Categories: Hoboken Condos
Hoboken Condos Sales & Activity – Week of February 2nd, 2011
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.
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:
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.
- 345 active Hoboken condo units – vs. 359 last week
- 10 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 7 dabos last week
- 11 sold vs. 11 sold
- 16 new listings vs. 26
- 14 price reductions vs 15
- 5 expired listing vs. 5
Studio & 1 Bedroom Hoboken Condos:
7 new listing
- 419 Adams (mls) listed on Jan 4 at $310k.
- 535 Bloomfield (mls) listed on Jul 12 at $325k; reduced on Sep 8 to $310k; Sep 29 to $300k; Nov 18 to $285k.
- 608 Madison (mls) listed on Jan 15 at $275k.
- 551 Observer (mls) listed on Nov 18 at $290k; sold for $270k.
- 812 Grand (C21) listed on July 13 at $435k; reduced to $430k; sold for $402k.
- 501 9th (mls) listed on Nov 4 at $365k; sold for $345k.
- 1125 Maxwell (mls) listed on Jun 13 at $791k; sold for $809k.
- 420 Mad (mls) listed on Sep 17 at $299k; reduced on Oct 6 to $279k; sold for $265k.
6 price reductions
130 Total Active 1BRs
Two Bedroom Hoboken Condos:
9 new listings
- 137 park (mls) listed on Sep 28 at $380k.
- 729 Mad (mls) listed on Nov 17 at $467k.
- 82 Clinton (mls) listed on Oct 26 at $525k.
- 904 Jeff (mls) listed on Jan 19 at $539k.
- 308 Garden (C21) listed on Sep 7 for $499k; sold for $460k.
- 162 Newark (mls) listed on Oct 31 for $669k; reduced on Nov 8 to $649k; sold for $617.5k.
- 64 Monroe (mls) listed on Aug 30 for $365k; sold for $343k.
- 533 Mad (mls) listed on Oct 2 for $367k; reduced on Oct 11 to $366k; Nov 10 to $360k sold for $342.5k.
180 Total Active 2BRs
Three Bedroom and Larger Hoboken Condos:
no new listings
- 715 Mad (mls) listed on Aug 12 at $825k; reduced on Oct 11 to $815k; Nov 13 to $810k.
- 112 Mad (mls) listed on Jan 18 for $599k.
- 557 2nd (mls) listed on Oct 5 for $775k.
- 227 Mad (mls) listed on Oct 21 for $669k; sold for $676k.
- 1025 Maxwell (mls) listed on Sep 7 for $1.79M; sold for $1.6M.
no price reductions
33 Total Active 3BRs
Hoboken Condo Open Houses
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Thanks for reading and, as always, we welcome your comments!