Marineview Towers residents were offered the chance to buy their own units at affordable prices. Built in 1975, the two apartment buildings. have a combined 432 units/25 stories. The address is 10 3rd St, Hoboken, NJ 07030.
The proposed rent increase for 2025 as explained in the documentation below is around 9.5%
For those wondering about the rough estimate of buying an average apartment in Marine View--- here is a very preliminary calculation.
To estimate the monthly mortgage payment for an apartment selling for $450,000, several factors need to be considered:
- Down Payment: Typically 20% ($90,000) is standard, but it can vary.
- Loan Amount: For a 20% down payment, the loan would be $360,000.
- Interest Rate: Current mortgage interest rates for excellent credit (e.g., a 750 credit score) are around 6.5% for a 30-year fixed loan as of late 2024. Rates may vary based on market conditions and lender offers.
- Loan Term: Usually 30 years.
- Property Taxes and Insurance: Varies by location but can add approximately 1.25%-1.5% of the home’s value annually.
Estimated Calculation (Assuming a 20% Down Payment):
- Principal and Interest: For a $360,000 loan at 6.5% interest for 30 years, the formula yields about $2,276 per month.
- Taxes and Insurance: Adding roughly 1.25% annually ($450,000 x 1.25% = $5,625/year or $469/month).
Total Monthly Payment:
Approximately $2,745/month, including principal, interest, taxes, and insurance.
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