Will it sell? Hudson Tea – unit 9N

10/6/2008:

Here’s today’s Hoboken411 reader-submitted property listing analysis!

Will it sell? 1500 Hudson St., #9N

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Details:

  • Realtor: Singleton Galmann
  • Type: 1 Bedroom – a converted Studio (translation: an 8 foot dividing wall.. presto you can charge an extra 50K!)
  • Square Feet: 735 ($632.52 a SF)
  • COST: $464.900.00
  • TAXES: $4,575
  • Maintenance: $378.00

Introduction

Well I decided to once again give Hudson Place Realty a break this month and focus on Eli Manning’s building since they are off to a NFC best 4-0 start! With the Garden Street Lofts sitting unoccupied I figure they have enough problems. Maybe they can use their carbon credits to make payroll this week.

The tea building was the original “Luxury” building in Hoboken. When it first opened I remember actually looking at one of these units and saying to myself “are you kidding me?” this was before the real estate market exploded (now imploding)

These units follow in the same tradition as most of the other Hoboken apartment buildings… maximize profits by using the cheapest materials available!

The first thing you need to worry about when looking at this listing is there are 10 pictures, and 6 of them are of exterior to the unit (views, lobby, ducks floating in polluted water). Warning signs one through six!

Most of these waterfront buildings do this, but when you’re trapped in your teeny tiny apartment do you really care that the lobby has beautiful floors and statues when your parquet floors are buckling from the water damage from the apartment upstairs?

See the listing and full analysis after the jump!!

(Will it sell? Hudson Tea, continued…)

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Listing Overview

Here is the official listing:

“Waterfront Living at its best in The Hudson Tea.”
I would argue the Constitution, Maxwell Place, and Sovereign are better than this.

This 735 square foot converted studio has it all.
Has it all? Have you seen the pictures of this place? Is there an Ether leak at Singleton Galmann’s office?

High Lofty ceilings
Translation-Ridiculous Heating bills and super expensive Window Treatments. Remember folks this building has Electric Heat. (Thanks Toll Bros.) and people tell me you can count on $300-$500 average utility bills.

Great light with Southern views
Great I can see a bunch of tools hanging out at the City Bistro!

California Closet in Bedroom
Closets in California are bigger than this place

Powered Vertical Blinds
This will really impress chicks!

Bosch Dishwasher and more
Wow a dishwasher brand! This will really compliment the $300.00 White generic stove, fridge and microwave.

hudson-tea-hoboken-kitchen-bosch.jpg
hudson-tea-bathroom.jpg

Price includes one deeded parking space on a low floor of garage.
I assume a low floor is a better? This is the best part of the whole deal.

Building amenities include:
Resident’s Club, Health Club, Elevator, Shuttle to PATH and more! Why settle for less when you can have it all!

If this is “having it all” then I think civilization is immediately coming to an end. I would be curious to know if this is all free, or like other buildings there is an annual fee for some or all of these offerings. I am glad that the “Elevator” is included. Walking 9 flights everyday would be a drag.

hudson-tea-lobby.jpg
hudson-tea-residents-club.jpg

Living Expenses:

  • Mortgage Term (If you can get one): 30 Years
  • Interest rate: 5.750% (If you can get this)
  • Loan amount: (20% Down on List Price) $ 371,920.00
  • Sub Total: $ 2,170.42 a month

Total it up…

  • Monthly Mortgage Payment: $2,170.42
  • Monthly Maintenance: $378.00
  • Real Estate Tax: $381.25
  • Utilities: $300.00 (LOW END)
  • GRAND TOTAL: $3,229.67

Summary & Advice:

For this kind of money you can rent a 2-3 Bedroom in a nicer building and keep your 20% down payment. With Real Estate still looking for a bottom I suggest you wait for this to come down under 400K and take another look.

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Leave a Reply

58 Comments on "Will it sell? Hudson Tea – unit 9N"

Red Haven
Member
Red Haven

According to the original floor plans still on the Toll Brothers website, this unit is a studio complete with a “Sleeping Alcove”

Check it out. The wall is original construction, not an owner conversion:

http://www.hudsontea.com/floorplans/BldgB-TypCondoPlansG.html

It’s a cute little unit for a first-time buyer, but not for the price, and not in this market.

Katie_Scarlett
Member

kooky- 50% of Americans are below average intelligence is a joke – b/c average = 50 percentile therefore, by definition, 50% of people are at or below average intelligence and 50% of people are at or above average intelligence. 😆

I read somewhere (I think a Howard Zinn book) that one of our esteemed ex-presidents was shocked to learn half the country was below average intelligence. It struck me funny and I use that expression whenever it fits now. :mrgreen:

kooky kat
Member

[quote comment=”110808″]potato- Consider 50% of all Americans are below average intelligence, most have never taken economics or finance classes and then reconsider that 2/3 think we’re facing the great depression. Do not worry about the uneducated and uninformed think – what do you think?

I think this is a cyclical downturn, perhaps beginning of a recession, and it will turn around in 12, 18 or 24 months. I refuse to believe we’re headed into a depression (as defined by a 10% drop of Real GDP).

I hope I’m right.

:lol:[/quote]

How about this, instead of saying that 50% of Americans who are uneducated are just plain d-u-m-b, maybe people are just dumb enough to believe what the media are FEEDING them. Some of us are just smart enough to know that not everything I see on the TV News is always true.

matt_72
Member

[quote comment=”110808″]potato- Consider 50% of all Americans are below average intelligence, most have never taken economics or finance classes and then reconsider that 2/3 think we’re facing the great depression. Do not worry about the uneducated and uninformed think – what do you think?

I think this is a cyclical downturn, perhaps beginning of a recession, and it will turn around in 12, 18 or 24 months. I refuse to believe we’re headed into a depression (as defined by a 10% drop of Real GDP).

I hope I’m right.

:lol:[/quote]

Most of those tools don’t even know when the Great Depression was……lol

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