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Old 10-19-2011, 10:53 PM
 
221 posts, read 455,771 times
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I was ready to sign a lease for a place in Hoboken at the Maxwell Place. It was a 1br, approximately 1000 square feet.

Anyway, I send my stuff in to the broker (fee, security deposit). Comes to find out, I was outbid on the place. Someone offered the property owner $3,800 a month even though we had a pending deal and my checks were mailed. Frustrating, but I would take the extra $3,600 a year too if I was the owner.

Now, I find myself questioning the decision to live in Hoboken. $3,500 for a 1br in Hobken seems high. I want a luxury building, but this is still Hoboken after all. The main reason why I liked Hoboken was that I will be working in Jersey City / Wall Street, so the convenience was good. But is $3800 really worth paying for a college like town?

If you had the choice, and you got outbid, would you decide to move to Manhattan? I would glady pay $4500 a month to live in Manhattan, no need for car.

If so, where? my only two choices are West Village or central park neighborhood, as I need close access to park and like the brownstone feel. I would also consider Park Slope, but commute would be long.

Or ..should I just try for Hoboken agan? The way the brokers treated me in hoboken was crap. I had to hound the broker to get my money back, so It really turned me off.
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Old 10-20-2011, 05:20 AM
 
Location: Manhattan
20,167 posts, read 26,469,688 times
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Just a couple thoughts:
1. Think of Hoboken as living, not in New Jersey, but rather in an Eastern borough of New York City, as it is de facto (without the City income tax.) It certainly has as much or more of the feel of the City as does Rego Park, Crown Heights, Melrose, or Jamaica. You are a lot closer to Times Square or the Financial District than you would be even in many parts of Manhattan. So the concept of "living in NJ should be cheap" doesn't really appply.

2. Compare apples with apples: a 1000 square foot single bedroom apartment is almost an improssibility in New York City unless you buy a Tribeca loft or find a 3 bedroom apartment that has had its wall removed. You are paying a large premium for the size of the place.


3. Maxwell Place is nice but it is a little far North of the PATH station. Have you checked the Waterfront high rises closer to PATH?

4. Have you considered Newport?

(So the apartment you looked at was a condo put up by the owner for a rental bidding war? Different concept. )
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Old 10-20-2011, 05:34 AM
 
Location: Beautiful Pelham Parkway,The Bronx
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I would look to buy something.

I Could never think about squandering $42,000/yr on rent,especially to live in New Jersey.
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Old 10-20-2011, 06:19 AM
 
Location: Manhattan
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I was grinding some numbers and I agree with Bluedog...for $3600/month you can buy a half million worth of apartment. More if you can find a tax abated waterfront condo...and there are plenty of them. (Have a look at the JAMES MONROE at Newport.)
Of course you don't want to go that route unless you are pretty settled on the area.
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Old 10-20-2011, 07:11 AM
 
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Yes to the above, for considering buying. And Hoboken is great, so close to midtown Manhattan. I wouldn't put it down as a college like town. There's a young crowd yes, but there are so many conveniences there. You also say you would "gladly pay" to live in Manhattan. If it makes you happier to live in Manhattan and you can afford it, then why not look there? It sounds like you have lots of options.

Interesting because I had a friend recently "outbid" on rent as well. To be honest, before that I never heard of anyone bidding higher rent to get an apartment. I was always more familiar with the first to qualify and write the check qualifying. But it is competitive so it makes sense.
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Old 10-20-2011, 04:04 PM
 
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I would consider buying, but it would have to be after a year or so living here.
I like Hoboken, but I don't know if its worth that price
Im going to look at West Village tonight in 3 places.
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Old 10-21-2011, 06:11 AM
 
Location: Manhattan
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You will find the West Village GROSSLY overpriced for what you get.

And remember, if you are atop a PATH rain in downtown JC, you are 10 minutes from the West Village.
Seriously, take a loook at Newport before you make the rental plunge. It is really nice living.

(Very wise checking out the area for a year before a buying committment.)
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Old 10-21-2011, 06:30 AM
 
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I like Hoboken overall, but I think the demographics are a little, well, montonous. It is kinda like living in Murray Hill, lots of kids right out of school doing what kids do, and the town caters to that crowd so the bar owners stay happy. It is surpisingly white-washed and lacks any sort of diversity, but that is a big appeal for alot of people.

Maxwell place is a great building but for what you are paying it is too far from the Path. That commute gets old very fast and it will prove to be inconvenient. Move within a 10 minute walk to the Path, or just move to the city....skip Jersey City as it does not have the feel you are probably look for.
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Old 10-21-2011, 06:39 AM
 
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Quote:
Originally Posted by SobroGuy View Post
I like Hoboken overall, but there are too many damn white people there and that tends to make me angry.

Ok gotcha...
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Old 10-21-2011, 03:14 PM
 
221 posts, read 455,771 times
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Maxwell provides a shuttle to the PATH.

I am still conflicted: I saw a few nice places in West Village today (1br, 1000 square feet). Same price as Maxwell, just no amenities (pool, gym, etc).

I need to sign something for December. I am comfortable with both. The advantage to Hoboken is that you can leave the city readily easy if need be, without paying a toll getting back in. the advantage to West Village...is that its Manhattan.
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