2010 Oct 6th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of October 6th

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.

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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:

13 new listings

175 active

4 Dabo

4 Sold

9 price reductions

Two Bedroom Hoboken Condos:

16 new listings

264 active listings.

192 under $600k

72 over

9 Dabos

8 sold

12 price reductions

Three Bedroom and Larger Hoboken Condos:

4 new listing

51 active listings.

none dabod

none sold

no 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. carl

    Hi Lori the link is linking to last week stats

  2. Lori

    Thanks. It is fixed now.

  3. homeboken

    New unit listed at 2 Constitution, unit 1111. 579,000 is the starting ask, this is $50,000 lower than the next lowest ask price.

    Other unit owners will not be happy when this sells. My guess is this one is still 50k overpriced, but much more realistic starting ask here.

  4. TS

    If you look at the last 4 weeks, I think things in Hoboken are more encouraging than you suggest Lori. 69 units sold in the last 4 weeks, per the numbers you provide. That’s about 7 months of inventory. not bad in my opinion, especially relative to the rest of the country.

  5. Lori Turoff

    TS – You know (at the risk of being accused a sugar-coating realtor) I am usually pretty optimistic about the market but I don’t think 1 month is today’s environment is enough of a trend to allow one to reach a conclusion one way or the other. I’m looking at the entire year. I’ll post the monthly and quarterly reports on Friday and maybe that will give a clearer picture of what is really going on. I believe we have too many units for sale and not enough qualified buyers who are able to obtain financing. I feel the second factor is a bigger problem than the first. The pendulum has swung too far in the other direction now. In fairness, Fannie Mae is part of the problem.

  6. bill

    Purchased for 2.25mm in ’08 asking 1.8mm now….ouch

    http://singletongalmann.com/sales/maxwell_1025_0901.html

  7. Andy

    Lori, I think you are spot on with people having trouble obtaining financing. My family is looking to purchase a 2nd home on Cape Cod and found a great place put in an offer and it was accepted. However, the lender is hesitating on moving forward with the mortgage because they do not trust the market there to be fairly priced and required an appraisal. We’re in limbo on the deal because we need to put hard $$ down to bind the contract but the appraisal isnt’ back yet and could sink the deal. We have great credit but don’t want to plunk down the extra cash if the mortgage doesn’t come in at what we need. I think if this is happening to us, its happening to many other people. The one thing sellers should take into consideration is that you’ll have a hard time finding a buyer who can make up that difference between the asking price and what the mortgage lender will approve in cash. The pool of people who can buy a home all cash is extremely limited especially in expensive areas.

  8. Craig

    Homeboken – 2 Constitution Unit 507 is $549k, so Unit 1111 is actually $30k higher than the next lowest asking price in the building. If the units are comparable, me thinks the owner of 1111 won’t be selling anytime soon. The taxes in that building are ridiculous: $12.7K a year for 1100 sq, ft. of space? Throw in the $600 maintenance and you’re talking over $1600 a month before you even include your mortgage. Who are these people willing to pay all that? Not me.

  9. homeboken

    Do you have a link for the 507 listing? Haven’t seen that one.

  10. homeboken

    Nevermind, I found it, you bring up a good point Craig. If unit 507 sold at asking, which is unlikely since it has been on the market for 101 days, then the current tax bill is 2.31% of the purchase price. That is really too high.

    Lori – Do you think a the owner could win a tax assessment appeal? Is that even possible in this town?

    Put another way, you would have to expect this home to appreciate by 3.7% every year in order to just break even when it comes time to sell. The tax and HOA fees total 3.78% of the purchase price, every year, and that assumes that neither property tax or HOA fees will ever increase. Seems unlikely to me.

  11. Lori

    I can’t opine on the likelihood of successful tax appeals. It depends on who presents your case, what comps are used, whether the homeowner accepts the settlement agreement offered and too many other factors.

    People out there are clearly willing to pay to live in the Shipyard, presumably for it’s location and amenities. Compared to similar doorman, full-service buildings in Manhattan it is still a bargain.

  12. homeboken

    The best comps for that building are other sold units in the building. I know there are at least 5 units listed for sale, I can’t remember the last time I saw something in the Shipyard close. It is the only condo building in a sea of rental units, so perhaps that keeps people from looking there to establish roots.

  13. Craig

    Almost anyone in a building built since 1995 (except brand new constrution obviously) will be successful in a tax appeal because the city’s assessments of newer construction are so out of whack it’s not funny. When I did the math to convert my condo’s assessment to actual market value, the city had it valued at $215k more than I paid for it. Upon appeal my taxes were easily reduced over $2k annually. The city tax assessor couldn’t argue with a straight face that the city’s assessment was even in the ballpark.

    2 Constitution offers a nice waterfront location but the features & finishes are sub-par by today’s luxury standards and their HOA pricing is absurd. The Sky Club offers the identical amenities and yet their average HOA fees mangage to be a couple of hundred less per month. 2 Constitution is indeed a bargain compared to a similar building in Manhattan, but that is true of all of Hoboken. It was the standard in 1999, but Maxwell Place, The W, and Harborside Lofts have far surpassed it if you want high-end luxury on the waterfront.

  14. Lori

    Except that Harborside is not “on” the waterfront and few of the units have direct views like the Shipyard, Hudson Tea or Maxwell do.

  15. stan

    Lori nailed it.

    when it comes to the constitution, it all comes down to the view. which is nice.

    thta said, there are a lot of people underwater by 100’s of thousands there

  16. Lori

    Underwater and on the water. Why do I find that sort of funny?

  17. homeboken

    I would cancel the open houses around the shipyard location, not exactly a great selling point with the roads collapsing into the river. I live up in this area, and I can tell you, I don’t feel so great about the state of the foundations of these buildings.

  18. Lori Turoff

    Underwater is taking on a whole new meaning.

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