Home Buying in Hoboken>Question Details

Jaymenz81, Home Buyer in Hoboken, NJ

Looking for a 1 bedroom in Hoboken

Asked by Jaymenz81, Hoboken, NJ Sun Mar 21, 2010

I'm looking for a large 1 bedroom w/ parking.. Can someone give me a fair idea of what a condo of that sorts would go for? I've looked in some of the newer buildings, like the Metro Home complexes and the Tea Building, and even threw in some offers. However, I've been finding that many homeowners arent budging much of their prices. I'm wondering if Hoboken has really hit rock bottom in their prices or are homeowners just refusing to accept their homes have taken a dive... If someone could give me a good price range I could at least use it for negotiating purposes.. Thanks.

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Have you found a place yet, or are you still looking?
0 votes Thank Flag Link Sat Mar 30, 2013
Hi Jaymenz,

I have a lovely one bedroom with parking at 636 5th Street. This extra large bright one bedroom corner unit in an elevator building comes complete with deeded parking. Just 2 years young it offers a greener way of living with natural bamboo flooring. The kitchen has cesarstone and stainless steel appliances. Toto toilet in the bath and a washer/dryer in unit. Video intercom, terrace facing the common yard, and good closet space, The building also has an exercise room. Please let my know if you would be interested in viewing it! atamburo@weichert.com
Motivated Seller!

0 votes Thank Flag Link Mon Mar 22, 2010
Hi Jaymenz, every condo you approach is going to be different. One condo you decide to make an offer on might be priced really competitively and should trade within 3 percent of asking price. Another you decide to make an offer on could be overpriced, by a seller who is trying the market, and you could be taking a risk by even offering too much for a condo that is not properly priced.

There have been some recent sales in the Tea for example that are much lower than the competition and recent sales, but there are a good handful available. 5A a large one bedroom plus den two bath, with parking just closed at $550K and was aggressively priced and received multiple offers. It really depends on the condo, where it faces, what upgrades, layout etc..

Selling prices compared to list prices have tightened recently and pricing in these buildings are all over the place. You really need to look for trends to make sure you're paying fair market value.

I would recommend that you hire an agent to work with you closely on this. It doesn't cost you anything but could save you a lot of money.

Feel free to reach me if you have any questions.

Karina Anillo
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
0 votes Thank Flag Link Sun Mar 21, 2010
Like all the other posters have said, the price range can vary greatly depending on the condition, location and building. If you are looking for something with parking though I wouldn't expect to spend less then $400,000. Is it possible to get something for less? Yes, but if you are looking at the most sought after buildings you are going to be competing with a lot of other buyers. With the low interest rates and the the home buyer's tax credits the entry level market is the strongest sector of the market.

If you aren't working with a Realtor I would interview a few and discuss your expectations. If you are looking for a fully upgraded, 800 sq ft one bedroom home with deeded parking and you are hoping to get that for $350,000 it is very unlikely to happen but there may be other alternatives. Talk to a Realtor to go over recent sales and see what you can realistically expect and how you should present offers. If you start off negotiations on the wrong foot you are putting yourself at a huge disadvantage.

A good Realtor will:

1) Educate you about the different agency relationships, outlining their fiduciary responsibilities to you, which include: complete disclosure, loyalty and accountability.

2) Save you time searching the market for an affordable home that meets your criteria.

3) View homes with you and provide comparative analysis. They can also refer you to expert home inspectors who’ll provide more in-depth analysis and advice.

4) Help you explore your financing options so you make the best possible mortgage decision.

5) Negotiate the best possible price for you and take care of all the documentation details.

6) Assist you, if necessary, in finding any home-related services you need.

I hope this helps. If you have any questions, or would like assistance with your home search, please do not hesitate to contact me.

Andres Garcia
Sales Associate, CDPE
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
MileSquareRealty is on Facebook
0 votes Thank Flag Link Sun Mar 21, 2010

Studio/1 bedrooms ranging from 735 square feet to 865 sq ft were selling between $500,000 and $582,500 in 2008, before Lehmann fell. In Hoboken, there is before Lehmann and after Lehmann. In the last six months, similar units have sold for as low as $375,000 and as high as $470,000. Of course, condition and which way the unit faces has everything to do with price, and whether or not there is parking...and seller motivation. Even so, this is right in line with much of the Hoboken market...properties have dropped between 10-20% since the height of the market. I would think that a purchase of $400,000-$450,000 would be a good deal in either 1500 Washington or 1500 Hudson. Are some sellers not budging? I'm sure. But I just spoke to someone today who sold their studio/1bedroom for $425,000 and then sold the parking for $27,500 separately. Just to give you an idea...hope this helps.

Stacey Morrison
Singleton Galmann Realty LLC
0 votes Thank Flag Link Sun Mar 21, 2010
How are you coming up with the figures that you are offering for these condos? Are they based on recent sold comparable sales of similar condos in a a similar location offering similar amenities?

Alcove studios/1 bedrooms at the Hudson tea Building can vary greatly in value due to size, condition, & view of New York City. I have seen recent units there trade in low $400,000 for an un-renovated condo with no view, to over $500,000 for a renovated unit with a view of NYC.

All the best,

Walter J. Burns
Weichert Realtors
Hoboken, NJ
201-653-8488 Ext: 230
201-694-8946 Mobile
0 votes Thank Flag Link Sun Mar 21, 2010
Do yourself a favor, find yourself a realtor to negotiate for you. It costs you nothing and you'll save thousands of dollars in the end most likely. I've been an investor for 20 years and am a realtor. But when I moved to Jersey City, I got myself a good realtor so that I was assured that was being negotiated for fairly and that I wouldn't overpay.

David Leonard
Weichert Realtors
273 Grove St.
Jersey City, New Jersey
0 votes Thank Flag Link Sun Mar 21, 2010
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