2010 Aug 4th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of August 4th

Hoboken Condos Sales & Activity – Week of August 4th

Here is a revenue-raising idea for Hoboken – NY City is now planning to start charging $175 per tax appeal hearing, according to the NY Post. revenueThe fees apply only to properties assessed over a certain value. Owners can till file tax appeal applications and waive hearings for free. Sources told the Post that the Office of Management and Budget expects an additional $700,000 per year in revenue from the new fee, which the agency said it will use to help cover costs and to “modernize the hearing process.” Are you listening Hoboken City Hall?

Disclaimer: The data relating to real estate transactions on this web site comes in part from the Hudson County MLS. While some of these listings are, in fact, our listings they are not ALL our listings nor do we hold them out as such. Century 21 Listings are identified with “C21″ after the address. Other listings are from the MLS and are identified with “MLS” after the address. Information is deemed reliable but not guaranteed.

  1. (valid email required)
  2. (required)
 

Studio & 1 Bedroom Hoboken Condos:

14 new listings

204 active

3 Dabos

4 Sold

11 price reductions

Two Bedroom Hoboken Condos:

16 new listings

260 total listings.

1 Dabo

6 sold

Three Bedroom and Larger Hoboken Condos:

4 new listing

49 active listings.

no dabos

3 sold

2 price reductions

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your best source for locating every open house in Hoboken. It is the single, most complete listing available and we were the first ones to do it. We compile the information by hand from all possible sources to provide you with all the information you need in one spot. It’s posted on Friday every week.

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.

For more information you can always contact us at 201 993 9500.

Thanks for reading and, as always, we welcome your comments!

FacebookTwitterGoogle+Share
  1. Realist

    Lori,

    4 DABOs. Is 4 the lowest you have ever seen for a week?

  2. shortsequalmarket

    Well 4 Dabos is a complete surprise to me. I was told low interest rates would spur sales.

    BTW what was the number of sales for July? What is the current months of inventory? Craig (my backwards looking posting pal) could this has been foreseen, or was that a lucky guess when I stated months of inventory would increase dramatically in early July?

  3. shortsequalmarket

    Whynot do you have any insight on why Dabos fell despite record low interest rates, I thought you implied the opposite would occur.

  4. FN

    Lori,

    Why do you think the Inventory has not gone up over the last 8-10 weeks as no of DABOed per week has reduced considerably

  5. shortsequalmarket

    Everyone is waiting for the market to improve šŸ˜‰

  6. shortsequalmarket

    Oops I meant, people are transitioning to living and raising kids through HS in Hoboken.

  7. Lori Turoff

    It’s just one week – for god’s sake, relax, Shorts!

    I have seen other weeks with low DABO’s but I’d have to do a search for specifics. Inventory is steady because of several reasons – for example, listings are withdrawn and rented (I’ve had several owners do that recently). Listing expire and are not relisted.

  8. shortsequalmarket

    Actually it is not one week. It is the last three months where it is unusual to have double digits in Dabos. The level of Dabos since May 1 barely supports 30 sales/month. Which is about 17 months of inventory. What has occurred to prices in the past when inventory rates were so high? Or if this is the highest ever, what has happened when the rate increases.

    Now I will admit one week does not make a trend and holdoff any judgment that things have gotten even worse.

    Yes all the people renting to wait out the market. How has that worked out for the last 4 years?

    Although I know if you have a clean fully stocked (appliances, floors, etc) 800 sq ft one bedroom it will rent quickly for around $2,200. Unfortunately that does not cover expenses for someone who has a $400K mortgage.

  9. Lori Turoff

    I haven’t posted the July results yet because there are always agents who report late so I like to wait at least a week to capture as many of the transactions as possible. Nonetheless, there were (so far) 53 DABOs in July, fewer than any month this year with the range having been from 60 to 113 but significantly more than many months in ’09 where the DABO number was in the low 30s. There were (so far) 50 closed sales which is more than Jan., Feb., or March but less than April, May or June. There were also fewer new listings in July – only 108 as compared to prior months of 142 to 211. I will post the chart next week.

    Why does a 1 bedroom owner necessarily have a 400k mortgage? I just had an owner with a unit listed in the high 300k range decide to rent for $2,250 and his costs are just covered before taxes.

  10. homeboken

    “His costs are just covered before taxes”

    Doesn’t this mean his costs are not covered?

  11. Lori Turoff

    Yes – they are covered. It means he is not making a profit.

  12. Craig

    Shorts – Why are you so fixated on the number of DABOs in one week? As Lori points out there still have been over 50 for the month of July. While that is the lowest this year so far, it is still far better than the worst monthly performance of ’09. So if the worst performing month of ’10 so far is still much better than the worst month of ’09, what does that tell you? Not until about 5 years from now will we see whether it was smarter to buy in 2010 or keep waiting out the market.

    It’s interesting to hear about more and more property owners removing properties from the market and renting them out until the market improves, instead of reducing prices further. It’s another sign that there’s only so far prices are going to fall and we’re probably near, if not already at, that point. I know Shorts is expecting another 25% drop in prices. But I don’t see it happening. My monthly cost to own ended up little different than the cost of renting, so that’s why I gambled and bought in January. I’m not going anywhere for the next 5-8 years. So I can afford to ride out the market and enjoy my home no matter what happens in the near term.

  13. Realist

    Lori,

    I count 39 Dabos for the month of July based on looking back at the 4 Wednesday Wrap Ups for July. How are you getting 53 which is a big difference?

  14. morally_right

    It seems to me that people have criticized Shorts in the past, and now that it appears that he is right, those people are coming up with excuses. Just give the guy some credit. Doesn’t he deserve that?

  15. morally_right

    Just so I’m being clear for full disclosure, I also think the market is heading lower. $265 per square foot is more like a price that makes sense.

    Home owners are finding out what owners of other assets have known for a long time: if you allocate money to an investment, you should expect at least a nominal return, say 5%–not breakeven. Why would someone choose to make zero when they can make 4% on a US Treasury bond while sitting on their behind?

    Until sale prices come down to a level where it would allow for a nominal return if rented out, the market will head lower. Yes, the problem would resolve itself if rents went up instead, but that is unlikely given the supply in the market and the fact that Wall St will be laying off people this year. It has been seriously overstaffed since 2008, but banks couldn’t fire people given due to an “understanding” with NY politicians (who care about being re-elected) who lobbied to help them during 2008. Perhaps there was a hope that business would also spring back. I believe the layoffs will occur after the November elections but before year-end, in order to avoid paying bonuses.

    How many real estate brokers can a market support on 4 dabos/wk?

  16. Andy

    Hey Morally, what makes you think wall st is still laying off people? Did you cut and paste this post from last year? Almost every single bank on WS is making $$. Most of the fat is already gone. Even HFs are starting to hire again. Where do you get your information from? The Tri-State economy is not crumbling and I would suggest is making a modest comeback.

    I would like to see the actual evidence of rents declining in the current market not a random sampling from a year ago. Several people I know personally who are looking to rent in manhattan are encountering no more freebies in terms of free months rent or no broker fees and several people I know got rent renewals that were higher than last year not lower as you would imply. I would suggest that housing in Hoboken is directly correlated to Manhattan pricing.

  17. patk14

    I’d be interested to know how much the owner who decided to rent for $2,250/month had remaining on their mortgage. You said they had it listed in the high 300K range. Because it is much easier for someone to wait it out and rent their unit if they purchased it in the early late 1990’s or early 2000’s. Those types can easily rent it out, pay their mortgage and property taxes, and still receive a nice return each month. Much tougher for someone who bought at the peak, put 10% down, and would be paying out money each month if they rented it out. Eventually, if the market doesn’t rebound, those people get fatigued and more units are put back on the market, increasing supply and putting downward pressure on prices.

  18. JC

    1020 garden #3 one bedroom plus den….for $419k…anybody see that? seems like a good price but no laundry. Is the fridge really a mini fridge?

  19. homeboken

    Lori – Not trying to nitpick, but I don’t understand your statement.

    When you say he is covered, but not making a profit, does that mean that $2,220 covers is mortgage, HOA, taxes and insurance?

    P&I + tax + HOA + insurance, those are the monthly costs of owning (excluding repair and maintenance). If the rent doesn’t exceed the above then they are not covered. What am I missing?

  20. Lori

    Realist – As I have explained on many occasions, the number of dabos fluctuates because even though they are requiredto report a change in status within 24 hours, many agents don’t report them in a timely manner. I pull the numbers from the MLS which is the best source I have but far from perfect.

    How does 1 rental example get extrapolated to explain thee ntire market? It happens that after taxes this person is making a decent return. He bought in ’06 with 20% down and if he reduced the price would be bringing money to the table after transaction costs. So renting was a good option and it rented in a week. I had a similar experience with an owner in downtown Jersey City this week. My recent experience with the NY rental market is that after placing one Craigslist ad, much to my surprise, I was inundated with responses and rented my place for 10% more than last year. Of course, these are just illustrations. You need to look at the bigger picture.But $265 a sq. ft.? I doubt it.

  21. Lori

    Homeboken – $2,250 covers his mortgage, re taxes, monthly maintenance and insurance. There are tax benefits on top of that.

  22. patk14

    Not to nitpick, but let’s say the person paid $375,000 for the unit in 2006. With 20% down, their mortgage is $300,000. Assuming a 5% interest rate and a 30-year amortizing mortgage, their monthly P&I is $1,610.46/month. Let’s say their yearly property taxes are $7,000, so $583.33/month. So, we are at $2,193.79/month before maintenance or insurance. We are also assuming that they are earning nothing on that $75,000 down payment from 2006 which is tied up in an illiquid asset. Unless they got a real bargain in 2006 (unlikely given the market), the tax benefits are the only thing that make this work.

  23. Lori

    1020 Garden – the fridge is not a “mini” but it is tall and skinny.

    Many owners might still prefer to break even or even lose a few hundred a month initially and hope that the market turns around than take a 50k hit.

  24. Craig

    $265 a sq. ft. might personally make sense to some, but it’s not a realistic figure in this area – in the present or in the future. Wishful thinking. As I’ve said before, maybe if the place has been in a fire you can get that pricing. Good luck with that. A more realistic goal is to try to pay under $400 a sq. ft.

    I don’t think some people quite get that Hoboken is a mile across the water from Manhattan; that there’s a premium that comes with that proximity; and that the performance of the two cities’ housing markets are tied together somewhat.

  25. shortsequalmarket

    No doubt no one wants to take a $50K or much greater hit. However, if you look around and here how many people are waiting for a better market, makes you realize how much supply there is. So if you define a better market as higher prices, you are likely out of luck.

    Craig history has indicated rather than people being right waiting for the better market and the market being at the bottom, that eventually their ability to cover expenses ends and prices go lower.

    Of course something could occur to raise prices, but actually history indicates owners waiting out the market brings lower prices not higher.

    Of course not everyone has a $400K mortgage on a standard 1 bedroom but based on the amount of refinancing and “investment” purhcases there are plenty that do.

    By the way the tax benefit really only works if you under report your rental income. At the end of the day you better hope the payment covers the interest, taxes, insurance, and HOA (and assessments).

  26. shortsequalmarket

    Lori

    I had been seeing single digit Dabos in most of your reports. If actuality is much higher then great.

    All:
    I am not focusing on one week. I am focusing on that the number predictably has been low since the expiration of the tax credit (Which of course had a limited impact in Hoboken).

    Morally: Thanks for the compliment

    Morally: I may be wrong but the places typically getting rent payments in excess of $2,000 sold for much more than $379K in 2006

  27. shortsequalmarket

    BTW

    I am still amazed how many postings I can bring out of the woodwork when I point out how predictably weak the market has become. Why does everyone feel the need to be defensive and refute?

  28. whynot

    Shortsequalmarket & morally_right ā€“ when prices collapse, please log back on. Data is just that ā€“ data. Not real life. Go out and look at places ā€“ you can explain to all of the Sellers why they should accept your low call offer. Please go ahead and tell them ā€“ DATA and Your Opinion!! Iā€™m sure the sale will go right through!

    You guys are SO SO SO smart! :) :) :) Well, as smart as a vacum can be. b/c that’s where you are.

  29. whynot

    Shortsequalmarket & morally_right –

    I just printed out your posts and attached them to our purchase offer. It worked! The Sellers stated they didn’t know and even apologized to us about their asking price!

    We’re under contract at $265 a sq. ft. Amazing – it’s almost like free! Thank you for everthing!!

    :) :) :)

    By the way, the correction already happened – get over it. Again, when prices shoot down agai – please call me!

  30. JC

    Shorts you said: “By the way the tax benefit really only works if you under report your rental income. At the end of the day you better hope the payment covers the interest, taxes, insurance, and HOA (and assessments)”

    Arent you forgetting about depreciation? $400k/27.5 years amort is almost $15,000 of “ghost losses” per year that is tax deductable is it not?

    However, there are certain income limitations to receiving all the tax benefits.

  31. Lori

    “By the way the tax benefit really only works if you under report your rental income. At the end of the day you better hope the payment covers the interest, taxes, insurance, and HOA (and assessments).”

    Sorry, but that makes no sense. The greater your rental income, the greater the tax benefit. Talk to an accountant.

    Look at:

    http://hobokenrealestatenews.com/2010/07/19/the-june-hoboken-condo-sales-results/

    The DABOs are in the double digits every month.

  32. JC

    Lori..off topic…but is it really that important that the actual sq footage and amount of bedrooms or den or yard….is actually CORRECT in the tax records? As long as you arent hiding anything from the city (and paying proper taxes) do buyers even care?

  33. Lori

    JC – The issue is that your condo maintenance is apportioned based on sq. ft. If it’s wrong in the tax records is it correct in the master deed? If it’s wrong in the master deed is the maintenance charge too low or too high? Also, if your place is really 800 sq ft but the records say 700 won’t a prospective buyer wonder which is accurate? That is why buyers care.

  34. homeboken

    JC – Depreciation is a great tool to increase losses and decrease the owners tax liability. But it is not a 100% tax write-off, you will only be deferring the taxes until sale. At that point, Uncle Sam will look at the sale price and your current capital account and the tax will be due upon sale.

    There are programs that allow you to further defer the taxes even upon a sale (1031 exchange), but you should definetely call an accountant and make sure you have your ducks in a row. There are timing provisions associated with these methods that can’t be violated.

  35. JC

    thanks Lori…my master deed is correct and the HOA charges are based on that….and master deed was filed with city…but sq footage is still overstated in tax records. My taxes are based on my purchase price and dont believe the overstated sq footage has any implication.

  36. shortsequalmarket

    Weekly Dabos wents from 20 something to single digits since the expiration of the tax credit.

    The depreciation is a tax benefit but when you sell the place you need to pay all the taxes. You can also deduct repairs but I would prefer not to pay $1 to get $.33 back in tax savings.

    So if you make more money by charging higher rent then your tax benefit is greater. I do not understand that comment. I thought the more you make the more you pay in taxes.

    Whynot way to avoid your statements on lower interest rates creating more buying and higher pricing. I know markets take time to clear, especially housing, I do not expect to see a 20% decline in a week it will occur over time. Even the stock market took 1.5 years to fall 50% and that should clear fastest of all.

  37. shortsequalmarket

    Lori

    Different comment. I see there is a FSBO at 920 Jefferson. The ad in Shoprite actually read open house every weekend. At this point do you think the city of Hoboken will allow the seller to have a permanent billboard so the seller does not need to put signs out every weekend.

    I guess hope springs eternal.

  38. morally_right

    Whynot sounds distressed and hysterical. I am here to state my opinion–that’s it. Isn’t that what posters expect to do on a blog.

    But please act respectful as it makes for the best blog community. And it is not becoming of an adult to act like a child.

  39. shortsequalmarket

    I have noticed that why not rather than have a meaningful conversation would rather give incredible exams that you did not argue in the first place.

  40. Andy

    Shorts, why don’t you identify a community that you actually want to live in and see prosper instead of ranting about the end of real estate in the tri state area. I’m kinda tired of reading this blog seeing you post about almost everything trying to stir up controversy. I respect everyone’s opinion but I’m just tired of it now every week where you cherry pick statistics to beat people over the head with. If I had the free time I’d do the same thing.

  41. shortsequalmarket

    This is my community. I feel it is a shame that a housing bubble has ruined it for many people.

    Nothing is cherry picked. To the contrary the people who argue prices are not falling tend to cherry pick. I predicted sales would drop when the credit expired, they did and keep going lower. Previous poster have said there was limited to “no” impact.

    Sorry you prefer having high prices which hurt families who want to buy a home. I prefer that families not need to dedicate such a high percent of their income to shelter.

  42. Craig

    Shorts – I think we’d all like prices to drop much further. Even me, because then I could afford to buy a second home. But the reality is that we live in one of the most expensive parts of the country and the local economy has held up much better than most. We’ve already seen about a 20-25% reduction in prices from the height of the market and we’ve held steady there for several months. You might see another 5% at most in the next 12 months. But it’s unlikely you’re going to see another 10-20%. Sellers will just rent out their properties rather than take a huge hit, and renting out one’s property is easy to do in an area where rentals are in demand. That’s the reality as I see it.

  43. Gilbe

    One thing that I always wonder about on this site is why, when renting is discussed, it’s always what you “can” get for a rental. All of the converted condos have rent control. Lori, you’re not advising clients in those units to rent for whatever they “can” get, are you? It’s not what they “can” get, it’s what the legal rent allows them to charge. That may be much much less than the amount that covers their mortgage, taxes, insurance and maintainance.

  44. lori

    “All” the converted condos are NOT covered by rent control and even if they were, do you know how the base rent is set? Why don’t you learn a little about it before you start telling me I am wrong.

  45. Gilbe

    Wow, pretty snippy. I don’t think it is a matter of me ‘learning a little about it before I start telling (suggesting) that you are(might be) wrong.’ I am a (hopefully) soon to be purchaser. With times being the way they are, I am considering all possibilities, including worst-case scenarios which would include me having to rent my unit at some point in the future. I placed a call to the Rent office in Hoboken and learned some things. I don’t want to rent my (soon to purchase, I hope) condo…ever. I want to live in it. But I think I understand the base rent. I asked lots of questions…just in case.

    Here is the information that I was told, as best I can recount. “All” buildings built before 1987 are covered under rent control with some specific exemptions that include hotels/motels and commercial/industrial. Any building that is not one of the specifically exempted type of property in Hoboken’s rent control ordinance is covered under rent control. All of the multi-family (and single family) buildings in Hoboken not specifically exempted are covered by rent control. That includes all condos that were once a unit in a multi-family dwelling if the building was built before 1987.

    To your question, ‘do you know how a base rent is set?’ – the answer is: Yes:

    A base rent is set as of the first rent that was collected on a unit. So, if a building was converted from a rental building in say, 1992, any rents listed prior to 1992 are the chain of the legal rent. If someone wants to rent that condo out in 2010 the rent leveling office would review the file and, whatever the rent was in 1992 (or the first year a rent was listed) would be the starting point. A yearly CPI, usually 1%-3% each year, is added for each year. So, say, the rent was $250 in 1981, by 2010 should the owner rent the unit out, they’d be lucky if the base rent is $550 or $600/mo. Now, there are other ways to collect additional rent. If there is a (what she called) legal vacancy decontrol form in the file for any given year, a 25% increase is added. Additionally, tax increases and water/sewage charges can be added to the base rent (on and off each year) -A landlord can also file for a capital improvement surcharge if they did any improvements to the unit and, finally, a landlord can request a hardship increase, which is voted on by the rent leveling board. Oh, lastly, if an owner charges an illegal rent, they are responsible to pay it back and, Xs 3 if the tenant takes them to court.

    It was a lot to take in for someone that isn’t even planning on renting out their unit. Too complicated for me, I hope I never have to deal with any of it.

  46. carl

    so does this affect all hudson tea units

  47. lori

    If you don’t like my answer don’t put words into my mouth and tell me what I’m doing is wrong when you admittedly know nothing about the subject.

    So what does “built before 1987″ mean? Constructed or condo converted? What if a building used to be a rental building but was gut renovated and converted to condos? How do you prove the historic rents? Who has the burden of proof? How do you proof decontrol? There is a huge lawsuit going on about the Hoboken rent control laws and the judge in the cased ruled that the way the law has been applied by the City is arbitrary and capricious. Nothing is settled and it probably won’t be for quite some time.

    Hudson Tea – most of the luxury rental buildings (like 333 River & the Shipyard) are exempted. Tea was a rental before it was bought by Toll and condo converted. Did Toll get an exemption too? Does it carry over to subsequent owners? It’s anybodies guess. Hoboken rent control is a quagmire. Which is why I don’t give out advice about it, ever. In my view, it should be done away with entirely.

  48. indiecom

    Lori: I think I can shed some light on this. I actually do understand both the history of Hoboken’s rent control, the current application and issues surrounding the law and the court cases (all but one of which has been filed by developer interests) that are in progress.

    Built before 1987 means just what it says, built before 1987, i.e. 1986 or earlier. It doesn’t mean converted. If a building was “constructed” before 1987 and subsequently converted to condos, it is rent controlled. It doesn’t matter if the building was gut renovated. There is no such thing as an exemption for gut renovation in Hoboken’s rent control laws. The section of the ordinance relating to gut renovation was removed in 1984. The rental history is on file with the Hoboken rent leveling office and the rent leveling office can do a calculation for an owner (or owner’s agent) upon request for, I think, a $10/fee. The only decontrol in Hoboken is 25% vacancy decontrol every three years upon vacancy, and in order for the unit to be eligible for the 25% vacancy decontrol, a vacancy decontrol form must be filed with the rent leveling office. The so-called “huge lawsuit” was filed on behalf of a developer group. There is/was NO final ruling in any case that ruled the application of the law to be “arbitrary & capricious.” That is a lie that the developers keep repeating.

    The tea building was, at one time, an industrial property and therefore is exempt. So, ‘no’ Toll did not get an exemption from rent control.

    The laws are currently under review and, hopefully, there will be some clarity once that is done. That’s not to say that I agree with your statement that rent control should be “done away” with. I believe that it should be fair to both landlords and tenants, although it is for the purpose of protecting tenants in a situation where the power is unequal. Without some protections, a landlord or management company could increase rents more than once a year and by any amount that they wanted. This has happened in the fairly recent past when the housing market was stronger on new (unregulated) buildings where rents on ‘market rate’ units have been increased by hundreds of dollars every six months. That kind of rental market is only good for developers, not anyone else, and especially owners that want a stable community where the residents care about the place they live. A completely transiant community hurts property values.

    You may be an excellent realtor, but you’re questions demonstrate that you don’t have a clear understanding of the rent control laws, and even a certain scorn for the idea of people in your community having any sort of protection. Yes, the laws are admittedly complicated, I hope the current review will help this situation. However, for the time being, and for the protection of any clients that come to you for assistance in renting their condo, I suggest you direct them to contact the rent leveling officer so that you don’t inadvertantly omit important information that could expose them to future liability.

  49. onbloom

    So for a renter thinking of moving to another apt. is there a way to check what the legal rent would be for a particular unit? Also, unless I am misunderstanding, every time an apt. is vacated, landlords can apply for a 25 percent increase. That’s a pretty hefty jump — effectively bringing units without long term tenants up to market rate, right.

  50. indiecom

    onbloom: anyone can OPRA a file in the rent control office and view the records; however, only the owner (or the owner’s agent) and the tenant can get a legal calculation. A prospective tenant wouldn’t necessarily know how to calculate the yearly CPI to know if the rent is correct.

    The landlord cannot take a 25% increase every time the apartment is vacated. The 25% vacancy decontrol is only applicable every 3 years (regardless of how many, or how few tenants, have rented the space during those three years.) So, for example, if a tenant moved in in 2008 and moved out in 2010, the landlord could not increase the rent 25%. However, if the next tenant moved in in 2010 and moved out in 2011, the landlord could add the 25% increase then prior to the next tenant taking residency. However, if the tenant that moved in in 2010 did not move out in 2011, the landlord could not increase the rent by 25% until the tenant vacated. If a tenant is harrassed out of the apartment, the landlord is also not eligible for the 25% increase for the subsequent tenant.

    To answer your question about the 25% effectively bringing units w/o long term tenants up to market rate, it is quite possible that units around town that happened to have a vacancy every three years so that the maximum number of 25% vacancy decontrols were assessed and vacancy forms were properly filed are at, or close, to ‘market rates.’ The important thing is for the owner to get the information and either, charge only the legal rent and/or file for the appropriate surcharges. I’ve seen too many postings on blogs and websites where realtors post about what other rents “go for” in the neighborhood as the gauge for what rent should be charged seemingly oblivious to the laws.

    Gilbe (above) is correct, it’s not what you “could” charge – it’s what you “can charge according to law.”

    It is also important to mention that Hoboken’s rent control protections do not address eviction. Tenant eviction is addressed in NJ State Law.

  51. shortsequalmarket

    Craig

    Well good to see you now have moved to prices could fall more. I guess there is some “Evidence” prices may fall.

  52. whynot

    when they fall (not including the initial decline) – please let us know – thanks! prices today are basicaly the same they were a year ago. shorts has been making the “MAJOR fall arguement” for a long a time now trying to scare sellers, so he or she can purchase. nice try.

    :) :) :)

  53. Craig

    Shorts – of course prices could still fall. No one can predict the future. But they aren’t likely to fall another 20% like you’re hoping. Maybe another 5% – and that’s only for the more undesirable properties. The only units that could see a further drop than that are the way overpriced high-end units that definitely have room for market correction. But when it comes to the sweet spot of the sub-$600k 2 br/ 2 ba market, you aren’t likely to see anymore downward movement.

Leave a Reply

Copyright © 2008 Hoboken Real Estate News     Login     Sitemap