Hoboken Mom Condo Living
Planning the long-term & juggling the everyday

Much has been made recently of the Case Schiller data showing the real estate market is stabilizing, including the recent gain of 0.3% in New York. You can track the Hoboken MLS market every Wednesday, breaking down the #s into different size categories. There has been recent controversy about shadow inventory (ie. owners who want to sell but haven’t listed their units). Forget about hypothetical #s: what about the owners who are actively trying to sell on their own, or my FSBO compatriots?

Over the last six months, I have setup websites for four Hoboken moms selling their 2BR units, as well as helping a local developer market a 4BR. I am pleased to report that the 4BR is in contract for close to the asking price (about 4% under asking), scheduled to close at the start of the new year, and one of the 2BRs sold at the asking price after the owner listed it with a realtor. However, the news is dire for the other three 2BR units. One owner gave up on trying to sell and rented out her 2BR, and the other two are sitting on the market (one studio and one 2BR). There have been a few serious nibbles, with one potential offer but long dry spells in between spurts of activity.

I reached out to the owner of the recently sold 2BR and asked for her feedback on the sale process. She wrote:

We did sell our apartment. We ended up going through a realtor and sure enough she got it sold for asking price. We still lost money because we did sell for only slightly less than we bought it and then minus the 5% commission but all in all we are glad that that part is over. It worked out well because the woman who bought our place bought it as an investment to rent. We immediately started renting from her so our money is out and we can look for a house without the stress of having to coordinate closings etc.  We got the offer the end of August. We put an offer in on a house out in Millington in Long Hill Township it got accepted. We are set to close on Nov. 20 but the inspection turned up a few issues so it may be pushed back.  Thanks for checking in and I hope all is well with you.

D.

————————–
From: Katherine Zucker
Sent: Tuesday, October 27, 2009 12:37 AM
To: D

Hmm, that kind of sucks. But at least you sold. Makes me wonder if my other friends w/2BRs should do a flat-fee MLS listing so they can save on the commission. Their craigslist ads have been getting flagged and removed every week, we think by a broker who wants their listings.

Thanks for sending me the update, do you mind if I post your email? I am planning to write a blog post about the status of the moms I have been helping (you are the only one who sold, groan). The developer’s 4BR near my building did sell, so not sure if that means the 2BR market sucks (which it does, but that might not be the only reason why these units aren’t selling -I think location and not being on the MLS play a big part).

Congrats on the upcoming purchase, and fingers crossed that all goes smoothly on that front! I am sorry to see you leave Hoboken but know staying isn’t an option for everyone. Stay well.

Kathy

————————–

From: D
Sent: Tuesday, October 27, 2009 1:45 PM
To: Katherine Zucker

I don’t mind if you post my email.  I think purchasing an mls listing would really help. I also think many buyers especially first time buyers feel safer when a place is listed with a realtor. There is no real reason for it but I think they are scared and don’t know the process and tend to go with realtor listings that was just the feedback we got.

Thanks again for all the help you provided for us.

D.