2009 Aug 5th

Hoboken Condo Auction Action

Going, Going, Gone?auction

Here is the story on the auctionthat is taking place today on two Hoboken condo buildings.  One is a Fields Development project at 1300 Park.  They are very modern 2 and 3 bedroom units that were for sale .  The entire building was for sale in ’97 for $1.1mil.   That listing expired.  Then the ground floor business (a bar with a liquor license) was for sale for $150k in ’98.  That also expired.  Then the 8 units of rentals were gutted, renovated and put on the market for sale by Caufield Real Estate. The units were listed from $499k to $549k.  No luck.  They were pulled as sales and re-listed as rental for $2,750 to $3,150.  Nope.  Now they are up for auction.  3 bedroom 2 baths are 919 sq. ft.  That’s a lot of rooms to squeeze into a small footprint.  The 2 bedroom 2 baths are 896 sq ft.   I liked these much better than the 3 brs.  The esthetic is very high tech with ‘euro’ style kitchens with stone counters & subway tile backsplashes, stainless appliances, nice hardwood floors, exposed air ducts for the central air.  In my opinion, the location is good.  Convenient to the 14th St. bus, NYSports Club, rental parking and close to Washington.  It’s a very pretty area with lots of brownstones & tree-lined streets.  My prediction – if they sell – is in the high 300k range. 

The other project is by Treetop Development and is located at 517 Jackson and called the Emsee.  Obviously the location is the issue there.  A handful of these units have already sold and now the rest are up for auction.  Brand new construction, parking, elevator, bamboo floors, modern kitchens with stainless appliances.  Some sold for as high as $547 a square foot.  Others for only $473.  Now they are being auctioned “at any price”.  Wow – I feel sorry for the guy who paid $520,000 for a 2 bed 2 bath when his neighbor gets it for $150,000 or so.  Remember the Velocity?  That didn’t go so well.  My prediction for these are less optimistic – maybe $200k.

I also wonder, with so many first time buyers going for FHA financing today, and FHA approval requiring no owner control 10% or more of the building and not permitting any retail, how are these buyers going to get financing?  Cash, anyone?

The auction is at the Hyatt in JC tonight at 6pm

Here is the story.

THE WEEKLY WEDNESDAY WRAP UP – will be up but may not make it until Thursday.  We’re headed on vacation and I won’t have access to a computer for most of the day.  If you don’t see it, please check back tomorrow.

Please note – we don’t mass email it out because gmail locks me out of my account.  Just fill in the little form with your email and it will be sent to that address immediately.  Thanks!

  1. Recent Buyer

    Wow. Def. not the norm. And, in real estate, it’s usually about mass appeal.

  2. Andy

    Its nice to know we have prissy people and crunchy granola people living in harmony in Hoboken. To each his own.

  3. Recent Buyer

    Andy…play nice…no name calling :o)

  4. Lori

    Oh – come on – he made me laugh.

    And some of the earth crunch people can be prissy.

    But you’re right – to each his own and may each have the options and possibilities to do his own with ease. That is one of the things that’s so great about Hoboken. Lots of options.

  5. Andy

    Thank you for getting my humor. Was only playing on stereotypes. 😉 you guys are fun

  6. TS

    I’m a little confused by this uptown vs downtown debate. Based on my impression, which I admit is just an impression and I have no hard data to back it up, uptown is more desirable for the higher-end market(especially 2bd+ units), while downtown is more popular with the younger crowd/first-time buyers and therefore especially for 1bd’s.

    Don’t brownstones uptown typically sell for more than downtown? And aren’t the most desirable condo buildings – Maxwell, Harborside Lofts, Hudson Tea – uptown rather than downtown?

    These are just how I’ve always seen things, but I am open to being corrected.

  7. Lori

    It’s not quite done – I’ll try to post it tomorrow (some vacation I’m having) but I’ve done a google map of what sold & where since 1/1. Pretty interesting results! Stay tuned.

  8. Eric

    Can’t wait Lori. I don’t really care how the data looks, but hopefully we can stop having this debate in every post.

  9. NAG

    Ohh, Andy. Always calling me new names. We had snarky a couple weeks ago, prissy this week…I can’t wait for next week.

  10. Andy

    NAG, I’ll call you right out. You are narcissistic to the extreme. There’s another site that you might be better at posting on and its called Hoboken411. You’ll fit right in

  11. Andy

    But I’m done taking the bait Nag. Get a life please

  12. nag

    Wow. The comments on this blog have clearly taken a turn for the worse. Is there a moderator on this comment strand? This is unfortunate.

    Andy, did you really suggest I “get a life?” You are pathetic.

  13. Andy_is_a_Doofus

    Andy – how’s your little pippy doin’? Pick on someone your own size.

  14. lori

    Come on guys – get your minds out of the gutter and spend your energy on more positive, productive things.

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