Thanks to Phil for providing some research into the Hoboken First Quarter numbers. Sold condos are selling for a 4.9% average discount to the last ask price before contract and 8.4% discount over the initial ask price.
So a condo originally listed for $500,000 will sell for $458,000 on a final ask of $481,600.
Speaking of price reductions… Just went to an open house today: a nice one bedroom, walkable to the PATH. About a year ago a identical layout in the same building sold for $405,000. Given the market decline or the past year (15-17%), the fact that this one doesn’t have a washer dryer, this one is two more flights of stairs above and doesn’t have rental parking available…what would you price this at? If you said north of $350,000 then you too can start talking price reductions.
Did I mention the cat liter box with no hood right when you walk in? With over 180 other one bedroom choices, I wonder whether the seller wants to move in 2009.
Prime Real Estate Group
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Brian Murray is a broker salesperson at Prime Real Estate Group in Hoboken. As a broker, I have advanced training and a deeper understanding of the real estate market than a sales associate. I am Hoboken resident who has lived in Hudson County for the past fifteen years. I have been a full time realtor in Hoboken for the past thirteen years.
Brian really helped me with his knowledge in this crazy market. Could not have done it without him.