5/9/2008:

[Note: This is a Hoboken411 reader contributed article.]

Continuing the “Will it sell?” series….

812 Hudson Street for a cool $2,650,000

hoboken-812-hudson-street-front.jpgI am not trying pick on Hudson Place Realty, but this new listing at 812 Hudson Street intrigued me for a few reasons:

1. The Asking price is higher than the Garden Street Lofts Penthouse which set off a healthy debate about Brownstone versus Single Level Open Floor Plan last week. The actual SF is not listed, but based on the pictures this appears to have lots of room. Also there are 2 rentals which I am sure yield 4-5K a month. I bet the taxes at 17K are lower than the Lofts without the maintenance.

2. The fact this place sold just 5 years ago for $1,183,000. That is what I call appreciation! $1,467,000 which is 124% profit in 5 years. That is like having a 300K a year job without having to take the train.

3. The problem with this place is for 2.6 Million you are essentially getting a 2 Bedroom. I mean if you have one kid, then you cannot even have an overnight guest. If you decide to take over one of the rentals for yourself you are in for hundreds of thousands for renovations. If you decide to leave the rental for overnight guests then you are forfeiting 2K a month for your mother in law to sleep over 4-5 times a year. You would be better off putting her up at the W Hotel for that kind of loss.

Here are some snippits and comments from the Domania Listing:

hoboken-812-hudson-street-yard.jpg

  • Introducing a magnificent three family brownstone (Rental Income… NICE! Just don’t get mad when Jimmy your tenant decides to start learning to play the electric guitar at 2AM)

  • This exceptionally wide, 24.67 x 120 (this is rare as most brownstones are 21’ Wide)

  • Home offers a spectacular owners duplex, 2 rentals, beautiful original detail and a suburban sized yard (Come on now. I mean the yard is a nice size, but Suburban sized?. If you cannot fit a pool then this is not Suburban Sized)

  • 12’ 9” ceiling on parlor floor with all original detail (very high as this floor is usually 1’ shorter than this. Good luck changing the light bulbs on this floor)

  • Completely renovated kitchen with stainless steel appliances, maple and cherry cabinets (why not all Cherry?) recessed lights (in the trade we call these High Hats), honed granite counters (Hey let’s dull the granite and charge more! Brilliant!), 2 Thermadore wall stoves (Who’s buying this house the Osmonds?), 5 burner cook top, double Frank sink (spelled wrong), custom glass backsplash (aren’t all backsplash’s custom when you really think about it)

  • Large master suite with original molding, mahogany, maple and cherry floors (Here we go again with this mixed wood scenario), his & her custom closets (divorce lawyers just lost 2 clients)

  • Renovated master bath with double pedestal sinks, double Rubern medicine cabinets (Is Rubern suppose to mean something to the average home buyer?), soaking tub, separate shower stall with multi heads, frameless glass door and custom glass tile

  • Children’s room with 2 sleeping alcove and large play area with own full bath and direct access to huge backyard though glass (I think they left the word DOOR out of here)

  • Full sized Whirlpool Duet washer/dryer, Alarm system, Marvin windows (Not as good as Pella), Full basement with 7 ft. ceiling height (I hope you are not over 5’ 7” and want to put an Elliptical Machine down here…ouch!) and direct access to yard (as opposed to those houses with non-direct access)

All in all this seems to be a good buy when compared to the Garden Street Lofts based on future value, lower taxes and no maintenance. You get a nice yard, renovated inside, and a nice amount of rental income to boot!

I doubt someone with 2.6 Million to spend will only want a 2 bedroom and deal with tenants though.

Just think at 5% Commission Hudson Place will net a cool $132,500.00 for selling this property. Now that is a bigger crime than anything the Hoboken Swat Team ever did!!!

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