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

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!

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.

If you love this blog, please go to the Hoboken Real Estate News Facebook Page and “like” it.

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.

350 active Hoboken condo units – vs. 345 last week
10 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 10 dabos last week
8 sold vs. 11 sold
30 new listings vs. 16
12 price reductions vs 14
7 expired listing vs. 5

Studio & 1 Bedroom Hoboken Condos:

5 new listing

4 Dabos

1026 Wash (mls) listed on Jan 15 for $172,5k.
422 Madison (mls) listed on Jan 21 for $210k.
456 9th St (mls) listed on Jan 4 for $369k.
1125 Maxwell (mls) listed on Dec 28 for $550k.

2 Sold

1125 Maxwell (mls) listed on Jun 13 for $791k; sold for $809k.
420 Madison (mls) listed on Nov 2 for $270k; sold for $255k.

6 price reductions

133 Total Active 1BRs

Two Bedroom Hoboken Condos:

15 new listings

6 Dabos

1500 Hudson (mls) listed on Oct 28 for $870k.
261 12th St (mls) listed on Jan 20 for $375k.
82 Jackson (mls) listed on Oct 29 for $345k; reduced on Nov 18 to $335k; Dec 9 to $320k; Jan 12 to $299k.
56 Jefferson (mls) listed on Sep 28 for $425k; reduced on Sep 28 to $415k; Dec 1 to $385k.
1200 Grand (mls) listed on Nov 11 for $498k; reduced on Jan 9 to $490k.
76 Jackson (mls) listed on Jan 10 for $375k.

5 sold

704 Clinton (mls) listed on Sep 15 for $549k; reduced on Sep 17 to $529k; Oct 29 to $519k; sold for $497.5k.
812 Grand (mls) listed on Sep 15 for $589k; reduced on Nov 15 to $575k; sold for $550k.
507 Bloom (mls) listed on Aug 4 for $545k; sold for $542k.
2 Constitution (mls) listed on Jun 29 for $559k; reduced on oct 1 to $549k; Oct 27 to $529k; sold for $495k.
109 Harrison (mls) listed on Sep 7 for $640k; sold for $600k.

5 price reductions

183 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

3 new listings

3 Dabos

715 Mad (mls) listed on Aug 12 at $825k; reduced on Oct 11 to $815k; Nov 13 to $810k.
112 Mad (mls) listed on Jan 18 for $599k.
557 2nd (mls) listed on Oct 5 for $775k.

1 sold.

700 1st St (mls) listed on Sep 21 for $489k; sold for $472.5k.

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!

Andy said at February 10th, 2011 at 9:38 am
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.
Lori said at February 10th, 2011 at 10:08 am
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!
Andy said at February 10th, 2011 at 1:36 pm
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?
Lori said at February 10th, 2011 at 5:00 pm
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.
Andy said at February 11th, 2011 at 8:58 am
Thanks Lori, i’m giving them a call later today and left Frank a message yesterday.
Lori Turoff said at February 12th, 2011 at 8:21 am
I’m not sure but I think it depends on the size of the job. City Hall would know.
localguy said at February 13th, 2011 at 11:02 am
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.
Karen said at February 13th, 2011 at 6:41 pm
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
Lori Turoff said at February 16th, 2011 at 3:28 pm
In my experience you need architectural plans to get a permit.
w said at February 17th, 2011 at 11:24 am
Lori – Is that Frank’s right number?
Lori said at February 17th, 2011 at 12:57 pm
It’s Frank Crespo at Emergency Home Repairs
[email protected]
201-303-4277
I know that number is good and you can text him on it too.
I’m changing the one above to match.
Andy said at February 17th, 2011 at 5:56 pm
Frank never called me back. I left him a voicemail but Carlos is coming to do an estiamte.
Andy said at February 17th, 2011 at 5:57 pm
Ahh sorry just realized you changed the above #. I must have misdialed and left a voicemail on some poor person’s cell.
taxman said at February 23rd, 2011 at 2:41 pm
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
Lori Turoff said at February 23rd, 2011 at 2:48 pm
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?

Hoboken Condos