Market Conditions in Hoboken>Question Details

A Davila, Home Buyer in New Jersey

How much lower than asking price are 2 bedroom condos selling for right now?

Asked by A Davila, New Jersey Sun Jan 20, 2008

How many 2 bedroom condos have been sold in Hoboken in the last 3 months?

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The only numbers I can feasibly work with to analyze the market come from the MLS. They don't track price changes. Chris's number of 50 to 100K off asking seems extraordinarily high to me. Where do those numbers come from? His opinion? Is he working in the market every day? That does not reflect my experience and I look at every new, price change, and sold listings every single day as they are available to me, as an agent, on the MLS. The general public does not have access to these figures.

More importantly, I use the same source of numbers each month. Comparing them month to month, there is still good information to be gathered. No, the figures I use as "list price" don't reflect price changes. They also don't reflect new construction sold directly my the developer, like the huge Toll Bros. properties here in Hoboken. Those units are sold for full price - there is no negotiation as there would be with a private seller. So those two biases may cancel each other out.

The point is, we have to use the best tools available. These figures are not my personal opinion based on something I just made up. They come from the best source available to me. For February, the discount off list price is at 3.6%. A year ago it was 3.1%. Two years ago it was 2.3%. So you can see a trend.

The rest of the February figures like average sales price, days on market, units listed and more are available at hobokenrealestatenews
2 votes Thank Flag Link Sat Mar 1, 2008
I recommend you contact a local agent who can show you how much condos actually sold for in Hoboken. You can't really look at any asking price and automatically deduct a certain percentage based on averages.

What if the condo is truly priced to sell or very close to it? Knowing the actual sold prices is a good start. Also, one condo community may have more value than another.

Since Lori was able to answer your questions in detail, you might want to reach out to her.

Best of luck.
2 votes Thank Flag Link Sat Mar 1, 2008
There have been 88 closed 2 bedroom sales in Hoboken from Oct. 20, 2007 through today. The discount off asking (how much lower the sales price has been compared to the asking price) is only about $8,000 on average or less than 2% lower than the asking or list price. The average asking price for that period was $486,177 and the average sales price was $478,122. I specialize in Hoboken condos and would be happy to tell you more about our market. You can contact me at 201 993 9500 or info@hobokensbest.com. Many more Hoboken real estate market statistics, analysis and information can be found at the link below.
Thanks.
1 vote Thank Flag Link Sun Jan 20, 2008
In my MLS (Monmouth Cty) there was only one 2 bedroom sold in the last 6 months. It was in the Lafayette and was listed for 509 and sold for 500 in only 23 days. Please be aware that we don't get many Hoboken listings here. Hopefully a local agent can add to the stats for you.
Web Reference: http://www.dianeglander.com
1 vote Thank Flag Link Sun Jan 20, 2008
That all depends on how a unit is priced. If it is priced aggressively, it may not be much. If it is priced too high, it could be a lot more. An agent familiar with that area can tell you more specific since it will vary from unit to unit.
Sharon Kozinn
1 vote Thank Flag Link Sun Jan 20, 2008
Actually, the best way to do this research is to take each sale on an individual basis, then track it's sold price as compared to its original list price from its first appearence on the market. That means you have to go into the MLS, take the sale, then look up all statuses from the past as well as the current listing.

This can easily be done using MLS data, but it takes a lot of time. The "canned" stats the MLS provides are indeed misleading, but you can dig deeper to get the correct data if you want to spend the time.

I might do it and report the results here in the next few days if I get some free time. It would be an interesting stat: The TRUE sold to list price report, inclusive of not only price changes, but re-lists.

Don't forget to TD me Lori. I tried to do it myself but Trulia won't let me :)

-Marc
Web Reference: http://www.marcpaolella.com
0 votes Thank Flag Link Sun Mar 2, 2008
I think those stats that Lori Turoff gave are a little misleading. First of she is not going by the original asking price, she is going by the greatly reduced asking price. In many areas in Jersey City/Hoboken I've seen 50-100k come off properties within 2-3 months. Granted many of these properties have been on the market for some time, but the market is definitely not getting better, especially with all the Wall St. layoffs coming onto the table.
0 votes Thank Flag Link Sat Mar 1, 2008
Well, I can only comment on my selling area in Morris County. I recently had a buyer end up with an offer accepted that was $15,000.00 under asking price. It did take about 2 months to negotiate, however. We were at a standoff for quite some time.
0 votes Thank Flag Link Sun Jan 20, 2008
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