2010 Nov 10th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of November 11th

Hoboken Condos Sales & Activity – Week of November 10th

Technical problem fixed!

We’re back from New Orleans with lots of new information and ideas. Here is a sampling of what was presented:

[youtube width=”325″ height=”244″]http://www.youtube.com/watch?v=hSbP_mt2FOg[/youtube]

Finally, there was a presentation by Dr. Lawrence Yun, NAR’s chief economist, and Dr. Tom Hoenig, the President of the Federal Reserve Bank of Kansas. Both speakers were of the opinion that the deflation of the bubble has occurred. Dr. Hoenig has some interesting ideas about how to revive the housing market going forward, focusing on a reduced role for governmental intervention and public subsidies that he believes have distorted the market over recent decades. Fix Fannie & Freddie, and return to sound lending principals were the basis of his plan. The two differed only over the continuation of the mortgage interest deduction. It’s easy to criticize statistics and forecasts and to find conflicting predictions. Nonetheless, I’d rather have more information than less.

Back in Hoboken, inventory is down but the holidays are almost upon us. The word on the street is that it is very, very difficult to get a loan unless you have stellar credit and 20% to put down. Even with today’s unbelievably low interest rates, that hurts our market where we have many first time buyers, few of whom have 20% saved, and very few FHA approved buildings which would allow a buyer to obtain financing with a lower down payment. Do future buyers have to change their spending and credit habits and start saving more? It seems so, at least for the near future.

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.

Studio & 1 Bedroom Hoboken Condos:

8 new listings

3 Dabos

4 Sold

4 price reductions

168 Total Active 1BRs

Two Bedroom Hoboken Condos:

12 new listings

5 Dabos

4 sold

9 price reductions

241 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

1 new listings

3 dabos

3 sold

2 price reductions

45 Total Active 3BRs

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your best source for locating every open house in Hoboken. It is the single, most complete listing available and we were the first ones to do it. We compile the information by hand from all possible sources to provide you with all the information you need in one spot. It’s posted on Friday every week.

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.

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 34 Comments »

2008 Jan 4th

A Long Look Back – Hoboken Condos Had a Happy History

My last post looked at Hoboken condo sales figures for this year compared to last year. It’s interesting to take a bit of a longer view. So these are the results for the past 7 years based on quarterly figures. Again, numbers include only MLS listed properties. There is no doubt that the Hoboken condo market is very closely tracking the Manhattan market.

Hoboken Condo Sales Prices Climb Through the Early 00’s, Peak in ’05

Hoboken Condo Average Sales Price 2000 to present

Hoboken Condo Sales Prices per Square Foot Follow the Same Trend

There was more of a dip at the end of ’06 but square foot prices picked up again in ’07.

Hoboken Condo Sales Price per Square Foot 2000 to Present

If we look at sales based on the total for each year, we see something very similar:

Here is a chart based on percentage change in sales price from year to year:

This makes it pretty clear that ’01, ’04 and ’05 saw huge increases. Today we are almost flat but not quite.

Can Lack of Inventory Limit sales?

The actual number of sales transactions peaked in ’04 and then slowed down in ’05 probably due to a lack of inventory. At the peak of the market when everything sold quickly there simply may not have been enough properties to sell – demand outpaces supply and prices rise.

Number of Sales Transactions for Hoboken Condos 2000 to Present

Days on Market Remains Low

The number of days a Hoboken condo is on the market from listing to contract dropped in 03 and has pretty much kept declining.

Average Day on Market for Hoboken Condos 2000 to Present

Posted by Lori Turoff | Currently Comments Off on A Long Look Back – Hoboken Condos Had a Happy History

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