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Old 07-28-2009, 02:51 PM
 
Location: Canco, JC, NJ
229 posts, read 921,681 times
Reputation: 90

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I am sseing a lot of listings for Hoboken. I am sure some are from people who can no longer afford it, but I think a lot of them are also from people who can not deal with the massive tax increase and want to sell this year, before the tax increase goes into effect.

What's your opinon on the matter?
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Old 07-28-2009, 05:07 PM
 
111 posts, read 415,785 times
Reputation: 55
Hoboken is a transitional town. People move there after college, live it up for a few years, then head out to the burbs. I don't think it has anything to do with taxes.
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Old 07-28-2009, 05:12 PM
 
835 posts, read 1,176,941 times
Reputation: 186
With falling real estate and upcoming tax hikes, people are cashing in before the crash
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Old 07-28-2009, 05:46 PM
 
Location: The Milky Way Galaxy
2,256 posts, read 6,941,797 times
Reputation: 1520
Hoboken is so overpriced. I've just looked at apartments there recently and was not impressed with the rent and what you get there. Lots of listings claim close to the PATH when in reality its like 8 blocks away and yet the rent is still high.
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Old 07-28-2009, 09:17 PM
 
989 posts, read 1,872,558 times
Reputation: 1623
Hoboken is a great place to go have dinner and drinks. That's as good as it gets in the one square mile town. Living there is another story. It's overpriced for what most are offering.
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Old 07-29-2009, 06:58 AM
 
Location: Home
1,482 posts, read 3,121,021 times
Reputation: 624
Not really overpriced, but high priced. You DO have to look for what you wantthough.

10 years ago it was downright cheap in some areas!!!

BTW, rent? All buildings built before 1970 (or thereabouts) are rent controlled. The landlord and agent will not tell you this, of course. So when you want to rent, get an older, decent place for what you can afford and give city hall a call.

I had a 650 SF railroad 5 minutes from the Path on Washington for $700 a month. He was trying to charge my neighbor $1500 a month until they had the rent checked!!

As for an exodus? I don't see that. What I do see are places staying on th emarket longer. I think the same rate of peoplr selling is prevalent, but when they do not sell over the weekend, you see many more signs lining the road. (Our city animal should be the folding "Open House" sign).

That being said, I think there may be a FEW more houses being sold now than before, but most of the flippers stopped at the end of 2K8.....
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Old 07-29-2009, 07:12 AM
 
857 posts, read 1,998,620 times
Reputation: 550
Quote:
Originally Posted by Ninjahedge View Post
BTW, rent? All buildings built before 1970 (or thereabouts) are rent controlled. The landlord and agent will not tell you this, of course. So when you want to rent, get an older, decent place for what you can afford and give city hall a call.
please explain. I lived there for 6 years and never heard of such a thing.
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Old 07-29-2009, 07:28 AM
 
Location: Hudson County, NJ
1,489 posts, read 3,082,185 times
Reputation: 1193
People are definitely fleeing hoboken for now, go down any street you'll see for rent and for sale signs all over.

Has to do with from the renters POV, job loss, job scarcity, uncertain economic conditions, and for landlords drop in home value, and higher taxes but not being able to charge the same high rent.

Mix taht with other nearby areas becoming more desirable and cheaper, Jersey City and Union City.
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Old 07-29-2009, 07:34 AM
 
Location: Home
1,482 posts, read 3,121,021 times
Reputation: 624
Quote:
Originally Posted by jy_2007 View Post
please explain. I lived there for 6 years and never heard of such a thing.

A few things. Landlords are allowed to charge YOU for their taxes. So your "base" rent is lower than what you are paying in the end.

Next, that "base" rent can only go up by an amount that the city declares for each year. Usually below 2%.

Third, they are allowed to raise the BASE RENT by 25% between tenant occupancies every 2 years.

Fourth, if you did not renew your lease, and you are still living there, the previous lease conditions are assumed to be in effect until another is written up and you both sign it (that you may need to check on).

My landlord made a simple math mistake that made the bill $4 more than what HIS numbers said it should have been. That mistake landed 2 years of back rent in my pocket AND a rent that was $130 a month less.

Be warned though. Make sure if your lease says "no pets" or "one tenant" that you are following it. If you end up challanging it and **** them off, they can try to get you evicted if you are not following the lease agreement.


Call up city hall, 201-420-2000 (I think that is the base #) and ask for rent stabilization. They should be able to direct you to Carol (I think she still handles it). I do not want to give more info for fear of spammage.....


GL!
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Old 07-29-2009, 07:36 AM
 
Location: Home
1,482 posts, read 3,121,021 times
Reputation: 624
Quote:
Originally Posted by nowitsshowtime View Post
People are definitely fleeing hoboken for now, go down any street you'll see for rent and for sale signs all over.

Has to do with from the renters POV, job loss, job scarcity, uncertain economic conditions, and for landlords drop in home value, and higher taxes but not being able to charge the same high rent.

Mix taht with other nearby areas becoming more desirable and cheaper, Jersey City and Union City.

We have been looking at JC.....

It has not been dropping in some areas like Downtown, and others, even up next to Hoboken (JC Heights) the places are pretty high OR abysmal in condition (I can still smell the dog pee from two of them!). BTW, the other word for urine is considered bad on a PG-13 site???

Depressing that teh gentrification of Hoboken did not make it that far outside city limits. Some areas of JC/UC would have been really nice if they got a bit of cash flow going.

Now they have lower crime (good) but the houses are still mostly the same (or fixer-uppers) and cost twice as much!!!
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