Three 2-BR units suddenly appear (two most recently) for sale in a wide range of unit cost basis. The tax bill for one of them is astronomical! We're talking $25k! An office/commercial space retained by the developer (REMI Companies) is also up for sale and supposedly under contract.
This building doesn't have too many units to gain attention but the owner costs and association financials would bear some more exploration.
Is this a sign of many of Hoboken's condo structures? Well, there is more being borne by the individual than ever before. Condos are no exception in the current tax/budget environment.
Talk of re-pricing in this market adjustment also seems to be targeting something closer to $400 per square foot as the new norm. Bring out the calculators because that is serious money from where even the few properties are currently moving.
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Further note from the subscriber:
The largest unit of the three known 2-BR listings was first put on the market around June 2008 for $1,629,000. This is at First and Grand, next to the Cablevision offices! This listing has been reduced by $54,000, then a further $25,000, then a further $51,000, then a further $100,000, and another $100,000. That's a total of $330,000 in reductions over about eight months, so far.
Unfortunately, the current/recent owner(s) closed in February 2007 so the seller is chasing the spiraling market rather than getting in front of it which is the only way anything is going to sell nowadays.
Even at the current level the cost per sq ft is around $576 and the expected taxes are $24,865! It looks like a nice unit but what happened to the location factor in combination with the above specs?
As questioned before: what's happening in this building and more importantly the condo association? Is something up? Did some previous tax abatements expire?
This subscriber's posting from February 2009 had some meat on it after all. The property was last seen fishing for short sale opportunists at $999,999. However, it is believed to be only buying time before foreclosure.
So let's summarize the "asking" price history:
June 2008 = $1,629,000
-54000
-25000
-51000
-100000
-100000
-49000
-51000
-199001 = $999,999, October 2009
When do you think the seller realized that they were not going to get their money back? This is the common problem with virtually all the properties bought over the past few years that are trying to sell.
Until that RE.ality hits home (no pun intended), they are doomed!
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