2010 Dec 13th

The November Hoboken Condo Sales Results

November is a tricky month for real estate sales. We never really know how much the holidays come into play.Things are not looking terrible.  In fact, the November average condo sales price of $517k was above that of the past 4 Novembers ($474k in ’09;  $515k in ’08;  $479k in ’07;  and $493k in ’06).

Of course, inventory and inventory build-up matter, too.  But look at this year compared to the past 4 years.  Sure, the number of condo sales is down but no more so than in the past.  What is also down is the number of new units hitting the market. For the second part of the year, we’ve seen sales of about 50 units per month.  Inventory of condos on the MLS is now well under 400.  Even with new listings coming on the market it looks like our absorption rate in Hoboken may be headed toward normal.

Do I know this for a fact?  Of course not.

There’s been lots of talk  about “shadow inventory”, especially with respect to foreclosures.  But the fact is that there have been few to no foreclosures in Hoboken.  We barely see any short sales here.  The foreclosures in the Jersey suburbs are attributed primarily to job losses but Wall Street banks are booking record profits.  How many young Hobokenites work on Wall Street and will benefit from this?
[youtube]http://www.youtube.com/watch?v=OMo7MkeKvt4[/youtube]

Are there people who are thinking of listing who are waiting until after the holidays?  Certainly.  That happens every year.  It will be interesting to see what December and the year-end results show.  Now go do your holiday shopping!

Posted by Lori Turoff | Currently 1 Comment »

2010 Jun 23rd

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of June 22nd

Hoboken Condos Sales & Activity – Week of June 22ndchart.jpg

Bad news for the housing market -Yesterday the NY Times said existing home sales hit a new low and reported that mortgage delays were part of the problem. Today, according to the Wall St. Journal , Commerce department data shows that new home sales have hit a record low in May, down 33% from April. The drop was predicted to be only 20%. This was the lowest sales figure since the government started keeping track in 1963. The FED will be issuing a policy statement this afternoon regarding its interest rate policy. Here in Hoboken, things stay the same.

In Hoboken we still have somewhere between 7 and 8 months of unsold condos on the market – which is better than a year ago. That’s based on a pretty consistent number of actives in the low 500’s and about 60 to 70 sales per month. Of course, if the expiration of the tax credit causes the number of sales to drop dramatically we could be back where we were previously with a year of unsold inventory on hand. When you look at what did sell in Hoboken this week, there weren’t very many price reductions. Some units went for over asking (727 Monroe, 618 Jeff, 501 9th, 101 Park).

Finally, there are two important meetings tonight regarding transportation in Hoboken.

A community meeting to discuss transportation issues and concerns tonight, Wednesday, from 7 to 9pm at the Jubilee Center, 601 Jackson Street. Director of Transportation and Parking Ian Sacs will discuss transportation issues including the Hop (formerly Crosstown shuttle), car-sharing, traffic in Southwest Hoboken, and more, and Mayor Dawn Zimmer will also attend to answer questions.bike

Also, an Open House on the Jersey City/Hoboken Subregional Transportation Study will take place from 4pm to 8pm at the Multi-Service Center, 124 Grand Street. Residents are invited drop in at any time to share their thoughts on improvements to the Southwest Hoboken area for drivers, bicyclists, pedestrians and transit users. More information is available at: http://www.jerseycityhobokenstudy.com

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

Studio & 1 Bedroom Hoboken Condos:

16 new listings

203 total active

3 Dabos

10 Sold

12 price reductions

Two Bedroom Hoboken Condos:

16 new listings

277 total listings.

4 Dabos

16 sold

26 price reductions

Three Bedroom and Larger Hoboken Condos:

3 new listing

59 active listings.

no dabos

3 sold

4 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 23 Comments »

2010 Apr 5th

Hoboken Condo Sales – the March Results

Here are the results for March:

The look interesting because even though everyone says last year was the worst year and now things have gotten better, prices are down from last year, listings are up and (at least one good thing) sales are up a bit although not near what they need to be.

Here is a look at current performance compared to prior years:

The 1st Quarter results will be posted in a day or two – as soon as I have some time.

Posted by Lori Turoff | Currently 18 Comments »

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