The Weekly Wednesday Wrap-Up for the Week Ended June 29th
Categories: Hoboken Condos, Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of June 29th
Get ready Hoboken! The fireworks are only a few days away. Maybe the throngs of people coming into our little city to watch the festivities will be captivated by its charm and decide to buy a condo. In any event, it is sure to be a big party. Whatever you do over this holday weekend, stay cool and have a safe and fun 4th of July!
Here are this week’s numbers vs. last week:
- 529 active Hoboken condo units – vs. 539 last week
- 12 DABOs (Deposit Accepted By Owner i.e. under contract) with 0 short sale vs. 7 dabos last week
- 19 sold (0 short sales) vs. 29 (0 short sales)
- 24 new listings vs. 37
- 39 price reductions vs 43
- 4 expired listing vs. 7
Studio & 1 Bedroom Hoboken Condos:
11 new listings
203 total active
3 Dabos
- 130 Madison listed at $229k on July 21; reduced to $210k on Jan 7; $205k on Mar 30; $199k on Apr 14; $189k on May 18.
- 941 Garden listed at $375k on Jun 16; under contract in 8 days. It DOES happen.
- 705-707 Monroe listed at $439k on Oct 30; reduced to $428 on Apr 16
6 Sold
- 80-82 Bloomfield listed for $450k on Feb 12; reduced to $429k on Mar 8; sold for $410k.
- 227 Monroe listed for $269k on Feb 1; reduced to $254k on Mar 8; $229k on Apr 5; sold for $200k.
- 463 1st listed for $389k on Mar 17; reduced to $375k on Apr 19; sold for $370k.
- 625 Willow listed for $329k on Feb 16; sold for $315k.
- 1200 Grand listed for $498k on Mar 17; sold for $490.
- 211 Jefferson listed for $525k on Feb 8; reduced to $499k on Mar 22; $469k on Apr 22; sold for $457k
14 price reductions
Two Bedroom Hoboken Condos:
12 new listings
265 total listings.
- 200 up to $600,000
- 65 $600,000 and over
8 Dabos
- 86 Clinton listed for $569k on Apr 6; reduced to $559k on May 12.
- 508 Garden listed for $579k on Mar 9; reduced to $539 on Apr 16; $519k on Jun 11.
- 222 Grand listed for $375k on Jun 13; under contract in 12 days
- 415 Newark listed for $474k on Jun 9; under contract in 16 days.
- 309 Monroe listed for $379k on May 11; under contract without a price reduction in 49 days
- 224 Park listed for $448k on Apr 12; reduced to $435k on May 6.
- 413 Madison listed for $550 on Jan 9; reduced to $530 on Jan 26; $513 on May 18.
- 1015 Grand listed for $395k on Mar 18; reduced to $374k on May 20.
12 sold
-
635 6th listed for $439k on Oct 15; sold for $415k.
- 511 Madison listed for $695k on Oct 23; reduced to $655k on Apr 16; sold for $620k.
- 704 Clinton listed for $519k on Feb 8; reduced to $518k on Mar 6; sold for $500k.
- 123 Jackson listed for $620k on Apr 22, ’09; reduced to $555k on Nov 14; $540k on Mar 4; sold for $524k.
- 800-830 Jackson listed for $538k on May 3; sold for $532.5k.
- 123 Jackson listed for $679k on Apr 22 ’09; reduced to $565k on Nov 19; sold for $552k.
- 1200 Grand listed for $499k on Apr 5; sold for $484.5k.
- 1300 Park listed for $455k on Oct 26; $419k on Jan 11; $409k on Jan 29; sold for $390k.
- 1000 Hudson listed for $579k on Apr 15; sold for $560k.
- 822 Hudson listed for $628.5k on Apr 7; sold for $610k.
- 420 Jefferson listed at $400k on Apr 22; sold for $397k.
- 625 Jefferson listed for $519k on Mar 2; reduced to $509 on Mar 29; $489k on May 13; sold for $475k.
24 price reductions
Three Bedroom and Larger Hoboken Condos:
1 new listing
59 active listings.
1 dabo
-
112 Adams listed for $575k on Jun 4; under contract without reduction in 25 days.
2 sold
- 62 Madison listed for $949k on Aug 8; reduced to $899k on Dec 16; sold for $860k.
- 66 Jefferson listed for $889k on Apr 9; sold for $860k.
3 price reductions
Hoboken Condo Open Houses
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 info@hobokensbest.com 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!
How did the 2/2 at 415 Newark go under contract in 16 days?
I saw that place 2 months ago when it was listed at $484K
Lori-
thanks as always…
509 second street:
230k with a parking spot and 731 square feet. Is that correct? 2 bedroom, can def rent that out at a profit…
sold for 430k in 2007?
415 Newark 3C was listed 4 times. First at $585k in April of ’09. Listing expired. Then at $525k in Dec ’09. Expired again. Then $500k in March of ’10. Expired again. Finally at $474k this June and it went under contract.
509 2nd Street? I don’t see that anywhere and there is no 509 2nd in Hoboken. What are you looking at Stan?
Listed on the 2 bedroom reduction list as 100007397, 209 second street tax records has it as 133 MADISON ST/509 SECOND STREET #2
Block: 29 Prop Loc: 133 MADISON ST Owner: DYAS, Square Ft: 731
Lot: 17
Lori – How much of the decline at 415 Newark do you attribute to the look and feel of the apartment vs. the current lawsuit? Craig outlined why he did not like the place but if most of the decline or lack of sales is due to the lawsuit then the blding could be a decent investment at these levels?
Stan – The building is 133 Mad – not 509 2nd. The tax record lists it as a 731 sq ft 1BR with no garage and a separate tax lot for the garage. Both were purchased in ’07 for $431k. It is a short sale. Who knows what kind of tax liens or other incumberances are on the property limiting its marketability.
L&S – I find many buyers of larger units have children and to them a washer/dryer in the unit is extremely important so the lack of them at 415 Newark is an issue. The lobby and halls are dated. The gym is pretty basic. So part of the decline may have to do with the physical aspects of the building. Any litigation, however, means uncertainly as to future costs or possible recovery (it could go either way – the unit owners may have to pay a special assessment to pay for the suit or they may recover from the developer and more than replenish the building reserve fund). Uncertainty = risk and risk comes with a price. So I’d say it’s a combination of both.
415 Newark was at one point listed for $484K. I saw that place on April 24th.
Regardless, how does that count as under contract in 16 days?
That’s really over a year with a minimum of 5 price reductions.
confused
16 days from the most recent listing.
Thanks Bill, I get that.
My point is that its misleading information.
Only if you haven’t been reading this for several years – all the DABOs DOM and Sales DOM are based on the latest listing date – always. It would be impossible to go back and track the history (previous listings, withdrawals, expireds) for every property. If you’re ever curious about a particular unit, simply ask me and I’m happy to give you the background history.
If you make a decision based off the fact that one unit is reported to have sold in 16 days then you truly are confused.
Wow, thanks Bill you really saved me there. I was going to buy something based solely on that one unit.
I can’t thank you enough.
you are welcome
Confused: I would recommend that you don’t buy anything based solely on a single comp.
I personally believe that Hoboken will continue to see some weakness, so I am still out here waiting in the weeds before I buy. Nevertheless, there are still deals to be had if you need to buy now and you are an educated buyer. Thanks to Lori for keeping us all a bit better educated.
You’re welcome.
Thanks Jeffrey, appreciate it but I never said anything about buying based on that one apartment. For whatever reason, Bill decided that I was even though I never said anything close to that.
Jeffrey – sorry, forgot about the previous post. I was 100% sarcasm when I told Bill that he saved me.
Since you asked three times I assumed you considered it a very important piece of information…..my bad.
Three times? Really Bill? Come on guy
It’s not a bad building, but the lack of in-unit laundry in a not-so-old structure like Observer Plaza (415 Newark’s name) is absurd. What were its developers thinking? I don’t think importance of in-unit laundry is limited to just buyers with kids – I think it’s now expected in any unit asking over $500k. For half a million bucks, no one should have to schlep their laundry out of their home to machines shared with strangers.
I wasn’t aware there was currently litigation pending at Observer Plaza. The building is far from new, so I can’t imagine what they can be suing the developer for so many years after construction. What’s the nature of the litigation?
The litigation apparently is due to some work that the developer still needs to complete. I am sure Lori has more details. I was told that the litigation was one of the biggest reasons why there have been very few sales in the building and consequently prices have been under pressure. The laundry unit is not a deal breaker for me, everyone has a preference, some guys are willing to pay an extra 25k for a view, i am not, i am willing to pay an extra 25k for a big master room..other are not… I am thinking from purely an investment standpoint and trying to figure out whats priced into this building relative to the hoboken mkt.
Can anyone recommend a good website to search apartments available for rent in hoboken (aside from craigslist)?
@ 415 Newrk I cannot believe people do laundry for themselves ;). Let the help worry about it.
@Whynot, please read the WSJ on the myth of back to city migration. Of course it does not apply if you could be near the PATH