Categories: Weekly Wednesday Wrap Up
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:
- 308 active Hoboken condo units – vs. 313 last week
- 10 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 14 dabos last week
- 16 sold vs. 20 sold
- 22 new listings vs. 22
- 16 price changes vs. 9
- 2 expired listings vs. 7
1 Bedroom & Studio Condos
6 new listings
5 price reductions
- 1212 Washington 5N listed on Jul 26 for $299k; reduced Aug 8 to $289k
- 213 Bloom 2N listed on Aug 7 for $299k.
- 95 Garden 1B listed on Jun 22 for $359k; reduced Jul 13 to $354k; Aug 5 to $345k.
- 1216 Washington 3S listed on May 26 for $365k; reduced Jul 14 to $349k
- 77 River #21 listed on Aug 10 for $380k
- 95 Willow 1L listed on Jun 30 for $599k
- 406 Grand #6 listed on Jun 15 for $309k; sold for $305k
- 68 Park #8 listed on May 22 for $365k; sold for $350k
- 901 Willow #2 listed on Apr 13 for $499k; reduced May 17 to $475k; sold for $450k
- 209 2nd 1R listed on Feb 28 for $220k; sold for $200k
- 157 14th St 2R listed on Mar 25 for $350k; sold for $334k
- 606 Adams #8 listed on Mar 28 for $379k; reduced Apr 14 to $363k; May 10 to $350k; sold for $342.5k
2 Bedroom Condos
13 new listings
9 price reductions
- 301 Monroe 401R listed on Mar 28 for $363k; reduced Jul 29 to $341k
- 1500 Garden 7B listed on Aug 20 for $700k
- 615 Adams 3E listed on Aug 5 for $729k
- 264 5th St 2E listed on Jul 25 for $775k
- 106 Jeff #1 listed on Apr 18 for$669k; sold for $669k
- 124 Jeff #B listed on May 31 for $759k; sold for $745k
- 812 Grand 502 listed on May 26 for $509k; reduced Aug 18 to $495k; sold for $495k
- 1107 Willow #1 listed on May 12 for 460k; sold for $450k.
- 109 Jackson 2B listed on Apr 19 for $510k; sold for $498k
- 609 Observer 4B listed on Jan 24 for $499k; sold for $475k
- 830 Monroe 4B listed on Nov 7 for $530k; reduced Jan 17 to $499k; Mar 7 to $479k; Apr 20 to $465k; May 22 to $450k; sold for $420k!!!
- 1500 Wash 6F listed on Sep 6 for $799k; sold for $775k
3 Bedroom & Bigger Condos
3 new listings
2 price reductions
- 1500 Garden 4L listed on Aug 19 for $1.031mil; sold for 1.031mil
- 1025 Maxwell listed on Nov 24 for $1.725mil; sold for $1.59mil