2011 Sep 21st

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of September 21st

Sports Fans Will Understandnyyankees

I just got a call offering us free tix to the Yankees at 1pm.  So sorry this is the abbreviated version but I’ll fill in the rest of the details on the sales & dabos tonight.  Couldn’t say no!

Late Night Note:

The Yankees won – it was a great game and the first time we’ve been to the new stadium (we were Mets fans before they built Citifield).  Here is the full report:

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This Week’s Condo Sales & Activity:

Sports Fans Will Understand

I just got a call offering us free tix to the Yankees at 1pm.  So sorry this is the abbreviated version but I’ll fill in the rest of the details on the sales & dabos tonight.  Couldn’t say no!

This Week’s Condo Sales & Activity:

1 Bedroom & Studio Condos

7 new listings

5 price reductions

133 active

2 dabos

4 sold

2 Bedroom Condos

19 new listings

11 price reductions

162 active

4 Dabos

8 sold

3 Bedroom & Bigger Condos

6 new listings

4 price reductions

34 active

1 dabo

1 sold

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  1. Forde

    As always I love your blog. Last night the City Council minority voted to close the Hospital. This means Hoboken Tax Payers will assume the 52 Million dollar hospital debt.

    In your opinion what affects could this have on real estate prices?

    Thanks and please keep up the great work!

  2. Lori Turoff

    That is horrible news on so many levels! It cannot possibly help real estate prices. I am going to do some more research and will post more about it.

  3. Rich

    they did not vote to close the hospital last night. They voted not to throw another 5 million at the problem.

    Here is the problem as I understand it, the hospital has something like 34million in unpaid bills in just a few short years.

    There is an deal pending but not enough money to go around. Everyone needs to take a bit less, including the creditors.

    It sounds like to me the city counsel decided not to be the first one to bend over and offer up the tax payers money.

    I think cristie offered up the money, which still tax payer money but at least it is spread at a little more then if it came from our hoboken taxes.

    http://www.beckershospitalreview.com/hospital-transactions-and-valuation-issues/new-jersey-gov-chris-christie-pledges-5m-to-help-keep-hoboken-hospital-open.html

  4. Forde

    Point being if Gov Christie hadn’t stepped in with funds and the creditors holding to their position it would likely have caused the Hospital to close triggering Hoboken’s 52 million bond guarantee.

    The people who voted against the 5 million had no expectation that another would step in with funds and had no plan of their own to prevent the Hospital from closing.

    Watching the way Beth Mason and Mike Russo “contribute” to Hoboken’s future is like watching children playing with lit fireworks. Sooner or later someone gets hurt.

  5. Craig

    @Forde – there was no guarantee that the extra $5 million would seal the deal. So the council minority could have potentialy voted for the extra $5 million and then the deal could have still fallen apart anyway. Then the taxpayers are out the $52 million bond guarantee along with the extra $5 million on top of that – and then you’d be calling for their heads.

    In exchange for the extra $5 million, the council minority wanted certain guarantees, including that the creditors would sign off on the sale and the deal would be done. When they couldn’t get those guarantees, they declined to vote to toss $5 million into a crapshoot, and rightly so.

    There were other bidders that had what appeared to be competitive, if not superior offers to buy the hospital. I’d like to know why they were cut out – and why the details of the bidding process were not made public. When Hoboken gov’t financial transactions of this magnitude are made in secret, it leaves me suspicious that something is amiss.

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