Will it Sell? 22 Willow Terrace

11/8/2010:

[The Hoboken411 “Will it Sell?” Real Estate analyst / realist / comedian is back with another installment today! This time taking a crack at a property on Willow Terrace smack dab in the middle of Hoboken. Note: Hoboken411 had no part in the creation of these graphics – and it shows!]

Will 22 Willow Terrace Sell?

Asking: $669,000 – Dimensions: 12.5 X 50 – Taxes: $6,262

(click lower right icon for slightly larger images)

Quick 60 Second Hoboken Real Estate Review:

Q: You wonder why people move out of Hoboken?
A: 22 Willow is why!

Do you have an extra $669K laying around to buy this beauty?

Good luck fitting more than a loveseat in a room 12.5′ wide. Imagine hosting Thanksgiving here?

Many Hobokenites who outgrow their 1-2 bedroom condos start to dip their toes into the real estate arena to see what their money can buy in the Brownstone and single family markets. I think seeing what almost 700K buys in Hoboken is exactly why people call L & L movers to flee to the suburbs.

Stay tuned for the next Real Estate entry tomorrow!

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8 Comments on "Will it Sell? 22 Willow Terrace"

la-di-da
Member
la-di-da

The benefit to owning on Willow Terrace is that it’s possible to have a single-family house and avoid dealing with a condo association. However – instead – you get sandwiched between a bunch of nosy neighbors. I bet if you grilled a burger on any backyard patio on Willow Terrace, several neighbors could season your food without leaving their own property. No thanks!

Rise From The Ashes
Member
Rise From The Ashes

People were smaller when it was the lands o’stevens…….they were 3 apples tall and the houses had mushroom tops[quote comment=”199694″]The benefit to owning on Willow Terrace is that it’s possible to have a single-family house and avoid dealing with a condo association. However – instead – you get sandwiched between a bunch of nosy neighbors. I bet if you grilled a burger on any backyard patio on Willow Terrace, several neighbors could season your food without leaving their own property. No thanks![/quote]

wiskeytango1
Member
wiskeytango1

rise true but inside the house is larger than u think just ask clock work your have to go outisde to change your mind it is cute ..just that half of toilet bowl is wowowowow 🙄 [quote comment=”199697″]People were smaller when it was the lands o’stevens…….they were 3 apples tall and the houses had mushroom tops

[/quote]

homeboken
Member
homeboken

Will it close? Short answer is, No, not anywhere near the asking price.

Long answer –
Current owners paid $500,000 for this place in July 2010. Not sure where I am finding the $169,000 in improvements/priice appreciation that occureed in the last 4 months. Maybe there are gold bars in the basement.

From a real estate perspective, this place is useless at that price-point. A buyer spending > $600,000 in Hoboken is going to want multiple bed-rooms and bathrooms. This place has multiple bed-rooms but is only 720 square feet in total. That is TINY!

Next, the current asking price is $929 per square foot. That is good deal in Manhattan, even at Hobokens height, we never came close to $900 per foot.

Lastly, the current annual tax bill is 8,200 per month, and anyone that lives in Hoboken can tell you, that is not dropping anytime soon.

The Willow Terrace area is appealing to some people, no doubt. But at the current asking price, it will sit on the market for years.

getz76
Member
getz76

The whole of Willow Terrace is so close to being great. The problem is the parking (you know it isn’t actually reserved for the residences, they just put up the gates – it’s not enforceable) and the foundations of the buildings being sympathetic (you might be fine, but your neighbor might screw you).

Some of them are set up really well.

And as far as paying $700k for a residence in Hoboken versus spending that amount in the suburbs, there are other factors to consider when living in the suburbs.

Provided you work in the city, you can get by in Hoboken without a car. No cost for insurance, gasoline or car payment/maintenance. Cost of transportation to work is also considerably higher in the suburbs, with NJ Transit rates not being that much of a bargain.

I have lived in the suburbs. It’s a wash money wise, if not a bit cheaper to live in Hoboken. You give up space in Hoboken, but in general you get back time.

Rise From The Ashes
Member
Rise From The Ashes

You are absolutely wrong about the parking – the property deeds for the units go into the middle of the street. The cobblestone street is deeded to each residence. [quote comment=”199690″]The whole of Willow Terrace is so close to being great. The problem is the parking (you know it isn’t actually reserved for the residences, they just put up the gates – it’s not enforceable) and the foundations of the buildings being sympathetic (you might be fine, but your neighbor might screw you).Some of them are set up really well.And as far as paying $700k for a residence in Hoboken versus spending that amount in the suburbs, there are other factors to consider when living in the suburbs.Provided you work in the city, you can get by in Hoboken without a car. No cost for insurance, gasoline or car payment/maintenance. Cost of transportation to work is also considerably higher in the suburbs, with NJ Transit rates not being that much of a bargain.I have lived in the suburbs. It’s a wash money wise, if not a bit cheaper to live in Hoboken. You give up space in Hoboken, but in general you get back time.[/quote]

Smaarticus
Member
Smaarticus

That entire block is a fire hazard!

homeworld
Member

White appliances aren’t necessarily any cheaper than grey (faux stainless steel) or black. It’s just more of a 90s look than the current trend of gray and black.

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