Hoboken Real Estate Prices Jump

Buyers be ready: Hoboken real estate prices jumped from the first quarter to second quarter in 2012.

Hoboken's condominium supply once again continues to be shy of current demand. Second quarter sales total 211 while the Median Sales Price reaches higher than the Median List Price. Median Sale Price reported was $476,000 (the Avg Sales Price $525,699) compared with First Quarter Median Sale Price of $437,000. That's an increase of an amazing 8.1% in one quarter.

The Median Days On Market was a shocking 48 days, leaving many buyers stunned to this reality. Current inventory stands at just 220 units total, which leaves us with a current absorption rate of 3.6 months! Now may be the time to sell your Hoboken condo. If you are buying a property make sure you are armed with these numbers so you can make a good offer based on real numbers.

501 9th St Condo For Sale With Private Terrace

Happy house hunting!

Multiple Offers On Market 1 Week

July 4th 2012 Hoboken

July 4th 2012 in Hoboken will prove to be another big holiday! The city is expecting huge crowds again, (10's of thousands!)  as people from surrounding neighborhoods and New York come into town to catch the incredible show from this side of The Hudson River and gazing over the spectacular Manhattan Skyline. 

The City Of New York announced that the fire works will be on the New Jersey side again so the best place to watch the show will be from Hoboken and you can catch them North of Hoboken from Weehawken, Union City and Guttenberg, especially from Blvd East and River Road. 

If you're coming into Hoboken come early to take a spot along the waterfront on Sinatra Drive. It is strongly recommended you leave your car and get around via public transportation or on foot as gridlock delays are to be expected.

July 4th Specials and Bar Promos

*Grand Opening at Pier 13! 1301 Sinatra Drive, outdoor biergarten opening at noon! $10 cover (just for the 4th) and $20 after 3PM Guest DJ's (Raphael Valantino, Chachi and Dalton) , craft beer selection, plus mixed drinks and frozen drinks oh yeah, and amazing views! 

The Hoboken Historical Museum is having a family friendly BBQ from 5-10pm with food and front row seats for the fire work show. $50 per ticket, kids are free, and reservations required. (201)656-2240 or e-mail the museum at info@hobokenmuseum.org

The Chandelier Room at the W Hotel on the waterfront is having a party, DJ theory will be spinning and bottle service specials all night.

Mikie Squared on Washington St and 6th, is offering $10 pitchers of Red, White or Blue Sangria. (My GF will looove this)

City Bistro on 14th Street between Hudson and Washington St is offering $3 Corona's and Coors Light plus their roof top deck and bar will be open! 

Street Closures Important Info

Below are the street closure and re-routing information according to Hoboken's city website.  

Due to the closure of Hudson Place, the west side of Hudson Street from Hudson Place to Observer Highway will be the designated taxi area.

The following streets will be closed to all traffic except emergency vehicles between 8 am and midnight on July 4th:

• Sinatra Dr. from 15th St. to 1st St.
• River St. from Hudson Place (PATH) to 4th St., however between 1st St. and 3rd St, River St will be open for limited access to residents and parking patrons only.

Additionally, no parking will be permitted on the following streets between 8am and midnight on July 4th:

Picture From A Private Terrace Near River St and Hudson Place

• Sinatra Dr. from 15th St. to 1st St (no parking as of July 3rd at 8 am)
• 4th St. from River to Clinton (on the south side of the street)
• Willow Ave. from 11th St. to 4th St. (on the west side of the street)
• Hudson Place (by the PATH)
• Newark Street from Hudson St. to Sinatra Dr.
• Clinton St. from 7th St. to 8th St.
• Hudson St. from 14th St. to 2nd St (on the west side of the street)
• Hudson St from 2nd St. to Observer (both sides)

At 9:00pm, only westbound traffic will be permitted on the 14th Street Viaduct.

The Hoboken Volunteer Ambulance Corps will have first aid stations at Pier A Park, Sinatra Park, 8th St. and Sinatra Dr., 12th St. and Sinatra Dr., and 14th St. and Sinatra Dr.

What are you doing this 4th? House party? Headed to the Piers or the beach?

Hoboken Condos Real Estate Update

My monthly Hoboken condos real estate market update for the month of June is here!

Hoboken real estate does not appear to be slowing down even given the record high temperatures in June. There are still lots of buyers looking for move in condition homes or good opportunities and the condo market has not added a significant amount of inventory to impact the pace at which homes are selling. This is keeping pressure on prices and for the first time, we see a list price to sale price, where the sale price is actually HIGHER than the median list price.

Sales:
For the month of June Hoboken saw 72 units close. Slightly up from 69 condo units in May.
The lowest sold price was $220,000 for a 600 sq ft one bedroom at 118 Jefferson St with a list price of $229,000. The highest sold price was $1.3Million, for a rare 3,500 square foot 4 bedroom 3 bath triplex with private elevator, outdoor space and 3 car garage at 504 Observer Highway, it's original list price was $1.4Million.

The Median List Price for these units sold was $485,000 and the Median Sold Price was $489,300. The Median Days on Market was 23 days. (down from 32 days in May)

Pending:
76 Hoboken condo's changed their status to pending in June. From the lowest asking priced unit of $239,000 for a 600 sq ft one bedroom at 79 Madison St, to the highest asking priced unit of $1.385Million at 1125 Maxwell Place for a 1749 sq ft three bedroom three bath unit.

The Median List price for these units pending was $493,500 and the Median Days on Market was 33 days.

Our current inventory is still surprisingly low, with just 235 units currently for sale. Averaging about 70 sales per month, that leaves us with an absorption rate of just 3.3 months of inventory.

If no other sales come on the market, it will take Hoboken buyers just a little over 3 months to buy all of the homes available..

Make sure you are ready and prepared for when the time comes for you to make an offer on a home. Read my "How To Make An Offer"  3 items you'll need on my Trulia blog.

Check back every month for Hoboken real estate market updates! Search for Hoboken condos for sale on my website 

Information provided by the Hudson County MLS, deemed reliable but not guaranteed.