Hoboken Condos Sales & Activity – Week of March 16th, 2011
I’ve heard from various sources, like CNN Money, that rent hikes are on the way. It will be interesting to see how that plays out in Hoboken with its archaic rent control rules. At least the City Council amended them to impose a reasonable statute of limitations. Meanwhile, it looks like sellers have lowered prices enough that things are starting to sell with very few price reductions. The warm weather is just around the corner. Let’s see if that brings the buyers out in force.
Tax Appeals – Time is Running Out!
I’m still happy to send you comps if you are appealing your own taxes. Let me be really clear about something, though. If your taxes are not too high, you shouldn’t file an appeal. I’ve gotten several requests from people whose assessment is well below what it should be. 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 based on the comps 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.
- 376 active Hoboken condo units – vs. 379 last week
- 11 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 13 dabos last week
- 6 sold vs. 4 sold
- 25 new listings vs. 35
- 21 price reductions vs 20
- 11 expired listing vs. 5
Studio & 1 Bedroom Hoboken Condos:
8 new listing
- 1300 Grand (mls) listed on March 1 for $449k.
- 1021 Grand (mls) listed on Feb 11 for $329k.
- 1500 Washington (mls) listed on March 11 at $355k.
- 1125 Maxwell (mls) listed on Feb 2 ’10 for $566k; reduced to $550k on Mar 17 ’10; $540k on Oct 17.
- 420 Madison (mls) listed on Sep 10 for $270k; sold for $315k.
6 price reductions
143 Total Active 1BRs
Two Bedroom Hoboken Condos:
15 new listings
- 456 9th (mls) St listed on Mar 11 for $369k.
- 611 Grand (C21) listed on Feb 8 for $535k.
- 113 Mad (mls) listed on Jan 18 for $469k.
- 1025 Maxwell (mls) listed on Dec 21 for $1.2mil
- 635 6th (mls) listed on Nov 8 for $495k.
- 77 River (mls) listed on Nov 7 for $559k.
- 132 Mad (mls) listed on July 20 for $328k; reduced on Sep 24 to $319k; Oct 19 to $310k; Dec 22 to $299k.
- 208 Park (mls) listed on Jan 17 for $385k; sold for $380.
- 331 Adams (mls) listed on Nov 3 for $425k; sold for $400k.
- 509 Garden (mls) listed on Nov 8 for $549k; sold for $530k.
- 528 Mad (mls) listed onOct 18 for $630k; sold for $607k.
12 price reductions
197 Total Active 2BRs
Three Bedroom and Larger Hoboken Condos:
2 new listings
- 227 Grand (mls) listed on Sep 10 for $1.05mil; sold for $1mil.
3 price reductions
39 Total Active 3BRs
Hoboken Condo Open Houses
Want to Receive New Listings & Price Reductions Daily?
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