Will it sell? Constitution penthouse
21
November
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)
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.
See cost breakdown, final thoughts and photo gallery after the jump!!
(Constitution Penthouse - Will it sell?, continued…)
Features:
Cost to live here:
Summary:
Not 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):
Stay tuned for more “Will it Sell?” entries in the future!
New Jersey, Hoboken, Will it Sell, Constitution, Penthouse, Real Estate
41. Tama Murden | November 24th, 2008 at 2:05 pm
This place screams money with no taste.
A decorating abomination (the plaid drapes in the bedroom, to start). Unfortunate aesthetic choices throughout.
Best hope is for an overseas buyer, Dubai or Shanghai, perhaps.
42. emarche | November 24th, 2008 at 2:11 pm
Wow - someone woke up on the catty side of bed this morning. And what’s with the ‘Dubai or Shanghai’ generalization? Are you implying that people from either of these places have no taste or are so profligate in their spending that they could care less if the place is less than aesthetically pleasing? That is tacky.
43. bmoc04 | November 24th, 2008 at 2:15 pm
According to the tax records there are 2 units on the PH level of 2 Constitution Court owned by the same party. I assume this is the apartment since when you add up the square footage of the two units, it equals 3,600 per the ad.
They were purchased for a combined $2.76mm in 2005. The property taxes on record are $33,600, but that’s probably before the recent slamming by the taxman
44. Tama Murden | November 24th, 2008 at 2:34 pm
Re 42.: No, emarche. Not intended as “catty.” And not meaning to paint a broad brush with Dubai or Shanghai—certain there are discerning folks there, as everywhere.
It’s a different sensibility is all. Infused with how those cultures have osmosed some of the common denominators of America, both economically & aesthetically. All you have to do is look at both cities—their urban planners have re-invented Las Vegas.
And some residents of both those places have the income to buy a well-placed NYC pied-a-terre.
So not being “tacky,” but reality-based.
45. gazzosdriver | November 24th, 2008 at 4:19 pm
As I said earlier, I believe the mistake is paying NYC $ per sq ft in Hoboken. The master bathroom is actually two bathrooms that meet in the middle via a huge shower room. I have never seen anything like it before.
46. homeworld | November 24th, 2008 at 6:05 pm
looking4parking wrote:
But we will see two of those 3 in the Newport Mall… so your point is?
47. greentea | November 25th, 2008 at 9:11 am
Tama Murden wrote:
Please go back to grade school and re-learn your English grammar. Whatever merits your posts might possess are overwhelmed by these tortured convolutions that you no doubt pride yourself on.
And in response to the actual substance of your post, couched as it was in the specious ‘eloquence’ of your language, you point out yourself that these foreign buyers have the means to purchase a NYC pied-a-terre - not Hoboken. When is the last time you’ve seen a UAE national, flush with oil money or whatever, snatch up properties in glamorous…Hoboken? I didn’t think so.
Tama Murden wrote:
You might as well have called them Orientals, for you surely are the epitome of cosmopolitan enlightenment.
48. oceanbloo | November 25th, 2008 at 10:07 am
Hey, hey, what Tama said is not that horrible, jeez…
49. strand tramp | November 25th, 2008 at 10:33 am
you say “epitome of cosmopolitan enlightenment”, with upturned nose i imagine, as if it is something to which one should aspire. cosmopolitans are loathsome.
50. greentea | November 25th, 2008 at 11:14 am
strand tramp wrote:
No, man. I said it because she was trying to come off as all that when in fact it’s quite obvious that she’s talking out of her ass. I agree with you there, they’re quite revolting.
51. Tiger | November 25th, 2008 at 11:22 am
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.
52. Tama Murden | November 26th, 2008 at 7:01 am
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!