2009 Feb 20th

The Hoboken Open House Google Map – for Sat. Feb 21 & Sun. Feb 22

By Howard Turoff –

[email protected]

Baby, it’s cold outside!

Yesterday afternoon I walked to my office in a light Fall jacket, delighting in the lovely warm weather.  Boy, was I in for a shock by the time I had to walk home!  Unfortunately, the forecast for this weekend doesn’t look too much better.  Dress warmly – Here’s this week’s OH map.

Below is the map key. New listings (less than 10 days on the market and/or first timers on the map) will be indicated with a “push pin” instead of a “bubble”. The colors work the same way as always:

There are many units that are likely to have open houses again in the near future (even if they are not necessarily having one this weekend). We keep the prior week on the map as it saves us input-time in preparing future maps.

Click Here For The


HOBOKEN OPEN HOUSE Google Map

If for some reason you’d like to see one of these but can’t make it, give us a call and we can set up a private showing.  Enjoy the weekend, stay warm and feel good knowing that even if you don’t care for the cold, your dog probably loves it.  Mine sure does!

Posted by Lori Turoff | Currently No Comments »

2009 Feb 4th

The Weekly Wednesday Wrap-Up: Hoboken Condo Sales & Inventory for the Week Ending February 3rd

Research, analysis & post by Lori Turoff

[email protected]

What does it take to sell a Hoboken condo today?  Price reductions!

If you are in the market for a Hoboken condo, don’t forget to check our Hoboken Open House Google Map on Friday, Saturday & Sunday to see if any of the new listings (or old ones) are having open houses this weekend.

Here is the overall picture of Hoboken condo market activity for the past week:

As in past weeks, inventory continues to rise.   The price reduction activity is interesting. As you’ll see, the price cuts are not single reductions.  In order to get units under contract and sold, prices are being reduced on a single property again and again and again. I guess many sellers are still a bit in denial about what it takes to sell in this market.  While there is no way to know, I wonder how differently these sales would have gone had they been priced lower initially rather than chasing the market.

Studio & 1 Bedroom Hoboken Condos:

161 total active – average asking price $466,989. DOM 97

The average here is again skewed by the presence of 21 units at Maxwell, Harborside and Garden Street Lofts.   What is interesting is that there are 12 units under $300,000,  something rarely seen in the past.  Some “need work”, meaning a total renovation (that there are no photos is a good sign), some are in less than ideal locations but a few are cute and a good deal for the money.

1 Dabo after 21 days on the market.

Note – If there were intermediate price reductions for a property to be “dabo’d” (placed under contract) or sold, they are noted here. You can check what all the others sold for by clicking the link to the listings. Each listing states the list price (LP) and the sales price (SP).

6 sold in an average of 74 days for an average price of $402,333

16 price changes

8 new listings – average list price $381,070.

Two Bedroom Hoboken Condos:

270 total active – average asking price $668,136. DOM 113 so far.

2 dabos – after 117 days on the market on average (“DOM”)

Intermediate Price Changes:

1 sale – at $440,000.  DOM 151.

27  price changes

25 new 2BR listings – average list price $732,007.

Three Bedroom and Larger Hoboken Condos:

54 active 3BR condos – average asking price $1,141,663. DOM 147!!!

1 dabo after 70 dom.

None Sold.

2  price changes

4 new 3BR listing – average list price of $1,185,404.  147 DOM.  Again, quite a few very high-end units at Maxwell Place and Garden Street are pulling the average up.

What Next?

If sales continue to slow, but listings continue to increase the result is even more unsold inventory.   This week it may look like inventory is actually down from the past few weeks but that is due to the many units at MetroStop which have ‘expired’.  Since that’s a new construction building, those units will be put back on the market, probably at a lower price.  The bottom line is that the market is in a very, very deep rut.

Posted by Lori Turoff | Currently 17 Comments »

2009 Jan 30th

# 1 Way To Increase Property Values and Lower Property Taxes In Hoboken!

Vote in the upcoming Hoboken elections.  

If you have not yet registered, here is a link to the voter registration form.

Thanks!

Posted by Lori Turoff | Currently No Comments »

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