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.
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.
- 513 active Hoboken condo units – vs. 500 last week
- 6 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 14 dabos last week
- 15 sold vs. 11 sold
- 42 new listings vs. 35
- 32 price reductions vs 23
- 9 expired listing vs. 13
Studio & 1 Bedroom Hoboken Condos:
18 new listings
186 active
2 Dabos
- 214 Jeff listed at $229k on Apr 19; reduced to $219k on Jun 24.
- 509 Willow listed at $309k on May 11.
7 Sold
- 725 Wash (mls) listed at $215k on Jun 20; sold for $197.5k.
- 1011 Park (mls) listed at $319k on Jun 21; sold for $300k.
- 625 Willow (C21) listed at $320k on Jun 8; sold for $305k.
- 300 1st (mls) listed at $325k on Jul 22; sold for $318.5k.
- 1206 Wash (mls) listed at $369k on Jun 3; reduced to $349k on Jul 12; sold for $339k.
- 501 9th (mls) listed at $400k on Jul 6; reduced to $395k on Jul 15; sold for $380k.
- 501 9th (mls) listed at $429k on Jan 30; reduced to $419k on Mar 29; $409k on Apr 30; sold for $380k.
15 price reductions
Two Bedroom Hoboken Condos:
23 new listings
274 active listings.
201 under $600k
73 over
4 Dabos
- 805 Willow (mls) listed at $419.5k on Jun 10; reduced to $409.5k on Jul 23.
- 150 14th (mls) listed at $695k on Apr 26; reduced to $649k on May 10; $550k on Jun 15; $499k on Sep 20. (Short Sale).
- 1028 Hudson (C21) listed at $599k on Sep 20.
- 1500 Hudson (mls) listed at $875k on Oct 1.
4 sold
- 423 Adams (mls) listed at $465k on Apr 12; sold for $453k.
- 261 2nd (C21) listed at $539k on Apr 14; reduced to $599k on Jun 7; sold for $546k.
- 1025 Maxwell (mls) listed at $975k on Jan 26; reduced to $880k on Apr 20; sold for $880k.
- 415 Newark (mls) listed at $549k on Apr 13; sold for $547.5k.
10 price reductions
Three Bedroom and Larger Hoboken Condos:
1 new listing
53 active listings.
none dabod
3 sold
- 215 Monroe (mls) listed at $650k on Apr 6; reduced to $635k on May 4; $625k on May 18; $620k on Jun 2; $590k on Jun 17; sold for $560k.
- 659 1st (mls) listed at $669k on Aug 5; sold for $630k.
- 402 Madison (mls) listed at $625k; reduced to $615k on Jul 24; $610k on Aug 4; sold for $597k.
- 607 Clinton (mls) listed at $515k on Aug 27; sold for $495k.
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Thanks for reading and, as always, we welcome your comments!
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?
Sorry – it’s a typo. Original price was $639k. Then reduced to 599k.
Lori
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
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
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.
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?
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