Hoboken Condos Sales & Activity – Week of June 15th
Here are this week’s numbers vs. last week:
- 538 active Hoboken condo units – vs. 521 last week
- 8 DABOs (Deposit Accepted By Owner i.e. under contract) with 0 short sale vs. 14 dabos
- 24 sold (0 short sales) vs. 29 (0 short sales)
- 52 new listings vs. 30
- 43 price reductions vs 40
- 10 expired listing vs. 9
Last night I attended another Hoboken Zoning Board meeting. This was what I heard:
An important goal of the Hoboken Master Plan is to encourage families to come to and stay in Hoboken by creating larger, family friendly living spaces. There was an application before the Board for a very small variance in the lot coverage rule in order to allow a builder to construct a 4 story building back on Monroe. Each floor would consist of a 1,400 square foot, 3 bedroom unit with a 10 foot deck/fire escape. Even at 4 stories, the finished building would not exceed the height restrictions for that zone. Rather than grant the variance to allow for the extra 10 feet of lot coverage, a Board member suggested that the design be changed to four 1,000 sq. ft. 3 bedrooms without an elevator. This comment made me wonder how much information the Board has about what actually sells in Hoboken. So I took a quick look at the MLS.
Since 2008, there have been about 203 3 bedroom units sold, currently under contract and currently active. Of those the square footage breakdown looks like this:
- 9 were less than 1,200 square feet
- 18 were between 1,200 and 1,300 square feet
- 29 were between 1,300 and 1,400 square feet
- 144 were larger than 1,400 square feet
Looking at the elevator question I found:
- 99% of the units on the 5th floor or higher had an elevator
- 61% of the units on the 4th floor had an elevator
- 55% of the units on the 3rd floor had an elevator
It’s clear from the weekly stats that there are proportionally few 3 brs in Hoboken to begin with. To sell a 3 bedroom condo in Hoboken today, it better be at least 1,400 square feet. If it’s above the 2nd floor it needs to have an elevator. Every day I work with buyers who have babies and children and these buyers tell me they won’t consider a walk up. Why don’t these facts get presented to the Zoning Board? Wouldn’t it help our community (and achieve the goal of the Master Plan) for the Zoning Board to know what sells if the goal is to lure families to Hoboken???
Speaking of what sells – we are still in the same situation we have been for some time. Not enough sales, too much inventory. Here is an interesting footnote that helps explain how these numbers get skewed. When we switched firms last week, our listings came with us. So while these properties have actually been for sale previously, they were all relisted as new this week. That’s just one situation that presents a false picture of the market. I’m sure there are others. Without knowing the back story on every property, though, it is hard to address these glitches. So here are this weeks numbers.
Studio & 1 Bedroom Hoboken Condos:
18 new listings
204 total active
- 93 Garden listed for $339k on Mar 27; reduced to $300k on May 8. (Short Sale)
- 1500 Hudson listed for $400k on Mar 3; reduced to $378k on May 26.
- 1200 Grand listed for $428k on Feb 18; reduced to $415k on Apr 5; sold for $399k.
- 218 Jeff listed for $329k on Sep 15; reduced to $319k on Apr 7; sold for $305k
- 1125 Maxwell listed for $580k on Apr 22; sold for $562.5k
- 1016 Willow listed for $315k on Apr 5; sold for $310k
- 708 Willow 1B listed for $275k on Nov 24; sold for $255k
- 708 Willow 5A listed for $299k on Apr 25; reduced to $286k on June 15; sold for $286k
- 1500 Hudson listed for $410k on Jan 28; reduced to $405k on Mar 2; sold for $380k.
- 1100 Adams listed for $439k on Mar 5; sold for $423k.
- 1110 Clinton listed for $399k on Mar 10; sold for $376k.
12 price reductions
Two Bedroom Hoboken Condos:
30 new listings
275 total listings.
- 203 up to $600,000
- 66 $600,000 and over
- 151 2nd St listed for $424k on May 10.
- 800 Jackson listed for $425k on June 14.
- 845 Garden listed for $559k on Apr 24; reduced to $539k on May 10.
- 830 Monroe listed for $599k on Feb 28; reduced to $585k on Mar 16; $575k on Mar 30; $565k on Apr 14; $555k on Apr 27.
- 1201 Adams listed for $609k on May 12.
904 Jeff listed for $515k on Mar 8; reduced to $505k on Mar 26; $499k on Apr 5; sold for $495k.
- 412 Wash listed for $599k on Apr 11; sold for $572.5k.
- 1313 Park listed for $549k on Jan 7; reduced to $539k on Jan 7; sold for $521.5k.
- 1200 Grand listed for $499k on Mar 13; sold for $485k.
- 522 Hudson listed for $749k on Oct 5; reduced to $669k on Feb 5; $629k on Mar 2; sold for $590k.
- 635 6th Street listed for 389k on Oct 14; sold for $380k.
- 306 Bloom listed for $575k on Jan 27; reduced to $560k on Mar 26; sold for $537k.
- 1012 Park listed for $429k on Apr 23; reduced to $420k on Apr 27; sold for $407k.
- 517 Jackson listed for $379k on Jan 14; increased to $399k on Mar 29; sold for $379k.
- 727 Garden listed for $675k on Feb 5; reduced to $659k on Feb 22; $649k on Apr 12; sold for $630k.
- 700 1st St. listed for $500k on Jan 26; reduced to $475k o Feb 26; sold for $455k.
- 118 Bloom listed for $939k on Nov 3; sold for $880k.
- 123 Jackson listed for $599k on Apr 22; reduced to $525k on Oct 22; increased to $565k on Oct 29; sold for $535k.
- 501 9th listed for $700k on Mar 15; sold for $685k.
26 price reductions
Three Bedroom and Larger Hoboken Condos:
3 new listing
58 active listings.
- 904 Jeff listed at 619k on Nov 30; increased to $819k on Nov 30 (must have been an input error); reduced to $799k on Feb 26; $775k on May 11.
4 price reductions
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