2011 Feb 23rd

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of February 23rd

Hoboken Condos Sales & Activity – Week of February 23rd, 2011

A Pet Peeve – Poorly-Done Property Flyers

I get tons of email every day from other agents announcing new listings, price reductions and broker open houses.  Just now, I received one with a typo in the subject line, sentences without capitalized first words, the wrong spacing between works and punctuation, a center-justified layout with an ‘orphan’ at the bottom and a less-than-stellar selection of photos.   The seller of that condo should be very upset with the (lack of) professionalism and attention to detail.  No matter how new the agent or how inexpensive the property, 3rd-graders learn that you need to capitalize the first word of a sentence.  These errors are inexcusable.  Yet you would be amazed how many such flyers I see that are equally bad.

Another Pet Peeve – Agents who Attend Broker Open Houses Just for the Food

I wonder if the agents who create the crummy flyers are the same ones who manage to arrive first to every broker open house, especially when sushi is served.  They show up early, fill up their plates and don’t even pretend to be interested in the property.  I wonder if there is a correlation here.  Could it be that the agents who produce inferior work product don’t make much money selling real estate and therefore need the free lunch to survive ???

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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:

12 new listing

4 Dabos

5 Sold

8 price reductions

139 Total Active 1BRs

Two Bedroom Hoboken Condos:

15 new listings

5 Dabos

4 sold

10 price reductions

191 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

3 new listings

1 Dabo

1 sold.

no price reductions

35 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!

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  1. taxman

    Thanks Laurie! I copied and pasted our posts from earlier so others that have interest may reference.
    I called Stack and Stack and he wouldn’t negotiate off his $500 fee. He stressed his relationship is something the lawyer does not have and to make sure they have an appraiser on staff. Is it worth it? Not sure, but I think I am leaning towards giving him the business. Given the potential tax savings, I’d rather get it done right.

    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
    # 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?

  2. Lori

    How does Stack & Stack know whether “the lawyer” has a relationship with the people in City Hall. If you use a local lawyer I bet he or she has such a relationship. Also, the appraisal Stack & Stack mentions, which is usually done by whom ever is doing the appeal, I doubt that cost is included in their $500 fee.

  3. taxman

    Hi Lori,

    The $500 fee is all in, not including the $35 apprlication fee. But Tom Stack is the one that actually goes to the city and works out the deal. He apparently does quite a bit of them from what I have gathered. I think he said 2400ish last year. You can definitely build a relationship with that volume. Hopefully us tax payers are benefiting and not the city!

  4. taxman

    And as a follow-up to your question Lori, the lawyer with the $350 quote is from Short hills. It doesnt sound as if she has much of a relationship, but I will try to get more information from her on this.

  5. Craig

    I used Stack & Stack for my appeal. A $350 lawyer from Short Hills is not going to get a comparable reduction on your assessment. Most local lawyers want 1/3 of the tax savings they get you as their fee – which makes Stack & Stack’s fee a bargain in comparison. Tom Stack knows the tax assessor personally. If you know anything about how Hoboken operates, Mr. Stack is the person you want handling your appeal. Trust me on this one.

  6. taxman

    Thanks Craig.

    Much appreciated for the insight.

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