2017 Jan 12th

How Did This Year in Hoboken Real Estate Compare To Last?

Here is a nice little chart that answers that question:

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Posted by Lori Turoff | Currently No Comments »

2017 Jan 11th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of January 11th, 2017

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As of January 11, 2017:

  • 94 active Hoboken listings
  • 85 Condo & Co-op listings, compared to 71 last week
  • 14 Single-family listings, compared to 13 last week
  • 9 Multi-family listings, compared to 10 last week

This Week’s Residential Property Sales & Activity:

  • 4 DABOs (Deposit Accepted By Owner and Under Contract) vs 3 last week
  • 17 Sold vs 17 last week
  • 23 New listings vs. 7 last week
  • 2 Price changes vs. 1 last week
  • 1 expired listing vs. 6 last week

 

Studio & 1-Bedroom Properties

31 Active listings

7 New listings

No Price changes

2 DABOs

  • 421 Adams St., 2R listed Dec 13 for $365K;
  • 1450 Washington St., 613 listed Dec 8 for $670K;

3 Sold

  • 1300 Grand St., 518 listed oct 12 for $585K; sold for $585K;
  • 707 Monroe St., 502 listed Oct 14 for $649K; sold for $649K;
  • 1125 Maxwell Ln., 647 listed Nov 14 for $800K; sold for $800K;

 

2-Bedroom Properties

27 Active listings

9 New listings

No Price changes

2 DABOs

  • 910 Hudson St., 2 listed Nov 11 for 690K; reduced Nov 17 to $680K; reduced Nov 21 to $650K; reduced Dec 15 to $600K;
  • 910 Hudson St., 3 listed Dec 19 for $660K; reduced Dec 20 to $650K;
9 Sold
  • 73 Garden St., 4L listed Oct 11 for $549K; reduced Oct 31 to $514K; sold for $488K;
  • 422 Grand St., 4 listed Aug 21 for $529K; sold for $507K;
  • 700 1st St., 5K listed Nov 17 for $649K; sold for $686K;
  • 519 Adams St., 2 listed Sept 26 for $700K; sold for $700K;
  • 1331 Grand St., 404 listed Nov 3 for $709K; sold for $710K;
  • 1200 Grand St., 622 listed Sept 9 for $789K; sold for $789K;
  • 10 Willow Terr., listed Nov 1 for $850K; sold for $800K;
  • 225 Clinton St., 1 listed Nov 7 for $799K; sold for $815K;
  • 1025 Maxwell Ln., 1006 listed Oct 27 for $1.299M; sold for $1.250M;

 

3-Bedroom & Larger Properties

27 Active listings

7 New listings

2 Price changes

9 Multi-Family Active listings

14 Single-Family Active listings

1 DABO

  • 600 Newark St., 400 listed Oct 14 for $1.749M;

5 Sold

Posted by Nathan Turoff | Currently No Comments »

2017 Jan 8th

AirBnB in Hoboken? Welcome, or Not?

There are debates about the pros and cons of AirBnB that take up pages and pages of the internet.  My opinion is that it is a bad thing for communities because the municipality misses out on rightfully deserved tax revenues (such as hotel and licensed B&B’s must pay), bad for building and inhabitants (a constant stream of unknown people coming and going does not make for safe surroundings) and bad for the neighbors (who wants to live next to an apartment full of frat boys throwing a bachelor party every weekend?).  I saw this billboard at the Exchange Place PATH platform yesterday:

dharma

 

To my mind, this takes AirBnB to a whole new level.  Oh – they actually advertise these spaces right on AirBnB.  The Hoboken location is at 1414 Grand Street in a new construction building called the Novia.  What’s really interesting, is that along with these short-term AirBnB style rental, there are long term rentals in the building, as well.  What comes to my mind is the following:

Is this not actually a hotel?

Does the entity profiting from this business pay taxes to Hoboken, Hudson County, the State of NJ or the Feds as a business?

Does homeowner’s insurance cover commercial endeavors like this?  What would happen, for example, if a daily guest were to start a fire?  Would the loss be covered?

What do the annual tenants living in the building think of the idea of temporary daily visitors having access to their building?

Do the annual rents reflect a discount to take into account the added risks and potential annoyances?

Does this conflict with local zoning rules?  Is this type of commercial use in a residential zone permitted?

What happens when entire blocks or neighborhoods are no longer comprised of long term occupants with a vested interest in the safety and stability of the neighborhood but become nothing more than a row of short term properties run by out-of-town investors?  It’s happening right now in parts of New Orleans.

Finally, does the City of Hoboken care about any of this?  Especially the potentially missing revenue stream?

I know many people say they enjoy staying at an AirBnB because it feels more like you are a part of the neighborhood.  Plus, you often get use of a kitchen and a whole apartment.  I have friends who have turned their properties into AirBnBs because they make a hefty buck doing so.  In Hoboken, it is a great way to get around the rent control laws!  A condo that could only legally fetch $1,200 a month, can easily get $120 a day – or three times the legal rent!

Proponents say one should be able to do with one’s property what they like.  But that is a specious argument as zoning and other laws have existed forever and limit what an owner can and cannot do with your own home.  Taking residential properties off the market for residents and using them as hotel units reduces the supply of long term housing, thereby causing long term rents to rise.  Most condo association master deeds and bylaws address short term rentals and prohibit them but many condo associations look the other way allowing owners to reap short term profits at the expense of the neighbors.  Almost all rental buildings prohibit any subletting, let alone short term subletting.

Many other cities have begun to address the issue and regulate short term rentals (San Fransisco, New Orleans).  This example, however, is the most blatant blurring of the line between a private home and a hotel.  My prediction is that this is going to become a real issue in Hoboken and Jersey City in the not-too-distant future.

Posted by Lori Turoff | Currently 11 Comments »

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