The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of January 11th, 2012
Categories: For Buyers, For Sellers, Hoboken Condos, Weekly Wednesday Wrap Up
This Week’s Condo Sales & Activity versus last week’s:
- 198 active Hoboken condo units – vs. 187 last week
- 7 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 3 last week
- 9 Sold vs. 6 last week
- 35 New listings vs. 9 last week
- 6 Price change vs. 1 last week
- 2 Expired listings vs. 8 last week
1 Bedroom & Studio Condos
11 New listings
1 price change
79 Active
2 DABO’s
- 1125 Maxwell Ln., 440 listed Dec 16 for $650K;
- 816 Willow Ave., 1L listed Sept 6 for $335K;
2 Sold
- 1500 Washington St., 6K listed Sept 16 for $425K; sold for $425K;
- 422 Madison St., 4L listed Sept 29 for $199K; sold for $199K;
2 Bedroom Condos
21 New listings
5 Price changes
100 Active
4 DABOs
- 1118 Hudson St., 2 listed Nov 30 for $595K;
- 700 First St., 4P listed Oct 24 for $440K;
- 824-830 Monroe St., 2I listed Sept 29 for $549K;
- 314 Hudson St., BSMT listed May 10 for $399K;
6 Sold
- 901 Madison St., 3F listed Oct 13 for $475K; sold for $465K;
- 1025 Maxwell Ln., 1108 listed Oct 10 for $868K; sold for $836K;
- 507 Madison St., 3 listed Aug 15 for $499K; sold for $480K;
- 700 Bloomfield St., 2 listed July 11 for $449K; reduced Oct 24 to $447K; sold for $429K;
- 1100 Adams St., 401 listed May 12 for $539K; reduced June 14 to $525K; reduced July 22 to $515K; reduced Oct 5 to $500K; sold for $488K;
- 1331 Grand St., 207 listed April 12 for $400K; sold for $396K;
3 Bedroom & Bigger Condos
3 new listings
No price changes
19 Active
- 700 First St., 3Q listed Oct. 26 for $465K
1 Sold
- 812 Grand St., 524 listed Nov 8 for $675K; sold for $660K;
| Currently Comments Off
The December Hoboken Condo Sales Results
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis, monthly results
Before I get into lots of end-of-year analysis, I thought I’d post the regular monthly figures as I always do. So what do all these numbers mean, you may wonder? What I see is a strong end to the year. When you look at the quarterly results this strong finish becomes even more apparent. (See the graph below). We have experienced four consecutive quarters of increased average sales price. The 4th quarter of 2012 ended almost 10% higher than last year. That’s pretty great no matter how you look at it. Still, the most striking change I’ve seen in the Hoboken market has been the shrinking inventory. There simply are not that many units for sale today. I suspect a few agents out there are going to have a hard time making a living this year. But that’s ok, the field could use some weeding out.
On the negative side, there is still one real road block I believe we must confront. It is one that is very particular to our market given the number of young, first-time home buyers in Hoboken. Buyers simply cannot get a mortgage if they don’t have 20% saved up for their down payment. Many would-be buyers have not been in “saving mode” and have nowhere near what they need to get a loan. It has hurt our one bedroom market more than any other. The less-than-perfect one bedroom condos – the older, walk-up units in run down buildings and on the west side of Hoboken are hurting the most. I don’t know how those buyers are suddenly going to come up with the 50 to 60k they need. Many of the potential sellers decide to rent instead as most of these units still can command decent rents. But that is a whole other story.
I’ll be attending an exciting and very interesting real estate and technology conference this coming week. Some of the presenters include the Managing Director of Customer Research for the New York Times, the Director of PR and Social Media for Century 21, the Chief Economist of both Zillow and Trulia, the CEO of Evernote, The CEO of Realogy (they own C21, Coldwell, etc.) the CEO of Realtor.com,the Director of Marketing for Corcoran,the founder of Curbed.com, the Director of Marketing for C21, and Danny Meyer of the Union Square Hospitality Group and NYC restaurant fame. I’m hoping to learn a thing or two.
| Currently 1 Comment »
A Glimpse of Things to Come in Hoboken Real Estate
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
If you’ve ever invested in the stock market you know that every prospectus says “past performance is not an indication of future results”. That may be true in the securities market but in real estate, the first question everyone asks is “what’s the market doing?” We’re going to be delving into that in depth over the next few weeks. I believe you can look to see trends in the real estate market because, among other reasons, properties don’t trade as quickly as securities and we don’t have huge institutional investors and computer trading messing up our market. So hear is a bit of a little taste of what’s to come:
- 678 – number of condo sales on the MLS in 2011 (versus 742 in 2010; an 8.6% decrease in unit volume)
- $500,098 – average sales price in 2011 (versus $496,462 in 2010; a .7% increase)
- $450,000 – median sales price in 2011 (versus $455,000 in 2010; a 1% decrease)
- 71 – average number of days on the market (versus 80 in 2010; and 11% decrease)
- 3.4% discount off asking price (versus 4.2% in 2010; a 19% decrease)
- $2,137,517 most expensive condo sold in 2011 (1125 Maxwell Lane)
- $162,500 least expensive condo sold in 2011 (607 1st St.)
- $339,066,714 total value of condos sold on the MLS in 2011
(Note – There are always a few agents who don’t enter their transactions into the MLS in a timely manner so I will update these numbers if needed over the next week.)
| Currently 7 Comments »
