2011 Feb 2nd

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of February 2nd

Hoboken Condos Sales & Activity – Week of February 2nd, 2011

Circle of Excellencenjar circle

The New Jersey Association of Realtors Circle of Excellence sales awards were announced and, as of yesterday, can be advertised by the agents who earned them.  What does that mean and why should you care?

There are 4 levels of achievment – bronze, silver, gold & platinum.  The agent must sell or rent a given dollar amount and close a certain number of transactions to reach each level.  To give you the general idea without boring you with details, to make bronze, an agent needs to close 3 million;  silver 7.5 million, gold 15 million and platinum 25 million.  Over 120 agents in Hudson county are bronze, 43 silver, 5 gold and 8 platinum. Many of the higher level winners have a team of agents who work together but they keep all the sales in one name.  The vast majority of these agents are located and work in Hoboken. Best I can tell from the MLS roster of agents, there are over 3,000 active, licensed agents in Hudson County.  So the Circle of Excellence winners represent less than 1% of all agents. I’ve heard people in the industry say 10% of the agents do 90% of the business.  I think it’s more like 1% of the agents do 95% of the business in Hudson County.

If you want to do business with an experienced, successful agent, this might be a pretty good initial indicator. Of course, you want to meet them personally to see if you are a good match.

Tax Appeals

I’m still happy to send you comps if you are appealing your own taxes.  Keep in mind that the City has a 15% margin of error.  If your assessment does not multiply out to at least 15% over the current market value of your property, you are not likely to be successful in an appeal.  The “upper limit” multiplier for Hoboken is .3407.  To see where you are at, take your assessed value and divide by .3407.  For example, if your assessed value is 175,000, the result would be $513,648.  Your property value must be less than $513k to win.

Here is this week’s condo sales report:

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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:

7 new listing

3 Dabos

5 Sold

6 price reductions

130 Total Active 1BRs

Two Bedroom Hoboken Condos:

9 new listings

4 Dabos

8 sold

180 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

no new listings

3 Dabos

2 sold.

no price reductions

33 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

    Does anyone object to the statement that real estate price are mean reverting?

  2. Lori Turoff

    If I understand mean reverting correctly, I strongly agree.

  3. JC

    2 BR 8 sold link doesnt seem to be accurate. thnx

  4. Lori

    Thanks, it’s 4 sold and it’s fixed.

  5. carl

    From 2000 to 2007 prices went up about 100%. We are only 15% off the top If you assume 3% appreciation rate prices in Hoboken should be 360 $/sqft to get back to mean. If you say that Hoboken is a fast growing area and has an appreciation rate that is double(6%) then it should be about $440 $/sqft. I see the market for 2010 average about 485 $/sqft. So isn’t the market still overvalued I think

  6. JC

    maybe Carl…however that doesnt mean price MUST come down. The other variable in your equation can be adjusted too, time. Prices can stay the same from 2010 – 2013 and your math would then catch up. (I didnt do exact math by the way, just making a point about time)

  7. carl

    true

  8. L&S

    JC – that is great point. We stay flat for a years and the market is fairly valued.

  9. Tiger

    Good point, JC. I second that.

  10. carl

    so based on 3% only another 15 years of a flat market or 3 years if 6% growth assumption.

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