Sunday, October 25, 2009

One, One-Fifty, Two-Fifty - Cost of Luxury

Hundred, that is. That is how much incremental monthly maintenance you should expect to pay for each an elevator and a doorman in one, two and three bedroom condominiums in the north east section of Hoboken. In other words, if you are looking at a one bedroom unit in a building with an elevator and a doorman, expect to pay two-hundred dollars a month more in maintenance fees that a one bedroom in a brown stone or conventional building.

So what if you want a third bedroom? From a three bedroom, two bath perspective, there are two specific properties on the market in the north east section of Hoboken, as of October 24, 2009.

MLS # 90008783 – has been on the market for three and half months at 1500 Garden, unit 9G is listing for $1,499,995. This unit has a monthly maintenance fee of $1,162, is 1,910 square feet which puts it at $785 per square foot.

Contrast this property with the only other three bedroom on the market, MLS# 90013090 – which just came on the market this week at 2 Constitution Court. This unit is listed at $949,000, has a monthly maintenance fee of $958. And is 1,343 square feet, putting it’s price at $707 per square foot.

There are eight other three bedroom units each with three bathrooms on the market in north east Hoboken currently. The average statistics for these units are: Avg Price $1,244,489; Avg monthly maintenance $916; Avg square feet 1,861; and Avg price per square foot $669.

So while the 1500 Garden Street property is larger, is that much more living space worth the incremental $550,000 to you? Is a three bedroom, three bath unit more appropriate for you? Only you know how a space fits the needs of you and your family. We will be happy to schedule a showing of any of these properties and help you evaluate which unit is right for you.

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