Hoboken Condos Sales & Activity – Week of June 8, 2011
The Hoboken Rental Market on the Rise
The blog Housingwire.com has a post that says the rental markets are about to explode with some cities seeing a 25% increase. I can tell you unequivocally that we cannot keep rental units listed in my office because they get rented by the first person who sees them. Yes, the Hoboken rental market is booming. Now if only Hoboken could get out from under this rent control quagmire once and for all.
New Luxury Rental Building at 14th & Willow
It looks like environmental remediation work may soon be underway at Willow14. Advance Realty is building a LEED certified, 7-story, 140 unit, luxury rental building on the corner of Willow & 14th Street. They are planning for 387 below-grade parking spaces and 22,000 square feet of retail on the ground floor. Wonder how much of that will remain empty like many of the empty storefronts in Garden Street Lofts & Maxwell Place. There is also mention of a community center but no details as to what that will entail or who will be entitled to use it and for what purpose.
The Real Hoboken Real Estate Game-Changer:
It’s no secret that there are plans to raze the Hoboken Housing Authority public-housing projects back on Jackson & Harrison Streets either. The HHA’s “Vision 20/20 plan” is for a “sustainable, transit-oriented, mixed-use, mixed-income neighborhood” (in their own words). Existing residents will be relocated in phases. The plan provides for “a variety of mixed-income housing options, allowing for upward mobility within the neighborhood and a deconcentration of poverty.” Given the bad rep the west side of Hoboken has long suffered (remember the days of being told not to go to the President streets?), this is dramatic. If this happens, it is bound to affect property values of the condos on Jackson & Monroe Streets in a positive way. According to the announcement, “the neighborhood redevelopment plan also allows for the extension of the city street grid through the site and includes facilities for recreation, transit, early childhood education and charter schools, retail space, shops and restaurants, and community program space for job training.”
This Week’s Condo Sales & Activity:
- 385 active Hoboken condo units – vs. 388 last week
- 11 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 9 dabos last week
- 26 sold vs. 22sold
- 30 new listings vs. 17
- 28 price changes vs. 22
- 57 expired listings vs. 5
Studio & 1 Bedroom Hoboken Condos:
11 new listings
- 606 Adams #8 listed on Mar 28 for $379.5k; reduced to $363k on Apr 14; $350k on May 10.
- 1500 Hudson 4K listed on Oct 23 for $400k; reduced Jan 20 to $385k; sold for $380k.
- 1025 Maxwell #709 listed on Feb 2 for $529k; sold for $507k.
- 724 Bloom #4 listed on Jun 6 for $340k; sold for $320k.
- 219 Monroe #2 listed on Sep 24 for $249k; reduced Nov 19 to #239k; Feb 2 to $229k; sold for $225k.
- 1025 Maxwell #308 listed on Feb 20 for $725k; sold for $712.5k.
- 1500 Garden 6i listed on Mar 3 for $570k; sold for $548k.
- 222 Grand 3D listed on Mar 29 for $395k; reduced Mar 29 to $375k; sold for $375k.
5 price reductions
161 Total Active 1BRs
Two Bedroom Hoboken Condos:
17 new listings
- 531 Park #3 listed on Apr 8 for $389k.
- 800 Jackson #701 listed on Feb 17 for $614k.
- 109 Jackson 2B listed on Apr 19 for $510k.
- 222 Grand 2A listed on May 21 for $500k.
- 1025 Maxwell #811 listed on Apr 29 for $839k; reduced May 19 to $819k.
- 137 Park #1 listed on Apr 22 for $339k.
- 700 1st St #7J listed on Feb 14 for $529k.
- 727 Monroe #306 listed on Mar 20 for $530k.
- 1300 Grand #423 listed on Mar 21 for $519k; sold for $512k.
- 400 9th W4A listed on Apr 6 for $560k; sold for $560k.
- 409 4th #2 listed on Mar 14 for $429k; sold for $415k.
- 727 Garden #1 listed on Jan 10 for $619k; reduced on Feb 23 to $600k; sold for $586k.
- 257 12th 4B listed on Mar 9 for $375k; sold for $355k.
- 402 9th E5E listed on Mar 1 for $624k; sold for $610k.
- 456 9th #8 listed on Mar 11 for $369k; sold for $362k.
- 264 5th #4E listed on May 31 for $675k; sold for $654k.
- 139 Park #C listed on Mar 4 for $369k; sold for $345k.
- 420 Jeff #5C listed on Mar 15 for $419k; sold for $405k.
- 225 River $2604 listed on Jan 7 for $2.095mil; sold for $1.74mil.
- 1125 Maxwell #226 listed on May 20 for $925k; reduced Aug 6 to $900k; Sep 16 to $875k; Oct 15 to $850k; Oct 28 to $835k; sold for $822.5k.
- 1021 Grand #4E listed on Feb 7 for $475k; reduced Feb 23 to $465k; sold for $455k.
- 1500 Garden 9K listed on Jan 23 for $849k; sold for $855k.
- 600 1st St. #1 listed on Mar 30 for $559k; sold for $540k.
- 1025 Maxwell #302 listed on Mar 19 for 1.45mil; reduced on May 7 to 1.4mil; Jun 16 to 1.35mil sold for 1.317mil.
- 321 Adams #7 listed on Apr 11 for $575k.
21 price reductions
191 Total Active 2BRs
Three Bedroom and Larger Hoboken Condos:
3 new listings
- 315 Monroe #4 listed on Jun 6 for $367k.
- 125 Monroe #1 listed on Apr 9 for $609k; reduced Apr 14 to $599k; Apr 20 to $579k; Jun 15 ro $520k; Aug 4 to $499k.
- 81 Jeff #2 listed on Mar 8 for $575k; reduced on Mar 14 to $549k; Mar 31 to $529k; sold for $515k.
- 715 Mad #1 listed on Mar 7 for $775k; sold for $765k.
2 price reductions
34 Total Active 3BRs
Hoboken Condo Open Houses
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