2011 Jul 6th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of July 6th

Hoboken Condos Sales & Activity – Week of July 6th, 2011

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This Week’s Condo Sales & Activity:

  • 373 active Hoboken condo units – vs. 385 last week
  • 7 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 10 dabos last week
  • 20 sold vs. 24 sold
  • 19 new listings vs. 27
  • 11 price changes vs. 18
  • 7 expired listings vs. 5

Studio & 1 Bedroom Hoboken Condos:

6 new listings

no dabos

4 sold

  • 800 Jackson #811 listed on 2/14 for $372k;  reduced 2/14 to $359k;  sold for $330k
  • 622 Park 5A listed on 2/10 for $319k;  reduced on 3/6 to $299k;  sold for $286k.
  • 159 Newark 2B listed on 4/25 for $425k;  reduced 4/25 to $399k;  sold for $387k
  • 551 Observer 11G listed on 3/28 for $320k;  sold for $299k.
  • 1500 Garden 7H listed on 3/23 for $449k;  sold for $440k.

3 price reductions

158 Total Active 1BRs

Two Bedroom Hoboken Condos:

13 new listings

7 dabos

  • 941 Garden #2 listed on 6/8 for $400k.
  • 41 1st St #4C listed on 5/7 for $415k.
  • 120 Bloom #3 listed on 4/9 for $500k.
  • 306 6th St. #3 listed on 6/1 for $599k.
  • 84 Jeff 4B listed on 6/8 for $659k
  • 1500 Wash 8D listed on 6/16 for $650k;  increased on 6/24 to $675k.
  • 1025 Maxwell 415 listed on 6/17 for $825k.

12 sold

  • 1200 Grand #326 listed on 3/4 for $500k;  sold for $485k
  • 1325 Adams #401 listed on 3/22 for $545k;  sold for $530k.
  • 1500 Hudson 2V listed on 3/30 for $619k;  reduced 5/6 to $599k;  sold for $557k.
  • 420 Jeff 3B listed on 3/2 for $435k;  sold for $415k.
  • 78 Jackson 3C listed on 4/21 for $579k;  sold for $577k.
  • 507 Madison #1 listed on 1/31 for $429k;  sold for $390k.
  • 713 Adams #1 listed on 2/25 for $609k;  reduced 3/4 to $599k;  sold for $587.5k.
  • 700 1st St 12F listed on 3/8 for $525k;  sold for $525k.
  • 84 Bloom #9 listed on 4/12 for $450k;  sold for $415k.
  • 323 Jackson 301 listed on 2/26 for $350k;  reduced 3/30 to $335k;  sold for $330k.
  • 1500 Garden 5C listed on 3/22 for $829k;  sold for $810k.
  • 99 Park 2B listed on 1/22 for $749k;  sold for $732.5k.

7 price reductions

190 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

no new listings

no dabos

3 sold

  • 501 9th #302 listed on 4/18 for $600k;  sold for $590k.
  • 520 Park #2 listed on 4/4 for $535k;  sold for $505k.
  • 415 Madison #1 listed on 4//20 for $689k;  sold for $680k.

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 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!

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  1. Phil

    I suppose the topic of real estate taxes hasn’t come up in a while, but I thought I’d bring it up here. Has anyone noticed the incredibly huge desparity in real estate taxes between comparable units in Hoboken? Sorry, but it smells like Mafia or kick-backs to me. ie one million dollar residence assessed at $165,000 and another nearly identical unit assessed at $280,000. Just seems very suspicious and screams of buyer beware. To be honest, Hoboken gives me that sense of good old boy network and if you know someone in power it could all work out. I’m not so sure the Hoboken tax assessor is doing a good unbiased job. Look fwd to any comments or feedback on this. Personally, I think agents should be required to disclose this to perspective buyers…

  2. Lori

    Tax records are public and anyone can access them on-line.

  3. stan

    Phil-

    as Lori states, its easy to look up taxes, and indeed buyer beware.

    That said, it’s simply a system where old hoboken has screwed newcomers and there is a great disparity between someone who purchased a unit two years ago and someone who purchased 20 years or more ago. Its not kickback related, just a simple fact that there has been no revaluation in decades. For years old hoboken was in power, since 2008 there have been changes, I hope for a reval in the next two years with a reform majority on council and in the mayors office.

    Elections have consequences, and in this case there is hope that the disparity of tax colelctions is remedied. That said, I am certain that there were several instances of tax fraud, and things are slowly being cleared up.

  4. phil

    Lori – I understand, yes they are public record. I’ve seen listings that show current real estate taxes. My point is, in many cases that is deceiving. If the Agent is aware they are providing deceiving info, they should be required to disclose.

    Stan – I understand you can’t reassess every property every year, but a policy should be put in place where it is done every 3-5 years. If somebody complains that the assessment is done too often, then the city can just respond – that is why we have grievence period. The more I look into this assessment issue, the more I realize simply that reassessing all properties and making sure that everyone is on the same playing field, will solve many of the economic problems in Hoboken #1 and #2 will likely improve the value of many units because units that have been owned longer will finally be paying their fair share. To me, the whole thing seems like a scam. The state should force cities to reassess every 2-3 years.

  5. Lori Turoff

    Phil – Wherein, exactly, lies the deceipt? The records are public. We disclose the information. Your comment makes no sense.

  6. Craig

    I believe Phil’s claim of deceipt isn’t based on lack of disclosure, but rather that the assessments themselves are fradulent. I wouldn’t go so far as to allege the assessor is taking bribes to lower assessments on certain properties. However, the city is well aware its assessments are inaccurate based on all the successful appeals, yet it continues to let taxpayers overpay unless homeowners appeal in the hopes that most won’t.

    For example, I successfuly appealed my taxes to the tune of a $2k annual reduction. This put the city on notice that all 7 of the other nearly identical units are grossly overassessed. Yet they continue to allow the others to overpay taxes unless they appeal. I wouldn’t call that fraud. Theft is a better description.

    Phil’s solution of reassessments every 3-5 years is not realistic. I suspect he doesn’t understand what’s involved in a citywide reassessment and how much it costs. No municipality could afford that every 3-5 years, and I doubt most residents would want city officials rummaging through their home that often.

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