2010 Jun 30th

The Weekly Wednesday Wrap-Up for the Week Ended June 29th

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!fireworks

Here are this week’s numbers vs. last week:

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Studio & 1 Bedroom Hoboken Condos:

11 new listings

203 total active

3 Dabos

6 Sold

14 price reductions

Two Bedroom Hoboken Condos:

12 new listings

265 total listings.

8 Dabos

12 sold

24 price reductions

Three Bedroom and Larger Hoboken Condos:

1 new listing

59 active listings.

1 dabo

2 sold

3 price reductions

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your best source for locating every open house in Hoboken. It is the single, most complete listing available and we were the first ones to do it. We compile the information by hand from all possible sources to provide you with all the information you need in one spot. 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. Confused

    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

  2. stan

    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?

  3. lori

    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?

  4. 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

  5. L&S

    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?

  6. Lori Turoff

    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.

  7. Confused

    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.

  8. bill

    confused

    16 days from the most recent listing.

  9. Confused

    Thanks Bill, I get that.

    My point is that its misleading information.

  10. Lori

    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.

  11. bill

    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.

  12. 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.

  13. bill

    you are welcome

  14. Jeffrey S

    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.

  15. Lori

    You’re welcome.

  16. Confused

    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.

  17. Confused

    Jeffrey – sorry, forgot about the previous post. I was 100% sarcasm when I told Bill that he saved me.

  18. bill

    Since you asked three times I assumed you considered it a very important piece of information…..my bad.

  19. Confused

    Three times? Really Bill? Come on guy

  20. Craig

    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?

  21. L&S

    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.

  22. SJ

    Can anyone recommend a good website to search apartments available for rent in hoboken (aside from craigslist)?

  23. keepitinflated

    @ 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

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