Going, Going, Gone?
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
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.
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