2013 May 29th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of May 29th, 2013

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As of May 29th, 2013:

  • 279 active Hoboken listings
  • 257 Condo & Co-op listings, compared to 244 last week
  • 13 Single-family listings, compared to 9 last week
  • 9 Multi-family listings, compared to 8 last week

 

This Week’s Residential Property Sales & Activity:

  • 5 DABOs (Deposit Accepted By Owner i.e. under contract) vs 18 last week
  • 25 Sold vs. 24 last week
  • 43 New listings vs. 48 last week
  • 12 Price changes vs. 18 last week
  • 3 expired listings vs. 0 last week

 

Studio & 1-Bedroom Properties

16 New listings

2 Price changes

98 Active listings

0 DABOs

9 Sold

  • 921 Willow Ave., 9 listed July 31 for $330K; reduced Aug 29 to $300K; sold for $290K;
  • 813 Willow Ave., 4S listed Feb 15 for $335K; sold for $335K;
  • 616 Adams St., 4 listed Feb 8 for $380K; sold for $369K;
  • 74-76 Monroe St., 3 listed Mar 11 for $399K; sold for $395K;
  • 1000 Hudson St., 504 listed mar 21 for $435K; sold for $450K;
  • 812 Grand St., 405 listed mar 12 for $480K; sold for $504K;
  • 1450 Washington St., 802 listed Nov 24 for $592K; sold for $589K;
  • 1125 Maxwwell Ln., 512 listed April 9 for $720K; sold for $700K;
  • 1125 Maxwell Ln., 318 listed April 12 for $725K; sold for $710K;

 

2-Bedroom Properties

19 New listings

6 Price changes

113 Active listings

3 DABOs

  • 812 Washington St., 1 listed May 16 for $425K;
  • 309 2nd St., 1 listed May 8 for $485K;
  • 700 1st St., 14M listed April 30 for $530K;
12 sold
  • 508 Grand St., 3L listed Mar 8 for $439K; sold for $420K;
  • 450 7th St., 3E listed Jan 18 for $469K; reduced Jan 26 to $475K; reduced Mar 17 to $463K; reduced April 16 to $450K; sold for $445K;
  • 501 Monroe St., 1 listed Feb 15 for $495K; sold for $500K;
  • 700 1st St., 3P listed Mar 12 for $525K; sold for $535K;
  • 407-409 Monroe St., 5A listed Feb 11 for $550K; reduced Mar 8 to $565K; sold for $554K;
  • 700 1st St., 15F listed Mar 5 for $599K; sold for $585K;
  • 1301 Adams St., 502 listed Jan 28 for $659K; reduced Feb 11 to $639K; sold for $649K;
  • 86 Clinton St., 2 listed Feb 22 for $659K; sold for $659K;
  • 82 Clinton St., 3E listed April 5 for $639K; sold for $673K;
  • 109-115 Harrison St., 401 listed Mar 15 for $725K; sold for $715K;
  • 1021 Grand St., PHD listed Jan 11 for $769K; reduced Feb 6 to $749K; reduced Mar 1 to $729K; sold for $715K;
  • 600 Hudson St., 1C listed Feb 25 for $835K; sold for $825K;

 

3-Bedroom & Larger Properties

8 New listings

4 Price changes

59 Active listings

9 Multi-Family Active listings

2 DABO’s

  • 520 Park Ave., 2 listed May 8 for $649K;
  • 78-80 Jackson St., 2B listed May 3 for $859K;
4 sold
  • 412 Washington St., 4B listed May 6 for $639K; sold for $646K;
  • 930 Willow Ave., listed April 5 for $989K; sold for $990K;
  • 1108 Garden St., listed Jan 29 for $1.625M; sold for $1.685M;
  • 1130 Garden St., listed Nov 5 for $2.495M; reduced Jan 19 to $2.395M; sold for $2.30M;
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  1. Gilby

    Looks like inventory is creeping up; prices are skyrocketing and DABOs are down quite a bit. Interesting marketing dynamics going on.

  2. bz

    I have read some news about certain markets, in the south and west, are starting to show signs of housing bubble with double digit price appreciation over the past a couple of years. I know that housing is very local. But it did hit me while reading…is Hoboken’s booming housing market sustainable? Job market in the City is getting better (at least stable), more families formed and decide to stay, more improvement in town. But what would stop this buying frenzy?

    Lori, do you know what Hoboken’s average price/rent ratio is at this point? Do you think that this hot market will still have 3-5 more years to go as claimed by some realtors in town?

  3. bz

    Gilby—“DABOs are down quite a bit” is probably because the Memorial Day long weekend. Most people busy planning and traveling last and this week. Summer is a slow season compared to spring. So I won’t be surprised to see that DABOs dip a little bit.

  4. Gilby

    bz – Memorial Day week sounds like a likely explanation. Could also just be typical ebb & flow – there are other weeks that had lower numbers for DABOs and I’ve noticed they are usually followed by a big uptick the next week. What amazes me is the obviously Sandy impacted units that are recently renovated selling for such high prices (or, at least listing high.) The soundness of Hoboken’s overall RE market has stood the ultimate (Sandy) test, but; the units that were actually destroyed are units that I, personally, would avoid. I’m convinced nothing can keep the Hoboken market down (but, sometimes I still worry…a bit.)

  5. Andy

    I’d agree with your posts, the rentals in town are literally double if not more so than when i moved here in 2002 for the average 2bd. What will be interesting is whether any of those renters paying such large rents decide they want to buy. Turning that into a mortgage where you are building equity is not that far of a stretch, although obtaining that downpayment will still be the #1 obstacle for Hoboken first time buyers. If the economy does take off again I would hazard that prices will continue to appreciate. I’ve beens saying this for years, those that were employed through the crisis have been working themselves out of debt or building a nice little nest egg. That is going to get spent – whether in Hoboken or the burbs is another story.

  6. Lori

    I agree with Andy – this bull market is not ending any time soon. Even a slight bump in interest rates won’t matter. I bought my first condo with a 12% loan. Interest rates are stupidly low. I don’t think this is a ‘bubble’. The demand is based on real money, not bank tricks. Markets are cyclical and we are on an up cycle.

  7. JC

    I agree even a full point uptick in mortgage rates wouuld not derail market and still would put us at historical lows. I think many folks are racing to lock in mortgages now or have been last few months. Especially since all this tapering talk is going on, nobody wants to say they didnt get a mortgage under 4% when both neighbors did. Its a herd mentality and may work as IR’s creep up next few years. Eventually folks will run to lock in 4.87% once talk of 5% IR’s develop.

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