2011 May 11th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity

Hoboken Condos Sales & Activity – Week of May 11th, 2011

Hoboken City Council Election Results

As I’ve pointed out many times, local government has a direct affect on local property values and taxes. A mis-managed or corrupt government will unwisely spend (or steal) your money.  City services will be lacking, schools suffer, over-development takes place when developers have sway over politicians and property values in general decline.  On the other hand, a good government can give the value of your condo or home a real boost.  New parks, clean streets, good schools, senior services, lots of transportation alternatives, rational development and planning, fiscal soundness, all contribute to a city’s reputation and desirability. Put simply, your condo is worth more under a well-run government. Yet some of our council people were elected with margins under 100 votes and I believe only one candidate yesterday received more than 1,000 total votes.  If you read this blog you must have some interest in real estate. Very few things will make more of a difference in what your condo is worth than who runs Hoboken and how they run it.

One topic likely to come to the forefront in the near future is the current state of Hoboken rent control. Few Hoboken residents know much about it and why it matters but that is likely to change.  The City Council amended the law recently but those amendments are under attack.  Here is an interesting video debate between the head of the Mile Square Taxpayer Association and a local tenant adovcate  from my 9 News:

video

(Sorry – I couldn’t seem to embed the video directly but click on the image and you’ll land on the video page).

The other big issue affecting Hoboken real estate will be taxes. Right now, a property revaluation is under way in Jersey City.  There has not been a property revauationl in years in Hoboken. I often hear people saying that “those brownstone owners aren’t paying their fair share” but the issue is more complex than that.  A casual look at the Hoboken tax records shows that many older, multi-unit rental buildings (which are under rent control) are paying very low taxes compared to newer condos.  For example, an older,  9-unit rental building on uptown Washington Street is assessed at $489k and the owner pays $23k a year in taxes.  A single-family brownstone on the very same block is assessed at $438k and the owner pays $21k a year in taxes; and a fairly new, 2000 square foot condo in an elevator building with parking is assessed at $402k and the owner pays $19k a year.  Does that seem fair to you?

There has to be a relation between rent control, a landlord’s willingness to renovate (and thereby be reassessed) and tax assessments.  You can look forward to more on this issue in the near future. If you own a condo, a multi-family or a brownstone, these issues are extremely important to you, or at least they should be. That is why it is so important for more people to pay attention to local politics (as distasteful as I admit they can be), educate yourselves and get involved.

This Weeks Condo Sales & Activity

Century 21 listings are indicated with a “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.

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  • 387 active Hoboken condo units – vs. 379 last week
  • 17 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 8 dabos last week
  • 21 sold vs. 22 sold
  • 40 new listings vs. 36
  • 25 price reductions vs 21
  • 1 expired listings vs. 10

Studio & 1 Bedroom Hoboken Condos:

14 new listing

3 dabos

  • 800 Jackson (mls) listed on Feb 14 for $350k.
  • 1500 Hudson (mls) listed on Mar 7 for $624k.
  • 419 Adams (mls) listed on Apr 1 for $580k.

7 Sold

  • 1015 Wash (mls) listed on Oct 27 for $215k;  reduced Dec 1 to $199k;  sold for $182.5k.
  • 531 Mad (mls) listed on Apr 10 for $200k;  sold for $220k.
  • 60 Mad (mls) listed on Nov 23 for $249k;  sold for $225k.
  • 60 Mad (mls) listed on Nov 23 for $239k;  sold for $225k.
  • 93 Garden (mls) listed on Mar 27 for $339k;  reduced on May 8 to $300k;  sold for $290k.  (Short sale).
  • 74 Garden (mls) listed on Nov 29 for $360k;  reduced on Jan 24 to $350k;  sold for $337k.
  • 1107 Grand (mls) listed on Jan 17 for $425k;  reduced on Feb 8 to $399k;  Mar 11 to $379k;  sold for $379k.

8 price reductions

156 Total Active 1BRs

Two Bedroom Hoboken Condos:

21 new listings

11 Dabos

  • 1331 Grand (mls) listed on Apr 12 for $400k
  • 1500 Wash (mls) listed on Jan 10 for $705k.
  • 1200 Grand (mls) listed on Feb 14 for $499k;  reduced on Mar 9 to $489k;  Apr 21 to $479k.
  • 550 2nd (mls) listed on Mar 25 for $385k.
  • 511 Mad (mls) listed on Mar 23 for $624k.
  • 139 Park (mls) listed on Mar 4 for $369k.
  • 706 Park (mls) listed on Mar 23 for $819k.
  • 78 Jackson (C21) listed on Apr 21 for $579k.
  • 700 1st (mls) listed on May 5 for $475k.
  • 915 Mad (mls) listed on Apr 5 for $480k.
  • 70 Adams (mls) listed on Jan 4 for $488k;  reduced on Feb 4 to $475k;  Mar 14 to $465k;  Apr 15 to $445k.

11 sold

  • 113 Mad (mls) listed on Sep 1 for$499k;  reduced Sep 22 to $489k;  Jan 28 to $449k;  sold for $443k.
  • 407 Adams (mls) listed on Jan 21 for $575k;  sold for $560k.
  • 800 Jackson (mls) listed on Mar 24 for $667k;  sold for $642.5k.
  • 728 Willow (mls) listed on Apr 12 for $549k;  reduced on May 5 to $525k;  on Jul 13 to $459k;  sold for $410k.
  • 636 5th (mls) listed on Feb 8 for $495k;  reduced on Mar 10 to $479k;  sold for $430k.
  • 659 1st (mls) listed on Oct 12 for $550k;  reduced on Nov 12 to $530k;  sold for $512.5k.
  • 700 1st (msl) listed on Nov 16 for $550k;  sold for $525k.
  • 1125 Maxwell (mls) listed on Dec 28 for $1.68mil.  sold for $1.63mil.
  • 921 Garden (mls) listed on Feb 7 for $437k;  sold for $432.6k.
  • 82 Clinton (mls) listed on Oct 26 for $524.9k;  sold for $505k.
  • 1025 Maxwell (mls) listed on Feb 28 for $885k;  sold for $850k.

15 price reductions

194 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

5 new listings

4 dabos

  • 720 Willow (mls) listed on Apr 21 for $824k.
  • 126 Monroe (mls) listed on Mar 17 for $569;  reduced Apr 13 to $550k.
  • 706 Park (mls) listed on Mar 7 for $819k.
  • 114 Jackson (mls) listed on Jan 4 for $449k;  reduced Mar 14 to $439k;  Apr 11 to $399k.

2 sold

  • 715 Mad (mls) listed on Aug 2 for $795k;  reduced on Oct 11 to $785k;  on Nov 13 to $780k;  sold for $740k.
  • 615 Adams (mls) listed on Sep 4 for $850k;  reduced on Oct 22 to $825k;  sold for $783.5k.

1 price reduction

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 eee new listings and price reductions each weekday in either 1br, 2br or 3br categories just email us at info@hobokensbest.com letting us know which size(s) you would like and we’ll add you to the  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. hoboken07030

    Lori – do you have any info on 1450 Washington Street (the new Toll Brothers building).

    I’m hearing this is going to be condo.

    Any info on pricing?

  2. Lori Turoff

    Yes, they are condos. As of now, they are being sold directly through the Toll Brothers sales office (but we all know that smart buyers don’t ever walk into a sales office without their own agent). I don’t believe prices have been released yet but I’ll confirm that.

  3. teaorcoffee

    Can you elaborate more on why one would need to bring their own agent to the sales office?

    A friend purchased a condo from Toll and brought their own agent. Not only did the agent (who is definitely Top 10 in Hoboken) not negotiate anything down, but that agent walked off with a share of the commission. The friend said that in retrospect they could have purchased from Toll directly with the same outcome, and maybe have gotten a few thousand dollars off for not using an outside agent.

  4. homeboken

    Regarding the new Toll building, I got an email and some info from Toll:

    AVAILABILITY:

    Studios starting at $314k for 694 SqFt
    One Bedroom units available from $362k to $535k with approximately 750 to 800 SqFt
    Two Bedroom units available from $605k to $758k with approximately 1200 to 1300 SqFt
    Three Bedroom units: only 5 in the building and pricing is not available at this time

    DEVELOPMENT DETAILS:

    1450 Washington Street is currently under construction and the estimated delivery time frame is March through July of 2012
    157 unit concrete and steel elevator building with sections of 12 and 6 stories.
    Amenities include: 24 hour doorman/concierge, outdoor terrace/patio with fire-pit and grilling area, kids play room, gym, shuttle to/from the Hoboken PATH and more
    There will be retail space on the ground floor of the building
    Some units have balconies
    Some units have partial NYC views
    Ceilings are approximately 9’ high except the PH level which will have 9’8” ceiling heights.
    Kitchens will have European style dark espresso cabinets, white counter tops and high end appliances
    Building is pet friendly
    Parking will be available for purchase or for rent.
    Taxes are estimated to be approximately 1.3% of the purchase price
    Monthly maintenance fees are approximately $0.61 per SqFt (~$732/mo for 1200 SqFt)

  5. Lori

    Awesome – thanks!

  6. Lori

    I’ve written many posts about how the listing agent or sales office is a fiduciary of the SELLER. The buyer does not typically save any money by not using an agent because the listing agent gets paid double. There have been tomes written about whether there is a conflict of interest for an agent to be on both sides of a deal. In most states it is illegal but we’re in NJ.

  7. Jason

    Lori needs to eat, that is why she is saying you need and agent. (meaning use her). Especially with new construction, don’t use an agent.

  8. Lori

    That’s very funny. If you think I do this job because I “need to eat” you clearly know nothing about me. My husband and I both retired from Wall Street jobs years ago and have no “need” to work at all. Our wise real estate investments have allowed us to retire very early. We sell real estate merely because we enjoy it and we are not ready to play golf all day long.

    I have many clients (as do many other competent agents – and I limit this to such agents) who highly value my experience and knowledge. They would strongly disagree with your advice. Do you really think Toll Brothers is your buddy? That they are going to cut you a break because they like you? You have much to learn.

  9. leafgreen99

    Hi Lori,

    I tried twice to get the links to this week’s data, but they send me last week. I’m not sure if it’s me or a link problem.

    Thanks for your work.

  10. Tania

    Toll Brothers or any other developer has no interest in telling you about the negatives that would hinder your purchase of their unit, whereas an agent looking out for your best interest will.

    When Toll was selling the 1500 Washington Tea units before the construction started do you think they were mentioning to the buyers looking at the south side units that they would be putting up a new building across the street that would block all the units views below the 10th floor ? Of course not. I was though when I was standing their with their sales rep and my clients.

    An agent that is *your* agent will talk you out of buying things that are ‘bad ideas’. Toll doesn’t care which of their units your buy, as long as you buy one of their units. An agent will show you re-sales in a building as well as the developers units, AND when in new construction your agent can help point out negative features in a unit that may make one a better purchase than another and can affect your resale down the line.

    Toll aren’t going to negotiate price, so your not going to get a better price without an agent. At least if you use your own agent you have someone you can turn to for advice & comps. Or maybe you actually have used an agent in the past that gave you alot of knowledge about the market and the town and helped bring you the focus you needed as to what you really want to buy.

    For the record, I have talked more people out of buying high priced direct Toll units that actually pay agents 4% and sold them re-sales because they were a better value. A good agent will make sure you have this kind of knowledge.

  11. Lori Turoff

    Link fixed – thanks.

  12. Chris

    Very nice article Lori

  13. Tiger

    And what is it you do Jason that is so incredible that you undermine other people’s services and expertise? Let me guess, you put numbers in an Excel sheet and email it to your boss? Or do you use Word to write a document? Must be so great being you!

  14. Lori Turoff

    Thank you, Chris.

  15. Craig

    It’s pretty misguided to suggest a buyer doesn’t need an agent when purchasing new construction – especially with the silly rationale that the builder might knock a little off the price as a result.

    Here are the facts: First, the amount of the commission is a set percentage of the sale proceeds that will be the same amount whether it’s all going to one agent or being split between 2 agents. It doesn’t cost the seller anything extra if a second agent is involved. So why would the builder reduce the price if there’s only 1 agent? Anyone who’s ever actually shopped new construction knows builders rarely negotiate much on price.

    Secondly, without their own agent, a buyer has no one to provide them with objective advice on whether the home is a good buy. You also need comps to ensure the seller’s asking sales price reflects fair market value, whether it’s new construction or not. A buyer needs an agent for that. There’s no reason for a buyer NOT to have an agent when buying from a builder. It costs the buyer nothing.

    Jason’s comment is pretty ignorant. It’s well known that Lori does all this for fun and has not once solicited business here. She’s a lawyer who hardly needs the money from selling real estate given the passive income she earns from her investment properties.

    Lastly, I can’t wait for a Hoboken revaluation. As a buyer of a condo built in the 2000s, I know people like me are subsidizing those with undervalued properties as Lori illustrated. It’s time they pay their fare share of the tax levy so the rest of us can get a break.

  16. teaorcoffee

    Thanks to everyone who provided information on whether you bring an agent to buy pre-construction. By my posts I’m sure it is evident I do not know much about buying/selling, hence my presence on this blog (it is a great one and I’ve learned a lot).

    Tania and Lori – obviously you guys are among the most honest and competent realtors out there.

    Just to clarify something, Tania – Toll has never hidden the information about the south-facing 1500 Wash condos eventually facing a new building. I was at the original meeting back in early 2005 (in Weehawken) where information was presented to Hudson Tea renters that the building was going condo. We were told at that point that there would be new buildings built in what used to be resident parking lot.

    Also, anyone buying would likely get information about the condo association, right? Eventually a potential buyer would realize that buildings would be built because it would be their responsibility to know about the umbrella association, etc.

    Further, several years ago someone (Toll?) put up a map/signs on the corner of 15th and Hudson, as well as on the waterfront between Harborside and 1500 Wash – and the fact that there will be future Tea buildings on those sites is clearly labeled.

    That said, Toll has used many realtors to sell their properties, and some may have been more forthcoming with information than others to buyers less familiar with the building and Toll.

    So…I suppose I am agreeing with you, Tania. This is all information that is out there but not be known by a buyer. (Though I cannot fathom any buyer not inquiring about the future of empty lots near their building!!!)

    I actually appreciate Jason’s comment. I think if you are buying a unique property from an individual, it would be a necessity to use a realtor. But if you know the neighborhood, have done your due diligence, have an understanding of the comps (and not only realtors have this coveted information), and are capable of making a reasonable, non-gut decision, this might be one instance where you can work directly with the builder. Not saying I would do that – but saying that I could see the logic in doing so.

  17. Tiger

    Re: Toll Bros. A friend of mine and her husband are interested in buying a place in Maxwell’s. Their windows all face Southwest (they have a Hoboken view) and there is an empty lot infront of them. Toll told them that there will be a 6-story high building coming up in that lot. Given that theirs is on the 9th floor, they are ok with it.

    Come lawyer review, they requested to have that confirmed IN WRITING, because obviously, their 1 Million+ property value would be affected if the propsed building is higher than 6 floors. Toll Bros refused to commit to anything in writing.

    My friends walked away, and I think they did the right thing

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