2012 Jul 25th

The Weekly Wednesday Wrap-Up – Hoboken Condo Sales and Activity for the Week of July 25th, 2012

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

198 active Hoboken condo units – vs. 224 last week

  • 13 DABOs (Deposit Accepted By Owner i.e. under contract) vs 7 last week
  • 19 Sold vs. 13 last week
  • 16 New listings vs.23  last week
  • 4 Price changes vs. 7 last week
  • 3 Expired listing vs. 1 last week

1 Bedroom & Studio Condos

8 New listings

2 Price Changes

73 Active

6 DABOs

  • 201 14th St., 4B listed June 21 for $320K;
  • 133 Madison St., 2L listed June 14 for $322K;
  • 79 Garden St., 4 listed April 10 for $340K; reduced May 30 to $335K;
  • 70 Adams St., 3O listed May 16 for $399K;
  • 1001 Clinton St., 3E listed June 19 for $440K;
  • 610 Clinton St., 1A listed Jan 21 for $699K;

6 Sold

  • 607 1st St., 5 listed Mar 5 for $218K; reduced April 5 to $216K; sold for $216K;
  • 232 Park Ave., 5N listed June 26 for $285K sold for $295K;
  • 659 1st St., 309 listed Jan 12 for $420K; sold for $379K;
  • 1500 Washington St., 10V listed April 18 for $445K; sold for $430K;
  • 1125 Maxwell Ln., 724 listed Feb 9 for $650K; sold for $632K;
  • 1500 Garden St., 4C listed April 30 for $860K; sold for $855K;

2 Bedroom Condos

5 New listings

2 Price changes

97 Active

6 DABOs

  • 1222 Washington ST., 4S listed June 11 for $409K;
  • 109 Jackson St., 4F listed June 21 for $497K;
  • 717-719 Madison St., 4N listed July 5 for $500K;
  • 117 Madison St., 4 listed July 6 for $549K;
  • 77 Jefferson St., 1 listed June 6 for $575K;
  • 78-80 Jackson St., 2D listed June 14 for $699K;

10 Sold

  • 508 Grand St., 2R listed Feb 22 for $409K; reduced April 25 to $400K; sold for $390K;
  • 1110 Park Ave., 5R listed April 13 for $431K; sold for $404K;
  • 1021 Grand St., 1H listed Mar 26 for $434K; reduced April 17 to $425K; sold for $420K;
  • 403 Bloomfield St., 1 listed May 11 for $459K; sold for $447K;
  • 800 Jackson St., 307 listed April 20 for $489K; sold for $480K;
  • 721-723 Madison St., 3S listed May 10 for $499K; sold for $515K;
  • 1300 Grand St., 509 listed Feb 22 for $550K; reduced Mar 9 to $535K; sold for $530K;
  • 901 Madison St., 2G listed April 20 for $550k; sold for $540K;
  • 325 Adams St., 4 listed May 3 for $615K; reduced May 31 to $600K; sold for $583K;
  • 1500 Washington St., 2X listed April 30 for $639K; reduced June 6 to $625K; sold for $610K;

3 Bedroom & Bigger Condos

3 new listings

No price changes

28 Active

1 DABO
  • 456 9th St., 11 listed June 27 for $740K;
3 sold
  • 257 12th St., 1B listed May 1 for $569K; sold for $569K;
  • 200-202 Jackson St., 3 listed Feb 22 for $629K; reduced Mar 9 to $625K; sold for $590K;
  • 1125 Maxwell Ln., 822 listed May 29 for $1.385Mil; sold for $1.55Mil;
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  1. CC

    Hi Lori, is that a typo on 1125 Maxwell #822 sale? Did it really sell for 1.55M, almost 200K above asking price within 30 days? That’s a mind-boggling number and is pretty hard to believe. Do you know why that unit went for so much? PS, Thanks for the great website and the weekly updates.

  2. Lori Turoff

    Not a typo – it sold for over asking and went under contract in just 17 days. We are seeing this happen at almost every price point. Too much demand + no supply = prices rising. It was a gorgeous unit and showed beautifully, too.

    Glad you like my site and find it helpful.

    L.

  3. JoeSixPack

    I’m not sure how it’s a sellers market if most of the sales in the weekly wrap up are sold below asking. Sounds like it’s a sellers market for 1125 Maxwell place #822.

  4. Lori Turoff

    Under 2% discount off list for almost half a year and a 3.2 month supply of inventory. That defines a seller’s market.

  5. JoeSixPack

    Those are good stats. I think after a pretty depressed market average sales price and listing prices have probably come down significantly as sellers have been worn down and have accepted the new reality. I would think cost to buy vs. rent would be a good metric to look at to decide if it’s a ture sellers market or not. If renting is still more expensive than buying it’s just a market rebalancing. If buying is more expensive and people are still buying it’s a sellers market.

  6. Lori Turoff

    JoeSixPack – please see July Results post.

  7. Lori Turoff

    Here is a link to a rent v. buy calculator. I entered several versions and every one came back “buy” by a lot.

    http://www.nytimes.com/interactive/business/buy-rent-calculator.html

  8. JoeSixPack

    I guess that’s my point if it’s still cheaper to buy it’s a buyers market (i.e. buyers are getting good value and places are cheap..at least compared to renting). If it’s more expensive to buy and people are still buying it’s a sellers market (i.e. buyers are over paying). Admitedly those sites generally don’t take into account the cost of getting in/out of the house, the maintainance cost associated with it, etc. so if you factor that in it probably comes closer to even.

  9. JC

    Six pack…that NY times rent vs buy calculator is very detailed. There are inputs for all those variables. I think absorption rate is very telling of the overall environment. There isnt that much supply, or at least quality supply. It still could be a buyers market for unrenovated units west part of town.

  10. JoeSixPack

    In that case I’d say it’s an unqualified buyers market (i.e. buying is better than renting). If supply is very tight I’d expect the price of buying a house to become more expensive than renting very quickly. It does seem like we are on the edge of the market moving up which should make all owners happy.

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