2013 Mar 20th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of March 20th, 2013

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This Week’s Residential Property Sales & Activity:

192 active Hoboken listings:

  • 182 Condo & Co-op listings, compared to 175 last week
  • 10 Single- and multi-family listings, compared to 11 last week
  • 21 DABOs (Deposit Accepted By Owner i.e. under contract) vs 12 last week
  • 15 Sold vs. 18 last week
  • 42 New listings vs. 47 last week
  • 13 Price changes vs. 13 last week
  • 1 expired listing vs. 1 last week

1 Bedroom & Studio Properties

15 New listings

4 Price changes

66 Active listings

8 DABOs

 

  • 606 1st St., 3 listed Mar 18 for $265K;
  • 420 Jefferson St., 4D listed Jan 23 for $390K; reduced Mar 4 to $380K;
  • 659 1st St., 403 listed Feb 22 for $400K;
  • 1500 Hudson St., 3A listed Feb 12 for $450K;
  • 800 Jackson St., 605 listed Mar 7 for $475K;
  • 812 Grand St., 405 Listed Mar 12 for $480K;
  • 1125 Maxwell Ln., 504 listed Feb 14 for $699K;
  • 739 Park Ave., 1 listed Mar 12 for $799K;

2 Sold

  • 414 Madison St., 2R listed Nov 21 for $325K; sold for $325K;
  • 1500 Washington St., 3J listed Sept 13 for $470K; decreased Sept 20 to $449K; sold for $438K;

2 Bedroom Properties

20 New listings

7 Price changes

91 Active listings

11 DABOs

  • 323-325 Jackson St., 201 listed Mar 5 for $359K;
  • 1007 Willow Ave., 10 listed Feb 28 for $395K;
  • 700 1st St., 3H listed Mar 6 for $548K;
  • 826 Washington St., 3 listed Mar 6 for $549K;
  • 600 Jefferson St., 11C listed Mar 1 for $559K;
  • 407-409 Monroe St., 5A listed Feb 11 for $550K; increased Mar 8 to $565K;
  • 325-327  Willow Ave., 4B listed Mar 7 for $669K;
  • 1500 Washington St., 10U listed Jan 7 for $699K;
  • 601 Observer Hghwy., 505 listed Feb 21 for$700K;
  • 601 Observer Hghwy., 205 listed Mar 11 for $725K;
  • 1500 Garden St., 5A listed Mar 18 for $1.299M;
9 sold
  • 1008 Willow Ave., 2 listed Sept 28 for $385K; sold for $381K;
  • 1228 Park Ave., 1 listed Sept. 10 for $499K; sold for $480K;
  • 606-608 Clinton St. 2 listed Jul 13 for $495K; sold for $495K;
  • 921 Garden St., 2 listed Jan 31 for $499K; sold for $515K;
  • 650 2nd St., 3A listed Jan 4 for $559K; sold for $535K;
  • 800-830 Jackson St., 904 listed Nov 23 for $575K; sold for $553K;
  • 81-87 Jackson St., 5D listed Jan 5 for $635K; sold for $583K;
  • 724 Park Ave., listed Oct 24 for $675K; sold for $660K;
  • 1125 Maxwell Ln., 1024 listed Nov 6 for $899K; sold for $901K;

3 Bedroom & Bigger Properties

7 New listings

2 Price changes

28 Active listings

7 Multi-Family Active listings

2 DABO’s

  • 200-202 Jackson St., 4 listed Mar 7 for $599K;
  • 825 Adams St., 4C listed Feb 27 for $875K;
4 sold
  • 407 Adams St., 5 listed Dec 14 for $600K; sold for $568K;
  • 603-607 Monroe St., 6 listed Jan 4 for $750K; sold for $775K;
  • 1125 Maxwell Ln., 1222 listed Nov 26 for $1.650M; sold for $1.575M;
  • 1230 Garden St., listed Feb 7 for $2.299M; sold for $2.299M;
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  1. hoboken

    hey lori – link not working

  2. Lori Turoff

    Fixed! Sorry gang – a tiny typo and the whole system fails!

  3. Hoboken Real Estate Owner

    Hi Lori, I was recently involved in a real estate transaction in which the 3 bedroom condo did not appraise for the offered purchase price. I am curious as to whether you are seeing this very often? Clearly, there is a lack of inventory on the market, and the demand is high for buildings with parking and an elevator. I understand the reasoning behind conservative appraisals, but I felt like the appraiser was hindering a market which clearly is in full recovery mode for certain segments. Not sure how prevalent low appraisals are right now?

  4. Lori Turoff

    Low appraisals are always an issue in a rising market. Sales prices move forward while appraisers must look backwards. Buyers have to be prepared to make up the difference between the appraised value and market value by putting more cash into the deal. That’s just the way it is. The appraisers are not “hindering” the market. They are protecting the bank’s collateral. Collusion between banks and appraisers partially led to the credit crisis. The requirement that appraisers be independent of the lenders and follow very strict rules about what they can consider in appraising a property actually protects consumers. It is your agent’s job to supply the appraiser with comparables to support your value.

  5. Dane

    I’ve also experienced the issue with low appraisals on a deal I was involved with. I think a huge issue is the way appraisals are currently being handled…you have independent appraisers randomly selected from a pre-approved group that often don’t know the market. For example, the appraiser that was involved in my deal had never worked in Hoboken before (he said he always worked in the Wayne area.) So, he admitted that he had no idea how to appraise baloncies, parking, etc. in Hoboken. In my opinion this is a huge issue and “hindering” the market – probably even more so in a place like Hoboken that you really need to understand all the nuances.

  6. Lori Turoff

    If you have a good agent they should be giving the appraiser comps.

  7. Dane

    The agent actually gave several comps and was pretty prepared. I’ve just seen this issue with the appraisals becoming more and more of an issue. The way the appraisers are selected and the “qualifications” of that appraiser to make sure they know the market are really a problem. Agents can give several comps, but the problem with the comps is they just give a total price number…they don’t break out the cost of the balcony, parking, building amenities, etc. So, an appraiser that is unfamiliar with the Hoboken market won’t know how to correctly appraise a unit regardless of the comps.

    Lori, I know I don’t know the Hoboken market nearly as well as you, but I’ve personally seen this issue 5 times in the past 4 months – one on my unit and 4 other times on friends that were selling.

  8. Lori Turoff

    Just google “low appraisals in a rising market” and you’ll see this is a nationwide issue, not just a Hoboken one. The ‘qualification’ of an appraiser, however, does not put much weight on knowing the market. I have found appraisers from suburban areas do not know the neighborhood nuances related to location differences within Hoboken and do not focus on urban amenities like outdoor space and elevators as much as we might think they should. If that is the case, you can challenge the appraisal. Here are the FannieMae guidelines on appraisals: https://www.fanniemae.com/content/fact_sheet/appraisal-guidance.pdf

  9. JC

    Its a big issue for refinance as well. An additional 100 square feet on a 2 BR was valued at $3,000 on the appraisal. So thats $30 per square foot?!?!

  10. Lori Turoff

    Yes, it is. We did a refi a year ago. It took 3 appraisals. They “forgot” to give any value to a deeded yard in the first one. The second one had the square footage just flat wrong (based on the tax records – not my opinion of how but the property is). In the end, it was worth paying 2 app. fees and 3 appraisal fees (the lender actually picked up the last one) until we got a high enough value to refi as the difference between our old payment and new one was significant.

  11. JC

    I have an off topic question i hope somebody can answer. Does anybody know if the landlord or tenant is responsible for heat in a rent controlled unit? (one of those units that rents for VERY low) is heat always included in the rent or does it go case by case basis? Thanks

  12. Gilby

    I know the answer to that. It depends the heating system in the building as to whether heat is included as part of the rent or paid separately by the tenant. Same way as some condos have heat included in the maintenance fee and others do not.

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