2011 May 25th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of May 25th

Hoboken Condos Sales & Activity – Week of May 25th, 2011

Cushman & Wakefield note Hoboken’s “insatiable rental demand” as they talk about the sale of 800 Madison to CBRE Investors.  At the same time, the NY Times opines about the continued fall in the housing market thanks to the banks’ unwillingness to cooperate in loan modifications and loan servicing problems.  I guess the Hoboken sellers who want to sell but not at such a great loss can take solace in the fact that should they choose to rent their property out, instead of selling it, there is a strong rental market in Hoboken.  Now we should only continue the reform of Hoboken’s archaic and convoluted rent control regulations.  That would help these sellers more than anything.

This Weeks Condo Sales & Activity

Century 21 listings are indicated with a “C21” after the address. Other listings are from the MLS. Information is deemed reliable but not guaranteed.

  • 395 active Hoboken condo units – vs. 393 last week
  • 17 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 8 dabos last week
  • 18 sold vs. 19 sold
  • 26 new listings vs. 35
  • 20 price reductions vs 27
  • 3 expired listings vs. 0

Studio & 1 Bedroom Hoboken Condos:

12 new listing

6 dabos

  • 108 Jackson 3C listed on Apr 1 for $380k.
  • 235 Monroe #8 listed on May 29 for $285k;  Jul 7 $249k;  Aug 10 $235k;  Jan 15 $229k.
  • 1500 Hudson 9D listed on May 4 for $500k.
  • 551 Observer 8G listed on Apr 8 for $320k.
  • 427 Garden #3 listed on May 17 for $385k.
  • 1001 Clinton #3F listed on Feb 11 for $345k

5 Sold

  • 818 Jeff 4E listed on Feb 2 for $379;  Feb 16 to $365k;  Mar 24 to $349k;  sold for $344.5k.
  • 800 Jackson 305 listed on Oct 11 for $429k;  sold for $406k.
  • 422 Mad 3R listed on Jan 21 for $210k;  sold for $202.5k.
  • 700 1st 17N listed on Nov 30 for $425k;  sold for $425k.

9 price reductions

164 Total Active 1BRs

Two Bedroom Hoboken Condos:

12 new listings

6 Dabos

  • 84 Bloom #9 listed on Apr 12 for  $450k.
  • 402 9th E5F listed on May 5 for $656k.
  • 717 Mad 3S listed on May 16 for $487.5k.
  • 208 Willow #101 listed on Apr 6 for $425k.
  • 205 14th St 2R listed on May 9 for $287.5k.
  • 700 1st St 12M listed on Apr 8 for $447k.
  • 736 Garden #A listed on Jun 21 for $600k;  Sep 13 to $549k;  Oct 18 to $529k;  Jan 28 to $485k.
  • 700 1st 6M listed on Mar 27 for $460k;  Apr 20 to $440k.
  • 727 Monroe 503 listed on Mar 16 for $530k;  Apr 5 go $515k;  May 5 to $500k.

9 sold

  • 108 Jackson 3B listed on Jan 20 for $499k;  Mar 6 to $487k;  sold for $480k.
  • 220 Wash 3A listed on Feb 12 for $499.5k;  sold for $485k.
  • 530 Mad 6C listed on Feb 12 for $519k;  Mar 7 to $498k;  sold for $490k.
  • 800 Jackson 303 listed on Feb 15 for $475k;  sold for $470k.
  • 313 Monroe #1 listed on Dec 15 for $480k;  Mar 1 to $449k;  sold for $435k.
  • 226 Park #4 listed on Dec 4 for $649k;  sold for $635k.
  • 201 Bloom #8 listed on Mar 21 for $457k;  sold for $472.5k.
  • 132 Monroe 2B listed on Mar 9 for $495k;  sold for $485k.
  • 224 Bloom #11 listed on Mar 15 for $599k;  sold for $599k

8 price reductions

195 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

2 new listings

2 dabos

  • 536 Bloom #2 listed on May 6 for $565k.
  • 532 Adams OA listed on Mar 8 for $469k.

5 sold

  • 800 Jackson 914 listed on Feb 14 for $592k;  sold for $585k
  • 201 Bloom #8 listed on Mar 21 for $475k;  sold for $472.5k.
  • 300 Wash #4 listed on Jan 3 for $349k;  sold for $360k.
  • 609 Observer 504 listed on Jan 13 for $900k;  sold for $870k.
  • 22 Willow Terrace listed on Nov 29 for $619k;  sold for $618k.

3 price reduction

36 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 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!

  1. Craig

    “The town’s average occupancy for best-in-class product holds near 100 percent and posts annual rent growth of double digits during robust times,”

    This boast of double-digit annual rent growth in the Cushman and Wakefield article underscores why this town needs continued strong rent control laws. Too often I hear complaints of rent control putting landlords in the poorhouse. But last I checked, inflation isn’t occurring at a double-digit rate each year – and salaries certainly aren’t increasing at that rate. Yet that’s exactly what the annual increases would be on most units if left unchecked. This would eventually price out the middle class, resulting in an enclave for just the rich or those in public housing. That’s not a town I want to live in. Rent control is insurance against greed.

  2. Lori Turoff

    Craig – perhaps you don’t understand how rent control works here in Hoboken. Your argument is entirely specious because rent control is not needs based. You could have nothing but millionaires living in rent controlled apartments. What is your evidence that rent control in any way causes economic diversity if anyone can take advantage of it? I agree we should have middle class and affordable housing. That is why we have Marine View Towers, Church Square and the HHA projects. Even those are not entirely needs based – once you’re in, you are in for good. How does it help to have homeowners’ tax dollars supporting subsidized housing for the rich?

  3. laki

    That New York times article totally misses the point and is written by someone who doesn’t see the big picture. Quote from the article:

    “Selling and building of houses are one of the economy’s most powerful engines. Until the market recovers, the entire recovery is imperiled.”

    Hmmm.. let me see:

    1) There is a record number of empty houses in the United State
    2) Demand for housing is at multi-decade lows
    3) Home prices are clearly higher than they should be (partially due to the government’s multi-decade policy of ever-increasingly subsidizing housing over other economic sectors)

    So in light of these facts, NYT article proposes for the government to get involved further in order to put the floor in pricing and jump start construction so that we can have even more overpriced empty houses out there. How does this make any sense?

    Surely, if this was to occur and prices started going up again, people like Craig would be crying out for more rent controls and more subsidies so that the middle class can afford housing. And surely NYT would be supportive of such policies (in the name of social justice and equality).

    But you can’t have it both ways. Do you want prices to go up, or do you want housing to be affordable? These two are at odds with one another.

    You can’t be eating cake for breakfast lunch and dinner and be skinny at the same time.

  4. Tiger

    >> You can’t be eating cake for breakfast lunch and dinner and be skinny at the same time.

    But I love cake!

  5. Craig

    Lori – I once practiced landlord/tenant law. I am quite aware of how rent control works and that it is not need based. However, a lot of people that can’t afford market rent do take advantage of it. While there are some affluent people in rent controlled housing, most people with a lot of money to spend on housing are not living in unrenovated pre-1987 housing – they tend to go for the market rate luxury units.

    Your argument that decontrol will lead to landlords making improvements is not based in reality. One only look in non-regulated Applied buildings like Hudson Sq. North and South that haven’t been updated since their construction to realize that non-regulation does not spur improvements to properties. Ironically The Grand Adams, which is rent controlled, has been making renovations. You ask for proof that rent control creates economic diversity. In response I ask: if every building here were market rent, how many middle class people currently residing here would still be here? Do you honestly believe most of these people could afford $2-3k market rent a month? Short of marching into your office the many moderate-income people I know here who can barely afford the rent of even their rent controlled units, I have no proof to offer you.

    The housing authority projects are very much needs based. Tenants must prove the income of all residents in a unit and must provide new proof of it with each lease renewal in order to stay. If the other subsidized buildings you mention are not like that, then they ought to be. I respect your views on the issue, but the boasts of double-digit rent growth for market rent properties tells you all you need to know about what would happed if all of Hoboken were decontrolled – a lot of people would be priced out and it won’t be the affluent ones.

  6. Lori

    Craig – “However, a lot of people that can’t afford market rent do take advantage of it. While there are some affluent people in rent controlled housing, most people with a lot of money to spend on housing are not living in unrenovated pre-1987 housing – they tend to go for the market rate luxury units.”

    Unless and until you have some factual statistics to back this up it is pure conjecture on your part and I’m not going to engage.

  7. Anthony

    I think rent control rebates would be good, how about you, Lori? Do you have an opinion on rebates you would like to share?

  8. Craig

    Lori – I have no statistics to provide. I think we both know there are none for that sort of thing. All I can cite is my observations as a 15 year Hoboken resident of who among my friends and aquaintances lives where and what they do for a living. Everyone I know making good coin either owns or rents nice, newer places. Meanwhile those I know with more moderate income tend to live in the older unrenovated housing stock – often with roommates to share costs.

  9. Ari

    I think folks are taking that Cushman piece a bit too seriously. It’s just a press release. It’s written by someone who is paid to make someone look good.

    I’d also take that “double digit” growth comment with a grain of salt. The press release refers to double digit growth only with regard to “best in class product.” I’m guessing this is not a term of art in the industry (though I’d defer to Lori on that). For all we know, they consider one or two properties in all of Hoboken to be “best in class product.”

  10. Lori Turoff

    I agree – and not only that it says “during robust times”. What does that mean? It could mean anything. Yes, it marketing hype.

  11. homeboken

    Double digit rent growth is 100% Bullspit. You may see an increase in year 1-2, if there has been significant capital improvement or deregualtion. But long-term rent growth moves in lock-step with local incomes. This is an economic fact of real estate.

    I can’t share data, because it is propritary, but the company I work for owns over 1,200 rental properties in 48 states. Rent growth, by rule, can not outpace income growth over-time. The math does not work.

    Double digit rent growth, try again CW.

  12. Tiger

    Re: Rich people in cheap housing, it really depends, I have seen both extremes in our square mile.

    I used to work for an English firm, most of my former colleagues would go for the most luxuious thing they can afford; shipyard, tea building, etc… In fact, it was one of those situations were sometimes they would spend too much on housing IMHO.

    I know other people who consider Hoboken a ‘crashpad’ for the lack of better word. They believe that: a. they work long hours during the week, b. they in the city all day every weekend, c. they go every summer weekend to a beach share, d. they travel a few weeks a year. Then why spend too much on something you only use a few hours a day (literally)?

  13. patk14

    There are also some wealthier people who, due to rent control or rent stabilization, will retain their apartment in NYC or Hoboken when they buy a house in the burbs. They figure that they will occasionally use it to crash when they have to work late or weather or transit problems arise. Relatives can use it when they come to town. If they were paying market price for these apartments, they would be unlikely to keep them. This reduces the stock of available units and drives up the price of those available units.

    I knew a guy who took a sub-let from his colleague. The apartment was in Union Square. The colleague bought a house on Long Island and moved out with his family. The new guy took over without notifying the landlord and the rent wasn’t increased. So, the original guy, who took no risk and simply rented a unit at the right time, pocketed a few hundred a month for doing nothing. The landlord who took the economic risk, continued to receive well below market rent. These were no poor people. The 2nd guy moved out and offered the deal to his friend. The original guy didn’t know him and demanded more to continue the arrangement. Eventually, the 3rd guy was forced out after the landlord investigated, but this went on for over a decade.

  14. laki

    Every single person i know who lives in rent controlled apartment does not actually need to be subsidized. They don’t lack in IQ, ability and they have at least average paying jobs (if not above average).

    But this guy is the ultimate poster child for what’s wrong with the system:


    And after they uncovered his scheme, he got no more than a slap on the wrist. Unbelievable.

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