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Keller Williams City Life Realty

Short-Sale Hits Hudson Tea Building in Hoboken

hudson-tea-building-03The Hudson Tea Building, the luxury Hoboken waterfront condominium building home to NY Giants quarterback Eli Manning and NJ Devils defenseman John Oduya has a new property listing that is being sold as a “short-sale”, AKA pre-foreclosure. The 2 bedroom, 2 bath, 1360 sq,ft, condo is located at 1500 Hudson St. and has direct New York City views. The asking price is $850,000.

What is a “Short-Sale”?

Simply put, a short-sale is where the debt owed to the bank is greater than the property is worth. The seller then decides to sell the property subject to their lender approving the sale. A short-sale is NOT a foreclosure. In a short-sale, the seller still owns the property. Because the bank will be taking a potential loss and be “short” what is owned to them, the bank must approve the sale. The seller must apply for a short-sale through their bank and prove a financial hardship as to why they cannot keep paying their mortgage. This approval process can take up to 9 months because most banks are being flooded with short-sale requests from all over the country.

Stay tuned for future posts on Hoboken short-sales and buying a short-sale in the Hoboken real estate market.

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UPDATE 9/7/10: The 2 bedroom short-sale listed for $850,000, 1500 Hudson St. Unit 5H sold for $800,000 on 4/16/10.

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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