2015 Mar 17th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of March 18th, 2015

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As of March 18th, 2015:

  • 127 active Hoboken listings
  • 110 Condo & Co-op listings, compared to 103 last week
  • 7 Single-family listings, compared to 6 last week
  • 10 Multi-family listings, compared to 6 last week

This Week’s Residential Property Sales & Activity:

  • 24 DABOs (Deposit Accepted By Owner and Under Contract) vs. 29 last week
  • 13 Sold vs 13 last week
  • 38 New listings vs. 351 last week
  • 3 Price changes vs. 1 last week
  • 1 expired listing vs. 0 last week

Studio & 1-Bedroom Properties

40 Active listings

10 New listings

2 Price changes

7 DABOs

  • 128 Madison St., 4L listed Feb 27 for $335K;
  • 119 Clinton St., 4R listed Mar 10 for $350K;
  • 123 Willow AVe., 6 listed Mar 4 for $415K;
  • 535 Bloomfield St., BS listed Mar 11 for $425K;
  • 812 Grand St., 221 listed Mar 12 for $459K;
  • 924 Jefferson St., 5B listed Mar 7 for $479K;
  • 1500 Hudson St., 4B listed Mar 3 for $545K;

3 Sold

  • 729 Madison St., 1E listed Feb 4 for $459K; sold for $455K;
  • 206 Garden St., 1 listed Oct 16 for $550K; reduced Dec 1 to $525K; sold for $525K;
  • 812 Grand St., 406 listed Jan 26 for $525K; sold for $535K;

2-Bedroom Properties

49 Active listings

19 New listings

0 Price changes

14 DABOs

  • 605 1st St., 2 listed Feb 18 for $389K;
  • 329 Willow Ave., 1F listed Feb 23 for $459K;
  • 636 Park Ave., 2 listed Jan 8 for $479K; reduced Feb 11 to $459K;
  • 629 Madison St., B listed Mar 6 for $555K;
  • 744 Park Ave., 4R listed Feb 12 for $596K; reduced Feb 18 to $568K;
  • 700 1st St., 11N listed Mar 11 for $589K;
  • 501 Adams St., 5G listed Mar 6 for $660K;
  • 904 Jefferson St., 3B listed Mar 8 for $675K;
  • 81 Monroe St., 1 listed Feb 25 for $680K;
  • 625 Jefferson St., 302 listed Mar 6 for $699K;
  • 1034 Clinton St., 414 listed Mar 6 for $829K;
  • 302 Monroe St., 2A  listed Feb 20 for $835K;
  • 109 Grand St., 504 listed Mar 6 for $875K;
  • 1500 Washington St., 7D listed Feb 27 for $895K;
9 Sold
  • 1110 Clinton St., 9 listed Nov 13 for $435K; sold for $425K;
  • 415 Newark St., 11C listed Aug 14 for $599K; sold for $575K;
  • 70 Adams St., 4A listed Jan 12 for $549K; sold for $576K;
  • 1330 Clinton St., 602 listed Dec 16 for $635K; sold for $615K;
  • 924 Jefferson St., 3A listed Oct 22 for $669K; sold for $640K;
  • 1300 Grand St., 505 listed Feb 17 for $659K; sold for $705K;
  • 1200 Grand St., 420 listed Sept 17 for $750K; sold for $715K;
  • 78 Jackson St., 4C listed Mar 10 for $649K; sold for $749K;
  • 1500 Garden St., 4E listed Sept 16 for $1.165M; sold for $1.140M;

3-Bedroom & Larger Properties

21 Active listings

9 New listings

1 Price change

10 Multi-Family Active listings

7 Single-Family Active listings

3 DABOs

  • 1216 Bloomfield St., B listed Mar 1 for $925K;
  • 829 Washington St., PHB listed Mar 5 for $1.269M;
  • 208 5th St., listed Feb 18 for $1.269M;

1 Sold

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Posted by Nathan Turoff | Currently No Comments »

2015 Mar 16th

Ready, Set, Bid! The Race for Hoboken Condos

Hoboken Condos On Fire

I spent another weekend showing lovely condo properties to Hoboken buyers.  Once again, every place we visited had or was about to have multiple offers by the end of the weekend (or so said the listing agent, but that’s another story).  This scenario has become par for the course in the Hoboken condo market.  The usual way this plays out is that the seller instructs the listing agent to hold “final and best” by a certain time – say, 5pm on Tuesday.  This lets all the interested parties go home, write up an offer and submit their best bid by the deadline.  It’s most commonly a blind bidding process so one buyer doesn’t know what any of the other buyers are submitting.  The seller reviews all the bids with the listing agent after the deadline and selects the one with the combination of best price and most attractive terms.  Often times, today, a high cash component will trump a slightly higher sales price as it avoids issues down the line when the property doesn’t appraise for the agreed upon sales price.  The seller knows the buyer has the additional cash to complete the sale.

What was unusual this weekend was that one seller accepted an offer at 5pm on Saturday and wouldn’t even consider other offers.  Now, had I presented one anyway to the listing agent, under the NAR Code of Ethics, realtors are obligated to present all offers.  Had I gone through the effort to write it up and deliver it to the listing agent, he has to give it to the sellers.  But the seller can toss it in the trash.  The seller may have been happy with something about this offer – the price, the closing date, the down payment, who knows.  Not holding final and best or even waiting for other offers to come in on Sunday or Monday is the seller’s prerogative.

What I learned from this is now, not only should buyers be ready for a multiple-bid situation but they have to try to be first.  No more waiting until the end of the weekend to decide if they should make an offer.  Just get it out there and get it delivered before everyone else does so as not to be shut out.

How is a buyer supposed to make such a big decision in such a rushed manner?  Well, that’s where New Jersey is unique.  Our statutory “attorney review” period allows either party to change their mind during the 3 business day review period.  There doesn’t even have to be a reason to do so.  If a buyer likes a property and makes an offer immediately, even if it is accepted, the buyer can always back out.  Moral of the story – it pays to be first.

Having just recently made an offer on a property in Louisiana, I have to say I like their system much better.  You make your offer – with a 24 hour time limit for the seller to respond.  The seller counters in writing (we do it verbally) and again, I had 24 hours to either reject seller’s number, propose a new counter or accept.  The whole negotiation is done in writing with time limits.  It moves at a good pace and you know when you are going to hear back from the other party.  There is none of this “the seller is traveling” nonsense while they fish for other bids.  Once a meeting of the minds occurs, as evidenced by the written riders, the contract becomes binding.  No attorney review, no backing out, no dragging things on forever.  Clean and neat.  But not in New Jersey.

Happy Monday.  Have a great week.

 

Lori

Posted by Lori Turoff | Currently No Comments »

2015 Mar 14th

Easier for Hoboken Home Buyers to Get a Mortgage?

According to Zillow, getting a mortgage today is considerably easier than it was even a year ago.  Access to mortgages is two-thirds of the way back to what it was in 2004, according to the article.  I thought this chart was rather interesting:

mortgagechart

 

 

 

 

 

 

 

 

 

 

 

 

Of course, this is nationwide.  Home values in Hoboken are well above $180,000.  Here, that might buy you a parking space or two.

Posted by Lori Turoff | Currently No Comments »

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