2011 Jun 21st

The May Hoboken Condo Sales Results

The May 2011 Condo Sales:

You know what pops out at me on this chart?  Something I’ve been talking about for a while now.  Look at the “discount off list”.  It’s down to 2.68%.  Do you wonder why?  Think about all the 3 bedroom units that have had multiple offers lately and sold for at or over asking.  That shows up in this number.  The buyers who think they are going to “get a deal” are mistaken. Properties, when priced correctly, are selling at numbers very close to the asking price.  Priced correctly – OK, there is room for dispute as to what ‘priced correctly’ means but I certainly know it when I see it.  That’s because I’ve seen, literally, thousands of properties and have a good basis on which to make that judgment.  Which is why it’s so important for buyers to look at lots and lots of properties.  It lets them develop their “value-meter’ so they can make that kind of assessment. The decrease in days on market further supports my belief that the good stuff is selling and selling fast. Or at least faster than they were.

Here is the update by bedroom size:

22 condo sales of 1 Bedrooms:
Avg. sales price =$351k

Size 709 sq ft

$ / sq ft = 495

DOM 74

45 condo sales of 2 Bedrooms:

Avg. sales price = $513k

Size 1173 sq ft

$ / sq ft = 437

DOM 68

11 condo sales of 3 Bedrooms:

Avg. sales price 684k

Size 1603

$ / sq ft = 427

DOM 74

Posted by Lori Turoff | Currently 2 Comments »

2011 Mar 7th

Hoboken Condo Sales – the February Results

February 2011 Hoboken Condo Sales Results

What does it mean?  There isn’t much to say except that the market is clearly down from a year ago.  Almost every measure shows a decline.  Except for median price per square foot and inventory.  That there are fewer units for sale is a good thing.

The surprising thing to me is that just last week I had multiple offers on my own listing, was involved in a multiple offer situation with one of my buyers (who did not get the property) and had another buyer who wanted to see a property this weekend but in just a week it is already under contract.  For the more desirable units, it seems that prices have come low enough to make them attractive – to multiple parties.

Posted by Lori Turoff | Currently 26 Comments »

2011 Feb 8th

Does Hoboken Condo Size Matter?

January Hoboken Condo Sales Results

I have a new format for the monthly condo sale numbers.  I hope you like it.  The first chart shows this January versus last January and the percentage change year-over-year.  The second chart breaks this months results down by condo size so there is a column for studio and 1 bedroom condos, one for 2 bedroom condos and the last for 3 bedroom and larger condos.  I think it’s interesting to look at the market this way.  The supply of three bedroom and bigger units so drastically smaller than the others.  Meanwhile the number of families looking for larger properties keeps growing.  Have you seen the census results?

There is no question from the above that prices in general are down from last year.  The light at the end of the tunnel may be that the number of new units hitting the market is also way down – by more than half – yet the pace at which they are selling seems to be constant.  Recovery in housing is all about soaking up the unsold inventory.  We may be doing that here in Hoboken.

Looking at the second chart, I find it interesting that the price per square foot seems backwards.  Typically one would pay more per square foot for a small condo and less for a big condo.  The theory is that there is a point of diminishing returns for the extra space so the extra size is cheaper than the bare minimum.  Here that’s not the case.  I think that goes back to my point that there are a dearth of large condos for sale in Hoboken but a big demand for them.  I think it also is influenced by the quality of those apartments.  The older, more run down properties that just don’t sell tend to be in the small 100+ year old buildings that were converted to condos from rentals.  Odd floor plans, narrow living rooms, flights of stairs and lack of amenities has caused the price of these properties to take more of a hit, in my opinion, than the new construction condos that offer parking, elevators and gyms.

Please let me know what you think.  Do you like the new format?  Shoot me an email at [email protected] or fill out the little pop up box at the bottom of your screen.

Posted by Lori Turoff | Currently 7 Comments »

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