Archived Posts from "'Will it Sell?'"

$5 Million Real Estate?

Elite Real Estate in Hoboken

Hoboken is filled with hard-working people who choose to hang their coats here, along with the ups and downs this city has to offer. Many are transient renters who can reside here on a relatively modest income. And you have others who “invest” in cookie-cutter condos to feel like “they’ve made it!” And besides seasoned developers and multi-property owning “kingpins,” even others make the big plunge and buy entire brownstone structures, most of the time exceeding the 7-figure mark.

But there’s a property in town that 99.9% of you probably could not afford. It’s located at 925 Hudson Street, and the asking price is $4.65 million (which could easily reach a magical 5 million mark if some kind of bidding war ensues.)

925 Hudson Street 5 million real estate hoboken nj

A big house for the money

925 Hudson Street is offered by Avenue Residential, and is their most valuable property, exceeding the next highest by well over a million dollars.

You get over 6,500 square feet of space inside the four exterior walls. It has five full and one half bathroom, plus seven bedrooms. And an elevator if you sprain your ankle! You even get a little plot of outside space in the backyard – excellent if you want to show off your BBQ skills to the 10 neighboring properties who all have a birds-eye view of you and your family.

Additionally – you would be a 1%-er in terms of donating your post-tax cash to the city government! That’s right, you have the privilege of shelling out over $3,000 PER MONTH to the City of Hoboken! ($37,059 per year to be exact). Wouldn’t that make you feel all warm and fuzzy?

925 Hudson Hoboken Kitchen

Who buys $5 million dollar properties?

Hey we’re not knocking this at all. It’s a beautiful house, and for anyone who could afford it would be happy to have such a prestigious and exclusive property in Hoboken. But who would or could?

My guess is that the person or family who purchases this needs to meet one or more of the following criteria:

  • An eight-figure net worth, with at least half this property value “liquid.”
  • Mid six-figure post tax income.
  • Other revenue streams (such as rental properties).
  • Great credit (if not buying cash).
  • History of paying off similar mortgage.
  • Don’t mind paying an arm and a leg to fund inept politicians.

Heck, I would love to live in this building too! However, I probably wouldn’t want it to be the only place (only residence). This would be a good spot if you already had a couple other places to live further away from the big city. It’s all about options. Imagine SHTF and this was your only home? Good luck with that!

Anyway – if you have $5 million burning a hole in your pocket – give Kristin Ehrgott a call at (973)945-0362 to schedule a showing.

925 Hudson Street Bedroom Hoboken NJ

The Abbey in Hoboken, NJ

You want to live in The Abbey in Hoboken, NJ?

How many of you would be okay with living in a former Hoboken church? You ever thought of what goes on behind the scenes at The Abbey on Hudson Street? This well-known structure has been around for a very VERY long time… and now at least one unit has “come to the market” courtesy of Hudson Place Realty.

Now you can see what it looks like on the inside!

The Abbey in Hoboken NJ Hudson Street Church

Is $3300 a month for a modest 2br apartment fair?

Not sure what to think of this property. For $3300 a month (about $40k post-tax per year), you can live in this “dramatic” duplex on one of the best streets in the Mile Square. How does that make you feel? Warm and fuzzy? Scared and reluctant? Anyway – here’s the pitch from the Realtor:

“Dramatic duplex in the Abbey, a converted church on beautiful Hudson Street. Original cathedral windows, vaulted ceilings, skylight & patterned inlaid hw floors. Chef’s kitchen w/ Bosch micro, range and oven, Fisher Paykel frig and Miele DW. From the kitchen is an open pass-through to an elegant, separate dining area. Baths completely redone w/ travertine marble, cutting edge vanities & soaking tub. Great closet space and laundry just outside your front door. Parking space available for additional fee. Pets ok with fee.”

This place really shouldn’t get more that $1900 a month a max, but because it’s “special” will certainly get tons of viewers. Perhaps they’ll have an ounce of common sense in their reserves, or they’ll just get wrapped up in the “frenzy” of Real Estate. We’ll see what happens to this “historical” property five years out…

Harrison Tower – Really?

Harrison Tower in Hoboken, NJ pushing Real Estate too far?

Wow! Get a load of this idea! Apparently there is a piece of property in town for sale for $4.6 million dollars. This land currently goes by the code name Harrison Tower.” Doesn’t sound all that bad considering it proposes to hold 46 condo units (one, two and three beds), and ground floor retail.

And the building that’s already been “designed” is just a block and a half from the 9th Street light rail station, and has full approvals from the planning/zoning/adjustment boards, and was designed by renowned Nastasi Architects. So it’s a no-brainer, right?

Harrison Tower 600 Harrison Street for sale land Hoboken NJ

Is Harrison Tower necessary? At what point do you STOP building?

For one, I think on a fundamental level – Hoboken’s fledgling infrastructure is not strong enough to take on much more capacity. That alone, regardless of what is built and where is probably the most pressing issue in this town. Whether it’s the strain on the sewerage system, electrical grid, roads, or water supply – doesn’t matter. More stress, more outages, more complaints, more unhappiness and lessened quality of life if you keep pressing development over everything else.

But putting the added population aside for a minute… Look at where this proposed building will be! Some SLIVER of land between the Hoboken Housing Authority projects and behind that The Julianna Building.

I thought that was the very end of Hoboken already. NO! Apparently it’s like scooping the last bit of ice cream out of the bin with your finger. Yes, they found MORE Real Estate to develop in this town! Good luck trying to get a cab to pick you up from this spot. They probably won’t be able to find it!

Wow. I guess with Cake Boss and Baby Gap making everyone giddy, perhaps it’ll be a smashing success.

Harrison Tower 600 Harrison Street for sale land Hoboken NJ back corner

Will it Sell? Jefferson Trust Penthouse


[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!

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Will it Sell? 22 Willow Terrace


[The Hoboken411 "Will it Sell?" Real Estate analyst / realist / comedian is back with another installment today! This time taking a crack at a property on Willow Terrace smack dab in the middle of Hoboken. Note: Hoboken411 had no part in the creation of these graphics - and it shows!]

Will 22 Willow Terrace Sell?

Asking: $669,000 – Dimensions: 12.5 X 50 – Taxes: $6,262

(click lower right icon for slightly larger images)

Quick 60 Second Hoboken Real Estate Review:

Q: You wonder why people move out of Hoboken?
A: 22 Willow is why!

Do you have an extra $669K laying around to buy this beauty?

Good luck fitting more than a loveseat in a room 12.5′ wide. Imagine hosting Thanksgiving here?

Many Hobokenites who outgrow their 1-2 bedroom condos start to dip their toes into the real estate arena to see what their money can buy in the Brownstone and single family markets. I think seeing what almost 700K buys in Hoboken is exactly why people call L & L movers to flee to the suburbs.

Stay tuned for the next Real Estate entry tomorrow!

Will it sell? Constitution penthouse

3/19/2010 Update:

16 Month “It hasn’t sold yet” update!

A staggering $1.6 million dollar reduction – A “Will it Sell?” record!

Cost today: $2,600,000
Cost in November 2008: $4,200,000 (orig 4.35 mil!)

“Taxes now listed at $44,161. When I did the story they were not listed, but I guessed 25K. Imagine $3,680 a month… just for Taxes! This is more than Beth Mason pays. Add in the Maintenance (still not listed) and you are close to 5 grand a month before you even make a mortgage payment! The bleak state of Hoboken’s economy in the future will likely mean thousands more – adding insult to injury.”

What do you think it’ll finally sell at?


The Hoboken411 “Will it Sell?” Real Estate analyst / realist / comedian is back with another installment today! I think you’ll be in for a surprise with all the praise given for this massive uptown penthouse!

Constitution Penthouse Unit


Unit: Exact # not displayed
Realtor: Weichert
Online Listing: via Realtor.com
Type: 4 Bedroom 4.5 Bath Penthouse Condo
Square Feet: 3,600 ($1,166.66 a SF)
COST: $4,200,000.00 (not a misprint… it was actually 4.35 Million 2 weeks ago)
TAXES: Not Listed which is never a good thing. (approx 20-25K I bet since this is 2-3 combined units)
Maintenance: Also not listed. (approx 1,000.00 I bet since this is 2-3 combined units)

See cost analysis, final thoughts and photo gallery after the jump!!

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