.

    That building has had some rough re-sales.

  5. Lori

    I am not saying this is the case but just some other factors that matter:
    – financial condition of the condo
    – insurance level of condo assn
    – age of building
    – taxes on unit
    – which way unit faces
    – how the various units show and what condition they are in (don’t underestimate this one!!!)
    – building amenities (gym, common outdoor space, storage)
    – the particular situation of the seller (some sellers are motivated, some are desperate, some are stubborn & stupid)
    – the nature of the offer (5% down vs. all cash)
    – upgrades (formica or granite? white or stainless appls? overhead lighting or none? closet systems? nice bathrooms? Custom paint job (70 Adams)
    – room for a dining table (70 Adams)?
    – is the unit over the garage door (noisy)?
    – does the unit itself have extra storage space (70 Adams did, 1120 Clinton did not)
    I could go on and on but I think the point is clear. These were not really equivalent units.

  6. Tiger

    LMAO at 63 Jefferson St 1A!!! :D. To sell the 271 sq ft studio, the description says:

    “Cut your carbon footprint with an efficient living space close to a mass-transit hub.”

    😀

  7. homeboken

    HA! Great find Tiger. I know that all my friends that are looking to cut their carbon foot-print also demand granite counters and stainless steel appliances in the kitchen.

    How about the taxes on that joint. $3092 per year to live in 271 sqft! Why?

  8. Andy

    Wow now that is completely out of whack for a studio. And its on 1st and jeff right? What a rip off. I could see paying those taxes maybe for a prime view of the hudson river. yikes

  9. homeboken

    I did some peaking at the tax records last night. The studios at HTB, Maxwell, Harborside etc all seem to be paying $6,000+ in taxes. That is outrageous, but I guess $3000 isn’t as bad as I thought.

    Who would pay $6000 in taxes for a studio? Add maintenance and you are probably closing in on $1,000 per month before you even touch your mortgage. What a gigantic cluster-f the tax situation is in this town.

  10. whynot

    homeboken – unfortunarely, it’s every town in the tri-state area! unless we get rid of all of the municipal and state workers in NJ, things will never change.

  11. homeboken

    That is true, I know that it is the same story out in Western NJ, my folks live out there and they are getting crushed.

    I read an article that said that said the average NJ tax bill increased by 3.3% last year and that was the smallest increase since 1999!

    How can one sustain the tax payments. If you assume that 3.3% was the increase every year (it was more in every year prior) then the average NJ tax bill increased by almost 43% since 1999. That is an amazing growth rate.

  12. homeboken

    link to artcle mentioned above:

    http://www.businessweek.com/news/2010-04-29/christie-s-cuts-may-push-n-j-property-tax-up-8-update2-.html

  13. Tania

    I was the selling agent on 70 Adams, so I can give a little insight on that unit more than the numbers can for anyone that is interested.

    First of all the building itself is very nice – concrete construction (1120 Clinton isn’t), elevator. gym and most importantly downtown location.

    The unit has a nice open layout, WITH room for a formal dining table, and outdoor space. At the time that unit went under contract all the other downtown sales had flown off the market so we had to be aggressive with an offer. 325 Willow had multiple offers in just a few days for $605k, 215 Grand – Gone, 380 Newark – Gone, 83 Grand – Gone, and there was a couple other I can’t remember right now.

    The other unit in the building that was available at the time was asking $599k and had a smaller living area with no outdoor space.

  14. bz

    Uh Ha! Downtown location sales! Where’s Thoughts? I expect him to jump on Tania’s insights and re-illiterate his 1/2 mile from Path theory. But put the joke aside, looking at what’s moving, downtown location does attract a lot of demand, especially in the slow market when people emphasize the resale value. I agree with thoughts on his theory, but it shouldn’t be absolute and exclusive though.

  15. teaorcoffee

    The “room for a dining table” is a big deal to some people – including me.

    We have friends who live in a studio at Hudson Tea and they have ample room for an entire dining room set. We have other friends who live in a 2 bedroom at Maxwell Place and can only use their breakfast bar (not enough room for a decent table). This lack of space for a table at Maxwell (some layouts, not all) is one reason we’ve not been impressed with what we’ve seen there.

    Personally, I would not consider a unit that did not have enough room for a dining table. This is true even if I were single, but is definitely true now that I have kids.

  16. Tiger

    teaorcoffee, good points actually. I do have room for a 4 person dining table but kept it open and put a rug instead (white rug, so shoes off people :) ). I am happy with my counter bar, it seats three people, but I like the option.

    If I sell, I would definitely invest in a proper dining table for staging purposes.

  17. teaorcoffee

    Tiger, truth be told, I miss the days when I could eat take out on the couch (and not care about a table). But these days, I have to “set a good example.” :-)

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