Categories: Hoboken Condos
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:
(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.
- 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
- 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.
- 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
- 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.
- 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
- 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.
- 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
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 firstname.lastname@example.org 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!