2010 Jan 26th

The Weeky Wednesday Wrap Up – Hoboken Condo Sales and Activity for The Week of January 26th

There is no question now that inventory is creeping up again. More new listings and not as many sales. This has got to put downward pressure on pricing. A previously much discussed unit closed this week at 508 Garden so for those who were curious, this short sale went for $500k. Another unit of interest to me was 65 10th Street. We actually met with the sellers about listing it and I have a very clear memory of our discussion about pricing. The owner said something along the lines of the first number having to be a “6” and I thought to myself, “I don’t want this listing”. It sold for $545,000 after almost 6 months on the market. Guess he had his 6’s mixed up.

Finally, of course we are disappointed about the Jets but that is overcome by our joy that the New Orleansnola saints Saints will be going to the Superbowl! The National Association of Realtors held their annual convention in NOLA just after Katrina and we attended and took the requisite tour of the 9th ward. It was the first convention after Katrina to be held in the convention center that housed so many stranded people during the hurricane. Having been another site of real devastation, seeing the stadium a scene of such joy and celebration was truly heart warming. “Who dat? Who dat? Who dat say dey gonna beat dem Saints? Who dat? Who dat?”

Hoboken Condos Sales & Activity – Week of January 26th.

Here are this weeks numbers vs. a week’s ago numbers:

Studio & 1 Bedroom Hoboken Condos:

21 new listings.

183 total active – $371,014 average asking price. Average 83 DOM.

2 dabos. 22 Average DOM.

2 sold for an average price of $328,500. Average 92 DOM

13 price reductions.

Two Bedroom Hoboken Condos:

26 new listings

238 total listings. Average list price $577,385. Average 105 DOM.

6 dabo’d. Average 111 DOM.

6 sold – $557,500 average sales price. Average 183 DOM.

8 price reductions.

Three Bedroom and Larger Hoboken Condos:

8 new listing

54 active listings. Average price $963,690. Average 133 DOM.

1 dabo’d. 101 average DOM.

1 sold. 144 DOM.

1 price reduction.

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, to receive the map with the actual links, you will have to request it.

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. That means someone you’ve been working with on a regular basis and whose services you are happy with and to whom you feel loyalty. We respect that relationship. If that is the case, ask your own agent for listings. If, however, you’ve gone to an open house or you’ve seen several properties with several different agents, that’s not an ongoing relationship. Showing someone a single property, or even a few, does not necessarily a relationship make. You are the consumer – you get to decide with whom you wish to work. So we will ask you before we email you.
You can always contact us at 201 993 9500.
Thanks for reading and, as always, we welcome your comments!

Posted by Lori Turoff | Currently 14 Comments »

2009 Jun 1st

The May Numbers – Hoboken Condo Sales Results

 Hoboken Condo Inventory Continues to Grow

The problem in a nutshell:  not enough condo sales.  Numbers can be interpreted many different ways but one thing here is pretty clear.  There is a stark difference in the number of sales per month over the past few months (in the 35 to 40 condos sold per month range) compared to what had sold in prior years (about 65 a month in ’08; 90 a month in ’07 and 60 a month in ’06).   Take a look at the current numbers (in red below) compared to the busy season of past years (highlighted in yellow).

This slowdown in transactions has caused a real buildup in Hoboken condo inventory.  Which brings us to the basic laws of supply and demand – when supply goes up, prices must come down until the market regains equilibrium.  The good news is that while transactions are at less than half what they were in prior years and inventory has soared, prices have come down from the peak by almost 10%.   Here is the full picture:

Please note – as some properties are not entered as “sold” in a timely manner by the listing agent, I will be updating this periodically to include any of those late – entered sales.

Hoboken Condo Sales Prices Still Have Room to Move?

May doesn’t appear to be as bad as April was but if  you look at the year 2009 to date, Hoboken condo prices are down compared to the past 4 years.  Even with a drop in sales prices, the days on market (DOM) number is still rising.  The bottom line is that unless sellers price their properties aggressively, the chances of selling are slim.  As for properties with significant flaws or terrible locations, they simply won’t sell unless the price is too good to be true.  As always, though, the true “cream of the crop” sells quickly.

A few years ago, I can remember when first-time buyers would come in and ask for a nice 1 bedroom for $300,000 and I would ask them how they felt about Jersey City Heights.  Now that same buyer has his or her choice of units for under $300,000.  The bargains are definitely out there.   As a long-time realtor I’ve probably seen thousands of properties and can tell pretty quickly on a very intuitive basis if a condo is priced right.   As I tell all my clients, though, a buyer needs to be able to assess value.  How does this particular property compare to others in the same price range?   Buyers need the experience to make the value judgment and the only way to do that is by looking at lots and lots of units.   That’s where my job comes in – not only in taking a buyer to see all those properties but in pointing out what differentiates them and what justifies a given price. 

Sellers must also put on their ‘buyer’s hat’ when pricing their own properties.  Simply calculating what they paid in 2005 plus a commission and pricing their condo so they don’t lose money will not work yet that is precisely what too many sellers continue to do.  As a result, their condos continue to languish on the market.  Eventually, as you can see every Wednesday, when enough price reductions are made, the unit may eventually sell.  I think it will take a bit more pain and lower prices until we start to turn the Hoboken condo inventory picture around.

Enjoy reading, feel free to comment, and don’t forget to contact us if we can help you with your real estate needs.  My cell is 201 993 9500 and I’m always happy to speak with you or you can email me at [email protected].

 – Lori

Posted by Lori Turoff | Currently 41 Comments »

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