Hoboken losing it’s lustre?

Will Hoboken Real Estate be impacted after Hurricane Sandy?

Hoboken411 reader showme789 had a compelling comment recently (in the “Rebuilding in Hoboken” thread). We thought it was worthy of a top page story, and further discussion.

How will Hurricane Sandy affect Real Estate? Especially in the low-lying areas prone to repeated flooding time after time, year after year?

Is Hoboken no longer the “gem” on the Hudson?

“Looking back at the last two weeks, I find myself wondering if Hoboken, the gem on the Hudson is finally losing it’s luster.

Flooding is not new to this town, albeit never to the extent we saw on 10/29, but when you think about it, anytime there is a bad coastal storm we could go through this again and again.

How much can people take before they realize that Hoboken really is an over-priced, low-lying dangerous place? I feel for all of us and I hope we can all move on soon. It wouldn’t surprise me though if many of us not only move on, but also move out.

The scary thing is that damage done during this storm to many of the buildings in town won’t really be felt for a long time to come.

Will Realtors be forced to tell clients that the condo they are selling was under water? Or that the home they are showing may have suffered structural damage? I would hate to see a new generation move here and have to deal with undisclosed health and safety risks. It’s sad to say, but I’m afraid there will be thousands of condos in town that have just lost their value.

Let’s hope FEMA takes a good look at Hoboken and puts a stop to the madness of developing in flood zones.”

Note: I spotted this interesting book along Garden Street yesterday. A very spooky title considering what we’ve been through recently: Death in the Floating City” by Tasha Alexander.

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20 Comments on "Hoboken losing it’s lustre?"


Member
3 years 3 months ago

Seasonable waterfront property

Member
9th Street
3 years 3 months ago

I feel bad for the residents that got devastated by the toxic water. What to do next is a tough decision. Rebuild and hope to at least break even or make a modest profit? Or just cut your losses and find a more stable place to live. Stinks because Hoboken is a very good commuter city, but at what price.

Member
briank
3 years 3 months ago

The town has made it difficult in some places to put parking under new buildings. At least if the ground floor is parking people only lose cars, not their homes.
New developments need to be charged impact fees. These are collected in some towns where one new large development can add 50% more kids to a school, for instance, or require another fire substation. We need impact fees to go straight into an untouchable fund for environmental remediation like new sewage pump stations, other drainage measures.

Member
joey maxim
3 years 3 months ago

hoboken never had luster,nor was the gem of the Hudson…My heart goes out to those that lost vehicles destroyed homes aka basement apts and garages that some cost 250.00 a month…The real estate greed is one factor..there not engineer’s but full of greed due to the influx of prospective buyers,aka homes apts due to access to nyc..Hoboken has and will always be below sea level.The scarey part is the wind more than the rain,civil war sewage systems could not deal with the deluge..Water seeks it’s level…In the past 1976 and 80 damaged two new cars i quickly dumped afterwoods..pity the… Read more »

Member
joey maxim
3 years 3 months ago

hoboken never had luster,nor was the gem of the Hudson…My heart goes out to those that lost vehicles destroyed homes aka basement apts and garages that some cost 250.00 a month…The real estate greed is one factor..there not engineer’s but full of greed due to the influx of prospective buyers,aka homes apts due to access to nyc..Hoboken has and will always be below sea level.The scarey part is the wind more than the rain,civil war sewage systems could not deal with the deluge..Water seeks it’s level…In the past 1976 and 80 damaged two new cars i quickly dumped afterwoods..pity the… Read more »

Member
3 years 3 months ago

Has anyone else discovered that their flood insurance doesn’t cover the flood?

Because we live in a building built in the 90s, our insurance only covers the 2nd floor and above, so all of the damage repairs for the first flood will have to come out-of-pocket for us.

Member
jacksonian
3 years 3 months ago

Not too concerned about condo prices. Look at San Francisco, the scariest and one of the most dangerous places to live is also one the most expensive.. At least we had a week in Hoboken to prepare; no warnings in California.

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