Will it sell? Garden Street Lofts

4/28/2008:

[Note: This is a Hoboken411 reader contributed article. There will be one or more “reader articles” a day this week.]

A Hoboken 411 reader emailed me about running a periodic feature called “Will it Sell?”

Every now and then, they’ll feature a property in town and use witty commentary to list the pros, cons, and associated cost of ownership.

In addition there will be a poll of whether the property will sell at asking price, above or below. Today’s entry starts with a penthouse unit at Garden Street Lofts.

PHOTO GALLERY (HOLD MOUSE OVER IMAGE TO NAVIGATE – 4 PHOTOS IN THIS SET)

Garden Street Lofts

Hudson Place Realty presents Garden Street Lofts at 1425 Garden Street.

The Penthouse Unit is on sale for a budget busting $2,500,000.00. The unit is a 3 Bedroom and totals 2,153 Square Feet. That works out to be $1,161 a SF!!!

Read his detailed analysis of the Property, and take the poll after the jump!!

(Will it sell? continued…)

Details:

garden-street-lofts-logo-hoboken-sm.jpgHere is the internet description of the property with comments:

  • “Welcome to Garden Street Lofts. New Jersey’s first high rise residential GREEN building, registered for LEED silver certification.”
    How can a building be GREEN with Central Air? This building is GREEN as in you will need alot of it to live here
  • “A truly visionary building with amenities and finishes like no other, where urban chic meets progressive building design, from the zinc and brick facade to the cutting edge finishes.”
    Visionary? As a friend of mine use to say “It’s a box with lights”
  • “Duplex Penthouse #A has an enormous 1280 square foot terrace with hot tub”
    Not sure if this is a shared deck, but if not then this is pretty cool
  • 23’ ’3″ ceilings (Imagine your heating bills. Remember folks… heat rises!)
  • hot tub, fireplace (yawn)
  • A sleek Italian Valcucine kitchen (more Green BS)
  • Glass countertops (another thing to break)
  • 6 burner Wolf (nice)
  • Viking wine cooler ($1,000.00 big whoop)
  • Bamboo floors (these wear much faster than harder woods)
  • Filtered fresh air (we live next to the Lincoln Tunnel)
  • Central air conditioning and heat (WOW)
  • Oversized windows (translation Window Treatments 5X the cost)
  • Private storage (as opposed to Public Storage)
  • Bike storage (a $3.00 hook from Home Depot)
  • Part time doorman (does he decide his own hours?)
  • Two car parking. (Can you sublet these out? I bet the condo contract says no)
  • Maintenance includes heat, hot water, gas and central air conditioning. (maintenance is $966.00 a month so I guarantee as energy prices climb the maintenance year 2 will be 200-300 more)
  • Green roof featuring Ipe wood deck, seating area and dazzling NYC views. (there are so many buildings in front of this I bet you maybe see the Bronx to the North if your lucky.

Cost Breakdown:

Approx Cost Breakdown:

  • Mortgage: $12,000.00 a month. This is assuming 1.5 Million down on a $1,000,000 mortgage (good luck getting one nowadays too)
  • Taxes: $2,000 Month. Not sure how they will calculate taxes (which is why Hudson Place does not even list this on the site) but assuming 1% of purchase price this is approx $2,000 a month. It actually may be higher.
  • Maintenance: $966.00
  • Total Estimated Monthly Cost: $14,966.00

This does not include Homeowners Insurance which will be another $100-$150 a month.

So for a cool 15K a month you can have a 2,000 Square Foot place in Hoboken with obstructed NYC views. You can rest comfortably at night however knowing you are slowing global warming in your GREEN building as you crank your Central Air to 65 Degrees in August, while sitting in your 104 degree hot tub.

Poll:

{democracy:133}

Is this a good deal? Or is this reader complaining too much?

Leave a Reply

46 Comments on "Will it sell? Garden Street Lofts"

RUHOBO
Member
RUHOBO

Took some time but the both PH is under contract. Guess Hoboken is close to Manhattan. Guess the real question how much of a discount did the buyer get from the orig $2.5mm asking. Didn’t someone bet me less than 2mm?

HansBrix
Member
HansBrix

And they would have gotten away with is, too, if it weren’t for those pesky kids and their blog.

njrereport.com/index.php/2008/06/14...ndication-nj-q1-home-sales-down-30/

James Bednar: +4% is WAY OFF
NAR: no response
James Bednar: +4% is WAY OFF
NAR: no response
James Bednar: +4% is WAY OFF
NAR: no response
James Bednar: +4% is WAY OFF
NAR: Oops, its -30%. Forgot to carry the 1.

Mistake? No way. The only thing the NAR will learn from this is how to hide it better next time.

oceanbloo
Member
oceanbloo

[quote comment=”88549″]I noticed last week the NAR quietly revised their Q1 YoY NJ sales results, from up 4% to down 30%.[/quote]

Yeah, they attributed it to a calculation error. If I made that kind of an error on my job, and if the information went public and no one on my team questioned it, it would have involved more than just a “quiet revision.”

rag246
Member
rag246

I noticed last week the NAR quietly revised their Q1 YoY NJ sales results, from up 4% to down 30%.

homeboken
Member
homeboken

Forget all the arguments people have about the state of the real estate markets. There are too many variables, anyone can twist facts to support their side of the story.

The question is simple. Would you rather be a buyer or a seller right now? The buyers have the advantage.

wpDiscuz