Categories: Hoboken Condos
Hoboken Condos Sales & Activity – Week of May 18th, 2011
Inventory is building up a bit again as we stretch towards the 400 unit mark. At the same time, certain properties are attracting multiple offers and fetching substantially over asking. I had buyers make an offer $15,000 over asking on a nice 3 bedroom last week. There were 4 bids, and I was told by the listing agent that we “weren’t even close” to the winning number. This is happening more and more often in this particular market segment.
What’s going on? There are a bunch of young families out there looking for 3 bedroom properties with parking, an elevator and similar amenities. They want a home located on a nice block where they will feel save walking their babies or coming home from work late at night. They want to be near a park or playground. There simply are not enough of these type of condo units for sale in Hoboken today. If a buyer thinks that they can get one of these prime units today for a “bargain”, disappointment is likely.
At the same time, the older, not-so-renovated 1 and smaller 1 bedroom walk-ups in less-than-perfect locations are selling for less and less. I liken these units to “bruised apples”. Few people will buy them unless they are quite a deal. Which brings up an interesting conversation I had with a buyer the other day.
What determines value? Is it based merely on the lowest comparable sale for a similar property in the recent past? Or is it what a real buyer is actually willing to pay for the property today? The buyer I had the conversation with insisted that the past sale in a similar building was all that mattered and absolutely determined what the condo was worth. Yet when she made what I thought was a low offer for the property, someone else came along with a much higher number. Guess who got the deal? Did the second buyer “over-pay” or did their willingness to pay what the seller was asking set the new value? I’d love to hear your opinion.
This Weeks Condo Sales & Activity
Century 21 listings are indicated with a “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.
- 393 active Hoboken condo units – vs. 387 last week
- 8 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 17 dabos last week
- 19 sold vs. 21 sold
- 35 new listings vs. 36
- 27 price reductions vs 21
- 0 expired listings vs. 1
Studio & 1 Bedroom Hoboken Condos:
16 new listing
- 159 Newark (mls) listed on May 1 for $270k.
- 354 1st (mls) listed on Mar 12 for $459k; reduced Jun 10 to $439k; Jun 12 $419k; Oct 26 $412k; Jan 20 $399k; Mar 31 $397k.
- 230 Bloom (mls) listed on Apr 15 for $239k; sold for $220k
- 1500 Wash (mls) listed on Nov 28 for $440k; reduced Mar 8 to $418k; sold for $409k.
- 318 Park (mls) listed on Feb 26 for $430k; sold for $415k.
- 527 Jeff (mls) listed on Feb 11 for $235k; sold for $235k.
- 1500 Wash (mls) listed on Feb 17 for $445k; sold for $426.5k.
14 price reductions
161 Total Active 1BRs
Two Bedroom Hoboken Condos:
14 new listings
- 620 Jeff (mls) listed on Mar 12 for $459k; reduced Jun 10 to $449k; Jun 14 to $439k; Jul 12 to $419k; Jan 20 to $399k; Mar 31 to $397k.
- 610 Monroe (mls) listed on Feb 2 for $485k; reduced Mar 28 to $465k.
- 132 Bloom (mls) lised on May 4 for $659k.
- 716 Adams (mls) listed on Feb 18 for $379k; reduced Apr 4 to $359k.
- 324 Garden (mls) listed on Feb 16 for $399k.
- 611 Grand (C21) listed on Feb 8 for $535k; sold for $515k.
- 226 Park (mls) listed on Dec 4 for $595k; sold for $580k.
- 73 Garden (mls) listed on Feb 23 for $375k; sold for $353k.
- 800 Jackson (mls) listed on May 1 for $581k; sold for $590k.
- 1120 Clinton (mls) listed on Feb 10 for $515k; reduced Mar 17 to $500K; sold for $502k.
- 659 1st (mls) listed on Mar 1 for $549k; sold for $535k.
- 132 Mad (mls) listed on July 20 for $328k; reduced Sep 24 to $319k; Dec 22 to $299k; sold for $275k.
- 800 Jackson (mls) listed on Dec 30 for $820k; sold for $815k.
- 531 Park (mls) listed on Sep 27 for $409k; reduced Oct 19 to $399k; sold for $385k.
11 price reductions
195 Total Active 2BRs
Three Bedroom and Larger Hoboken Condos:
6 new listings
- 501 9th (mls) listed on Apr18 for $600k.
- 99 Willow Terrace (mls) listed Feb 4 for $770k; sold for $762.5k.
- 501 9th (mls) listed Jan 20 for $615k; reduced Mar 8 to $600k; sold for $577.5k.
4 price reduction
37 Total Active 3BRs
Hoboken Condo Open Houses
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