2010 Feb 24th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of February 23rd

Inventory continues to rise. Sales and dabos hold steady. The New York Times reports today that despite gains made in December, another 600,000 homes are underwater for a total of practically 25% of all homes! Here is the graph for the New York market. Meanwhile, recently reconfirmed Ben Bernanke continues to assure us that interest rates will remain “near zero” for an extended period. Now the interesting thing will be whether the first time home buyer’s credit is extended past the April 30 deadline.

What strikes me about the properties that have gone under contract or sold this week (with few price reductions, I might add) is that they are pretty nice units. The one at Harborside Lofts was my favorite – a great floorplan, tons of light and what a view! They are mostly good renovations, good locations and good value. So I still say, the good stuff sells when it’s priced right. The junk sits until it becomes a bargain too good to pass up. Maybe buyers are becoming more discerning as to what it “good” and what is “junk”.  Of course, they have lots more to choose from.  The days when they would buy anything are clearly over. There is a flight to quality in the Hoboken condo market.

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

Studio & 1 Bedroom Hoboken Condos:

26 new listings.

220 total active – $378,624 average asking price. Average 75 DOM.

6 dabos. Average 62 DOM

5 sold for an average sales price of $361,500. Average 70 DOM

16 price reductions.

Two Bedroom Hoboken Condos:

18 new listings

250 total listings. Average list price $573,646. Average 97 DOM.

5 dabo’d. Average 120 DOM.

9 sold. Average price $568,555. Average 48 DOM.

16 price reductions.

Three Bedroom and Larger Hoboken Condos:

4 new listings

49 active listings. Average price $953,578. Average 122 DOM.

2 dabo’d. Average 105 DOM.

3 sold. Average price $836,666. Average 62 DOM.

3 price reductions.

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, due to MLS regulations, to receive the map with the actual links, you will have to request it using the request form on the post. It only takes a second.

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 listings. You can ask your own agent to do that. So what is an ongoing relationship? Is that not up to you? Have you been working with another agent on a regular basis? More importantly, are you happy with that agent’s service? If so,we respect that relationship.

If all you did is attent an open house or you’ve seen several properties with several different agents, that’s not an ongoing relationship. Despite what some agents in town would like to have you believe, simply showing a buyer a single property, or even a few, does not a relationship make. You are the consumer – you get to decide with whom you wish to work. If you think the agent who hosted an open house or showed you a property is incompetent or does not meet your needs why would you ever use that person as your agent? Unless you’ve signed a “buyers agency agreement”, which is highly unusual in Hoboken, find an agent you like, trust and whose advice you respect. It’s your money, no?

For more information you can always contact us at 201 993 9500.

Thanks for reading and, as always, we welcome your comments!

Posted by Lori Turoff | Currently 124 Comments »

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