$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.)
A big house for the money
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?
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.