2017 May 31st

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of May 31st, 2017

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As of May 31, 2017:

  • 184 active Hoboken listings
  • 138 Condo & Co-op listings, compared to 147 last week
  • 31 Single-family listings, compared to 32 last week
  • 15 Multi-family listings, compared to 17 last week

 

This Week’s Residential Property Sales & Activity:

  • 16 DABOs (Deposit Accepted By Owner and Under Contract) vs 12 last week
  • 9 Sold vs 21 last week
  • 18 New listings vs. 40 last week
  • 3 Price changes vs. 15 last week
  • 0 expired listing vs. 0 last week

 

Studio & 1-Bedroom Properties

34 Active listings

5 New listings

1 Price change

7 DABOs

  • 709 Adams St., 1 listed May 16 for $369K;
  • 601 Monroe St., 1B listed April 28 for $395K;
  • 700 1st St., 13L listed May 25 for $559K;
  • 800 Jackson St., 605 listed May 8 for $585K;
  • 1000 Hudson St., 401 listed May 3 for $619K;
  • 1200 Grand St., 301 listed May 16 for $725K;
  • 1125 Maxwell Ln., 416 listed Mar 2 for $989K; reduced Mar 28 to $969K; reduced May 5 to $939K;

2 Sold

  • 533 Monroe St., 3A listed Feb 24 for $349K; sold for $384K;
  • 831 Clinton St., 2O listed Mar 30 for $420K; sold for $415K;

 

2-Bedroom Properties

67 Active listings

9 New listings

2 Price changes

7 DABOs

  • 509 Madison St., 3C listed May 12 for $545K;
  • 700 1st St., 3G listed May 18 for $750K;
  • 700 1st St., 19G listed May 1 for $750K;
  • 1021 Grand St., 4E listed May 9 for $775K;
  • 7 Willow Terr., listed May 18 for $799K;
  • 109 Grand St., 401 listed May 2 for $869K;
  • 904 Jefferson St., 6E listed May 18 for $949K;
4 Sold
  • 253 10th St., 3L listed Mar 9 for $649K; sold for $665K;
  • 812 Grand St., 507 listed Mar 15 for $699K; sold for $720K;
  • 700 1st St., 9RS listed April 6 for $700K; sold for $740K;
  • 107 Jackson St., 1 listed Mar 16 for $849K; sold for $850K;

 

3-Bedroom & Larger Properties

37 Active listings

4 New listings

0 Price changes

15 Multi-Family Active listings

31 Single-Family Active listings

2 DABOs

  • 710 Bloomfield St., listed Nov 11 for $2.195M; reduced Nov 29 to $1.995M; reduced Dec 14 to $1.895M; reduced Feb 16 to $1.845M; reduced Mar 27 to $1.799M; reduced April 21 to $1.775M;
  • 1232 Bloomfield St., listed Mar 7 for $2.199M; reduced May 15 to $2.0M;

3 Sold

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Posted by Nathan Turoff | Currently No Comments »

2017 May 25th

City of Hoboken – Chapter 104: Flood Damage Prevention

This is a very interesting part of the City of Hoboken’s Municipal Code, about which many buyers, sellers, realtors, and home owners are very unaware.  It’s a plan to reduce the amount of damage done by potential future floods, a worthwhile aim for sure.  What people don’t realize is how it affects ones ability to utilize space “below grade”.  It is worth a careful read.

In a nutshell, if you are buying a brownstone to renovate, spending more than half the value of the “improvements” value of the property as listed in the tax records, you can use the space below grade (think garden level apartment, basements) ONLY as storage space.  No bathrooms, no furnace, no washer/dryer, no electric panel, no kitchen, no wet bar, no sauna, nothing.  Storage space.  Of course, your kids can play in your storage space and the City of Hoboken can’t tell you how to furnish it, but it’s not going to become an apartment for the in-laws or the nanny, no bathroom, no sink, limited electrical.

If you lose a floor below, you get to add that amount of lost space to the top of your building by way of an additional floor.  That’s what you see popping up atop brownstones all over town.  You get 40 feet above the “DFE” as of right.  If you read through the code, you’ll see what all the definitions mean.  PS – it’s most of Hoboken, even blocks that are not in the flood zone, and if even a portion of your lot – that little back corner of your garden – dips below, the entire property is subject to the rules.

If you renovate in phases, the City of Hoboken is keeping track.  The trigger point is cumulative over the course of 5 or 6 years and they tell me they are being diligent about this.  If you redo the downstairs under the financial threshold and then go back to do more renovations, they will make you rip out the downstairs work.

Think about it – now your HVAC, furnace, water heater, laundry equipment and electrical boxes must all be on the parlor floor, somewhere upstairs or on the roof.  That is a huge change in how these buildings have been configured for centuries.  Sometime, even the parlor floor is not high enough!  When that happens, the cost effective fix is to tear down the whole house and start anew.  So much for historic preservation!

Oh, and if you do have living space down below that has been grandfathered in and you don’t make any changes to it, expect the flood insurance rates to be exorbitant.  Those are set by FEMA and they are skyrocketing.

I asked, “what about all the 4 and 5 story row-house style condo buildings that have all the hot water heaters, laundry and furnaces in the basements?”.  I’m told that if one needs to be replaced, it now has to be put upstairs in the condo unit.  They will no longer allow equipment or appliances in basements, even if elevated up on blocks.

This is really a big deal.  People need to know more about it.  It is going to change the face of Hoboken.  If you live on the hill, be very happy.  If not, get educated.

Posted by Lori Turoff | Currently 36 Comments »

2017 May 24th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of May 24th, 2017

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As of May 24, 2017:

  • 196 active Hoboken listings
  • 147 Condo & Co-op listings, compared to 128 last week
  • 32 Single-family listings, compared to 31 last week
  • 17 Multi-family listings, compared to 15 last week

 

This Week’s Residential Property Sales & Activity:

  • 12 DABOs (Deposit Accepted By Owner and Under Contract) vs 15 last week
  • 21 Sold vs 16 last week
  • 40 New listings vs. 36 last week
  • 15 Price changes vs. 10 last week
  • 0 expired listing vs. 1 last week

 

Studio & 1-Bedroom Properties

39 Active listings

7 New listings

4 Price changes

6 DABOs

  • 509 Monroe St., 3R listed May 11 for $335K;
  • 60 Madison St., 2L listed May 11 for $395K;
  • 420 Madison St., 3R listed May 15 for $435K;
  • 625 Willow Ave., 1R listed May 19 for $435K;
  • 137 Garden St., 4 listed April 18 for $488K;
  • 1500 Washington St., 7N listed Mar 11 for $600K; reduced May 11 to $595K;

7 Sold

  • 512 1st St., 4 listed Mar 25 for $329K; sold for $315K;
  • 68 Monroe St., 2A listed Mar 10 for $365K; sold for $381K;
  • 114 Monroe St., 2R listed Mar 24 for $379K; sold for $400K;
  • 916 Park Ave., 4 listed Mar 1 for $399K; sold for $425K;
  • 1500 Garden St., 2J listed Mar 15 for $525K; sold for $500K;
  • 300 Hudson St., 11 listed Jan 4 for $569K; reduced Mar 10 to $560K; sold for $544K;
  • 1450 Washington St., 1206 listed Jan 18 for $780K; reduced Jan 19 to $765K; sold for $760K;

 

2-Bedroom Properties

69 Active listings

23 New listings

6 Price changes

6 DABOs

  • 261 12th St., 3A listed May 18 for $549K;
  • 531-533 Jefferson St., 6 listed April 21 for $629K; reduced May 5 to $600K;
  • 623 Madison St., 3C listed May 18 for $650K;
  • 1100 Clinton St., 305 listed May 15 for $659K;
  • 700 1st St., 10G listed May 1 for $750K;
  • 222 Park Ave., 3 listed May 5 for $925K;
7 Sold
  • 224 Madison St., 4B listed April 5 for $475K; sold for $475K;
  • 610 Newark St., 3G listed Mar 15 for $615K; sold for $658K;
  • 812 Grand St., 416 listed Mar 22 for $700K; sold for $740K;
  • 1301 Adams St., 404 listed Mar 22 for $759K; sold for $815K;
  • 1300 Grand St., 416 listed April 6 for $800K; sold for $825K;
  • 70 Adams St., 5J listed Mar 10 for $849K; sold for $870K;
  • 1100 Adams St., 409 listed Mar 3 for $1.150M; sold for $1.125M;

 

3-Bedroom & Larger Properties

39 Active listings

10 New listings

5 Price changes

17 Multi-Family Active listings

32 Single-Family Active listings

3 DABOs

  • 1139 Garden St., listed May 5 for $1.399M;
  • 420 Hudson St., 1 listed Mar 24 for $2.0M; reduced April 19 to $1.940M;
  • 725 Park Ave., listed May 1 for $2.860M;

7 Sold

Posted by Nathan Turoff | Currently 6 Comments »

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