Homes Are Selling Like Hot Cakes in Hoboken!
Categories: For Buyers, For Sellers
I’ve said it before but I am going to keep repeating myself – well priced Hoboken condos in good locations are in great demand. So great, in fact, that there have been multiple offers on 5 out of the last 5 units on which my buyers have made offers. There just isn’t enough inventory out there, and hungry buyers are competing for nice, new listings. Our last listing had 3 offers and went under contract in 6 days. Despite what you might read in the national media, the housing market in Hoboken is unlike the rest of the country and the bidding wars are back!
If you are a Hoboken condo buyer in competing for a desirable unit, here is what you need to know.
- Multiple offers don’t always result in over asking sales prices but they may.
- Time really is of the essence. It helps to be first.
- Some sellers go back and forth among the various buyers. Others do “final and best” and give everyone a chance to submit their final and best bid by a certain deadline.
- Most sellers will not disclose the amount of the other offers. Why should they? They think you buyers will bid higher and they will get more for their property.
- Just because there are multiple offers does not necessarily mean there is something “fishy” going on. It means that supply is low and demand is high. Other buyers out there want the same place you do.
I had an interesting (I’m being kind) experience with a buyer recently. He bid on a really nice, new listing and bid too low, despite my advice to the contrary. In fact, the buyer was angry that I told him he needed to bid higher, but I was just telling him what I thought was necessary if he wanted to reach an agreement. He did not offer enough, and someone else got it.
The same buyer then decided to make an offer on another property he had seen with me. This time, he was the only bidder and after some negotiation, his offer was accepted. He then changed his mind and wouldn’t sign the contract. Sort of embarrassing for me but he has that right.
He then made an offer on a third unit which was also a new listing. The property was listed on Friday and by Monday there were multiple offers. The listing agent told me the property was going to go for over asking, implying that they already had a full price offer. If the seller wants the other bidders to know this, the seller’s agent will tell us. When I informed my buyer that he would have to go over asking to win the bid, he (wrongly and insultingly) accused me of working for the seller and a bunch of other nasty things. Believe it or not, he actually won that bidding war but then, again, refused to sign the contract. Needless to say, I told him to take a hike. Working with unprincipled people damages my reputation, and I’ve worked too hard for too long to allow that to happen.
The lesson here is twofold. When your agent tells you something but it’s not what you want to hear, it does not mean they are being pushy or that they work for the seller. It is my role to provide buyers with truthful information in order that they can make informed decisions. I’m going to tell it like I see it. Secondly, I’m seeing the market really heat up. Inventory has been close to 200 for months. That is one third what is was after the mortgage debacle of 2008. If a nice property hits the MLS, you better be the first one to pull the trigger. There will be a line of others right behind you who want the same condo!
One last thought for sellers. I emphasized the adjectives “nice”, “well priced” and “good location” several times above. Not every new listing results in a bidding war. Delusional sellers who think they can get what they paid in 2006 plus a profit are, well, delusional. The key to selling your place quickly and for the most money is to price it right, right from the start.
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JC Weekly Thurs. Wrap-Up – JC Condo Sales & Activity – Week of Feb. 10th
Categories: Hoboken Condos, Weekly Thursday Wrap Up
Downtown Jersey City Condos Sales & Activity – Week of February 10th, 2011
HobokenRealEstateNews recognizes that our readership extends beyond our fair city’s one mile boundries. Hoboken buyers are often interested in what their money will buy in the downtown Jersey City market, just as Jersey City sellers often wish to reach out to affluent Hoboken buyers (and vice versa.) As such, we now publish the Jersey City Weekly Thursday Wrap-Up (WTWU) and we’ve expanded our popular Hoboken Open House Google Map to include downtown JC as well.
Tax Appeals
I’m still happy to send you comps if you are appealing your own taxes. Keep in mind that the City has a 15% margin of error. If your assessment does not multiply out to at least 15% over the current market value of your property, you are not likely to be successful in an appeal. The “upper limit” multiplier for Hoboken is .3407. To see where you are at, take your assessed value and divide by .3407. For example, if your assessed value is 175,000, the result would be $513,648. Your property value must be less than $513k to win.
Here is this week’s condo sales report:
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.
- 302 active Jersey City condo units – vs. 318 last week
- 4 new listings vs. 15
- 3 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 8 dabos last week
- 2 sold vs. 2 sold
- 3 price reductions vs 8
- 8 expired listing vs. 10
Studio & 1 Bedroom Downtown Jersey City Condos:
2 new listing
1 Dabo
- 167 Christopher Columbus Dr. (mls) – listed on Mar 11 at $249k; reduced to $225k on Mar 29 and indicated as short sale; reduced to $199k on Apr 26; increased back to $225k on Aug 27; reduced to $199k on Nov 1.
1 Sold
- 200 6th St. (mls) listed on Dec 8, ’10 at $285k; sold for $270k.
2 price reductions
133 Total Active 1BRs
Two Bedroom Downtown Jersey City Condos:
2 new listings
2 Dabos
- 9 Coles St. (mls) listed on Nov 4 at $399k.
- 45 River Dr. South St. (mls) listed on Jan 7 at $464,999.
1 sold
- 15 Warren St. (C21) listed on Nov 2 for $679.9k; sold for $690k.
1 Price Reduction
147 Total Active 2BRs
Three Bedroom and Larger Downtown Jersey City Condos:
no new listings
no DABOs
no sales
no price reductions
22 Total Active 3BRs
Hoboken and Downtown Jersey City Condo Open Houses
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 (Hoboken only) 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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The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of January 12th
Categories: Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of January 12th, 2011
Happy snow day faithful readers. Lori is at the Real Estate Connect Conference in NYC all this week, so it’s Howie here covering. After all that snow and foul weather, I thought you might all enjoy a Wrap-Up Pin-Up to warm up your spirits.
Here is this week’s condo sales report:
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.
- 349 active Hoboken condo units – vs. 348 last week
- 3 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 7 dabos last week
- 9 sold vs. 14 sold
- 16 new listings vs. 24
- 13 price reductions vs 9
- 7 expired listing vs. 16
Studio & 1 Bedroom Hoboken Condos:
3 new listing
2 Dabo
- 93 Garden (mls) listed at $339,093 on Mar 27; reduced to $299,993 on May 8; changed to under contract on Jun 10; returned to active status on Sept 8th; under contract on Jan 8th.
- 600 Hudson St. (mls) listed for $449k on Sept. 8th; under contract on Jan. 10th
5 Sold
- 422 Madison (mls) listed at $219k on Dec. 15; sold for $195k.
- 132 Adams (mls) listed for $275k on Oct. 22; sold for $268k.
- 312 Madison (mls) listed for $375k on Aug. 18; sold for $356k.
- 420 Madison (mls) listed for $299k on Sept. 15; reduced to $279k on Oct. 6; sold for $265k.
- 63 Madison (mls) listed for $278,888 on Aug. 2; reduced to $264,888 on Sept. 9; reduced to $250k on Oct. 6; sold for $227k.
3 price reductions
127 Total Active 1BRs
Two Bedroom Hoboken Condos:
12 new listings
1 Dabo
- 509 Garden (mls) listed at $549k on Nov. 8; under contract on Jan. 11th.
4 sold
- 1110 Park (C21) listed for $429.9k on Aug. 21; reduced to $409.9k on Sept. 23; sold for $398k.
- 109 2nd (C21) listed for $699k on Jul 14; sold for $660k.
- 812 Grand (mls) listed for $729.9k on Jul. 7; reduced to $719.9k on Aug. 14; $709.9k on Sept. 13; sold for $655k
- 1300 Grand (C21) listed for $538,888 on Sept. 9; sold for $527k
9 price reductions
183 Total Active 2BRs
Three Bedroom and Larger Hoboken Condos:
1 new listing
0 Dabos
0 Sold
1 price reduction
39 Total Active 3BRs
Hoboken Condo Open Houses
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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