An "informed but informal" place to find real estate information
2005 sales results and 2006 flipping advise
Published Dec 31, 2005 by Judy Marciano | E-mail this post
In follow up to my blog post of yesterday regarding one bedroom sales, please see below for additonal statistics on Hoboken condo sales activity for 2005 and some interesting information on how flipping pre-construction properties have affected the annual average pricing:
2 bedrooms:
active: 166
Average list price: $620,746
Average days on market: 89
under contract: 59
Average list price: $609,898
Average days on market: 64
sold: 400
Average selling price: $480,427*
Average days on market: 75
*this number seems low which could be a result of various factors of which perhaps flipping pre-construction properties is one of the biggest reasons, ie. Upper Grand, Sky Club, etc. People put non-binding reservations on condo's at lower prices in 2004 but they didn't close until 2005. By the time they were completed and closed, the prices in the market have increased considerably but their original purchase price is included in the average selling price for properties that closed in 2005. Some people purchased a condo in Sky Club in the high $300,000 range in 2004, this price was honored even though the market prices increased. These fortunate buyers were able to have a closing on this purchase in 2005 and flip it after closing for prices in the mid $500,000 range.
In some of the newer places, such as Maxwell House (phase 2 release), they are putting clauses in the contracts that do not allow you to flip within the first year.
So, if you are planning on purchasing any pre-construction property in Hudson County to flip in 2006, make sure you read the fine print in your contract to verify that this is allowed without a specified clause restricting the time frame for flipping.
3 bedrooms:
Active: 23
Average listing price: $805,495
Average days on market: 96
Under contract: 8
Average listing price: $818,225
Average days on market: 58
Sold: 69
Average selling price: $661,718
Average days on market: 44
4 bedrooms:
Active: 6
Average listing price: $1,345,291
Average days on market: 108
Under contract: 1
List price: $949,900
Sold: 5
Average selling price: $987,812
Average days on market: 78
Happy New Year!!!!
Information compiled from the Hudson County Multiple Listing Service as of 12.30.05. Information herein deeded reliable but not guaranteed.
About me
- I'm Judy Marciano
- From Hoboken, NJ, United States
- Thanks for checking out my blog. I am a full time licensed NJ real estate agent in Hoboken at Empire Realty Group. As I go thru Hudson County each day, often I stop to take a picture. Feel free to contact me for any real estate assistance at jmarciano@empiregroup.com
Previous posts
Archives
- October 2005
- November 2005
- December 2005
- January 2006
- February 2006
- March 2006
- April 2006
- May 2006
- June 2006
- July 2006
- August 2006
- September 2006
- October 2006
- November 2006
- December 2006
- January 2007
- February 2007
- March 2007
- April 2007
- May 2007
- June 2007
- July 2007
- August 2007
- September 2007
- October 2007
- November 2007
- December 2007
- January 2008
- February 2008
- March 2008
- April 2008
- May 2008
- June 2008
- July 2008
- August 2008
- September 2008
- October 2008
- November 2008
- December 2008
- January 2009
- February 2009
- March 2009
- April 2009
- May 2009
- July 2009
- October 2009
- November 2009
- December 2009
- January 2010
- March 2010
- April 2010
- May 2010
- June 2010