Parking space when buying apt. in Hoboken How valuable do you think a parking space is to the resale

Asked by Dtex, New York, NY Mon Jan 28, 2008

value of an apt.? With Hoboken continuing to grow, I think it's a necessity. I currently rent in NYC and I definitely do not want to have to park on the street. I think it may be worth it to pay extra for a place if a space is included, especially because I'm sure the prices in monthly parking garages always go up, just like they do here.

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Marc Paolella, Agent, Succasunna, NJ
Mon Jan 28, 2008
Absolutely. Hoboken is notoriously well known for absolute impossibility of parking spaces. Many spaces on the street cannot be used by non-residents. I absolutely dread going into Hoboken, not only because there is no parking, but also because many of the streets are ultra narrow, poorly maintained, and with poor visibility. Easiest place on Earth to kill a pedestrian. Drivers in Hoboken exceed cab drivers on the East side of Manhattan in terms of aggressiveness and rudeness.

But I digress, yes, you simply MUST have a private parking spot if you are going to buy real property in Hoboken. No doubt about it.

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Marc Paolella, Agent, Succasunna, NJ
Tue Jan 29, 2008
Seriously though, an agent called my office to complain that I was bad-mouthing Hoboken due to my comments about the parking there.

Frankly I do not believe in glossing over locational issues to give a rosy picture of any particular area. This is not the Chamber of Commerce. Buyers are spending big money on their homes and they need to know the facts, both positive and negative, that will affect daily life in their new locale. They depend on honest real estate agents to provide insights about areas that are under consideration. I will continue to be that agent.

Hoboken has plenty of positives, hence the large sums that are spent by buyers to live there. However, it is not car friendly in any way, shape, or form. Parking is extremely difficult for residents and especially guests. Always has been and always will be.

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Marc Paolella, Agent, Succasunna, NJ
Mon Jan 28, 2008
Another thing to consider is the additional incremental cost of entertaining when living in Hoboken.Locally known by the congnoscenti as the ACE tax, your guests will typically arrive at your party 30-90 minutes late due to a total inability to find parking. Consequently, it often takes them an extra 2-3 drinks on average to emotionally settle down. You might want to add that to your income/expense ratios.

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Optimusprime, Other Pro, Hoboken, NJ
Mon Feb 18, 2008
Definitiely get the parking space if it is available to you. In my recent condo search, I found that a deeded spot addded approximately $25,000 to the purchase price. Also make sure the spot is deeded, there are some buildings that say they come with a "parking spot" but the cost of ~$200/month is essentially passed through in the form a higher condo fee.

I agree it is hard to park on the street, so if you want to live in Hoboken, like I do, you have to factor in the cost of parking into the overall cost-benefit analysis you would do for any new home.
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Mike, Home Seller, Union City, NJ
Fri Feb 15, 2008
Best bet is to buy in town outside weehawken where you can get new construction with covered deeded parking spot, w/d, and central air 2 bedrooms/2 bath for 1/2 the price! i live a mile away and simple to take the bus, or take my car to hoboken whenever i need to go there. My place is for sale if interested..moving to the suburbs! my place is at 4401 park ave in union city..check out
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Lori Turoff, Agent, Hoboken, NJ
Mon Jan 28, 2008
While on-street parking in Hoboken is better than Manhattan it can be tricky to find a space if you commute to work by car and work traditional 9 to 5 hours. Other than that, it's rare to have to circle the block more than once if you have a resident permit. (If you live here, you pay about $10 a year for a sticker).

If you are buying in a new building where there is deeded parking it is highly advisable to purchase a spot or the marketability of your unit compared to other units in that building will be greatly affected. In my experience - and I deal 99% with Hoboken condo sales - most buyers looking at the newer construction on the waterfront or on the west side of town look at those areas because they want amenities like deeded parking, elevators and central air.

If, however, you are interested in a unit that is in an older, historic building or brownstone, almost none of these come with deeded parking so you are on an even playing field with other sellers in that buiding when you go to sell. Additionally, there are parking lots where you can rent a space in the uptown eastern part of town where most of these buildings without parking are located. There are also the municipal lots which have rental parking on downtown Hudson Street and the new parking lots near Hudson Tea, the Shipyard, and the Hoboken U. hospital.

Many suburbanites used to pulling into a driveway (and usually not very skilled at parallel parking) may not get Hoboken. Those people should probably stay in the 'burbs. Hoboken is an urban area. Parking here like in Manhattan is a luxury but if you are willing to pay for it, there are places you can easily park. And compared to Manhattan, prices for rental parking are close to $150 or 200 monthly rather than the typical $400 to 500 found in midtown NYC.

I'd be happy to help you further if you'd like to contact me directly. I specialize in Hoboken condos.
Lori Turoff
Realtor Associate
Robert DeRuggiero Realtors
89 Washington St.
201 993 9500 (cell)
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