2014 Jun 7th

The May Hoboken Condo Sales Results

Sales exploded in May.  There is just no other word for it.  Here are a few of the highlights:

Here are the May numbers:

There is not a single sign that this rise in activity and prices is going to end any time soon.  I hear buyers tell me “I’m not in a rush so I’m just going to wait for the market to come back down”.  I laugh to myself that I will likely be retired by the time that happens.

Every buyer says to me “I don’t want to be involved in a bidding war”.  I say, then you’re not going to buy a premier property in Hoboken.  You need an exceptionally qualified agent to navigate these waters; to show you value; explain the strategies; provide guidance on how to make the strongest offer; win the bid and not overpay.  You need an agent who will work with you as a true buyer’s agent – not a transaction broker (fancy name for salesperson).  Try to find an agent with more than a decade of experience in Hoboken condo sales alone and negotiating skills second to none.  Wait, that would be me.  If you’d like a private consultation, please email me at [email protected]

Enjoy the weekend!

Lori

 

Posted by Lori Turoff | Currently 14 Comments »

2008 Mar 13th

Learn The Little Known Dangers Of Small Hoboken Condo Buildings

Would You Buy a Condo in A Building With Only 3 Units?

If so, you better keep reading. Hoboken has very few co-ops. Most units in Hoboken are condos. A condo building is run by the condo association. The condo association is made up of the unit owners. Each unit owner has a vote. Sometimes, that vote is proportional in relation to the size of the unit owned. Other times, it is 1 vote per unit. So what’s the problem with that, you ask?

Hoboken has many older 3 and 4 story homes that have been converted into 3 and 4 unit condos. Let’s say you’re about to purchase a unit in one of these 3 unit buildings. You would own 24% of the total square footage of the building, your upstairs neighbor owns 24% and the family downstairs in the duplex has 52% of the total. So your vote is worth 24%, the upstairs vote is worth 24% and guess who controls the building? Or the same owner owns two floors and now the third floor unit is for sale. Each condo unit gets one vote. Again, your soon to be neighbor makes all the decisions.

Why Should You Care?

Hobokens Best DogsLiving in a condo building requires cooperation among unit owners. It also requires decisions to be made that effect everyone. Think about who decides how much the reserve fund should be, whether special assessments will be imposed or whether maintenance fees ought to be increased, and if pets are allowed. When one unit owner has a controlling interest, all these decisions can be made by that owner. What if you prefer to live in a well maintained, clean building but your neighbor could care less? If they decide how the condo fees are spent they may not be willing to repair the roof, paint the common areas, clean the hallways or install new lightings. Owning property requires maintenance and upkeep. Improving property costs money. If you’re not on the same page as the neighbor with the controlling vote, you have no recourse except to make improvements and repairs at your own expense. Or you may have a really difficult time selling when your building looks like a money pit.

Even Under The Best Circumstances, How Big Is Your Safety Net?

If you and your neighbors all get along famously and agree on exactly how your condo should be kept and financed there is one more thing to consider. When you purchase in a condo building with 10 or more units, not only is the governance of the condo association likely to be more of a democratic and participatory process but there are more unit owners chipping in to handle maintenance costs and repairs when needed. Many small Hoboken condo buildings have very meager reserve funds. Often, they are no more than a few thousand dollars. Smaller buildings are more commonly self managed. They tend not to have regular meetings, don’t keep minutes, and sometimes have no budget. Of course, these are all items your attorney should be checking into during attorney review. Unfortunately, it is often overlooked.

3 Unit Hoboken CondoHow to Protect Yourself

Are all small Hoboken condo buildings to be avoided? No – some of them are fine. They have attentive owners who run the association properly or pay a management company to do much of the work. There are condos in Hoboken with smart unit owners who have established adequate reserves and prepared a realistic budget. The voting rights in some small Hoboken condo buildings are allocated 1 vote per unit specifically so that no one unit owner controls everything. This is set out in the condo documents – the certificate of incorporation and the bylaws. The important lesson is that you ask the right questions before deciding to make an offer on a condo unit in a small building. Know what you’re getting into before you buy.

Posted by Lori Turoff | Currently No Comments »

2008 Feb 6th

Hoboken Condos & Homes Inventory – What’s the Story?

Hoboken Properties – Active, Under Contract and Sold

Once a week I’m going to publish the current activity for Hoboken condos, by size (1 br, 2 br, 3 br) and single family homes and multi family homes. It will be interesting to track if business is steady, picking up or falling off. So here goes:

As of Wednesday, February 6th, 2008 (as per the MLS)hoboken brownstone

Studio + 1 bedroom condos:

121 Active 48 under contract 1 sold

2 bedroom condos:

229 active 85 under contract 0 sold

3 or more bedroom condos:

39 active 12 under contract 0 sold

Single Family Houses:

6 active 3 under contract 0 sold

2 to 4 Family Houses:

17 active 9 under contract 1 sold

Posted by Lori Turoff | Currently 1 Comment »

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