Will it Sell? Jefferson Trust Penthouse

11/12/2010:

[The Hoboken411 “Will it Sell?” Real Estate analyst / realist / comedian is back with another installment today! This time taking a crack at the Jefferson Trust Bank Penthouse on First Street in Hoboken.

Will Jefferson Trust #2A sell?

Asking: $2,300,000; Sq. Footage: 2960 ($770sf.); Taxes: “TBD” (Not a good acronym when buying)

Hoboken Real Estate Review: Jefferson Trust

Memo to Hudson Place Realty… 2007 is over!

Rumor on the street is due to “cash flow” issues they have not updated their appraisal software which continues to spit out 2007 prices to their website (i.e. Garden Street Lofts and this one)

Official Listing (with comments):

  • “The wait is over for this singular 2960 sq. ft. corner penthouse in the Historic Jefferson Trust Bank building.”
    (Thank God! People were growing restless and anarchy was imminent!)
  • “The one of a kind architectural elements featured in this circa 1900 beauty include a 23 ft. ceiling graced with the original 20’ x 20’ stained glass back lit skylight, the restored Jefferson Trust Bank clock, ornate plaster moldings, and the stunning original wrought iron window grates. Flawlessly designed, the space at 313 First Street offers a classic aesthetic with ultra modern amenities.”
    (One of a kind? There are about 10 Banks like this in Hoboken alone!)
  • “Choose the elevator with direct keyed access into your home or enter through your private foyer into the lavish 46.7’ x 30.7’ sq. ft. great room.”
    (“Choose” is code for MORE $$$)

See floorplans and more analysis after the jump!

Jefferson Trust (continued)

  • “The kitchen is open yet set back form the living/entertaining space and distinguished by a semi-circular ceiling.”
    (Does anyone know how to proof read at Hudson Place?)
  • “Top-of the line appliances include; gas Viking 6 burner range.”
    (Top of line is 8 Burners FYI)

  • “The master suite features a large private spa bath and many closets. A dramatic mezzanine level spans the entire length of your home and overlooks the vast living area.”
    (What do they mean by “Private spa bath?” Is this in an enclosed room?)
  • “With a 2nd bedroom, media room and full bath the mezzanine level is the perfect urban sanctuary.”

    From Wikipedia:
    “Sanctuary has multiple meanings. A sanctuary is the consecrated area of a church or temple around its tabernacle or altar. An animal sanctuary is a place where animals live and are protected. In modern parlance the term is used to mean a place of safety.”

    (I guess what they are saying is you will feel like safe Wildebeest in Mecca!)

  • “2 tandem garage parking spots are included in the price.”
    (This car jockeying everyday will lead to some interesting fights… “I moved the cars yesterday you unappreciative prick!”)
  • “An A+ Path friendly location completes the package.”
    (I never knew there was a location grading system. Based on this the Garden Street Lofts would be a F-)
  • “Now is a great time to customize your finishes.”
    (Yeah before the developer puts in the cheapest crap he can get away with!)

Leave a Reply

11 Comments on "Will it Sell? Jefferson Trust Penthouse"

homeworld
Member

At least they reused the beautiful old building instead of tearing it down.

Stabone130
Member

Is it considered a “penthouse” when you’re only like 100 ft. from the ground?

jonsie
Member
jonsie

If it sells at anywhere near asking price, lets be sure to find out who it is so we can laugh at them if they’re at a bar. Of course, they’d probably be eating Ramen noodles at home for that price.

shadowsjc
Member
shadowsjc

something tells me if you laughed at a person who dropped 2 mil on their house, you’d probably just get slapped in the face with a wad of 100 dollar bills[quote comment=”199907″]If it sells at anywhere near asking price, lets be sure to find out who it is so we can laugh at them if they’re at a bar. Of course, they’d probably be eating Ramen noodles at home for that price.[/quote]

MF
Member

what a joke. my theory is that since many realtors are not college-educated, they think potential buyers are dumb, too. what person in their right mind would pay $770 a square foot for a condo that’s not in a major U.S. city and doesn’t come with like marble floors or something. $2.3 million?! please, don’t insult us.

nice drawing too, as 411 points out. that street looks as wide as the the Vegas Strip. did they run out of ink to draw the other side of the street?

HomeTeam
Member
HomeTeam

lol! Plus the street is only about 4ft wide whenever Piccolos is open since the street is full of big old Cadillacs for the daily meeting of the mob families[quote comment=”199906″]what a joke. my theory is that since many realtors are not college-educated, they think potential buyers are dumb, too. what person in their right mind would pay $770 a square foot for a condo that’s not in a major U.S. city and doesn’t come with like marble floors or something. $2.3 million?! please, don’t insult us. nice drawing too, as 411 points out. that street looks as wide as the the Vegas Strip. did they run out of ink to draw the other side of the street?[/quote]

Craig-D
Member
Craig-D

A few things about this place:

– The wait is hardly over. The place is currently a gutted shell. It won’t be habitable for months.
– They only managed to fit 2 bedrooms in nearly 3,000 sq. ft. of space? I’d expect no less than 4 at this price.
– Looking at the floorplan, you can tell the kitchen is absurdly tiny with little upper cabinet storage.
– If this place were to sell for the asking price, at the current tax rate the taxes would be just over $28k a year.
– That’s over $2300 a month in taxes alone before mortgage, maintenance, and insurance. Ouch.

This is going to be the epitome of a tough sell at $2.3 million. They’ll be doing well if they get between $1.3 & $1.5 for it.

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