The Weekly Wednesday Wrap-Up - Hoboken Condo Sales and Market Activity for the Week of August 13th
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
The Dabo Dilemma Revisited
Last week, I discussed a problem present in the MLS in that the DABO listings were not being accurate because some agents hadn’t changed the status when the properties were sold, withdrawn or expired. As a result, list of DABO’s properties included old, out of date listings that weren’t really under contract any longer. So last week I looked at each property with a status of DABO and manually eliminated the ’stale’ ones but I’ve figured out a better system. Starting this week and from now on, I will include in these reports only new DABOS - that is, properties which went under contract in the prior week, as I do for sold condos and new listings. Here is the info from last Wednesday through today:
Studio & 1 Bedroom Condos:
1 unit sold for an average sale price of $402,500 - View Sold Listings
3 units under contract this week - View Dabo Listings
155 active listings with an average list price of $484,565 - View All Active Listings
12 new listings - View New Listings
Two Bedroom Condos:
9 units sold for an average sale price of $570,824 - View Sold Listings
5 units under contract this week - View Dabo Listings
10 new listings - View New Listings
272 active listings with an average list price of $673,927 - View All Active Listings
Three Bedroom and Larger Condos:
none sold this week
none under contract this week
no new listings this week
48 active listings with an average list price of $1, 054,463 - View All Active Listings
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Buying a Hoboken Condo is Just Like Shopping for Shoes
Categories: For Buyers, Hoboken Condos
When Looking at Condos Remember Your Trips to the Mall
Like many people, I love a bargain. Like most women, I also love shoes. Now put the two together and you’ll know how I shop for shoes. I go to a mall with a Bloomies or Nordstroms and try on just about every pair in my size, from the sale shoes, to the new arrivals, to the Manolo’s and Jimmy Choo’s. Ultimately, I may buy only a pair or two but the shopping process itself is hugely important. Not only does it let me decide which I like best, it lets me know which are a great deal. There is nothing like the thrill of finding a great pair of Prada’s for half price.
Think of Shopping for a Hoboken Condo Like the Search For a Perfect Pair of Shoes
Just as you would never shop for shoes that weren’t your size, when buying a condo, you need to know your budget. If you haven’t talked to a banker, financial advisor or mortgage lender you are doing yourself a disservice. Unless you’re paying cash for your Hoboken condo, you will need a prequalification letter from a lender to make your offer. Even though a ‘prequal’ is non-binding and you are not obligated to use that lender, it makes your offer a serious one. Similarly, just as you know if you’re looking for strappy sandals or riding boots, you should have an idea in which neighborhood you plan to concentrate your condo search. If you are all over the map its that much harder to focus in on which property would be the best potential home.
The “Comfort, Style & Price” of Real Estate
We’ve all found a great pair of shoes on sale that were just a tiny bit too tight. We buy them anyway thinking they will ’stretch’. Of course, they never do and after a few painful forays they are relegated to a far corner of the closet. We’ve all longed for the latest pair of Gucci’s or Chanel’s only to have the price bring us back down to Earth. So when we select shoes, we go for a combination of comfort, style and price with which we can live. Buying a condo is no different but with real estate the crucial factors are location, condition and price. Like shopping for shoes, a condo buyer has to consider all three factors and find the property in an acceptable location, in good enough condition and within one’s budget. The single best way to guarantee a winning combination when buying real estate is to look at as many properties as possible. Like trying on many pairs of shoes, going to see as many condos for sale as possible will let you know when you’ve hit the winning mix and it’s time to make an offer. But just like frequently happens with shoes, if you take too long to decide, the best ones will be sold out and you may miss out on the new home of your dreams.
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Hoboken Condo Sales - The July ‘08 Sales Figures & Market Analysis
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
July Hoboken Condo Sales Drop From Last Month
Here are the Hoboken real estate market condo sales numbers for July. The figures are down in almost every respect. Average list price, average sales price, price per square foot and median sales price have dropped from June’s numbers. The listing discount is greater, meaning Hoboken condo properties sold for less than asking by a greater spread than last month. There was an increase in the number of units sold increased and days on market decreased and there were sightly fewer new listings. There were fewer new condo listings in July than last month.
July 08 Hoboken Condo Sales Compared to Past Years
What Does It Look Like on a Graph?
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Brett Favre Comes to Save the Jets and Live in Hoboken?
Categories: Hoboken Condos
Brett Favre Needs A New Home and Hoboken Would Be Just Perfect
Dear Brett,
We are thrilled you’ve decided to join the Jets. We need you. Badly. We hear that you don’t like big cities much. So I’ve got the perfect solution for you. Buy a condo in Hoboken. Aside from being near to the Meadowlands, Hoboken has lots to offer. It’s a friendly place like Mississippi, so you’ll feel comfortable here, it has great views of Manhattan, and is filled with families with small children. It has a real small town feel. You might have heard that Eli lives here. That’s right, Eli Manning, star quarterback of the Superbowl Champion NY Giants - the other team in town. There have been rumors that A-Rod bought a unit (or two) at Maxwell Place. Well, I can get you a place way better than theirs. With a better view and more space. So call me. J - E - T - S - BRETT BRETT BRETT!
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When is a Hoboken Condo For Sale Listing Really New?
Categories: For Buyers, Hoboken Condos
New Does Not Always Mean New
If you’ve been paying close attention to the Weekly Wednesday Wrap-Up, or are just actively involved in looking to buy or sell a condo in Hoboken, you may have noticed something strange in the new listings. There are Hoboken condo properties that show up as new listings when, in fact, they are not. How can that be, you might ask? Well, they were originally listed at a certain price and did not sell. Sometimes that price was reduced. Often it was reduced more than once. Yet the property still did not sell. So rather than cut the price yet again, the clever agent or owner let the listing expire or had it withdrawn by the owner and re-listed it as if it was the first time.
Why Does This Matter?
For one thing, when a property is listed for sale, the “days on the market” clock starts ticking. Buyers who are smart often realize that when a condo has been languishing on the market for months and months in Hoboken, that usually indicates that something is wrong. Either the price is too high or there is something about the property itself, like a bad location, strange layout, or terrible condition that is preventing it from selling. So to avoid the stigma of too many days on the market, some agents relist the property to restart the clock. That lets buyers who don’t know any better think that the property is a new listing and not a stale, overpriced old one. If I were a buyer in the Hoboken condo market thinking of making an offer on a property I would want to know the true number of days it has been for sale. Wouldn’t you?
Two Examples Of New Hoboken Condo Listings That Are Really Old
A certain condo in Hoboken just hit the MLS as a new listing this week priced at $499,000. In fact, it was originally listed by the same listing agent and the same agency at the same price on December 6th of 2007. It sat on the market for 229 days and the listing expired on July 21st of 2008. So the true number of days it’s been on the market is closer to 232 than 3. If I were interested in buying that unit, I would want to know that. Strangely, the prior history of the listing does not even appear in the property history report and I honestly don’t know why. I happen to know the unit and recognized it as the same one. So be sure to ask these questions when your shopping for a condo.
Another condo in Hoboken also hit the MLS as a new listing this week priced at $794,500. This time, the property history does show what had happened in the past. It was first listed in March of 2008 for $879,500. That was reduced to $874,500. It was reduced again to $797,500. Still no luck (or buyers) and the listing expired in mid-July. It has now been relisted at the new low price and the fact that it was on the market for 123 days previously is not obvious.
What Is a Hoboken Condo Buyer to Do?
First of all, if you are a buyer working with a realtor, your agent can pull the history report for the property off the MLS. This report shows the date the property was first listed, the price at which it was listed, and all prices changes and changes of status. If you are a buyer and you see that the condo was listed a year ago for $200,000 more than the current asking price, had 5 price reductions (or “improvements” as they are now called) and was under contract twice but never actually sold would that not change your negotiating position with the seller? If you are buying directly from an owner with no agents involved you should ask (in writing if possible) when the property was first offered for sale and for what price. Otherwise, it is caveat emptor or “buyer beware” since this very useful and valuable information about the condo on which you are about to make an offer may be hidden from view.
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