2009 Aug 26th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for the Week of August 26th.

Could it Be?

Hoboken condo inventory is moving in the right direction. The number of Hoboken condos for sale has not been as low as it is today since early February. We have gone from a high of almost 600 units in late June to just over 500 today – about a 15% decrease in Hoboken condos for sale. Today the NY Times reports that according to the Case-Shiller index, housing prices are rising in nearly all of the nation’s large cities. The National Association of Realtors reported strong gains in existing home sales for 4 consecutive months – something not seen since 5 years ago. From a purely experiential viewpoint, the market certainly seems to be busier to me. I’ve had 2 buyers be outbid for condos recently. I’m seeing Hoboken properties go into contract before my buyers have a chance to see them. Sure, there are still many overpriced units that need to come down or come off the market. Yes, the junk doesn’t move. But – I’m going to go out on a limb here – and I know it – but it’s my opinion, just my humble, personal opinion, that the bottom may be near. As a property owner, I certainly hope so

Here are this week’s numbers:

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Studio & 1 Bedroom Hoboken Condos:

9 new listings. Average list price $417,600 or $545 per sq. ft.

178 total active – $399,552 average asking price. 102 average DOM. Average asking price $567 per sq. ft.

2 dabos. 96 average DOM.

8 sold for an average price of $379,487 in 39 days.

2 price reductions.

Two Bedroom Hoboken Condos:

11 new listings – average list price $549,900 or $497 per sq. ft.

266 total active – $610,934 average asking price. 114 average DOM so far. Average asking price $508 per sq. ft.

7 dabo’d. 87 average DOM

8 sold – $547,088 average sales price Average 123 DOM.

10 price reductions.

Three Bedroom and Larger Hoboken Condos:

68 active 3BR condos – $ 919,685 average asking price. 110 DOM so far. Average asking price $511 per sq ft.

No new listings.

No Dabos.

1 sold for $725k in 85 days.

3 price reductions.

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your single best source for locating every open house in Hoboken. It’s posted on Friday every week. The info is updated weekly. If your google search seems to pull up an older version, click on the title link to get the most current map. Like this report, to receive the map with the actual links, you will have to request it.

Want to Receive New Listings & Price Reductions Daily?

If you would like to be emailed the new listings and price reductions each weekday in either 1br, 2br or 3br categories just email us at [email protected] letting us know which size(s) you would like and we’ll add you to the daily email list.
You can always contact us at 201 993 9500.
Thanks for reading and, as always, we welcome your comments!
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  1. stan

    Thanks Lori. What’s the story on that one family below 600k? Is it a disaster?

    Constitution 2 bd 2 bth down to 515k. wow.

    also first time I have seen 70 adams below 550k. that’s the Oz, right?

  2. Lori

    Yes, Stan, it needs a total gut rehab. You’re buying a shell and location. 70 Adams is The
    Oz.

  3. Recent Buyer

    For some reason, I can’t seem to post on the other blog entry “What Would You do?” …. I would tell the agent and buy on my own…The seller obviously chose the FSBO route to avoid paying fees, so I’d promote that choice.

  4. Lori

    The email you’re getting seems to be from last week although the page redirect is ok. I can’t fix it until I’m back at a real computer. Sorry.

  5. TS

    Stan, you’re really useful as you always point out the best deals.

    The Oz (a newer elevator building in a good location) going for 415/sf with parking. Much better than what others have touted on this site.

  6. TS

    I’m going to rescind that comment as it appears to be a 1bd+den not a real 2bd – I could be wrong, but it looks that way.

  7. AK

    I wonder how much of the sales activity is bolstered by the soon-to-be expired first time home buyer credit.

  8. Recent Buyer

    I doubt those buying in Hoboken qualify for the credit, unfortunately!

  9. Tiger

    AK, I’ll you how much: VERY LITTLE. If you can afford in Hoboken, the tax credit is of little use for you as it phases out after a certain income bracket.

    Unfortunately, the government did a blanket statement with that one, people in Idaho, Tennessee, and other more bang-for-your-buck areas benefit the most from it

  10. stan

    TS-

    i don’t know, it looks like a 2bedroom to me. big apartment.

    I don’t know why there’s only one bath. I have a friend in that building and it’s smaller sq wise, but has a master bathroom and a bathroom off the kitchen

  11. SJ

    Anyone –

    How would one find out the tax assessed value of a property in Hoboken? Is there a town website that would have this information?

    (sorry if question didn’t come out right – don’t know much about hoboken tax assessments)

    Thanks!

  12. Lori Turoff

    The email is now fixed.

    The assessed value of a property is public record and can be found on various websited. I only know of the one that realtors have access to but there are others which I’m sure someone else can post here for you.

  13. Lori Turoff

    70 Adams is a 1BR plus Den. No windows in the den which is what makes it a den rather than a bedroom. That explains the lowe price and also why there would be only 1 bathroom.

  14. thoughts

    tax records:

    http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?&ms_user=monm&passwd=data&srch_type=0&adv=0&out_type=0&district=0905

    you can see how much people paid and what the assessed value

    great tool

    where are all of the people that are negative about the Hoboken real estate market? i assume they’ll say that the recovery will take a long time, so prices will not go up for a while…

    thoughts?

  15. stan

    Lori- thanks for the clarification on 70 adams.

    Thoughts-I am still negative about the RE market here

    great news that things are selling, however it’s taking big discounts to do so. Using that tool referenced above you can see that a lot of these sales involved people taking substantial losses on their properties.

    take a look at Case shiller here, select the MSA graph for NY on the bottom, looks eerily similar to last summer no? If things continue to rise through september and october, I would believe that we have turned a corner.

    http://www.macromarkets.com/csi_housing/MSA/new_york.asp

  16. SJ

    Thanks Lori and thoughts!

    Can someone please explain what the tax ratio is? I am confused as to how these tax assessed values translate into taxes due.

    Thank you.

  17. Nik

    Sorry, this may be OT, but question about the tax credit — we qualify for it, but the seller wants a delayed possession by 21 days. We will be signing a Use and Occupation agreement, but does a delayed possession affect the 2009 tax credit in any way? We will take possession by end of September, although we close in the beginning of September.

    Thanks!

  18. Lori

    If you’re involved in a transaction you should have an attorney representing you and you really should direct that question at him or her.

  19. Nik

    Yes, we do, but I thought this was more a tax code question and was planning to call up IRS tomorrow. I’ll check with the attorney too, just in case he’s aware.

  20. Bill

    “SJ said at August 26th, 2009 at 2:44 pm

    Thanks Lori and thoughts!

    Can someone please explain what the tax ratio is? I am confused as to how these tax assessed values translate into taxes due.

    Thank you.”

    Dont bother looking at the assesed values – they are all out of whack.

    Just look at the actyal taxes paid which are on the right hand side of the report. Hoboken usually shows 1/2 year taxes so double the number you see.

    Lori – might be useful to have a post on how to read those records

  21. SJ

    Okay – Thanks Bill

  22. dkzzzz

    Can someone clarify for me : 8,000 TAX CREDIT is just that a part of your income you don’t have to pay taxes on?
    It will possibly result in a few thousand dollars rebate at the end of the year, but it is not 8,000 check form the government as some people think.
    Am I wrong?

  23. nag

    The $8,000 tax credit can be an $8,000 check from the government. What you describe above is a “deduction”. As a credit, the $8,000 goes directly toward what your bottom line is with the government. Meaning, if you owe the government $8,000 after your accountant does your taxes without the tax credit, if your accountant includes the First-time home buyer’s tax credit, you will owe the government nothing. Or, even better, if the government owes you $1,500 after your taxes are done without the credit, then add the credit in, the government now owes you $9,500. I understand it best as a credit toward the amount of taxes for which you are responsible to the government.

    It’s actually quite amazing if you meet the requirements.

  24. Bill

    The bottom is finally here

    this place actually sold

    http://singletongalmann.com/sales/castlepoint_912.html

  25. just lookin

    This should help answer the $8000 tax credit questions.

    http://www.irs.gov/newsroom/article/0,,id=204671,00.html

  26. bz

    Bill – why you called it a bottom when you saw 912 Castle Point got sold. What’s the story about this place?

    But I do agree with you that the bottom is here.

  27. Bill

    its been on the market FOREVER….

    originally listed over 2mil

  28. Lori

    It’s not sold – it’s just under contract. It was first listed in July of ’08 for $2,298,000. It’s down to $1,580,000. We don’t know the contract price. Who knows if the sale will actually go through given today’s credit climate.

  29. Recent Buyer

    Nag – except barely anyone can meet the requirements in Hoboken!

  30. bz

    from the a Google search:
    “If the Buyer(s)’ Income Exceeds the Limits, Can He/She Still Get a Credit?
    Yes, the limit is $75,000 for single and $150,000 for a couple, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.”

    Recent Buyer – “except barely anyone can meet the requirements in Hoboken!” Really? most of my friends are actually qualify. I got believe that we are not the only ones on this end of the spectrum. See data here: http://www.clrsearch.com/RSS/Demographics/NJ/Hoboken/07030/Household_Income

  31. TS

    bz,

    I’ve discussed this before with someone. The average HH income of renters vs owners usually is usually very wide. You can conceivably live in Hoboken and rent on a 30k salary, but you can’t possibly own with that kind of salary.

    It would be interesting to see average HH income broken down by renters vs owners.

  32. JC

    Just got off the Toll Brothers Conference call. First of all Robert Toll is a character.

    At minute 23:15 they speak about Maxwell Place. “over the last 4 – 8 weeks we have seen significant increase in interest and have reduced incentives”. “People are demanding million dollar plus homes this. From Fall 2008 – Spring 2009 the million $ plus market was not there but it has returned this Summer”. “Purchase cancellations at maxwell place are pretty much behind us”.

    “Several markets are showing signs of recovery: the New York suburbs; Jersey City, N.J.; Raleigh, N.C.; Washington D.C.; as well as some areas of Virginia, Connecticut, Florida, Delaware and northern California.”

    http://biz.yahoo.com/cc/0/106960.html

  33. TS

    “Purchase cancellations at maxwell place are pretty much behind us” – that’s probably true because they don’t have many signed contracts left.

    I’m sorry, but tax records show Toll has only closed 15 units in 1125 MP in the last 3 months and less than half the building is closed.

  34. Recent Buyer

    bz – is the HH income on that site for singles or couples? I took a quick poll in my head of my friends and all of them earn more than $170K per couple. While one of them is very well off at 300K+ and no loans, the rest are all at 170+ with loads of student loans. I don’t see how you can make less than 170K, have student loans and a car, and still afford a Hoboken mortgage!

  35. Recent Buyer

    bz – so, if i’m reading the graph correctly, assuming Hoboken HHs were all singes, 51.51% of households make more than 75K and will not qualify for the credit – granted you’re capped at 95K, but I’m generalizing here.

    That’s half of the households…the other half make less than 75K…are they buying homes in Hoboken? How?

  36. bz

    TS – It would be nice to have renter’s and owner’s income data. But I and my friends are all home owners. Some of us just bought homes last year and this year. I just don’t see why barely anyone can meet the requirements in Hoboken. A couple making $140k can comfortablly buy a 1 or 2 bedroom condo worth from $400 to low $500k which seem to be the bulk of the inventory. Is it not the case?

  37. bz

    Recent Buyer – How big are their student loans and the car loans? I don’t have those or any other type of debts other than a mortgage. None of my friends have those debts either. We had scholership or fellowship when we were in school and we paid cash for our cars. I guess we have different lifestyles here. Don’t mean to offend you. I think there are people in both camps in Hoboken.

    BTW, you can’t assume Hoboken HHs were all singes. The data tells you 30%+ are families.

    I guess it’s meaningless to disciss this topic. All my friends are couples, some with kids. You and other readers here might be the opposit. I see my friends as the common buyer crowd and you see yours. It’s ok. Just different ways of seeing the market. There’s no right and wrong.

  38. SJ

    I think in this environment, it’s not just HH income you have to consider, but also how much contributed to downpaymnt.

  39. Lori

    Speaking of downpayments – what we are seeing more and more of now are buyers who do not have the required 20% for a conventional loan so they are getting FHA loans that let them put down as little as 3.5%. Since almost no buildings are FHA approved in Hoboken, the buyer has to get what’s called spot approval. It’s based on things like percentage ownership interest in the building, amount of commercial space, if any, developer control, etc. Many buyers have been getting these spot approvals in the last 6 to 8 months. My mortgage guy just told me the Feds are doing away with the spot approval program. That’s going to eliminate many 1st time buyers from the Hoboken condo market. I hope the government comes up with something to take it’s place or that will have a real negative pull on the Hoboken market.

  40. What

    Lori, I don’t understand your logic? I remember you endorsing larger down payments as you acknowledged the low % down is one of the reasons we are in the current mess. Now you are “hoping” the government comes up with something. This is just another temporary band-aid, which will only temporarily stabilize home prices. They will revert to their mean eventually, so why fight it. It’s better for you and the market if we let the market forces take over sooner rather than later.

  41. lori

    What – I see why you think I’m being inconsistent but please let me explain. I see the mortgage problems as two-parted.

    On the one hand, we had buyers with terrible credit buying homes with very little money down and adjustable rates so they could stretch what they could really afford on their incomes. Home prices fell and many of them went bust.

    On the other hand, Hoboken has many young, first time buyers with excellent credit but little savings as they are recent grads and just began their career path. They get FHA mortgages (or have Mom & Dad help) to be able to buy low-priced starter homes as opposed to renting. For many of them, the tax benefits of owning are worthwhile. They buy within their means in terms of monthly payments and their income.

    It is with respect to the first group that I advocate the 20% down conventional 30 year fixed rate mortgage. There is a need for the FHA mortgage for the second group or they will be frozen out of the market. Given the large number of low-priced ($300k – $375k) condos in Hoboken, if this chunk of demand disappears, the market will suffer. What reason is there to think that these buyers are not credit worthy? The loan to value ratios and credit requirements for FHA loans are very strict and approvals very difficult to obtain. The ones who are able to get them are, in my opinion, worthy buyers.

    Does that make more sense?

  42. thoughts

    On a different subject, can anybody recommend a good contractor do redo a bathroom in Hoboken? My friends and I still haven’t anybody good – for example, a contractor who actually does the work themselves, so they don’t need to markup the estimate a couple of grand.

    Thanks in advance,
    Thoughts

  43. stan

    if you can’t save 20% of a home price, you shouldnt be buying that home.

  44. What

    Lori,

    Thanks for clarifying your view. But I agree with Stan that if all you have for a down payment is 3.5%, you should be renting, not owning, simple as that. One aspect your leaving out is that there is a much greater incentive to walk away with such little skin in the game. If home prices drop keep dropping, there is little incentive for someone with 3.5% down to keep paying the mortgage. I strongly believe that today’s FHA loans are tomorrows foreclosures. Also, step back and really think about affordability; 3.5% of 400k is only $14k. If that buyer has one hit to their income, there is no room for error. $14k can barely cover one year of taxes in Hoboken. The FHA loans are a total joke.

  45. lori

    What – I do agree that the low down payment is a problem. The idea of walking away from a debt is so foreign to my nature that I forget that there are people out there who think nothing of it. Perhaps the thought of ruining one’s credit is a deterrent to these borrowers but who knows. When my mortgage person was telling me about the program my question to him was “why don’t these kids have two nickels to rub together?” It would be much better if they saved some significant money, had 10% or more and then bought. That’s not the reality, though, to to wipe out the program all at once will impact places like Hoboken, with a disproportionately young, upwardly mobile population, more than anywhere else. Unfortunate.

  46. SJ

    Would that 3.5% even cover closing costs, etc when they sell… if the market remains flat, wouldn’t they already be at a loss?

  47. lori

    On a $299K property, that would be 10,465 down at 3.5%. That is just about what it would cost to close – including legal fees, title search, home inspection, mortgage application fee, etc. So yes, on day 1 the buyer is in a sense at break even and then should they have to sell they would incur closing costs again. Not a pretty picture.

  48. What

    Lori,

    Thanks for your candid responses. I think we are on the same page now. I usually agree with your thoughts, but felt you slipped on this one. You are a thought leader on the Hoboken market, and I was hoping you weren’t an advocate of low money down loans as people do take your advice. Personally, I will not be buying anywhere until the government gets out of the way. I feel I’m not alone.

  49. What

    Just to add one more thing about all of these government programs (8000 tax credit, 3.5% down loans, Cash for Clunkers). They are all a scam leading buyers to think they are getting a deal. Think it through, THE VALUE ALL ACCRUES TO THE SELLER. The incentive gets factored into the price of the asset. The cars purchased under the clunkers program are now all much more expensive than before the program started. What do you think will happen when the government retreats? It is destined to fail and only lasts as long as there are enough suckers (buyers).

  50. Recent Buyer

    bz – agreed, we’re both using our personal experiences to gauge whether “most” hoboken residents qualify for the credit. i only know of one Hoboken couple who does and they are unmarried, buying the property together, but using the significantly lower income of the two to qualify for the credit.

    also, i don’t know how old you are, but i think more and more people are leaving school with tremendously high student loans. i don’t think this was as prevalent 5-10 years ago. i left law school with 150K in loans and very little of that was from undergrad as i had scholarships and aid then – almost impossible to get for grad school. maybe i was only friends w/ the poor/dumb kids, but everyone i knew in law school was leaving with at least 100K in loans.

    so, that’s where i get my reluctance to believe that most firt time buyers in hoboken can qualify. my impression since moving here is that most people buying here are young professionals who have been working for a few years and don’t yet have super high incomes, but high enough to save and are making their first purchase with their savings.

    in my circle of friends, that translates into folks who have loads of student debt, and so, if they don’t make 95K+ (single) or 190K+ (double), how are they buying homes in Hoboken?

  51. patk14

    I’m still astonished that with all that has happened in the real estate market in this country, that the government is supporting a 3.5% down payment mortgage. They are giving these buyers essentially a free option on their real estate purchase. Real estate goes up, it accrues to the owner. It continues to slide down, the owner walks (ruining his/her credit) and rents again.

    The net impact of this program is that it provides some level of artificial support for housing prices. Wouldn’t that 1st time homebuyer be better off if housing prices were allowed to fall to their “natural” level? Shouldn’t the people who were prudent, lived below their means, saved 20% (or god forbid, 30 or 40%) of the purchase price (thereby having a real stake in the property) be rewarded with lower prices? I guess it is the instant gratification generation who feels that they should be allowed to own right away without sacrificing lifestyle and socking away money for the down payment.

  52. Recent Buyer

    patk14 – i agree with you that the program adds to the inflated real estate prices we have to deal with today. however, do you know how long it would take these days to save that 20, 30, 40%?? again, we’re no longer entering the work force with the ability to save as much as other generations were able save. plain and simple. my friends whose parents paid for their schooling, weddings, and helped with down payments are the ONLY ones who saved 20% in any reasonable amount of time.

    like kathy says in her blog, with 2K in monthly loan payments, that’s already a mortgage!

  53. JC

    The question keeps coming up how these young professional right out of college can afford to buy. I would think many get help from their parents who most likely live in the area and have done well for themselves. The parents put the 20% down and the kids are responsible for the carrying costs. done.

  54. stan

    “however, do you know how long it would take these days to save that 20, 30, 40%?? again, we’re no longer entering the work force with the ability to save as much as other generations were able save.”

    herein lies the problem, that’s what corrections do. Bring prices back to affordability by conventional means.

    I do freely admit I did not foresee as much gov’t intervention as we have had. Which makes me wonder what happens when it stops? what will car sales be post clunkers?

    As an aside, in my opinion, the education bubble, subsidized by low interest loans is something that can’t continue at it’s current costs. Need the degrees to make more money but it swallows up the added salary for a long period of time.

    I should have been a plumber…

  55. Tiger

    Recent Buyer and Bz, I agree with you, reason I say most Hoboken buyers won’t benefit from it is because I’m basing it on the single guy or gal buying a 1 Bedroom or maybe a studio, isn’t this what an entry home is typically about? But I guess when talking about an unmarried couple, and using the lower income, then yea, I see someone qualifying for it. But the question is, can this person afford the mortgage on their own? No. So case remains that those who can afford the mortgage in Hoboken on a single income do not qualify for the credit.

    Hopefully my next purchase would be a dual income one :-)

  56. Recent Buyer

    Stan – tell me about it…almost took a job out of college for $50K in 2001. decided to go to law school instead just to leave in 2005 with 150K in debt and not even double the income. doesn’t make fiscal sense…except if you end up at a large firm. (and willing to give up your life)

  57. Kathy Zucker

    The main problem I have with this discussion is that nobody is taking additional savings into account. I do not advocate buying unless your monthly payments are the same as you would pay to rent (see rent ratios of 18 or less).

    So if many couples have less than 20% down because they just haven’t had time to save (most people finish grad school in their late twenties), and then continue to save while paying down their mortgage and getting tax deductions for mortgage interest & property taxes, they will have enough cash to make up for lack of appreciation on their property. If they stay in their condo for 5 years then they will accrue enough equity to not have to bring any cash to the closing.

    This is why credit scores are an increasingly important part of the mortgage process these days. it’s a kind of honor system -people with high credit scores (over 750) basically never default on loans. That is why they are the ones qualifying for FHA loans.

  58. Lori Turoff

    Has law school really become that expensive? 150K in student loans? I did a JD and an MBA (sequentially) and while I was fortunate to be awarded scholarship money, had only 30K in loans when I graduated. I took a government public-service job for two years which now, I believe, gets you a deferral on paying your student loans back but didn’t back then. I then went to work for a Wall St. firm. The start-up and other bonuses and most of my first year salary went right to paying off my student loans. Top firms paid $130K in the 80’s plus at least 10 to 20k in bonuses to new associates. Investment banking salaries were even higher. Today I think it’s closer to $175 or 185k for first year associates right out of law school at the big NYC firms. I spent my second year at that firm saving for a down payment so I could buy a condo in NYC. Granted, that apartment cost about $215k so I needed only 40K as opposed to a buyer in Hoboken today who would need at least 60K for a 20% deposit. And yes, my family helped.

    Part of the problem today, in my opinion, is that there is no willingness to sacrifice anything at all by many recent grads. I sense that too many of them feel entitled to fancy dinners, expensive clothes, vacations and cars from day 1. Of course, peer pressure doesn’t help. Sometimes, though, one must take a longer view of things and say I will forgo spending $5000 on a trip to Hawaii or $1,000 for a Prada handbag and save that money so I can buy a home. I don’t see much of that mindset in talking to young people today. But then they weren’t raised by parents who lived through the depression and continued to count every penny ever after. That has it’s own set of problems!

    Once I paid off the student loans and bought my condo I left the big firm so I could have a life.

  59. Recent Buyer

    Lori – 10 – 15% (tops) of every graduating law school class goes on to make that kind of money! It’s not realistic to think that’s the norm. And that’s NY big law. NJ big law is more like 120K to start (still a great salary, but not 165K…)

    And yes, law school is that expensive. 50K per year if you’re not living at home with your parents.

    I only WISH the reason I didn’t have the 20% was bc my closet is full of prada handbags….

  60. Lori

    RB – aren’t they the ones who come to Hoboken so they can work in Manhattan? I can’t imagine that they can all afford to buy in Manhattan. That’s incredible that law schools get away with charging that kind of tuition. State schools too? Rutgers? I went to BU which has a reputation for being one of the most expensive schools in the US and I think tuition was about 15 or 20K in the 80’s. I went to the Dean after my first year and told him if they didn’t give me money for tuition I would have to transfer to St. John’s where I went undergrad and live at home. Fortunately, they paid up and I was able to stay although I worked selling bagels and the NY Times in the student lounge very morning and ate a lot of PB&J. I still buy my Prada on Canal St. : )

  61. Recent Buyer

    Randy – BU Law 2009 tuition and fees: $39,658 without boarding!

    And yes, I those kids may be coming to Hoboken to buy, for sure! But many also prefer to rent in swanky Chelsea than buy in Hoboken! When you’re billing 2400 hours, you tend to feel entitled to many things…I kinda understand it.

  62. Tiger

    LOL, that must be a Praaada Lori then :-)

    I am with you though regarding spending habits. For me budgeting was learnt during my grad school days at Stevens, I lived in Hoboken for $1750 per month, before taxes. My parents offered to help but I refused, as I felt that they have done enough for me at that point. I used to rent a fourth floor walkup on washington with two roommates, shop at the Gap in Newport mall (the sales rack, that is) and basically consider a $20 bill a ‘night out’.

    I look at those times with complete fondness now / 2004 was the one of the best years of my life! those were the days!

    End of 2004 was when I joined the corporate world, not sure if that’s a good thing or not :-/

    I need a vacation!

  63. bz

    Recent Buyer – Agreed. I’m in my 30’s, have a Ph.D. 2001 and a MBA 2007. I didn’t realize how much debt your friends or a like take on. It needs years of heard work to pay off/break even. But as a long-term investment a JD might be worth the money. We took a different route. Most of my friends are in medical, IT, science, and accounting field. We all have at least a master. Higher education costs in these fields are relatively cheaper, most have well paid scholarships. That really makes a big difference, I guess.

  64. Looking

    Great site. Just spent two hours reading the site and comments! NAG – Just wanted to comment on the July 15th wrap up. I work with someone who bought in Hoboken and now I’m interested in doing the same. I’ve seen a few units and I personally would never buy at the Huntington. Not because I don’t like “those types of people”, but because it feels like a dormitory when you’re in there and the units are very cookie cutter (no character). So, it’s not my taste. Everyone is different. Your good deal may not be someone elses.

    Lori: Price wise, can you get units as big as the ones on Huntington for less in a smaller/older building? Do you pay a premium to live in these big buildings?

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