2014 Oct 15th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of October 15th, 2014

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As of October 15th, 2014:

  • 185 active Hoboken listings
  • 162 Condo & Co-op listings, compared to 165 last week
  • 9 Single-family listings, compared to 9 last week
  • 14 Multi-family listings, compared to 15 last week

This Week’s Residential Property Sales & Activity:

  • 15 DABOs (Deposit Accepted By Owner and Under Contract) vs. 16 last week
  • 18 Sold vs 23 last week
  • 19 New listings vs. 17 last week
  • 10 Price changes vs. 14 last week
  • 1 expired listing vs. 1 last week

 

Studio & 1-Bedroom Properties

64 Active listings

5 New listings

1 Price change

5 DABOs

  • 63 Madison St., 4 listed June 11 for $309K; reduced Sept 29 to $295K;
  • 818 Willow Ave., 2L listed Sept 29 for $435K;
  • 659 1st St., 303 listed Oct 1 for $475K;
  • 1500 Washington St., 3T listed Sept 30 for $489K;
  • 1500 Washington St., 3N listed Oct 13 for $525K;

6 Sold

  • 729 Washington St., 1L listed July 14 for $320K; sold for $313K;
  • 79 Monroe St., 2RS listed Mar 19 for $359K; sold for $355K;
  • 108 Jackson St., 2C listed June 11 for $459K; sold for $452K;
  • 203 14th St., 1B listed July 11 for $530K; reduced Aug 3 to $500K; sold for $475K;
  • 659 1st St., 204 listed July 8 for $475K; sold for $475K;
  • 600 Hudson St., 4B listed Aug 28 for $595K; sold for $590K;

 

2-Bedroom Properties

74 Active listings

9 New listings

5 Price changes

8 DABOs

  • 401 Monroe St., 5 listed Sept 2 for $350K;
  • 700 1st St., 13T listed Sept 13 for $550K;
  • 518-520 Monroe St., 2B listed May 27 for $595K; reduced July 30 to $585K; reduced Aug 2 to $580K; reduced Sept 12 to $560K;
  • 920 Jefferson St., 406 listed Sept 23 for $605K;
  • 223 Clinton St., 101 listed Oct 1 for $669K;
  • 325 Willow Ave., 2B listed Sept 4 for $799K;
  • 501 9th St., 611 listed Sept 30 for $849K;
  • 89-91 Jefferson St., 4B listed Oct 3 for $869K;
12 Sold
  • 63 Madison St., 3 listed April 29 for $329K; sold for $315K;
  • 322 Grand St., 4L/7 listed May 9 for $439K; reduced Jun 23 to $425K; sold for $418K;
  • 1112 Park Ave., 2L listed June 3 for $475K; sold for $464K;
  • 627 Madison St., 4C listed April 3 for $509K; sold for $494K;
  • 551 Observer Hghwy., 11E listed Aug 5 for $545K; sold for $545K;
  • 812 Grand St., 313 listed July 22 for $595K; sold for $576K;
  • 602 Willow Ave., 4 listed Aug 27 for $575K; sold for $581K;
  • 92 Madison St., 5B listed Aug 1 for $740K; reduced Aug 5 to $700K; reduced Aug 14 to $655K; sold for $655K;
  • 452 2nd St., 1 listed July 23 for $700K; sold for $712K;
  • 509 Garden St., 1 listed July 14 for $679; sold for $715K;
  • 1500 Washington St., 9F listed June 20 for $875K; reduced July 15 to $865K; sold for $850K;
  • 1025 Maxwell Ln., 1104 listed July 29 for $1.395M; sold for $1.350M;

 

3-Bedroom & Larger Properties

24 Active listings

5 New listings

4 Price changes

14 Multi-Family Active listings

9 Single-Family Active listings

2 DABOs

  • 456 9th St., 40 listed Oct 1 for $914K;
  • 1025 Maxwell Ln., 601 listed Oct 9 for $2.280M;

0 sold

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  1. Craig

    I have to ask: what’s the deal with 92 Madison? In this market large properties with all the trimmings similar to it draw multiple offers – or minimal discounts off list at best. Yet that unit underwent 85k worth of price reductions before selling. What are we missing?

  2. JC

    Hi Craig…$655k aint too shabby is it? It doesnt look like the unit has “all the trimmings” to me, but maybe its just personal preference. (no outdoor space) I do wonder if this new assessment where the actual price is listed in nj tax database and not some crazy formula is anchoring properties. For example, it was appraised at $629k, and as a buyer I may be using this price as an approximate. Especially knowing the bank will send an appraiser just like the last one who appraised at $629k. Fine the markets up a bit since then, so the selling price of $655k is in line with this thought. Lori I’d love your thoughts here, do any buyers mention the appraised price and compare to list?

  3. Lori Turoff

    JC – Not only does 92 Madison not have any outdoor space, it has a strange layout and, if I recall correctly, a very tiny second bedroom. In my opinion it was originally listed at an extremely high price point. Once it was reduced to what it should have been to start with, it sold.

    Regarding appraisals, yes, I have used the argument with a listing agent “how can you be asking $900k when it just was reassessed based on an appraisal of $800k”. But we all know how out of whack many of the reassessment numbers have been. Also, appraisers do not give much value to subjective factors like decor, showing condition, finishes, appliance brands, and many other things that are very important to buyers.

  4. JC

    Thanks Lori and thanks for working to get the comment section back up. Good point about the subjective factors. Random question…if a unit is assessed at $500,000 and sells for $600,000 do the taxes on the property adjust after the city gets wind of the purchase price? thanks

  5. Lori Turoff

    Hi JC. Glad I was able to get it all sorted out!!

    No – unfortunately, unlike many other jurisdictions (like New Orleans, for example) the Hoboken property taxes are NOT tied to the most recent sales price. Now what could be a better indication of value than that? Makes no sense to me at all. Do periodic revals to equalize those people who don’t move so they pay their fair share and let the sales price govern beyond that. No?

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