2010 Dec 1st

The Weekly Wednesday Wrap Up – Hoboken Condos Sales & Activity for the Week of December 1st

Hoboken Condos Sales & Activity – Week of December 1st

A New Low!

During the height of the real estate market units would fly off the shelves as fast as they were listed. Inventory was low and prices were soaring. Sigh… those were the good old days. While the current inventory of condos available for sale is down to yearly low of 406, it may be a bit premature to rejoice and declare an end to the market slump. Sellers know that the weeks between Thanksgiving and New Years are the real estate “Dead Zone”. Buyers and sellers alike are busy with holiday shopping, parties and family obligations, real estate offices are closed for holiday weekends, and Realtors take the opportunity for vacations and a little R&R. January on the other hand is traditionally a pretty strong month for new listings, so expect a bit of a spike in the new year.

There’s another reason for the low inventory number and that is expirations and withdrawals. I believe that the number of listings that are expiring unsold and/or being withdrawn are way up, as are the number of people choosing to rent their units for a year or two and then try selling again when the market has recovered. I can’t do it today, but look for an analysis of this trend in a future HREN blog post.  Later this week I’ll post the November results, too.

Here are this weeks numbers:

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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:

5 new listings

1 Dabos

2 Sold

5 price reductions

161 Total Active 1BRs

Two Bedroom Hoboken Condos:

4 new listings

2 Dabos

1 sold

2 price reductions

205 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

4 new listing

0 Dabos

0 Sold

3 price reductions

40 Total Active 3BRs

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

    old report showing up when signing up

    thanks

  2. Lori

    Thanks – it’s fixed.

  3. homeboken

    1125 Maxwell selling at over $1,000 psf. Wow, am I back in 2007??

  4. John

    I am curious if the Maxwell unit is a resale and if so, is there any way to find out what the seller originally paid? That is a nice check for a real estate agent right before Christmas!

  5. Craig

    1125 Maxwell unit 736 was not a resale. The tax records list Toll Bros. as the prior owner. I can’t believe they got $1000 a sq. ft. for this place either. Additionally, the maintenance is a whopping $889/mo. For that kind of money, I’m heading to Manhattan. You might actually afford more for your money there at the $1000/ sq, ft. price point because NY County property taxes are vastly lower than here in Hudson County.

  6. whynot

    Craig –

    Give us all a break! The same unit in NYC would be 2K a sq. ft. and 3K a month in maintenanc!

    Does your “I’m heading to Manhattan” comment really have an merit?!? The only person who thinks that it has any merit is likely homeboken! Good company!

  7. homeboken

    whynot – I can assure you that someone of your level of intellect will never be able to comprehned or even try to understand what I “think”. Don’t draw me into an argument that I am not a part of, unless you want to be quickly crushed.

  8. Lori Turoff

    Guys, I don’t want to be the comment police so please be respectful of each other. Thanks.

  9. Craig

    whynot – the price per sq. ft. of a similar unit in Manhattan would depend on the neighborhood. It would likely not go for $2k per sq. ft. in parts of the upper east side for example. My point was any additional price per sq ft. over its Hoboken counterpart is made up for with property taxes that would be a fraction of what they would be in Hoboken. Lastly, maintenance for Manhattan condos is nowhere near what they are in co-ops – which is the cost structure you’re thinking of with your $3k figure.

    I love living in Hoboken. But I would not spend $1000 a sq. ft. to live here. The property taxes at that price point alone would be enough to move me across the river. At the current tax rate of 4.489%, that Maxwell unit will incur property taxes of just under $20k annually – that’s over $1600/mo before mortgage and maintenance. In the City, you can take $1000 off that thanks to a lower tax bill and put it towards a bigger mortgage instead. I’d rather my high monthly costs go more towards building equity than into government oblivion. How about you?

  10. whynot

    Craig – Please google search new construction on the UES (or a nice large 2 bed) – over 2K a sq. ft and maintenance/fees/taxes/costs (whatever you want to call them) no cheaper than Hoboken! NYC is twice the price however you want to look at. By the way, nobody said that you didn’t love Hoboken!

    Homeboken 😉 I don’t like being crushed (its uncomfortable), but do liked being smashed hansome! hint hint 😉 😉

  11. carl

    Craig-
    i thought property tax in hoboken was 1.2% of sale price Can you tell me if that’s right

  12. Craig

    Carl – The tax rate is currently 4.489%. Taxes are not calculated on sales price, but rather on assessed value (based on an equalization ratio of .2716) multiplied by the tax rate. In a new build the sales price only comes into play because it’s the basis upon which the assessed value is calculated. The following equations are how taxes are calculated on new construction in Hoboken:

    sales price x tax ratio = assessed value
    assessed value x tax rate = taxes due

    So to calculate taxes, the math works as follows taking a new build $500k condo as an example:

    $500,000 x .2716 = $135,800 assessed value
    $135,800 x .04489 = $6096.06 tax bill

    So as you see a $500k new build condo will have a $6096.06 tax bill for 2010. Resales work differently. The city doesn’t care what you paid for it. The current assessed value of record is what the taxes are based on unless you appeal it. Those older assessments are often way out of whack with the current down market. Hence why everyone’s been successfully appealing their taxes.

  13. carl

    thanks Craig

  14. Tiger

    Wow, thanks Craig…

    I was thinking of appealing my taxes, but after reading your post now I know I HAVE TO appeal my taxes…

    Based on your numbers above, reverse calculation shows that my apartment is worth $400K ! That is easily 15%+ over-assessment!

  15. Craig

    Tiger – I’m not sure what you mean by reverse calculation. But to be sure, the math to calculate imputed actual value from assessed value is:

    assessed value/tax ratio = imputed actual value

    So using my example $500k condo above:

    $135,800/.2715 = $500,000

    By law the tax assessor has a 15% margin of error, so you are correct that your condo has to be over-assessed by more than that percentage. It’s too late to appeal your 2010 taxes. The deadline to appeal for 2011 is April 1st of that year.

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