The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of November 26th, 2014
from the Turoff Team!
As of November 26th, 2014:
- 144 active Hoboken listings
- 120 Condo & Co-op listings, compared to 121 last week
- 10 Single-family listings, compared to 11 last week
- 14 Multi-family listings, compared to 13 last week
This Week’s Residential Property Sales & Activity:
- 8 DABOs (Deposit Accepted By Owner and Under Contract) vs. 11 last week
- 19 Sold vs 30 last week
- 14 New listings vs. 14 last week
- 5 Price changes vs. 3 last week
- 0 expired listings vs. 2 last week
Studio & 1-Bedroom Properties
47 Active listings
7 New listings
1 Price change
- 308 Monroe St., 1R listed Nov 19 for $305K;
- 157 14th St., 4L listed Nov 11 for $435K;
- 736 Garden St., 3 listed Nov 14 for $449K;
- 369 1st St., 3 listed Nov 11 for $449K;
- 80 Park Ave., 4F lsited Jun 5 for $339K; reduced Jun 23 to $328K; reduced July 21 to $320K; sold for $309K;
- 116 Adams St., 6 listed Sept 18 for $319K; sold for $315K;
- 64 2nd St., 306 listed Sept 26 for $359K; sold for $359K;
- 101 Willow Ave., 5F listed Sept 5 for $419K; reduced Sept 26 to $415K; sold for $405K;
- 818 Willow Ave., 2L listed Sept 29 for $435K; sold for $440K;
- 1500 Washington St., 10A listed Aug 27 for $765K; sold for $758K;
57 Active listings
4 New listings
2 Price changes
- 400 Jefferson St., 2 listed Oct 3 for $349K;
- 515 Monroe St., 5 listed July 18 for $625K; reduced Aug 21 to $600K;
- 1450 Washington St., 411 listed July 22 for $1.0M; reduced Sept 9 to $975K; reduced Sept 19 to $950K; reduced Oct 9 to $925K;
- 1025 Maxwell Ln., 214 listed Jun 13 for $1.20M; reduced Aug 1 to $1.150M; reduced Sept 12 to $1.125M; reduced Oct 6 to $1.050M;
- 700 1st St., 13T listed Sept 13 for $550K; sold for $555K;
- 920 Jefferson St,. 606 listed July 31 for $615K; sold for $597K;
- 1300 Grand St., 401 listed Sept 11 for $650K; sold for $635K;
- 1300 Grand St., 613 listed Aug 29 for $675K; sold for $667K;
- 1500 Hudson St., 4M listed July 11 for $775K; sold for $725K;
- 1100 Adams St., 414 listed Sept 26 for $700K; sold for $736K;
- 725 Jefferson St., 41 listed July 8 for $799K; reduced July 20 to $785K; sold for $773K;
- 224 Bloomfield St., 6 listed Sept 3 for $729K; sold for $815K;
- 1500 Garden St., 3C listed Sept 26 for $1.199M; sold for $1.197M;
- 1125 Maxwell Ln., 1113 listed Sept 17 for $1.599M; sold for $1.599M;
3-Bedroom & Larger Properties
16 Active listings
3 New listings
2 Price changes
14 Multi-Family Active listings
10 Single-Family Active listings
- 74 Garden St., 1N listed Sept 3 for $699K; sold for $721K;
- 922 Willow Ave., listed Jan 29 for $1.0M; sold for $935K;
- 534 Bloomfield St., listed Oct 12 for $1.30M; sold for $1.30M;
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The Hoboken & Downtown JC Open House Google Map for Saturday, November 22nd & Sunday, November 23rd, 2014
The Original and Best Open House Google Map!
Courtesy of the Turoff Realty Team
No need to register! No form to fill out!
Just click on the map below to see every Open House in Hoboken this weekend:
When you look at the maps, place markers are color coded:
- Studios & 1BRs are red
- 2BRs are green
- 3BRs & Bigger are yellow
- New listings are marked with a Push Pin icon (in the same color scheme.)
Click the “Address”, “Price” “Bed” or “Details” columns to sort the list of open houses in ascending or descending order.
Click on the location marker for:
- open house date
- unit size
- asking price
- link to all the info found on the MLS and more (from ourHobokensBestHomes.com IDX feed.)
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Before we get to the October Hoboken Condo sales results, some news from Fannie Mae. They have just made it a little easier to buy a condo – good news for Hoboken. Under their new Selling Guide, there are some game changes as to how condo buyers receive financing:
- Allowable commercial space in a condo project is increased from 20% to 25%. Think of all the buildings along Washington, Hudson and 14th Streets with stores in the lower level. An exception is no longer required if commercial space is above 20% as long as it is less than 25%.
- For condo projects of five (5) to twenty (20) units a single entity can own up to 2 units in the project. Borrowers no longer have to use a portfolio lender if one person or entity owns multiple units in Hoboken’s smaller condo buildings.
- The number of days for which 15% of the unit owners may be past due on HOA fees is now 60 days (increased from 30 days). This is only monitored when a full review is required. This is for investment property purchases or when a buyer is putting down less than 20%.
- Presale requirements for new condo projects have been decreased from 70% to 50%. Typically Fannie Mae allowed you to go down to 51% on an exception basis. Believe it or not the extra 1% will make a difference.
- If the mortgage only calls for a limited review to approve the condo project, Fannie Mae will no longer require review of fidelity/crime insurance. This was a hassle with projects over 20 units. However, if a full review is required, it will still be monitored.
- Income for the project that is non-incidental income is now allowed as long as it does not exceed 15% of the project’s budgeted income. Non-Incidental income can now be used if the association has an agreement with a cable, telephone or internet company. An example of this would be the existence of a cell phone tower on the building.
These changes are substantial and will help make our lives easier. There are now more options for financing on certain projects. Great thanks to Ted Schirm of Mortgage Master for bringing these important changes to my attention.
We have results for October. Average sales were down a bit from September and slightly up over last October. It looks like there may have been more sales of smaller, lower-end units last month. The average price per square foot is still over $600. Median price per square foot is actually up over last month. Three-bedroom buyers, take note. The three-bedroom market continues to skyrocket with prices now just about at a million. That’s what happens when there is almost no new inventory of large apartments. Other points of note, the “discount off list” is down dramatically from last year. Inventory is still extremely tight. We are approaching the holiday season – traditionally the slowest time of year.
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