2011 Mar 2nd

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of March 2nd

Hoboken Condos Sales & Activity – Week of March 2nd, 2011


Attention Landords & Condo Associations – The St. Pat’s Day Party Could Mean Big Trouble for You

Be advised that if you are a landlord and things get out of hand on your property, you  may be held responsible for the damage that results from your tenant’s actions.  If you are a landlord, you can include a clause in your lease that prohibits parties in your property on this day.  The same holds true for a condo association.  If you are the members of the Board of Directors of a Hoboken Condo Association, you can prohibit house parties on this day, too. Aside from drunken conduct, think about the liability that may arise should your tenants overload a balcony and it collapse (as has nearly happened more than once in prior years); or throwing objects like a TV off a roof (as has also happened);  or starting a fight in the building;  or destroying common areas.

It boggles my mind that the City of Hoboken continues to allow bars to open in the early morning on this day.  I see no benefit what-so-ever for anyone but the bar owners.  Hoboken St. Pat’s Day is bad for property owners, it is bad for Hoboken’s reputation and image as a City, it is bad for traffic and encourages drunk driving.  It is a horrible idea and I am vehemently opposed to it.  This is not about a parade.  It is not about celebrating Irish heritage.  It is not intended for the children.  It is a drunk fest populated by out-of-towners who come to Hoboken to get trashed and cause trouble.  Until City Hall stops caving to the pressures of the local bar owners – a tradition encouraged by past Mayor Roberts, who owned bars in town, Hoboken property owners are cursed with this event.  Zero Tolerance is better than nothing but it does not solve the problem.  There is a downloadable flyer you can print out and post in your building to notify everyone of the Hoboken “Zero Tolerance” policy.  I hope the City collects many, many dollars in fines to compensate the tax-paying residents of Hoboken for having to put up with this nonsense.

Tax Appeals – Time is Running Out!

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:

10 new listing

5 Dabos

2 Sold

6 price reductions

136 Total Active 1BRs

Two Bedroom Hoboken Condos:

20 new listings

10 Dabos

4 sold

4 price reductions

192 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

2 new listings

no dabos

1 sold.

2 price reductions

36 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. Craig

    I’m the president of my building’s condo association, so I have a question: Lori, how do you figure a condo association can prohibit house parties in an individual owner’s unit on St. Patty’s Day? I see nothing in our bylaws that provides that authority.

  2. Lori Turoff

    A condo association board has the power to enact rules & regulations governing the condo. Prohibiting a party or other things ( a common one is requiring tha 80% of the floor be covered with carpet) does not necessarily need to be granted in the bylaws. Just have the board vote on it.

  3. Craig

    Ah, now I see where you were coming from. In our small 8 unit building, the bylaws don’t give the board that type of power on something like that. Even if I supported a rule like that (which I don’t), all units would get to vote and such a measure would never pass. They’d probably remove me as president for even suggesting such a thing. Given that everyone in the building is well over 30, I’m not too concerned about wild beer parties.

    In an age where hardwood floors are all the rage, I can’t imagine buying in a building that requires 80% of the floor be covered with carpet. There’s a moral to that story: People, read the bylaws of a building carefully before you buy!

  4. Lori Turoff

    In Manhattan, the requirement that 80% of your floors be covered is pretty standard.

  5. w

    Questions – Can anyone recommend a broker or bank for a home equity line? I always find it better to use someone that knows the area…. Thanks!

    Lori – Have a green bear on us!!! (not sure how to get it to you)

  6. Tiger

    Lori, I hate to disappoint you, but the city is in on it too. Hoboken’s St Patrick’s day is the worst organized exploitation day I have ever seen, easy formula:
    – Bars open early, sell overpriced drunk to trash and get them trashed early $$$$
    – City makes $$$$ on violators

    The only losers are Hoboken homeowners and residents. I personally made it a point to leave early and never get back to Hoboken until 2 AM, after I made sure the trash went back home.

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