The Hoboken Halloween Weekly Wednesday Wrap Up for the Week Ending Oct. 30th
Categories: Hoboken Condos
Week ending Oct. 30th, 2019
- 258 active Hoboken listings
- 231 Condo & Co-op listings
- 27 Single-family and Multi-family
This Week’s Residential Property Sales & Activity:
- 9 Pending (Deposit Accepted By Owner and Under Contract)
- 9 sold
- 17 New
- 19 Price changes
Studio & 1-Bedroom Properties
4 New
5 Pending.
- 60 Mad-Scientist-son (Madison) 4L, listed 9/5 for $359k.
- 88 Park your Hearse 2S listed 10/15 for $438k.
- 463 1st 7C, listed 10/7 for $525k.
- 300 Newark 1B, listed 12/7 for $579k.
- 600 1st #9, listed 9/3 for $689k.
3 Sold
- 1015 Slashington (Wash) #2, listed 5/1 for $338k, sold for $361k.
- 100 Clinton 5C, listed 5/31 for $399k, sold for $350k.
- 1025 Maxwell 1007, listed 8/13 for $850k, sold for $815k.
2-Bedroom Properties
24 New
2 Pending
- 818 Jeff 4B, listed 6/21 for $619k.
- 830 Monster Row (Monroe) 6B, listed 8/7 for $675k.
2 sold
- 650 1st #5, listed 6/19 for $625k, sold for $620k.
- 800 Jackson 601, listed 8/10 for $979k, sold for $962k.
3-Bedroom & larger Properties
5 New
1 Pending.
- 115 Grand Guignol #206, listed 7/9 for $1.4mil.
4 Sold
- 912 Park Your Hearse #3, listed 8/28 for $750k, sold for $719k.
- 109 Monster Row #202, listed 9/4 for $1.06mil, sold for $1.06mil.
- 502 Mad Scientist son 502, listed 3/29 for $1.675mil, sold for $1.59mil.
- 1034 Garden-of-Souls #2, listed 6/6 for $1.895mil, sold for $1.825mil.
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 October 23rd Hoboken Weekly Wednesday Wrap Up
Categories: Hoboken Condos
Week ending Oct. 23rd, 2019
- 258 active Hoboken listings
- 231 Condo & Co-op listings
- 27 Single-family and Multi-family
This Week’s Residential Property Sales & Activity:
- 22 Pending (Deposit Accepted By Owner and Under Contract)
- 17 sold
- 31 New
- 23 Price changes
Studio & 1-Bedroom Properties
4 New
5 Pending.
- 100 Clinton 5C, listed 5/31 for $399k.
- 203 Wash 402, listed 10/9 for $449k.
- 849 Garden #1, listed 10/10 for $469k.
- 600 1st #9, listed 9/3 for $689k.
- 511 Madison 203, listed 5/9 for $699k.
7 Sold
- 409 Adams #7, listed 9/12 for $399k, sold for $380k.
- 128 Garden #1, listed 7/25 for $405k, sold for $405k.
- 1107 Wash #4, listed 7/20 for $475k, sold for $468k.
- 450 7th 3J, listed 8/20 for $475k, sold for $475K.
- 725 Jeff 43, listed 9/4 for $539k, sold for $539k.
- 1000 Hudson 405, listed 9/4 for $539k, sold for $539k.
- 729 Madison 1F, listed 8/8 for $549k, sold for $541k.
2-Bedroom Properties
24 New
10 Pending
- 849 Garden #1, listed 9/30 for $469k.
- 717 Adams 3L, listed 10/2 for $510k.
- 717 Adams 4R, listed 10/2 for $510k.
- 701 Park #2, listed 9/3 for $599k.
- 700 1st 5N, listed 10/9 for $665k.
- 500 Hudson 5B, listed 9/5 for $679k.
- 1300 Grand 522, listed 10/4 for $800k.
- 409 9th E6F, listed 10/11 for $930k.
- 409 9th E5A, listed 10/11 for $980k.
- 700 1st 17A, listed 9/3 for $1.295mil.
7 sold
- 715 Willow #5, listed 8/14 for $499k, sold for $485k.
- 933 Garden #9, listed 5/24 for $530k, sold for $520k.
- 1120 Clinton 3D, listed 8/8 for $600k, sold for $610k.
- 650 1st #5, listed 6/19 for $625k, sold for $620k.
- 221 Willow 4L, listed 7/17 for $695k, sold for $680k
- 621 Monroe 5A, listed 6/18 for $700k, sold for $665k.
- 1120 Clinton 2E, listed 9/4 for $820k, sold for $810k.
3-Bedroom & larger Properties
5 New
7 Pending.
- 1011 Willow #7, listed 9/18 for $700k.
- 150 6th #3, listed 8/1 for $850k.
- 356 6th 1R, listed 10/11 for $1mil.
- 833 Willow #5, listed 9/10 for $1.125mil.
- 1410 Grand 201, listed 5/31 for $1.285mil.
- 1024 Adams 301, listed 4/3 for $1.5mil.
- 1100 Maxwell 233, listed 9/3 for $1.5mil.
3 Sold
- 81 Monroe #2, listed 5/9 for $750k, sold for $725k.
- 502 Madison 305, listed 8/2 for $1.285mil, sold for $1.23mil.
- 718 Jeff #1, listed 7/16 for $1.575mil, sold for $1.55mil.
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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Are Hoboken Condo Owners Really Coupon Clippers?
Categories: Hoboken Condos
During the Democratic candidate’s debate Tuesday night, Joe Biden said (empahsis added):
“Demonizing wealth … I talked about how you get things done. The way to get things done is take a look at the tax code right now. The idea, we have to start rewarding work, not just wealth. I would eliminate the capital gains tax,” Biden said, before immediately changing his tune. “I would raise the capital gains tax to the highest rate of 39.5%. I would double it, because, guess what? Why in God’s name should someone who is clipping coupons in the stock market make, in fact, pay a lower tax rate than someone who in fact is, like I said, who is a school teacher and a firefighter?”
His statement is a messy jumble. But most believe what he was getting at is a proposal to tax capital gains as ordinary income. Without getting into a debate about how or why to lessen the income gap, let’s just talk about capital gains. Joe is implying that the very, very rich (the coupon clippers) are the ones enjoying the relatively low tax rate on capital gains. But that ignores who might be hurt most were the low rate eliminated, i.e., were those gains to be taxed as ordinary income.
Think of the first-time Hoboken condo buyer who outgrew their little 1-bedroom condo when they met their mate. I know many, many of my past clients – some of them school teachers and firefighters – who worked hard, have good credit, pay their bills and saved money for a down payment, bought their first home. Some of those same hard-working people may have decided to keep their first condo as an investment and rented it out to have some additional income. When they needed a bigger place, they had to work hard, maintain good credit, make timely mortgage payments on the first property, pay for repairs, pay property taxes and still be able to save money for yet another down payment to purchase a larger apartment that would suit the needs of a growing family. Let’s say they later decide to move to the burbs – a common scenario in Hoboken. Now they purchase a house in Montclair or Morristown after working hard, paying their mortgage, paying property taxes, paying for repairs, maintaining good credit and saving for down payment number three. These people are not billionaires or coupon clippers. They are typically middle class wage earners, tax payers and savers who have figured out (or stumbled across) a way to accumulate wealthy by owning real estate.
Now maybe they are relocating far from Hoboken, or perhaps they are approaching retirement age, or simply no longer wish to have the responsibility that comes with being a landlord. Time to sell the properties which most likely have increased in value after all these years. Currently, they would pay tax on the profit at the capital gains rate which topped out at 20% in 2018. The tax on the same profit at the highest ordinary income rate would be 39% under current law. That’s just Federal. There are similar state tax implications. Taxing the gain at the higher rate would have a very significant effect on the bottom line of these property owners.
I have no problem with the ultra-wealthy paying their fair share – and they also benefit from low capital gains rates. But there are other areas, like the inheritance tax, deferred compensation, off-shore tax havens, the carried-interest loophole etc. etc. that are the domain of the extremely wealthy alone. The issue I have is with Biden’s proposal is what it would do to the people I have been dealing with for the past few decades, like those in the scenarios I described above. Why penalize and disincentivize one of the most powerful and effective ways to accumulate wealth for ordinary folks? Tax law is tricky and changes to it often result in ancillary effects that politicians have not considered. Hearing talk of doing away with capital gains, regardless of how jumbled Biden’s statement was, jump out at me as a poorly considered solution to a problem that goes way beyond the capital gains tax rate.
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