2013 Apr 3rd

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of April 3rd, 2013

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This Week’s Residential Property Sales & Activity:

202 active Hoboken listings:

  • 187 Condo & Co-op listings, compared to 180 last week
  • 15 Single- and multi-family listings, compared to 12 last week
  • 15 DABOs (Deposit Accepted By Owner i.e. under contract) vs 18 last week
  • 16 Sold vs. 23 last week
  • 39 New listings vs. 52 last week
  • 11 Price changes vs. 13 last week
  • 0 expired listing vs. 0 last week

1 Bedroom & Studio Properties

13 New listings

6 Price changes

71 Active listings

6 DABOs

 

  • 134 Garden St., 1 listed April 2 for $320K;
  • 1107 Washington St., 8 listed Mar 1 for $350K;
  • 222 Grand St., 1C listed Jan 31 for $399K;
  • 155 14th St., 2R listed Mar 2 for $449K;
  • 1125 Maxwell Ln., 571 listed Mar 25 for $679K;
  • 1125 Maxwell Ln., 923 listed Mar 19 for $698K;

6 Sold

  • 307 Monroe St., 4 listed Sept 24 for $277K; sold for $276K;
  • 520 Jefferson St., 1 listed Jan 2 for $295K; sold for $280K;
  • 920 Hudson St., 5E listed Jan 8 for $399K; sold for $375K;
  • 725 Jefferson St., 25 listed Jan 17 for $390K; sold for $390K;
  • 300 Newark St., 4K listed Jan 8 for $445K; sold for $430K;
  • 1450 Washington St., 702 listed Dec 21 for $578K; sold for $572K;

2 Bedroom Properties

17 New listings

3 Price changes

88 Active listings

7 DABOs

  • 89 Grand St., C listed Mar 18 for $499K;
  • 830 Monroe St., 6A listed Feb 26 for $575K;
  • 727 Monroe St., 404 listed Mar 14 for $599K;
  • 407 Monroe St., 5B listed Mar 5 for $600K;
  • 708 Grand St., 2 listed Mar 18 for $625K;
  • 610 Madison St., 2 listed Mar 12 for $629K;
  • 90 Madison St., 1 listed Mar 11 for $839K;
9 sold
  • 323 Jackson St., 302 listed Oct 25 for $379K; sold for $375K;
  • 131 Monroe St., 3N listed Jan 12 for $403K; sold for $410K;
  • 728 Willow Ave., 2(1R) listed Feb 1 for $539K; sold for $525K;
  • 830 Monroe St., 3C  listed Jan 25 for $524K; sold for $525K;
  • 727 Monroe St., 406 listed Jan 21 for $565K; sold for $565K;
  • 331 Jefferson St., 3 listed Dec 18 for $589K; sold for $570K;
  • 1450 Washington St., 317 Listed Jan 30 for $850K; sold for $850K;
  • 1500 Hudson St., 10R listed May 28 for $850K; sold for $861K;
  • 1500 Hudson St., 11E listed Dec 20 for $950K; sold for $940K;

3 Bedroom & Bigger Properties

9 New listings

2 Price changes

35 Active listings

8 Multi-Family Active listings

2 DABO’s

  • 412 Washington St., 4B listed Mar 13 for $579K;
  • 1117 Park Ave., listed Mar 14 for $1.350M;
1 sold
  • 618 Garden St., listed April 20, 2012 for $1.250M; sold for $1.185M;
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  1. Mike D

    Many of those DABOs are for listings that are barely a week old. Do you have any additional information on the DABOs other than what is posted? I actually have interest in one of them as I live next door to one.

  2. Lori

    What kind of information? We don’t know the agreed upon price until the deal closes.

  3. Mike D

    Anything, really. If a deal is under contract and the fact that its public, I was curious to see what other information is also available. The list price for my neighbor is much, much higher than I expected and it was on the market barely a week.

  4. Lori

    What address?

  5. Mike D

    571 Maxwell

  6. Lori

    It looks like a standard Maxwell unit and the photos are just horrendous – some of them so blurry you can barely make them out! The buyer came with an agent not from Hoboken so they typically are not as familiar with our inventory and prices. Yet the list price is right in line with every other recent listing and dabo for a 1br in the building.

  7. Mike D

    It’s a courtyard view and 959 sq feet, so $700 sq/ft is a bit high, based on other recent sales. If you have any view – even partial – its a big increase in price.

  8. Lori

    Despite what you or I may think – we don’t set prices – the market does. I property is worth whatever a buyer is willing to pay for it. If they paid $3mil, it is worth $3mil. That’s how markets work.

  9. Mike D

    As someone who has followed every Maxwell sale, this would be quite a bit of a jump. When I almost refi’d last fall, the appraiser put my place at ~600 sq ft. We have basically identical views.

  10. Lori

    OK – so you want to argue that your unit is less than the going rate. That’s fine with me. In fact, I’ll list it at $600k for you and promise to sell it quickly. I might even buy it and flip it at that price. You clearly know better than the market.

  11. Mike D

    Under no circumstances am I complaining. Just find it highly unusual given most of the non-view Maxwell apts here go for ~600/ sq ft. The direct views go for 1000-1100 sq ft (not including the townhouses). Everything else is in between.

    Snark aside, don’t worry about you selling my apartment, when/if the times comes you’ll get a call from me. I’ve been using your site since inception and has been very helpful for me to keep track of things.

  12. JC

    List is list not sold right? Maybe they sold for a lot lower..we dont know yet. I undersand the excitment but Mike, lets see what sold price is. Maybe they negotiated for the furniture too? Good luck.

  13. Lori

    Thanks Mike. Who knows what influenced the buyers. Maybe they had bad advice from their agent as to market values. Maybe they are loaded. And yes, JC, list is not sold. Let’s see how it plays out.

  14. Mike D

    I hope my future buyer has that agent! When your next-door neighbor puts their apt on the market two years after purchasing at $130k more than bought and its under contract within two weeks, you take notice. It’ll be interesting to see the final price.

  15. Dane

    Lori, I’m curious…do you see a lot more deals that need to be renegotiated after the bank appraisal? It seems like a lot of properties are being bought at a premium because of the lack of inventory. However, banks/bank appraisals typically don’t take this into account and therefore it is much more common for the selling price to be greater than the bank appraisal – therefore are a lot more buyers asking to renegotiate/lower the selling price?

    I’m just curious how this is playing out. Thanks.

  16. Susana

    Dane – I was wondering the same thing!

  17. Lori Turoff

    Buyers with wise agents might advise their customers that should the appraisal come in low, the buyer could potentially exercise the mortgage contingency in the contract and may have the right to walk away from the deal. As such, the buyer would have leverage to renegotiate the sales price. At this point, the seller has taken the property off the market and possibly entered into a purchase contract for his or her new home. Putting the property back on the market may be troublesome. Plus, the appraisal issue is likely to arise yet again with the next buyer. So the buyer has a good chance at getting the price reduced. Sellers might be wise to try to protect themselves against this scenario as described below.

    Sellers might include in the sales contract a provision that does not allow a buyer to renegotiate the sales price based on the appraisal results but, of course, the buyer has to agree to that. In the current strong sellers’ market, sellers do have some leverage to require that clause to be included. When there are multiple bids, which is happening on more and more properties, sellers can request as part of the bid that the buyer agree to this. Sellers can select from the bids the buyer with adequate cash to make up any shortfall between the appraised value and the market value. Then the lower appraisal won’t affect the buyers ability to get a mortgage and the buyer will have already agreed not to renegotiate the sales price. Precisely why they say “cash is king”.

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