2014 Aug 13th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of August 13th, 2014

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As of August 13th, 2014:

  • 168 active Hoboken listings
  • 156 Condo & Co-op listings, compared to 158 last week
  • 4 Single-family listings, compared to 4 last week
  • 8 Multi-family listings, compared to 8 last week

This Week’s Residential Property Sales & Activity:

  • 13 DABOs (Deposit Accepted By Owner and Under Contract) vs. 22 last week
  • 17 Sold vs 34 last week
  • 23 New listings vs. 29 last week
  • 15 Price changes vs. 12 last week
  • 3 expired listings vs. 4 last week

 

Studio & 1-Bedroom Properties

65 Active listings

5 New listings

6 Price changes

6 DABOs

  • 63 Madison St., 4 listed June 11 for $309K;
  • 729 Washington St., 1L listed July 14 for $320K;
  • 636 Park Ave., 1 listed April 16 for $395K;
  • 218 Jefferson St., G listed July 17 for $415K;
  • 83 Monroe St., 3D listed July 7 for $525K;
  • 1100 Maxwell Ln., 517 listed June 25 for $559K; reduced July 23 to $543K;

4 Sold

  • 330 Madison St., 2 listed May 29 for $280K; sold for $271K;
  • 139 Bloomfield St., 2 listed May 15 for $295K; sold for $300K;
  • 1212 Washington St., 2N listed Mar 26 for $359K; sold for $355K;
  • 1106 Washington St., 2N listed May 28 for $399K; sold for $399K;

 

2-Bedroom Properties

75 Active listings

215 New listings

5 Price changes

6 DABOs

  • 461 4th St., 5W listed July 30 for $335K;
  • 622 Park Ave., 3B listed July 31 for $400K;
  • 76 Jackson St., 3R listed July 22 for $429K;
  • 830 Monroe St., 4B listed June 5 for $596K; reduced June 25 to $585K; reduced July 23 to $579K;
  • 1100 Adams St., 315 listed July 14 for $765K; reduced July 29 to $759K; reduced Aug 4 to $739K;
  • 511 Madison St., 201 listed Aug 4 for $755K;
10 Sold
  • 917 Willow Ave., 3N listed June 2 for $399; sold for $395K;
  • 533 Madison St., 3A listed Jan 25 for $419K; sold for $410K;
  • 919 Park Ave., 3L listed Feb 23 for $439K; reduced Mar 21 to $425K; sold for $411K;
  • 403 Bloomfield St., 1 listed June 4 for $525K; sold for $542K;
  • 501 Adams St., 4B listed June 5 for $599K; sold for $599K;
  • 713 Adams St., 3 listed June 3 for $589K; sold for $601K;
  • 415 Adams St., 4 listed June 12 for $649K; sold for $675K;
  • 452 2nd St., 7 listed April 22 for $700K; sold for $740K;
  • 2 Constitution Ct., 416 listed May 27 for $959K; increased July 31 to $993K; sold for $959K;
  • 1500 garden St., 8K listed June 5 for $1.279M; sold for $1.195M;

 

3-Bedroom & Larger Properties

16 Active listings

3 New listings

4 Price changes

8 Multi-Family Active listings

4 Single-Family Active listings

1 DABO

  • 532 Adams St., A listed May 14 for $575K; reduced July 8 to $545K;

3 sold

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Posted by Nathan Turoff | Currently 2 Comments »

2014 Aug 8th

The Hoboken & Downtown JC Open House Google Map for Saturday, August 9th & Sunday, August 10th, 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:

hoboken-open-house

Click HERE to see the Downtown Jersey City Open House Map

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:

Posted by Nathan Turoff | Currently No Comments »

2014 Aug 6th

The July Hoboken Condo Sales Results

Dear Two Bedroom Buyers,

I’ve got to tell you – the days of getting a nice place with parking and a washer/dryer in the low $500,00s is so over.  Get ready to pay the big bucks.  There is no end in sight.

Best,

Your Realtor

There is simply no inventory in Hoboken.  There are multiple bids on almost every decent property.  I called about a multi-family investment property just outside of Hoboken today and there were 23 offers.  Yes, 23.  This is not likely to change any time soon.  I say that not as a cheerleader for the local market (I’m not selling) but as your real estate consultant.  It’s a fact that is derived from the reality of prices in our surrounding neighborhoods.  One bedrooms in Manhattan sell for a million or more.  Families are moving to Bed-Stuy where new prices are being set.  Hoboken is still a safer, MUCH more convenient, lower-priced option than many other neighborhoods.

There has been an interesting discussion in the comments of an earlier post about whether or not Hoboken families will stay in Hoboken or, due to our less-than-stellar schools, will flee to the ‘burbs.  Dr. Scott Cowen was the President of Tulane University for the past 16 years.  He is originally from New Jersey.  For a really great, in-depth discussion of why schools are bad, the link between failing schools and poverty, how charter schools change the outlook, and what can be done to make public schools better, I highly recommend you read The Inevitable City:  The Resurgence of New Orleans and the Future of Urban America, which was just published and written by Dr. Cowen. Aside from my own personal interest in New Orleans, I found many parallels between the problems there and those we face here in Hoboken.  There are valuable lessons to be learned and this book is full of them.

I firmly believe that the future of Hoboken will be inextricably tied to the strength or failure of the Hoboken school system.  What direction Hoboken takes from here will be greatly influenced by residents participating and having a stake in the future of the community.  I believe that homeowners have a much greater interest in local affairs.  It has been said that homeowners are more likely to vote in elections than tenants.  One must ask, what effect will the addition of hundreds of new rental units popping up in Hoboken have on the future of Hoboken?  How will this shape the future of the Hoboken Housing Authority buildings, or “the projects” as they are more commonly known.  (Another fascinating subject of Dr. Cowen’s book is what happened to the projects in New Orleans after Katrina).  What will the future of the projects mean for Hoboken’s schools?  These are important questions and the answers to them will directly affect Hoboken property values.

Here are the July numbers:

[tomatoframe width="500" height='820']https://docs.google.com/spreadsheet/pub?key=0AjArozKAIkYjdGdLSWU5UjRReWVJVmdiYWZBdVZ3REE&single=true&gid=99&range=a1%3Am38&output=html[/tomatoframe]

Look at the 2 bedroom average sales price – it has reached over $700,000 for the first time ever.  The number of active units on the market is way down from a year ago – a 42% decline.  Similarly, the absorption rate, or how long it would take to sell current inventory at today’s pace of sales, is also down.  That right there is the story.  High demand, low supply, rising prices.

Posted by Lori Turoff | Currently 8 Comments »

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