2011 Aug 24th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of August 24th

How Can That Possibly Be?

That was the question asked of me by one of my buyers yesterday.  They’ve been looking for a 3 bedroom condo in a Toll Brothers building for almost a year.  His wife had seen on my website that there was a price reduction to $1.031mil on a unit at Harborside Lofts.  He immediately called me asking for an appointment to go see it.  I looked for it in the MLS but that unit didn’t show up as active.

I looked a bit harder and found the unit reported as dabo’d.  The property history showed that the unit was priced at $1.04mil on the day it was listed – August 19th.  It was reduced to $1.031mil on the SAME day – August 19th.  Then it was marked as “SOLD” on the SAME day – August 19th.  The contract date on the listing is June 27 – two months before it was listed.  The MLS shows zero days on market. Oh, and surprise, surprise, – the listing agent was also the selling agent.

My buyer asked, “how can that possibly be”?  He told me “I might have paid more than $1.031.”  He never got the chance. Wonder why dual agency is illegal in many states?  Is this listing agent really doing that seller a service? Should this be allowed?  Should it have been handled as a private transaction and never been put on the MLS?  What is the point of a multiple listing if not to allow agents to cooperate and sell each others listings.

Inventory continues to dwindle.  I’m going to celebrate when we go under the 300 mark.  That may be next week.  Bloomberg reports home prices dropped 5.9% in the second quarter over last year.  The biggest drop since 2009.  Foreclosures seem to be the reason for the decline.  I’m currently involved in my first foreclosure transaction ever.

This Week’s Condo Sales & Activity:

1 Bedroom & Studio Condos

6 new listings

5 price reductions

118 active

6 dabos

6 sold

2 Bedroom Condos

13 new listings

9 price reductions

155 active

4 Dabos

8 sold

3 Bedroom & Bigger Condos

3 new listings

2 price reductions

no dabos

35 active

2 sold

  1. Mike

    Hi. Now i see your comments link. 828 Hudson is not on your website map. There must be many similar condos not on MLS. Thanks for your work.

  2. morally_right

    When inventory truly decreases, prices go up, not down. I am not trusting of the MLS inventory numbers.

    From wsj.com today: Toll Brothers Inc.’s fiscal third-quarter earnings jumped 54% with a boost from a bigger tax benefit, but the luxury home builder saw a double-digit drop in revenue as home deliveries fell.

    The company, which caters largely to affluent move-up buyers in the Northeast and Mid-Atlantic, is considered one of the sector’s best performers and analysts watch its performance closely. Toll saw cancellations increase and orders climb modestly, raising red flags.

    “I’m not liking what I’m seeing,” Demir Gjokaj, a senior analyst with ITG Investment Research. “If Toll’s getting weak, and they’ve always been located in the strongest regions and have the strongest buyer segments, it definitely casts a shadow on the rest of the group coming into the third quarter.”

  3. Lori Turoff

    Chris – if properties are not on the MLS I, unfortunately, cannot include them in my analysis. I assure you that other than properties sold directly by Toll Bros, the vast majority of Hoboken condos are indeed on the MLS and included in my reporting.


  4. Lori Turoff

    Morally Right – I tweeted an article with quotes from Toll this week saying it has actually RAISED prices in NYC and Hoboken. I’ll try to find it and repost.

  5. bz

    The link to the article Lori tweeted is on the upper right hand corner. Thanks for sharing.

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