Auction Results for 1300 Park Avenue Condos in Hoboken
Last night I attended the auction at the Hyatt Regency in Jersey City for the Hoboken condos for sale at 1300 Park Avenue and 517 Jackson Street. The auction was conducted by Sheldon Good & Co. Auctions LLC, a New York based real estate auction house. I have to say, they did a great job. The auction was very informative and entertaining. If you have a chance to attend one in the future, I highly recommend going.
For several months I have noticed the properties at 1300 Park Avenue go from sales to rental, and finally to sale-by-auction. I wrote about this in a previous posting. Feel free to check it out.
The entire auction lasted about an hour. Registered bidders had to have a cashier’s check for $15,000 in order to bid. The starting bid for all condos was $150,000. Below are the winning bids and the order in which they were sold. Both 1300 Park Avenue & 517 Jackson Street were on the board at the same time to bid. 1300 Park Avenue sold out first and then bidders starting bidding on 517 Jackson Street. A 10% Auction Fee was to be placed on top of the winning bid. Also, some buyers choose to take the “Quick Close” option where if they close by a certain period of time, they save 2% of the purchase price.
1300 Park Avenue Hoboken Auction Results
1300 Park Avenue in Hoboken
- Unit 4B: 2 bedrooms, 2 baths, 896 sq.ft. Winning Bid: $425,000 + 10% Auction Fee = $467,500
- Unit 5A: 3 bedrooms, 2 baths, 919 sq.ft. Winning Bid: $425,000 + 10% Auction Fee = $467,500
- Unit 5B: 2 bedrooms, 2 baths, 896 sq.ft. Winning Bid: $410,000 + 10% Auction Fee = $451,000
- Unit 3B: 2 bedrooms, 2 baths, 896 sq.ft. Winning Bid: $390,000 + 10% Auction Fee = $429,000
- Unit 4A: 3 bedrooms, 2 baths, 919 sq.ft. Winning Bid: $360,000 + 10% Auction Fee = $396,000
- Unit 2B: 2 bedrooms, 2 baths, 889 sq.ft. Winning Bid: $345,000 + 10% Auction Fee = $379,500
- Unit 3A: 3 bedrooms, 2 baths, 919 sq.ft. Winning Bid: $355,000 + 10% Auction Fee = $390,500
- Unit 2A: 3 bedrooms, 2 baths, 919 sq.ft. Winning Bid: $340,000 + 10% Auction Fee = $374,000
517 Jackson Street Hoboken Auction Results
517 Jackson Street in Hoboken
- Unit 401: 2 bedrooms, 2 baths, 1,162 sq.ft. Winning Bid: $272,500 + $15,000 for parking space + 10% Auction Fee = $316,250
- Unit 402: 2 bedrooms, 2 baths, 1,510 sq.ft. Winning Bid: $280,000 + 15,000 for parking space + 10% Auction Fee = $324,500
- Unit 301: 2 bedrooms, 2 baths, 1,162 sq.ft. Winning Bid: $280,000 + 10% Auction Fee = $308,000
- Unit 302: 2 bedrooms, 2 baths, 1,510 sq.ft. Winning Bid: $282,500 + $15,000 for parking space + 10% Auction Fee = $327,250
- Unit 202: 2 bedrooms, 2 baths, 1,510 sq.ft. Winning Bid: $280,000 + $15,000 for parking space + 10% Auction Fee = $324,500
- Unit 201: 2 bedrooms, 2 baths, 1,162 sq.ft. Winning Bid: $275,000 + $15,000 for parking space + 10% Auction Fee = $319,000
****Please note: These are just contract prices. None of these Hoboken condos have actually closed yet. I will follow-up in 2-3 months once the tax records change ownership and see if there are changes from the winning auction bids to the final published sales prices.
If you have any thoughts or feedback, please feel free to leave your comments.
As always if you have any questions, please feel free to contact me.
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August 7th, 2009 at 3:55 am
Hi there,
you mention $15,000 for parking space in 517 Jackson Street in Hoboken but not mention the period of time, am i suppose this for one year or more than this time.
waiting your reply.
August 7th, 2009 at 8:06 am
The buyers paid $15,000 for a deeded parking space which they can use for as long as they wish. They own the parking space. If they choose to sell their condo in the future, they can sell the parking space as well.
August 30th, 2009 at 9:12 am
How do the auction prices compare to current market prices ?
August 30th, 2009 at 5:48 pm
There is a condo building located next to 1300 Park at 1302 Park Avenue. A 2 bedroom, 1 bath, 800 sq.ft. renovated condo recently sold for $381,500. There is also a 2 bedroom, 1 bath, 811 sq.ft. unit for sale at 1302 Park asking $415,000. It has been on the market 17 days.
Regarding the Jackson St. units, a 2 bedroom, 2 bath, 1075 sq.ft. condo with parking recently sold at 109 Jackson St. for $435,000. Another 2 bedroom, 2 bath with parking in the same building sold for $450,000.
September 1st, 2009 at 12:03 am
I am looking at a 2br/2ba with a parking spot around 6th st and Jackson in that same area? Should I be looking to bid about $350 sq ft in that area? More or less? I would think the 1st and Jackson is a better location than 6th. What are your thoughts?
Do you know where you can find photos or a floor plan for 517 Jackson?
September 1st, 2009 at 12:05 am
Also do you know of any other auctions like this in the near future? Thank you.
September 1st, 2009 at 7:40 am
No other auctions have been announced yet for the Hoboken area, however when they are announced, I will let you know.
September 1st, 2009 at 8:09 am
1st and Jackson is a different location than the auctioned properties. To give you a better idea of the immediate market value around 5th and Jackson, a 2 bed/2 bath, 1247 sq.ft. with parking sold in late June at 518 Monroe St. (1 Block east of Jackson) for $490,000. Also a 2 bed/2 bath, 1296 sq.ft. condo with parking sold in July at 510 Monroe St. (1 block east of the auctioned condos) for $498,000. These condos were selling north of $350 per sq.ft.
You may be able to find pics and floor plans on the auction company’s website, http://www.sheldongood.com
September 23rd, 2009 at 10:40 pm
[...] the 2 & 3 bedroom Hoboken condos at 1300 Park Avenue on August 5, 2009. When I reported on the auction results for 1300 Park Avenue, all of the units had been bid on and had winning bids the evening of the auction. It appears that [...]
October 8th, 2009 at 1:45 am
Do you know how much taxes and maintenance are for 1300 Park Ave. condo? thanks
October 11th, 2009 at 5:36 pm
Since this is a condo-conversion, the taxes will be assessed by the City of Hoboken based upon the final sales prices. The City of Hoboken Tax Assessor’s Office can give you an accurate estimate of the what the taxes should be. They can be reached at 201-420-2024. The maintenance fees were not disclosed, but from other similar buildings I would estimate them to be from $200 to $300 per month.