Pending Sales Increase for Hoboken and Downtown Jersey City-Pending Sales Update-November 25, 2011

The number of properties under contract increased again this week for both Hoboken and downtown Jersey City this week.

This is the fifth consecutive increase in pending sales for Hoboken and the third consecutive increase for downtown Jersey City.

Inventories are low and taking a little longer to sell right now, but they are selling.

Pending Sales for Hoboken November 25, 2011:


144 dabos vs. 137 last week (5.1% increase)


Pending Sales for Downtown Jersey City November 25, 2011:


114 dabos vs. 113 last week (.89% 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 Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: http://www.twitter.com/KevinDowdHBJC

Hoboken/Downtown Jersey City Absorption Rate Update-November 25, 2011

Hoboken Absorption Rate Update November 25, 2011:

37.07 weeks vs. 43.50 weeks last week (14.8% decrease)


Downtown Jersey City Absorption Rate Update November 25, 2011

51.67 weeks vs. 58.49 weeks last week (11.7% 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 listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

4 Sales This Week in Downtown Jersey City-Downtown Jersey City Sales Update-November 25, 2011

There were just four sales in downtown Jersey City this week.

There was a low sale at $397/sq.ft. at 311 Washington Street (Washington Commons). It's a nice building...not sure why it sold so low.


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 Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

Two Bedroom Sales at $529/sq.ft., One Bedroom Sales at $457/sq.ft.-Hoboken Sales Update-November 25, 2011

There were a total of 8 sales this week in Hoboken.

There were four 1 bedroom condos that sold this week for an average sales price of $457/sq.ft.  There were two sales in the mid-$300/sq.ft. range which dragged down the weekly average.

Two bedroom condos averaged $529/sq.ft. and were bolstered by a $631/sq.ft. sale at Maxwell Plae (1125 Maxwell Lane).

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 Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow Me on Twitter: www.twitter.com/KevinDowdHBJC

Increases for Hoboken and Downtown Jersey City-Pending Sales Update- November 18, 2011

The number of properties under contract increased again this week for both Hoboken and downtown Jersey City this week.

This is the fourth consecutive increase in pending sales for Hoboken and the second consecutive increase for downtown Jersey City.

Inventories are low and taking a little longer to sell right now, but they are selling.

Pending Sales for Hoboken November 18, 2011:


137 dabos vs. 130 last week (5.39% increase)


Pending Sales for Downtown Jersey City November 11, 2011:


113 dabos vs. 109 last week (3.7% 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 Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: http://www.twitter.com/KevinDowdHBJC

Properties Staying on the Market This Week-Absorption Rate Update-November 18, 2011

Hoboken Absorption Rate Update November 18, 2011:

43.50 weeks vs. 33.56 weeks last week (29.61% increase)


Downtown Jersey City Absorption Rate Update November 18, 2011

58.49 weeks vs. 51.20 weeks last week (14.23% 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 listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

2 Sale in Downtown Jersey City-Downtown Jersey City Sales Update-November 18, 2011

There were just two sales in downtown Jersey City this week.

There was a short sale at 88 Morgan that closed at a very low $400/sq.ft. The original owner of this property paid $686/sq.ft. We're going to see a lot more short sales at 88 Morgan over the next 24 months.

Taxes are over $9700/year and maintenance is $593/month and doesn't include parking. What many buyers don't realize is that taxes can't be appealed on building with a tax abatement and 88 Morgan has a tax abatement until 2028! OUCH!

A 3 family sold on 8th and Erie for $710,000. Priced well, but the rent roll is a little low at $2100/month, but if they can rent out the third apartment for a decent rent it should almost break even.

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 Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

2BR Townhouse at Maxwell Place sells for $651/sq.ft. ($2,090,045)-Hoboken Sales Update-November 18, 2011

There were a total of 11 sales this week in Hoboken.

There was a small, but renovated studio that sold for a strong $647/sq.ft., but smaller units typically sell for way above average. I had been told that the finances for this building were horrible, so I wonder how the buyer was able to get financing.

There was a great 1BR that sold at Hudson Tea for $506/sq.ft. These are great 1BR units with a TON of closet space. These are true 1BR units, not the 735 sq.ft. studios.

A two bedroom + 2 den townhouse sold at Maxwell for a strong $651/sq.ft.  These townhomes faces that city and are amazing on the inside.

Overall, it was a pretty good week for sales in Hoboken.

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 Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow Me on Twitter: www.twitter.com/KevinDowdHBJC

No Good 1BR & 2BR Inventory in Downtown Hoboken-Great Time to Sell!-November 16, 2011

There are no good 1BR & 2BR condos on the market right now in Hoboken. If you live downtown and are considering selling, now might be a great time to list your property.

I have a buyer that lost TWO bidding wars on downtown Hoboken 2BR condos in the last two weeks.

Give me a call if you're even considering listing your property.

You might be surprised to find out what it's worth.


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 listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

Pending Sales Are Up-But Where Is All The Inventory? Hoboken/Downtown Jersey City Pending Sales Update-November 11, 2011

Inventory is low for Hoboken (302 units-condo to 4 family) and for downtown Jersey City (319 units-condo to 4 family) but properties that are out there do sell in this market which is why pending sales have been trending up over the last few weeks.

The problem that I'm seeing is that many buyers aren't willing or able to sell their properties at a loss. Many of the condos that sold in 2006 to 2009 are worth less now.

Sellers incorrectly think that they can just short sale (sell for less than the mortgage value) their property if it's worth less than they paid for it. What they don't realize is that if they have good salaries and can easily cover their mortgage payments a bank won't approve their short sale.


Pending Sales for Hoboken November 11, 2011:

130 dabos vs. 128 last week (1.57% increase)


Pending Sales for Downtown Jersey City November 11, 2011:

109 dabos vs. 104 last week (4.8% 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 Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: http://www.twitter.com/KevinDowdHBJC

Hoboken/Downtown Jersey City Absorption Rate Update-November 11, 2011

Hoboken Absorption Rate Update November 11, 2011:

33.56 weeks vs. 32.30 weeks last week (3.9% increase)


Downtown Jersey City Absorption Rate Update November 11, 2011

51.20 weeks vs. 52.32 weeks last week (2.2% 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 listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

2 Bedroom Sales Heat Up This Week-Downtown Jersey City Sales Report-November 11, 2011

There were a total of 9 sales in downtown Jersey City this week.

The big news this week for downtown Jersey City was in the 2 bedroom/downtown market. There were a total of 5 sales with an average sales price of $439/sq.ft. which is excellent. Prices in the two bedroom downtown market have been heating up over the last several months.

Please click on the link below if you can't view 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 Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

7 Total Sales in Hoboken-One Great Sale-Hoboken Sales Update-November 11, 2011

I would first like to take a moment to thank everyone who has defended our country.
You are not forgotten.

We had a total of seven sales this week in Hoboken.

On the one bedroom front, there was a sale of $391/sq.ft. at 707 Monroe which didn't help things. Average sales price for the week was $418/sq.ft.

Two bedroom condos also sold poorly this week with an average sales price of $387/sq.ft. There were two sales at 2 Constitution that sold in the $425/$435 sq. ft. range this week. There were units in this building that were selling for $700+/sq.ft. foot around 6 years ago. Ouch!

The deal of the week has to be 163 Newark Street. This unit sold in $2009 for $391/sq.ft. ($587,000) and just closed for $513/sq.ft. There were some structural issues with the building that scared away buyers back in 2009 which is why it was sold so cheaply.


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 Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow Me on Twitter: www.twitter.com/KevinDowdHBJC

Hoboken/Downtown Jersey City Pending Sales Update-November 4, 2011

Pending Sales for Hoboken November 4, 2011:

128 dabos vs. 126 last week (1.6% increase)


Pending Sales for Downtown Jersey City November 4, 2011:

104 dabos vs. 110 last week (5.5% 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
Search Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: http://www.twitter.com/KevinDowdHBJC

Hoboken/Downtown Jersey City Absorption Rate Update-November 4, 2011

Hoboken Absorption Rate Update November 4, 2011:

32.30 weeks vs. 32.87 weeks last week (1.7% decrease)


Downtown Jersey City Absorption Rate Update November 4, 2011
52.32 weeks vs. 57.01 weeks last week (8.2% 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 listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

13 Sales This Week in Downtown Jersey City-Downtown Jersey City Sales Report-November 4, 2011

We had a good sales week in downtown Jersey City this week with a total of 13 sales.

1 bedroom sales in the Newport are averaged a strong $529/sq.ft. this week led by a $537/sq.ft. sale at 20 2nd Street (The Mandalay).

1 bedroom sales in the downtown area averaged a strong $412/sq.ft. led by a $451/sq.ft. sale at 100 Tidewater Street (Liberty Harbor). Expect good things from the Liberty Harbor area over the next several years. There are several large projects slated for development in this area.

2 bedroom sales in the downtown averaged $455/sq.ft. led by two sales at 78 Wayne Street (The Rosina) that hovered around the $500/sq.ft. range.

There were also three brownstone sales this week as well at prices that are comprable to Hoboken brownstone prices.

Please click on the link below if you can't view 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 Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

Prices Change in Hoboken-Hoboken Sales Update-November 4, 2011

There were a total of 10 sales in Hoboken this week.

There was one 1 bedroom sale this week at a very strong $529/sq.ft.
On the 2 bedroom front, there were 8 sales this week.  There were two sales at The Constution that sold for $425/sq.ft. and $435/sq. ft. Several years ago, these properties were selling in the $800+/sq.ft. range.

The most recent sale at 82 Clinton sold for $470/sq.ft. These units were selling in the $560/sq.ft. range about four years ago.

There was also a great 2 family sale on 11th & Park for $892,500.  The property needed some updating, but was still a great deal.

How times have changed.

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 Hoboken listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow Me on Twitter: www.twitter.com/KevinDowdHBJC

Prices Up for Hoboken-Down in Downtown Jersey City-Monthly Stats Update-November 1, 2011

Many buyers find it hard to believe when I tell them that prices in Hoboken and downtown Jersey City haven't really dropped much over the last year.  


I will often show prospective buyers my data which shows how prices haven't changed drastically over the past 12 months.  Prices for studios through 3 bedroom condos have all increased in Hoboken when compared to October, 2010.  In downtown Jersey City, prices in the Newport area have increased across the board and in the downtown area prices have increased for 2 bedroom and decreased for 1 bedroom units by just 6.7% when compared to last year.




Absorption Rate
The absorption rate for Hoboken increased slightly to 29.51 weeks and increased incrementally to 45.03 weeks for downtown Jersey City. What does this mean?  Based on the current sales pace, inventory is in the normal range for Hoboken and slightly elevated for downtown Jersey City.  It's interesting to note that absorption rates for Hoboken and downtown Jersey City are 33.3% and 32.7% lower than October 2010 rates.  


This is great news because it indicates that properties are moving faster than they were last year at this time.




Pending Sales
Pending sales dropped for Hoboken and downtown Jersey City for October.  Not big drops, but drops nonetheless.  Hoboken pending sales are down 12.1% from October, 2010 and downtown Jersey City is up 11.68 from the same time last year. 




Transactions
The number of actual sales for Hoboken and downtown Jersey City are down 32.3% and 31.25%, respectively, when compared to last month and down 33.3% and 15.4% when compared to October, 2010.  There are fewer properties selling, but they are selling well.




Price Per Square Foot-Hoboken
The price per square foot for 1 bedroom condos in Hoboken increased by 6.9% to $496.15/sq.ft. and is also up 9.3% when compared to October, 2010.


2 bedroom prices increased by 1.5% to $461.34/sq.ft. and increased 1.3% from September, 2011.


3 bedroom prices dipped by 6.3% but are up 10.9% when compared to September, 2010.




Price Per Square Foot-Newport
1 bedroom prices in the Newport area dropped by 17.1% this month to 446/sq.ft. but are up 15.6% compared to the same period last year.


2 bedroom prices decreased 4.9% to $443/sq.ft. but actually increased 31.5% over the same period last year.




Price Per Square Foot-Downtown
1 bedroom prices dropped 10.8% to $373.80/sq.ft. and is down 6.7% compared to the same period last year.


2 bedroom prices dipped by just .4% to $435.33/sq.ft. but are up by 17.9% over last year.




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 Hoboken listings:
www.viewhobokenhomes.com


Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com


Follow me on Twitter: www.twitter.com/KevinDowdHBJC