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.

20 Responses

  1. MidnightRacer says:

    Seasonable waterfront property

  2. 9th Street says:

    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.

  3. briank says:

    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.

    • joey maxim says:

      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 buyer at the pkg
      lot that buys flooded cars..show me the fax? dont mention hoboken..Before anyone barks
      over $$$$$$$ loss consider no loss of family members..the town is a nice place to visit but not to reside with the uncertainty of another storm..If we boardered the seashore and not the hudson..ohh chit…good luck..count your blessings..[quote comment=”218182″]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.[/quote]

    • joey maxim says:

      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 buyer at the pkg
      lot that buys flooded cars..show me the fax? dont mention hoboken..Before anyone barks
      over $$$$$$$ loss consider no loss of family members..the town is a nice place to visit but not to reside with the uncertainty of another storm..If we boardered the seashore and not the hudson..ohh chit…good luck..count your blessings..[quote comment=”218182″]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.[/quote]
      [quote comment=”218182″]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.[/quote]

  4. homeworld says:

    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.

  5. jacksonian says:

    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.

  6. jcboyz says:

    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]

  7. showme789 says:

    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.

    • Chow says:

      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]

  8. briank says:

    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.

  9. showme789 says:

    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.

    • homeworld says:

      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]

    • joey maxim says:

      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]

    • Chow says:

      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]

      • joey maxim says:

        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]

      • joey maxim says:

        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]

  10. joey maxim says:

    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.

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