2015 Apr 21st

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of April 22nd, 2015

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As of April 22nd, 2015:

  • 170 active Hoboken listings
  • 141 Condo & Co-op listings, compared to 140 last week
  • 16 Single-family listings, compared to 12 last week
  • 13 Multi-family listings, compared to 9 last week

This Week’s Residential Property Sales & Activity:

  • 27 DABOs (Deposit Accepted By Owner and Under Contract) vs. 22 last week
  • 17 Sold vs 28 last week
  • 3o New listings vs. 36 last week
  • 6 Price changes vs. 14 last week
  • 1 expired listing vs. 0 last week

Studio & 1-Bedroom Properties

46 Active listings

8 New listings

3 Price changes

12 DABOs

  • 133 Madison St., 3L listed Jun 18, 2012 for $175K;
  • 330 Madison St., 8 listed April 7 for $319K;
  • 208 Willow Ave., 301 listed April 6 for $335K;
  • 706 Willow Ave., 2S(L) listed Jan 30 for $379K;
  • 738 Washington St., 1 listed April 3 for $410K;
  • 512 Jefferson St., 4R listed April 16 for $425K;
  • 909 Garden St., 1 listed Mar 10 for $469K;
  • 64 2nd St., 206 listed Mar 24 for $495K;
  • 1120 Clinton St., 5C listed April 7 for $505K;
  • 70 Adams St., 2-O listed April 1 for $525K;
  • 1450 Washington St., 901 listed Feb 24 for $699K; reduced Mar 17 to $649K;
  • 1025 Maxwell Ln., 1009 listed Mar 22 for $760K;

8 Sold

  • 1016 Willow Ave., 1A listed Nov 11 for $325K; reduced Dec 22 to $300K; sold for $290K;
  • 128 Garden St., 1 listed Feb 10 for $349K; sold for $338K;
  • 1011 Park Ave., 3L listed Jan 15 for $360K; sold for $366K;
  • 205 Park Ave., 6 listed Oct 20 for $500K; sold for $500K;
  • 1500 Washington St., 11T listed Nov 20 for $519K; sold for $503K;
  • 2 Constitution Ct., 310 listed Feb 13 for $525K; sold for $525K;
  • 927 Hudson St., 5 listed Jan 20 for $525K; sold for $535K;
  • 1500 Hudson St., 6B listed Feb 11 for $599K; sold for $599K;

2-Bedroom Properties

71 Active listings

17 New listings

3 Price changes

11 DABOs

  • 550 2nd St., 1F listed Mar 25 for $460K;
  • 412 Washington St., 2E listed Mar 18 for $489K;
  • 360 1st St., 5 listed April 8 for $525K;
  • 205 14th St., 1F listed Mar 27 for $550K; reduced April 9 to $525K;
  • 1300 Grand St., 417 listed April 15 for $699K;
  • 325 Willow Ave., 3B listed April 8 for $749K;
  • 211 Madison St., 3 listed Mar 26 for $799K;
  • 1200 Grand St., 224 listed April 1 for $800K;
  • 115 Clinton St., 1 listed April 9 for $865K;
  • 1125 Maxwell Ln., 515 listed Mar 26 for $975K;
  • 2 Constitution Ct., 1210 listed April 9 for $1.025M;;
4 Sold
  • 126 Madison St., 2 listed Jan 15 for $405K; sold for $405K;
  • 1222 Washington St., 2N listed Feb 25 for $469K; sold for $489K;
  • 78-80 Jackson St., 3B lsited Jan 15 for $650K; sold for $650K;
  • 1100 Adams St., 612 listed Feb 3 for $775K; sold for $775K;

3-Bedroom & Larger Properties

24 Active listings

5 New listings

0 Price changes

13 Multi-Family Active listings

16 Single-Family Active listings

4 DABOs

  • 547 Bloomfield St., 3 listed Mar 16 for $899K;
  • 313 Grand St., 3 listed April 17 for $939K;
  • 208 5th St., listed Feb 18 for $1.269M;
  • 717 Garden St., listed April 15 for $1.395M;

5 Sold

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Posted by Nathan Turoff | Currently No Comments »

2015 Apr 15th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of April 15th, 2015

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As of April 15th, 2015:

  • 161 active Hoboken listings
  • 140 Condo & Co-op listings, compared to 133 last week
  • 12 Single-family listings, compared to 9 last week
  • 9 Multi-family listings, compared to 8 last week

This Week’s Residential Property Sales & Activity:

  • 22 DABOs (Deposit Accepted By Owner and Under Contract) vs. 17 last week
  • 28 Sold vs 22 last week
  • 36 New listings vs. 43 last week
  • 14 Price changes vs. 7 last week
  • 0 expired listings vs. 1 last week

Studio & 1-Bedroom Properties

50 Active listings

9 New listings

2 Price changes

8 DABOs

  • 60 Monroe St., 1 listed April 3 for $349K;
  • 1212 Washington St., 5S listed April 2 for $365K;
  • 708 Willow Ave., 2A listed April 8 for $425K;
  • 820 Hudson St., C4 listed Mar 27 for $445K;
  • 1331 Grand St., 408 listed April 8 for $455K;
  • 659 1st St., 209 listed Mar 31 for $495K;
  • 704 Clinton St., 5C listed April 8 for $539K;
  • 1125 Maxwell Ln., 1017 listed Mar 18 for $895K;

8 Sold

  • 112 Jefferson St., 2R listed Mar 13 for $250K; sold for $256K;
  • 601 Monroe St., 2B listed Feb 1 for $289K; sold for $305K;
  • 330 Madison St., 3 listed Jan 12 for $325K; sold for $315K;
  • 625 Willow Ave., 1L listed Jan 30 for $359K; sold for $361K;
  • 100 Park Ave., 4 listed Feb 11 for $425K; sold for $388K;
  • 812 Grand St., 412 listed Feb 4 for $415K; sold for $428K;
  • 219 Bloomfield St., B5 listed Feb 3 for $520K; sold for $566K;
  • 1125 Maxwell Ln., 346 listed Feb 5 for $1.10M; sold for $1.075M;

2-Bedroom Properties

66 Active listings

16 New listings

6 Price changes

7 DABOs

  • 811 Willow Ave., 5 listed Mar 17 for $515K; reduced April 7 to $499K;
  • 603 Jefferson St., 1 listed April 9 for $580K;
  • 610 Newark St., 11E listed April 6 for $599K;
  • 313 Monroe St., 4 listed Mar 16 for $669K;
  • 915 Madison St., 5F listed Mar 17 for $699K;
  • 405 Bloomfield St., 1 listed April 4 for $699K;
  • 1500 Hudson St., 12M listed April 9 for $939K;
16 Sold
  • 1214 Washington St., 7 listed Jan 30 for $429K; sold for $445K;
  • 235 Monroe St., 4 listed Jan 29 for $479K; sold for $455K;
  • 556 1st St., 11 listed Jan 28 for $475K; sold for $485K;
  • 1114 Hudson St., 3 listed Jan 29 for $499K; sold for $515K;
  • 603 Jefferson St., 2 listed Feb 13 for $524K; sold for $524K;
  • 1226 Park Ave., 2 listed Dec 6 for $540K; sold for $529K;
  • 1327-1331 Grand St., 311 listed Nov 5 for $575K; sold for $571K;
  • 904 Jefferson St., 4G listed Jan 21 for $599K; sold for $608K;
  • 7 Willow Terr., listed Feb 5 for $740K; sold for $720K;
  • 800 Jackson St., PH15 listed Feb 4 for $800K; sold for $825K;
  • 715 Grand St., 3C listed Jan 26 for $995K; reduced Feb 3 to $899K; sold for $900K;
  • 101 Park Ave., 3E listed Feb 6 for $950K; sold for $962K;
  • 90 Madison St., 1 listed Jan 9 for $999K; sold for $985K;
  • 98 Park Ave., 3B listed Jan 14 for $1.035M; sold for $1.035M;
  • 1500 Hudson St., 8R listed Jan 5 for $1.20M; reduced Jan 14 to $1.125M; sold for $1.075M;
  • 715 Grand St., 2E listed Sept 5 for $1.050M; sold for $1.110M;

3-Bedroom & Larger Properties

24 Active listings

11 New listings

6 Price changes

9 Multi-Family Active listings

12 Single-Family Active listings

7 DABOs

  • 702 Garden St., listed April 7 for $1.165M;
  • 302 Monroe St., 4C listed Feb 20 for $1.195M;
  • 208 5th St., listed Feb 18 for $1.269M;
  • 715 Grand St., 3B listed Jan 26 for $1.423M; increased Feb 19 to $1.449M;
  • 704 Park Ave., listed April 3 for $1.50M;
  • 1034 Clinton St., 401 listed Mar 31 for $1.50M;
  • 1042 Bloomfield St., listed Mar 20 for $3.095M;

4 Sold

Posted by Nathan Turoff | Currently No Comments »

2015 Apr 10th

Hoboken Condo – Over 50% tenant occupied. Investors must have 30% down.

Here’s an interesting notation on the MLS listing for a property for sale at 920 Jefferson Street. Once a condo building has more than 50% investors, it no longer meets the Fannie Mae requirements. That means that the bank making the loan to the buyer can no longer sell the loan to Fannie. It severely limits a buyers options as to where to get a loan and it usually makes the interest rate the buyer must pay a bit higher. Allowing that many renters in a condo association therefore hurts the marketability and value of ALL the units in that condo association.

What can be done? Well, one building, the Constitution, amended its governing documents to prohibit sales of units to investors. If you buy at 2 Constitution, you better do so planning to live in your unit, at least initially. There is a possibility to rent after a set period of time, I believe two years, based on the number of rentals in the building at that time. They (smartly) just don’t want to go over that 50% limit. When I explain this to people who own in a condo building they sometimes say “you can’t do that”! Well, yes you can.

By it’s nature, condominium ownership means you are part of a group ownership situation.  The condo board is given the power to make rules which have an impact on all owners.  Changing the rules may require a vote by the board or it may require a vote by the unit owners, typically a majority of the unit owners.   Often restricting the number of rentals allowed at a given time may also requires an amendment to the Master Deed of the condominium. But in the long run limiting rentals helps maintain the value of the property.

A condo building full of renters often has more room-mate situations and the atmosphere more like a college dorm, especially in Hoboken.  It is never going to be the same as a building full of owner-occupiers. It’s just not their place and they are never going to care as much as the actual owners who live there would. Furthermore, when the market takes a downturn, investors will be much more likely to walk away from an underwater mortgage – after all, it’s not their home. Which is why banks don’t like too many renters in one building in the first place – increase risk of default. There are many, many condo buildings in Hoboken that are now on the cusp of the 50% limit. Pay attention people, too many renters in your building can haunt you down the line and come back to bite you in the wallet.

Posted by Lori Turoff | Currently 9 Comments »

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