Walter Burns
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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