2017 Sep 8th

The August Hoboken and Jersey City Condo Sales Results

I had the realtor’s nightmare experience this morning. One of my buyers brought his father along to a showing. We never have a good experience when the parents from the suburbs come to look at properties in Hoboken for the first time. They think everything is old and small and not level and very overpriced. This father wanted his son to live in a two bedroom apartment in Eli Manning’s building (Hudson Tea) and thought it should cost around $600,000. Well, Eli’s apartment is on the market for $5.2million. Granted, it’s huge and pretty nice.  A studio in that building will set you back $675,ooo without parking and the monthly fee will be close to $600 a month.  I tried to explain to the Dad that our prices were still a fraction of those in Manhattan and that we’ve seen year-over-year increases of at least 15% for the past few years.  Wish he’d take a look at this:

Here is HOBOKEN:

Here is DOWNTOWN JERSEY CITY:

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  1. JB

    He can “ask” for whatever he chooses, but unless you are familiar with the NY/ NJ area, ignorance is bliss. When I first moved here ( from Europe) , I previously lived in NH, GA and FL. It is a totally different lifestyle on all levels and including home prices / lifestyles.

  2. Jc

    Lori…if I may ask…how would you value a garden unit floor that is now a “non-livable” space that is part of a triplex vs. the original space that was once a one bedroom plus den/1 Bath stand alone condo. The triplex is a 3 Br / 2 bath with that bottom floor now essentially a blank canvas fit for a pool table and huge children’s play area. Basically I’m asking what price per square foot would you assign that basement unit now that it’s transformed to a “non livable” space and part of a larger triplex. Thanks so much. I’m sure we will see other scenarios like this after the new construction zoning

  3. Lori

    JC

    I can’t really answer that in the abstract because row houses (which is what you seem to be describing) are all so different from each other and it so depends on the configurations, finishes, window placement, access to the outdoors, connection to the main house, likelihood of flooding, location in the city, lighting, dampness, presence or absence of utilities (is the furnace down there?) and so many other factors. I don’t know that you could even break it out by floor and have any sort of meaningful metric. Is is really non-livable? What I hear from people all the time is how they plan to put the w/d, bathroom, kitchenette right back in after the city signs off on the original permits. Nobody monitors this kind of thing and it happens all the time.

  4. JC

    Maybe “non livable” is not a good term. I’m referring to a similar scenario as 126 Bloomfield unit #1 and how they refer to the basement as a “family room”. I know there are tons of inputs and every home is different…but we can take 126 Bloom as an example. Curious how they calculated price for that bottom family room with no bedrooms/bathrooms.

  5. Lori Turoff

    JC I don’t believe price is calculated discretely for each floor. An experienced agent is going to price based on comps for the property as a whole, although note that there was no listing agent on this one. It was a “for sale by owner” listed on the MLS and it was owned and sold by an LLC. Having that downstairs floor definitely adds value, whether it is used for storage space, as a den, or as an illegal bedroom, kitchen, nanny’s apartment or whatever. What strikes me is how small the living space is on the parlor level. The bottom line is that a buyer in an open market thought it worth $2.35mil.

  6. Jc

    Thnx Lori

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