2019 Nov 13th

Hide your Pot, Hoboken!

I recently came across an article headlined “POT Killed My Home Sale”.

With marijuana legal in many states and soon to become legal in even more, this is an issue that will come up more often.  What happens if you are selling your property and the appraiser sees pot plants or quantities of pot in your home?  Most loans are approved based on Fannie Mae guidelines.  Pot is still illegal at the federal level.  Evidence of illegal substances may cause your loan to be denied.  So if you are selling, hide the goods…

Another issue that is going to become more and more prevalent, especially in urban areas like Hoboken, is whether condo associations can prohibit smoking pot in the building.  The pungent smell is already obvious when I visit many condos to show properties.  Marijuana was recently legalized in Illinois.  As a part of legalizing recreational marijuana use, the Illinois Cannabis Act revised several existing Illinois statutes, including the Condominium Act. In particular, the Cannabis Act added a new section 33 to the Condominium Act that states, “The condominium instruments of an association may prohibit or limit the smoking of cannabis, as the term smoking is defined in the Cannabis Regulation and Tax Act, within a unit owner’s unit. The condominium instruments and rules and regulations shall not otherwise restrict the consumption of cannabis by any other method within a unit owner’s unit, or the limited common elements, but may restrict any form of consumption on the common elements.”  Has your association given this any thought?

 

Posted by Lori Turoff | Currently No Comments »

2019 Nov 13th

The Hoboken Weekly Wednesday Wrap Up for the Week Ending November 13th

Week ending Nov 13th, 2019

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  •  258 active Hoboken listings
  •  231 Condo & Co-op listings
  • 27 Single-family and Multi-family  

This Week’s Residential Property Sales & Activity:

Studio & 1-Bedroom Properties

5 New

5 Pending.

3 Sold

2-Bedroom Properties

11 New

6 Pending

9 sold

3-Bedroom & larger Properties

5 New

3 Pending

  • 115 Grand 305, listed 11/1 for $1.45mil.
  • 115 Grand 201, listed 11/1 for $2.1mil.
  • 91 Monroe #1, listed 11/8 for $2.5mil.

4 Sold

  • 214 Jackson #2, listed 5/30 for $699k, sold for $686k.
  • 413 Madison #2, listed 7/12 for $900k, sold for $885k.
  • 702 Hudson #4, listed 10/4 for $1.8mil, sold for $1.8mil.
  • 324 Hudson #1, listed 5/2 for $2.13mil, sold for $2.1mil.

The information provided in this private transmission is only for the personal, non-commercial use of you, the consumer.  It may not be reproduced or distributed in any manner.  It may not be used for any purpose other than to identify prospective properties you the consumers may be interested in purchasing or renting.

Sales numbers rounded up for convenience.  Information is deemed to be reliable but not guaranteed.

Posted by Lori Turoff | Currently No Comments »

2019 Nov 6th

The October Hoboken Condo Sales Results

Well, there is no denying that we’ve got a “market shift” happening here in Hoboken, folks. It’s been a very long time since I’ve seen negative numbers in the year-over-year comparisons but here they are. In addition, days on market is creeping up as is inventory. The go-go market is coming to an end. I see it in my day-to-day business, as well. Even the nice listings are not selling at the brisk pace of last year. Buyers just don’t have the sense of urgency they did previously. The exception is in a very specific market segment – the new construction, very high-end, huge 3 and 4 BR condos. All those growing families looking for more space are fighting over the same units. When a developer recently reduced the prices on the last few in one particular new construction project, it was a feeding frenzy. Bidding wars on every unit and they all go over asking. Well, the ask was set purposely low to cause just that result.

Here are the October results:

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