2011 Jun 29th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of June 29th

Hoboken Condos Sales & Activity – Week of June 29th, 2011

The Hoboken condo market continues to chug along.  The average price  of what sold this week was about $470,000.  New listings hit the market this week with an overall average asking price of around $465k.  That seems like a good match.

The consistently played out story tends to be not enough 3 bedroom units are hitting the market.  Maybe that’s why 904 Jeff sold for 40k over asking this week.  Is it really worth that?  I wonder.

I’m seeing some really well-priced starter 1 bedrooms get listed, some for under $300k, but the first time buyers are still having a difficult time with financing.  People – get your condos FHA approved! Many buyers don’t have the 20% most lenders want as a down payment.  There are some good mortgage people out there, however, who can work with 10% and still get you a good rate.

I love how the new listing for 419 Adams is promoted with a photo of Fiore’s Deli.  Living across from Fiore’s is a real benefit for some people.  Given that we can only post 9 pictures and one has to be the building facade, why do so many agents not even bother to do that? Four photos?  Are you kidding me?  I’m still perplexed by the sideway’s photo of 537 Garden.  Were I the owner trying to sell my property and my agent not only posted a sideways photo, but left it that way for weeks, I’d be livid.

I’m also seeing some exceptionally low priced, large 2 bedroom units at 551 Observer (The Skyline) but the maintenance fees are in the stratosphere.  I’ve been told the association is getting it’s house in order.  Should the fees come back down to earth, those properties are good buy.  I do love the NYC views!

You know what is just outrageous?  That we don’t have a category for “1 bedroom plus den” in our MLS.  Wouldn’t you, the consumer, want to know if the property you are about to see is a real 2 bedroom or has a second room with no windows?  You would think serving the consumers’ interests would be a priority.  #Fail.Outdoor Space

Outdoor space – such a nice thing to have this time of year.  I say this while sitting on my screened-in deck looking out over the forest.  Even in the city, though, there is nothing like a yard, a roof deck or terrace.  Especially one with a view like the deck at 1021 Clinton.  You can’t tell from the listing which floor the bedrooms are on in this duplex and which floor is the kitchen/ living  space.  In some homes, you have to walk through the bedroom to get to the terrace.  I picture the plate of food just off the grill dripping onto my gorgeous bed linens.  Yuck.

So why am I writing all this if I’m on vacation?  Maybe my broker remarks should say “no negotiations ,discussions or blogging while on holiday” the way some agents say “all negotiations Monday through Friday only”.  Personally, if there were a buyer interested enough in one of my listings to be negotiating price, I have a real hard time refusing to take a few calls over the weekend to work for my seller. It’s just the nature of the job and my nature as a good business person.

This Week’s Condo Sales & Activity:

  • 385 active Hoboken condo units – vs. 386 last week
  • 10 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 10 dabos last week
  • 24 sold vs. 16 sold
  • 27 new listings vs. 22
  • 18 price changes vs. 22
  • 5 expired listings vs. 3
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Studio & 1 Bedroom Hoboken Condos:

10 new listings

2 dabos

  • 2 Constitution #1105 listed 4/15 for $425k
  • 223 Bloom #3F listed 5/14 for $439k;  reduced 6/9 to $425k.

4 sold

  • 551 Observer #11G listed on 3/28 for $320k;  sold for $299k
  • 909 Willow #2 listed on 3/18 for $359k;  reduced 4/5 to $349k;  sold for $333k
  • 308 Monroe 2L listed on 1/19 for $199k;  sold for $199k
  • 419 Adams 2A listed on 4/1 for $350k;  sold for $344k

10 price reductions

158 Total Active 1BRs

Two Bedroom Hoboken Condos:

15 new listings

7 dabos

  • 133 Jackson 4A listed 3/4 for $439k;  reduced 4/18 to $419k
  • 812 Grand #502 listed 5/26 for $509k.
  • 1025 Maxwell #1106 listed 3/23 $850k;  reduced 5/10 to $835k
  • 603 Madison #A listed 1/11 for $469k;  reduced 6/1 to $459
  • 77 Jefferson #4A listed 3/7 for $515K;  reduced 5/31 to $510k
  • 123 Jackson 4A listed 3/30 for $510k; reduced 6/7 to $499k
  • 700 1st 3C listed 3/23 for $399k

11 sold

  • 736 Garden #A listed 6/21 for $600k;  reduced 9/13 to $549k;  10/18 to $529k;  1/28 to $485k;  sold for $430k
  • 915 Madison 4F listed 4/5 for $480k;  sold for $467k
  • 1200 Grand #326 listed 3/4 for $500k;  sold for $485k
  • 550 2nd St 1F listed 4/12 for $385k;  sold for $372k
  • 1200 Grand #212 listed 3/4 for $499k;  sold for $521k
  • 812 Grand #207 listed 3/25 for $440k;  sold for $427k
  • 1120 Clinton 2D listed 12/6 for $475k;  reduced 12/20 to $465k; 2/2 to $445k;  sold for $428k
  • 1500 Garden 5C listed 3/22 for $829k;  sold for $810k
  • 716 Adams 3E listed 2/18 for $379k;  reduced 4/4 to $359k;  sold for $340k
  • 207 14th 3F listed 2/10 for $360k;  reduced 3/16 to $345k;  4/8 to $335k;  sold for $325k
  • 1500 Wash 1 O listed 10/3 for $685k;  reduced 1/16 to %665k;  sold for $644k

7 price reductions

190 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

2 new listings

no dabos

2 sold

  • 1500 Garden 5C listed 3/22 for $829k;  sold for $810k
  • 904 Jefferson 3K listed on 5/3 for $750k;  sold for $790k!!!

1 price reduction

38 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 see 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!

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  1. homeboken

    736 Garden – Original list at $600,000. 1 agonizing year of price cuts, and an eventual sale at $130,000 below original ask (also 10k more than Seller’s paid in 2003).

    Horrible job by the Seller/Seller agent there. Truly awful.

  2. Craig

    Actually, 736 Garden sold for $170k under initial list price. It started at $600k and sold for $430k. I wouldn’t necessarily assume it was a bad job on the seller’s agent’s part. More likely it was an unreasonable seller who though it was still 2007 until reality finally hit after a year on the market. There are still a few of these types of sellers out there.

    Of more interest is that a 2 bedroom at 700 1st was listed at $399k and most likely sold for less. That’s the Sky Club. That building’s value continues to circle the drain. Also what’s up with 1120 Clinton? The location sucks, but it’s still a newer elevator building with all the trimmings. I know the D line units are under 1000 sq. ft., but that building has been selling at awfully cheap prices as of late for as nice as it is.

  3. JC

    That unit has potential but when I was there showed horribly. Certainly would never be worth $600k IMO even back in 2006. The 1300+ sq footage consists of a bizarre walk in area that is good for storage but is a waste of livable space. I think there is also a huge walk in closet. I also believe you had to walk outside into the yard and enter a closet like room for your laundry.

    Does anybody know what qualifies as a TRUE second bedroom and not a den? thank you

  4. homeboken

    JC- I think in order to legaly be defined as a bedroom the room must have a window and a closet. I am sure lori cann confirm for us.

  5. Lori Turoff

    Actually, at least in Hoboken, a bedroom must only have a window. Remember, many of the turn-of-the-century buildings do not have any closets at all! We also have a lot of tiny “bedrooms” in the 4 story older buildings with the door on one side (as opposed to the center). It’s the little room above what is the entrance way on the parlor level. It’s a bedroom but suitable only for a child. Makes a great office, too. Good agents will comment in the remarks that it is a little room even though it’s OK to list it as a 2br. It’s all about managing expectations.

  6. Mike

    One such one bedroom and den apartment is locaated at 828 Hudson Street. I only notice it because i walk down that block. I don’t see it on zillow.

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