Categories: Hoboken Condos
Some Interesting Information
Just for fun, I took a look at how prices fared since the peak of 2008 by bedroom size. I only checked on the basis of average price per square foot and the figures represent the entire year of 2008 and year-to-date for 2011. Here is what I found:
1 Bedrooms – suffered a 20% decline ($581 to $464)
2 Bedrooms – suffered a 12% decline ($515 to $452)
3 Bedrooms – suffered a 7% decline ($471 to $436)
I find that shocking at first glance but not when I look at it our inventory by bedroom size. Just looking at today, we have 124 active 1 bedrooms, 158 2 bedrooms and only 35 3 bedrooms for sale. Now step outside and look at Washington Street. I bet you can find 35 pregnant women and small children on any given block right now. As our population demographics shift towards fewer singles and more families there is less call for the small, starter one bedrooms (especially since those buyers are having the hardest time getting financing) and more demand for those exceedingly rare big 3 bedrooms.
Take a look, too, at what’s happening to sales. Two of the three 2 bedrooms that sold this week were at or over asking. The 3 bedroom at Hudson Tea was over asking. Simply put, we have too many people shopping for and who want to buy the same few apartments that are big enough for a family of four. It’s a stretch for many of them to go into the brownstone market since they sell for well over a million. So anyone looking for a long-term home in Hoboken that will be big enough for little Amanda and Moe had better be prepared to deal with this reality.
The July sales numbers are also way up from last month. The average days on market is down to 48. That represents a 34% drop from last month. I will post the full report later this week. I’m still waiting for those late-reported sales to be entered by certain agents who don’t do things the way we are supposed to.
Finally, I was doing a property search on the MLS for one of my buyers yesterday. Looking at some of the listings I couldn’t help but wonder how much our property values are depressed just by the shoddy work of incompetent listing agents. If a condo is a mess and there is absolutely no effort made by the agent to stage it, photograph it well, market it and make it show at its best potential the property either doesn’t sell or sells for much less than it could. When a unit sells for cheap, it hurts me, as a property owner. I just don’t get why the sellers don’t get it.
This Week’s Condo Sales & Activity:
- 314 active Hoboken condo units – vs. 339 last week
- 13 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 14 dabos last week
- 6 sold vs. 13 sold
- 9 new listings vs. 23
- 6 price changes vs. 12
- 2 expired listings vs. 3
Studio & 1 Bedroom Hoboken Condos:
5 new listings
- 933 Hudson #2 listed on March 27 for $385k; reduced on Apr 9 to $368k; May 12 to $359k; June 1 to $348k.
- 831 Clinton #2 listed on Feb 21 for $262k; reduced on Jun 1 to $253k; June 21 to $244k
- 512 Jeff 3L listed on July 18 for $369k
- 512 Jeff 4L listed on July 21 for $370k.
- 818 Jeff 4D listed on June 8 for $349k.
- 228 Bloom 3# listed on July 26 for $325k
- 222 Willow 3A listed on May 13 for $375k; sold for $370k.
1 price reduction
124 Total Active 1BRs
Two Bedroom Hoboken Condos:
4 new listings
- 919 Park 4L listed on Jan 6 for $397.5k reduced May 27 to $377.5k
- 1331 Grand #207 listed on Apr 12 for $400k
- 913 Willow 3A listed on June 15 for $509k; reduced Jul 20 to $489k
- 2 Constitution #406 listed on Feb 7 for $579k.
- 113 Willow #2 listed on July 11 for $749k
- 86 Clinton #1 listed on Apr 1 for $965k; reduced Jun 13 to $949k
- 830 Bloom #1 listed on May 12 for $459k; reduced May 18 to $449k; old for $449k
- 222 Grand 2A listed on May 21 for $500k; sold for $515k
- 1500 Hudson 8V listed on May 18 for $635k; increaed on May 18 to $639k; old for $635k
5 price reductions
158 Total Active 2BRs
Three Bedroom and Larger Hoboken Condos:
No new listings
- 1500 Wash #2R listed on July 11 for $869k
- 315 Monroe #4 listed on June 6 for $367k; sold for $345k
- 1500 Wash 2R listed on May 11 for $849k; sold for $860k
no price reductions
35 Total Active 3BRs
Hoboken Condo Open Houses
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