The December Hoboken Condo Sales Results
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis, monthly results
Before I get into lots of end-of-year analysis, I thought I’d post the regular monthly figures as I always do. So what do all these numbers mean, you may wonder? What I see is a strong end to the year. When you look at the quarterly results this strong finish becomes even more apparent. (See the graph below). We have experienced four consecutive quarters of increased average sales price. The 4th quarter of 2012 ended almost 10% higher than last year. That’s pretty great no matter how you look at it. Still, the most striking change I’ve seen in the Hoboken market has been the shrinking inventory. There simply are not that many units for sale today. I suspect a few agents out there are going to have a hard time making a living this year. But that’s ok, the field could use some weeding out.
On the negative side, there is still one real road block I believe we must confront. It is one that is very particular to our market given the number of young, first-time home buyers in Hoboken. Buyers simply cannot get a mortgage if they don’t have 20% saved up for their down payment. Many would-be buyers have not been in “saving mode” and have nowhere near what they need to get a loan. It has hurt our one bedroom market more than any other. The less-than-perfect one bedroom condos – the older, walk-up units in run down buildings and on the west side of Hoboken are hurting the most. I don’t know how those buyers are suddenly going to come up with the 50 to 60k they need. Many of the potential sellers decide to rent instead as most of these units still can command decent rents. But that is a whole other story.
I’ll be attending an exciting and very interesting real estate and technology conference this coming week. Some of the presenters include the Managing Director of Customer Research for the New York Times, the Director of PR and Social Media for Century 21, the Chief Economist of both Zillow and Trulia, the CEO of Evernote, The CEO of Realogy (they own C21, Coldwell, etc.) the CEO of Realtor.com,the Director of Marketing for Corcoran,the founder of Curbed.com, the Director of Marketing for C21, and Danny Meyer of the Union Square Hospitality Group and NYC restaurant fame. I’m hoping to learn a thing or two.
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The Hoboken & Downtown JC Open House Google Map for Saturday, Jan 7th & Sunday, Jan 8th, 2012
Categories: For Buyers, Hoboken Condos, Jersey City Condos, Open House
Just click on the map below to see every Open House in Hoboken this weekend
Once in the map, just click the “Address”, “Price” “Bed” or “Details” columns to sort the open houses in ascending or descending order.
Hoboken Open House Map icons are color coded:
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Studios & 1BRs are red
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2BRs are green
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3BRs & Larger are yellow
No need to register! No silly form to fill out!
From now on, to see the HOBOKEN OPEN HOUSE MAP just click on the map picture below:
Click to see the Downtown Jersey City Open House Map
Downtown Jersey City Open House Map icons are color coded:
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Studios & 1BRs are fuschia
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2BRs are light blue
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3BRs & Larger are purple
New listings are marked with a Push Pin icon (in the same color scheme.)
Click on the location marker for:
- open house date
- time
- unit size
- asking price
- link to all the info found on the MLS and more (from our HobokensBestHomes.com IDX feed.)
Who Represents Whom?
Did you know that the agent hosting an open house is the Seller’s agent? Whether it is the actual listing agent or any other agent from the same company, that person legally represents the sellers. Not only that, the hosting agent – by law – has a fiduciary duty to the seller to get that seller the highest possible price for that property. Do you think it might be a conflict of interest for that same person to then represent you? Many people think so. In fact, in many states (other than NJ) it is illegal for the same agent to represent the seller and also work with the buyer.
If You Thought Sunscreen & Condoms were the Only Protection You Need – You Are Wrong!
Interested in new construction – like Maxwell Place or Hudson Tea? Before you walk into the Toll Brothers Sales Office know what you are getting in to! Once you talk to the sales office – even casually – they WILL NOT compensate your agent if you go back with an agent. Of course, you should go back with an agent because:
1. The sales office works NOT for you but for the developer! They are Toll Brother’s agent – not yours!
2. Despite what you may have heard or come to believe, Toll Brothers is NOT going to cut you a deal if you work with them without an agent.
Looking at resales? Did you know that when you go to an open house you can see the property at the open house on your own and then go back to it with your own agent? So if you see something you like at an open house you find your own agent who does not work for the seller. By the way, if the host says “oh, it’s not my listing, I’m not the seller’s agent” they are just flat-out wrong. The listing agreement a seller signs is between the seller and the brokerage company (Century 21, Coldwell, Remax, etc.). EVERY agent from that firm is the seller’s agent! So protect your interests. You’re making one of the biggest financial decisions of your life.
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The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of January 4th, 2012
Categories: For Buyers, Hoboken Brownstones, Hoboken Condos, Weekly Wednesday Wrap Up
This Week’s Condo Sales & Activity versus last week’s:
- 187 active Hoboken condo units – vs. 198 last week
- 3 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 9 last week
- 6 Sold vs. 15 last week
- 9 New listings vs. 3 last week
- 1 Price change vs. 7 last week
- 8 Expired listings vs. 4 last week
1 Bedroom & Studio Condos
3 New listings
No price changes
77 Active
No DABO’s
1 Sold
- 1300 Grand St., 518 listed Aug 25 for $439K; sold for $410K;
2 Bedroom Condos
6 New listings
1 Price change
93 Active
2 DABOs
- 509 Madison St., 2C listed Oct 18 for
- 1216 Bloomfield St., A listed Oct 3 for $679K; reduced Nov 10 to $649K;
4 Sold
- 600 Hudson St., 2D listed Sept 22 for $580K; sold for $541K;
- 509 Madison St., 4A listed Sept 12 for $465K; reduced Oct 18th to $440K; sold for $420K;
- 921 Garden St., 1 listed July 7 for $399K; sold for $395K;
- 920 Hudson St., 5D listed April 27 for $400K; sold for $385K;
3 Bedroom & Bigger Condos
No new listings
No price changes
17 Active1 DABO700 First St., 3Q listed Oct. 26 for $410K
1 Sold
- 620 Monroe St., 4 listed June 16 for $665K; reduced Sept 21 to $649K; reduced Oct. 28 to $630K; sold for $613K;
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