2013 Dec 31st

Hoboken Condos End 2013 With a New Inventory Low

152 Hoboken condos listed on the MLS today.  That is the lowest number in the 10 years I’ve been keeping track.  In the past, it’s been as high a 600.  Most of the time, it fluctuated between about 250 and 400.  But 152 – that is nothing!  The competitive Hoboken real estate market starts 2014 even more competitive than before.

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  1. Gilby

    Not sure this is such a great thing, nor that it will help drive prices up. There’s simply not much worth buying. It’s like the availability is frozen, maybe Hoboken has finally stabilized, or maybe uncertainty is keeping people in place. Most of what I see out there are primarily units that are languishing for weeks/months on the market and would only appeal to a very specific purchaser, like an investor willing to pick up a unit with protected tenant, a very high end; an over 1mm++ luxury unit, a top floor; a flood floor, a gutted “make it your dream unit” and not much else. Unless purchasing right now is absolutely necessary, we might see buyers starting to wait again too. I don’t know, I’m worried. Do you think the reval might free some stuff up? I hope so.

  2. Jc

    What do you mean by free up some stuff? Those that wait will be losing purchasing power to do rising rates. They will still get a nice mortgage rate historically speaking. Lack of supply with demand being equal should raise prices. I think it’s safe to say demand is equal in this equation.

  3. Zach Turner

    Whether it’s a good thing or a bad thing, I agree with Gilby’s observation regarding the inventory at this moment.

    The number of “active” properties is, as Lori says, very low. Anything decent and priced even remotely appropriately sells immediately. What’s left is a lot of “bruised fruit”.

    I’m not sure that its cause for worry, though. I’m working on the assumption that the lull is seasonal. People don’t list or shop for real estate during “the holidays” unless circumstances–death, divorce, job relocation–force the issue. I’m anticipating the inventory will rebound in the coming weeks.

  4. Lori Turoff

    I also anticipate some new listings after the storm. How about a new condo for your Valentine?

  5. Gilby

    Sounds good to me Lori – as to Jc – silly to buy “bruised fruit” as Zach T. calls it just because rates might go up. I’d rather pay more for something nice than buy junk just to save a few bucks on the interest rate.

  6. JC

    Gilby… Totally agree with you. I was just making a general comment for a reason to buy sooner rather than later.

  7. Lori Turoff

    I can’t tell you how many buyers I have come to me from Manhattan thinking they are going to have it easy in Hoboken. They just don’t realize our market is as or even more competitive though the prices are lower. I tell them they need to go see the unit within the first week it hits the market and be prepared to make an over asking offer if they like it. They think I’m being a pushy salesperson. Then they get outbid, over and over. Some get frustrated and try other towns. Some eventually realize I am telling it like it is. What fun! I wonder how many Hoboken agents will be forced out of this industry simply because there are no longer enough deals to go around to support them all. IMHO that is a good thing. Get rid of the chaff.

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