2009 Oct 27th

1300 Park – Again?

Hoboken Condos Sold at Auction

Three new listings hit the MLS today at 1300 Park.  3A and 5A are listed at $469,000 and 5B is listed at $455,000.  You may remember that 1300 Park was the building that was renovated by Fields Construction and the units were listed in the low $500k’s with Caufield Realty early last year.  They didn’t sell.  They were then withdrawn and relisted for rent in late April.   They didn’t rent.  Finally, the units were put up for  auction in August by Sheldon Good and from what I read they all sold.  In fact, here are the auction results:

  1. Unit 4B: 2 bedrooms, 2 baths, 896 sq.ft. Winning Bid: $425,000 + 10% Auction Fee = $467,500
  2. Unit 5A: 3 bedrooms, 2 baths, 919 sq.ft. Winning Bid: $425,000 + 10% Auction Fee = $467,500
  3. Unit 5B: 2 bedrooms, 2 baths, 896 sq.ft. Winning Bid: $410,000 + 10% Auction Fee = $451,000
  4. Unit 3B: 2 bedrooms, 2 baths, 896 sq.ft. Winning Bid: $390,000 + 10% Auction Fee = $429,000
  5. Unit 4A: 3 bedrooms, 2 baths, 919 sq.ft. Winning Bid: $360,000 + 10% Auction Fee = $396,000
  6. Unit 2B: 2 bedrooms, 2 baths, 889 sq.ft. Winning Bid: $345,000 + 10% Auction Fee = $379,500
  7. Unit 3A: 3 bedrooms, 2 baths, 919 sq.ft. Winning Bid: $355,000 + 10% Auction Fee = $390,500
  8. Unit 2A: 3 bedrooms, 2 baths, 919 sq.ft. Winning Bid: $340,000 + 10% Auction Fee = $374,000

What is strange is that not only are three of them back on the market, they are listed by a new agency called Boutique Realty LLC.  The link to the agency site was broken.   The listing agent is Lana Tartaglia who used to be an agent at Caufield.  So did Caufield buy their own units at auction only to resell them again under a different name & LLC?  There is no information on the transfers at all in the tax records.  I just thought the whole thing was rather curious.  Anyone out there have any further info?

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  1. homeboken

    I know about shadow inventory, but could this be shadow demand? What a strange sequence, but I would not put it past a developer to do something sneaky.

  2. D$

    3 bedrooms / 2 bath and 919 square feet? Are they mistaking two of the closets for bedrooms? Some developers are just clueless. Stainless steel and granite are just “lipstick on a pig” half the time.

    Sheldon Good offers “post-auction brokerage services where necessary”. For 10% commission, they better. My guess is that those three did not sell at auction, so the original owners probably refinanced those units at the reserve price. That way, the investors and bank take their lumps now on most of the building and they can have a better chance of selling or renting the remaining units at the revised cost basis. As for the broker, maybe that’s Lana’s big break as Hoboken’s new realtor of distressed properties.

  3. lhg

    i saw these on sunday, they had an open house. 3A and 5A are listed are 469K and and 5B is for 455K. D$, the layouts are not ideal, my boyfriend even asked in one bedroom how you would even fit a bed in there.

  4. mms1979

    My friend actually purchased one of these units at the auction for 345,000 plus the auction fee which came out to 379,000 for a 2 bed/2bath renovated condo. I think she did extremely well for a first time buyer and got a great deal! The place is beautiful and she is only one flight up which makes it ideal. The night of the auction though all of the apartments went for auction… I wonder if they fell through because people had trouble getting the FHA loan for that building because of the commercial space (as the case with my friend). We took a look last week at the other units during the open house and the broker Lana didn’t even know the prices of each unit or care to give us any info…. I’m also happy that she went for the 2 bedroom… both rooms are a much better size than in the 3.. it would be hard if each of those rooms were used as a bedroom. Its going to be interesting to see if these remaining units even have interested buyers.

  5. objective opinion

    Unfortunately this auction company (sheldon good) is crooked. They are dishonest about what they have in terms of inventory and about the results of their sales. They make promises they don’t deliver on and their follow up (after an auction, for exapmle) sucks.

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