Friday Finance – Hoboken Real Estate News
Categories: Finance, Hoboken Condos
I had the pleasure of attending the National Association of Realtors annual convention recently and one of the headline speakers was Lawrence Yun, the NAR chief economist. One statement he made which I found interesting was this – he said the Wall Street Journal asked 50 economists, each with their own models, for their predictions on the housing market.
By averaging their individual predictions, the consensus was for a 5% increase in housing prices for 2014. Yun cleverly pointed out that if each individual in the auditorium full of people to whom he was speaking tried to guess his weight, many would be wrong but that when you looked at the average of all those guesses, the answer was statistically likely to be very close to his actual weight. Crowdsourcing does serve a purpose. So the idea is that the average of all these different economists’ opinions is going to be pretty close to the real outcome.
The mortgage giant, Freddie Mac, is in agreement that 2014 is going to be a strong year for housing. Even with the expectation of a 30-year fixed rate mortgage creeping into the 5% range, prices are expected to rise and housing in most areas is still considered affordable. While Manhattan prices may seem stratospheric to some, that only makes Hoboken that much more attractive.
The big driver of pricing is inventory and we have certainly seen in Hoboken how a longstanding lack of new condo inventory has caused prices to rise as demand outpaces supply. Both NAR and Freddie Mac agree that housing starts are not at the level they would need to be to exert any sort of downward pressure on prices. The problem in Hoboken is that there is simply no open space available for new construction – until, of course, those 54 acres at the NJ Transit yards get developed.
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The Hoboken & Downtown JC Open House Google Map for Saturday, November 23rd & Sunday, November 24th, 2013
Categories: For Buyers, Hoboken Brownstones, Hoboken Condos, Hoboken New Construction, Jersey City Condos, Neighborhoods, Open House
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:
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:
- open house date
- time
- unit size
- asking price
- link to all the info found on the MLS and more (from ourHobokensBestHomes.com IDX feed.)
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The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of November 20th, 2013
Categories: For Buyers, For Sellers, Hoboken Brownstones, Hoboken Condos, Hoboken New Construction, Market Analysis, Weekly Wednesday Wrap Up
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As of November 20th, 2013:
- 213 active Hoboken listings
- 196 Condo & Co-op listings, compared to 206 last week
- 9 Single-family listings, compared to 10 last week
- 8 Multi-family listings, compared to 8 last week
This Week’s Residential Property Sales & Activity:
- 11 DABOs (Deposit Accepted By Owner i.e. under contract) vs 9 last week
- 22 Sold vs. 17 last week
- 16 New listings vs. 25 last week
- 15 Price changes vs. 5 last week
- 5 expired listings vs. 0 last week
Studio & 1-Bedroom Properties
96 Active listings
4 New listings
5 Price changes
3 DABOs
- 800 Jackson St., 512 listed Sept 24 for $459K; reduced Oct 25 to $450K;
- 219 Willow Ave., 2R listed Oct 4 for $479K;
- 904 Jefferson St., 4C listed Oct 15 for $495K;
7 Sold
- 60 Monroe St., 8 listed July 9 for $300K; reduced July 23 to $275K; sold for $268K;
- 515 Willow Ave., 5 listed July 31 for $340K; sold for $338K;
- 72 Park Ave., 2D listed Aug 20 for $365K; sold for $365K;
- 400 9th St., W3J listed Aug 1 for $425K; sold for $420K;
- 800 Jackson St., 411 listed June 27 for $455K; reduced Aug 6 to $449K; sold for $444K;
- 915 Madison St., 2A listed Sept 24 for $475K; sold for $465K;
- 1125 Maxwell Ln., 463 listed Sept 24 for $709K; sold for $670K;
2-Bedroom Properties
79 Active listings
10 New listings
10 Price changes
7 DABOs
- 80 Madison St., 7 listed Nov 2 for $389K;
- 133 Park Ave., 3 listed July 29 for $529K; reduced Oct 15 to $520K;
- 700 1st St., 10RS listed Nov 5 for $549K;
- 928 Willow Ave., 2 listed Nov 5 for $549K;
- 113 Madison St., 5W listed Nov 8 for $554K;
- 113 Madison St., 4E listed July 19 for $560K;
- 1200 Grand St., 402 listed Sept 17 for $725K; reduced Oct 15 to $700K;
- 1115 Willow Ave., 309 listed Sept 6 for $435K; sold for $430K;
- 551 Observer Hghwy., 7C listed Oct 21 for $490K; sold for $480K;
- 309 2nd St., 3 listed Sept 5 for $489K; sold for $489K;
- 703 Park Ave., 10 listed May 17 for $569K; reduced June 8 to $539K; reduced July 23 to $519K; sold for $495K;
- 208 Park Ave., 4L listed July 30 for $509K; sold for $496K;
- 308 Bloomfield St., 1 listed Sept 24 for $500K; sold for $510K;
- 119 Madison St., 2E listed June 27 for $599K; reduced Sept 9 to $579K; sold for $568K;
- 613 Madison St., 3C listed Sept 18 for $629K; sold for $642K;
- 319 Monroe St., 2 listed Aug 5 for $699K; reduced Sept 11 to $685K; sold for $670K;
- 204 Garden St., 1 listed Sept 10 for $799K; sold for $799K;
- 1125 Maxwell Ln., 342 listed July 22 for $1.295M; sold for $1.270M;
3-Bedroom & Larger Properties
21 Active listings
2 New listings
No price changes
8 Multi-Family Active listings
9 Single Family Active listings
1 DABO
- 162 12th St., listed Oct 27 for $2.10M;
4 sold
- 723 Washington St., 7 listed Sept 5 for $875K; sold for $875K;
- 706 Park Ave., 2 listed Sept 4 for $950K; sold for $925K;
- 356 3rd St., listed July 15 for $1.099M; sold for $1.050M;
- 1500 Garden St., 1G listed Aug 7 for $1.299M; sold for $1.245M;
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