2013 Nov 13th

The October Hoboken Condo Sales Results

The one question I’m asked more than any other when people learn I am a real estate agent is “How’s the market?”  This monthly post of what’s going on with Hoboken condo sales is the best answer I can give.

Condo sales are still strong in Hoboken though we may have hit a little plateau in October.  Both average and median sales price are down slightly from last month but still well above a year ago.  We may finally be seeing some more inventory coming onto the market as there was an annual high in number of units listed this month at 130.  The problem is that sales are still brisk.

Look at the breakdown of sales by bedroom size, though.  Two bedroom condos are going for almost $700,000 on average!  That’s a sign of the change in Hoboken’s demographics if I’ve ever seen one!

Here is the October chart:

 

 

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  1. Craig

    I wouldn’t say the typical 2 bedroom is going for nearly $700k. A few extreme high-end properties on or near the waterfront like Maxwell, the W, etc. are skewing that average. I’m seeing most of the units in newer (built in 2000 or younger) non-waterfront buildings with 1200-1300 sq, ft., elevator, and parking going for the low to mid 600s.

    Two units in my building matching the above description just sold in the last couple of months – neither for over $650k. If you’re telling me I can suddenly get nearly $700k for my identical unit this month, I’m calling you Lori – because I’m selling in that case. That would be a nice little return after paying $500k in just 3 years ago.

  2. Lori Turoff

    Hi Craig – That’s actually not true. Most of the properties sold by Toll Brothers are NOT sold on the MLS and therefore are NOT included in these statistics. If anything, the lack of actual sales of new construction at Maxwell skews these numbers to be too low. Last month, these 46 2-bedroom sales included 3 resales at Maxwell and only 1 sale of new Maxwell construction. There were no sales at the W in this time period so that’s just immaterial.

    Those ‘typical’ 2 bedroom condos not on the water, with parking and elevators in the 1200 to 1300 square footage range are going in the mid to high 600’s at this point in time, especially if they are in steel and concrete buildings, have outdoor space, and have higher ceilings.

    I would not discuss your building specifically on this blog but I am quite familiar with it and you may be surprised when you learn what your neighbor fetched but that sale has not closed yet. I’d be happy to discuss your personal market value with you (and any other potential seller) privately if you email me at lorituroff@gmail. You could absolutely make a very nice profit and take advantage of the benefitial tax savings of the primary-residence exclusion as well.

  3. Craig

    Thanks Lori – I was only kidding about selling, but rest assured when the time comes someday, I’ll be calling you. Mid to high sixes sounds about right for the typical 2 bedroom I was talking about similar to mine. One of our residents is an agent for Keller Williams and when we discussed your data the other night, he went to MLS to look up sales of two bed two baths with elevators. He came back with an average of about $660k based on a total of 85 sales of like properties within the last 90 days. Of the 85, just 26 went for over $700k. Most of the properties going for over $700k were in buildings like the brand new 89-91 Jefferson, as well as 829 Washington, and 1425 and 1500 Garden.

    Thank you for not discussing my building on the blog, but our residents are curious about the sale data on the unit you mention. I know it had two price reductions to what I consider too low (The owner had rented it out for years. It was vacant, though staged – but still didn’t show as well as it could have compared to the owner-occupied units in the building). So I hope the owner did as well as you’re suggesting.

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