W Hotel – Insane rental prices

What’s up with the nutso rents at the W Hotel in Hoboken?

Is the W Hotel in Hoboken really worth the rents they’re “commanding?”

One Hoboken411 reader who lives there is wondering the same thing, as they’re moving out soon and rents are nearly doubling!

W Hotel Hoboken NJ record rents

Letter: Ridiculous rental prices at W Hoboken

W Hotel Hoboken NJ sky high rents“There are currently three one-bedroom units actively listed for rent on my floor at the W Hotel Residences. (Note that floors 18 – 25 of the W hotel are all privately owned condos.) My floor is the only floor of the residences that has one bedroom units – The rest are 2 bedrooms and greater (including a soon to be SIX million dollar plus listing!)

This is the current breakdown:
– Two units are listed for 5500 per month
– And another is listed for 6000 per month
– Soon my apartment will also be available for rent at “a price to be determined.”

Note that this is half the floor!

I was previously paying 4100 per month including 300 per month parking so the net effective rent was 3800 dollars. I am currently closing on a place outside of Hoboken and had to renew for one extra month at the jacked up price of 4500 without parking i.e. a 18% increase!

So the question is who is going to pay these numbers and why would anyone list this high?

Another unit on my floor was sold at a record price about two months ago. The unit was listed for approximately 1.22 million and was sold to an all cash buyer at “slightly below asking” only a couple weeks after hitting the MLS database according to a source familiar with the transaction. I have also been told that this is a record for a one bedroom condo sale in Hudson County and New Jersey as a whole breaking the previous most expensive sale by approximately $250k!

The buyer of that unit then listed the unit for rent at $5500 per month. As of the middle of last week, the apartment was available and the landlord was willing to consider rents commencing in October even though the unit was previously available September 1.”

(Editor’s Note: A one-bedroom just listed for a staggering $1.5 million recently)

“Although no renters appear to be listed at these high price levels, several other Owners in the building saw the listed price and were inspired to put their places on the market.

So now it appears that there will be FOUR empty units on a floor of 8 total apartments in the near future while the landlords try to get new record prices all inspired by the fact that someone with plenty of cash overpaid for just one unit months ago.”

Is the economy this good?

Or is it just another way of saying America is getting invaded?

Dunno – a lot of what I read says insane things happen before “you know what.”

We’ll see! Maybe bike lanes can save the world after all.

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2 Comments on "W Hotel – Insane rental prices"

whewwhewwhew
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3 Simple words “Supply and Demand”

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showme789

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