[Continuing the reader contributed series "Cornering the Market," written by Brian Murray]
Flooding and Hoboken Condos
Hurricane Irene may have been a “dud,” but her affects are still being felt by Hoboken Condo owners.
If you have walked down the streets that typically flood have you seen piles of debris on the sidewalk. And by debris I mean water damaged flooring, cabinets, and furniture. My guess is that the insurance companies have finally settled, the contractors are through the emergency backlog and the real work of getting people’s homes back in order is beginning.
The good news: Hoboken won’t allow you to build below the flood line anymore. No more garden apartments that turn into ponds. New construction requires an elevation certificate. Wow what a concept. Can’t believe they just thought of this! I might put one in my time capsule so future Hobokenites can look back and say “Can you believe that they actually built homes in a place that was guaranteed to flood? and they needed a paper from the town to tell them it was OK to build from a height that doesn’t flood?… Hey, look what I found. What is this black thing with the words Blackberry written on it?”
The bad news: It will happen again. For clarity. It will happen again. If you live in a garden level apartment and just got flooded, think cement furniture. There are certain realities for buyers and sellers. For buyers, know that the day will come and take precautions. For sellers, make the home as water friendly as possible. It will get in. I’ve seen it come up from the ground (think a bubblin’ crude ala Jed Clampett) and even through the walls on an adjoining building. Water is Michael Jordan. You can’t stop it. You can only hope to contain it.
“You’re gonna clean up alright. Everything. Or you’re gonna end up with the seat of your britches on fire.”
How’s The Market?
The week of October 24th inventory is hovering just north of 300 condos for sale. That’s a little north of six months supply. Interestingly, the two bedroom market supply is down to under five months. Given that a neutral market is considered six months supply. You may see an uptick in prices of certain segments. Get the 411 on the market at www.hobokenhomefinder.com/market-report
More Brian Murray
Visit Brian Murray at hobokenhomefinder.com for weekly market updates, the latest stats, and open house directories.
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