Happy New Year, Hoboken!
Categories: Hoboken Condos
So what’s in store for 2021?
The housing market has weathered the pandemic pretty well in these parts. Given the predictions for the economy to come soaring back once we get Covid under control, it’s likely housing will follow suit. There is much talk about housing inequality and the disparities in the housing market being a foundational cause of segregation and discrimination. It is certainly true in many places in our area. I wonder what the actual demographic makeup is of Hoboken. The 2020 census results, when released, should be informative. There has also been much talk of the need for more affordable housing in our country.
This makes me wonder about a couple of things with respect to our city. Exactly how much affordable housing exists in Hoboken? How many housing units are in the Hoboken Housing Authority? How many subsidized units are there in each of Church Square, Marine View, Marion Towers, the many subsidized units of Applied housing around town. What percentage of our total rental units do the subsidized units represent? How does that percentage compare with the percentage of our population in the lower income levels? What do we desire the composition of our city to be and how should that be achieved?
More broadly, how many rental units are there in Hoboken and how many condos and how many single and multi-family homes? How many new units are in the works with approvals on file? How many of them are to be deemed affordable? What is considered affordable in our area? How has income makeup of the population of Hoboken changed over time and where is it headed? Doesn’t the price and supply of housing determine the ability of people to live in a place?
Is there any control over who lives in the subsidized housing that already exists? I have seen, in the past, apartments at Marine View advertised on AirBnB. Should that be encouraged or prohibited? Once a resident secures a unit at a subsidized property, is there any limit on their continued occupancy based on their income? Their other assets? Should we enable folks to increase their earnings, buy a shore house and reside in subsidized housing? At whose cost is the absence of that unit from the housing market?
How does rent control play into our market? Which buildings have rent-controlled units and which buildings are entirely exempt? Why are those buildings exempt? Who benefits and how? How does the existence of rent control change the housing market? Studies have been done about this issue. Do you know what they have found?
Of course, there are major tax implications in all of these issues. Most property owners pay property tax which funds local government and schools. What effect does subsidized housing have on the flow of those taxes? If a substantial percentage of the housing in a municipality is subsidized and the tax revenues therefore diminished, how does that affect other property owners and taxpayers? One should be able to calculate specific numbers to answer these questions. What is the impact of subsidized housing and rent control on the tax revenues? If landlords are assessed based on their ‘rent roll’ income, and the rents are artificially low, does that not also result in a reduction of tax revenue? Again, at what specific cost to the remaining taxpayers?
I’ve been studying the housing market in Hoboken for decade and have yet to be able to find significant information relevant to any of these questions. Yet are they not important ones if we truly wish to begin to address housing inequality and fairness? Do they not directly impact every property owner in town? Why is this information not readily available? Political considerations surely play a role in the long-standing lack of transparency about the real details of our housing market. I have my own opinions about these issue but those are not relevant. I write this to ask you to think about the questions and how the answers impact all of us. Maybe it is time for a change in the discussion.
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The Hoboken Weekly Wednesday Wrap Up for the Week Ending 12/30/20
Categories: Hoboken Condos
Week ending December 30th, 2020
If you want to see what’s currently for sale in Hoboken? Just click on the link directly below for all currently active properties. Want to see what’s new this week, look down a bit further for the new listing link with properties sorted by price. Fill out this form to get the report with live links.
- Active Hoboken listings
- Condos (234 total) Inventory finally dropped below 250!
- 24 Single-family and Multi-family
This Week’s Residential Property Sales & Activity:
- 16 pending
- 16 sold
- 3 New
- 3 Price changes
Studio & 1-Bedroom Properties
7 Pending
- 63 Madison #4 listed 8/22 for $365k.
- 204 Willow 2L listed 9/29 for $419k.
- 501 Adams 4F listed 12/9 for $439k.
- 1206 Wash #4 listed 11/19 for $480k.
- 117 Bloom 2B listed 12/1 for $520k.
- 812 Grand 415 listed 10/23 for $550k.
- 1500 Wash 10W listed 7/27 for $600k.
5 Sold
- 400 Adams 3R, listed 8/3 for $335k, sold for $335k.
- 311 Monroe 1R listed 11/9 for $359k, sold for $350k.
- 610 Wash #1 listed 10/8 for $459k, sold for $445k.
- 510 Monroe 407 listed 10/14 for $499k, sold for $490k.
- 1500 Hudson 5B, listed 7/31 for $680k, sold for $650k.
2-Bedroom Properties
2 Pending
- 816 Willow 3R, listed 11/6 for $469k.
- 1450 Wash 1005 listed 9/14 for $1mil.
7 Sold
- 815 Willow 3R listed 9/9 for $526k, sold for $520k.
- 208 Willow 404 listed 10/6 for $535k, sold for $550k.
- 81 Monroe #4 listed 9/8 for $729k, sold for $715k.
- 904 Jeff 5F listed 10/8 for $739k, sold for $739k.
- 536 Grand 603 listed 10/29 for $739k, sold for $748k.
- 117 Harrison 301 listed 9/15 for $999k, sold for $960k.
- 1100 Maxwell 611 listed 9/9 for $1.4mil, sold for $1.275mil.
3-Bedroom & larger Properties
4 Pending
- 515 Jeff #1 listed 12/9 for $1.45mil.
- 515 Jeff #2 listed 12/9 for $1.58mil.
- 419 Mad #B listed 11/4 for $1.825mil.
- 119 Garden #2 listed 12/4 for $2.15mil.
3 Sold
- 1032 Willow #3 listed 10/30 for $715k, sold for $710k.
- 200 Jackson #1 listed 9/14 for $949k, sold for $918k.
- 1125 Maxwell 914 listed 8/26 for $1.83mil, sold for $1.785mil.
The information provided in this private transmission is only for the personal, non-commercial use of you, the consumer. It may not be reproduced or distributed in any manner. It may not be used for any purpose other than to identify prospective properties you the consumers may be interested in purchasing or renting.
Sales numbers rounded up for convenience. Information is deemed to be reliable but not guaranteed.
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The Hoboken Weekly Wednesday Wrap Up for the Week Ending December 23rd
Categories: Hoboken Condos
Wishing you all a wonderful, safe holiday season. May 2021 be better for us all, especially those in need! Be kind to one another.
Week ending December 23rd, 2020
If you want to see what’s currently for sale in Hoboken? Just click on the link directly below for all currently active properties. Want to see what’s new this week, look down a bit further for the new listing link with properties sorted by price.
For active links:
- Active Hoboken listings
- Condo inventory (266 total) has gone over 50 units requiring two links.
- First 250 Condos
- Remaining Condo listings
- 26 Single-family and Multi-family
This Week’s Residential Property Sales & Activity:
- 20 pending
- 13 sold
- 17 New
- 2 Price changes
Studio & 1-Bedroom Properties
4 Pending
- 719 Adams 1L listed 10/18 for $355k.
- 164 14th 3S listed 12/11 for $425k.
- 625 Willow 2L listed 11/12 for $449k.
- 306 Hudson #4 listed 10/16 for $679k.
5 Sold
- 719 Adams 3R listed 7/29 for $368k, sold for $345k.
- 607 1st 2F listed 10/15 for $369k, sold for $369k.
- 1011 Park 4R listed 10/23 for $375k, sold for $362k.
- 261 4th #1 listed 10/21 for $575k, sold for $550k.
- 1450 Wash 201 listed 8/11 for $697k, sold for $676k
2-Bedroom Properties
11 Pending
- 1108 Park 5L listed 12/2 for $589k
- 41 1st 1G listed 12/11 for $649k.
- 920 Jeff 505 listed 10/2 for $685k.
- 123 Jackson 3B listed 10/29 for $785k.
- 82 Clinton 5G listed 10/26 for $788k.
- 109 Jackson 5D listed 8/28 for $789k.
- 222 Clinton 23 listed 10/30 for $799k.
- 2 Constitution 701 listed 12/9 for $889k.
- 800 Jackson 801 listed 10/28 for $925k.
- 1425 Hudson 4K listed 11/30 for $1.2mil.
- 1125 Maxwell 214 listed 10/13 for $1.4mil.
5 Sold
- 727 Monroe 201 listed 7/20 for $698k, sold for $662k.
- 315 Grand #2 listed 9/18 for $839k, sold for $839k.
- 517 Jackson 303 listed 9/24 for $710k, sold for $690k.
- 1300 Grand 509 listed 10/14 for $745k, sold for $733k.
- 825 Wash 3A listed 10/27 for $635k, sold for $635k.
3-Bedroom & larger Properties
5 Pending
- 1226 Park #1 listed 10/29 for $669k.
- 87 Jackson 4A listed 10/21 for $765k.
- 415 Newark 5B listed 12/3 for $775k.
- 123 Jackson 3B listed 12/18 for $785k.
- 220 Jeff 3B listed 11/10 for $850k.
1 Sold
- 150 14th St. 501 listed 8/7 for $1.2mil, sold for $1.85mil.
The information provided in this private transmission is only for the personal, non-commercial use of you, the consumer. It may not be reproduced or distributed in any manner. It may not be used for any purpose other than to identify prospective properties you the consumers may be interested in purchasing or renting.
Sales numbers rounded up for convenience. Information is deemed to be reliable but not guaranteed.
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