2010 Oct 11th

The September Hoboken Condo Sales Results

Bank Foreclosure Problems are the Big News Right Now

Fortunately, this won’t be a big problem for Hoboken as we’ve had so few foreclosures or even short sales.  Elsewhere, there is debate as to whether the banks’ halt on foreclosures will lend stability to the market or create even more uncertainty.  Now the title insurance industry is being affected as victims of the fraudulent foreclosures may potentially make a claim against an innocent, subsequent purchaser of the foreclosed property.

September Sales Seem Steady & Stable

Here in Hoboken, condo sales seem to be happening at a pretty even pace aside for the bump up in the Spring caused by the expiration of the tax credit.  Both price per square foot and average sales price rose last month.  I’ll be posting the quarterly results tomorrow but here is the chart for the month of September:

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2010 Oct 6th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of October 6th

Hoboken Condos Sales & Activity – Week of October 6th

More news about the foreclosure mess and calls for a freeze as more banks got it wrong. JP Morgan Chase, GMAC and Bank of America have all suspended foreclosures, evictions and sales of foreclosured properties. It is believed that the flawed foreclosures stemmed from the use of electronic notarization of mortgage assignments. There are those who believe a halt in foreclosures will help stabilize the housing market. Fortunately, there have been few foreclosures of Hoboken condos or even short sales. The difference is that in a foreclosure, the bank has taken title to the house while in a short sale, the borrower still owns it but is behind in his or her mortgage, which is greater than the current market value of the collateral property.

The bad news for Hoboken is that we still have close to 500 properties for sale and are selling only about 40 to 50 a month for the past year. At that rate, we have almost 10 months if unsold houses on hand. Conventional wisdom says 6 months is a sign of a healthy market but conventional wisdom may no longer ring true. Properties are continuing to go under contract as sellers price their condos more realistically. I will be posting the October Hoboken condo sales results and the 3rd quarter results later this week.

Disclaimer: The data relating to real estate transactions on this web site comes in part from the Hudson County MLS. While some of these listings are, in fact, our listings they are not ALL our listings nor do we hold them out as such. Century 21 Listings are identified with “C21” after the address. Other listings are from the MLS and are identified with “MLS” after the address. Information is deemed reliable but not guaranteed.

Studio & 1 Bedroom Hoboken Condos:

13 new listings

175 active

4 Dabo

4 Sold

9 price reductions

Two Bedroom Hoboken Condos:

16 new listings

264 active listings.

192 under $600k

72 over

9 Dabos

8 sold

12 price reductions

Three Bedroom and Larger Hoboken Condos:

4 new listing

51 active listings.

none dabod

none sold

no 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!

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