2010 Oct 13th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of October 13th

Categories: For Buyers, For Sellers, Market Analysis, Weekly Wednesday Wrap Up

Hoboken Condos Sales & Activity – Week of October 13th

Washington Street Named as One of the Nation’s Top Ten!

Pointing to it’s strong sense of history and embrace of the future, the American Planning Association named Washington Street as one of America’s Top 10 streets. Meanwhile, Sinatra Drive continues to fall into the river.

Profits are up at JPMorgan Chase, one of the first big banks to report earnings with more earnings reports expected in the near future, despite the continuing foreclosure debacle.

The Hoboken condo market continues to trudge on. The September results show few signs of life with average price per square foot at $451. The 3rd Quarter results are similar with average price per square foot at $445. What is more telling, is the low number of units sold, especially compared to past years. There was a bump up in the 2nd quarter due to the tax credit but we have fallen down again swiftly and inventory is creeping into the 500’s again. As I’ve said before, in my experience the big problem we face today is young buyers without 20% to put down who are unable to get a financing despite incredibly attractive mortgage rates. Buyers can’t buy if they can’t get a mortgage and that excess inventory just sits there getting stale.

number_of_units_sold-5

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:

18 new listings

186 active

2 Dabos

7 Sold

15 price reductions

Two Bedroom Hoboken Condos:

23 new listings

274 active listings.

201 under $600k

73 over

4 Dabos

4 sold

10 price reductions

Three Bedroom and Larger Hoboken Condos:

1 new listing

53 active listings.

none dabod

3 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!

  1. bz said at October 13th, 2010 at 7:50 pm

    Under 2bed catagory, “261 2nd (C21) listed at $539k on Apr 14; reduced to $599k on Jun 7; sold for $546k.” $539k to $599k is a price increase. Isn’t it?

  2. Lori said at October 13th, 2010 at 7:53 pm

    Sorry – it’s a typo. Original price was $639k. Then reduced to 599k.
    Lori

  3. Craig said at October 14th, 2010 at 8:46 am

    I find it interesting that Washington St. made that list of top 10 streets in America. In my 14 years living in Hoboken it’s definitely proven to be a nice street to stroll, window shop, and hang out. But honestly, would anyone really want to live on Washington St. in a unit that faces the street? I don’t view it as a desirable residential location unless you have a rear facing unit. But maybe that’s just me.

    As for the local condo market, inventory is indeed still too high. But prices per sq. ft. are nevertheless holding pretty steady and I think that resilience is a sign of relative strength. You won’t ever see the 50% losses places like Las Vegas have endured here. On average Hoboken took a 25% hit from the peak, and save a few outliers prices have held up since. So I think we’re at the local market’s bottom. With NYC’s market heating up again, I speculate it’s only a matter of time before Hoboken’s does as well:

    http://www.nydailynews.com/ny_local/2010/10/13/2010-10-13_home_sales_shoot_up_18_in_city_total_sales_prices_climb_26_to_836b_housing_hot_a.html

  4. carl said at October 14th, 2010 at 10:44 am

    Hoboken is down only 16%. Hiring freezes at all major banks again. Foreclosure freeze. units in the maxwells that are under water by 6 figures. Just wanted to give a reality check before we start calling the bottom

  5. Hobo said at October 18th, 2010 at 8:30 am

    Thanks for that Carl, but RE market is not ruled by reality. It is mostly ruled by emotions and Pavlovian reflexes. If lemmings start buyng then other lemmings will join in. The only objective factor that should make Hoboken RE market move is the price of rentals. Average two bedroom 2/2 should be renting for $2700-3000 to be considered for purchase. Taking in account that Hoboken is over 70% rentals we should be looking at the renting trends to forecast Hoboken RE future.

  6. Lori said at October 18th, 2010 at 8:33 am

    I’d love to know where you got that 70% rental figure from. Does that include subsided rentals like all of Applied Housing, Marine View Towers, Church Square? That would skew the analysis, no?

  7. John Bredin said at October 18th, 2010 at 2:30 pm

    As a first start, it’s always great to name problems–such as the sluggish Hoboken RE market. Next, though, we ougtht to move toward repair of those problems… with ideas.

    One idea I have is to capture some of the market of high enders moving to NYC. This would entail a better job of getting the word out about Hoboken’s unique charms (many New Yorkers have never been to Hoboken) in addition to helping transform Hoboken into an edgier cultural space. More art galleries would help on this front. So would more venues for theatre, and and an indie film house.

    Would love to contiue this conversation…. You can reach me at [email protected].

    Ps, Great blog Lori and Howie!!!

    John Bredin

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