Hoboken Condo Sales vs. Downtown Jersey City Condo Sales - First Half 2008
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
I was asked how Hoboken condo sales compare with downtown Jersey City condos. Here’s a chart showing some useful information about the real estate markets in both towns and how they have performed the first half of this year. The sales numbers are broken down by unit size and combined. The percentage difference is also included.
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1st Half 2008 - Jersey City Condo Sales
Categories: For Buyers, For Sellers, Market Analysis
Here’s something to compare against recent Hoboken condo sales. These are sales numbers from the MLS for the first half of 2008. Keep in mind that this does not include new construction sold directly from the developer.
Studio & 1 Bedroom Downtown Jersey City Condos:
Average List: $392,343
Average Sold: $381,822
Median Sold: $374,205
Average Days On Market: 73
Number of Sales: 114
2 Bedroom Downtown Jersey City Condos:
Average List: $618,438
Average Sold: $599,643
Median Sold: $570,000
Average Days On Market: 94
Number of Sales: 86
3 Bedroom & Larger Downtown Jersey City Condos:
Average List: $831,028
Average Sold: $798,823
Median Sold: $778,000
Average Days On Market: 102
Number of Sales: 17
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Buying A Hoboken Condos Is Just Like Drafting A Running Back
Categories: For Buyers, Hoboken Condos
For My Blog Readers Who Aren’t Into Shoes:
Like many people, I love a bargain. Like most men, I also love my Fantasy Football Pool. Now put the two together and you’ll know how I look for late round sleepers. I go to My Street and Smith’s Pre-Season Issue and read every article on every team, from the Patriots veterens, to the 49ers rookies. Ultimately, I will only draft 5 running backs . The research process itself is hugely important. Not only does it let me decide who I like best, it lets me know which players are a great deal. There is nothing like the thrill of finding a great wide receiver who will be available in the late rounds.
Think of Shopping for a Hoboken Condo Like the Search For a Perfect High Round Draft Pick
Just as you would never plan to draft LaDanian Tomlinson with the 10th pick of the draft, when buying a condo, you need to know your budget and what you can get at that price point. If you haven’t talked to a banker, financial advisor or mortgage lender you are doing yourself a disservice. Unless you’re paying cash for your Hoboken condo, you will need a prequalification letter from a lender to make your offer. Even though a ‘prequal’ is non-binding and you are not obligated to use that lender, it makes your offer a serious one. Similarly, just as you know if you’re looking for a running back in the 1st round, you should have an idea in which neighborhood you plan to concentrate your condo search. If you are all over the map its that much harder to focus in on which property would be the best potential home.
The “Health, Availability and Affordability” of Hoboken Real Estate
You can always find a back that’s just a little bit injured, or with a little bit of a coke habit in a late round. We draft them anyway thinking they will heal or stay clean. Sometimes they do, but often they don’t and wind up traded, cut or waived. You might want to draft an Adrian Peterson or Tom Brady but you don’t have a high enough draft pick (i.e. you can’t afford them). So when we select players, we go for a combination of health, availability and affordability. Buying a condo is no different but with real estate the crucial factors are location, condition and price. Like searching for players, a condo buyer has to consider all three factors and find the property in an acceptable location, in good enough condition and within one’s budget. The single best way to guarantee a winning combination when buying real estate is to look at as many properties as possible. Like reading FFN and watching Sportscenter, going to see as many condos for sale as possible will let you know when you’ve hit the winning mix and it’s time to make an offer. But just like frequently happens with players, if you take too long to decide (wait too many rounds), the best ones will be gone and you may miss out on the new home of your dreams.
It’s time to go back to school! Get the latest trends and gadgets that make the grade on AOL Shopping.
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The Weekly Wednesday Wrap-Up - Hoboken Condo Sales and Market Activity for the Week of August 13th
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
The Dabo Dilemma Revisited
Last week, I discussed a problem present in the MLS in that the DABO listings were not being accurate because some agents hadn’t changed the status when the properties were sold, withdrawn or expired. As a result, list of DABO’s properties included old, out of date listings that weren’t really under contract any longer. So last week I looked at each property with a status of DABO and manually eliminated the ’stale’ ones but I’ve figured out a better system. Starting this week and from now on, I will include in these reports only new DABOS - that is, properties which went under contract in the prior week, as I do for sold condos and new listings. Here is the info from last Wednesday through today:
Studio & 1 Bedroom Condos:
1 unit sold for an average sale price of $402,500 - View Sold Listings
3 units under contract this week - View Dabo Listings
155 active listings with an average list price of $484,565 - View All Active Listings
12 new listings - View New Listings
Two Bedroom Condos:
9 units sold for an average sale price of $570,824 - View Sold Listings
5 units under contract this week - View Dabo Listings
10 new listings - View New Listings
272 active listings with an average list price of $673,927 - View All Active Listings
Three Bedroom and Larger Condos:
none sold this week
none under contract this week
no new listings this week
48 active listings with an average list price of $1, 054,463 - View All Active Listings
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Buying a Hoboken Condo is Just Like Shopping for Shoes
Categories: For Buyers, Hoboken Condos
When Looking at Condos Remember Your Trips to the Mall
Like many people, I love a bargain. Like most women, I also love shoes. Now put the two together and you’ll know how I shop for shoes. I go to a mall with a Bloomies or Nordstroms and try on just about every pair in my size, from the sale shoes, to the new arrivals, to the Manolo’s and Jimmy Choo’s. Ultimately, I may buy only a pair or two but the shopping process itself is hugely important. Not only does it let me decide which I like best, it lets me know which are a great deal. There is nothing like the thrill of finding a great pair of Prada’s for half price.
Think of Shopping for a Hoboken Condo Like the Search For a Perfect Pair of Shoes
Just as you would never shop for shoes that weren’t your size, when buying a condo, you need to know your budget. If you haven’t talked to a banker, financial advisor or mortgage lender you are doing yourself a disservice. Unless you’re paying cash for your Hoboken condo, you will need a prequalification letter from a lender to make your offer. Even though a ‘prequal’ is non-binding and you are not obligated to use that lender, it makes your offer a serious one. Similarly, just as you know if you’re looking for strappy sandals or riding boots, you should have an idea in which neighborhood you plan to concentrate your condo search. If you are all over the map its that much harder to focus in on which property would be the best potential home.
The “Comfort, Style & Price” of Real Estate
We’ve all found a great pair of shoes on sale that were just a tiny bit too tight. We buy them anyway thinking they will ’stretch’. Of course, they never do and after a few painful forays they are relegated to a far corner of the closet. We’ve all longed for the latest pair of Gucci’s or Chanel’s only to have the price bring us back down to Earth. So when we select shoes, we go for a combination of comfort, style and price with which we can live. Buying a condo is no different but with real estate the crucial factors are location, condition and price. Like shopping for shoes, a condo buyer has to consider all three factors and find the property in an acceptable location, in good enough condition and within one’s budget. The single best way to guarantee a winning combination when buying real estate is to look at as many properties as possible. Like trying on many pairs of shoes, going to see as many condos for sale as possible will let you know when you’ve hit the winning mix and it’s time to make an offer. But just like frequently happens with shoes, if you take too long to decide, the best ones will be sold out and you may miss out on the new home of your dreams.
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