2010 Mar 17th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales and Activity for the Week of March 16th

Hoboken Condos Sales & Activity – Week of March 16th.

Lots of new listings this week and more to come now that Spring has sprung. Then there is the property tax question. The promised 25% reduction is not looking promising and Christie’s budget proposal may not help either. The Fed plans to stop buying mortgage backed securities shortly. None of this is likely to be good for the Hoboken market. At least the weather is nice.

Here are this weeks numbers vs. a week’s ago numbers:

Studio & 1 Bedroom Hoboken Condos:

15 new listings.

217 total active – $379,184 average asking price. Average 76 DOM.

2 dabo. Average 97 DOM

1 sold. Average price $375,000. DOM 98.

23 price reductions.

Two Bedroom Hoboken Condos:

33 new listings

271 total listings. Average list price $571,483. Average 90 DOM.

13 dabo’d. Average 154 DOM.

9 sold. Average price $467,611. Average DOM 44.

17 price reductions.

Three Bedroom and Larger Hoboken Condos:

6 new listings

50 active listings. Average price $965,109. Average 113 DOM.

1 dabo’d. Average 51 DOM.

2 sold. Average price $873,50 . Average DOM 70.

No price reductions.

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your single best source for locating every open house in Hoboken. It’s posted on Friday every week. The info is updated weekly. If your google search seems to pull up an older version, click on the title link to get the most current map. Like this report, due to MLS regulations, to receive the map with the actual links, you will have to request it using the request form on the post. It only takes a second.

Want to Receive New Listings & Price Reductions Daily?

If you would like to be emailed the new listings and price reductions each weekday in either 1br, 2br or 3br categories just email us at [email protected] letting us know which size(s) you would like and we’ll add you to the daily email list.

A word about that – if you have an ongoing relationship with another agent we are not going to email you listings. You can ask your own agent to do that. So what is an ongoing relationship? Is that not up to you? Have you been working with another agent on a regular basis? More importantly, are you happy with that agent’s service? If so,we respect that relationship. If not, find an agent you like!

If you attend an open house or see several properties with several different agents, that’s not an ongoing relationship. That’s the nature of our job. Despite what some agents in town would like to have you believe, simply showing a buyer a single property, or even a few, does not a relationship make. You are the consumer – you get to decide with whom you wish to work. Unless you’ve signed a “buyers agency agreement”, which is highly unusual in Hoboken, an agent doesn’t have any “hold” over you. So find an agent you like, trust and whose advice you respect. It’s your money, no?

For more information you can always contact us at 201 993 9500.

Thanks for reading and, as always, we welcome your comments!

Posted by Lori Turoff | Currently 9 Comments »

2009 Mar 11th

Hoboken’s W Hotel & Residence – Condo Owners Get a Sweet Property Tax Deal

Buy an (Almost) Million Dollar Condo – Pay Under $4,000 a Year Hoboken Property Tax

Hoboken residents are up in arms about rising property taxes.  Several groups have been formed to fight a recent 47% property tax increase.  The city is in the midst of a financial crisis making it unlikely that the ‘temporary’ property tax increase will be rescinded any time soon.  Yet today I learned that the purchasers of multi-million dollar condos at the Hoboken W Hotel & Residences are the beneficiaries of a sweet deal, indeed.  The W property enjoys a Port Authority PILOT (payment in lieu of taxes) for 99 years.  That’s correct – 99 years.  As a result, purchasers of these condo units atop the W Hotel will be paying incredibly disproportionately low property taxes on their Hoboken property.

Apples to Apples

Just to compare apples to apples, lets look at a unit at Maxwell Place and a similar unit at the Hoboken W Hotel.

1125 Maxwell Lane 

Unit 518 – 813 sq. ft. 1 bed, 1 bath.  Asking $579,000 – taxes based on sale price at 1.3% of purchase price = $7,527.  No limit on tax increases.

225 River St. (W Residences)

Unit 1806 – 800 sq. ft. 1 bed, 1 bath.  Asking $945,000 – taxes $3,296 and will gradually increase to $7,900 in year 100

As For The Rest Of Us Poor Hoboken Taxpayers

I just received the following very timely email from the Lower Hoboken Taxes group:

NOTE: Due to time/space considerations, the complete newsletter is available online and not in this email. Click here for full newsletter: http://www.lowerhobokentaxes.com/forum/topics/lht-newsletter-march-11th-2009

Breaking News: Additional $2.1 million To Be Raised in Taxes This Year: Special Budget Meeting Tonight 6:00 pm

2009 Budget is being revised upwards another $5.1 mm from $121 mm to $126 mm resulting in an additional $2.1 mm to be raised via taxes (totaling $64.2 mm from $34 mm in 2008!) Come to the budget meeting tonight at 6:00 to learn more and encourage cuts!

Latest increase does not included the $4.2 mm charge for the illegal early retirement program. It is anticipated we will have to pay this in July at the beginning of the next fiscal year.

Check out the letter from Judy Tripodi regarding the amended budget (via Hoboken411). http://hoboken411.com/wp-content/uploads/2009/03/judy-tripodi-memo-…

Force Change Rally was a Success!

Thank you to all those who came out to the rally and City Council meeting last week! Press coverage and video at:  www.lowerhobokentaxes.com or NBC4 New York: http://www.nbcnewyork.com/news/local/Town_Digs_into_Citizens__Pocke…

(link in email not working)

What Happened Last Week:

Last week’s Council Meeting was standing room only with the following key issues being discussed:

– Church Towers: The council voted 6-2 to approve an extension of the Church Towers Pilot that included requirements by the owners to obtain a HUD program to keep the housing affordable. Zimmer and Cunningham tried to take the issue to subcommittee but were overruled. They both voted no on the extension stating that they were not sure the resolution could bind the owners to a HUD program, therefore granting the owner a tax break while putting the tenants potentially at risk for the owner to raise rents or take the building condo.  Full story available at: http://www.lowerhobokentaxes.com/forum/topics/lht-newsletter-march-11th-2009

Visit Lower Hoboken Taxes at: http://www.lowerhobokentaxes.com

Posted by Lori Turoff | Currently 17 Comments »

2009 Jan 29th

Hoboken Property Taxes – Some More Info

The Battle To Lower Hoboken Property Taxes Moves Forward

Since there have been a few threads in the comments discussing the tax situation in which we find ourselves here in Hoboken, I thought i would post this email I just received to pass on more information to all of you.






Headlines: (more details below)
  • Mortgage payments increasing
  • City announces some initial cuts in expenses
  • Important City Council meeting on Wednesday Feb 4th. Be there. 
  • LowerHobokenTaxes.com “meet and greet”, 10:00 pm at McSwiggans after the Council meeting
  • Update on Board of Education
Many of us have mortgage companies collect and pay our taxes to the City on our behalf rather than paying the City directly. If this is the case, you probably noticed a recent increase in the amount of your monthly payment. This occurs when you have depleted your tax escrow account at a higher rate than before. This triggers the mortgage company to recalculate your monthly payment. Unfortunately, you might not have felt the full effects of the increase yet and your mortgage company may increase your monthly payment as they receive future tax bills and the escrow balance reduces further.

There is still time to lower taxes for the rest of this fiscal year and all of calendar 2009. The 2008-2009 $121 Million budget was submitted but not approved.  There are still five months left in the fiscal year to further reduce expenses and reduce taxes.  

How can you help? Get involved. Woody Allen said 80% of success is SHOWING UP!  We have noticed new faces in the last few meetings, thank you for coming out.  We need more people to attend Council meetings, speak up, post comments, share info and join the LowerHobokenTaxes.com Steering Committee.  Reply to this email for more info or tell us how you can help. 

Upcoming Meetings and Events:

  • Council Meeting NEXT WEDNESDAY February 4th
    • The meetings are at City Hall in the courtroom and start at 7pm.  They often run past 10pm. You can stop in at any point.  Show up at 9 and then join us for cocktails at McSwiggans after. Or just join us for cocktails around 10pm (below) to hear about what happened!  
    • Church Towers PILOT extension is supposed to be back on the agenda for next week’s meeting. It is estimated this affordable housing property pays 1/5 of the normal taxes per unit and is at risk of losing its “affordable housing” status.  
    • Meeting agenda is available at the City’s website (usually by Friday) http://www.hobokennj.org/html/ccouncil/ccagenda.html
    • If you miss the meeting watch it here: http://www.hobokentv78.org/index.html


  • After-Council Meeting “Meet and Greet” Next Wed Feb 4th- Interested in meeting your neighbors and members of the LowerHobokenTaxes.com Steering Committee face to face? Join us at McSwiggans on 1st and Bloomfield at 10pm.   Ask the bartender where we are standing…  
  • Board of Education Meeting, Tuesday February 3rd- 6:00 p.m at 1115 Clinton Street. Why should you care? Read the article at the end of this newsletter. 

What Happened Last Week:

  • Council Meeting on 1/21-  

    • Last week’s meeting got heated when members of the public presented ideas for cuts to the fire and police departments.  PILOTS were discussed. Read the recap here:   http://tinyurl.com/cunxs7
    • The Council voted to increase parking fines in order to increase revenue into the city.  Because of the increased fines we may see the parking permit increases revoked bringing them back to $15 per car.  
    • Two Council members promised they would have a resolution back on the table at the next Council meeting lowering their salaries and those of City directors. Let’s see if they do it!
  • Finally Some Budget Cuts!
    • Last week 7 provisional city employees were laid off.  According to Judy Tripodi the layoffs were the first stages of an overall plan to reduce the municipal workforce by 10%.  The city has lost 43 employees through retirement over the past year.  The questions is why has it taken so long and when will we see the rest of the expense reductions. Is it enough?  
    • The Crosstown bus provided by the city will cease operations on Feb. 1.  This will save the city 260K annually.  Some residents have said they are creating a petition to reinstate it.  




  • Hoboken University Medical Center: Monthly Board Meeting held Wednesday Jan 29th
    • The Board announced they ran a $4.3 million deficit for 2008 and are working on reducing expenses in 2009 to combat a worsening economy. Taxpayers of Hoboken have a vested interest in the Hospital because we backed $52 MM worth of bonds. More details on the meeting may be found here.
    • HUMC responds to questions posed to it by Hoboken Tax Reform Coalition on Hoboken 411 : 

Board of Education:

  • What’s going on with the Board of Education?  and why you should care?

    •  The 2005-06 actual total cost per student was $16,793. The 2008-09 proposed budget cost per student was $24,949.  This is a 49% increase in 3 years.  We  are working to find out the reasons for the increase and if there have been measurable returns. Source: The Hoboken Board of Education 2008-09 Budget which can be found here:http://www.hoboken.k12.nj.us/index.php?q=node/663

    • The Board of Education recently approved a  4.3% salary increase per year for each of the next three years for teachers, clerks and other employees          details can be found here   http://tinyurl.com/cnrfmy
    • Our property tax is made up of three main components. One of those components is our school budget which, in 2008, accounted for 28% of our property tax (pre-increase).  If we, as taxpayers, are concerned with the spending practices in Hoboken government we must not overlook our school budget.   Source: The Hudson County Board of Taxation website, here: http://www. hudsoncountytax.com/html/RatesRatios.aspx
    • The next Board of Ed meeting is Tuesday February 3rd- 6:00 p.m at 1115 Clinton Street.

Our goal is to be a resource for our members who want to learn more about the current tax situation so we can all make informed decisions and fight this 84% Municipal tax increase! Please take a moment to let us know if this information is helpful by providing feedback here or replying to this email.

Forward this information to friends! Encourage them to sign up at LowerHobokenTaxes.com for frequent updates. 

Together,  we can Lower Hoboken Taxes!


End of email.  The views expressed herein do not necessarily reflect those of hobokenrealestatenews.com.  They are provided to educate the public on local issues that affect the real estate market.



Posted by Lori Turoff | Currently Comments Off on Hoboken Property Taxes – Some More Info

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