2010 Jan 13th

The Weekly Wednesday Wrap Up – Hoboken Condos Sales & Activity for the Week of January 12th

I spent the day at a real estate and technology conference in the city yesterday.  The most interesting thing I learned is that the NAR (National Assocation of Realtors) is coming out with a product for realtors that is going to go head-to-head and way beyond the likes of  Trulia and Zillow.  Many of you are familiar with “Zestimates” which let you see what a property is worth.  The value given in the Zestimate is based on an algorithm and isn’t always 100% accurate, though.

This new product, called RPR (Realtor property Resource), will be available only to Realtors but will take the Zestimate a big step forward by including much more information in the algorithm that calculates market value and adds nationwide MLS info, appraisal values and allows agents with local market knowledge to comment on the properties they’ve seen and indicate corrections to the (often incorrect) public records.  It’s also a highly sophisticated property search engine that takes info from all MLS’s, tax records, and more.  It will show school & neighborhood info, transportation, and shopping.  It will show price trends, mortgage history, estimated loan balance, sales transaction & pricing history, and much more. There is an extremely sophisticated system for pulling and evaluating comps and determining market value.  Go to the above RPR link and check out the video if you’re really interested.  This is going to be a game changer.

It seems as though the MLS’s will have to opt-in to the system and they have historically been resistant to sharing information, transparency and change.  I can’t wait to see what our local board decides.

Hoboken Condos Inventory & Sales – Week of January 12th.

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

Studio & 1 Bedroom Hoboken Condos:

24 new listings.

161 total active – $375,084 average asking price. Average 87 DOM.

1 dabo. 36 Average DOM.

7 sold for an average price of $316,678 Average 68 DOM

13 price reductions.

Two Bedroom Hoboken Condos:

22 new listings

227 total listings. Average list price $566,478. Average 109 DOM.

5 dabo’d. Average 54 DOM.

5 sold – $442,700 average sales price. Average 55 DOM.

20 price reductions.

Three Bedroom and Larger Hoboken Condos:

1 new listing

49 active listing. Average price $936,483. Average 144 DOM.

None dabo’d.

None sold.

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, 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 13 Comments »

Copyright © 2008 Hoboken Real Estate News     Login     Sitemap