Categories: Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of October 6th
More news about the foreclosure mess and calls for a freeze as more banks got it wrong. JP Morgan Chase, GMAC and Bank of America have all suspended foreclosures, evictions and sales of foreclosured properties. It is believed that the flawed foreclosures stemmed from the use of electronic notarization of mortgage assignments. There are those who believe a halt in foreclosures will help stabilize the housing market. Fortunately, there have been few foreclosures of Hoboken condos or even short sales. The difference is that in a foreclosure, the bank has taken title to the house while in a short sale, the borrower still owns it but is behind in his or her mortgage, which is greater than the current market value of the collateral property.
The bad news for Hoboken is that we still have close to 500 properties for sale and are selling only about 40 to 50 a month for the past year. At that rate, we have almost 10 months if unsold houses on hand. Conventional wisdom says 6 months is a sign of a healthy market but conventional wisdom may no longer ring true. Properties are continuing to go under contract as sellers price their condos more realistically. I will be posting the October Hoboken condo sales results and the 3rd quarter results later this week.
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.
- 501 active Hoboken condo units – vs. 500 last week
- 14 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 10 dabos last week
- 11 sold vs. 13 sold
- 35 new listings vs. 44
- 23 price reductions vs 37
- 13 expired listing vs. 5
Studio & 1 Bedroom Hoboken Condos:
13 new listings
- 406 4th St. (mls) listed at $289k on Aug. 2; reduced to $265k on Sep. 10.
- 1500 Wash (mls) listed for $415k on May 11; reduced to $400k on Jun 13.
- 1500 Wash (mls) listed for $539k on Apr 18; reduced to $499k.
- 72 Park (mls) listed for $465k on Sep 1.
- 312 Mad (mls) listed for $375k on Aug 18.
9 price reductions
Two Bedroom Hoboken Condos:
16 new listings
264 active listings.
192 under $600k
- 312 Madison (mls) listed for $375k on Aug 18.
- 1125 Maxwell (mls) listed for $1.68 mil on Jun 13.
- 1500 Hudson (mls) listed for $855k on May 24.
- 231 Park (mls) listed for $618k on Sep 17.
- 600 Hudson (mls) listed for $680k on Nov 24; reduced to $660k on Mar 9; $645k on Mar 26; $615k on May 27; $595k on Jun 30.
- 120 Bloom (mls) listed for $525k on May 6; $500k on Jun 25; $479k on Aug 17.
- 608 Grand (mls) listed for $363k on Sep 16.
- 700 1st (mls) listed for $499k on May 3; $469k on Sep 1.
- 722 Adams (mls) listed for $490k on Jun 23; $469k on Aug 30.
- 313 Grand (mls) listed for $649k on Aug 10.
- 423 Adams (mls) listed at $465k on Apr 12; reduced to $435k.
- 82 Clinton (mls) listed at $547k on Jul 8; reduced to $535k on Aug 3; sold for $522k.
- 93 Adams (mls) listed for $399k on Mar 1; reduced to $385k on Mar 30; sold for $367.5k.
- 800 Jackson (mls) listed for $595k on Aug 31; sold for $560k.
- 830 Monroe (mls) listed for $549k on Mar 17; reduced to $539k on Jun 1; sold for $520k.
- 1125 Maxwell (mls) listed for $873k on Feb 3; sold for $845k.
- 308 Garden listed for $499k on Jul 22; sold for $480k.
- 1320 Bloom (mls) listed for $515k on Jan 11; reduced to $499k on Jan 22; $469k on Mar 5; sold for $410k
12 price reductions
Three Bedroom and Larger Hoboken Condos:
4 new listing
51 active listings.
no price reductions
Hoboken Condo Open Houses
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