2012 Feb 28th

Homes Are Selling Like Hot Cakes in Hoboken!

hotcakesI’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.

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.

Posted by Lori Turoff | Currently 21 Comments »

2010 Apr 6th

A Longer View for More Clarity of Hoboken Condo Sales – The Hoboken Market by Quarter

Related to yesterday’s post, here is a look at the quarterly figures from 2000 to present.  If you want to see the underlying numbers, just fill out this form and they will be emailed to you:

First, median sales price of Hoboken condos :

Next, average sales price of Hoboken condos:

Finally, average price per square foot for Hoboken condos:

Posted by Lori Turoff | Currently 43 Comments »

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 »

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