11/12/2010:

[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!

[Click to continue reading the rest....]

Technorati Tags: Hoboken, Hudson Place Realty, Jefferson Trust, New Jersey, NJ, Parody, Reader Mail, Real Estate, Series, Spoof, User Contribution, Will it sell

11/8/2010:

[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!

Technorati Tags: 22 Willow Terrace, Hoboken, New Jersey, NJ, Parody, Reader Mail, Real Estate, Series, Spoof, User Contribution, Will it sell

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?

11/21/2008:

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

Details:

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!!

[Click to continue reading the rest....]

Technorati Tags: Constitution, Constitution Court, Hoboken, New Jersey, NJ, Penthouse, Price Reduction, Real Estate Businesses, Will it sell

9/14/2009 Update:

Finally sold

For those that have been following the periodic “Will it Sell?” Real Estate entries on Hoboken411 – would be interested to know that about 14 months since the original publication, 912 Castle Point Terrace is now listed as “sold.”

We won’t know the final selling price until the tax database records are updated.

See all previous updates after the jump…

[Click to continue reading the rest....]

Technorati Tags: 912 Castle Point, Hoboken, New Jersey, NJ, Reader Mail, Real Estate Businesses, Singleton Galmann, Sold, Will it sell

7/30/2009 Update:

The 1042 Bloomfield Street “Will it Sell?” entry is back – with an update!

Will 1042 Bloomfield Rent?

Well it appears these sellers have finally come to their senses and will attempt to start generating “positive cashflow” from this financial anvil around their neck.

The danger here is in an attempt to stop falling deeper into the red, they will have to accept fair market value for these units (1,600-$2,000), which will blow a hole in their claims of getting an average of $3,750.00 per unit.

The other issue with units this small is there is typically much higher turnover due to people starting families and needing a bigger place, job losses, death, etc. This will cause units to remain un-rented for a month or two during transition… not to mention apartment maintenance every time a tenant turns over. Renters also have little regard and respect for their units. If being new is a big selling point out of the gate for these to compensate for their lack of size, this will not be true in 2 years when Jimmy decides to convert this to a loft by removing all the interior walls (supporting and non-supporting) after he sees it done on Design on a Dime on HGTV!

Oh, and one last tip for anyone thinking about renting here. The day after you sign your lease go to town hall and file a rent control petition. The rent control laws may be on your side. When you go from paying $2,200.00 to $650.00 you will thank me!

(411 note: I’m not sure they’ll help much at City Hall – I think the fire in 2008 pretty much erased that option…)

SEE THE HILARIOUS ORIGINAL ENTRY AFTER THE JUMP!!!

[Click to continue reading the rest....]

Technorati Tags: 1042 Bloomfield Street, For Sale By Owner, FSBO, Hoboken, Humor, NJ, Parody, Real Estate Analysis, Real Estate Businesses, Will it sell

5/22/2009:

What Real Estate bubble?

Hoboken411 reader John sent this Real Estate link for a property on 14th & Clinton Streets.

After selling my mansions in the tropics, I’ve been a bit out of the loop when it comes to Real Estate listings… maybe someone can explain why this is listed as “vacant lot,” but goes on to describe:

“Fantastic 50 unit development opportunity with approvals in the North West section of Hoboken. The beautiful Marchetto & Assoc. designed building will be comprised of 20 live/work space units, 30 residential units, and one commercial artist studio all within 6 stories. The bldg. supports parking for 76 vehicles and common rooftop terrace. Some units will have private terraces and roof decks. Also avaiable for lease at $20K per month NNN long term lease.”

Does this mean that for $7.5 million I can buy the property, THEN pay to have this “pre-approved” building design constructed?? Wouldn’t that be another $5-10 Million?

Forgive me if I’m just not seeing it – I think I’m overwhelmed with vitamins since I began juicing daily.

Technorati Tags: 14th Street, clinton street, Dean Marchetto, Liberty Realty, NW Hoboken, Plot, Real Estate Businesses, Vacant Lot