2010 May 5th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of May 4th

The Tax Credit is Gone

This was supposed to be the week of the big explosion of Hoboken condos going under contract. There was a little bump but nothing drastic. Inventory is still over 500. I’ve done a slightly abbreviated version as I’m out of town “on vacation” so I appreciate your indulgence. explosion

You may have noticed there are a few blogs out there that have basically copied this report and are calling it their own. They copy our name, copy the look of our banner, copy our Hoboken Open House Google Map. If you’ve been reading Hoboken Real Estate News, or HREN as we call it, for any length of time, you know how much work and time we spend providing you with this information. You also know that unlike the copycats, we don’t publish “canned” or generic articles from ghost blog writers or automatic feeds. We have and always will give you original thought, analysis & insight on real issues facing the Hoboken real estate market and community as a whole. Your contribution in commenting on the posts are invaluable. Thanks for reading, thanks for commenting, and thanks for your loyalty! Please help us spread the word.

Hoboken Condos Sales & Activity – Week of May 4th

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

Studio & 1 Bedroom Hoboken Condos:

9 new listings.

206 total active

12 dabos.

7 sold

18 price reductions.

Two Bedroom Hoboken Condos:

14 new listings

260 total listings.

15 dabo’d.

18 sold

20 price reductions.

Three Bedroom and Larger Hoboken Condos:

6 new listings

66 active listings.

2 dabo’d.

None sold.

9 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!

  1. whynot

    more blogs, more information out there! isn’t that good for everyone and the main objective?!? 🙂 🙂 🙂

  2. boken

    more flags….more fun! Six flags!

  3. Lori

    Of course information is good and I have no issue with more blogs if the authors are not blatently copying my (copyrighted) original work. That’s why copyright laws exist. There are also many blogs and websites that purchase generic real estate related articles that are not specifically about Hoboken. Not all blogs are created equal. My point is that we hope that you all appreciate our efforts and can recognize the difference. That’s all.

  4. boken

    Is that explosion picture a symbol of the markets today?

  5. whynot

    Lori – We love what you do! We just like when you admit it’s for marketing and sale purposes, so your business makes more money. Nothing wrong with that at all, but a spade is a spade! 😉 The other day you actual said “I try to do the community a service by providing information”. I almost barfed in my mouth. Now go have a nice and relaxing trip. You deserve it!!!! 🙂 🙂 🙂

  6. Lori

    Whynot – it may be for marketing and, sure, who doesn’t want to be successful in business, but if I didn’t sincerely enjoy writing and research and the ensuing discussions I wouldn’t have been able to do it so consistently for the two to three years I’ve been at it. From the start I made a conscious decision NOT to include any advertising of my listings or services as a realtor on the blog (beyond disclosing the fact that I am a realtor). All the blogs and facebook fan pages of other Hoboken agents that I’ve seen are filled with “look at my great new listing” or “list your condo for sale with me”. I don’t do that here. (OK – I have a traditional realtor website for that because you have to). I believe one’s success in business comes mainly from distinguishing yourself and your competence, being consumer focused and creating good will. I think providing information on this blog without all the self-touting that most realtors do is a part of that and is much appreciated by the many, many reader and customers who tell me so.

    The real estate industry has long relied on a business model in the past that revolved around the broker having the info and the consumer having to come to the broker to get any of it. Why do you think the NAR fought so hard against Trulia and Zillow? These sites have a different model – they make money by advertising and give the listings away directly to the consumer which I believe helps the market as a whole. So some progress has been made but there is room for much more. Why do you think the local realtor board fines me $100 per day for any link I post without requiring the reader to “request” it by filling out the request form? They still want to control the information. I think that model is obsolete.

    An interesting side note – Hoboken’s first agency to offer commission rebates to buyers is about to open it’s doors. This is going to be another game changer and I assure you the established brokerages are going to try to fight the change. The law allowing buyer rebates has passed in NJ but my guess is that they will lobby to hold up the required regulations or write them in such a way as to diminish the reach of the rebate. This industry does not like change.

  7. Craig

    Trulia and Zillow have changed the real estate business forever. I can see why the industry doesn’t like them. The fact is the only thing my agent did that I couldn’t do myself was getting the keys to let me into the homes I went to see. She didn’t find me a single unit that I hadn’t already picked out online to see on my own. Further, from those sites I pulled the same comps she got from MLS when it came to making an offer and negotiating.

    I think the possibility of offering commission rebates to buyers is a good thing. Every other agency in town is now going to have to compete with these guys to stay in business. Instead of the standard commission no matter what agency is used, there will now be competition among them for your business in the form of money back to the buyer. If Agency A is going to offer you a $1000 rebate and Agency B offers you nada, which one is getting your business? Any agency refusing to match rebates with the competition will soon find themselves out of business. Real estate agents have always enjoyed the benefit of a free market system setting sales prices and thus their commissions. Now buyers finally get to enjoy a little free market competition for their business. Whoever came up with this gimmick to crush the competition is a genius.

  8. vreporter

    What’s the difference between negotiating the commission (in the first place) or negotiating the rebate? Net dollar process is the same.

  9. dogfood

    what’s the name of the agency?

  10. Lori

    Vreporter – the buyer never gets to negotiate the commision as it’s already been determined by the listing agreement. The listing agreement is between the SELLER and the seller’s agent. Big difference.

    The company is called Citylife Realtors (cityliferealtors.com). I’ve never heard of them. The two big companies who use this business model are Redfin and CondoDomain. I know CondoDomain has plans to open in Hoboken.

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