Does anyone know why 129 Harrison is misrepresenting the maintenance price listed in the MLS as $376 when it's in fact $515?

Asked by Jason, Hoboken, NJ Mon Jul 9, 2012

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Biff55645, Home Owner, Jersey City, NJ
Tue Jul 17, 2012
Wow. $515 is darn high for non-waterfront hoboken!!! What's up with this place? Keep looking!
0 votes
Deborah Madey, Agent, Brick, NJ
Mon Jul 9, 2012
I would like to think it is an error not a misrepresentation. As Kaina explained, there are causes for these types of things. Additionally, computer feeds sometimes pick up dated info. If the listing agent is made aware, s/he can edit and make changes. The listing agent might not be aware.......assuming it is incorrect.
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Mon Jul 9, 2012
...likely an error rather than an effort to misrepresent.
0 votes
Karina Abad, Agent, Basking Ridge, NJ
Mon Jul 9, 2012
Hi Jason. Maintenance fees vary per unit by square footage. The attorney representing buyer will typically ask the sellers attorney to confirm the amount during attorney review.
If there is a big discrepancy between what was listed and what actual then the buyer may back out, or request a credit or price reduction.
With new buildings like 129 Harrison it's not uncommon for maintenance fees to change after a association is formed and all units have been sold from the developer. Sometimes developers structure maintenance fees to be low to entice buyers, but they can end up being too low to grow a savings account for the building.
I don't know what exactly is the situation with the building re maintenance fees but if you are seriously interested I would suggest you ask your attorney to confirm.
Hope that helps!
0 votes
It was discovered through attorney review that the HOA was substantially higher than $376. The agent was subsequently notified of this. Other units in the building with the same square footage still remained in the MLS with the same wrong HOA fee. Yes, the HOA fee varies by square footage but the listing agent/building ownership certainly knows what unit they are listing. It is completely naive to believe they didnt know or made a typo. They clearly knew the entire time and it definitely was misrepresented by the sellers agent on purpose to entice buyers. I confirmed with the maintenance company that the HOA fee was $515 for at least a year so it was nothing new.

The question is what can be done to force the seller to stop lying to everyone? I know I can get out of the deal in attorney review. It's a huge inconvenience to go through attorney review, pay an attorney and then find out you've been lied to about the most important fee you'll pay for the rest of the time there.
Flag Thu Sep 27, 2012
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