Monday, November 29, 2010

Major Decreases as Compared to November 2009-Monthly State Update-November 2010



The absorption rates for Hoboken and downtown Jersey City both dropped this month. As compared to November 2009, Hoboken has increased by 6.6% and downtown Jersey City has increased by a staggering 60.7%. I think buyers are a bit weary of buying in Hoboken and are starting to challenge the prices of the some of the properties on the market right now in the area.

Pending sales for November decreased by 4.4% for Hoboken and increased by 4.8%. Compared to November 2009, pending sales are off by 18.8% for Hoboken and 1.9% for downtown Jersey City.

In Hoboken, price per square foot was up for 1BR and 3BR condos for November. Overall, 1BR, 2BR and 3BR condos were all down from November 2009.

In the Newport area of downtown Jersey City, 1BR price per sq. ft. sales fell 12.5%, while 2BR sales increased by 15.95%. Compared to November, 2009 price per square foot sales increased 9.4% for 1BR and decreased by 24% for 2BR price per square foot sales.

Downtown Jersey City saw a 3.9% and .46% for 1 and 2BR condos, respectively and price per square foot sales decreased by 2.8% for 1BR condos and actually increased by 12.5% for 2BR units.

Overall, the market has underperformed as compared to November, 2009.


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

https://spreadsheets.google.com/pub?key=
Information provided by:

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

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Hoboken/Downtown Jersey City Pending Sales Update-November 26, 2010




We had a slight increase in pending sales for Hoboken this week as buyers try and get into contract and close before the end of the year.

Downtown Jersey City saw a 7.5% decrease in pending sales this week, but things have been so erratic over there that the fluctuations over there don't surprise me.

Pending Sales for Hoboken November 26, 2010:

136 dabos vs. 125 last week (8.8% increase)


Pending Sales for downtown Jersey City November 26, 2010:

100 dabos vs. 108 last week (7.5% decrease)



Information provided by:

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

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Hoboken/Downtown Jersey City Absorption Rate Update-November 26, 2010




Hoboken experienced a mild 6% increase this week and was minimized by a decreasing inventory for the holiday season.

The absorption rate for Jersey City decreased another 21% this week which is a positive sign, but it's still a lot higher than where I think it should be.

Hoboken Absorption Rate Update November 26, 2010:

40.07 weeks vs. 37.80 weeks last week (6% increase)

Downtown Jersey City Absorption Rate Update November 26, 2010

53.18 weeks vs. 67.17 weeks last week (21% decrease)


Information provided by:

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

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Downtown Jersey City Sales Update-November 26, 2010




There was a great 1BR short sale at 65 2nd Street (The Portofino) for $329/sq.ft. There was a comparable sale this week that wasn't a short sale that sold for $485/sq.ft.

One the 2BR front, there was a new construction sale at 253 Washington for $430/sq.ft. which is pretty strong sale for the area.

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



Information provided by:

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

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Hoboken Sales Update-November 26, 2010




The price per sq. ft. of 1BR was brought down slightly this week by a rehab 1BR sales at 1212 Washington for $275/sq.ft. It is need a gut renovation, but was a great buy for someone willing to put the time and money into it.

2BR sales in Hoboken this week were brought up by a strong sale at 1500 Hudson (Hudson Tea) at $636/sq.ft. I did some research and the buyer paid $709/sq.ft. just a year ago...OUCH!

There was an interesting sale at 7th and Washington this week. It was actually a single family home being used as a convent. I'm curious to see what they're going to do with it.

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



Information provided by:

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

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Friday, November 19, 2010

Absorption Rate Update-Novebmer 19, 2010




The absorption rate for Hoboken decreased by 1.1% this week. This loss was minimized by the fact that the total number of listings decreased to 471 this week. Not unreasonable for this time of year, but we're off by about 10% from where we were at this time last year.

The absorption rate for Jersey City actually decreased 3.5% this week, but we're still off by about 50% from Oct. '09 figures. This is a little concerning because total active listings is also down to 403 this week. Normally a decrease in active listings would help settle the absorption rate.

Hoboken Absorption Rate Update November 19, 2010:

37.80 weeks vs. 38.20 weeks last week (1.1% decrease)

Downtown Jersey City Absorption Rate Update November 19, 2010
67.17 weeks vs. 64.86 weeks last week (3.5% decrease)


Information provided by:

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

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Pending Sales Update-November 19, 2010



We had a slight drop in the pending sales for Hoboken this week, but it's still solid considering that we're starting the holiday slowdown.


Pending Sales for Hoboken November 19, 2010:

125 dabos vs. 132 last week (5.4% decrease)


Pending Sales for downtown Jersey City November 19, 2010:

108 dabos vs. 107 last week (.01% decrease)



Information provided by:

Kevin Dowd
Broker Salesperson
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

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Hoboken Sales Update-November 19, 2010



We just had one 1BR condo sale this week for $463/sq.ft. at 1015 Grand. Looks like it's a nice unit. I like the buildings over on 10th and Grand because there isn't a lot of traffic on the street and it's one of the few streets that still has the original cobblestones.

We had seven 2BR condo sales this week for an average of $473/sq.ft. which is a solid average this week. There was a unit at 700 1st that sold for a very low $375/sq.ft. Prices seems to have been dropped at 700 1st over the last year. The units are a bit commoditized and there's always several units on the market.

There were three 3BR condo sales this week with 712 Grand selling for a very low $365/sq.ft. There are a lack of great 3BR condos on the market right now.

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



Information provided by:

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

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Jersey City Sales Update-November 19, 2010




There were actually five 2 bedroom sales in downtown Jersey City this week for an average of $381/sq.ft. 149 Essex sold for an impressive $475/sq.ft. Thelisting said that it had two parking spaces, but it's more like a space and a half.

I spoke with the listing agent regarding this and she said that the buyer bought pre-construction and was very upset with the parking space she selected, so the developer gave her an additional space.

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



Information provided by:

Kevin Dowd
Broker Salesperson
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

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Friday, November 12, 2010

Downtown Jersey City Sales Update-November 12, 2010



There was a great 2BR sale at 174 Washington for $481/sq.ft. Wow, great deal. These were selling recently in the $550/sq.ft. range.

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



Information provided by:

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

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Light Sales Week for Hoboken-Hoboken Sales Update-November 22, 2010



1BR condos posted a strong week again at $524/sq.ft. The charge this week was led by a 1BR sale at Maxwell Place at $663/sq.ft.

We were a little light on 2BR this week with only 2 sales that averaged a lowish $414/sq.ft.

There was one 3BR sale at Harborside Lofts that closed at a low $521/sq.ft.

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



Information provided by:

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

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Pending Sales Increase-Hoboken/Downtown Jersey City Pending Sales Update-November 12, 2010



We had nice increases in pending sales this week as buyers are trying to move in before the end of the year.

Pending Sales for Hoboken November 12, 2010:

132 dabos vs. 124 last week (6.45% increase)


Pending Sales for downtown Jersey City November 12, 2010:

107 dabos vs. 98 last week (9.12% increase)



Information provided by:

Kevin Dowd
Broker Salesperson
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

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Big Drops for Hoboken and Downtown Jersey City-Absorption Rate Update-November 12, 2010




Inventory decreased again this week for Hoboken and downtown Jersey City which has helped reduce the absorption rates. Don't worry, things always slow down this time of year as people start to enjoy the holiday season...which always seems to begin earlier and earlier each year!

Hoboken Absorption Rate Update November 12, 2010:

38.20 weeks vs. 43.41 weeks last week (12.1% decrease)

Downtown Jersey City Absorption Rate Update November 12, 2010
64.86 weeks vs. 79.67 weeks last week (18.7% decrease)


Information provided by:

Kevin Dowd
Broker Salesperson
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

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Friday, November 5, 2010

Downtown Jersey City Sales Update-November 5, 2010



There was a nice 2BR that sold at 65 2nd for $458/sq.ft. which is a bit lower than recent sales.

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



Information provided by:

Kevin Dowd
Broker Salesperson
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

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www.jerseycitypropertyvalues.com

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Solid Sales Week in Hoboken-Hoboken Sales Update-November 5, 2010



We had really strong 1BR sales this week with all sales averaging over $500/sq.ft.

Two bedrooms were also really solid with all sales averaging over $400/sq.ft.


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



Information provided by:

Kevin Dowd
Broker Salesperson
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

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www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

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Hoboken/Downtown Jersey City Pending Sales Update-November 5, 2010



No big suprises here. The market always starts to slow down through the end of the year. Everyone else I know that's in sales always comments that things tends to get slow for them as well.

Pending Sales for Hoboken November 5, 2010:

124 dabos vs. 134 last week (8.5% decrease)


Pending Sales for downtown Jersey City November 5, 2010:

98 dabos vs. 101 last week (3% decrease)



Information provided by:

Kevin Dowd
Broker Salesperson
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

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www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

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Hoboken/Downtown Jersey City Absorption Rate Update-November 5, 2010




Inventory has decreased for both Hoboken and downtown Jersey City which is helping to keep the absorption rates in check. It will be interesting to see how the absorption rates are affected by the holdiay slowdown that is about to occur.

Hoboken Absorption Rate Update November 5, 2010:

37.41 weeks vs. 41.17 weeks last week (8.1% decrease)

Downtown Jersey City Absorption Rate Update November 5, 2010
79.67 weeks vs. 75.91 weeks last week (4.95% increase)


Information provided by:

Kevin Dowd
Broker Salesperson
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

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www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

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Wednesday, November 3, 2010

September Existing Home Sales Show Another Strong Gain


Existing-home sales rose again in September, affirming that a sales recovery has begun, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR).

National existing home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, jumped 10.0 percent in September from August, but remain 19.1 percent below September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.

Lawrence Yun, NAR chief economist, said the housing market is in the early stages of recovery. “A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions,” he said.

Information provided by:

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

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