2012 Jan 3rd

A Glimpse of Things to Come in Hoboken Real Estate

If you’ve ever invested in the stock market you know that every prospectus says “past performance is not an indication of future results”.  That may be true in the securities market but in real estate, the first question everyone asks is “what’s the market doing?” We’re going to be delving into that in depth over the next few weeks.  I believe you can look to see trends in the real estate market because, among other reasons, properties don’t trade as quickly as securities and we don’t have huge institutional investors and computer trading messing up our market.  So hear is a bit of a little taste of what’s to come:

(Note – There are always a few agents who don’t enter their transactions into the MLS in a timely manner so I will update these numbers if needed over the next week.)

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  1. JC

    678 condos sold in year = to 56.5 per month. so basically there are 3.5 months worth of condos as of your last report. Granted many are waiting for new year to hit market but still supply is healthy.

  2. Lori

    Inventory was down to 183 this week. Less than 3 month’s inventory. Normally, that is a sign of a strong buyers market. The one big issue I still see, though, is many of our first time buyers don’t have 20% for a down payment so they can’t get financing at today’s low rates.

  3. Bob

    Do you have details on why something sold for 162.5K? That seems awfully low, even now?

  4. Lori

    It is a 4th floor walk-up, small 1 bedroom unit at 1st & Jackson (607 1st). It was sold by “Freddie Mac Homesteps” – see homesteps.com – which makes me think it may have been in foreclosure and was bought and sold by Freddie Mac. Here is the link to the sale:

    http://hudson.paragonrels.com/publink/default.aspx?GUID=669901d8-20a5-4507-9c5d-7cf992209792&Report=Yes

  5. Craig

    I can’t believe Hoboken has 2 million dollar properties now. That Maxwell Place sale must have been one of the townhouses. The property taxes on that place must be like another monthly mortgage payment by itself, and I’m sure the maintenance is 4 figures as well. I can’t see myself spending that much to live in Hoboken. If I had 2 mil to spend on a place I’d head to Manhattan where that would still buy a very nice place and the monthly payment would be substantially less because of the much lower property taxes in NYC.

  6. Lori Turoff

    The last Maxwell townhouse listed as sold on the MLS sold for over $2mil. As you correctly note, the monthly maintenance is over $1,700 and the taxes over $2,100 a month. That’s almost another $4k on top of the mortgage.

  7. Mohit

    There were actually a few over $2MM at the Maxwell place townhouses. Is it really worth it?

    TH 1 – $2,090,045
    TH 4 – $2,185,990
    TH 7 – $2,160,525
    TH 8 – $2,004,490
    TH 10 – $1,999,995

    WoW!!!

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