Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
June 14th thru June 20th, 2010

What's Cookin In Hoboken

Condominium Sales:

There were 26 condominium units that sold this week. From the lowest price, a 450 square foot studio condo with private deck on 4th and Adams (congrats to my buyer) that sold for $206,000 that' $435 a foot, to the highest price, a sprawling 1725 sq foot 3 bedroom 2.5 bath condo with deck and parking on 6th and Jefferson that sold for $765,000, roughly $417 a square foot.

(Pink BBQ from drinkstuff.com)

Median list price was $472,450 median sale price was $465,000. Median days on market was 23 days.

New Pending Sales:

There were 7 new contracts written by realtors this week. The lowest asking price was $219,000 for a 700 sq foot one bedroom on 4th and Madison. The highest asking price was $639,000 for a 1520 sq foot two bedroom two bath with parking on 5th and Madison.

Median list price was $415,000, median days on market was 36 days.

Brownstone & Single Family Home Sales:

One single family brownstone sold this week. 917 Park Avenue, a 13.58 by 100 lot, 3 bedroom two baths with private yard was asking 1.099 Million, went under contract in just 10 days, and sold above asking at 1.11 Million

Days on market was 10 days.

New Pending Sales:

No new contracts were written for this week.

Click here to compare this weeks sales to last weeks

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

Hoboken | Real Estate | Market | Snapshot

Hoboken Real Estate Market Snap Shot

For the month of February, Hoboken saw 40 units close, not far from January's sales of 43. The average days on market 99. We've noticed an increase in inventory and currently we are looking at a 12 month supply of homes. However I expect March sales to be higher and remain strong through June.
The number of pending sales for February was solid at 56 units.

Hoboken Sold
Click to see list of homes that were sold

Total # of Listings
40
Lowest Asking Price
$279,900.00
Average Asking Price
$538,243.00
Highest Asking Price
$1,299,000.00
Lowest Sold Price
$260,000.00
Average Sold Price
$514,200.00
Highest Sold Price
$1,225,000.00
Average Price/Sq Feet
$466.42
Average Days On Market
99

Hoboken Pending - number of total pending sales
Total # of Listings
141
Lowest Asking Price
$199,999.00
Average Asking Price
$518,616.00
Highest Asking Price
$1,272,995.00
Average Price/Sq Feet
$464.28
Average Days On Market
77

These numbers are based solely on condomonium sales and do not reflect, single families, multi families or other properties, including private developer sales which are not all publicly available on the Multiple Listing Service.

My hoboken real estate update:

Just Sold!! 3-1-2010
1313 Park Avenue #4A
Hoboken, NJ 07030

Elevator building in prime uptown location. Top floor condo with a fantastic layout; master suite, open concept kitchen / living room, hard wood floors throughout, gas burning fire place and two bedrooms plus two full baths.

Bedrooms are on opposite ends for maximum privacy.

1100 square feet. One car garage parking space was included in sale.
List Price $539,000
Sold for $517,500
Factor $30,000 off for parking = 443.18 a square foot

Currently unit 4B, just next to this one is listed for sale and asking $539,000. If you or someone you know might be interested please contact me for more information.

The Hoboken And Jersey City Real Estate Market Is Heating Up

Spend some time in any real estate office and you'll notice that there is lots of buzz. Our office is busy and appointments and deposits are up all around. I had three different showings this past week on three different properties where in each one there were multiple offers. There are many buyers making offers taking advantage of the low, corrected prices and incentives. One agent in my office had to wait hours to get keys for the property he was showing because 7 other agents were showing that same condo.

I have a client I'm working with who is interested in two properties and both of them have offers on them.

My office alone had 40 closings in December!! Hoboken had a total of 72 units sell last month, our office sold more than half of those.

I think it's going to be difficult for buyers to get out of the frame of mind that it is a slow market. While yes there is still a good amount of inventory available, however there is a larger amount of buyers AND investors shopping. The only way to guarantee a good purchase is to find the property that suits you and make an offer, negotiate and seal the deal as quick as you are comfortable with.

I recently had a buyer lose out on his first choice property because another buyer came and placed a higher bid - $30,000 more than ours..

Bottom line: if you're in the market for a home and you see one you really like, just remember that someone else may have seen that home as well and is probably also considering making an offer. Don't low ball for too long, remember, prices are already corrected and inventory is moving.

Hoboken Sellers | Is Your Agent | Causing Your Home | Not To Sell?

Real Estate is one of the most expensive purchases most of us will ever make in our lifetimes. With the medium price in Hoboken around $500,000 - why then, do real estate agents put up such crappy pictures? Or, NO pictures?

Sellers: this is partly your fault. I know that sounds harsh, but it is solely up to you to see how your house is represented. Yes, you decided to hire a real estate agent to help market your home to prospective buyers and other cooperating agents. But, you have to do your due diligence and make sure your home is being properly showcased.

Pictures set expectations. And first impressions mean everything.

Buyers overwhelmingly will dismiss a property based upon pictures. If the pictures are poor the buyer will not decide to make an appointment to view it, and same goes when there are no pictures.

It is just amazing to me that some agents will market a $300,000 or even $600,000 condo with horrible pictures or none. Did you know that professional photographers charge from $85 - $125 for a professional picture session that includes a virtual tour???

When you interview your agent, do you ask - what kind of camera do you use? Do you hire a photographer? May I see past properties you've marketed?

If they answer that they will take the pictures themselves, and they show you homes that they've marketed with poor quality pictures, do yourself a HUGE favor, and do not hire this agent. It doesn't matter what they say, how low they'll lower their commission or how short of a contract period they'll give you. Bottom line is that you are seriously depleting your chances of getting your home sold at top dollar.

Here is a list of common mistakes agents make with respect to pictures:

-Poor resolution, pictures not appropriate for web exposure or to enlarge and show up grainy and barely visible

What is this? I can barely make it out? This second one is a cluttered picture to being with but on top of it it's not in the proper resolution therefore not visible.

- Bad angles that do not show off a rooms size or features

If I'm a buyer I would have no clue as to what this was.. is this a bedroom? An office? A hallway? The clarity is fine, however this doesn't define a room and it doesn't allow a buyer to see the room completely - that plus look at the mess of office clutter!

-Poor pictures in general, especially when you can see the agent taking the pictures

Really? You allowed this to be posted? All I see is part of a mirrored closet with what is either the home owner or agent in the reflection with flash, and a door way. This just cheapens the listing and a buyer will already start to deduct from the price they're willing to pay in their head.

- Pics of rooms that haven't been staged. There are many stagers that you can hire if your agent is not willing or does not know how to properly stage a home for viewings and pictures

Here is a good example of a room that needs staging. There is nothing about this picture that will make a buyer want to view this property let alone buy it.

This picture poorly depicts a bedroom as small and dark. The crib should not be in the picture, plus I would've removed the foot bench and stool, that and the shades should be opened to show views and sunlight. Not only will it appear bright but it will draw the eye out which will give the illusion of a larger space. A professional photographer can photograph properly with sun in the background

- Lastly No pictures!!

I can't tell you how many times I pull up listings that have no pictures. My clients almost always turn down the chance to view a property that has no pictures. Make sure your listing has pictures! Even if you have a messy tenant your agent should make every effort to capture some pictures of at the very least the common areas, the surrounding neighborhood and at least a kitchen or living room shot - but a good one. Sellers, is your home on the market? Has it been on for more than a week? Go online, and search for your listing - or ask you agent to send it to you. If there are no pictures or there are bad ones like the ones above - set up a meeting with your agent immediately.

Bottom line: Do not hire a listing agent that will not post pictures, will post poor pictures or will not suggest staging your home. Become more involved in the marketing of your home. Now, don't be extreme and proof read every item of material and insist that your agent write that your home is a sanctuary - agents know what key words attract buyers and MLS guidelines prohibit descriptions from sounding like a short story - so the important thing is that your agent highlights the best selling features that will lure as many buyers as possible. That, and that you and your agent work together to stage and declutter your home so that it is as neutral and open as possible. And finally, that you set a fair price and your agent hire a photographer to take quality, wide angle pictures, or at the very least your agent take quality pics like the one's below.

New short sale hits Hoboken's real estate market listings

FYI A new short sale has hit the market. Roberts Court on 9th street near Adams** has a 1470 sq ft 2 bedroom plus third room, 1 bath with balcony and a garage listed for $574,000 - ask price. Remember, with a short sale, Certified Distressed Property Expert's only submit 1 offer to the bank for approval. They will also market the home aggressively to generate offers.
If you're looking for a large 2 bedroom with an extra room plus parking under $550,000, there is a very good chance that you could purchase this home at a terrific cost. But you cannot wait, the early bird gets the worm on this one.

View pics here - please contact me directly for an appointment or information and questions. I am a Certified Distressed Property Expert, as is the listing agent.

Listing courtesy of Robert DeRuggiero Realtors

New Hoboken Real Estate Listings

New listings today:
Hoboken
1013 Park, 1 bedroom walk up asking $279,000
619 Monroe, 2 bedroom 2 bath with parking, asking $549,950
700 1st Street, 2 bedroom 2 bath with terrace, asking $565,000
222 Grand St, 2 bedroom 2 bath with terrace, asking $515,000** hot
222 Madison, 1 bedroom asking $289,900
225 River St - The W - 3 bedroom 3.5 bath with NY views, asking 2.75M

Jersey City
476 Monmouth, 1 bedroom elevator building, asking $275,000


If you'd like details on these listings sent to you please drop me a note!