Will it sell? Constitution penthouse

3/19/2010 Update:

16 Month “It hasn’t sold yet” update!

A staggering $1.6 million dollar reduction – A “Will it Sell?” record!

Cost today: $2,600,000
Cost in November 2008: $4,200,000 (orig 4.35 mil!)

“Taxes now listed at $44,161. When I did the story they were not listed, but I guessed 25K. Imagine $3,680 a month… just for Taxes! This is more than Beth Mason pays. Add in the Maintenance (still not listed) and you are close to 5 grand a month before you even make a mortgage payment! The bleak state of Hoboken’s economy in the future will likely mean thousands more – adding insult to injury.”

What do you think it’ll finally sell at?

11/21/2008:

The Hoboken411 “Will it Sell?” Real Estate analyst / realist / comedian is back with another installment today! I think you’ll be in for a surprise with all the praise given for this massive uptown penthouse!

Constitution Penthouse Unit

Details:

Unit: Exact # not displayed
Realtor: Weichert
Online Listing: via Realtor.com
Type: 4 Bedroom 4.5 Bath Penthouse Condo
Square Feet: 3,600 ($1,166.66 a SF)
COST: $4,200,000.00 (not a misprint… it was actually 4.35 Million 2 weeks ago)
TAXES: Not Listed which is never a good thing. (approx 20-25K I bet since this is 2-3 combined units)
Maintenance: Also not listed. (approx 1,000.00 I bet since this is 2-3 combined units)
will-it-sell-hoboken-constitution-penthouse-living-room-bq.jpg

See cost analysis, final thoughts and photo gallery after the jump!!

(Constitution Penthouse – Will it sell?, continued…)

Analysis:
Well I decided to once again give Hudson Place Realty and Singleton Galmann a break this month. They were apparently quite upset over the “Will it Sell“ listings. What’s the old saying “Even bad publicity is good publicity?” I think the gutted ground floor storefront in the Garden Street Lofts is an example of bad publicity not being a good thing.

Anyway… The Constitution is another one of those Applied cookie cutters with tremendous location, and cheap construction. This unit has been completely gutted, and I have to say it is a beautiful unit. I have a friend who used to live in this building and I can tell you first hand the walls were so thin they only had one side. You cannot beat the views, proximity to Kings Supermarket and other stores, and NY Waterway Ferry. The question I have about this unit is whether someone in this economy will be willing to pay $1,166 a Square Foot. This does not include the additional $2,500-$3,500 a month in Taxes and Maintenance. The parking spots are also $300.00 a month now.

Based on these pictures there is nothing bad that can really be said about this unit, other than the amount of money spent on both units, construction costs to combine, and whether it was worth it.

Official listing: (With Comments)
“One of a kind, stunning 3600 sq ft 4 bedroom, 4 ½ bathroom double penthouse condominium with panoramic views of the Hudson River and New York City from the George Washington Bridge to the Verrazano Bridge.”

  • (I think this may actually be a triple unit, but I could be wrong)

“New, complete gut renovation (taken down to the cement) includes new central air-conditioning and heating units, gas line, soundproofing, raised ceilings & an audio/stereo system w/ CAT FIVE wiring throughout unit and patio (controlled room by room with wall keypads).”

  • This is Appplied… there’s no Cement….that’s Styrofoam! WOW CAT 5!!!

“This true custom condo showcases spectacular details: intricate carpentry, wainscoting, crown molding, inlaid hardwood floors, built-ins, Tru Stile doors with Baldwin brass fixtures, recessed and Vaughn lighting throughout. The Canterbury kitchen designed by HGTV’s James Dove has a Sub-Zero refrigerator & freezer drawers, a dual fuel Wolf oven, Dacor warming drawers.”

  • Did James Dove actually come into this place, or did they DVR a place he did and copy it?

“Fisher & Paykel dishwasher drawers”

  • FYI Dishwasher drawers are horrible and you will live to regret them. You cannot fit anything oversized into them.

“Under/in cabinet lighting, Limestone & Dakota Mahogany granite counters, and a Rohl faucet over a farm sink. The breakfast room features a wet bar with a Marvel wine refrigerator & beverage center and a Rohl faucet over a hammered nickel sink.”

  • ALL very nice!

“The living room is very bright and opens to a terrace overlooking NYC.”

  • Beautiful corner unit and the views are incredible.

“Arched entry leads to the dining room complete with a decorative mantle and built-in china cabinets. The spacious master bedroom suite includes his and her baths with antique mirrors from the Waldorf Astoria Hotel, a dressing room, an office, a sitting area and an antique mantle from a Newport, RI mansion.”

  • Name droppers!

“The bathrooms feature radiant floor heat, marble counters, Urban Archaeology bath tiles, and Kohler fixtures. The laundry room, pantry, and mudroom complete this beautiful home. On site pool, play area, fitness center and garage parking available. Five minute ferry ride to NYC.”

  • FYI the Pool is located in the other building, and there is an annual fee of approx $800.00 to use.

Features:

constitution-property-features.gif

Cost to live here:

constitution-monthly-cost-hoboken.gif

Summary:

elizabeth-rakela-hoboken-realtor-weichert-sm.jpgNot sure with the Wall Street meltdown if this unit will sell for anywhere near this price. I guess someone moving from NYC or say Summit could turn their suburban paradise into this Urban Paradise.

I am not sure if this sold for asking price if this would be the most expensive single family unit ever sold in Hoboken. Maybe someone reading this can find this out.

What about the realtor Elizabeth Rakela? This is the poor agent trying to sell this unit. I am sure she lays in bed at night dreaming of the potential $100,000 + fee if she is able to convince some sucker to buy this place, I get the feeling we will be seeing Elizabeth asking you if “you want M&M’s with that?” at ColdStone Creamery this summer.

Photo Gallery (with Comments):

constitution-dining-room-hoboken.jpg
constitution-kitchen-hoboken.jpg
constitution-bedroom-hoboken.jpg
constitution-boat-slip-marina-hoboken.jpg
constitution-nyc-skyline-view-hoboken.jpg
constitution-walk-in-closet-hoboken.jpg

Stay tuned for more “Will it Sell?” entries in the future!

Leave a Reply

55 Comments on "Will it sell? Constitution penthouse"

nacholibre
Member
nacholibre

I am willing to live there in exchange for being the onsite caretaker, a la Higgins on Magnum PI. I will rename my dog Zeus.

truth1
Member
truth1

This building is NOT A PILOT (abated). It pays over $2 mil. in taxes for 171 units. This double unit is one of the few doubles.
An average 2 BR 2 baths. pays around $15K and currently goes for under $600 K. All unabated properties (including the smaller houses) are paying for the PILOTS big time.

YipYap
Member

Imagine spending all that money and then riff raff like me move in next door. I looked at a Penthouse level 2BR rental there a few months ago that was reduced all the way down to $2700 a month, and even that apt wasn’t worth the elevator ride up.

Tama Murden
Member

Re 51.: You’re spot-on. Flat-lined, for sure, for the next few years. If this place sells, it will need a deep-pockets buyer. Wherever s/he is.

Re 47. & 49.-50.: What a shame, that you both loathe cosmopolitans. Such a great cocktail, especially since cranberries are in season now! 😉

BTW, Green, I would respectfully suggest you’re wrong, re who has been buying here. Some of what I’ve heard is admittedly anecdotal, but I do know of a property on my block, purchased with close to $1M in cash, by an overseas buyer. For her child to live in, while attending NYU. Maybe Hoboken is not seen as “glamorous,” vis a vis pied-a-terre’s. But perceived safe & a good value. And that may continue. If that can keep some of our in-the-toilet-economy going here, I’m all for it. From whatever orifice you perceive I communicate from.

Happy Thanksgiving!

Tiger
Member
Tiger

On a related note, the numbers are out, and Hoboken’s market is on a ‘stand-still’ now. So basically the bottom line is if you do not NEED to sell; don’t. Stick to what you have. Same goes with rent; rent is going up too so kiss up to your landlord and stick with what you have if you are renting.

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