2010 May 27th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of May 25th

Hoboken Condos Sales & Activity – Week of May 25thflag

Memorial Day – the official start of summer fun.  Last night the Hoboken Memorial Day parade took place and honored 93 year old Medal of Honor Recipient Nicholas Oresko for his valiant service in WWII.

It’s also prime time for sellers to list their units if they hope to get a deal before the 2010 school year begins.  Interest rates have hit new lows which makes buying a home more affordable.  Governor Christie is pushing hard for a 2.5% property tax cap.  Here is what he had to say in Hoboken:
[youtube]http://www.youtube.com/watch?v=IoYDOtu4OGk[/youtube]

There has been much discussion in last week’s comments about the “state of the Hoboken condo market” and the economy in general.  An interesting point made concerned the change over time in the number of 2 bedroom Hoboken condos listed for under $600,00 and over $600,000.  I went back to May 2009 and looked at those numbers.   64% of the 2 bedrooms for sale were under $600k and 36% were over.  Currently around 75%of the 2 bedroom condos for sale are under $600k and 25% over.  So the question is – are there more lower priced 2 bedroom condos because Hoboken condo sellers have become more realistic in their pricing? Are they lower because prices have actually declined? Or are there simply fewer new construction, high-end condos listed on the MLS right now?  Last May quite a few units at 1025 Maxwell and the Garden Street Lofts were listed.  Perhaps the assortment of properties for sale is what has changed.  The only thing of which I am certain is that this debate will not be resolved for some time.

Here are this week’s numbers vs. last week:

Studio & 1 Bedroom Hoboken Condos:

12 new listings

217 total active

3 Dabos

14 Sold

11 price reductions

Two Bedroom Hoboken Condos:

25 new listings

277 total listings.

10 Dabos

15 sold

17 price reductions

Three Bedroom and Larger Hoboken Condos:

4 new listings

62 active listings.

no Dabos

2 sold

9 price reductions

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your best source for locating every open house in Hoboken. It is the single, most complete listing available and we were the first ones to do it.  We compile the information by hand from all possible sources to provide you with all the information you need in one spot.  It’s posted on Friday every week.

Want to Receive New Listings & Price Reductions Daily?

If you would like to be emailed the new listings and price reductions each weekday in either 1br, 2br or 3br categories just email us at [email protected] letting us know which size(s) you would like and we’ll add you to the daily email list.

For more information you can always contact us at 201 993 9500.

Thanks for reading and, as always, we welcome your comments!

Posted by Lori Turoff | Currently 48 Comments »

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