Very Good News for Hoboken Property Owners
Yesterday was Election Day and Hoboken property owners had their say. The revised rent control ordinance will stay on the books thanks to a more than 2 to 1 vote in favor of keeping it (the No vote). Under the new law, tenants have 2 whole years to file for a rent calculation and determine if they are being overcharged and, if so, bring an action against their landlord. I’m sorry, but if you can’t figure out that you’re being overcharged in two years, you just don’t deserve to be compensated. The form is one page and takes 5 minutes to complete. You just walk it over to City Hall and you’re done. Also, under the new law landlords’ liability for overcharging is reduced to 2 years. Landlords can no longer be held responsible for the actions of past owners more than 2 years back. Importantly, landlords can now produce other evidence of a vacancy decontrol entitling them to a 25% increase, such as prior leases.
I’ve had a number of investors looking to purchase rental properties recently. I’ve told them what I tell all my buyers (except for new construction). As a condition to your sale, require the seller to file for a legal rent calculation. Only the owner and tenant can file this form (another problem with the current law that ought to be the next thing changed). Let the seller provide the potential buyer with the letter from City Hall indicating the legal rent. Then a buyer knows exactly what he can charge and if he wishes to move forward with the sale.
Inventory continues to shrink and activity has slowed to a drizzle. There have been multiple offers on almost every property my buyers have bid on lately. The rental market is hot as can be with rental units disappearing in a few days. Are we hitting a bottom? Maybe it’s the time of year. Life is for learning.
This Week’s Condo Sales & Activity versus last week’s:
- 271 active Hoboken condo units – vs. 283 last week
- 4 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 6 dabos last week
- 4 sold vs. 12 sold
- 12 new listings vs. 16
- 11 price changes vs. 15
- 8 expired listings vs. 8
1 Bedroom & Studio Condos
4 new listings
7 price reductions
None sold! This is a first!
2 Bedroom Condos
3 new listings
5 price reductions
- 708 Willow 5B listed on Sep 28 for $259k
- 800 Jackson 802 listed on Jul 28 for $519k; reduced on Oct 13 to $500k
- 1100 Adams 401 listed on May 11 for $539k; reduced on Jun 14 to $525k; Jul 22 to $515k; Oct 5 to $500k
- 1125 Maxwell 461 listed on Oct 3 for $904k
- 108 Monroe 5A listed on Jun 8 for $449k; sold for $430k
- 82 Clinton 4A listed on Sept 19 for $530k; sold for $517k
- 1300 Grand 611 listed on Jul 12 for $580k; sold for $560k
3 Bedroom & Bigger Condos
1 new listing
1 price reductions
- 163 Newark 3A listed on Aug 22 for $769k; sold for $769k