The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of March 9th
Categories: Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of March 9th, 2011
Many of you know that I’m a cyclist for both transportation and fun, and that we ran a bike touring company, La Corsa Tours, for many years. So this is a subject near and dear to my heart. If you would all be so kind as to take two minutes and fill out a little survey to help Bike Hoboken I would greatly appreciate it. You can learn more about what we’re up to at BikeHoboken.com.
There were only 2 properties that needed a price reduction before going under contract this week. I was personally involved in 2 situations involving multiple bids in recent days and had a third property go under contract before I could even show it. Does that mean prices are hitting the sweet spot? Maybe.
I found it interesting to read NJ.com’s piece about the improvement in Hudson County real estate. They didn’t provice much in the way of substantive support for their opinion. The February numbers would seem to indicate otherwise.
Finally, happy Mardi Gras (I know, I’m a day late). Laissez le bon temps rouler!
Tax Appeals – Time is Running Out!
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 an appeal. You can get more details on tax appeals and forms at the Hudson County Tax Board website.
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.
- 379 active Hoboken condo units – vs. 366 last week
- 13 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 15 dabos last week
- 4 sold vs. 7 sold
- 35 new listings vs. 32
- 20 price reductions vs 12
- 5 expired listing vs. 12
Studio & 1 Bedroom Hoboken Condos:
14 new listing
4 Dabos
- 456 9th (mls) listed on Jan 17 for $369k
- 1025 Maxwell Lane (mls) listed on feb 21 for $725k
- 527 Jefferson (mls) listed on Feb 11 for $235k
- 60 Madison (mls) listed on Nov 23 for $239k
None Sold
7 price reductions
143 Total Active 1BRs
Two Bedroom Hoboken Condos:
16 new listings
9 Dabos
- 326 Monroe (mls) listed on Dec 2 for $499k; reduced on Feb 22 to $489k
- 717-719 Madison (mls) listed on Jan 17 for $487k
- 2 Constitution (mls) listed on Dec 29 for $565k
- 517 Adams (mls) listed on Sept 11 for $689k
- 1125 Maxwell Lane (mls) listed on Dec 28 for $960k
- 515 Monroe (mls) listed on Nov 23 for $459k; reduced on Jan 12 to $440k
- 825 Washington (mls) listed on Feb 9 for $425k
- 915 Madison (mls) listed on Dec 16 for $468k
- 1023 Clinton (C21) listed on Feb 9 for $545k
4 sold
- 627 Willow (mls) listed on Oct 13 for $289k; reduced on Nov 19 to $278.5k; sold for $260k
- 1325 Adams (mls) listed on May 6 for $515k; reduced on Oct 13 to $495k ; reduced on Dec 10 to $459.9k; sold for $450k
- 261 2nd (C21) listed on Apr 14 for $639k; reduced on Jun 25 to $599k; reduced on Oct 5 to $589k; sold for $535k
- 533 Adams (mls) listed on Nov 2 for $585k; sold for $540k
11 price reductions
197 Total Active 2BRs
Three Bedroom and Larger Hoboken Condos:
No DABOs
None Sold
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|The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of February 16th
Categories: Hoboken Condos, Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of February 16th.
Hello 500+ Hoboken condos for sale. No big surprise. What did surprise me is how many of the sold units (and dabo’s) were sold without price reductions – except, of course, the Garden St. Lofts. Look at some of the other 2 and 3 bedrooms that sold. They were fairly expensive units and they all went pretty quickly and not much below the list price. Maybe it’s a flight to quality? Well, Mardi Gras has come and gone and now is supposed to be the season to repent and renew. Maybe the housing market will also start to revive during this period and we will see a happy Spring.
Here are this weeks numbers vs. a weeks ago numbers:
- 514 active Hoboken condo units today – vs. 495 last week.
- 25 price reductions, vs. 30
- 9 dabo (under contract) vs. 11
- 17 sold vs. 16
- 34 new listings vs. 41
- 1 expired listing vs. 4
Studio & 1 Bedroom Hoboken Condos:
14 new listings.
209 total active – $376,238 average asking price. Average 79 DOM.
2 dabos. Average 20 DOM
- 84 Adams listed at $449k on Jan 4; reduced to $439k on Feb 2.
5 sold for an average sales price of $394,000. Average 164 DOM
- 114 Willow listed at $399k on Aug 18; reduced to $385k on Oct 5; sold for $360k
- 1425 Garden (Garden St. Lofts) listed at $774k on Mar 12 ‘ 08; reduced to $695k on Jul 2 ’08; $625k on Apr 24 ’09; sold for $570k. Over a 25% price reduction to get this puppy sold!
12 price reductions.
Two Bedroom Hoboken Condos:
19 new listings
250 total listings. Average list price $568,134. Average 98 DOM.
6 dabo’d. Average 169 DOM.
- 123 Jackson listed at $679k on Apr 22; reduced to $565k on Nov 19.
7 sold. Average price $545,557. Average 124 DOM.
- 700 1st Street listed for $519.9k; sold for $525k (short sale – must have had multiple offers)
- 803 Willow listed at $565k on Sep 16; reduced to $540.9k on Oct 27; $535k on Nov 16; sold for $500k.
- 1425 Garden listed for $1.655m on Mar 12 ’08; reduced to 1.549m on Nov 25 ’08; $1.495m on Mar 19 ’09; $1.334m on Apr 24; 1.299m on Jun 5; sold for 1.225m. Wow – it took a 25% reduction in sales price and almost two years to sell this Garden Street Loft! Even though it is the ‘penthouse’ it still faces the multi-level Toll Bros. parking lot.
11 price reductions.
Three Bedroom and Larger Hoboken Condos:
1 new listings
53 active listings. Average price $957,945. Average 132 DOM.
1 dabo’d. Average 122 DOM.
4 sold. Average price $600,529. Average 120 DOM.
2 price reductions.
Hoboken Condo Open Houses
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