Categories: Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of May 25th
Memorial Day – the official start of summer fun. Last night the Hoboken Memorial Day parade took place and honored 93 year old Medal of Honor Recipient Nicholas Oresko for his valiant service in WWII.
It’s also prime time for sellers to list their units if they hope to get a deal before the 2010 school year begins. Interest rates have hit new lows which makes buying a home more affordable. Governor Christie is pushing hard for a 2.5% property tax cap. Here is what he had to say in Hoboken:
There has been much discussion in last week’s comments about the “state of the Hoboken condo market” and the economy in general. An interesting point made concerned the change over time in the number of 2 bedroom Hoboken condos listed for under $600,00 and over $600,000. I went back to May 2009 and looked at those numbers. 64% of the 2 bedrooms for sale were under $600k and 36% were over. Currently around 75%of the 2 bedroom condos for sale are under $600k and 25% over. So the question is – are there more lower priced 2 bedroom condos because Hoboken condo sellers have become more realistic in their pricing? Are they lower because prices have actually declined? Or are there simply fewer new construction, high-end condos listed on the MLS right now? Last May quite a few units at 1025 Maxwell and the Garden Street Lofts were listed. Perhaps the assortment of properties for sale is what has changed. The only thing of which I am certain is that this debate will not be resolved for some time.
Here are this week’s numbers vs. last week:
- 556 active Hoboken condo units – vs. 546 last week
- 13 DABO (Deposit Accepted By Owner i.e. under contract) with 1 short sale vs. 13
- 32 sold (2 short sales) vs. 16 (0 short sales)
- 41 new listings vs. 33
- 37 price reductions vs 49
- 4 expired listing vs. 10
Studio & 1 Bedroom Hoboken Condos:
12 new listings
217 total active
- 700 1st Street listed at $299k on Feb 5; reduced to $290k on Feb 23
- 601 1st St. listed at $325k on Feb 3; reduced to $300k on Feb 15; $280k on Mar 12; $270k on Apr 9
- 1021 Grand listed for $245k on Feb 3; reduced to $235k on Feb 19; $229k on Mar 19; sold for $210k
- 60 Madison listed for $310k on Sep 16; reduced to $300k on Dec 4; sold for $285k
- 1500 Wash listed for $399k on Feb 17; reduced to $394k on Mar 4; $375k on Apr 23; sold for $362.5
- 222 Grand listed for $419k on Jan 25; reduced to $395k on Feb 11; sold for $375k.
- 413 1st listed for $320k on Dec 21; reduced to $310k on Feb 11; sold for $300k
- 822 Hudson listed for $520k on Nov 6; reduced to $500k on Nov 24; $439k on Jan 18; sold for $410k
- 1115 Willow listed at $358k on Jan 15; reduced to $344k on Jan 29; $339k on Mar 18; sold for $325k
- 125 Willow listed for $348k on Oct 19; reduced to $340k on Dec 11; $325k on Feb 2; sold for $318k
- 330 Madison listed for $285k on Jan 12; reduced to $269k on Mar 5; $239k on Mar 29; sold for $212.6
11 price reductions
Two Bedroom Hoboken Condos:
25 new listings
277 total listings.
- 208 up to $600,000
- 69 $600,000 and over
- 522 Hudson listed at $729k on Oct 5; reduced to $632k on Feb 5; $629k on Mar 2
- 74 Monroe listed at $600k on Apr 8; reduced to $575k on Apr 8
- 83 Monroe listed at $449k on Apr 17; reduced to $419k on May 19
- 511 Madison listed at 685k on Oct 21; reduced to $675k on Apr 16
- 415 Newark listed for $639k on Dec 22; reduced to $615k on Jan 16; $595k on Apr 9
917 Willow listed for $345k on Nov 5; reduced to $329k on Feb 12; sold for $327k
- 415 Newark listed at $650k on Oct 2; reduced to $625k on Jan 25; sold for $602.5k
- 501 Adams listed for $435k on Nov 18; reduced to $418k on Dec 30; $410k on Mar 5; sold for $417k
- 501 Adams listed for $460k on Oct 30; reduced to $430k on Dec 4; sold for $432k. (Short Sale)
17 price reductions
Three Bedroom and Larger Hoboken Condos:
4 new listings
62 active listings.
9 price reductions
Hoboken Condo Open Houses
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