Friday, February 24, 2012

Pending Sales Increase For Hoboken and Downtown Jersey City-Hoboken/Downtown Jersey City Sales Update-February 24, 2012






Pending Sales for Hoboken-February 24, 2012:
151 dabos vs. 147 last week (2.72% increase)

Pending Sales for Downtown Jersey City-February 24, 2012:
133 dabos vs. 123 last week (8.13% 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.alldowntownjerseycityhomes.com


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

Hoboken/Downtown Jersey City Sales Update-February 24, 2012


Inventories in Hoboken dropped two units to 228 this week.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City is flat this week increased 12 to 281 units.

Hoboken Absorption Rate Update-February 24, 2012

22.46 weeks vs. 23.19 weeks last week (3.1% decrease)


Downtown Jersey City Absorption Rate Update-February 24, 2012


45.50 weeks vs. 45.36 weeks last week (.003% 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.alldowntownjerseycityhomes.com/

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

Short Sale at 65 2nd Street Sells for $26,000 Over Asking Price-Downtown Jersey City Sales Update-February 24, 2012




There were just four sales in the downtown area this week.

The sale at 65 2nd Street was a short sale and sold for $26,000 over asking price.  It was only on the market for six days and was priced way below market value.

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

Hoboken Sales Update-February 24, 2012




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

It's important to note that there were 2 two bedroom sales this week that sold for over $650/sq. ft.

The three bedroom condo at 131 Jackson closed for a very low $351/sq. ft. and was on the market since November 1, 2009.  It was a short sale.



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.alldowntownjerseycityhomes.com/

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


Friday, February 17, 2012

Pending Sales Increase This Week-Hoboken/Downtown Jersey City Pending Sales Update-February 17, 2012






Pending Sales for Hoboken-February 17, 2012:
147 dabos vs. 138 last week (6.52% increase)
Pending Sales for Downtown Jersey City-February 17, 2012:
123 dabos vs. 122 last week (.82% 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.alldowntownjerseycityhomes.com/

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

Hoboken/Downtown Jersey City Absorption Rate Update-February, 17, 2012


Inventories in Hoboken dropped four units to 230 this week.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City is flat this week increased 9 to 293 units.

Hoboken Absorption Rate Update-February 17, 2012

23.19 weeks vs. 20.28 weeks last week (14.35% increase)


Downtown Jersey City Absorption Rate Update-February 17, 2012


45.36 weeks vs. 42.45 weeks last week (6.86% 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.alldowntownjerseycityhomes.com/

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

Great Sales Week for Downtown 2 Bedrooms-Downtown Jersey City Sales Update-February 17, 2012



We had six sales in the downtown area this week.

The two bedroom market in the downtown area continues its strength with sales averaging $373/sq.ft.  There was a unit at 136 Newark that sold for $454/sq.ft. which is great.

I was also happy to see that 15 Warren Street sold for $526/sq.ft. which is a strong sale for the area.  This unit has been on and off the market and was previously offered for sale at $568/sq.ft.

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

Is The Sky Club Undervalued? Hoboken Sales Update-February, 17, 2012



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

I've noticed that prices at 700 1st Street (The Sky Club) have been selling very low.  Two units just closed at lower than $450/sq.ft.   I think this is an undervalued building.

On the flip side of this is the $608/sq.ft. sale at 221 Willow which I think is a little bit high for teh market.
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.alldowntownjerseycityhomes.com/

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


Friday, February 10, 2012

Increase in Pending Sales For Hoboken This Week-Hoboken/Downtown Jersey City Pending Sales Update-February 10, 2012






Pending Sales for Hoboken-February 10, 2012:
138 dabos vs. 132 last week (4.55% increase)

Pending Sales for Downtown Jersey City-February 10, 2012:
122 dabos vs. 123 last week (.8% 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.alldowntownjerseycityhomes.com/

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

Rates Drop Again This Week-Absorption Rate Update-February 10, 2012


Inventories in Hoboken dropped one to 234 units this week.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City is flat this week at 284 units.

Hoboken Absorption Rate Update-February 10, 2012

20.28 weeks vs. 24.84 weeks last week (18.4% decrease)


Downtown Jersey City Absorption Rate Update-February 10, 2012


42.45 weeks vs. 53.48 weeks last week (20.6% 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.alldowntownjerseycityhomes.com/

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

Downtown Sales Break $500/sq. ft./Newport Sale Sets Trend-Downtown Jersey City Sales Update-February 10, 2012





There were just 4 sales this week in the downtown area.

The unit a 389 Washington Street is a F unit with direct city views that sold for an impressive $622/sq.ft.  This will do a lot do boost prices for the other 3 F lines currently for sale in the building.

In the downtown area there was also two great 2 bedroom sales that pushed the weekly average to over $500/sq.ft.

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

2BR/2BA at 70 Adams Sells at Asking Price in 14 Days-Hoboken Sales Update-February 10, 2012



We had a total of 11 sales this week in Hoboken that was limited to 1 bedroom and 2 bedroom units.

There was a extremely low 1 bedroom short sale at 228 Bloomfield for $304/sq.ft.  This unit sold way below market and should have sold for around $450-$475/sq.ft. depending on the condition.

As proof that good units are moving quickly you have to look no farther than 70 Adams.  The Oz is a great downtown building a 1300 sq. ft. unit sold for $507/sq.ft. in 14 days for ASKING PRICE.

There is such a lack of good downtown 2 bedroom condos that people swarmed this unit.

It's also important to note that 2 bedroom sales averaged $506/sq.ft. this week.

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.alldowntownjerseycityhomes.com/

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


Wednesday, February 8, 2012

January, 2012 Statistics Update





Absorption Rate
The absorption rate for January dropped 17.2% to an impressive 19.53 weeks.  I don't mean to sound like a broken record, but inventories are very low for Hoboken right now.

Downtown Jersey City dropped 31.5% this month as well to 40.98 weeks where inventories are very low.


Pending Sales
Pending sales were down 7.1% for Hoboken and actually increased 6.53% for downtown Jersey City this month.  Pending sales are up 4.78% for Hoboken and 23.62% for the downtown area when compared to January, 2011 levels.


Transactions
Transactions were down 46% and 25% for Hoboken and downtown Jersey City, respectively and
were down 17.1% and increased 10.52% when compared to January, 2011 transactions.

These lower transaction rates are primarily due to the lack of inventory on the market right now.  I personally have several buyers ready to buy that cannot find the right property.


Price Per Square Foot-Hoboken
1 bedroom prices dipped 8.5% this month and are still down 3.4% when compared to 2011 levels. 

Two bedroom prices are down 6% and are still off 4% from January, 2011 levels.

There weren't as many luxury sales to boost prices and there were several lower than average sales that brought down pricing.


Price Per Square Foot-Newport
1 bedroom sales in the Newport area eked out a .94% increase this month and bumped up sales 5.5% when compared to January, 2011 levels.

2 bedroom sales were up 18.1% over last month and have increased 6.57% when compared to January, 2011 levels.

Price Per Square Foot-Downtown
Weeks of slow and steady gains were eroded in the downtown area this week.

1 bedroom sales dropped 19.1% and 2 bedroom sales dropped by 13.6% this week.

When compared to 2011 levels, 1 bedroom sales are off 3.3% and 2 bedroom sales have increased 1.02%


Conclusion
At this point, we have a market that is being strangled by a complete lack of market inventory.  When there is a great property that does enter the market, we're seeing a swarming effect by buyers resulting in quick and strong bidding.

The days of waiting a few weeks to see how a property performs are coming to an end.

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.alldowntownjerseycityhomes.com/

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

Monday, February 6, 2012

Hoboken/Downtown Jersey City Pending Sales Update- February 3, 2011











Pending sales increased for both areas this week, but I suspect the numbers would be even higher if there was more inventory out there.


Pending Sales for Hoboken-February 3, 2012:
132 dabos vs. 127 last week (3.9% increase)

Pending Sales for Downtown Jersey City-February 3, 2012:
123 dabos vs. 123 last week (no change)



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.alldowntownjerseycityhomes.com/


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

Sunday, February 5, 2012

Inventories Down 59.6% in Hoboken and 34.7% in Downtown Jersey City-Hoboken/Downtown Jersey City Sales Update-February 3, 2012


Inventories in Hoboken increased to 235 units this week.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City stands dropped to 284 units.

At this time last year, there were 567 units for sale in Hoboken and 435 units for sale in Hoboken.

Hoboken jumped another 50% this week, but I know that the 9 week absorption rate wasn't going to last.

Downtown was down 6.1%, but the rate there is very erratic.

Hoboken Absorption Rate Update-February 3, 2012

24.84 weeks vs. 30.71 weeks last week (19.1% decrease)


Downtown Jersey City Absorption Rate Update-February 3, 2012


53.48 weeks vs. 57.48 weeks last week (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.alldowntownjerseycityhomes.com/

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

Are Prices Going Up in Downtown Jersey City?-Jersey City Sales Update-February 3, 2012





There were eight total sales in downtown Jersey City this week.

One bedrooms in the downtown area averaged $340/sq.ft. this week with 2 sales.

There was a 2 bedroom sale at 20 Newport Parkway (The Shore ) at  $547/sq.ft.  It's interesting to note that the buyers purchased the property in March, 2007 for $477/sq.ft.

The property sold in 8 days.

Is the market starting to improve?


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

16 Sales in Hoboken This Week-Hoboken Sales Update-February 3, 2012



We had a total of 16 sales in Hoboken this week, which is better than we've had over the last three weeks.

All of the agent's that I've talked to have all commented that the market is getting busier again.

There was a 1 bedroom at 73 Garden that sold for $483/sq.ft. despite that fact that most of the units in the building are tenant occupied.  This is a big problem some smaller condo units face as most banks don't want to see buildings more than 50% tenant occupied. The listing for this unit stated upfront that only buyers with 20% down or more would be able to submit offers.

Overall, one bedrooms averaged a very strong $595/sq.ft. this week.

2 bedroom condos averaged $442/sq.ft. and were brought down by a 4th floor walkup sale at 721 Madison for $329/sq.ft.  Fourth floor walkups can be a challenge to sell and price adjustments are usually necessary to lure buyers.

We had 3 three bedrooms sales this week for $493/sq.ft. which we don't see very often.

What's more strange is that we had 2 four bedroom sales this week for an average sale price of $378/sq.ft.  The listing at 99 Park is actually 2 two bedroom units combined.  The layout is a little strange, but if you need a large 4 bedroom condo there aren't many choices out there.  The added bonus is that the property sold with two deeded parking spaces.

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.alldowntownjerseycityhomes.com/

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