2017 Aug 16th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of August 16th, 2017

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As of August 16, 2017:

  • 164 active Hoboken listings
  • 131 Condo & Co-op listings, compared to 137 last week
  • 22 Single-family listings, compared to 22 last week
  • 11 Multi-family listings, compared to 9 last week

This Week’s Residential Property Sales & Activity:

  • 19 DABOs (Deposit Accepted By Owner and Under Contract) vs 12 last week
  • 16 Sold vs 15 last week
  • 31 New listings vs. 21 last week
  • 7 Price changes vs. 6 last week
  • 1 expired listing vs. 1 last week

Studio & 1-Bedroom Properties

34 Active listings

9 New listings

2 Price changes

6 DABOs

  • 118 Jefferson St., 4R listed Aug 3 for $449K;
  • 1314 Hudson St., 4 listed Aug 2 for $499K;
  • 729 Madison St., 4G listed Jul 26 for $520K;
  • 509 Madison St., 1B listed Jun 5 for $575K;
  • 77 Garden St., 1 listed Jul 18 for $625K;
  • 1500 Garden St., 10I listed Jul 24 for $830K;

6 Sold

  • 318 Park Ave., A listed Jul 14 for $440K; sold for $455K;
  • 1015 Washington St., 4S listed Jun 14 for $479K; sold for $470K;
  • 201 14th St., 3D listed Jun 1 for $489K; sold for $495K;
  • 700 1st St., 13L listed May 25 for $559K; sold for $586K;
  • 222 Grand St., 4F listed April 26 for $600K; reduced May 31 to $595K; sold for $590K;
  • 1100 Adams St., 210 listed Jun 16 for 4625K; sold for $656K;

2-Bedroom Properties

61 Active listings

14 New listings

3 Price changes

11 DABOs

  • 84 Adams St., 2E listed Jul 18 for $625K;
  • 830 Monroe St., 3I listed Aug 4 for $750K;
  • 830 Monroe St., 5D listed Aug 3 for $775K;
  • 71 Jefferson St., 3 listed Aug 1 for $799K;
  • 830 Monroe St., 3J listed Jul 27 for $800K;
  • 600 Hudson St., A listed Aug 2 for $865K;
  • 1200 Grand St., 228 listed Aug 4 for $899K;
  • 410 Madison St., 1 listed Jul 25 for $969K;
  • 124 Jefferson St., A listed Jul 5 for $1.049M;
  • 1100 Maxwell Ln., 911 listed Jun 5 for $1.50M;
6 Sold
  • 508 Grand St., 3R listed Jun 15 for $570K; sold for $570K;
  • 531-533 Jefferson St., 6 listed April 21 for $629K; reduced May 5 to $600K; sold for $590K;
  • 701 Park Ave., 3 listed Jun 6 for $619K; sold for $615K;
  • 812 Bloomfield St., 1 listed Jun 9 for $599K; sold for $620K;
  • 98 Garden St., 4 listed Mar 22 for $940K; reduced May 23 to $907K; sold for $900K
  • 1400 Hudson St., 433 listed Aug 27 for $1.045M; sold for $1.042M;

3-Bedroom & larger Properties

36 Active listings

8 New listings

2 Price changes

11 Multi-family active listings

22 Single-family active listings

2 DABOs

  • 723 Washington St., 7 listed Jun 29 for $959K;
  • 2 Constitution Ct., PH12 listed Mar 30 for $1.450M; reduced Jun 1 to $1.40M;
2 Sold
  • 504 Grand St., 2 listed Aug 4 for $975K;
  • 502 Monroe St., 301 listed Jun 2 for $1.024M; reduced Jun 15 to $976K;

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  1. Dave

    How do you think the new higher-end of the price range apartments in 1400 Hudson will appreciate in the next few years? There are 2brs going for 1.2-1.4m which feels awfully high.. do you think there is much room to grow there in the short term?

  2. Josh

    Just my 2 cents but I think they’ll struggle to appreciate. At the end of the day someone has to carry the note – and a $6k mortgage is awfully hefty for a 2BR, there’s a finite supply of $300k+ HHI’s. Hoboken is red hot under $900k – but it looks a little soft beyond $1M. I see 2BR’s North of $1M facing some downward pressure from single families – look at 206 13th, a 4-BR single family that’s been sitting at 1.595m, and 909 Wash 4br/2600sqft sitting at 1.795m. Tax reform could have mixed effects but a drastic increase to the standard deduction could making renting more attractive by minimizing the tax impact. I don’t see a drastic pullback ahead, but I don’t see how continued double digit appreciation is possible either…

  3. Lori Turoff

    I think 909 Washington is a great deal but – the kitchen is in the narrower ‘bump-out’ extension off the back so it’s very closed off from the living space. Not what today’s buyers want and hard to reconfigure without redoing the whole back of the house. It also shows like an older person’s home, lacking appeal to young buyers who can’t imagine the “after” potential. Also, it is not in a flood zone – a rarity in Hoboken. 206 13th has some of the smallest bedrooms I’ve ever seen and the 4th “BR” is down on the lowest level. Toll Bros. offers shiny, new, modern and convenience (and parking) which is what the current demographic demands. They’re selling out at 1400 and will probably raise prices on the newest units when they hit the market. Short term appreciation may come from the spread between the resale prices and the new construction prices. There are still plenty of buyers from the City paying over a million for 1BRs who find Toll properties very attractive.

  4. Josh

    I suppose there’s a significant population that is willing to pay an exorbitant premium and sacrifice character for turn-key convenience. I guess my point is that as 2BR’s approach Row houses/brownstones, at some point a portion of those buyers may be persuaded by getting double the space, character, and a yard for roughly the same money. 206 13th has 2 small BR’s but the master is decent – in any case it’s sitting on the market and will presumably go even lower. Totally agree with you on 909 Wash – it’ll probably go lower as well as it doesn’t show well and they really should’ve done a full width bump-out(instead of half for a tiny kitchen) as it needs to be expanded – but it could be quite nice with a little work. There probably would be “on-paper” short term appreciation if TB raises (and finds success with) prices on newer units, but unless it’s > $75k-$100k, it would pretty much be eaten up by transaction costs…it’s a crazy market, time will tell!

  5. Lori Turoff

    Most of the young buyers I work with don’t know from character – they want white, sleek and new.

  6. JC

    @josh There are still a few of good looking 3 BR’s in the same range (even less than $1mm) as those 2 BR Toll units you are referring to. Of course those dont have the level of amenities, most with no parking, and in smaller buildings. For years I’ve thought uptown tea buildings were over priced and for years its just gone up…along with the entire town.

  7. Josh

    @JC – yeah, I’ve never fully “got” the allure/pricing of the Tea buildings either, but they’ve done pretty well over the years. I think most of the true 3BR’s under a mil are all west of Willow, right? – the one factor I get in terms of toll brothers properties is the location…The amenities and parking is nice but that’s really accounted for in the high HOA fees.

  8. JC

    @josh…west of willow is certainly fair to say. There is a small 3BR on park and 4th I think thats under $1mm and maybe one on Willow. The HOA fees on those Toll buildings are prohibitive to me. I’ve lived in buildings with nice amenities and didn’t see the “value”. This is just a personal opinion, others may.

  9. Lori Turoff

    You’re all overlooking a really important market segment!

    There is value to investors who want a turn-key rental property and buy in Toll. When you own in Toll, your tenant doesn’t call you, he or she calls the desk downstairs and they send up a maintenance person. They rent easily for extremely high prices. It attracts tenants who are very affluent so collecting your rent is not a risk. I can tell you I’ve had many foreign, cash buyers for those units. It would be really interesting to know what percentage of each building is owner occupied.

  10. JC

    Oh, I totally get it. Just a personal preference for me if I was to live there. The comment about cash buyers ties into Josh’s statement about the mortgage interest deduction weakening and its effect on the higher end market.

    All the cash buyers out there now, it just doesn’t seem that would have any major effect. To me, if I’m in the market to own, a change in the deduction wont persuade me to rent. Thats a large decision shift based on only tax ramifications. Plus, you can still take out a mortgage for whatever the maximum ends ups at….last I read $600k was being tossed around down from $1mm now.

  11. Lori Turoff

    Foreign cash buyers don’t care about the tax implications – they just want a safe place to discreetly stash their money that will get them a decent return. Toll Bros. buildings fit the bill.

  12. Josh

    That is an interesting thought – I wonder just how large that market segment is – I can see how a full service building would be attractive to an investor; however there are far better urban areas, presumably with full service buildings, in the US in terms of cap rates. 2BR’s around 1200sqft seem to be running around $5.5k/mo in TB buildings of late, so back out $2k/mo for common maintenance/amenities fees, taxes, and insurance, figure on average you can keep it rented out 11.5 months per year, and that leaves you with just $39,250/yr on a roughly $1.2M investment (3.27%), and that’s without factoring in anything towards painting/appliance replacement over time, and the admittedly low, but still relevant, risk of default/eviction headaches. The % owner occupied would tell a lot. Just me personally, but the thought of paying a premium because im competing with foreign cash buyers who find my building to be a convenient way to stash some cash, a factor which yields me no benefit in my day-to-day life, makes it even less attractive.

  13. Lori

    What urban area is better than Manhattan?

    Hoboken is the lower price point off-shoot.

    Foreign investors love it.

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