The February Hoboken Condo Sales Results – Off to the Races!
Categories: For Buyers, Hoboken Condos, Market Analysis
In the decade I’ve been selling Hoboken condos and another 25 years of investing in real estate in the NYC area I’ve never seen a market like the one we are in now. What is so fascinating to me is that I don’t believe this is a bubble. This incredible upward spiral in pricing is purely a result of basic economics. No supply and ever increasing demand for bigger units. Even with new Hoboken condos coming onto the market every day, they sell even faster than they are listed so the inventory never builds up.
Hoboken is a great place to live. The City continues to become more desirable and more people wish to stay here for longer and longer. Improvements have been made under Mayor Zimmer and by the current administration which, now that the deadlock on the City Council is gone, has even more ability to work for our future than in the past. Life in Hoboken is likely to continue to improve as we intelligently deal with our flooding problems, come up with viable transportation solutions, just say no to overdevelopment and continue to improve the schools.
I see these “learn about the ‘burbs” seminars and shudder at the memory of days when I commuted for an hour each way from the ‘burbs to my job as an attorney in the city. Let’s face it – it’s never really only half an hour and unless your driver is chauffeuring you in your limo, commuting sucks.
I’m seeing multiple offers on every single decent property. I’m seeing accepted bids of 5% and more over asking price, often all cash. I’m working with some understandably, very frustrated buyers.
This surge is not limited to Hoboken. We were in New Orleans a few weeks ago and the same thing is happening in the desirable neighborhoods there. We stopped to visit with a friend in Roanoke, Virginia and picked up a local paper with articles about a crazy market in Northern Virginia. Of course, we all know it’s nuts in Manhattan and Brooklyn. I think some of the demand is coming from young buyers who would have bought in Brooklyn but were priced out of the better areas.
Interest rates remain extremely low, the economy and stock market are doing well and there is no reason to think things are going to change much any time soon. If you are selling, you are lucky. If you are buying, you need a knowledgable and experienced agent to guide you through these turbulent waters. Give me a call if you’d like my help.
Here is the February chart:
So what do all these numbers mean? Here is my take away:
- Sales prices are up 20% from a year ago. 20%!!!
- Fewer properties are getting listed (down 11%) but more are selling (up 33%).
- An average discount off list of under 1% means list price is where the bargaining begins and goes up from there.
- With the average price per square foot at $586 you should be calculating based on $600 if it’s a nicer than average property (i.e., elevator, parking, w/d, outdoor space). One bedroom prices are already over 600 as smaller units typically are more on a per square foot basis than larger ones.
The market is moving as we speak and appraisals are an issue as appraisers use historical comps and prices are set going forward. That means cash is king. If a buyer is not able to come up with the funds to bridge the gap between a possible low appraisal (which means almost every nice property) and the agreed upon sales price, that buyer is not going to get the deal.
Have you been experiencing this competitiveness in the market? Would love to hear your stories.
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The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of March 5th, 2014
Categories: For Buyers, For Sellers, Hoboken Brownstones, Hoboken Condos, Hoboken New Construction, Market Analysis, Weekly Wednesday Wrap Up
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As of March 5, 2014:
- 159 active Hoboken listings
- 149 Condo & Co-op listings, compared to 149 last week
- 4 Single-family listings, compared to 4 last week
- 6 Multi-family listings, compared to 6 last week
This Week’s Residential Property Sales & Activity:
- 22DABOs (Deposit Accepted By Owner and Under Contract)
- 18 Sold
- 37 New listings vs. 35 last week
- 6 Price changes vs. 3 last week
- 2 expired listings vs. 0 last week
Studio & 1-Bedroom Properties
88 Active listings
20 New listings
3 Price changes
11 DABOs
- 423 Adams St., 3A listed jan 24 for $329K;
- 108 Madison St., 2A listed Feb 14 for $359K;
- 79 Monroe St., 2RN listed Nov 15 for $359K;
- 1204 Washington St., 2N listed Feb 28 for $399K;
- 931 Willow Ave., 7 listed Jan 22 for $450K; reduced Feb 4 to $400K;
- 300 Newark St., 2C listed Feb 19 for $455K;
- 1500 Hudson St., 3K listed Feb 11 for $470K;
- 600 1st St., 10 listed Feb 20 for $579K;
- 150 14th St., 402 listed Feb 10 for $729K;
- 1025 Maxwell Ln., 211 listed Dec 2 for $745K;
- 1125 Maxwell Ln., 1226 listed Feb 18 for $899K;
5 Sold
- 417 Adams St., 1R listed Sept 25 for $299K; reduced Oct 8 to $284K; reduced Oc 31 to $273K; sold for $265K;
- 120 Monroe St., 3R listed Nov 25 for $279K; sold for $277K;
- 129 Willow Ave., 1R listed Dec 14 for $400K; sold for $395K;
- 725 Jefferson St., 28 listed Nov 20 for $439K; reduced Dec 5 to $429K; sold for $429K;
- 1325 Adams St., 602 listed Nov 19 for $449K; sold for $443K;
2-Bedroom Properties
44 Active listings
14 New listings
3 Price changes
11 DABOs
- 129 Clinton St., 3 listed Jan 10 for $410K;
- 316 Hudson St., 4A/F listed Feb 19 for $429K;
- 723 Willow Ave., 3L listed Jan 17 for $485K;
- 812 Grand St., 305 listed Feb 20 for $559K;
- 729 Madison St., 1C listed Feb 19 for $559K;
- 830 Monroe St., 6B listed Mar 3 for $570K;
- 1023 Clinton St., 5A listed Feb 18 for $619K;
- 904 Jefferson St., 4F listed Dec 29 for $650K; reduced Jan 21 to $625K;
- 122 Madison St., 5 listed Feb 21 for $639K;
- 659 1st St., 501 listed Feb 6 for $650K;
- 109 Harrison St., 502 listed Feb 19 for $825K;
- 1011 Willow Ave., 2L/3 listed Nov 7 for $425K; sold for $433K;
- 64 Monroe St., 2 listed Nov 12 for $460K; sold for $460K;
- 610 Newark St., 6E listed Dec 19 for $489K; sold for $489K;
- 1107 Washington St., 2 listed July 1 for $609K; reduced Sept 16 to $599K; rreduced Oct 25 to $559K; sold for $520K;
- 77 River St., 18 listed Jan 7 for $559K; sold for $550K;
- 421 Madison St., 2 listed Nov 13 for $599K; sold for $585K;
- 74 Monroe St., 1 listed Dec 4 for $629K; sold for $629K;
- 124 Jefferson St., B listed Nov 30 for $825K; reduced Dec 21 to $810K; sold for $810K;
- 1450 Washington St., 204 listed Nov 21 for $980K; sold for $970K;
- 1500 Garden St., 6K listed Feb 24 for $1.325M; sold for $1.300M;
3-Bedroom & Larger Properties
17 Active listings
3 New listings
0 Price changes
6 Multi-Family Active listings
4 Single-Family Active listings
0 DABOs
3 sold
- 626 Grand St., 4 listed Nov 18 for $750K; sold for $750K;
- 207 6th St., listed Sept 27 for $915K; sold for $950K;
- 263 4th St., listed June 4 for $1.595M; reduced June 27 to $1.525K; sold for $1.395K;
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The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of February 26th, 2014
Categories: For Buyers, For Sellers, Hoboken Brownstones, Hoboken Condos, Hoboken New Construction, Market Analysis, Weekly Wednesday Wrap Up
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- 159 active Hoboken listings
- 149 Condo & Co-op listings, compared to 145 last week
- 4 Single-family listings, compared to 4 last week
- 6 Multi-family listings, compared to 5 last week
NB: Due to the unrelenting winter weather during the 2nd and 3rd weeks of February, there were significant delays in both reporting and data entry of the ‘DABO’ and ‘Sold’ categories. Now that everyone has had a chance to dig out, get to work and get caught up, we are including transactions in both of these categories for the past TWO weeks in this week’s Wrap-Up. All other categories represent the figures for just the past week.
This Week’s Residential Property Sales & Activity:
- 38 DABOs (Deposit Accepted By Owner i.e. under contract)
- 23 Sold
- 35 New listings vs. 21 last week
- 3 Price changes vs. 5 last week
- 0 expired listings vs. 0 last week
Studio & 1-Bedroom Properties
86 Active listings
15 New listings
2 Price changes
13 DABOs
- 162 2nd St., 1 listed Aug 7 for $349K; reduced Sept 6 to $339K; reduced Oct 22 to $325K; reduced Jan 13 to $319K;
- 232 Madison St., 3L listed Feb 6 for $349K;
- 74 Garden St., 3N listed Jan 22 for $375K;
- 1204 Washington St., 2S listed Dec 4 for $399K;
- 830 Bloomfield St., 2 listed Feb 2 for $460K;
- 61 6th St., 3 listed Feb 5 for $464K;
- 1500 Hudson St., 6N listed Dec 6 for $510K;
- 159 Newark St., 4B listed Dec 20 for $549K;
- 1300 Grand St., 618 listed Jan 15 for $550K;
- 1300 Grand St., 414 listed Feb 6 for $550K;
- 1125 Maxwell Ln., 224 listed Nov 25 for $700K; reduced Jan 28 to $690K; reduced Feb 6 to $675K;
- 1125 Maxwell Ln., 634 listed Jan 24 for $850K;
- 1500 Garden St., 2E listed Feb 7 for $1.165M;
10 Sold
- 410 Jefferson St., 2L listed June 4 for $268K; sold for $250K;
- 607 1st St., 6 listed June 6 for $285K; sold for $282K;
- 309 Monroe St., 6 listed Sept 25 for $295K; reduced Oct 11 to $285K; reduced Dec 12 to $275K; sold for $295K;
- 261 1st St., 3W listed Oct 17 for $340K; sold for $309K;
- 1016 Willow St., 202 listed Sept 4 for $369K; sold for $363K;
- 800 Jackson St., 512 listed Sept 24 for $459K; reduced Oct 25 to $450K; sold for $440K;
- 603-607 Monroe St., 3 listed Nov 1 for $465K; sold for $455K;
- 456 9th St.,1 listed Nov 20 for $495K; sold for $490K;
- 1125 Maxwell Ln., 535 listed Jan 2 for $785K; sold for $810K;
- 1500 Garden St., 6E listed Feb 7 for $1.175M; sold for $1.175M;
2-Bedroom Properties
47 Active listings
17 New listings
1 Price change
20 DABOs
- 1214 Washington St., 3 listed Feb 3 for $399K;
- 533 Madison St., 3A listed jan 25 for $419K;
- 261 12th St., 3A listed Feb 10 for $439K;
- 551 Observer Highway 3B listed Dec 12 for $470K; reduced Jan 16 to $455K;
- 84 Bloomfield St., 11 listed Feb 14 for $505K;
- 921 Garden St., 4 listed Feb 20 for $525K;
- 501 9th St., 210 listed Feb 20 for $539K;
- 812 Bloomfield St., 5 listed Oct 23 for $579K; reduced Nov 19 to $549K;
- 501 Adams St., 4E listed Feb 14 for $569K;
- 1300 Grand St., 208 listed Dec 16 for $620K; reduced Jan 15 to $600K;
- 321 Adams St., 1 listed Feb 5 for $650K;
- 72 Garden St., 1R listed Oct 29 for $700K; reduced Nov 21 to $680K; reduced Jan 10 to $659K;
- 233 Monroe St., 12N listed Feb 10 for $675K;
- 78 Madison St., 2 listed jan 29 for $675K;
- 1200 Grand St., 631 listed Feb 14 for $700K;
- 1500 Hudson St., 12V listed Feb 7 for $950K;
- 1450 Washington St., 616 listed Feb 11 for $1.0M;
- 1450 Washington St., 1107 listed Dec 17 for $1.050M; reduced Feb 12 to $1.0M;
- 1025 Maxwell Ln., 1111 listed Feb 4 for $1.150M;
- 1125 Maxwell Ln., 1111 listed Jan 30 for $1.60M;
- 1112 Park Ave., 4L listed Dec 11 for $450K; sold for $465K;
- 1300 Park Ave., 4B listed Sept 27 for $490K; reduced Oct 22 to $480K; sold for $470K;
- 65 Jefferson St., 5 listed Aug 29 for $599K; sold for $584K;
- 208 Jackson St., 3 listed Dec 11 for $599K; sold for $593K;
- 530 Madison St., 6B listed Dec 7 for $595K; sold for $599K;
- 609 Observer Hghwy., 401 listed Jan 2 for $639K; sold for $630K;
- 830 Monroe St., 6F listed Jan 2 for $665K; increased Jan 8 to $675K; sold for $650K;
- 915 Madison St., 6B listed Jan 8 for $699K; sold for $699K;
- 87 Jackson St., 5B listed Dec 3 for $739K; sold for $730K;
- 1500 Washington St., 1D listed Oct 4 for $809K; sold for $780K;
- 67 Madison St., B listed Jan 6 for $800K; sold for $800K;
- 109 Grand St., 203 listed Sept 26 for $1.105M; sold for $993K;
- 225 River St., 2601 listed Jan 3 for $2.050M; sold for $2.050M;
3-Bedroom & Larger Properties
16 Active listings
3 New listings
0 Price changes
6 Multi-Family Active listings
4 Single-Family Active listings
5 DABOs
- 607 Clinton St., 4 listed Feb 7 for $510K;
- 806 Washington St., 2 listed Nov 21 for $525K;
- 66 Madison St., 2 listed Feb 5 for $625K;
- 413 Madison St., 3 listed Jan 27 for $735K;
- 128 Monroe St., B listed Feb 10 for $1.10M;
0 sold
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