2009 Jan 7th

The Weekly Wrap Up (Happy New Year Edition) – Hoboken Condo Sales & Inventory for January 7th

Research, analysis & post by Howard Turoff

[email protected]

It’s a New Year In Hoboken – Positive Thoughts Only!

There are 564 active Hoboken condo units on the market. There were 15 price reductions this week. Only four units sold, four went under contract and there have been 32 new listings.

The Hoboken Open House Google Map returns this week after a break for the holidays.  Check it out to see if any of the new listings (or old actives) are having open houses.

Studio & 1 Bedroom Hoboken Condos:

One 1BR sold in 29 days for a sale price of $242,500.

One 1BR under contract this week after being on the market for 104 days. (Reminder – the final sales price won’t show until after the deal closes.)

Note – For deals that went under contract or were sold at their original asking price, by comparing “LP” (Listing Price) to “SP” (Sales Price) you can see how far sellers had to drop the price to negotiate the sale. We will separately break out individual deals only if those properties had interim price reductions.

160 total active with an average asking price of $471,238 with seven price changes.

17 new listings with an average list price of $608,215.

Two Bedroom Hoboken Condos:

One 2BR was sold in 93 days on the market at $510,000.

Three 2BRs went under contract this week after being on the market for an average of 71 days.

282 active 2BR condos with an average asking price of $665,599 with eight price changes.

14 new 2BR listings with an average list price of $682,690.

Three Bedroom and Larger Hoboken Condos:

No 3BR went under contract this week.

One 3BR was sold this week after 53 days on the market for $650,000.

51 active 3BR condos for sale with an average asking price of $1,099,866 with one price change.

There was one new 3BR listing with a list price of $1,327,995.

Hope Springs Eternal Hoboken!

As we enter the new year, wars are raging in the Middle East, there are grave concerns about the U.S. and world economies and many difficult challenges awaiting the new administration in D.C. about to be inaugurated.  It would be easy to hide under the covers and wish it all away, but that’s just not the way it works.  A positive attitude and a desire for health, happiness and success in the new year is a great place to start, but hoping and praying doesn’t hold a candle to DOING!  Volunteer for a charity.  Clean up your neighborhood.  Help your elderly next-door neighbor.  Smile at a stranger.  Make the world (and Hoboken in particular) a better place by “paying it forward” and EVERYTHING (including all our property values) will benefit.

Posted by Lori Turoff | Currently 2 Comments »

2008 Dec 12th

What are First-Time Homebuyers Thinking?

Will The Housing Market Recover Quickly? First-Time Homebuyers Certainly Think So.

by Howard Turoff

One of the things Lori and I are proud of is that all of the posts on this blog represent our original thoughts. We don’t buy canned, generic blog articles and we post only items of specific interest to Hoboken. (We wouldn’t deserve the name HobokenRealEstateNews if we didn’t.)

Something caught my eye today on Trulia, and I thought it was worth sharing. Trulia had a poll about buying real estate asking first-time homebuyers when they plan to jump into the market. I found the results surprising:
Less than six months:   48.1%
Six to 12 months:   26.9%
12 to 14 months:  10.2%
Renters for life:   14.8%

Considering that this is a national poll, and that the Hoboken market is healthier than many (most) other parts of the country, I found this to be pretty encouraging. What do you think? Will the Hoboken real estate market rebound quickly?

Posted by Lori Turoff | Currently 10 Comments »

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