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
joey maxim
2 years 9 months ago

Contrare…In Hoboken there was industry,such as maxwell house,lipton tea and soup bldg cutrite aka now scott products moved to chester Pa in 57.Davis Baking powder all in the area of 50 harrision st..cutrite made wax paper popular at the time.corrergated factorys
where shop rite now stands or is submurged..shoup n owens..fergenson prop which is now an apt bldg accross from the BOE.Leverlor factory.Tootsie roll on 15th willow.Just to name a few..guess due to high taxes bolted.elsewhere.Numan leather,Railway Express on observer hw..Maxwell paid a % of the water bill for the city..In fact people communited from some shore areas to work in hoboken via train etc.todd and bethlehem shipyards.
As a kid remember it was a community in spite of what is said..The peddlers,woke you up on saturday,tripe,knifesharpners,..good humor man lemon ice man..You can’t blaim one for wanting to relocate to the shore area,regard jobs and family .nor can you blaim one for coming to Hoboken assu.ming the rent and tax would be less .The people delt with the floods then and unless there is a plate shift hoboken will always be below sea level.

Member
showme789
2 years 9 months ago

Hoboken has always been directly across from Manhattan, and Wall Street didn’t just happen to become the worlds financial district when it became trendy to move to Hoboken. The proximity to NYC didn’t stop Hoboken from losing over half of it’s population during the 1970’s. The truth was that even being so close to the big city wasn’t enough to keep people here. My point is that Hoboken may be suffering from the Sandy Syndrome for years to come. You can deny what has happened here, but I hope that when you decide to sell your home that you are honest enough to let a potential buyer know that Hoboken is a basin that sits below sea level and that it will flood again. I would also hope that you and others are honest enough to discuss the huge amount of petroleum products that have settled in the soil throughout town.

Member
Chow
2 years 9 months ago

In the 1970’s Hoboken was not a residential community it was a blue collar city with local industry. It was not a commuter city. The vast majority of residents of Hoboken lived and worked in Hoboken.

Not everyone works on Wall Street.

There is a saying in the real world – “Caveat emptor” – the buyer should be smart enough to do their own due diligence. All legally mandated disclosures will be made… I assume when you run to the burbs your seller will advise you about the cancer clusters, ground water contamination, pending tax assessment or the restrictive zoning….

[quote comment=”218259″]Hoboken has always been directly across from Manhattan, and Wall Street didn’t just happen to become the worlds financial district when it became trendy to move to Hoboken. The proximity to NYC didn’t stop Hoboken from losing over half of it’s population during the 1970′s. The truth was that even being so close to the big city wasn’t enough to keep people here. My point is that Hoboken may be suffering from the Sandy Syndrome for years to come. You can deny what has happened here, but I hope that when you decide to sell your home that you are honest enough to let a potential buyer know that Hoboken is a basin that sits below sea level and that it will flood again. I would also hope that you and others are honest enough to discuss the huge amount of petroleum products that have settled in the soil throughout town.[/quote]

Member
joey maxim
2 years 9 months ago

Agreed Chow.. weight the tangibiles vs. intangibiles.. Depending how long you live in this town, is not measured by a yardstick as to how many hobokenites worked in nyc.. The unions that build the world trade center many from jersey.. Mcgraw Hill publishing company, many communiited to nyc via bus or vehicle,as well as path. The burbs shore and bergen county had their share of radon and mold.. We have no clue of what was used as land fill 100 years ago up to today.. Giant jet stadium a few players come up with a type of cancer.. toxins are everywhere.. just takes a week immune system to trigger off the
malady… A renowned physician advised me bergen hudson essex and most of all kearny full of chemical dumps. Hoboken now as we know it is not a utopia. be dammed to pay 12.00 for a ferry ride to the big apple.. It’s the choice of the ones who have to earn a living.

good luck …

[quote comment=”218268″]In the 1970′s Hoboken was not a residential community it was a blue collar city with local industry. It was not a commuter city. The vast majority of residents of Hoboken lived and worked in Hoboken.Not everyone works on Wall Street.There is a saying in the real world – “Caveat emptor” – the buyer should be smart enough to do their own due diligence. All legally mandated disclosures will be made… I assume when you run to the burbs your seller will advise you about the cancer clusters, ground water contamination, pending tax assessment or the restrictive zoning….[/quote]

Member
joey maxim
2 years 9 months ago

Agreed Chow..weight the tangibiles@intangibiles..Depending how long you live in this town,is not measured by a yardstick as to how many hobokenites worked in nyc..The uniions that build the world trade center many from jersey..Mcgraw hill publishing company ,many communiited to nyc via bus or vehicle,as well as path.The burbs shore and bergen county had their share of radon and mold..We have no clue of what was used
as land fill 100 years ago up to today..Giant jet stadium a few players come up with a type of cancer..toxins are everywhere..just takes a week imune system to trigger off the
malady…A renound physician advised me bergen hudson essex and most of all kearny full of chemical dumps.Hoboken now as we know it is not a utopia. be dammed to pay 12.00 for a ferry ride to the big apple..It’s the choice of the ones who have to earn a living.
good luck …[quote comment=”218268″]In the 1970′s Hoboken was not a residential community it was a blue collar city with local industry. It was not a commuter city. The vast majority of residents of Hoboken lived and worked in Hoboken.Not everyone works on Wall Street.There is a saying in the real world – “Caveat emptor” – the buyer should be smart enough to do their own due diligence. All legally mandated disclosures will be made… I assume when you run to the burbs your seller will advise you about the cancer clusters, ground water contamination, pending tax assessment or the restrictive zoning….[/quote]
[quote comment=”218268″]In the 1970′s Hoboken was not a residential community it was a blue collar city with local industry. It was not a commuter city. The vast majority of residents of Hoboken lived and worked in Hoboken.Not everyone works on Wall Street.There is a saying in the real world – “Caveat emptor” – the buyer should be smart enough to do their own due diligence. All legally mandated disclosures will be made… I assume when you run to the burbs your seller will advise you about the cancer clusters, ground water contamination, pending tax assessment or the restrictive zoning….[/quote]

Member
joey maxim
2 years 9 months ago

NYC has always been a mile from hoboken to 38thst..Was a time ferrys left from the lacquanna terminal by the path..vehicles were allowed on these large ferrys to downtown nyc.Mainly tenament houses in hoboken with the exception of hud terrice and stevens.it
was below sea level then as it is now..tenament owners in 8 family bldgs wore hip high
sewarge boots wading through basements,and the feces womans items and believe it or
not corn cobs dumped into the toilet bowls..Many lost vehicles as well as myself..It has
been situation norm for hundreds of years and btw many sewers are wooden going back to the civil war days..Just my opinion,don’t believe it’s the responsibiliy of the homeowner
to alert potential buyer of the floods more that it was the real estate agents responsbility to have alearted all buyers prior,instead asking about the crime area..The condos on 7th n jackson st are built on acid petroleum oil etc for it was a former auto junk yard..Just about all of hoboken had industry on the mid town to north west side includng maxwell.[quote comment=”218259″]Hoboken has always been directly across from Manhattan, and Wall Street didn’t just happen to become the worlds financial district when it became trendy to move to Hoboken. The proximity to NYC didn’t stop Hoboken from losing over half of it’s population during the 1970′s. The truth was that even being so close to the big city wasn’t enough to keep people here. My point is that Hoboken may be suffering from the Sandy Syndrome for years to come. You can deny what has happened here, but I hope that when you decide to sell your home that you are honest enough to let a potential buyer know that Hoboken is a basin that sits below sea level and that it will flood again. I would also hope that you and others are honest enough to discuss the huge amount of petroleum products that have settled in the soil throughout town.[/quote]

Member
2 years 9 months ago

People didn’t really want to live in most parts of Manhattan or Brooklyn back then, either. So if NYC loses its luster, then Hoboken really is in bind, since we depend on being a cheaper alternative to Manhattan. [quote comment=”218259″]Hoboken has always been directly across from Manhattan, and Wall Street didn’t just happen to become the worlds financial district when it became trendy to move to Hoboken. The proximity to NYC didn’t stop Hoboken from losing over half of it’s population during the 1970′s. The truth was that even being so close to the big city wasn’t enough to keep people here. My point is that Hoboken may be suffering from the Sandy Syndrome for years to come. You can deny what has happened here, but I hope that when you decide to sell your home that you are honest enough to let a potential buyer know that Hoboken is a basin that sits below sea level and that it will flood again. I would also hope that you and others are honest enough to discuss the huge amount of petroleum products that have settled in the soil throughout town.[/quote]

Member
briank
2 years 9 months ago

I don’t think it’s bravado, but instead is the old adage location location location. With the large number of people who work in Manhattan, Hoboken will always attract residents. Whether those residents want to actually buy a home, with the responsibilities that entails, is another thing. Maybe everyone will want to rent to avoid legal issues, dealing with fluctuating property values, etc. Of course what happened here will be on people’ minds for a long time, and should change the way we develop and plan for the long term health of the city.
Look at the shore, where storms have been destroying homes for a century. However, location once again is important- there’s only so much beach property. And in our case there are only so many places that can have you in midtown in 20 minutes on a dedicated train line.

Member
showme789
2 years 9 months ago

jcboyz, it’s seems to me that you’re trying to protect your property values by virtue of some strange bravado. My point is that thousands of condos and houses downtown are now sitting atop basements and crawlspaces and garages that saw waves a sewage infested water tainted with petroleum deposited in/on them. You may not care, but I won’t be raising my children in a place that will be an environmental nightmare for years to come. My other concern is whether current owners will disclose the fact that their properties suffered this environmental nightmare. Will new young families looking to move here be told that there was extensive damage in their neighborhood? You say that we’re bouncing back, but there are still hundreds of cars in town that have not been picked up by their insurers. There are hundreds of homes without electricity because of interior damage. There are still people running on generators and the city no longer has competing supermarkets.
Young people just starting out will look for properties free of pollution and unfortunately, that may be in a town other than Hoboken. Your friends may be staying because they know that their property values just took a dive.

Member
Chow
2 years 9 months ago

Your post is absolutely foolish. Where do you run to? Long Island where power was out for much longer, cancer clusters exist and the ground water is contaminated….Suburban New Jersey which generally sucks and is an armpit…..upstate New York where your house gets filled with radon….
Go ahead enjoy your long and terrible commute and you will never see your children.

Someone like you was running to the burbs as soon as the kids became school age…
[quote comment=”218218″]jcboyz, it’s seems to me that you’re trying to protect your property values by virtue of some strange bravado. My point is that thousands of condos and houses downtown are now sitting atop basements and crawlspaces and garages that saw waves a sewage infested water tainted with petroleum deposited in/on them. You may not care, but I won’t be raising my children in a place that will be an environmental nightmare for years to come. My other concern is whether current owners will disclose the fact that their properties suffered this environmental nightmare. Will new young families looking to move here be told that there was extensive damage in their neighborhood? You say that we’re bouncing back, but there are still hundreds of cars in town that have not been picked up by their insurers. There are hundreds of homes without electricity because of interior damage. There are still people running on generators and the city no longer has competing supermarkets. Young people just starting out will look for properties free of pollution and unfortunately, that may be in a town other than Hoboken. Your friends may be staying because they know that their property values just took a dive.[/quote]

Member
jcboyz
2 years 9 months ago

People, we took a direct hit on the chin from this storm and 2 weeks later it pretty much business as usual. The apartments and common areas that were flooded are already being fixed and the automobiles are being replaced. If anything, this shows how quickly we can recover from a disaster.

Everyone was running from Tribeca after 911 and its now the most expensive real estate in Manhattan. Hoboken still is and will no doubt continue to be the most sought after real-estate in New Jersey! Its funny how the dummy that sold years ago is chiming in and patting himself on the back for his genius decision. Face it, you lost hundreds of thousands of dollars for selling when you did!

Im staying and we love it here! My neighbors and friends are also staying with their families.

Real estate may be affected in the very short term. Flood insurance will go up but thats it!
[quote comment=”218174″]Hoboken received so much national media attention it has to affect some areas in town. Creative sellers who don’t live in the flood zones should use that to their advantage. And sooner rather than later (ride the wave, no pun intended)[/quote]