2011 Apr 6th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of April 6th

Hoboken Condos Sales & Activity – Week of April 6th, 2011strollers

Last weekend I was out with buyers all day Saturday and Sunday.  I came home and said to my husband “there is a lot of crap out there”.  In the old days, during the bubble, even the crap would sell.  Today it sits.  The price gets reduced again and again and, eventually, it either sells, gets rented, or expires.  This is what buyers read in the media and hear through the grapevine.

What they don’t hear so much is that the really nice properties (and they are not so common) end up with multiple offers.  Still.  They may not always be over asking but often go for at or pretty near asking.  The cream of the crop sells quickly and there have often been offers within the first week of listing.  I’ve had several of my buyers be outbid in the past month.  A few were looking for large units (over 1200 sq. ft).  All wanted the usual – parking, w/d, elevator, decent location, 2 or 3 bedrooms.   Others were looking for the standard 2br 2bath with parking and an elevator, a balcony and gym and not on Jackson.  Guess what – there are not enough of these units to meet the buyers demand.  It is sometimes hard for a buyer to believe this to be the case.  After they lose out on a few prime units, they start to understand.  Inventory, in the meantime, keeps shrinking.

Think about this – there are only 34 three bedroom condos on the MLS for sale in all of Hoboken.  I see about 34 moms with double strollers on Washington Street just on my way to the office in the morning.  Demand is out pacing supply in certain market segments.

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.

Studio & 1 Bedroom Hoboken Condos:

11 new listing

4 Dabos

4 Sold

9 price reductions

139 Total Active 1BRs

Two Bedroom Hoboken Condos:

17 new listings

6 Dabos

15 sold

10 price reductions

191 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

3 new listings

2 Dabos

3 Sold

1 price reduction

34 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.

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Thanks for reading and, as always, we welcome your comments!

  1. homeboken

    Been a while since I have reviewed the wrap-ups, still great data as usual. I think you hit the nail on the head Lori, there is a lot of “junk” out there. Agreed that the good stuff sells fast, it makes sense that it would. The problem is that the owners of “junk” have it priced like it is desirable.

    As far as the demand for 3 bedrooms goes, that is an interesting theory. There certainly seems to be less supply of 3 Bedrooms in Hoboken. But I am not certain that I agree with increasing demand. A Mom with two kids (not twins) has them at a minimum 18-24 months apart. So the older one is quickly approaching school age. At that point, as a parent, where my child is being educated out-weighs my demand for a 3rd bedroom.
    In my opinion, many 2 child families with school aged kids would be looking out in the train towns/sub-urbs. Thus keeping demand for 3 bedrooms in line with the supply.

  2. Lori Turoff

    As our schools get better, especially in the pre-high school grades, many families are forgoing the suburbs and are staying in Hoboken and raising children in the city. Having moved to the suburbs myself as a kid, for the sake of “better schools”, I only wish we had stayed in the city. There is simply no match for the diversity, culture and learning that can take place in a vibrant, urban neighborhood.

  3. homeboken

    I agree that city living certainly has its pros and cons when compared to sub-urban living. That’s why I live here now, plus the convenience to Manhattan (where I work) would allow me to spend less time commuting and more time with family.

    However, on a personal level, I would not want to be willing to risk that “the schools will get better” when I go to a district that I know is already good. Maybe I am just risk averse in that sense.

  4. JC

    820 hudson 2 BR sold $575k. Really a 2 BR? not picking on 820 hudson, just curious if anybody has seen size of second BR? thnx. nice yard

  5. Craig

    I too wish my parents hadn’t left the city for the burbs. My fiance was raised in Manhattan. I’m making up for it by committing to stay in Hoboken if and when we start a family. The schools here are far from top notch, but they’ve improved enough that they are not terrible either. Either way, a kid will get a better education about diversity, culture, and the realities of life in a city than the ‘burbs.

    As for quality inventory, I often wonder where my unit stands. It’s newer construction, large (over 1300 sq ft.), and has w/d, elevator, great location on Adams near the PATH, and 2 bedrooms and bathrooms with upgraded finishes (stainless steel/granite, etc.). What we don’t have is parking, a balcony, or a gym. The options came down to either an elevator with no parking or a 2 story walk-up with parking. We went with the elevator. Parking can be replaced with a rental spot (which I have a block away), but there’s no alternative for a missing elevator – especially if you have children. I hope that decision doesn’t come back to haunt us when it comes time to sell.

  6. Lori Turoff

    Craig – I agree that between parking & an elevator I would choose the elevator. Not that owning a car is even a real necessity in Hoboken. It is a luxury, as is a parking space. You can rent a car, you can rent parking. You can’t rent an elevator. An elevator is very important to people with children, though.

    I think Hoboken’s schools certainly have room for further improvement but they have come an incredibly long way from a decade or more ago. Much of the ‘bad rep’ is unfounded at this point.

  7. Tiger

    If I ever have kids I’ll probably move back to where I came from. This is an international world, and yes, unfortunatley most countries (even third world countries) still have better pre-college education system than ours. Being foreign educated myself (came to Stevens as a Freshman), I enjoyed the academic advantage.

    I also enjoyed the foreign disadvantage too; worked my way up from an F-1 visa (student), to H-1 (worker), all the way to a Permanent resident, regardless of all the regulations post 911. I want my kids to earn it, never take it forgranted. 13 years here and I’m still in awe everytime I see the city.

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