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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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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The Weekly Wednesday Wrap Up - Hoboken Condo Sales & Inventory Activity for the week of Nov. 12th
Categories: For Buyers, For Sellers, Hoboken Condos, Weekly Wednesday Wrap Up
Studio & 1 Bedroom Hoboken Condos:
3 sold in an average of 37 days at an average sale price of $394,666 Click to View SOLD 1BR Listings
1 under contract this week in 245 days Click to View 1BR DABO’d Listings
175 total active with an average asking price of $469,237 Click to View 1BR ACTIVE Listings
11 new listing with an average list price of $533,445 Click to View NEW 1BR Listings
Two Bedroom Hoboken Condos:
1 sold in 114 days at a sale price of $530,000 blank_pageClick to View 2BR SOLD Listings
2 under contract this week in an average of 116 days Click to View 2BR DABO’d Listings
308 total active with an average asking price of $658,843
Click to View 1st group of 2BR ACTIVE Listings
Click to View 2nd group of 2BR ACTIVE Listings
(I can only link to 200 at a time)
9 new listings with an average list price of $711,421
Click to View NEW 2BR Listings
Three Bedroom and Larger Hoboken Condos:
None sold this week.
None under contract this week.
59 active 3BR condos for sale with an average asking price of $1,002,279 Click to View 3BR ACTIVE Listings
4 new with an average asking price of $716,725 Click to View NEW 3BR Listings
Compare to last week: Week Of Nov. 4th
PRICE CHANGES ON HOBOKEN CONDOS FOR SALE
36 listings with price changes on Hoboken condos for the past 7 days: Click to View Price Changes
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The Weekly Wednesday Wrap Up - Hoboken Condo Sales, Inventory & Activity, the Week of Nov. 4th
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis, Weekly Wednesday Wrap Up
Studio & 1 Bedroom Hoboken Condos:
7 sold in an average of 38 days at an average sale price of $433,571 representing a discount of 4% off the average list price
View 1BR SOLD Listings
None under contract this week.
171 total active with an average asking price of $470,224 View 1BR Active
8 new listing with an average list price of $549,836 View 1BR NEW Listings
Two Bedroom Hoboken Condos:
10 sold in an average of 123 days at an average sale price of $569,140 representing a discount of 3% off the average list price
View 2BR SOLD Listings
2 under contract this week in an average of 107 days View 2BR DABO Listings
308 total active with an average asking price of $657,750
View 2BR ACTIVE (first group of 150 properties)
View 2BR ACTIVE (rest of properties)
(I can only link to 200 at a time)
21 new listings with an average list price of $475,757 View 2BR NEW Listings
Three Bedroom and Larger Hoboken Condos:
None sold this week.
None under contract this week.
58 active 3BR condos for sale with an average asking price of $1,010,613 View 3BR ACTIVE Listings
4 new with an average asking price of $886,725 View 3BR NEW Listings
Compare to last week: Week Of Oct. 28
PRICE CHANGES ON HOBOKEN CONDOS FOR SALE
30 listings with price changes on Hoboken condos for the past 7 days: View PRICE CHANGES
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Hoboken Condo Sales Results - October 2008
Categories: For Buyers, For Sellers, Hoboken Condos
Looking for Market Analysis? Here are the October Hoboken Condo Sales numbers:
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