2011 Nov 9th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of Nov. 9th

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.

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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:

1 Bedroom & Studio Condos

4 new listings

7 price reductions

111 active

None dabo’d!

None sold!  This is a first!

2 Bedroom Condos

3 new listings

5 price reductions

150 active

5 Dabos

3 sold

3 Bedroom & Bigger Condos

1 new listing

1 price reductions

28 active

No dabos

1 Sold

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  1. Tiger

    I blame Macys! And Target and all those retail stores, it’s not even thanksgiving yet and it’s already all out holiday decorations… So the market already goes into holiday mode :-)

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