2012 Feb 1st

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of February 1st, 2012

If you’re like me, you love nothing more than stealing a few hours to study the trends and analyze the data related to Hoboken real estate. Earlier this week, I posted about the absorption rate in the market. Looking at today’s edition of the wrap-up, I think you’ll notice another trend coming into focus: the diminishing–or disappearing–discount rate.

If you look at wrap-ups from 6 months ago, you’ll see that the DABO listings for individual properties often included multiple price reductions. In recent weeks, the majority of DABO listings show only the price at which the property was listed initially. Even the detailed listings for properties which have sold are beginning to show fewer reductions between the price at DABO and the final sales price. What does that mean?  Properties that sell aren’t on the market long enough for the sellers to need to reduce their asking price, and buyers are making full-price offers.   Food for thought…

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This Week’s Condo Sales & Activity versus last week’s:

  • 205 active Hoboken condo units – vs. 210 last week
  • 15 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 10 last week
  • 7 Sold vs. 13 last week
  • 17 New listings vs. 30 last week
  • 3 Price change vs. 4 last week
  • 1 Expired listings vs. 3 last week

1 Bedroom & Studio Condos

4 New listings

2 Price Changes

89 Active

5 DABO’s

  • 235 Park Ave., 1 listed Jan 19 for $262K;
  • 812 Grand St., 212 listed Jan 19 for $375K;
  • 1015 Washington St., 1 listed Jan 3 for $320K;
  • 1001 Clinton St., 3B listed Nov 14 for $309K;
  • 1201 Willow Ave., 5R listed Nov 7 for $359K;

2 Sold

  • 73 Garden St., 2L listed June 10 for $320K; reduced Aug 17 to $305K; reduced Sept 26 to 299K; sold for $280K;
  • 1110 Clinton St., 7 listed Sept 22 for $395K; sold for $380K;

2 Bedroom Condos

11 New listings

1 Price change

99 Active

8 DABOs

  • 600 Hudson St., 0A listed Jan 13 for $589K;
  • 1325 Adams St., 605 listed Jan 10 for $499K;
  • 609-615 Observer Hghwy., 403 listed Jan 5 for $569K;
  • 224 Park Ave., 2 listed Dec 9 for $469K; reduced Dec 16 to $449K;
  • 1500 Garden St., 2F listed Dec 1 for $1.295 Mil;
  • 83 Monroe St., 3A listed Oct 21 for $475K; reduced Jan 11 to $465K;
  • 1108 Hudson St., 5A listed Oct 17 for $525K; reduced Nov 29 to $514K;
  • 813 Park Ave., 1L listed April 20 for $319K; reduced Aug 30 to $299K;

3 Sold

  • 464 Newark St., 3A listed Sept 19 for $450K; reduced Oct 14 to $429K; sold for $421K;
  • 721 Madison St., 4S listed Nov 11 for $479K; reduced Nov 26 to $466K; sold for $448K;
  • 800 Jackson St., 608 listed Sept 13 for $581K; reduced Oct 13 to $570K; sold for $531K;

3 Bedroom & Bigger Condos

2 new listings

No price changes

17 Active

2 DABOs
  • 111 Garden St., A listed Jan 17 for $915K;
  • 833 Willow Ave., 4 listed Jan 11 for $729K;
2 Sold
  • 604-606 Monroe St., 8 listed Sept 30 for $799K; reduced Oct 12 to $785K; sold for $765K;
  • 1119 Washington St., 1 listed Sept 22 for $875K sold for $790K;
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  1. mona

    I think these are last weeks results. Showing 30 new listings not 17.

  2. Lori

    I’m not sure what you are referring to – I see Feb. 1 and the redirect goes to Feb 1. Could you clarify so I may fix?

  3. Lori Turoff

    Ah – I think that one link was missed. It is correct now. Thanks for pointing out.
    L.

  4. mona

    Great. Thank you Lori :)

  5. hoboken

    Looks like the ex Governor, Jon Corzine, is selling his penthouse in Maxwell Place at a big loss. Paid 3.26 Million, listed at 2.9 Million.

    http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?&district=0905&block=261.04&lot=1&qual=C1200

  6. Lori Turoff

    Corzine can afford it – that’s hardly a “big loss” to someone of his financial means.

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