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Keller Williams City Life Realty

Hoboken Real Estate Sellers Now Becoming Landlords

Many Hoboken real estate sellers who are having difficultly selling their property are turning to renting out their condo instead. I have noticed more and more lately that many Hoboken properties listed in the MLS are available for both for sale and for rent. The Hudson River waterfront buildings of Maxwell Place, the Hudson Tea Building, Harborside Lofts and even the W Hotel have seen many speculators who bought units to flip for a quick profit now turn to their “Plan B” of renting the property out.

Current Hoboken Rental Inventory

Currently there are 124 Hoboken rental properites in the Hudson County Multiple Listing Service. They range from a studio on 5th and Monroe for $1,250 to a 2 bedroom, 2 bath at the W Hotel for $9,900 per month.

Hoboken Sales turn into Hoboken Rentals

Want to live at Maxwell Place? Can’t decide if you want to buy or rent? Well, there is one condo available at Maxwell Place that offers you both options. You could buy this 2 bedroom, 2 bath, 1518 sq.ft. unit for $899,000 or rent it for $5,400 per month.

A Maxwell Place condo listed for $1,474,990. It spent 70 days on the market before the seller rented it in May for $5,000 per month.

Another perfect example of a sales to rental scenario is a building located at 1300 Park Avenue. I walk by this building everyday on my way home. The building started out this past February as 2 and 3 bedroom condos ranging from $480,000 to $549,000. Last week I was walking by and saw a bunch of “For Rent” signs in front of the building. Now the condos are no longer for sale and the available rentals range from $2,750 to $3,150.

UPDATE 7/1/09: I walked by 1300 Park Avenue in Hoboken tonight and saw a sign on 1300 Park Avenue that says the condos will now be auctioned off in the near future.

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About Walter Burns

Walter Burns is a licensed New Jersey Realtor since 2002 and he specializes in luxury living in the hottest New York Metro area communities including the prestigious New Jersey Hudson River waterfront areas of Hoboken, Jersey City, Bayonne, Union City, Weehawken, West New York, Guttenberg, North Bergen, Cliffside Park, Edgewater, and Fort Lee. Walter's mission, desire, and goal is to assist all parties in accomplishing their real estate goals, as well as to empower his clients through exceptional service, creating extraordinary results. Having been mentored by several of the top 100 Realtors and Developers in the United States and Canada, he graduated from Rowan University and currently resides in Hoboken. Walter is part of Keller Williams City Life Realty. NJAR Circle of Excellence Sales Award, 2009-2018. Google

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