2014 Nov 19th

The October Hoboken Condo Sales Results

Before we get to the October Hoboken Condo sales results, some news from Fannie Mae. They have just made it a little easier to buy a condo – good news for Hoboken. Under their new Selling Guide, there are some game changes as to how condo buyers receive financing:

  1. Allowable commercial space in a condo project is increased from 20% to 25%.   Think of all the buildings along Washington, Hudson and 14th Streets with stores in the lower level.  An exception is no longer required if commercial space is above 20% as long as it is less than 25%.
  2. For condo projects of five (5) to twenty (20) units a single entity can own up to 2 units in the project.  Borrowers no longer have to use a portfolio lender if one person or entity owns multiple units in Hoboken’s smaller condo buildings.
  3. The number of days for which 15% of the unit owners may be past due on HOA fees is now 60 days (increased from 30 days). This is only monitored when a full review is required. This is for investment property purchases or when a buyer is putting down less than 20%.
  4. Presale requirements for new condo projects have been decreased from 70% to 50%. Typically Fannie Mae allowed you to go down to 51% on an exception basis. Believe it or not the extra 1% will make a difference.
  5. If the mortgage only calls for a limited review to approve the condo project no longer require review of fidelity/crime insurance. This was a hassle with projects over 20 units. However, if a full review is required it will still be monitored.
  6. Income for the project that is non-incidental income is now allowed as long as it does not exceed 15% of the project’s budgeted income. Non-Incidental income can now be used if the association has an agreement with a cable, telephone or internet company. An example of this would be the existence of a cell phone tower on the building.

These changes are substantial and will help make our lives easier. There are now more options for financing on certain projects.  Great thanks to Ted Schirm of Mortgage Master for bringing these important changes to my attention.

We have results for October. Average sales were down a bit from September and slightly up over last October. It looks like there may have been more sales of smaller, lower-end units last month. The average price per square foot is still over $600. Median price per square foot is actually up over last month. Three-bedroom buyers, take note. The three-bedroom market continues to skyrocket with prices now just about at a million. That’s what happens when there is almost no new inventory of large apartments. Other points of note, the “discount off list” is down dramatically from last year. Inventory is still extremely tight. We are approaching the holiday season – traditionally the slowest time of year.

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Posted by Lori Turoff | Currently No Comments »

2014 Nov 19th

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  • 145 active Hoboken listings
  • 121 Condo & Co-op listings, compared to 124 last week
  • 11 Single-family listings, compared to 11 last week
  • 13 Multi-family listings, compared to 13 last week

This Week’s Residential Property Sales & Activity:

  • 11 DABOs (Deposit Accepted By Owner and Under Contract) vs. 16 last week
  • 30 Sold vs 17 last week
  • 14 New listings vs. 15 last week
  • 3 Price changes vs. 7 last week
  • 2 expired listings vs. 1 last week

Studio & 1-Bedroom Properties

44 Active listings 4 New listings 1 Price change 6 DABOs

  • 63 Madison St., 2 listed Sept 19 for $315K;
  • 138-140 Garden St., 2 listed Oct 16 for $439K;
  • 1500 Garden St., 2H listed Nov 3 for $450K;
  • 700 1st St., 5L listed Nov 3 for $450K;
  • 812 Grand St., 220 listed Nov 3 for $530K;
  • 1100 Maxwell Ln., 616 listed Aug 6 for #$850K; reduced Sept 10 to $799K; reduced Oct 20 to $769K;

10 Sold

  • 63 Jefferson St., 1L listed Aug 8 for $229K; sold for $212K;
  • 201 14th St., 4D listed Aug 21 for $389K; sold for $389K;
  • 1204 Washington St., 4S listed Sept 3 for $415K; sold for $403K;
  • 218 Jefferson St., G listed July 17 for $415K; sold for $405K;
  • 222 Grand St., 4K listed July 1 for $450K; sold for $455K;
  • 1200 Grand St., 607 listed Sept 14 for $499K; sold for $490K;
  • 700 1st St., 17T listed July 1 for $650K; reduced Aug 8 to $639K; sold for $625K;
  • 1500 Garden St., 1D listed Aug 28 for $665K; sold for $649K;
  • 1125 Maxwell Ln., 322 listed Aug 13 for $869K; sold for $810K;
  • 1025 Maxwell Ln., 700 listed June 27 for $1.0M; sold for $975K;

2-Bedroom Properties

61 Active listings 8 New listings 1 Price change 3 DABOs

  • 906 Washington St., 2 listed Oct 11 for $479K;
  • 926 Willow Ave., 2 listed Oct 27 for $700K;
  • 1100 Adams St., 508 listed Oct 10 for $719K;
16 Sold
  • 815 Park Ave., 4R/8 listed Aug 8 for $359K; sold for $355K;
  • 815 Park Ave., 5L listed Aug 5 for $375K; sold for 363$K
  • 712-714 Willow Ave., 5B listed Sept 2 for $429K; sold for $429K;
  • 1106 Park Ave., 1L listed Sept 9 for $460K; sold for $481K;
  • 1011 Willow Ave., 2 listed Sept 30 for $489K; sold for $489K;
  • 807 Garden St., 7 listed Sept 25 for $499K; sold for $499K;
  • 700 1st St., 6V listed July 30 for $575K; reduced Sept 4 to $565K; sold for $565K;
  • 222 Clinton St., 23 listed Sept 22 for $590K; sold for $575K;
  • 221 Willow Ave., 3R listed Aug 1 for $589K; sold for $580K;
  • 829 Garden St., 3 listed Aug 21 for $599K; sold for $605K;
  • 721 Madison St., 4S listed July 28 for $639K; sold for $620K;
  • 215 Monroe St., 3 listed Sept 2 for $750K; sold for $756K;
  • 1404 Grand St., 3A listed Jun 18 for $895K; sold for $895K;
  • 1500 Washington St., 3L listed June 12 for $899K; sold for $912K;
  • 1404 Grand St., 5A listed July 9 for $915K; sold for $915K;
  • 350 7th St., 5C listed Sept 3 for $1.975M; sold for $1.985M;

3-Bedroom & Larger Properties

16 Active listings 2 New listings 1 Price change 13 Multi-Family Active listings 9 Single-Family Active listings 2 DABOs

  • 926 Willow Ave., 2 listed Oct 27 for $700K;
  • 341 Garden St., listed Sept 29 for $1.399M; reduced Oct 11 to  $1.299M;

3 sold

Posted by Nathan Turoff | Currently No Comments »

2014 Nov 12th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of November 12th, 2014

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As of November 12th, 2014:

  • 148 active Hoboken listings
  • 124 Condo & Co-op listings, compared to 135 last week
  • 11 Single-family listings, compared to 10 last week
  • 13 Multi-family listings, compared to 15 last week

This Week’s Residential Property Sales & Activity:

  • 16 DABOs (Deposit Accepted By Owner and Under Contract) vs. 17 last week
  • 17 Sold vs 27 last week
  • 15 New listings vs. 15 last week
  • 7 Price changes vs. 4 last week
  • 1 expired listing vs. 2 last week

 

Studio & 1-Bedroom Properties

51 Active listings

6 New listings

3 Price changes

3 DABOs

  • 1218 Washington St., 6 listed Oct 16 for $415K;
  • 612 Adams St., 5  listed Oct 28 for $440K;
  • 222 Grand St., 4D listed Oct 23 for $479K;

6 Sold

  • 209 Adams St., 1 listed Sept 8 for $274K; sold for $270K;
  • 512 1st St., 3 listed Sept 4 for $275K; sold for $275K;
  • 85 Jefferson St., 10 listed Aug 27 for $299K; sold for $299K;
  • 88 Park Ave., 1N listed Sept 5 for $390K; sold for $363K;
  • 1115 Willow Ave., 205 listed Sept 4 for $360K; sold for $375K;
  • 1500 Washington St., 2G listed May 9 for $500K; sold for $493K;

 

2-Bedroom Properties

55 Active listings

5 New listings

2 Price changes

7 DABOs

  • 329 Willow Ave., 2F listed Oct 31 for $479K;
  • 906 Washington St., 2 listed Oct 11 for $479K;
  • 700 1st St., 15J listed Oct 29 for $675K;
  • 1030 Hudson St., 8 listed Oct 27 for $699K;
  • 926 Willow Ave., 2 listed Oct 27 for $700K;
  • 1325 Adams St., 601 listed Oct 27 for $749K;
  • 926 Garden St., 1 listed Nov 5 for $1.050M;
11 Sold
  • 1110 Clinton St., 4 listed June 24 for $500K; reduced July 9 to $485K; reduced July 22 to $475K; sold for $465K;
  • 717 Willow Ave., 1 listed June 25 for $485K; sold for $470K;
  • 507 Park Ave., 2 listed Sept 3 for $529K; sold for $541K;
  • 132 Monroe St., 3B listed Sept 22 for $570K; sold for $570K;
  • 204-206 Jackson St., 5 listed Sept 8 for $615K; sold for $608K;
  • 308 Garden St., 1R(4) listed Sept 10 for $615K; sold for $610K;
  • 1320 Bloomfield St., 3B listed Oct 15 for $619K; sold for $640K;
  • 319 Grand St., 1 listed Aug 16 for $659K; sold for $659K;
  • 1325 Adams St., 505 listed Aug 1 for $659K; sold for $664K;
  • 78 Monroe St., 4 listed April 22 for $669K; sold for $669K;
  • 1125 Maxwell Ln.,. 703 listed Sept 12 for $1.375M; sold for $1.350M;

 

3-Bedroom & Larger Properties

18 Active listings

4 New listings

2 Price changes

13 Multi-Family Active listings

11 Single-Family Active listings

6 DABOs

  • 723 Willow Ave., 4R listed Oct 28 for $850K;
  • 408 Adams St., listed Oct 30 for $949K;
  • 926 Garden St., 2 listed Nov 10 for $1.050M;
  • 610-612 Clinton St., 3B listed Oct 28 for $1.150M;
  • 534 Hudson St., listed Oct 2 for $2.450M; reduced Oct 13 to $2.10M;
  • 727 Bloomfield St., listed Nov 11 for $2.499M;

0 sold

Posted by Nathan Turoff | Currently No Comments »

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