The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of March 9th
Categories: Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of March 9th.
What was interesting this week is after the sort of dismal February results, which may well be a function of the holidays (it takes about 45 to 60 days to close) and the bad weather, this week we have some real action in the “under contract” or “dabo” category. Not only that, look at the two bedroom dabos – only 23 days average on the market and no price reductions! We can only hope that continues.
Now the weather is finally getting nicer but I wouldn’t be surprised if new listings continue to increase. The problem is that sales have to keep pace with those listings to absorb some of this inventory. Right now, we are averaging about 50 sales per month with about 500 units on the market so that’s about a 10 month supply of condos.
Here are this weeks numbers vs. a week’s ago numbers:
- 532 active Hoboken condo units today – vs. 507 last week.
- 36 price reductions, vs. 38
- 20 dabo (under contract) (no short sales) vs. 8
- 13 sold (no short sales) vs. 10
- 50 new listings (no short sales) vs. 27
- 4 expired listing vs. 13
Studio & 1 Bedroom Hoboken Condos:
16 new listings.
216 total active – $380,630 average asking price. Average 74 DOM.
5 dabo. Average 98 DOM
- 1125 Maxwell listed at $500k on Nov 2; reduced to $457k.
- 41 1st St. listed at $379k on Sep 8; reduced to $375k on Nov 4; $365k on Nov 22.
- 131 Madison listed at $300k on Dec 23; reduced to $292.5k on Jan 25; $285k on Feb 18.
2 sold. Average price $280,000. 67 average DOM.
19 price reductions.
Two Bedroom Hoboken Condos:
29 new listings
- 326 Madison listed at $289k on Sep 22; reduced to $259k on Oct 28; sold for $245k.
264 total listings. Average list price $573,393. Average 98 DOM.
- 186 up to $600,000
- 78 $600,000 and over
14 dabo’d. Average 23 DOM. – Wow – only 23 days and no price reductions needed!
9 sold. Average price $531,444. Average 74 DOM.
- 83 Grand listed at $615k on Oct 3; reduced to $595k on Oct 20; $575k on Oct 28; $548k on Oct 31; under contract; deal fell through; back on market at $548k; sold for $551k.
- 1331 Grand listed for $589k on Aug 14; reduced to $579k on Oct 29; sold for $550k.
- 838 Park listed at $589k on Aug 13; reduced to $569k on Oct 24; sold for $555k.
17 price reductions.
Three Bedroom and Larger Hoboken Condos:
5 new listings
51 active listings. Average price $987,872. Average 111 DOM.
1 dabo’d. Average 51 DOM.
1 sold. Price $505.000. DOM 268.
- 501 Adams listed at $599k on May 6; reduced to $575k on Jun 3; $550k on Oct 12; $523.5k on Oct 27; $515k on Dec 8; sold for $505k.
No price reductions.
Hoboken Condo Open Houses
Want to Receive New Listings & Price Reductions Daily?
If you would like to be emailed the new listings and price reductions each weekday in either 1br, 2br or 3br categories just email us at info@hobokensbest.com letting us know which size(s) you would like and we’ll add you to the daily email list.
If you attend an open house or see several properties with several different agents, that’s not an ongoing relationship. That’s the nature of our job. Despite what some agents in town would like to have you believe, simply showing a buyer a single property, or even a few, does not a relationship make. You are the consumer – you get to decide with whom you wish to work. Unless you’ve signed a “buyers agency agreement”, which is highly unusual in Hoboken, an agent doesn’t have any “hold” over you. So find an agent you like, trust and whose advice you respect. It’s your money, no?
For more information you can always contact us at 201 993 9500.
Thanks for reading and, as always, we welcome your comments!
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The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of March 2nd.
Categories: Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of March 2nd.
The story this week is twofold. First, a few questions to ponder about this Saturday. If you own property, or if you are thinking about buying property, consider the affect the upcoming St. Patty’s Day parade may have on you. For example, if there are house parties in your condo and someone gets hurt, could the condo association be held liable? If the condo association insurance covers the claim will the rates be increased? If damage is done to the common areas, who is responsible for paying for the repairs? If your tenants have a party, can you be summoned for allowing disorderly conduct? If you host a party and serve alcohol to a guest who later goes out and causes injury can you be held liable under host liability laws? If the fire escape or deck on your building collapses due to overcrowding, what might the consequences be? Many condos are now amending their rules to prohibit house parties on this day. Similarly, many landlords are including a clause in their leases that prohibits house parties. Just food for thought.
The other story is yours. Over a hundred comments on last Wednesdays post and a really interesting discussion about several topics. Is getting an FHA loan a subsidy? The consensus is yes. Will the Fed continue to buy mortgages? On this one, the consensus is no. Does the first time home buyer credit matter in Hoboken? Not much. Are prices headed up, down or flat? Debatable. Sincere thanks for all of your contributions and the respect shown even when you disagreed. Let’s keep the discourse going! I’m going to ask my techies to make pages for the comments so you won’t have to scroll.
Finally, I’m happy to say inventory moved down this week. Here are this weeks numbers vs. a week’s ago numbers:
- 507 active Hoboken condo units today – vs. 520 last week.
- 38 price reductions, vs. 35
- 8 dabo (under contract) (no short sales) vs. 13
- 10 sold (no short sales) vs. 17
- 27 new listings (no short sales) vs. 47
- 13 expired listing vs. 7
Studio & 1 Bedroom Hoboken Condos:
7 new listings.
220 total active – $380,370 average asking price. Average 75 DOM.
1 dabo. Average 60 DOM
None sold.
16 price reductions.
Two Bedroom Hoboken Condos:
15 new listings
249 total listings. Average list price $577,443. Average 98 DOM.
6 dabo’d. Average 54 DOM.
- 1100 Clinton listed for $525k on Jan 21; reduced to $510k.
8 sold. Average price $626,362. Average 76 DOM.
- 62 Madison listed at $599k on Aug 8; reduced to $579k on Dec 15; sold for $570k.
18 price reductions.
Three Bedroom and Larger Hoboken Condos:
4 new listings
49 active listings. Average price $975,504. Average 121 DOM.
2 dabo’d. Average 105 DOM.
2 sold. Average price $667,500. Average 50 DOM.
- 1300 Park listed for $469k on Oct. 26; reduced to $409k on Jan 11; reduced to $399k on jan 11; sold for $385k.
4 price reductions.
Hoboken Condo Open Houses
Want to Receive New Listings & Price Reductions Daily?
If you would like to be emailed the new listings and price reductions each weekday in either 1br, 2br or 3br categories just email us at info@hobokensbest.com letting us know which size(s) you would like and we’ll add you to the daily email list.
If youattend an open house or see several properties with several different agents, that’s not an ongoing relationship. That’s the nature of our job. Despite what some agents in town would like to have you believe, simply showing a buyer a single property, or even a few, does not a relationship make. You are the consumer – you get to decide with whom you wish to work. Unless you’ve signed a “buyers agency agreement”, which is highly unusual in Hoboken, an agent doesn’t have any “hold” over you. So find an agent you like, trust and whose advice you respect. It’s your money, no?
For more information you can always contact us at 201 993 9500.
Thanks for reading and, as always, we welcome your comments!
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The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of February 23rd
Categories: Weekly Wednesday Wrap Up
Inventory continues to rise. Sales and dabos hold steady. The New York Times reports today that despite gains made in December, another 600,000 homes are underwater for a total of practically 25% of all homes! Here is the graph for the New York market. Meanwhile, recently reconfirmed Ben Bernanke continues to assure us that interest rates will remain “near zero” for an extended period. Now the interesting thing will be whether the first time home buyer’s credit is extended past the April 30 deadline.
What strikes me about the properties that have gone under contract or sold this week (with few price reductions, I might add) is that they are pretty nice units. The one at Harborside Lofts was my favorite – a great floorplan, tons of light and what a view! They are mostly good renovations, good locations and good value. So I still say, the good stuff sells when it’s priced right. The junk sits until it becomes a bargain too good to pass up. Maybe buyers are becoming more discerning as to what it “good” and what is “junk”. Of course, they have lots more to choose from. The days when they would buy anything are clearly over. There is a flight to quality in the Hoboken condo market.
Here are this weeks numbers vs. a week’s ago numbers:
- 520 active Hoboken condo units today – vs. 514 last week.
- 35 price reductions, vs. 25
- 13 dabo (under contract) vs. 9
- 17 sold vs. 17
- 47 new listings vs. 34
- 7 expired listing vs. 1
Studio & 1 Bedroom Hoboken Condos:
26 new listings.
220 total active – $378,624 average asking price. Average 75 DOM.
6 dabos. Average 62 DOM
- 261 1st St lsited for $299k on Dec 2; reduced to $284k on Dec 2. (Short sale)
- 80 Park listed for $345k on Nov 5; reduced to $339.5.
- 456 9th listed for $464k on Aug 14; reduced to $445k on Nov 3; $439k on Jan 22.
5 sold for an average sales price of $361,500. Average 70 DOM
- 218 Jeff listed at $219k on Aug 17; reduced to $279k on Sep 14; sold for $260k.
- 709 Adams listed at $309k on Aug 9; reduced to $299k on Sep 24; sold for $290k.
16 price reductions.
Two Bedroom Hoboken Condos:
18 new listings
250 total listings. Average list price $573,646. Average 97 DOM.
5 dabo’d. Average 120 DOM.
- 700 1st St listed for $519k on Apr 22; reduced to $499k on Aug 13; $479k on Oct 23; $465k on Jan 12.
9 sold. Average price $568,555. Average 48 DOM.
- 62 Madison listed at $599k on Aug 8; reduced to $579k on Dec 15; sold for $570k.
- 614 Monroe listed for $480k on Jun 22; reduced to $470k on Aug 10; sold for $452k.
16 price reductions.
Three Bedroom and Larger Hoboken Condos:
4 new listings
49 active listings. Average price $953,578. Average 122 DOM.
2 dabo’d. Average 105 DOM.
3 sold. Average price $836,666. Average 62 DOM.
- 819 Washington listed at $549k on Sep 16; reduced to $539k on Nov 12; sold for $505k.
3 price reductions.
Hoboken Condo Open Houses
If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your single best source for locating every open house in Hoboken. It’s posted on Friday every week. The info is updated weekly. If your google search seems to pull up an older version, click on the title link to get the most current map. Like this report, due to MLS regulations, to receive the map with the actual links, you will have to request it using the request form on the post. It only takes a second.
Want to Receive New Listings & Price Reductions Daily?
If you would like to be emailed the new listings and price reductions each weekday in either 1br, 2br or 3br categories just email us at info@hobokensbest.com letting us know which size(s) you would like and we’ll add you to the daily email list.
A word about that – if you have an ongoing relationship with another agent we are not going to email you listings. You can ask your own agent to do that. So what is an ongoing relationship? Is that not up to you? Have you been working with another agent on a regular basis? More importantly, are you happy with that agent’s service? If so,we respect that relationship.
If all you did is attent an open house or you’ve seen several properties with several different agents, that’s not an ongoing relationship. Despite what some agents in town would like to have you believe, simply showing a buyer a single property, or even a few, does not a relationship make. You are the consumer – you get to decide with whom you wish to work. If you think the agent who hosted an open house or showed you a property is incompetent or does not meet your needs why would you ever use that person as your agent? Unless you’ve signed a “buyers agency agreement”, which is highly unusual in Hoboken, find an agent you like, trust and whose advice you respect. It’s your money, no?
For more information you can always contact us at 201 993 9500.
Thanks for reading and, as always, we welcome your comments!
| Currently 125 Comments »
I always thought it was built in 2002 or so. I must be mixing it...