2010 Sep 1st

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of August 31st

Hoboken Condos Sales & Activity – Week of August 31th

Very often I go out with buyers who see a property that “needs a little work”.  They talk about redoing a kitchen or changing the fixtures in a bath like it’s changing socks.  I just renovated the teeny, tiny kitchen in my 25 year old condo in Manhattan and spent the entire week putting out fires lit by incompetent workers.  If water leaks on your brand new tile floor, they don’t bother to wipe it up.  Instead, the grout gets stained and the floor has to be redone.  If the walls are crooked because the building settled over quarter of a century they don’t adjust the cabinets, they just hang them so you can see the uneven raw edges.  My point is that for all you buyers out there looking for a ‘fixer upper’ or willing to do a little work – there is no such thing as a little work. Unless you have unlimited funds to throw at it, any renovation job is exhausting, time consuming and more expensive than you expect.  So that’s why this is so late today.  I was mopping up sheet rock dust while my tenant was moving in.  Ugh!  Thanks for your patience.

Disclaimer:  The data relating to real estate transactions on this web site comes in part from the Hudson County MLS.  While some of these listings are, in fact, our listings they are not ALL our listings nor do we hold them out as such.   Century 21 Listings are identified with “C21” after the address. Other listings are from the MLS and are identified with “MLS” after the address.  Information is deemed reliable but not guaranteed.

Studio & 1 Bedroom Hoboken Condos:

15 new listings

182 active

6 Dabos

4 Sold

8 price reductions

Two Bedroom Hoboken Condos:

15 new listings

250 active listings.

3  Dabos

16 sold

12 price reductions

Three Bedroom and Larger Hoboken Condos:

4 new listing

51 active listings.

1  Dabo

5 sold

4  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!

  1. homeboken

    Under the 2BR price reductions, 1500 Garden (Harborside Lofts). Price reduced to $1,195,000.
    This will be on the market for 1,000 months at this price. For reference:

    Bought Dec 2007 – 794,000

    What realtor took this listing? I hope they don’t spend 2 minutes on it since it is a total waste of time. Dear Sellers – you don’t deserve a 50% price appreciation in under 3 years anymore. Seriously, the ask is $400,000 over what it traded for at the HEIGHT of the real estate bubble.

  2. lori

    It was originally listed at 1.195mil at 8:00am. At 11:30 the same day they raised it to 1.245mil then back down to 1.195 at 1:50pm. Go figure. But then this is the same seller who told me with all seriousness, when I listed his studio at Hudson Tea several years ago, that his unit was worth way more than the mirror image of it a floor higher (which was on the market at the same time for less than he was asking) “because my kitchen is on the left when you walk in and that kitchen is on the right when you walk in”.

  3. homeboken

    I think an appointment on Real Estate Intervention may be needed. It is very interesting how human nature skew perceptions. We all think our kid is the cutest, smartest etc. Same with our homes.

  4. lori

    OK – I’ll say it – I LOVE THAT SHOW! In fact, Mike Aubrey is going to be the keynote speaker at the NAR Realtor Convention in New Orleans this year. I’m hoping for a front row seat 😉

  5. Craig

    I love Real Esate Intervention also. I wonder where Mike Aubrey is based out of.

    Lori, 321 Monroe seems awfully cheap for what it appears to be. $436k for a modern turnkey 1300 sq. ft. 2 bed, 2 bath with all the trimmings that seems to show well. There’s got to be something wrong with it considering a much smaller (1000 sq. ft.) 1 br + den at 84 Adams (The Summit) went for $490k (I realize this unit has parking while Monroe doesn’t, but subtract $30k for that and it still sold for more). What am I missing?

  6. a

    what’s going on across the street from hudson tea? any info on this project? saw they broke ground a few weeks ago.

  7. boken

    Craig…..maybe the location? A bit more of a walk to the path.

    Love that show as well! Nothing against Mike Aubrey, but the chick on there in my fav…cutie.

  8. lori

    321 Monroe is a very nice unit – I showed it to my buyers. It is a 3rd floor walk-up – a tough sell for a family with kids.

    Sabrina is great too. I only wish I could get my sellers to spend what hers do on ‘staging’ though. But the show is like crack – I watch every episode.

  9. carl

    2 points are we going to call 321 monroe an outlier because it sold for under $350 sqft. And it looks like two 13 story structures( and they have a few more buildings that will built as well) are going to be built by toll. Is anyone worried about that or is demand so strong that the additional supply of new apartments won’t matter in Hoboken.

  10. lori

    Do you know for sure that the Toll property will be condos and not rentals?

  11. Craig

    Carl – Unless you can find a number of units that sold for $350/ sq. ft. recently, it’s safe to say this one example of extremely low pricing is an outlier. There was a unit in 75 Jefferson that was identically sized and also a 3rd floor walkup. The one difference is that it had parking. That unit sold for about $515k if memory serves. 211 Madison (which I viewed personally) is also a 2nd or 3rd floor walkup without parking (but with a nice balcony) and just went for $555k. So I’m not seeing why 321 Monroe’s value took such a hit.

    As for those Toll Bros. towers going up, I’m betting those will be rentals. With Maxwell Place’s existing buildings still sitting half empty and 2 more for the second phase still yet to be built, I don’t think Toll is about to flood the market with even more difficult to sell high-end condos.

  12. homeboken

    Im betting that the new buildings will be rentals with possibly a plan to conver to ownership (ie HTB). Toll doesn’t own any other rental stock in town.

    On the other hand, I remember reading somewhere that the new developments were supposed to have many of the amnenities for Harborside(the swimming pool). Not sure how an owner at Harborside will feel having to share their long-awaited pool with lowly-renters.

  13. lori

    If the buildings are condos, the plan was for there to be a pool on the roof and a huge gym which Harborside owners would share with the new condo owners. If the building ends up being a rental they are never going to have the owners share anything with the renters.

    I’m sorry but you can’t compare the 300 block of Monroe with 84 Adams. That’s apples & oranges. Do you know how many buyers say they won’t even look at anything on Monroe?

  14. homeboken

    As long as they adjust their rental prices accordingly they won’t have trouble. But they shouldn’t expect to have the same asks as Applied since they won’t offer any amenities.

    The more I think about this the more I am leaning towards condo’s for the new building.

  15. teaorcoffee

    With regard to the guy who thought his HTB studio was worth so much, anyone know how that story ended? Did he get anywhere close to his asking price?

    And the Harborside listing – is that a 2-bedroom with a den?

  16. Lori

    You don’t know what kind of amenities a Toll rental will have. Maybe they will build two fitness centers – one for Harborside owners and another for the renters. I’m sure they’ve thought about that. Even Hudson Tea has a nice gym, a great kids playroom and a very nice party room.

    The Hudson Tea studio – I know how it ended because it was my listing. He got way less than he hoped for and originally listed for (remember, the sellers set the ask price, not us) but eventually reduced it and it sold and in my opinion, he did pretty well considering the market at the time and the way the unit faced. Prices in Hudson Tea vary greatly depending on the exposure.

    Yes, the Harborside unit is a 2BR plus den.

  17. Craig

    I know you can’t compare the 300 block of Monroe to 84 Adams St. Of course Adams is a more desirable locale for a host of reasons. That’s why I bought on Adams and not Monroe. But I didn’t think the price differential was so monumental. How about the comparison to 211 Madison? Madison is just 1 block east – is that 1 block really worth over $130k more for another 3rd floor walk-up with the same square footage?

  18. whynot

    lots of action on the round up! 9 contracts and 25 sales – we should point out the good with the bad!?!

    i guess this goes against homeboken’s and shorts’ trends!

    🙂 have a nice weekend!!

  19. morally_right

    $350/sq ft in Hoboken was unthinkable by many just a year ago. Now that it happened, to write it off seems unfair. Let’s see how the price dynamic plays out. I still think we see $250/sq ft eventually. Won’t happen overnight though.

  20. carl

    I didn’t think about Toll making those rentals. Good point. I thought it was weird for Toll to flood the market when they have a bunch of units still left to sell

  21. carl

    250 per sqft as an average for all of of hoboken will never happen

  22. Craig

    @morally_right – I don’t think anyone is writing off a lone example of a decent unit for $350/ sq. ft. We just identified it for what it is: An outlier, or the exception that proves the rule. I myself paid $385/ sq. ft. for my place because I had the unique situation of a seller who had to move 2 months prior, the property had sat unsold for 5 months, and they were desperate to sell. So my deal was not indicative of a trend either.

  23. lori

    It is possible that the sellers of 321 Monroe had one child and SURPRISE! the second baby was not a baby but twins – now they have 3 kids instead of two – that is pretty strong motivation to move quickly into a bigger place, maybe closer to Grandma. There are often personal reasons that lead to decisions that may not be rational when looked at only from a financial point of view. I’m not saying I know this for a fact, but when you see baby cribs and changing tables it’s a pretty good hint that the sellers are moving for personal reasons. Even if they sell at a loss – the are buying lower and recouping the loss – so to them it’s the right move.

  24. jC

    I never really understood the whole it’s ok to sell at a loss thing because you are buying lower. You lose real present value $ on the sale and even if you buy a house for a ‘discount’ it’s a paper gain until you sell or refinance. And that is assuming the new house was indeed bought at a discount and it actually gains value before they choose to move on yet again.

    I’ll gladly pay you Tuesday for a hamburger today.

  25. Lori Turoff

    What’s not to understand? The house I buy today for $500,000 would have cost $700,000 three years ago. Paper savings, maybe but I’m still getting a house I couldn’t have afforded before.

  26. JC

    You used the word “recouping the loss”. Its that phrase in which I dont agree with. They arent recouping anything until the new propety goes up x amount and there is no guarantee of that. If it does go up x amount that is a paper gain until they sell again which could be years and years later.

    Personally I dont feel OK justifying selling for a loss to get into a property down significantly from the peak. I wouldnt give up cash in my hand today for a discounted property I cant realize my gain (assuming property actually does go up) on until i sell. Maybe I’m just not liquid enough to find value in this scenario.

  27. patk14

    Yes, some people had their life savings wiped out when they stretched to buy a few years ago. Even though their “dream” house in the suburbs has also declined, they are no longer in position to purchase that home because of the loss on sale. There are good times to buy real estate and there are bad times to buy real estate. With the benefit of 20/20 hindsight, 2000 was a very good time to buy and 2005/2006, not so much. 2010 feels to me to be a buy if you have to for family reasons and continue renting if you can wait a few more years (no one wants to wait) or might need to sell within the next 5 years.

  28. Tiger

    patk14, totally agree with you.

    However I wish there’s a way to tell. You pointed out 2000 was a great time to buy, true, but it also happened to be very bad overall, dot com bubble + 9/11 shortly afterwards. Remember how depressing things got around here in 2001? Incidently, 2005 and 2006 were great, or at least seemed so.

  29. Craig

    I think now is the best time to buy if you plan to actually live in the place awhile. Might prices drop another 5%? Sure, but this is not Las Vegas so there’s no point waiting for a 50% total decline because it ain’t happening here. Any loss will appreciate back sooner or later if you stay in the home long enough. Those who overpaid during the peak already took most of the hit. The thing is, interest rates are 4.5% – the lowest in history. If you stay 10 years, that interest savings outweighs a minor loss in value and buys you much more house for your dollar. This is not a good time to buy investment properties for a quick flip, but if you are seeking your primary residence and plan to stay awhile, I’m not sure how much better a deal one can expect. The benefits outweigh the risks in my opinion.

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