2011 Feb 9th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of February 9th

Hoboken Condos Sales & Activity – Week of February 9th, 2011

Love to Love You Baby!valentine

Attention all you guys out there – Valentine’s Day is just around the corner.  Regardless of what she may say, some flowers or a box of chocolates are always appreciated.  But please, get the good stuff if you’re going for chocolate!  If you’re really ready to splurge you could always buy her a new home.

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Fannie & Freddie Not So Loved

According to the NY Times, changes are in store for these two giants.  Exactly how that change may play out is still uncertain.  Do we need the government to prop up the mortgage market or is the private sector able to handle it on its own?  Meetings are taking place as we speak.  Other topics to be addressed by Congress include enhanced borrower protections, and changes in mortgage servicing to address the industry’s failure to work with borrowers who fall behind on payments.  Change is sure to come but it may take a while given the scope of the problems.

January Sales Results – Now by Condo Size

In case you haven’t seen it, the January numbers have been posted.  Prices are still down but activity holds steady.  I’ve broken the results down by bedroom size, too.

Tax Appeals

I’m still happy to send you comps if you are appealing your own taxes.  Keep in mind that the City has a 15% margin of error.  If your assessment does not multiply out to at least 15% over the current market value of your property, you are not likely to be successful in an appeal.  The “upper limit” multiplier for Hoboken is .3407.  To see where you are at, take your assessed value and divide by .3407.  For example, if your assessed value is $175,000, the result would be $513,648.  Your property value must be less than $513k to win an appeal.  You can get more details on tax appeals and forms at the Hudson County Tax Board website.

Here is this week’s condo sales report:

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.

Studio & 1 Bedroom Hoboken Condos:

5 new listing

4 Dabos

2 Sold

6 price reductions

133 Total Active 1BRs

Two Bedroom Hoboken Condos:

15 new listings

6 Dabos

5 sold

5 price reductions

183 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

3 new listings

3 Dabos

1 sold.

3 price reductions

34 Total Active 3BRs

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!

  1. Andy

    Sorry for the off topic post, but does anyone have good recommendations for a kitchen contractor in/around Hoboken? I’m having a terrible time trying to research online. Would appreciate any leads. Looking to re-do my kitchen in April.

  2. Lori

    Andy – my “go to” guy for renovations is Frank Crespo from Emergency Home Repairs here in Hoboken. His cell is 201.303.4277 (this is correct). I also recommend Carlos Taveres. You can reach Carlos at 201.852.2078. Frank trained Carlos. They are both fairly priced and show up when supposed to plus they does good work. Many of my clients have also used them and have been happy. They are both licensed and do plumbing & electrical. There are higher-end contractors around town but they may not be willing to do just a kitchen and they will cost twice as much.

    I used one of the “name” guys when we renovated our house 10 years ago and it was a nightmare – more because of my architects failure to be at all involved in the process after drawing up the initial plans. In Hoboken, you will need permits or the building inspector can come and force you to rip out all the work you’ve done. To get permits you will need architectural plans. So be very careful what architect you use! When you pull permits, it notifies the tax assessor that you are doing work and they will reassess your property and your taxes will go up.

    Good luck!

  3. Andy

    Lori, Thanks so much for this!

    You still need an architect even if you are just taking down cabinets and putting up new ones? I’m tearing out a half wall that was decorative only but no structural changes whatsoever. Do I still need to get one?

  4. Lori

    Andy – Hoboken is quite strict about construction work. I highly suggest that you speak to the building department. I can’t tell you definitively – only they can – but it in my experience it certainly sounds to me like you need a permit. You can be fined thousands of dollars if they catch you.

  5. Andy

    Thanks Lori, i’m giving them a call later today and left Frank a message yesterday.

  6. Lori Turoff

    I’m not sure but I think it depends on the size of the job. City Hall would know.

  7. localguy

    Mayor Zimmer has suspended construction official Al Arrezo indefinitely, and without pay, so whatever project you plan you’ll at least be able to do it without being abused by a low class jerk.

  8. Karen

    I highly recommend Lil’John for all construction needs. He built a new kitchen for me with top of the line products and the price was incredible. He has a great eye for design and a very nice guy too. http://www.liljonconstruction.com/home

  9. Lori Turoff

    In my experience you need architectural plans to get a permit.

  10. w

    Lori – Is that Frank’s right number?

  11. Lori

    It’s Frank Crespo at Emergency Home Repairs
    [email protected]
    I know that number is good and you can text him on it too.
    I’m changing the one above to match.

  12. Andy

    Frank never called me back. I left him a voicemail but Carlos is coming to do an estiamte.

  13. Andy

    Ahh sorry just realized you changed the above #. I must have misdialed and left a voicemail on some poor person’s cell.

  14. taxman

    hey guys,

    Have a tax question for ya. I am appealing my property taxes as I am definitely overassessed. Stack and stack has a flat fee of $500. I was able to negotiate with a lawyer out of town in NJ down to a fee of $350. They are both giving me similar ranges for the tax savings based on the amount I paid last year for my condo and my condo tax data.
    Does it make a difference who files the appeal for you? Is stack and stack worth the $150 extra given they are located in Hoboken and do quite a few Hoboken appeals every year?

    Thank you

  15. Lori Turoff

    Hi taxman – I have no experience with Stack & Stack so I couldn’t answer that for you. Why don’t you go directly to them and ask what they are going to do that justifies the higher fee? Perhaps the fact that they are “local” and “know” the people at City Hall is something to consider?

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