2009 May 13th

The Weekly Wednesday Wrap Up: Hoboken Condo Sales & Activity for the Week Ending May 12th

Hoboken News Affecting Real Estate

The election ended up in a run off between Zimmer & Cammarano.   The final vote takes place June 9th.  Turnout was abysmal.  Come on people – I don’t care if you rent or own.  This matters to us all.  Hoboken still has so much potential.  We need an administration that will help us turn things around and benefit us residents.  Please take the time to vote!

I posted the April numbers few days ago.   They showed a drop in sales price for the month although it’s not too tough to understand that the average is affected by the mix of units sold that particular month.  If nothing but tiny one bedrooms sold, the average is going to drop.  If a bunch of Maxwell units sells, it will rise.  Nonetheless, I got a call from an irate agent.  “I killed his deal”.   Just by reporting the sales figures for the month of April.  Evidently, his buyer read my post and decided the price he offered on a unit was too high and must have withdrawn or lowered his offer.  I didn’t get the details as the agent was too busy yelling at me to explain the scenario.  His buyer’s decision making on a property suddenly became my fault.  I think the agent wanted me to take down the post.  Of course, I’m not doing that.  I believe that you readers out there appreciate and deserve this factual information about the Hoboken real estate market. We need more open and honest information, not less.   I don’t make up the sales results, I just report them.  In fact, I try to keep my personal opinions to a minimum and let you all inform the debate.  I told the agent he was free to comment on the post.  He declined.  Would you not rather have the info good or bad?  Or do you want all real estate agents to be typical sales people who always paint a sunny picture even when it’s not in your interest or not true.  I am curious to hear what you think.

In the meantime, here are today’s numbers.  Nothing much has changed.  I’ve added the price per square foot info for each size class.  Enjoy.

Here are this weeks stats:

  • 577 active Hoboken condo units today – 576  last week.
  • 37 price reductions vs. 57 a week ago
  • 8  dabos (under contract) vs. 12 last week
  • 5  sold vs. 11 last week.
  • 39 new listings vs. 39 last week
  • 5  expired listings vs. 14 last week
  • 22  withdrawn vs. none last week  (All the new units at 1300 Park went rental instead of being sold).

Studio & 1 Bedroom Hoboken Condos:

202 total active – $418,660 average asking price. 92 average DOM.  Average price per square foot = $572

2  dabos after 179  DOM.

  • 719 Adams – first listed at $344,900 on Sept. 22;  reduced as follows – $334k  Oct. 20;  $318.9k  Nov. 11;  $299.9k  Mar. 9;  $294.5  Apr. 24 – dabo.

2  sold $415,000 average price.   103 average DOM.

  • 800 Jackson (MetroStop) listed at $450k on Nov. 5;  reduced to  $408.9k on Jan. 28;  sold for $385k.
  • 402 9th Street listed at $479k on Jan. 8;  reduced to $469k on Feb. 12;  sold for $445k.

8 new listings – average list price $438,612.   The lowest priced unit on a per square foot basis is 1206 Wash at $489 and the highest is 1125 Maxwell at $781.

11 price reductions.

Two Bedroom Hoboken Condos:

315 total active – $636,747 average asking price. 110 DOM so far.  Average price per square foot = $527.

4 dabo’d.   51 average DOM

  • 452 2nd Street – originally listed at $579k on Feb. 9;  reduced to $550k on March 20 – dabo.

3  sold – $506,666  average price.   Average  93   DOM.

21  new listings – average list price $575,780.    416 Monroe is the low per sq. ft. at $390 and 78 Monroe the high at $605.

21 price reductions.

Three Bedroom and Larger Hoboken Condos:

59 active 3BR condos – $902,759 average asking price.  116 DOM so far.  Average price per square foot = $510.

2  dabos.   88 average DOM.

  • 1500 Garden originally listed at $1,327,995 on Jan. 4;  reduced to $1,199,995 on Mar. 11 – dab0.

None sold.5 price reductions

6 new listings – average list price $648,633.  105 8th Street is the low on a per sq. ft. basis at $441 and 531 Bloom the high at $479.

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 33 Comments »

2008 Sep 27th

Who Will Better Address the Hoboken Housing Market Issues? Obama or McCain?

Zillow Survey Says Obama Will Better Address Housing Market Issues Facing Nation

Even if the Hoboken real estate market is not facing the sort of dire straits found in places like Florida, it’s still interesting to see what peoples’ perceptions are on which of the candidates will better handle the housing market mess.  Here’s an interesting Zillow blog post on the subject.  It seems the answer given depends in part on whether the respondent favored Obama or McCain.

Posted by Lori Turoff | Currently 3 Comments »

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