How Bad Is It? - Part 2
Categories: For Buyers, Hoboken Condos, Market Analysis
Have Things Really Changed That Much In the Hoboken Condo Market?
by Lori Turoff
The Turoff Realty Team at Prudential Castle Point Realty
It seems like the market has slowed down. But has it? I took a look, by month, of the number of Hoboken condos listed and the number sold. I went all the way back to this time in 2006. Here are the results:
Note - November is only “to date” so it’s less than it should be for the full month.
There has been a downward trend in the number of for sale Hoboken condos since 2 years go. There was a big dip in new listings this September, when all the bad economic news hit the media, but then a spike in October. November is down, so far.
The number of Hoboken condos sold does not show a clear trend. There were an exceptionally large number of closings in March of this year. It may still be too early to see the results of the current economic melt down. Deals that should have been made in September would typically close in November or December. Maybe the low number of condo sales in November is not due to the few missing days, but is a real decline in deal activity.
Absorption rate is a classic way to measure the strength of a real estate market. The average number of Hoboken condos sold each month since the beginning of 2008 has been about 67 condos per month. Right now, there are about 519 Hoboken condo units for sale. At the rate of 67 sales per month, it would take 7.75 months for the current condo inventory in Hoboken to sell out. Keep in mind that these figures reflect only units on the MLS and not those sold directly by the developer (such as Maxwell Place condos sold by the Toll sales office). But then, the numbers also don’t reflect sales by the sales office either. A 5 month supply of housing at any given time is considered neutral. Less than that is considered a sellers market, more a buyers market. According to these figures, Hoboken is not as bad as other areas of the country. Parts of Florida and Las Vegas have years worth of inventory on hand. The recent drop in interest rates should help increase the rate of sales as well.
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The Hoboken Condo Market - How Bad Is It?
Categories: For Buyers, For Sellers, Hoboken Condos
By Lori Turoff - info@hobokensbest.com
Is Manhattan Real Estate Fairing Better Than Hoboken?
There was an interesting article in the Sunday NY Times Real Estate section about Manhattan condo & co-op inventory. The point made was that while prices have remained flat so far in the 4th quarter, inventory has risen indicating a sharp deterioration in the market as the economy and consumer confidence falls.
Unlike Manhattan, in Hoboken, condo sales prices dropped in October. Inventory has been growing steadily in Hoboken as it has in Manhattan. Back in February, when I started tracking the number of active Hoboken condo listings, there were 384 condo units for sale in Hoboken. Today there are 526 condos for sale in Hoboken.
The Hoboken Condo Buyers Are Missing
More startling, last year, during the month of October, 78 Hoboken condos went under contract and 62 Hoboken condo units closed. This October, only 18 Hoboken condo units went under contract and only 9 units closed. Due to the time lag between the time a property goes under contract and the actual closing (typically 45 days) the real declines will show up in the November and December numbers. The bottom line, however, is that the Hoboken condo market has come to a near stand-still. As long as the credit markets are frozen and consumers remain nervous about jobs, bonuses and the economy, the picture is not likely to change.
Is There a Silver Lining?
Is there a bright side to the market turmoil? Some owners simply must sell. They may be relocating for work, have outgrown their current space, are in contract somewhere else or the like. Buyers may find that they can get a Hoboken condo at a substantially discounted price right now. Assuming they are buying for the long term, say at least 5 years, that might not be a bad thing. Just as some people are forced to sell right now, there are buyers who need more space for a growing family or are moving to the metropolitan area and find Hoboken more affordable than Manhattan. Who knows, we may even find some of the people forced out of Manhattan will downsize and come to Hoboken.
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All Hoboken Open Houses - on an Interactive Google Map - for Sat., Nov. 22nd & Sun., Nov. 23rd
Categories: For Buyers, Hoboken Condos, Open House Map
By The Turoff Realty Team - info@hobokensbest.com
Hoboken Open Houses for This Weekend
Here is this week’s Google Map of Hoboken open houses. This is the last big OH weekend before Thanksgiving and the unofficial start of the holiday season. Happy house hunting!
You can search by unit size, price or location. If you hover over the blue markers you can see more details. Double click on the “bubble” to get the details and a link to the actual MLS listing.
View The Google Map of Hoboken Open Houses Here
As always, we update this map with any last minute changes on Saturday morning so be sure to check back. You may wonder why we keep the past open houses on the map. It just saves us a ton of time and effort since we don’t have to re-enter them from scratch when they show up again in the next week or two. But we’ve learned a new google trick so next week you’ll see only the current open houses. Any of you know how to make the blue bubbles different colors? We’d love to color code them for you by unit size.
Can’t make the open house but still would like to see the property? Let us know: info@hobokensbest.com or text 201 993 9500 and we can set you up with an appointment.
Did you know that if you go to an open house and when the hosting agent asks you to sign in you say “I’m already working with another realtor”, you don’t have to give them your contact info and they are supposed to leave you alone - you won’t be inundated with emails from them for the next century? (Feel free to use my name). Of course, you are wecome to view the property.
If you like what you’ve seen here, remember that on Wednesday we post all the new listings, units under contract and sold properties and sales prices on the Weekly Wednesday Wrap Up. It’s a great way to keep your finger on the pulse of the Hoboken real estate market.
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The Weekly Wednesday Wrap Up - Hoboken Condo Sales & Inventory for the week ending November 19th
Categories: For Buyers, For Sellers, Hoboken Condos, Weekly Wednesday Wrap Up
By Lori Turoff - info@hobokensbest.com
Staying Ahead of the Pack
I aim to provide you with intelligent, useful information that you can’t find elsewhere. Knowledge is power. The more you, the consumer, knows about the Hoboken real estate market and the better informed you are, the wiser decisions you can make. Good information helps you stay ahead of the pack. I’m always searching for ways to improve this weekly post and help you stay ahead of the pack.
First, all of the week’s price changes are now broken down by unit size. You’ll find them in each category just after the active listings. This makes it easier for you to track when a property you have your eye on is reduced.
In today’s real estate market, a crucial piece of information is the price properties sell for. Sellers can ask whatever they want. That doesn’t mean they are going to get it. Price probably has the greatest impact on whether or not a property sells. I can go in and look at the property history and get the first asking price before any reductions. For all of the sold and under contract properties, I’ve pulled the original asking price. You can see where it started out, what the asking price was when the condo went under contract (the contract price is not disclosed until closing) or where it finally sold. Keep in mind that some of these condos started out as for sale by owner for even higher numbers than the asking price at which they were first listed. As you will see below, the spread between the original list price and sold price can be significant.
Finally, it’s easy to copy someone else’s ideas and hard work and claim it as your own. It’s a lot harder to be consistently thoughtful, original, analytical and interesting. That is certainly what I strive for and what I believe keeps this blog ahead of the pack. I hope you find this valuable and, as always, I welcome your comments.
Studio & 1 Bedroom Hoboken Condos:
2 sold in an average of 139 days at an average sale price of $365,000
Original list prices:
358 14th $349,000 in April sold for $322,000
812 Grand $430,000 in March sold for $408,000
2 under contract this week in an average of 35 days.
(1115 Willow original list price $389,000 in March. Only properties with price drops are noted. )
173 total active with an average asking price of $479,090 with 11 price changes.
9 new listings with an average list price of $627,333
Two Bedroom Hoboken Condos:
5 2BRs sold in an average of 103 days at an average sale price of $776,200
Original list prices:
322 Grand $429,000 in Sept. sold for $415,000
611 Willow $529,000 in March sold for $451,000
700 1st St. $589,000 in April sold for $545,000
1125 Maxwell $2,350,000 in August sold for $1,900,000
3 2BRs under contract this week in an average of 129 days.
(800 Jackson original list price $639,900 in March. Others no price drop.)
70 active 2 BR condos up to $500,000
228 active 2BR condos over $500,000
The combined combined average asking price of all 298 active 2BR condos is $657,911with 21 price changes.
9 new 2BR listings with an average list price of $641,166
Three Bedroom and Larger Hoboken Condos:
1 3BR sold this week in 88 days for $562,500. Original list $600,000
1 under contract this week in 53 days. Original list price $739,900 in September.
52 active 3BR condos for sale with an average asking price of $1,030,001with 4 price changes.
No new listings.
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What’s Going On in Today’s Real Estate Market? It’s a Question of Balance.
Categories: Finance, For Buyers
Hoboken Condo Buyers - Consider This: 
- A property listed at $500,000 today.
- A 30 year fixed-rate mortgage at 6%
- A 20% down payment
- Your approximate mortgage payment would be $2,400 per month
Same property a year from now, or a month from now, or a week from now
- Assume the price dropped 15% to $425,000
- The 30 year fixed is up to 7%
- Same 20% down
- Your approximate mortgage payment would now be $2231
The Hoboken Condo Buyer’s Bottom Line
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