2009 May 6th

The Weekly Wednesday Wrap-Up: Hoboken Condo Sales & Activity for the Week of May 6th.

THE SINGLE MOST IMPORTANT FACTOR AFFECTING HOBOKEN REAL ESTATE:

If you care about Hoboken and your property value you simply must go out and vote next Tuesday, May 12th! There is plenty of information available at hoboken411.com, at the individual candidates websites and at lowerhobokentaxes.com for you to educate yourselves. Keep in mind that just because you vote for a particular mayoral candidate you DO NOT have to vote for that candidate’s slate.  You can vote for which ever council people you like.  People have been enthused about a turnout of 6,000 for the recent board of ed. elections.  In a city with 45,000+ that is not much to brag about! Every city worker and person who stands to gain from the status quo you can be sure will be going to the polls.  It is time for the property owners (present & future) to do the same. Who wins this election matters in many very important ways, not the least of which is the attractiveness of Hoboken to future buyers. So please, find the time and VOTE!

Here are this weeks stats:

  • 576 active Hoboken condo units today – same number as last week.
  • 57  price reductions vs. 45 a week ago
  • 12 dabos (under contract) vs. 7 last week
  • 11  sold vs. 11 last week.
  • 39 new listings vs. 50 last week
  • 14 expired listings vs. 1 last week
  • none withdrawn vs. none last week

Studio & 1 Bedroom Hoboken Condos:

203  total active – $420,900 average asking price.  87 average DOM.

5 dabos after 30 DOM.

2 sold $400,000 average price.  93 average DOM.

  • 551 Observer Highway – Listed 10/28/08 for $489,000.  Reduced to $449,000 on 12/11/08.  Sold 4/30/09 for $425,000.

18 new listings – average list price $402,077.

19 price reductions.

Two Bedroom Hoboken Condos:

313 total active –  $637,453 average asking price. 107 DOM so far.

4 dabo’d.  84 average DOM

  • 530 Madison – Listed on 1/23/09 for $515,000.  Dropped to $497,000 on 2/28/09.  Dropped to $475,000 on 3/27/09.  Dropped to $459,000 on 4/9/09.
  • 1500 Garden – Listed for $1,167,995 on 1/4/09.  Dropped to $999,995 on 1/26/09.

7 sold – $543,928 average price.   Average 52 DOM.

  • 264 5th – Listed on 10/15/08 for $749,000.  Dropped to $725,000 on 12/4/08.  Dropped to $699,000 on 12/13/08.  Dropped to $669,000 on 3/2/09.  Sold on 5/3/09 for $625,000.
  • 224 Hudson – Listed on 12/22/08 for $594,900.  Dropped to $584,900 on 1/9/09.  Dropped to $554,900 on 2/2/09.  Dropped to $539,000 on 2/24/09.  Sold for $522,000 on 5/1/09.
  • 84 Adams – Listed on 2/2/09 for $515,000.  Dropped to $499,000 on 3/2/09.  Sold on 5/1/09 for $485,000.

18 new listings – average list price $689,155

28 price reductions.

Three Bedroom and Larger Hoboken Condos:

61 active 3BR condos –  $900,693 average asking price.   110 DOM so far.

3 dabos.  148 average DOM.

  • 109 Grand  – Listed on 10/29/08 for $1,550,000.  Dropped to $1,499,000 on 11/14/09.  Dropped to $1,399,000 on 1/28/09.  Dropped to $1,299,000 on 2/13/09.  Dropped to $1,250,000 on 3/4/09.  Dropped to $1,199,000 on 4/9/09.

2  sold. $687,500 Average price.  98 average DOM.

  • 2 Constitution Ct. – Listed on 1/14/09 for $1,149,900.  Dropped to $999,875 on 2/25/09.  Dropped to $965,000 on 4/3/09.  Sold for $925,000 on 5/4/09.

10  price reductions

3 new listings – average list price $826,000

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your single best source for locating every open house in Hoboken. It’s posted on Friday every week. The info is updated weekly. If your google search seems to pull up an older version, click on the title link to get the most current map.  Thanks for reading!

Posted by Lori Turoff | Currently 24 Comments »

2009 Apr 15th

The Weekly Wednesday Wrap Up: Hoboken Condo Sales and Activity for the Week of April 15th

Research, analysis & post by Lori Turoff

 

The Hoboken Condo Weekly Numbers

Another week with a prime example of a seller chasing the market.  Let’s take a look at 2 Constitution.  It’s a nice, big townhouse style unit at the Shipyard.  It faces the other building so there’s not really a river view but because it’s a duplex with real stairs, it does feel almost like a little house.  The owners paid $620K for it back in ’01.  They first listed it for $1,399,000 in January 2008 when, in my estimate, it was worth just over a million or maybe 1.1mil.  From there, was reduced several times until it was down to $1,275,000 in July of ’08.  Then they re-listed it with a different agent at $1,149,900 in January of 2009.  It was again reduced to 999,875 in Feb. and to 965,000 last week.  It’s finally under contract.  How much more do you think they would have gotten over a year ago had they priced it lower to start?  It will be interesting to see the actual sale price when it closes.  Assuming they sell for something close to 950K (given that so few buyers are willing to pay asking these days), I figure they could have easily done 100K better and saved over a year of aggravation and strangers traipsing through their home.   Yet every day there are similarly overpriced properties listed and the price reductions follow.

Here are this weeks stats:

  • 541 active Hoboken condo units today – 533  last week.
  • 24  price reductions vs. 23 a week ago
  • 5 dabos (under contract) vs. 6 last week  
  • 6 (3 + 3) sold vs. 6 last week  (including 1500 Hudson, 98 Park and 1011 Park.  All closed in the past but the status wasn’t changed in a timely manner.  In fact, I brought the buyer to 1011 Park and made 2 calls to the broker requesting that the status be reported as sold.  Finally, I had to call the Liberty Board (our MLS) to get them to do it.)  So the true number sold this week is 3.  From now on I’ll break out what really sold this week and what didn’t.
  • 23 new listings vs. 35 last week
  • 5 expired listings vs. 8 last week
  • 8 withdrawn listings vs. 10 last week  (almost all at the Emsee, a new building at 517 Jackson)

 

Studio & 1 Bedroom Hoboken Condos:

202  total active – $430,593 average asking price. 88 average DOM.

2 dabos after 91 DOM.

  • 410 Jeff listed at 299K  Feb.1; reduced to 289K Feb. 16; 279K March 31.
  • 601 1st St. listed at 319K Dec. 15; reduced to 309K Feb. 26.

2 sold –  $342,800 sales price.  24  DOM.

7 new listings – average list price $419,434.

7 price reductions.

Two Bedroom Hoboken Condos:

281 total active –  $644,651 average asking price. 116 DOM so far.

2 dabo’d.  85 average DOM

  • 99 Park listed at 749K Dec. 2; reduced to 700K Feb. 26. (Had first been listed last year for 824.9K last July with a flat fee agency).

1 sold – $333,500 sales price. 55 DOM.

13  new listings – average list price $737,891.

14 price reductions.

Three Bedroom and Larger Hoboken Condos:

59 active 3BR condos –  $961,284 average asking price.   135 DOM so far.

1 dabo.  90 days.

  • 2 Constitution listed for $1,149,900 Jan. 14; reduced to 999,875 Feb.25; reduced to 965K April 3.  

None sold.

3  price reductions

3 new listings average list price $669,280.

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our once again improved Hoboken Open House Google Map is your single best source for info on every open house in Hoboken. It’s posted on Friday every week. The info is updated weekly. If your google search seems to pull up an older version, click on the title link to get the most current map.

 

Elections Matter When it Comes to Hoboken Real Estate

A full 30% of your real estate taxes in Hoboken go to the school system here.  It’s only 6 days until Hoboken School Board elections are here.  Tuesday April 21st is the day.  I’m not sure what time polls are open as it’s always a controversial issue – I believe it is 2 pm to 9 pm.  It is possible to vote by absentee ballot with this form.  There is a candidates debate this Saturday, April 4th from noon to 2pm at the Demarest School at 401 Garden.  I do know that if you have an interest in protecting nothing more than the value of your real estate there is no question that it’s time for a change.  Our high school has failed us and our students miserably.  Seeing how the current board conducts themselves at public meetings on TV and the internet is disgraceful and shocking.  I urge you to support the “three moms”:  Theresa Minutillo, Maureen Sullivan and Ruth McCallister.  You can get more info here and here.  Please take the time to vote.

Thanks!

Posted by Lori Turoff | Currently 1 Comment »

2008 Aug 16th

1st Half 2008 – Jersey City Condo Sales

Here’s something to compare against recent Hoboken condo sales. These are sales numbers from the MLS for the first half of 2008. Keep in mind that this does not include new construction sold directly from the developer.

Studio & 1 Bedroom Downtown Jersey City Condos:Jersey City Condos

Average List: $392,343

Average Sold: $381,822

Median Sold: $374,205

Average Days On Market:  73

Number of Sales:  114

2 Bedroom Downtown Jersey City Condos:

Average List:  $618,438

Average Sold:  $599,643

Median Sold:  $570,000

Average Days On Market:  94

Number of Sales:  86

3 Bedroom & Larger Downtown Jersey City Condos:

Average List: $831,028

Average Sold: $798,823

Median Sold: $778,000

Average Days On Market:  102

Number of Sales:  17

Posted by Lori Turoff | Currently Comments Off on 1st Half 2008 – Jersey City Condo Sales

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