Friday, May 28, 2010

Happy Memorial Day! Stats Update - May, 2010



A bit of a mixed bag with this month's stats. Absorption rates tumbled by 20.7% and 7.6% for Hoboken and downtown Jersey City, respectively. Pending sales increased 13.5% and 11% for Hoboken and downtown Jersey City.

Price per square foot for 1BR in Hoboken increased by 2.4% to $484.5/sq. ft. while the price of 2 BR condos dropped 2.4% to $442.5/sq.ft.

Prices for 1BR and 2BR condos in the Newport area tumbled by an average of 20% to $413/sq.ft. and $429/sq.ft., respectively.

The continued decrease in the absorption rate and the continued increase in the pending sales (DABOS) is the surest sign yet that our recovery is well underway.


Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Broker/Associate
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

A Few Deals Out There-Downtown Jersey City Sales Update - May 28, 2010



There was a great sale at 205 10th, 1600+ square feet for $309/sq. ft. The maintenance is a little high at this building, but it's in nice shape and the units are very nice.

There were two sales over at 311 Washington that were well below the usual $550/sq. ft. pricing that Newport area properties usually command. These also look like nice units with great layouts.


Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Broker/Associate
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Lots of Sales This Week! Hoboken Sales Update - May 28, 2010



It looks like the average price per square foot for 1 and 2 bedrooms has risen for May. Don't forget to check out my end of month stats!

Please click on the link below if you can't see the chart:


Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Information provided by:

Kevin Dowd
Broker/Associate
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Hoboken/Downtown Jersey City Pending Sales Update - June 4, 2010





Pending Sales for Hoboken June 4, 2010:

220 dabos vs. 228 last week (3.5% decrease)


Pending Sales for downtown Jersey City June 4, 2010:

116 dabos vs. 124 last week (6.5% decrease)



Information provided by:

Kevin Dowd
Broker/Associate
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

Search up for FREE local school reports and more at: www.hobokenjerseycity.com

Sign up for FREE market condition reports at:
www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Sign up for FREE listing updates:
www.hudsoncountypropertiesnow.com

Still Going Strong! Hoboken/Downtown Jersey City Absorption Rate Update - May 28, 2010



We've experienced steady decreases in the absorption rates for both Hoboken and downtown Jersey City this week which continues to support the strength of the market in these area.


Hoboken Absorption Rate Update 5/28/2010:

28.17 weeks vs. 33.25 weeks last week (16.3% decrease)


Downtown Jersey City Absorption Rate Update 5/28/2010:

51 weeks vs. 56.06 weeks last week (9.1% decrease)


Information provided by:

Kevin Dowd
Broker/Associate
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Monday, May 24, 2010

Northeast Homes Sales Rise 21.1%



Here's an interesting article from the National Association or Realtors that I wanted to share with you:


Sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million, the National Association of Realtors said today.

The increase in sales sparked a rise in home prices. The median price for a new home rose to $173,100, up 4 percent from a year ago.

Mortgage fell last week to the lowest level for the year and close to 50-year lows as worries over the European debt crisis sent investors rushing into the safety of U.S. credit markets.

The tax credit's impact is expected to linger. While homeowners had to have a signed sales contract by April 30, buyers have until the end of June to complete their sales. The federal government provided offered first-time buyers a tax credit of up to $8,000. Homeowners looking to upgrade were able to qualify for a credit of up to $6,500.

Sales were up in all parts of the country except the West. The gains were led by a 21.1 percent jump in the Northeast and a 9.9 percent rise in the Midwest. Sales also rose 8.6 percent in the South.

The only region of the country that saw sales decline was the West, where sales dropped by 6.2 percent from March.
The big question facing the housing market is what happens now that the government's tax credits have expired.

Even with the rise in sales, the inventory of unsold homes increased in April to 4.04 million units. That would represent 8.4 months of supply of homes at the April sales pace. While that is down from inventory levels of 11 months at the depths of the housing crash, it is still above more normal inventory levels of around six months supply.

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Friday, May 21, 2010

Downtown Jersey City Sales Update - May 21, 2010



No major pricing shocks in downtown Jersey City this week. There was a 1545 sq.ft. 3BR/2BA unit that sold at $468/sq.ft. ($722,690). Nice sized unit, but the layout was a bit cramped.

Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Hoboken Sales Update - May 21, 2010



1 Bedrooms are holding steady at %485/sq.ft. and 2 bedrooms are at $435/sq.ft. this week. Let's see next week if the increased activity has had an effect on price per square foot numbers.

Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Pending Sales Update - May 21, 2010





Pending Sales for Hoboken May 21, 2010:

244 dabos vs. 249 last week (2% decrease)


Pending Sales for downtown Jersey City May 21, 2010:

132 dabos vs. 134 last week (1.5% decrease)



Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Hoboken/Downtown Jersey City Absorption Rate Update - May 21, 2010



This week, we see moderate increases for the Absorption Rates with 4.8% and 4% increases for Hoboken and downtown Jersey City, respectively.


Hoboken Absorption Rate Update 5/21/2010:

33.25 weeks vs. 31.72 weeks last week (4.8% increase)


Downtown Jersey City Absorption Rate Update 5/21/2010:

56.06 weeks vs. 53.91 weeks last week (4% increase)


Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Wednesday, May 19, 2010

New Jersey Among Three States with Increased Sales Activity


I just read a very interesting article that states that New Jersey is only one of three states that experienced an increase in sales activity from fourth quarter 2009 to first quarter 2010. Existing home sales in New Jersey have grown for four consecutive quarters and is 14.5% ahead of this time last year.

Please click here to read the full article:

http://www.nj1015.com/1st-Qtr-Report--NJ-in-Top-3-in-Home-Sales/7028854

Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Friday, May 14, 2010

Downtown Jersey City Sales Update ----- May 14, 2010



Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Hoboken Sales Update - May 14, 2010



It seems like average number of days on the market has decreased a bit this week for Hoboken. There was a great deal at 402 9th Street, 1500+ sq. ft. for $397/sq. ft.

Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Hoboken/Downtown Jersey City Pending Sales Update - May 14, 2010



For me, this is one of the strongest indicators that the market is recovering. More properties under contract means more people are feeling comfortable enough with the economy to purchase a home.

Pending Sales for Hoboken May 14, 2010:

249 dabos vs. 241 last week (3.3% increase)


Pending Sales for downtown Jersey City May 14, 2010:

134 dabos vs. 133 last week (.75% increase)



Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com


There was a stabilization of the absorption rate for Hoboken this week with a neglible .003% increase. We're holding steady at right around 32 weeks of inventory.

Downtown Jersey City saw an 11.09% increase this week, which is a bigger change than it has been over the last several weeks, but nothing to be concerned about at this time.


Hoboken Absorption Rate Update 5/14/2010:

31.72 weeks vs. 31.64 weeks last week (.003% increase)


Downtown Jersey City Absorption Rate Update 5/14/2010:

53.91 weeks vs. 48.53 weeks last week 11.09% increase)


Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Downtown Jersey City - The History Behind The Sugar House


As many of you know, Hoboken and downtown Jersey City utilize a lot of "repurposed buildings" - schools and factories and other buildings converted into condominium residences.

The Sugar House in downtown Jersey City has an interesting history that I wanted to share with you.


The Sugar House, a Jersey City waterfront warehouse, was designed by architect Detlef Leinau in 1863. It eventually became part of the American Sugar Refining Company and stood on the corner of Essex and Washington Streets on the south side of the Morris Canal.

The local architect Detlef Lienau (1818-1887), born in Denmark, was a founder of the American Institute of Architects and had an office at 111 Broadway in New York City. He was known for the building of homes on Fifth Avenue and for his wealthy clients like August Belmont and the Astors. Lienau built his first house in Jersey City for his brother Michael in 1849. He also built the Grace Church Van Vorst in 1850-53, the Mechanics and Traders Bank building in 1859, and the original First National Bank building at One Exchange Place in 1864.

F.O. Matthiessen & Wiechers, a stock investment company began the sugar refining business in Jersey. Another refinery plant on the north side of the Morris Canal was built in 1868 to refine Cuban molasses. That operation was discontinued with the introduction of centrifugal machines for the efficient refining of sugar. By 1890 the American Sugar Refining Company took over the refinery plants and was producing a variety of over 5,000 barrels of 360 pounds each of refined sugar a day from raw sugar imported worldwide.

By 1907, the Refining Company employed over fifteen hundred workers and occupied four city blocks with an expanse of over nine hundred feet of waterfront to receive transport ships. During this time of industrial expansion, the company was noted both for the quality of its product and for its progressive views on the redesign of production equipment in its own machine shops to remain a leader in its industry.

On November 14, 1924, a four-alarm fire originating at the Battielle and Renwick Saltpeter Co. on Morris and Warren streets spread across the street to the Sugar House. Saltpeter or sodium nitrate is used in the making of explosives and is highly inflammable. The fire caused the evacuation of nine hundred residents in nearby wooden tenements in the immigrant neighborhood known as "Gammontown." No one was killed during the fire. News reports claim that the daytime conflagration, starting at nine a.m., enabled firefighters to bring the injured to safety. The fire gutted the Sugar House and consumed the Heppe Paper Box Co., next to the saltpeter facility. Part of the Sugar House complex and the Colgate Company storage plant, on the east side of Essex Street, were saved by the dynamiting of "an overhead passageway connecting the soap plant and the sugar house to halt the flames" (Jersey Journal, 18 December 1964).

The rapid spreading of the fire, explosive noises and shattering of windowpanes reminded some Jersey City residents of the Black Tom explosion, only eight years earlier. Thickening smoke and sparks carried by heavy winds affected homes surrounding Morris, Essex, Washington, and Warren streets. Firemen, incapable of reaching the fire, could only water adjacent properties as a preventative measure. Fireboats used the access of the Morris Canal Basin at the foot of Washington Street to protect the piers and properties south of the fire.

Fire officials claim the overheating of the machinery in the manufacture of the saltpeter to be the cause of the fire; however, company officials held that a bonfire set next to the building caused the sparks to ignite a fire in the basement. The fire that raged for four hours destroyed thirty-seven tenement houses and several large factories with total property damage amounting to approximately one million dollars. The only building on the block of the fire to remain in tact was the Onyx Chemical Co., next to the saltpeter plant. This "fireproof" building was constructed in 1923.

The Sugar House survived another fire in 1955. It was renovated by Diversified Management Systems and today is a sixty-four unit condominium and opened for occupancy in June 2001.

References:
Golodik, Thomas. "50 Years Ago: Jersey City's Worst Fire." Jersey Journal 14 November 1974.
"The Jersey City Sugar House Fire: A Tremendous Spectacle." Jersey Journal 18 December 1964.

Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Friday, May 7, 2010

Downtown Jersey City Sales Update ----May 7, 2010



Great sale at 174 Washington at $394/sq. ft. Very nice units in that building.

Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Hoboken Sales Update - May 7, 2010



Price per square foot figures showed solid gains for both 1BR and 2BR condos in Hoboken this week.

Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Pendings Sales Increases.............Again May 7, 2010



...more increases in pending sales this week.

Pending Sales for Hoboken May 7, 2010:

241 dabos vs. 226 last week (6.7% increase)


Pending Sales for downtown Jersey City May 7, 2010:

133 dabos vs. 129 last week (3.1% increase)



Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Aborption Rate Drops Again For Hoboken and Downtown Jersey City - May 7, 2010



The absorption rate is going down....down...down....for Hoboken and downtown Jersey City again this week.

Decreasing inventory coupled with increasing demand = potential price increases


Hoboken Absorption Rate Update 5/7/2010:

31.64 weeks vs. 34.77 weeks last week (9.1% decrease)


Downtown Jersey City Absorption Rate Update 5/7/2010:

48.53 weeks vs. 49.79 weeks last week (2.5% decrease)


Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com