2016 Jan 26th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of  January 27th, 2016

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  • 113 active Hoboken listings
  • 98 Condo & Co-op listings, compared to 102 last week
  • 10 Single-family listings, compared to 8 last week
  • 5 Multi-family listings, compared to 5 last week


This Week’s Residential Property Sales & Activity:

  • 11 DABOs (Deposit Accepted By Owner and Under Contract) vs 13 last week
  • 20 Sold vs 16 last week
  • 12 New listings vs. 27 last week
  • 9 Price changes vs. 7 last week
  • 0 expired listings vs. 3 last week


Studio & 1-Bedroom Properties

26 Active listings

2 New listings

1 Price change

4 DABOs

  • 507 Garden St., 1 listed Jan 20 for $440K;
  • 412 Washington St., 3E listed Jan 15 for $495K;
  • 80 Bloomfield St., 3B listed Jan 13 for $559K;
  • 1108 Hudson St., 1B listed Jan 18 for $589K;

7 Sold

  • 58 Monroe St., 3L listed Jun 16 for $335K; sold for $330K;
  • 201 Bloomfield St., 1 listed Sept 10 for $399K; reduced Oct 8 to $375K;  sold for $355K;
  • 86 Monroe St., 1R listed Aug 31 for $419K; reduced Oct 6 to $399K;  sold for $405K;
  • 316 Hudson St., 1A listed Nov 5 for $499K; reduced Nov 19 to $475K;  sold for $466K;
  • 80 Park Ave., 4E listed Sept 22 for $475K;  sold for $500K;
  • 1125 Maxwell Ln., 915 listed Nov 10 for $899K;  sold for $875K;
  • 1500 Garden St., 8E listed Oct 14 for $1.350M;  sold for $1.280M;


2-Bedroom Properties

46 Active listings

3 New listings

4 Price changes

5 DABOs

  • 235 Monroe St., 9 listed Nov 4 for $389K; reduced Nov 17 to $370K; reduced Dec 8 to $350K; reduced Jan 7 to $335K;
  • 636 5th St,. 302 listed Jan 8 for $675K;
  • 820 Hudson St., 3-2 listed Oct 23 for $749K;
  • 700 1st St., 14P listed Jan 12 for $749K;
  • 1500 Hudson St., 5E listed Jan 2 for $1.250M;
8 Sold
  • 1108 Park Ave., 2R listed Oct 28 for $540K; sold for $540K;
  • 411 Monroe St., 1 listed Aug 5 for $690K; sold for $675K;
  • 1030 Hudson St., 1 listed Oct 9 for $730K; sold for $690K;
  • 727 Monroe St., 302 listed Sept 30 for $695K; sold for $695K;
  • 82 Clinton St., 2D listed Nov 2 for $769K; sold for $770K;
  • 223 Park Ave., 2 listed Nov 11 for $850K; sold for $840K;
  • 812 Grand St., 410 listed Jan 22 for $925K; sold for $925K;
  • 1125 Maxwell Ln., 640 listed Sept 8 for $1.40M; sold for $1.380M;


3-Bedroom & Larger Properties

26 Active listings

7 New listings

4 Price changes

5 Multi-Family Active listings

10 Single-Family Active listings

2 DABOs

  • 130 Jefferson St., 4 listed Jan 12 for $699K;
  • 81 Jefferson St., 2 listed Jan 15 for $709K;

5 Sold

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  1. Anon

    Clearly the market is still hot but it seems to be leveling off a bit. Maxwell @$810/ft, $50k discount on 1030 Hudson (Orig. 739k, relisted @729k, sold at 690k), $45k discount on 201 Bloomfield…

  2. Anon2

    Not sure about the details of the first two apartments you mention, Anon, but 201 Bloomfield is for all intents and purposes, a studio. It was marketed as a 1-bed and I paid close attention to the listing because on first glance it looks amazing! But if you look closely, there’s no living room. No space in the downstairs (kitchen) area for a couch. In my opinion, 1-bed means “living room plus bedroom”; if there’s only one or the other it is an unqualified studio. At $399K for 380 square feet, it was way too expensive. And the market obviously was not there at that price.

  3. Lori

    1030 Hudson is a basement level apartment with access to the private yard through the master bedroom.

  4. Anon

    I actually walked through 1030 Hudson. It was a “garden” (basement level) but it had large front windows and wasn’t fully below grade. Fair point about walking through the Master to access the back-yard, that was a little awkward — but then again a private backyard is a plus. Still $875k for 1,080 sqft at Maxwell is a little softer than it has been in recent months…

  5. Liz

    I’m surprised 411 Monroe didn’t go for more with it’s backyard which is relatively large and looks really nice.

  6. Josh

    I’ve been following this blog for some time as a prospective buyer and it’s interesting looking at it through the lens of a new homeowner. My Wife and I just purchased 1030 Hudson and Lori and Anon’s comments sound a lot like our deliberations in purchasing the unit; so I’m not sure whether to take Anon’s comments on price as a compliment or Lori’s comments on the level and layout as a word of caution. Ultimately for us, the fact that it was a garden level unit was offset by the large windows with an Empire State Building view and the back yard. The unit has builders grade materials and needs a good amount of work, so we knew we’d have to do a fairly extensive renovation to make it right, and in the end that is what drove negotiations from our perspective. Rest assured Anon, the Hoboken real estate market is doing just fine.

  7. Lori Turoff

    Hoboken buyers have an aversion to below grade properties – even when not in a flood zone and even when they never flooded – because of the perception that they may flood and fear that resale may be difficult. We personally live in a duplex and our lower level is a ‘garden level’ which is also not in a flood zone and also never flooded. To me, not having to climb stairs and having a backyard is more than worth the potentially negative perception. However, the market for this type of property is a smaller piece of the pie than the whole pie.

    Hudson Street is the prime Hoboken location. 1030 Hudson is a rare property as the builder put in 2 baths when they gutted the building. Most of this style of building has only 1 bath. It also has (again, rare) central air, exposed brick and a w/d. They yard is extremely valuable though I’m always turned off by the thought of carrying dripping burgers through my bedroom. Nonetheless, it’s a common configuration in many Hoboken properties. It may not be for everyone but if you want the best location and a nice-sized private yard, it’s a nice property. I often say, if every buyer wanted the same exact thing no one would be able to afford it. Josh – good luck in your new home and welcome to the neighborhood. Hope you’ll consider using me as your realtor when it comes time for you to sell.

    The month is almost over and the January numbers will be posted next week. I can confirm that the market is absolutely as strong as it’s ever been.

  8. Lori Turoff

    Oh, and 411 Monroe is – on 4th and Monroe. What amenities, conveniences and attractions does that part of Hoboken offer? There is no transportation nearby, no stores, few restaurants, no real parks, no view of Manhattan.

  9. Josh

    Thanks Lori,

    We certainly will, you hit the nail on the head. Initially we were also buyers who were unwilling to consider a Garden level apartment, even though it had no water from Sandy. After we lost a few places that went well over asking, we realized that something had to give. We knew we were unwilling to compromise on location, central air, outdoor space, and finishes (as-is or after a reno within our overall budget), we realized that we could deal with a couple of steps down; especially given the 11th & Hudson location and an empire state building view. We’re having to put a lot of work in to it to make it what we’ve dreamed of, but in the end, it will be worth the work.

  10. Lori Turoff

    Good for you. I’m sure it will be beautiful. We are friends with your immediate neighbor (dog people). Best of luck.

    L.

  11. JC

    Josh…when you are chilling in your yard with a drink in hand during Spring you wont have any regrets. I agree with Lori also, access to a yard via garden unit by not walking down a fire escape with food in your hand and one beer in the other then going back up for the food you couldnt carry isnt idle but….its a problem many would like to have anyway.

  12. Josh

    Thanks JC. I completely agree, we’re actually putting in an outdoor kitchen with refrigeration to limit the trips. Lot’s of work to be done, but I’m looking forward to the first warm spring day:)

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