So How is the Hoboken Market Doing?
Here is an interesting little tidbit that helps answer that question:
What I find really interesting is how the 1 br market has taken such a hit while the 3br & bigger units are now selling at a premium over the others. The strollers are not a figment of my imagination – Hoboken really has changed!
Hoboken Condos Sales & Activity – Week of May 4th, 2011
I received a very interesting email from a mortgage broker yesterday. He pointed out that more and more buyers are having problems getting a mortgage due to the condition of the condo association’s financials and related issues. He sent along a handy “cheat sheet” to assess if there are problems with an association. I thought it would be useful to post it here:
FANNIE MAE (FNMA) REQUIREMENTS:
- Owner Occupied/Investor Ratio – If subject property is owner occupied FNMA does not look at this ratio.
- 10% Investor Concentration
- Flood Insurance – Flood insurance must be the lesser of $250k per unit or the replacement cost of the building. If flood insurance is inadequate the buyer can get a supplemental flood policy.
- Commercial Space – not more than 25% of the total square footage of the building.
- Less Than 4 Unit Buildings – 1 out of 2 units, 2 out of 3 units or 3 out of 4 units must be owner occupied.
- Litigation -If the association is involved in a lawsuit that is other than a foreclosure or past due maintenance then the project MAY not be eligible.
- Maintenance fees – No more than15% of the total units can be more than 30 days past due.
- 379 active Hoboken condo units – vs. 379 last week
- 8 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 9 dabos last week
- 22 sold vs. 10 sold
- 36 new listings vs. 29
- 21 price reductions vs 15
- 10 expired listings vs. 2
Studio & 1 Bedroom Hoboken Condos:
16 new listing
No dabos! This is a first.
- 1300 Grand (mls) listed on Mar 1 for $449k; sold for $425k.
- 60 Madison (mls) listed on Nov 23 for $239k; sold for $225k.
- 60 Madison (mls) listed on Nov 23 for for $249k; sold for $225k.
- 419 Madison (mls) listed on Aug 16 for $285k; reduced on Sep 30 to $270k; on Dec 10 to $262.5k; sold for $248k.
- 72 Park (mls) listed on Jun 4 for $434k; reduced on Jul 30 to $425k; Sep 20 to $419k; Oct 15 to $409k; Nov 15 to $399k; sold for $382k.
- 261 1st (mls) listed on Dec 2 for $299k; reduced on Dec 2 to $284k; on May 12 to $260k; Dec 22 to $245k; sold for $240k.
- 1208 Wash (mls) listed on Nov 11 for $325k; reduced on Jan 20 to $299k; sold for $300k.
- 1026 Wash (C21) listed on Jan 15 for $173k; sold for $192.5k.
- 600 Hudson (mls) listed on Jul 29 for $429k; reduced on Feb 25 to $419k; sold for $409k.
4 price reductions 155 Total Active 1BRs
Two Bedroom Hoboken Condos:
19 new listings
- 150 14th (mls) listed on Mar 11 for $569k; reduced on Apr 14 to $549k.
- 537 Garden (mls) listed on Mar 18 for $479k.
- 225 River (mls) listed on Dec 9 for $200k.
- 420 Jeff (mls) listed on Mar 2 for $435k.
- 708 Garden (mls) listed on Feb 8 for $350k.
- 915 Mad (mls) listed on Dec 15 for $468k; sold for $430k.
- 717 Mad (mls) listed on Jan 17 for $487k; sold for $475k.
- 109 Jackson (mls) listed on Feb 10 for $483k; sold for $480k.
- 82 Jackson (mls) listed on Oct 29 for $345k; reduced on Dec 9 to $320k; on Jan 12 to $299k; sold for $305k.
- 76 Mad (mls) listed on Apr 20 for $475k; reduced on Oct 4 to $400k; sold for $385k.
- 82 Clinton (mls) listed on Nov 2 for $514k; reduced on Jan 17 to $504k; on Feb 24 to $489k; sold for $460k.
- 1200 Grand (mls) listed on Nov 11 for $498k; reduced on Jan 9 to $490k; sold for $472.5k.
- 725 Jeff (mls) listed on Jan 25 for $625k; sold for $627k.
- 121 Willow (mls) listed on Feb 9 for $375k; reduced on Mar 10 to $359k; sold for $347.5k.
- 627 Mad (mls) listed on Sep 13 for $699k; reduced on Feb 9 to $689k; sold for $645k.
- 825 Wash (mls) listed on Feb 9 for $425k; sold for $420k.
- 309 2nd (mls) listed on Sep 13 for $435k; reduced on Oct 7 to $420k; on Dec 11 to $410k; sold for $398k.
12 price reductions 193 Total Active 2BRs
Three Bedroom and Larger Hoboken Condos:
1 new listings
- 114 Jackson (mls) listed on Jan 4 for $449k; reduced on Mar 14 to $439k; on Apr 11 to $399k.
- 415 Mad (mls) listed on Apr 20 for $689k.
- 422 Mad (mls) listed on Apr 7 for $475k.
- 226 Park (mls) listed on Dec 4 for $639k; sold for $625k.
5 price reduction 33 Total Active 3BRs
Hoboken Condo Open Houses
Want to Receive New Listings & Price Reductions Daily?
If you would like to be eee 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 list. For more information you can always contact us at 201 993 9500. Thanks for reading and, as always, we welcome your comments!