2010 Mar 2nd

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of March 2nd.

Hoboken Condos Sales & Activity – Week of March 2nd.large_balc

The story this week is twofold. First, a few questions to ponder about this Saturday. If you own property, or if you are thinking about buying property, consider the affect the upcoming St. Patty’s Day parade may have on you. For example, if there are house parties in your condo and someone gets hurt, could the condo association be held liable? If the condo association insurance covers the claim will the rates be increased? If damage is done to the common areas, who is responsible for paying for the repairs? If your tenants have a party, can you be summoned for allowing disorderly conduct? If you host a party and serve alcohol to a guest who later goes out and causes injury can you be held liable under host liability laws? If the fire escape or deck on your building collapses due to overcrowding, what might the consequences be? Many condos are now amending their rules to prohibit house parties on this day. Similarly, many landlords are including a clause in their leases that prohibits house parties. Just food for thought.

The other story is yours. Over a hundred comments on last Wednesdays post and a really interesting discussion about several topics. Is getting an FHA loan a subsidy? The consensus is yes. Will the Fed continue to buy mortgages? On this one, the consensus is no. Does the first time home buyer credit matter in Hoboken? Not much. Are prices headed up, down or flat? Debatable. Sincere thanks for all of your contributions and the respect shown even when you disagreed. Let’s keep the discourse going! I’m going to ask my techies to make pages for the comments so you won’t have to scroll.

Finally, I’m happy to say inventory moved down this week. Here are this weeks numbers vs. a week’s ago numbers:

Studio & 1 Bedroom Hoboken Condos:

7 new listings.

220 total active – $380,370 average asking price. Average 75 DOM.

1 dabo. Average 60 DOM

None sold.

16 price reductions.

Two Bedroom Hoboken Condos:

15 new listings

249 total listings. Average list price $577,443. Average 98 DOM.

6 dabo’d. Average 54 DOM.

8 sold. Average price $626,362. Average 76 DOM.

18 price reductions.

Three Bedroom and Larger Hoboken Condos:

4 new listings

49 active listings. Average price $975,504. Average 121 DOM.

2 dabo’d. Average 105 DOM.

2 sold. Average price $667,500. Average 50 DOM.

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 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. Like this report, due to MLS regulations, to receive the map with the actual links, you will have to request it using the request form on the post. It only takes a second.

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.

A word about that – if you have an ongoing relationship with another agent we are not going to email you listings. You can ask your own agent to do that. So what is an ongoing relationship? Is that not up to you? Have you been working with another agent on a regular basis? More importantly, are you happy with that agent’s service? If so,we respect that relationship. If not, find an agent you like!

If youattend an open house or see several properties with several different agents, that’s not an ongoing relationship. That’s the nature of our job. Despite what some agents in town would like to have you believe, simply showing a buyer a single property, or even a few, does not a relationship make. You are the consumer – you get to decide with whom you wish to work. Unless you’ve signed a “buyers agency agreement”, which is highly unusual in Hoboken, an agent doesn’t have any “hold” over you. So find an agent you like, trust and whose advice you respect. It’s your money, no?

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 69 Comments »

2009 Nov 9th

Monday Morning Musings on Hoboken Real Estate

More Hoboken Condos

I read on Hoboken411.com (and confirmed from other sources) that a bunch of zoning variances were granted for a lot owned by the former Fire Chief Cassessa.  The plan is for a 12 story condo building with 100% lot coverage at 509 Newark St.  It’s down by the corner of Observer & Newark – the one with the  chaotic traffic every rush hour.  72 units and 77 parking spaces are proposed in yet another Dean Marchetto design.  I wonder, when Toll Brothers is having problems selling 700 Grove and Zepher Lofts right next door, why would a rational business person think more condos in a market with an oversupply of units for sale were an economically good idea?

Environmental Problems in Hoboken?

A quick search on the internet shows that almost all of western Hoboken (and much of the rest) had environmental “issues” at one time.  We even had our own EPA Superfund site right in town at the corner of 8th and Grand – still a vacant, fenced off lot.  My understanding, though, was that if a property was cleaned up, the NJ EPA would issue a “no action” letter essentially stopping the chain of potential liability.  Yet one of my buyers was recently in contract for a property at a popular Fields building near 9th and Jefferson.  The managment company filled out the condo questionnaire indicating that there was an ongoing environmetal issue even though the buildings about 5 years old.  As a result, the buyer’s FHA loan was denied.  Head’s up to current condo owners, condo associations and buyers – this may become a real problem for buyers of recent construction, especially on the west side of Hoboken where there used to be mostly factories.

Do You Find Open House Placards Objectionable?Washington Street

Every Saturday and Sunday, Washington Street becomes an obstacle course.  Agents put these placards out on every corner so we end up with 8 to 10 per corner.  It is unsightly, ineffective, unsafe.  It is out of control.  Unfortuantely, as long as one company can do it, everyone has to or the sellers say “why isn’t my open house out on the street?”.  So here is my suggestion.  Ban them.  No free speech issues here as it is commercial speech which can be regulated for a reasonable purpose – pedestrian safety, for example.  Why doesn’t the city of Hoboken put up a kiosk and sell space to agencies and other commercial establishements to advertise by flyer or, should they be so technologically sophisticated, by digital display.  Hey, the dry cleaners can do it – how hard can it be?  This would serve to clean up our streets, make it easier for pedestrians to walk, save me a ton of effort every weekend, level the playing field for realtors, and RAISE REVENUE for Hoboken.  Anyone else agree?  Is it time to start a letter-writing campaign to our new Mayor & council people?

Posted by Lori Turoff | Currently 14 Comments »

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