2013 Jul 31st

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of July 31st, 2013

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As of July 31st, 2013:

  • 295 active Hoboken listings
  • 273 Condo & Co-op listings, compared to 290 last week
  • 10 Single-family listings, compared to 11 last week
  • 12 Multi-family listings, compared to 12 last week

This Week’s Residential Property Sales & Activity:

  • 15 DABOs (Deposit Accepted By Owner i.e. under contract) vs 12 last week
  • 28 Sold vs. 36 last week
  • 29 New listings vs. 27 last week
  • 11 Price changes vs. 23 last week
  • 3 expired listings vs. 0 last week

Studio & 1-Bedroom Properties

127 Active listings

9 New listings

6 Price changes

3 DABOs

  • 300 Park Ave., 6 listed June 13 for $375;
  • 809 Willow Ave., 4L listed June 26 for $388K;
  • 1125 Maxwell Ln., 643 listed June 24 for $675K;

6 Sold

  • 231 Grand St., 4L listed May 23 for $325K; sold for $312K;
  • 412 Monroe St., 3 listed May 15 for $350K; sold for $350K;
  • 933 Willow Ave., 1 listed June 11 for $375K; sold for $375K;
  • 218 Washington St., 2B listed May 8 for $399K; sold for $410K;
  • 800 Jackson St., 813 listed May 13 for $475K; sold for $460K;
  • 1500 Washington St., 12W listed Feb 14 for $513K; sold for $485K;

2-Bedroom Properties

118 Active listings

16 New listings

4 Price changes

11 DABOs

  • 300 Park Ave., 6 listed June 2 for $375K;
  • 221 Clinton St., 3R listed June 7 for $474K; reduced July 9 to $445K;
  • 614 Monroe St., A listed July 9 for $499K;
  • 1100 Clinton St., 401 listed July 11 for $525K;
  • 1023 Clinton St., 2D listed Mar 29 for $615K; reduced May 1 to $595K; reduced June 12 to $565K; reduced July 15 to $535K;
  • 603 Madisoin St., 9B listed July 22 for $559K;
  • 1100 Adams St., 214 listed Mar 12 for $579K; reduced April 8 to $569K; reduced April 29 to $560K;
  • 609 Observer Hghwy.,  303 listed May 31 for $655K; reduced June 21 to $645K;
  • 94 Clinton St., 4A listed July 15 for $650K;
  • 1025 Maxwell Ln., 408 listed June 12 for $895K; reduced July 19 to $875K;
  • 829 Washington St., PH-C listed July 10 for $925K;;
16 Sold
  • 933 Willow Ave., 2B/2L listed May 3 for $468K; reduced May 31 to $450K; sold for $457K;
  • 309 2nd St., 1 listed May 8 for $485K; sold for $505K;
  • 700 1st St., 14M listed April 30 for $530K; sold for $520K;
  • 509 Garden St., 2 listed April 3 for $509K; sold for $530K;
  • 1330 Clinton St., 501 listed May 6 for $549K; sold for $538K;
  • 415 Newark St., 7G listed May 7 for $599K; reduced May 20 to $549K; sold for $540K;
  • 700 1st St., 8A listed June 6 for $569K; sold for $549K;
  • 523 Monroe St., 2 listed April 17 for $539K; sold for $550K;
  • 812 Garden St., 2 listed Mar 20 for $575K; reduced April 3 to $564K; sold for $570K;
  • 56 Jefferson St., 3B listed April 27 for $599K; sold for $599K;
  • 1120 Clinton St., 4A listed April 19 for $599K; sold for $599K;
  • 308-310 Garden St., GR lsited May 28 for $619K; sold for $605K;
  • 380 Newark St., 2D listed May 9 for $645K; sold for $635K;
  • 1030 Hudson St., 9 listed May 18 for $669K; sold for $660K;
  • 727 Monroe St., 505 listed May 9 for $685K; sold for $678K;
  • 827 Bloomfield St., 302 listed mar 12 for $899K; reduced Mar 26 to $860K; sold for $850K;

3-Bedroom & Larger Properties

38 Active listings

4 New listings

1 Price change

12 Multi-Family Active listings

1 DABO

  • 1301 Park Ave., listed May 2 for $1.699M; reduced June 8 to $1.550M; reduced June 27 to $1.199M; reduced July 19 to $999K;
6 sold
  • 94 Monroe St., 1 listed June 5 for $475K; sold for $468K;
  • 503 Monroe St., 3 listed April 26 for $675K; reduced May 3 to $660K; reduced May 7 to $655K; sold for $K;
  • 315 Monroe St., 1 listed April 3 for $680K; sold for $680K;
  • 78-80 Jackson St., 2B listed May 3 for $859K; sold for $855K;
  • 2 Constitution Ct.,. 1003 listed May 1 for $1.249M; sold for $1.262M;
  • 329 Bloomfield St., listed May2 1 for $1.325M; sold for $1.290M;
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  1. jsv

    Hi Lori,

    I have a 250 sq ft storage space in the basement. My unit is parlor level with a private backyard. I’m thinking about getting a contractor to sheetrock/finish the 250 sq foot storage space and installing a door to access the backyard from the storage space.

    In essence the storage space would be a “bonus room”. How much value would you say a room like this will add to the apt? Have you seen this in Hoboken before?

    Need to see how much money I can spend!

    Thanks

  2. Lori

    You can’t just “make” a room in Hoboken. You need to get a building permit and the City has rules about below grade space. If they find out you are doing work like that without a permit you can be subject to a large fine and they can make you remove the work you did. If you don’t get caught and you try to sell your unit with an illegal “room” the buyer will find out during attorney review and it can cause huge problems. Not a good idea, imho.

  3. jsv

    Thanks for the feedback Lori. I wouldn’t just be “making” a room. I will be getting proper permits and all. Just wondering if you ever seen this before and if so, how much value per sq ft do you think this will add.

    Thanks

  4. Lori

    Hi JSV,

    Really hard to say without seeing it. If it is done legally, it is certainly worth something. Would the room have windows? Heat? Is it connected to the rest of your unit? All these factors would make a difference.

  5. JC

    What exactly would a buyer (or buyers attorney) look for if this room was built with out a permit? What would be the red flags? thanks

  6. Lori Turoff

    JC – a buyer and his or her attorney would receive a copy of the master deed. It would show percentage ownership of the condo interest (an issue I hadn’t even touched on as if you have more livable space you might be obligated to pay more maintenance fees), the floor plan, and a description of the unit. If you make an improvement to your property, the city has the right to reassess you for property tax purposes, too. If you add a room the association has an interest in what you have done. The docs are not going to match the physical space. The seller has to make representations that all work was done with permits and if a buyer later found out that it was not, might have a cause of action for fraud. There are many things that would not jive and could cause potential problems.

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