2011 Oct 5th

The Weekly Wednesday Wrap-Up – Hoboken Condo Sales and Activity for October 4, 2011

Come to a Craft Beer Tasting Dinner & Support the Hoboken Library!beer

Hoboken’s Novella Night is Saturday, October 15th, and Howie and I are hosts again this year. While the organizers at the library tried to change the event from a dinner to drinks and hor d’oeuvres, we have our own ideas about that. We are going to do a 6-course craft beer tasting and each course will be paired with a special food designed to enhance the particular beer being served. We will feature beers from small and independent producers. It will be informative, fun and supports a great amenity of the Hoboken community. Tickets are still available though space is limited. Just tell them you want to go to Lori & Howie’s house.

This Week’s Condo Sales & Activity:

1 Bedroom & Studio Condos

9 new listings

4 price reductions

121 active

4 dabos

1 sold

2 Bedroom Condos

11 new listings

12 price reductions

166 active

6 Dabos

9 sold

3 Bedroom & Bigger Condos

4 new listings

2 price reductions

35 active

no dabos

2 sold

Posted by Lori Turoff | Currently Comments Off on The Weekly Wednesday Wrap-Up – Hoboken Condo Sales and Activity for October 4, 2011

2009 Dec 4th

Hoboken Condo Sales – The November Numbers. Hoboken Buyers Get More for Their Money

Why Are Average Sales Prices Stable When Price Per Square Foot is Dropping?

The November sales results are very interesting.

Take a look at the bottom two charts.  I compared this year’s monthly results to the past 3 years and noted the year-over-year changes.   For the sake of simplicity, let’s just look at the yearly average figures at the far right.  The average sales price of a Hoboken condo has decreased only a little.  The price per square foot has decreased by much more.  Why might that be? 

To date this year, 588 condos have sold for a total of $295mil in sales so far.  Last year 800 condos sold for a total of $423 mil in sales.  That represents a 30% decline in gross sales but only a 22% decline in total space sold.  The average unit size sold so far this year is 1060 square feet versus 1000 square feet last year.  Of course, I’ll complete the chart when we have all the data at year end. 

So what does this mean?  Basically, that you now get more for your money in the Hoboken condo market.  Buyers who were spending half a mil for a 1000 square foot 2 bedroom can now get closer to 1200 or 1300 square feet for the same price.  That is my theory and my day-to-day experience in the market (having closed more deals in 2009 for buyers than any other agent in Hoboken) bears that out.  Any quants out there want to contribute an alternative analysis?  I’d love to hear your ideas.

Posted by Lori Turoff | Currently 21 Comments »

2009 Sep 8th

The August Numbers – Thanksgiving in September?

Hoboken Condo Sales

Here is a chart showing condo sales data for the year to date:

A few things strike me.  Inventory is down.  Sales activity is up.  Price per square foot is up.  In my opinion, this is all good news.  It’s not a 100% certain but it is starting to look to me like the market is improving.  Could I be wrong?  Sure – this is not the bible blog.  I don’t have special powers or wisdom.  But I’m certainly thankful that we’re moving in the right direction. Let’s take a look at recent performance another way.

Year-to-Year Comparisons for Hoboken Condo Sales

Here, too, I see what looks like it might have been a low point in April.  Of course, it’s going to take much more time to completely recover or even to be sure that we are on the road to recovery.  Nonetheless, it’s fun to look at the numbers.  What do you see?

Posted by Lori Turoff | Currently 2 Comments »

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