2010 Jun 16th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of June 15th

Hoboken Condos Sales & Activity – Week of June 15th

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

Last night I attended another Hoboken Zoning Board meeting. This was what I heard:Elysian Park

An important goal of the Hoboken Master Plan is to encourage families to come to and stay in Hoboken by creating larger, family friendly living spaces. There was an application before the Board for a very small variance in the lot coverage rule in order to allow a builder to construct a 4 story building back on Monroe. Each floor would consist of a 1,400 square foot, 3 bedroom unit with a 10 foot deck/fire escape. Even at 4 stories, the finished building would not exceed the height restrictions for that zone. Rather than grant the variance to allow for the extra 10 feet of lot coverage, a Board member suggested that the design be changed to four 1,000 sq. ft. 3 bedrooms without an elevator. This comment made me wonder how much information the Board has about what actually sells in Hoboken. So I took a quick look at the MLS.

Since 2008, there have been about 203 3 bedroom units sold, currently under contract and currently active. Of those the square footage breakdown looks like this:

Looking at the elevator question I found:

It’s clear from the weekly stats that there are proportionally few 3 brs in Hoboken to begin with.  To sell a 3 bedroom condo in Hoboken today, it better be at least 1,400 square feet. If it’s above the 2nd floor it needs to have an elevator. Every day I work with buyers who have babies and children and these buyers tell me they won’t consider a walk up. Why don’t these facts get presented to the Zoning Board? Wouldn’t it help our community (and achieve the goal of the Master Plan) for the Zoning Board to know what sells if the goal is to lure families to Hoboken???

Speaking of what sells – we are still in the same situation we have been for some time. Not enough sales, too much inventory. Here is an interesting footnote that helps explain how these numbers get skewed. When we switched firms last week, our listings came with us. So while these properties have actually been for sale previously, they were all relisted as new this week. That’s just one situation that presents a false picture of the market. I’m sure there are others. Without knowing the back story on every property, though, it is hard to address these glitches. So here are this weeks numbers.

Studio & 1 Bedroom Hoboken Condos:

18 new listings

204 total active

2 Dabos

9 Sold

12 price reductions

Two Bedroom Hoboken Condos:

30 new listings

275 total listings.

5 Dabos

14 sold

26 price reductions

Three Bedroom and Larger Hoboken Condos:

3 new listing

58 active listings.

1 Dabo

None 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 97 Comments »

Copyright © 2008 Hoboken Real Estate News     Login     Sitemap