2008 Nov 28th

The Hoboken Open House Interactive Google Map – 11/29 & 11/30

Plan a Color-Coded Hoboken Open House Tour!

We made a nice improvement to our weekly Hoboken Open House Google Map.  The property markers are color coded according to condo unit size.

In addition, the Deal of the Week is indicated with a bright, yellow dollar sign.  You can ignore the blue markers as they are from last week.  (If there will be an open house next week as it saves us a bunch of time).   Take a look – it’s way easier to read.

Hoboken Open House Google Map

You’ll notice that there are very few open houses in Hoboken this weekend.  A slow down during the holiday season is to be expected.  Many people leave Hoboken to visit family or hit the mall.  Maybe less buyer traffic will make jittery sellers drop asking prices.  There are some good deals out there, especially when you consider that interest rates are down again.

  1. Dmitri

    Hello Lori. I have a question: With new assessments in 2009 will tax rate for most Hoboken properties decrease?
    I was thinking if prices are going down shouldn’t tax assessments go down as well?

  2. Lori Turoff

    Hi Dimitri,
    If what you mean my new asessments, you are refering to the tax increase that just took place, that increase affected only existing properties that were already on the tax rolls but not brand new construction that has not been sold yet. The taxes on brand new construction or gut renovation properties are calculated using a formula based on the purchase price. So for those particular new units, lower purchase price would mean lower taxes. If you mean the reevaluation that is being discussed but has not been enacted, that would affect all properties in Hoboken, new and old. But since the new properties would have a high tax base to start (since they were based on recent, high sales prices) the reevaluation would mostly affect old units that now pay very low taxes compared to the new units. For example, there are brownstones worth well over $1 million with taxes under $10,000. Their taxes would probably increase. In contrast, a brand new unit selling for $ million, say at Maxwell Place, would have taxes well over $10,000. The idea is to equalize the lower taxes paid on the old properties with the high taxes paid on the new. I hope this answers your question.

  3. Joe

    Hi Lori,
    Thanks for all the work that you put into maintaining this site. It’s really a great tool for people who are following the real estate market in Hoboken.

    Have homeowners already received bills at the higher tax rates and if so when can we expect to see these figures reflected in listings.


  4. Lori Turoff

    You’re welcome. If you like it, please spread the word.

    Yes, we have indeed received the new tax bills reflecting the increase. Most listings do NOT reflect the increase as many agents simply have not bothered to go back in and change the number. It’s about a 15% increase on the total (old) number you see. Typically, the tax number used on an mls listing is taken from the prior year’s tax records.

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