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Asked by Doug, Philadelphia, PA Sun Jun 15, 2008

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Lori Turoff, Agent, Hoboken, NJ
Sun Jun 15, 2008
Joan is right - I'd just like to add that if you are looking at true loft units, (which the Waldo Lofts are not in that they are new construction, not a factory conversion), the only comparable type buildings in Hoboken are the Hudson Tea and Harborside Lofts. They are among the most desirable in Hoboken and tend to hold their value quite well although, at Hudson Tea, the view makes a big difference.

Hoboken is a much smaller area than JC and bound on all sides by water or a cliff. The supply of property is, by nature, more restricted than in JC. In my opinion that gives Hoboken a bit of insulation from the downside of the market's fluctuations. Even within Hoboken, however, location makes a big difference.

The Waldo Lofts are pretty standard high-end new construction for the area. It is a Fields Construction building and they have a pretty good reputation. They are also involved in building the Monroe Center in Hoboken (830 Monroe). That didn't sell very quickly probably because of its location on the west side of Hoboken. At Waldo, there is still quite a bit of new construction going on in the immediate vicinity, so be aware that what you see out of your window today may not be what you see a few years from now. They are not true, unique loft spaces like, say 120 Bay Street nearby. I'd be happy to answer any questions you might have about Hoboken, which is where I specialize.

Lori Turoff
Robert DeRuggiero Realtors
Hoboken NJ
201 993 9500
0 votes
Joan Prout, , Basking Ridge, NJ
Sun Jun 15, 2008

Hoboken is a city; PowerHouse area is a couple of blocks in a section of the prime neighborhood or a large city. If you're talking comparable units (lofts) and price, I think appreciation will be comparable. Hoboken prices have traditionally (over my 16+ years of experience selling real estate in Hudson County) been higher than those in Downtown Jersey City. The gap has been closing.

Some basics of real estate you should always keep in mind: location, location, location (which in Hudson County always takes transportation to NYC into account). And basic economics: supply and demand. Another real estate basic is that, with regards to appreciation, you make your money by buying right, when you have much more control. Buyers decide where to spend their money and they do NOT care what the seller paid. If you want to sell your property when the guy next door also wants to sell his, if he's willing to sell for less than you, you're cooked.

Now, this is, again, MY opinion about the future, and, if that was worth anything, the Soviet olympic team would be a powerhouse in the upcoming games, there would still be a big ugly wall dividing Berlin, and there would be 2 giant towers anchoring the downtown Manhattan skyline.

Oh, and BTW, these are questions you should be posing to your exclusive buyer's agent. The sellers have their agents to promote and protect THEIR interests. You should have one, too.

Joan Prout, MBA
Broker Associate
Jersey City, NJ 07302

0 votes
Matthew De F…, Agent, Nutley, NJ
Sun Jun 15, 2008
well its hard to say, we don't know what will happen tomorrow but the average per year appreciation is 3-5% if you base it on that I don't thin you can go wrong in the long term.
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