Home Buying in Hoboken>Question Details

AC, Home Buyer in Hoboken, NJ

I bought a one bedroom in Hoboken. It's 626sq ft for $361K. It has tandem parking and

Asked by AC, Hoboken, NJ Tue Mar 4, 2008

and
popcorn ceiling. I would need to update the appliances, paint, update the tile in the bathroom, add a granite counter top in the kitchen. The bedroom is small and can fit a queens size bed and not much else. I'm feeling buyer's remorse and not sure what I should do.

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Hi AC,
First of all, how long ago did you purchase it? What are you thinking of doing? Selling? Renting it? Depending on where in Hoboken it's located, that sounds like a very reasonable price for a 1br of that size with parking. I don't know why the previous answer says you will lose a lot of money - in Hoboken that is not necessarily true but then I guess a realtor from outside our town wouldn't know much about the Hoboken real estate market. In fact, our market has been pretty healthy and prices have held steady. Rental prices have been increasing steadily so depending on your financial situation, renting may not be a bad idea but then you'd need to live someplace else. It may not be worth the trouble and work.

Why don't you do some small renovations to start - may paint and pick one other thing - say redo the bathroom - and live there a bit longer. Maybe you'll enjoy living there more if it looks more attractive to you. I wouldn't be too hard on yourself about what you paid, though, as it is very close to the average price ($362K) for all 1 bedroom condos sold through the MLS since the beginning of 2007. Remember, few of those have parking. So unless there is something really wrong with your particular unit, you did OK.
Feel free to contact me directly if you'd like any more info on the Hoboken real estate market.
Thanks
Lori Turoff

http://www.hobokensbesthomes.com
2 votes Thank Flag Link Tue Mar 4, 2008
Have you closed on this transaction? In your other questions, you are looking for a real estate attorney. Did you sign a contract.....have you gone through attorney review? Or have you already closed?


If you have already closed, even though Hoboken has been doing better than other areas of NJ, it is still difficult to turn a property quickly, because there are expenses invovled w/ buying a selling a property.

Sometimes, feeling a bit of buyers remorse is normal. Review comps again and remind yourself why you wanted to make an offer. Most cases of buyers remorse subside and new owners are generally quite happy with their new homes. I shall hope that to be true in your case.
1 vote Thank Flag Link Sat Mar 8, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Lori,
I said he would lose a lot of money because in a previous post today he hinted he was thinking of buying, so when I saw this post I assumed he JUST bought. If that is so, he will at least lose the money from the closing costs and if he sells with an agent, will have to pay a commission, too.
One doesn't have to be from that neighborhood to do the math there!
Web Reference: http://www.dianeglander.com
1 vote Thank Flag Link Tue Mar 4, 2008
AC,
You bought already? Your last post didn't state that you bought. There's not much you can do at this point without losing a lot of money. You know how much it cost you to close alone. You can try to sell as a FSBO so that you don't have to pay a Realtor commission, but in this market, that is tough. If you put a lot down, you can rent it out and hopefully collect enough to pay the mortgage so that you can live elsewhere, but getting another mortgage so quickly will be extremely difficult.
You would do best to make the best of it. Make your improvements, stay there for a few years and sell when the market turns. According to Jeffrey Otteau, towns like Hoboken will be in great demand by 2012 when the generation Y buyers will hit the market strong. Until then, there is no anticipated appreciation foreseen until after 2010 when, in his opinion, the downsliding should stop.
Web Reference: http://www.dianeglander.com
1 vote Thank Flag Link Tue Mar 4, 2008
wow, sounds like a little overpriced to me. $330-350,000 is more like it. did you already go through attorney review?
0 votes Thank Flag Link Sat Apr 19, 2008
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