Thursday, January 12, 2006

Interesting Hoboken Listing

I know Hoboken is not the Shore, but I like to watch what is going on there because I believe many Hoboken condo sellers are eventual Jersey Shore home buyers. Today, while perusing craigslist I came across this listing.

Date: 2006-01-08, 9:14AM EST

Maxwell Place........The Most Sought After Complex in Town....
Wait!! It's not even built yet ??
Yes, How smart you are..
However, My client has just informed me to handle exclusive rentals of 7 to 10 units ranging from Studios to 3BR's avail upon completion, possibly Sept. '06...Rental prices will go from $ 3,000. to $ 5,200....( Most with "Option To Purchase" )...........
Email your time needs, name & tel. and IF you meet my tenant criteria you'll be hearing from me shortly to Reserve your Unit....
Broker Fee Applies.......................

For those not familiar with the Hoboken real estate market, the Maxwell Place condos are a new development by Toll Brothers. In short, Toll is building roughly three approximately 12 story condos on the sight of the old Maxwell Coffee House Plant that is located right on the Hudson River in Hoboken.

These condos are supposed to be some of the more sought after properties on the Jersey side of the Hudson and 2 bedroom apartments start in the $700k range or more. When the first stage of the condos were "released" to the public earlier in 2005, the demand was apparently so great that it was nearly impossible to get through to the sales office, or so I heard. In any event, it is certainly interesting to see that some one managed to get the rights to buy 7 to 10 units (out of about 80 in one building) and plans to rent them.

If this craigslist ad is authentic, it makes me wonder if much of the apparent hyper-demand last year was caused by speculators, rather than people looking to settle down in Hoboken.


Anonymous Anonymous said...

$ 3,000/mo for a studio. Hmmmm.

Perhaps I'm out of step, but if I had $3k to spend on rent each month I'm pretty sure I'd get more than one room.

Is a NYC view really worth that?

Thursday, January 12, 2006 10:12:00 PM  
Blogger chicagofinance said...

The NYC view is OK, but it's the water that is therapeutic.

Thursday, January 12, 2006 10:17:00 PM  
Blogger xSparta said...

Far cry from when Frank Sinatra was born there.

Friday, January 13, 2006 9:47:00 AM  
Blogger Grim Ghost said...

Yes, a lot of the demand was caused by speculators. And $3K for a studio is ridiculous.

In edgewater, you can get 2 bedrooms with excellent amenities and NYC views/water views for that much.

Friday, January 13, 2006 10:02:00 AM  
Blogger MazNJ said...

ROFL - These prices are totally out of whack with local rental prices from what I've seen. For 2K at Pavonia Newport (sure its not hoboken but its 500 feet south of hoboken), you can get a better view with a bigger apartment for much much less. I think 1 beds there go for 2100.

Friday, January 13, 2006 12:38:00 PM  
Blogger chicagofinance said...

These rental prices are not ON THE FACE ridiculous. Depending on the floor and the view, they may very well get these prices.

The location of this place is not Edgewater or Jersey City.

Remember, they are not selling condos, these are rentals. That said, these could actually be BOGUS listings intended to dupe would-be investors. It may be an underhanded way for someone to attempt to justify a market price for an investor in the face of a softening market.

Friday, January 13, 2006 1:51:00 PM  
Blogger Grim Ghost said...

The Edgewater places I was referring to are places by the waterfront, with excellent community facilities, relatively new housing. For 3K, you can get water views and city views. Edgewater prices are only slightly below Hoboken in my estimation (I much prefer Edgewater anyway, less crowded, lower taxes, and better schools).

Friday, January 13, 2006 6:51:00 PM  

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