 Kannekt Forum Index Hoboken Real Estate  Monthly costs
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Re: Monthly costs | #11 |
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Anonymous
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If your AGI is over $350K, then a $5K monthly nut is not going to be much of an issue unless you have significant extenuating circumstances. Property tax is a preference item for AMT, so it is out. Period. You may have misunderstood your CPA. There are certain items in there that sound like property tax, but it is very specific, and certainly the bulk of us who get W-2's and invest in straightforward ways are not going to be impacted for the better. |
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Re: Monthly costs | #12 |
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Anonymous
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Original poster here again:
The question wasnt really of affordability, but of percieved value or worth. Thats all. If a 5k+ monthly payment + misc debt (car/insurance) takes up less than 1/3 of our salary, you can see we can make the numbers work. To double or almost triple my housing costs is something that I dont want to do an a whim, just because we can. It's not worth it for us. I was just wondering what some people were trading up from, because we do see what some people would deem desirable 'luxury' type units in our price range selling. They just never had everything we were looking for, nor were they twice the size or twice as 'nice'. That is all. |
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Re: Monthly costs | #13 |
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Anonymous
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OK - I went the rent route. My wife and I are only going to be in Hoboken for 1-5 years, so instead of an interim step, we sold out and rented.
Check out the Soveriegn, it is probably the best rentals available in the current market. |
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Re: Monthly costs | #14 |
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Anonymous
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how much are rentals in sovereign?
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Re: Monthly costs | #15 |
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Anonymous
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I'd have to chime in and agree with this poster. My wife and I currently rent on the waterfront and have considered buying in Hoboken. We have looked at dozens of condos in this town in every corner of the city, and we have the same concern about the bang for the buck. The available stock is often old and in poor condition, have no elevators, have no parking, have zero building amenities, sad views, no good retail stores nearby or abut the projects. Even the few new projects out there suffer from marginal locations and Barbie-house construction. If we're going to step up our monthly housing costs by 2 or 3 times, we expect a lot more for our money and long term committment to this town.
We think current price levels in the city for 2 and 3 bedrooms are out of touch with reality, so we're staying in our nice rental until something compelling comes along. By the way, my wife and I are both working professionals with sizable salaries, sitting atop a wad of cash and staying put in a rental for now until the local housing market shows a clear trend. I don't think we're the only couple in this situation. |
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Re: Monthly costs | #16 |
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Anonymous
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That is funny a wad of cash. How long have you been renting?
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Re: Monthly costs | #17 |
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Anonymous
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Now is a good time to buy in Hoboken because: Waiting around for housing prices to drop is a bad idea, unless you're eager to move to an area like Buffalo that features a declining economy. As long as the New York City financial sector remains strong, Hoboken home prices will keep rising. The selection available to prospective homebuyers has never been better because inventory of homes for sale has never been higher. The rapid increase in home values experienced during the past 5 years has paused. Prospective homebuyers have time to look around, without worrying about prices rising 1-2% per month. High inventory combined with stretched asking prices have resulted in many homes staying on the market longer. Sellers tend to become increasingly desperate when homes languish, and buyers can take advantage of this desperation because the likelihood of a so-called low ball offer being accepted increases. I rented in Hoboken, and then purchased a condo in the suburbs where I currently live. Today, my wife and I are looking to buy somewhere along the Hudson River waterfront, probably Weehawken. |
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Re: Monthly costs | #18 |
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Anonymous
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Arent you contradicting yourself? Historically the equities mkt and the housing mkt had a inverse correlation... As the equities mkt became stronger, people moved their money from real estate into the stock mkt. And as the mkt weakened, as it was in the previous 36 months, people moved their money from the stock mkt into real estate. With the dow flirting with it's all time high, there are great spots to put your money to work for you. The Fed can only keep raising rates for so long without prices adjusting. I think it's almost a good time to buy... I think there is more languishing to come. |
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Re: Monthly costs | #19 |
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Anonymous
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Arent you contradicting yourself? Historically the equities mkt and the housing mkt had a inverse correlation... As the equities mkt became stronger, people moved their money from real estate into the stock mkt. And as the mkt weakened, as it was in the previous 36 months, people moved their money from the stock mkt into real estate. Here we go again with an economics PhD wannabe linking residential real estate prices to some economic variable, this time stock prices. More than anything else, residential real estate prices are driven by supply and demand fundamentals. During the past several years, the super performance of New York City-area residential real estate can explained by growing demand and constrained supply. A lot of the growing demand is made up of people with extraordinarily high incomes who bid up prices. At the same time, housing markets in every other part of New York state have performed miserably, with folks happy if their home appreciates at all. The reason is these areas are losing population, the people sticking around have low incomes, and despite this housing supply is rising in these areas. Last I checked, when the price of a stock rises in Manhattan, it rises by the same amount in Buffalo. The same can't be said for residential real estate prices. Supply and demand matter a lot more than stock prices, interest rates, or whatever other economic variable people sometimes like to present in order to explain residential real estate prices. |
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Re: Monthly costs | #20 |
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Anonymous
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I think the point is that the demand was not real demand, but investor-driven demand. Now with housing prices flat to declining, people are investing their money back into stocks, gold, etc.
I'm not even a economics PhD wannabe, but I like to listen to people that seem to know more about the markets than I do, like Warren Buffett: "The day traders of the Internet moved into trading condos, and that kind a speculation can produce a market that can move in a big way. You can get real discontinuities. We've had a real bubble to some degree. I would be surprised if there aren't some significant downward adjustments, especially in the higher end of the housing market." http://money.cnn.com/2006/05/05/news/newsmakers/buffett_050606/index.htm |
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