Look What $239,000 Buys You In Hoboken

Attention first time home buyers, don’t miss out on this very charming condo located in Hoboken. This is a great opportunity to take advantage of the $8,000 First-Time Home Buyer Credit. Act now before it’s gone!  Remember, now the credit is $8,000 for first timer and $6,500 for repeat buyers. See Home Buyer Tax Credit site for information.

For more great homes for sale in Hoboken go to Look What Buys You $334,000.

If you would like to take a tour of this lovely condo or you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Hope That Tax Credit May Spur Buyers

With the extension of the $8,000 credit and the addition of a credit for those who have owned and lived in their home for at least five of the last eight years. 

With rates falling and beginning in January 2010, those who have the equity and can afford to refinance are taking advantage of the low rates. The refinance share of the loan market climbed 11.3 percent to 71.5 percent recently.

The 30-year fixed rate is at 4.69 percent and is the lowest since May 15. The average 15-year rate is 4.33 percent. The rate for a 1-year Adjustable Rate Mortgage was 6.85, up from 6.83

For more information on the new plan, visit the Homebuyer Tax Credit site

For more valuable information on current housing issues, please go to Making Homes Affordable.

Since there is more time to utilize the $8,000 tax credit, make this your opportunity to find the ultimate Hoboken home. Contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

2010 Home Sales May Rise 15 Percent

Home sales will increase 15 percent to a potential of  5.7 million units and REALTOR® income will be up 20 percent in 2010, according to NAR Chief Economist Lawrence Yun.

The home buyer tax credit brought in up to 400,000 first-time buyers into the market who would not have bought otherwise. This created smaller inventories of starter homes and helped reduce households’ fear over further price drops.

Yun also says that the supply of homes will stabilize to the typical norm of six to seven months. Homes above $500,000 will remain elevated in the short term future, but it will also be offset by a big drop in starter-home inventories.

For more information on the credit to help homeowners, visit the Homebuyer Tax Credit site

For more great information go to Look What $334,000 Buys You in Hoboken.

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

A Rise in Pending Home Sales

As reported by the National Association of REALTORS® pending home sales have risen for an eight consecutive month making this the longest period of growth since 2001.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9.

The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.

For more great information go to Look What $334,000 Buys You in Hoboken.

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

HUD’s New Good Faith Form

The Department of Housing and Urban Development intends to make things less confusing on Jan. 1, 2010, with a new Good Faith Estimate form, or GFE, which outlines the costs of a proposed loan, including a revised settlement statement which displays your final loan costs and is signed at closing. HUD estimates that average borrowers will save nearly $700 because they can clearly define costs and compare loans.

For many buyers it can be difficult to understand the costs that are built in to their loan. If a buyer is given a loan where the cost is very clear it will make it easy to compare other loans and make informative decisions.

While shopping for a loan we all need to take the time to compare the different loans that are available. Hopefully, the new Good Faith form will help buyers better understand the type of loan they will be getting.

For more great information go to Everything You Need To Know About a Short Sale.

There are so many advantages to being a first time buyer in this current market. For more information regarding how I can help you negotiate the best deal on your first home, contact Eddie Perez, Broker-REALTOR, CDPE. My market includes Hoboken, Jersey City, Weehawken and Union City.  I can be reached at eddie@InvestHoboken.com or 201-344-2886.

Tax Credit has Been Extended

Congress passed a bipartisan measure extending the $8,000 home buyer tax credit to April 30, 2010. The extension is estimated to contribute approximately $22 billion to the economy.

The legislation, which is part of a larger bill that also extends unemployment benefits.

The law also includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

For more valuable information please go to Making Homes Affordable.

Since there is more time to utilize the $8,000 tax credit, make this your opportunity to find the ultimate Hoboken home. Contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Nearly 60 Percent of New Home Buyers Rely on Low Down-Payment Mortgages

Highly regarded housing consultant.  John Burns Real Estate Consulting, recently released a survey of home builders regarding the type of financing their buyers’ used.  The survey states that almost 60 percent of new home buyers relied on low down-payment mortgages from the government.  

20 percent of buyers used conventional financing, 7 percent got a jumbo loan and 7 percent of buyers paid cash.

Other important facts that were included in the survey was that the total of unsold finished inventory has dropped and sales are slow, particularly among builders who do not have a lot of appeal to first-time home buyers.

For more great information go to Look What $334,000 Buys You in Hoboken.

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

First Time Home Buyer Tips

It is a great time to be a first-time home buyer in this market. Existing single-family home prices are down and interest rates are near historic lows. And you can’t forget about the first-time buyer $8,000 tax credit.

Following are a few first-time home buyer tips you may want to consider:

1. Think about the long term future. Purchasing a home requires long-term planning.  If you are unsure of where you will be in the short term future, you might want to reconsider your plans to buy.  The more time you spend in your home gives you a better opportunity to recoup your investment.

2. Don’t settle for the first home you see. Calculate how much home you can afford. A good way to do this is to browse online listings to become familiar with the market. It is tough to find everything you want but if you prioritize your needs and wants you may have a good chance of finding what will really suit you.

3. Find a good buyer’s agent. A good buyer’s agent does a lot more than just hand you listings. The agent can help you with many things, from a loan preapproval, to a home inspection, but above all is ready to put all of your interests first.

4. Remember the high price that comes with owning a home.  Many first-time home buyers will focus on the actual price of a home and forget to consider the other costs that come with it.  Don’t forget about closing costs, basic maintenance and utilities.  

For more great information go to Everything You Need To Know About a Short Sale.

There are so many advantages to being a first time buyer in this current market. For more information regarding how I can help you negotiate the best deal on your first home, contact Eddie Perez, Broker-REALTOR, CDPE. My market includes Hoboken, Jersey City, Weehawken and Union City.  I can be reached at eddie@InvestHoboken.com or 201-344-2886.

An Investigation of Mortgage Practices

An investigation has been started by the U.S. House committee to determine whether lenders used the property boom to encourage people to buy by using deceptive tactics.

The central part of the investigation will focus around Countrywide Financial Corp. Countrywide was bought by Bank of America in July 2009 and was considered the largest U.S. mortgage lender.

Find the latest update regarding the First-Time Home Buyer Tax Credit.

For assistance in navigating your way in the complicated process of purchasing your first home, please contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

New Tentative Agreement for the Homebuyer Credit Extension

There has been a tentative agreement in the senate to extend the current $8,000 tax credit for first-time home buyers.  In addition, there will be a new $6,500 credit offered to existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

The new requirements are that home buyers must be under contract by April 30, 2010, and close before July 1.

2008 HOBOKEN MARKET STATS

Market Trends for Hoboken

Listing price – Hoboken
Average Listing Price
Week ending Sep 24 2008
$673,514
+0.3%

Median Sales Price
Jun ‘08 – Aug ‘08$525,000
-2.3%

Average Sales Price
$576,229
-7%

Average price/sq. ft
$520
-2.6%

Number of Sales
220
+20.9%

764   Homes For Sale          
20     Open Homes
469   Recently Sold          
11     Foreclosures

source: http://www.trulia.com/real_estate/Hoboken-New_Jersey/

 

HOBOKEN – YESTERDAY AND TODAY

Hoboken was developed by one man and his family. A remarkable entrepreneuer/inventor, Colonel John Stevens, purchased the island (separated from land by marshes on the west) in 1784 for about $90,000, and named it Hoboken from an amalgam of the Dutch and Indian words for it.

Colonel Stevens developed Hoboken, as a resort, beginning with the six mile path known as River Walk. Later adding a spa, tavern, hotel, and a Ferris wheel. Hoboken’s wonderful attractions received a lot of interest from large numbers of rich and famous people. Alexander Hamilton, Aaron Burr, Lillian Russell, Jay Gould, William Vanderbilt, Horace Greeley and Harvey Ward Beecher are all said to have frequented Hoboken.

I am sure if Colonel Stevens was with us today he would be one of the first to purchase a condo at Hudson Tea, 1500 Hudson St & 1500 Washington St.

Breathtaking views of the Manhattan skyline, a fully supplied onsite business center, and 24-hour lobby service make Hudson Tea the residence of choice for elite Hobokenites. Ideally located on the scenic Hudson River, Hudson Tea combines exceptional aesthetic beauty with incredible amenities, including an onsite gourmet café, exclusive Residents’ Club, room service, valet, and housekeeping services, all designed to accommodate your every need.

Luxury amenities abound in this exciting revamp of the historic grounds of the Lipton Tea Company. With 40 years of experience delighting homeowners, leading national luxury homebuilder Toll Brothers City Living has truly outdone itself at Hudson Tea. Amazing 10′ x 12′ picture windows with unparalleled city views, towering 13-foot ceilings, granite countertops, and stainless steel appliances deliver the decadent lifestyle that you deserve.

A convenient commute to Manhattan with complimentary shuttle service to the PATH train, Hudson Tea’s convenient location provides residents with delightful access to the bright lights of Broadway, shopping, and verdant parks. From Hoboken’s summertime exposition, “Movies under the Stars,” to the twice a year Art & Music Festival, the Mile Square City has something for everyone. 

 

Contact me today at (201) 344-2886 to see what you are missing.

ADVANTAGES OF CONDO OWNERSHIP

In this day of high real estate value and low interest rates, the ownership of a condo has become one of the best property purchases. This has caused developers to offer more and has created excellent value for owners and those considering the purchase of a unit.

When considering the purchase of a condo here are some advantages to think about.

Condos typically have a lower price than single family homes. There are of course exceptions to this rule. Condos are usually priced approximately 20-30% lower than comparable single family dwellings. This competitive pricing range has opened up the real estate market to many who were previously priced out of the new home market. Condos also offer a great selection of lifestyle choices that are financially difficult to achieve in a typical home.

Location is another of the attractive assets of condos. Most developments are in places that are highly sought-after, located in urban areas. This fact has made condominiums the smart choice for commuters and city dwellers.

There is a great sense of security that comes with owning a condo. Not only is there the aspect of community and neighbors close by, but there are financial securities as well. With condos being valued as they are, the purchase of a unit is a sound financial decision.

Consider “The Oz” located at 70 Adams St in downtown Hoboken, NJ is only minutes from the PATH, ferry and train. This 54 unit concrete and steel structure was built by Metro Home LLC in 2003.

Open layouts with beautifully designed kitchens and bathrooms make this building one of Hoboken’s premier residences. All the units feature hardwood floors, crown and chair rail molding.

 This luxury building has a full gym, and on-site parking.

 

 

 

Let me be your tour guide.  You may contact me at (201) 344-2886 or (201) 222-7550

HOW TO CARE FOR BRAZILIAN HARDWOOD FLOORS

With Brazilian hardwood floors becoming so popular in the prestigious condos of Hoboken, I would like to offer some tips on how to maintain the beauty of these products. 

Fill a wash tub or bucket with 4 inches of warm water and then add approximately 10% Windex. Remember to never use vinegar, or wax on this type of floor. Take a cotton hand towel and submerge it. Ring it out so the water does not drip when you hold it up. Put the towel flat on the floor.  With a lightweight push broom in the middle of the towel, flip the front portion on the towel over the broom to hold it in place. Walk the floor, slowly behind the wet cleaning path, moving the broom head to a clean area of the towel and then flipping the towel over to the clean side. Re-rinse the towel out 2 or 3 times and repeat this process until all the dirt is gone.

Do this monthly. Vacuum daily with a vacuum head that has felt bumpers and wipe up sticky spills immediately with Windex and a wet paper towel.

Don’t forget to place stick-on felt glides on every thing that touches the floor. Table legs, chairs, bottom of trash cans, etc. To move furniture around, you can cut carpet into 4 x 4 inch pieces and put them under legs. Slide the furniture with carpet side face down.

By keeping all of this in mind will help you enjoy the beauty of your floors for a lifetime. 

FALL IN LOVE AGAIN WITH YOUR HOME AGAIN

Did you ever consider that putting away family photos and cleaning off countertops could help you get the best selling price for your home? Something as simple as cleaning and rearranging your home can mean a lot to potential buyers. Pick up the extra books lying around, get rid of moldy caulk in the bathroom and look into renting furniture to fill up bare spaces. Make your home clean, organized, and welcoming to potential buyers.

Staging a home for sale can be one of the best decisions a seller can make.   Home staging can turn a cold and unattractive looking property into a warm and lovely home. A home to be proud of.

There are sellers who are reluctant to spend the money on home staging and this can be short-sighted. When home staging has been done the increased purchase price more than covers the cost of staging. Sellers have at times received a 10 – fold return on their investment, usually within a few months.   Staged homes usually sell faster and with more satisfied buyers.

Here is a list of things to consider:

Staged Homes sell quicker with a bigger impact.

Staged homes get higher offers.

Staged homes look better in the MLS pictures, attracting more potential buyers.

Staged homes have an edge over competing properties, and the staging can often seal the deal in the sellers favor.

People need a fresh set of eyes in their house. Sometimes you get used to clutter in your home and you don’t even notice it anymore. Home staging is something to consider when it is time to sell.

FORECLOSURE PREVENTION TEAM READY TO HELP IN HUDSON COUNTY

Regardless of the reasons given for the current mortgage crisis in the United States, the reality is that we are faced with more homeowners in financial distress than at any other time in the history of real estate.

In these challenging times, homeownership can sometimes become more of a burden than a joy. Over 6 million homeowners are more than a month late on their mortgage payments or are in the foreclosure process.

Hoboken’s own Eddie Perez and Anoir Redouane of the “Invest Hoboken Team” at Robert De Ruggiero Inc., Realtors have earned the designation of Certified Distressed Property Experts (CDPE), and are ready to help families in need of their services. “I will help homeowners find the best solution to whatever financial crisis they are facing,” says Eddie Perez. “I am fully informed of the issues and know the detailed processes and procedures for working with and through banks. There are many options that borrowers can take to prevent a foreclosure and we help our clients identify the options that are best suited for their situation.”

Residential real estate has many specialized areas, and many agents take specific courses to deepen their understanding and build upon the foundations they learned when acquiring their real estate license. By improving their skills, these agents can better serve their clients. The Distressed Property certification is one of the most important certifications in today’s market; it gives agents a full understanding of the complexities of short sales, pre-foreclosure, and foreclosures. 

One thing remains the same for the majority of homeowners: the best solution for an individual wanting to sell a property is to seek the guidance, counsel, and services of an Educated, Licensed Real Estate Agent.

Says Anoir Redouane, “sometimes the best solution can be a ‘short sale’—when a negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan at closing.” This should be one of the last options before foreclosure but it carries benefits over foreclosure.  “These really are challenging times.  Our research shows that there are over 1500 homeowners preparing for pre-foreclosures or bank auctions in our area” states Anoir, “and we feel it critical that they be aware of better alternatives.”

Owners in pre-foreclosure should seek out a Certified Distressed Property Expert as soon as possible.  These owners will need assistance in various form sduring the 10 month timeline that New Jersey currently follows from the Notice of Default (NOD) filing until the foreclosure sale.

To find out all the benefits and options for preventing foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE or Anoir Redouane, REALTOR, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at eddie@InvestHoboken.com or 201-344-2886.

TOP TEN EATING ESTABLISHMENTS IN HOBOKEN

Are you craving for a great Cuban-style meal, or a delicious steak?  Look no more, Hoboken is a wonderful place with a wide variety of establishments that offer tantalizing meals to tempt your appetite. Following is a list from tripadvisor.com rating the top ten restaurants in Hoboken.

 

 

 

 

 

 

 

 

 

 

 

 

1.    La Isla

2.    Anthony David’s Gourmet

3.    Grimaldi’s Coal Brick Oven

4.    Amanda’s

5.    Rita’s Water Ice

6.    Cucharamama

7.    Arthur’s Tavern

8.    3 Forty Grill

9.    Karma Kafe

For a more comprehensive list go to :

http://www.tripadvisor.com/Restaurants-g46515-Hoboken_New_Jersey.html

THE HEAVY PRICE OF OWNING A HOME

All major categories of homeowner expenses increased faster than incomes between 1996 and 2006, the center reported in “Stretched Thin: The Impact of Rising Housing Expenses on America’s Owners and Renters.”

While mortgage payments increased 46% during those 10 years, utilities increased 43%, property taxes increased 66% and property insurance increased 83%, according to the study. But homeowner incomes increased just about 36%.

Renters weren’t better off: Rents increased by 51% during the period, but renter incomes increased about 31%. Landlords are facing some of the increased costs that homeowners are, including higher insurance costs, and are passing on the increases through higher rents, said Maya Brennan, co-author of the report, which was released Oct. 8.

Given the rising costs of heating oil, natural gas and gasoline since 2006, families likely have stretched their household budgets even more in the past couple of years, the center reported.

The Center for Housing Policy is the research affiliate of the Washington-based National Housing Conference, a nonpartisan advocacy organization for national policies and legislation that promote housing in a safe, decent environment, according to its website.

“The mortgage crisis is a huge issue that needs a lot of attention,” Brennan said.

But there’s a bundle of housing costs that Americans are having trouble with, she added. “Politicians need to look at this entire bundle and see if this is affordable.”

Many strapped homeowners would likely argue that it’s not.

On average, housing expenses-including rent or mortgage payments and the cost of utilities, property taxes, insurance and maintenance-went up by $5,314, or 65%, during the 10 years examined in the study. By comparison, food costs rose by $1,413, or 30%, and transportation costs rose by $2,126, or 33%, and health-care costs rose $996, or 56%, according to the report.

The report broke down some of the expenses taking the biggest bites out of household budgets:

- Natural gas and heating oil. Heating-oil prices increased 131% between 1996 and 2006, from $1.05 to $2.43 per gallon; the cost jumped another 52% to $3.69 per gallon in 2008. Natural gas prices went from $6.34 per thousand cubic feet in 1996 to $13.75 in 2006; prices increased to $14.30 in 2008.

- Transportation. Gas prices nearly tripled in the last six years, going from $1.38 a gallon in 2002 to $4.05 a gallon in 2008. Prices have dropped more recently, Brennan noted, but are still up substantially when compared with several years ago.

- Mortgage principal and interest payments. From 1995 to 2005, mortgage principal and interest payments increased almost 46%. The figures don’t fully reflect increased costs associated with adjustable-rate mortgage resets, which are still continuing.

- Property taxes. On average, tax bills increased nearly 66% between 1996 and 2006-less than half of the 137% rise in average home values. But many jurisdictions limit rates of growth in property-value assessments, a reason that tax bills in some areas may still continue to rise.

- Property insurance. The average cost of homeowner insurance rose almost 83% between 1995 and 2005, a result of disaster risks and increases in construction costs, the cost of repairs and the increase in mortgage amounts. Recent disasters, including Hurricane Katrina, flooding in the Midwest and fires in California, caused large losses, and premiums may increase as a result.

Since it’s a bundle of household costs that consumers are struggling with, there needs to be a bundle of solutions to address the problems, Brennan said.

“To get the American economy back on its feet, we will need to look comprehensively at helping Americans afford the full ‘costs of place,’ which include the costs of shelter, utilities and transportation,” said Center for Housing Policy chairman John McIlwain, a senior resident fellow at the Urban Land Institute, in a news release.

The group is recommending a systematic approach to making buildings more energy efficient to ease rising energy costs. It also recommends incentives for more affordable housing near mass transit and job centers, and increased investment in public transit.

Source:  http://rismedia.com/wp/2008-10-09/mortgage-bills-arent-the-only-housing-costs-crimping-budgets/

TOP TEN CONDO DOGS

Many people living in an apartment or condo may delay adopting a dog, with the fear that their pet will not get enough exercise without a  backyard to play in.  But there are many dogs made just for an indoor lifestyle, and the following is a list of the top ten.  The primary considerations while compiling this list were the dog’s energy levels,  exercise requirements, and playfulness.  The lower the requirement, the higher up the dog will place on the list.  To a lesser degree, a  dog’s resistance to the elements (i.e. heat and cold) were also  considered.  The lower the resistance, the higher the dog will place  on the list.

#1: Pekingese
Number one on the list of best indoor dogs is the devoted Pekingese.  The Pekingese enjoys a leisurely walk outdoors, but is equally happy with a romp inside.  It is very sensitive to hot weather, and can easily die of heat prostration.  Therefore, it is recommended that  your home be air conditioned if you decide to adopt this breed.  It can spend time outdoors in cool weather, but should sleep inside.  The Pekingese is the ideal condo dog.

#2: Basset Hound
The Basset Hound is one of the most good natured and easygoing of  breeds.  They do need daily exercise to keep fit, but this requirement can be satisfied with a short walk or indoor game.  Do keep in mind though, that the Basset would rather be relaxing!

#3: English Toy Spaniel
The English Toy Spaniel (and Cavalier King Charles Spaniel) enjoys a life of leisure!  It is the perfect lapdog, but still playful and attentive.  Although it enjoys a nice walk on a leash or a fun game in the house, the English is not overly active and its exercise requirements can be met with minimal effort.

#4: Bulldog
The Bulldog is among the most docile and mellow of dogs.  They appreciate a daily outing, but cannot tolerate hot humid weather.  Your Bulldog should not be expected to walk or jog great distances, or to jump from any heights.

#5: Boston Terrier
The Boston Terrier is well mannered indoors, but saucy and playful whenever the chance arises. Most of its exercise requirements can be met with a short daily walk, but keep in mind the Boston is especially intolerant to heat. Some of these dogs tend to bark a lot.

#6: Lhasa Apso
Despite its lapdog appearance, the Lhasa Apso is a tough character!  It is independent, stubborn, and bold. Although it is eager for a romp or game, its exercise requirements can easily be met indoors.  The Lhasa is another breed not suited to outdoor living.

#7: ShihTzu
The spunky Shih Tzu is both a gentle lapdog and a vivacious companion.  They do need daily exercise, but indoor games or a short  walk outside can easily meet its requirements.  A Shih Tzu should never be expected to live outdoors.

#8: Chinese Crested Dog
The Chinese Crested is devoted to its family and willing to please; it is also good with other dogs, pets, and strangers.  They don’t mind a  short walk every day, but not in the cold.  In fact, the hairless variety will need a sweater for cold weather outings.  Vigorous indoor games can provide sufficient exercise for this breed.

#9: Toy Manchester Terrier
The Toy Manchester is playful with its family, although somewhat reserved with strangers.  It enjoys a romp outdoors, but it hates the  cold.  Indoors, it loves a soft, warm bed.

#10: Yorkshire Terrier
Yorkies can easily exercise themselves within the home, but you should also try to interact with them in the form of games.  They only  require a short walk in a familiar area, once per day.  This is definitely a dog that is comfortable living indoors.

 

Source: www.petmedsonline.com

ANNUAL HOBOKEN HOUSE TOUR

The variety of homes in our city means that every year there’s a new crop of homes sure to surprise and delight even the most devoted tour goers on the Annual Hoboken House Tour. On Sunday, October 26, from 10 a.m. to 4 p.m., a number of generous homeowners will open their doors to visitors as a benefit for the Hoboken Historical Museum. Tour goers will be treated to an array of domestic retreats, from restored Victorian brownstones to contemporary condos, with traditional and modern décor, and always a few unique homes.

The homes selected for the House Tour change every year, but  they reflect Hoboken’s rich architectural history, as well as some of  the hottest new properties. A diversity of decorating tastes is always represented. The tour is self-guided and typically takes a  little over two hours to visit all the homes.

The Hoboken Historical Museum’s House Tour is your ticket to enter some of the most distinctive homes in Hoboken.

This year’s tour offers a peek inside nine homes, from recently remodeled older homes to a showplace for an art-collecting family to a condo in one of the newest buildings on the waterfront. Several homes were decorated by noted interior designers, including Lucretia Moroni, whose handpainted fabrics, wall treatments and floor coverings can be seen at www.fatto-a-mano.com.

The April 2005 issue of This Old House magazine listed “21 Grand Tours.” Hoboken was one of five for the Northeast. Come see what everyone is talking about.

A small army of volunteers is needed to help staff the Tour; please call 201-656-2240, option 7, or send an e-mail to volunteers@hobokenmuseum.org   Volunteers receive a  free ticket to take the tour as a thank you for serving a three hour shift as a host at one of the houses.

Source: www.Hobokenhousetour.com

 

HOW LONG WILL IT LAST

Did you every wonder how long the new refrigerator and stove that came with your condo will last? Well, the life expectancy of a typical appliance depends to a great extent on the use it receives. Moreover, appliances are often replaced long before they are worn out because changes in styling, technology and consumer preferences make newer products more desirable. The National Association of Home Builders’ “Study of Life Expectancy of Home Components” gives a decent estimate by compiling life-cycle data from scores of product manufacturers and testing labs.

The following is a list of the life expectancy of major appliances in a home:

Gas ranges: 15 years

Dryers and Refrigerators: 13 years

Compactors: 6 years

Dishwashers: 9 years

Microwave Ovens 9 years

TRENDS IN PAINT COLOR

If you’ve got a room that’s due for an update, bring out the brushes and look to this year’s popular paint colors for inspiration. A fresh coat of color can easily and affordably transform a space, and there’s no shortage of bold, statement-creating colors from which to choose.

Many consumers have shown a desire to bring new hues into their living space. They’re so much more color confident today, especially since they’ve had the opportunity to visualize color through examples on home improvement shows, magazines, and radio shows.

Following are several design themes that have been influencing the latest looks for interior paint:

Back to Nature - Consumer interests in green building and earth-friendly living have found a literal outlet in natural tones reflecting the world outdoors. Yellows and blues, leaf-like greens, and organic browns all star on consumers’ wish lists. Bedrooms, bathrooms and rooms including an accent wall are ideal destinations for these shades, another idea is to accent such natural color schemes with rust or copper-like metallics.

Comfort Colors  -
Stress-free shades that wrap a room in warmth continue to be popular, especially when it comes to kitchens and family rooms. To create a welcoming refuge, choose colors that sound as delicious as they look, including pumpkin orange, cinnamon apple pie, cocoa brown,  biscuit and wheat neutrals.

Stark Contrast
- This palette pairs sophisticated black and white with such dramatic tones as deep plums and clean, clear reds. Whether red or another bold shade is in the mix, polished brass metallics are great complements to stark contrast schemes, and mix to great effect in dining, living and bathrooms.

In addition to color considerations, using texture to add interest and style to a room. One approach is incorporating different paint sheen levels to lend translucency and a glass-like quality to surfaces, including unexpected and dramatic applications on ceilings.

Don’t discount the power of metallics as highlights, undercoats, and surface textures in any color scheme. We’re going to be seeing a return to more bold, brassy metallics as we get closer to the holiday season. From silver to brass, metallics are again going to be on the rise.

HOMEOWNER’S INSURANCE FOR CONDO OWNERS

When you own a home, your homeowner’s insurance policy covers both the building and the personal property inside the building, like furniture, computers, clothes, etc. When you buy a condo, the insurance protection provided by your homeowners’ association only protects the structure — and not the contents of your home. Make sure to get an insurance policy to protect the contents of your home, similar to a renter’s insurance policy, to be sure that in case of theft, etc., you’re not stuck with a nice, new, but empty, home. These contents policies are quite inexpensive, and can prevent you from losing everything you own other than your home. Not sure who to call? Ask your mortgage broker for a referral or call your car insurance company — they often provide multiple policy discounts

MARKET VIEW FOR HOBOKEN

 

Avg. Listing Price              Median Sales Price

$650,840                             $512,500

Wk ending Oct 22               Oct ‘07 – Sep ‘08

+$6,488                             -$23,500

+1.0%

 

832 Homes For Sale           Average Listing Price

436 Recently Sold                $650,840

24 Open Homes                  +1%

16 Foreclosures

 

Median Sales Price           Average Sales Price

$512,500                            $539,379

-4.4%                                  -8.7%

 

Average price/sqft          Number of Sales

$519                                   97

+0%                                   -39.4%  

 

Source: Trulia.com

HOW TO MAKE A SMALL ROOM IN YOUR CONDO LOOK LARGER

Do you have a room in your condo that makes you feel that the walls are closing in? It is very possible it has more to do with the decor than with the dimensions, even if it is a very small room. Believe it or not you can make significant changes without spending a lot of money.

 Think about the following things:

1. Are your walls dark and full of pictures and decorations? Or are they light, airy and minimally covered? To make a room feel larger, paint the walls with a light color such as white or pale yellow. When choosing a color consider the amount of sun the room receives. If the room is on the north side of the condo, receiving little or no direct sunlight, a pale yellow is your best choice. If the room does receive a substantial amount of sun, a pale green or blue will work. Please refer to my previous article about « TRENDS IN PAINT COLOR.

2. Consider removing your window treatments completely. This will open your room up drastically. Heavy drapes close a room in and make it feel dark. If you want something on the windows for privacy use mini blinds in white or wall color. For softness add window treatments that are minimal in size such as a rod pocket and light in color.

3. Remove any dark or heavy pictures or wall hangings. Dark, heavy frames give the feeling of pulling the walls in. Many items on a wall will do the same thing. Instead try scattering just a few select items in light colors with light weight, light colored frames.

4. Consider painting your furniture white or covering with a light colored fabric. Using light colors, close to the wall color will make the room feel more open and airy.

5. Minimize the furniture in the room removing everything you can live without. Avoid tall book cases and any large, bulky items.

These simple changes can change your room without breaking  your budget!

INEXPENSIVE WAYS TO INCREASE YOUR CONDO’S VALUE

It’s unfortunate, but today’s homeowners are facing a quick decline in their home’s value.

One way to try to avoid the trend and boost the value of your condo is to make some basic renovations. it’s not necessary to start big-ticket projects — you may not recoup all of the costs. Instead, consider the inexpensive projects that will not only improve the appearance of your place, but it could put a little extra money in your pocket if you decide to sell your home.

1) Paint

It will cost you approximately $60 for two gallons of interior paint — enough to paint the walls and ceiling of a 12-by-15 room. A little paint or varnish can go a long way toward improving your home’s value. One fresh coat (along with a little sanding and caulking) wipes out the scuffs, chips, cracks and other damage that shows wear and tear. Don’t forget to freshen up the baseboards, doors and ceilings after you finish the walls.

If you’re thinking of selling sometime soon, be sure to stay with neutral colors. For more ideas please refer to my article about Trends in Painting.

2) Basic Maintenance

A common mistake is making aesthetic upgrades while ignoring basic maintenance. New bathroom tiles mean nothing if the plumbing is faulty or the underlying wall has dry rot.

If you don’t address these problems before putting your home on the market, it will cost you when it is time to sell. Buyers have potential to negotiate a $2 discount for every $1 in damage that turns up in a home inspection.

Set a goal to complete a few small maintenance projects each year. If you are not sure where to start, think about hiring a home inspector to point out which areas would be problem if your home was on the market.

4) Install New Fixtures

Giving a room a more contemporary look requires little more than a screwdriver and some new fixtures. New hardware can completely freshen a house. Things that are outdated are things that buyers would dislike. The best part is the cost is minimal to replace hardware. New drawer handles or knobs can be replaced for as little as $2 each. There are also plenty of options out there for personalizing your space. You can even find kitchen and bathroom faucets priced below $50. You might also try consider updating light fixtures and doorknobs.

A good first impression is crucial, so enhancing your home to it’s fullest potenial is so important when the day comes that you would like to sell.

WHERE HOBOKEN MEETS THE HUDSON RIVER AND THE NYC SKYLINE

Amazing 4 bed Victorian Row House in top Hoboken location! Gorgeous Victorian Brownstone home tastefully restored and renovated located on a beautiful tree lined street and moments away from all the amenities that you want. Grand, spacious and perfect for accommodating your family lifestyle or for those who wish to have plenty of room to relax and entertain or perhaps display their artwork. Desirable uptown Bloomfield St location offers easy access to NYC transportation, Hudson River parks & promenade and Washington St boutiques. 4 gracious floors of living plus full basement with storage, lovely patio and yard that’s simply to die for. Your lovely home has 4 bedrooms, 2 full bathrooms, two half baths, family room, large eat in kitchen with seating for 10, formal dining room, formal living room and large basement with additional cabinets and storage. Stunning original details including stately entry doors, beautiful in-laid parquet wood floors, five marble mantles, moldings and medallions offer priceless character to your home. Amazing kitchen with designer appliances including 6 burner gas DCS stove, GE Monogram refrigerator and Fisher & Paykel dishwasher. A large center island and breakfast banquette accommodates up to 10 guests. French doors transport you to your country escape … a magnificent landscaped patio and perennial garden with mature trees. Entertain or relax as you will feel miles away from the city. Includes gas lined barbeque, lighting, fire pit and outdoor speakers. Marvelous baths including tumbled marble master bath with ROMA steam. Recently updated 200amp electrical service, plumbing including high efficiency gas furnace, water heater and dual zone air conditioning. All the features you want and more! You’ll love the seamless blend of quality original details, modern comforts, excellent floor plan and fantastic location. Experience the finest in town home living. The tradition continues with you.

WHAT DO APPRAISERS REALLY DO?

Homebuyers and sellers may be surprised to find out the truth about an appraiser’s loyalty. An appraiser is one of the most important people in a home-buying transaction. Yet few homebuyers or sellers understand the facts about who appraisers are or what they do.

The most common misperception is that the appraiser represents the homebuyer. That mistaken idea is understandable since the buyer typically pays for the appraisal. But in fact, appraisers are hired by lenders, and appraisals typically are done not to make sure the buyer doesn’t overpay for the home, but to assure the lender that the home won’t be mortgaged for more than a certain percentage of its value. An appraisal isn’t a hist

orical record or prediction of the home’s value. Nor is it an inspection of the home’s condition. An appraiser may consider house price trends or identify obviously hazardous conditions inside the home, but the appraiser’s main focus is on the home’s overall appeal and salability, and how it compares with other homes in the area.

An appraisal contingency, which allows the buyer to cancel the deal if the appraised value of the home isn’t equal to or more than the purchase price, is a wise precaution. The contingency must be written into the sales contract to be enforceable.

Buyers should request a copy of the appraiser’s report and be sure they understand it. Some lenders provide a copy automatically; others do so only if the borrower completes a form.

Appraisers are regulated by state law, which requires them to meet certain qualifications, conform to certain standards and be licensed. Licensure typically requires many hours of education and experience, plus an exam.

The lender’s power to choose the appraiser has been controversial because some lenders have been accused of putting undue pressure on appraisers to modify their reports to fit the lender’s purposes. A proposed Home Valuation Code of Conduct would attempt to remedy that situation by forcing lenders to hire appraisers through appraisal management companies or perhaps state government agencies, which supposedly would hand out assignments on an impartial basis.

The proposed code is part of an agreement between New York Attorney General Andrew Cuomo and Fannie Mae and Freddie Mac, the two quasi-governmental corporations that buy most U.S. mortgages. But it is controversial as well. How the code will be implemented and whether it will be applied nationally are issues of great concern to appraisers today.

 

Source: cyberhomes.com

MONDAY MORNING HOBOKEN CONDO MARKET STATS

Following are statistics of what has sold or went into contract from 11/2/08-11/9/08. Keep your finger on the pulse of the Hoboken condo market.

ACCEPTED OFFERS:

Hoboken Condo market had 5 total contracts for last week
(Sunday – Sunday).

1 bedroom

2 condos had accepted offers  Click Here to View Listings

Average listing price is $480,000. Average days on market 150

2 bedroom

3 condos had accepted offers Click Here to View Listings

Average listing price is $534,333 and average days on market is 100 days

 

SOLD CONDOS:  

Total of 9 condos closed last week.

1 bedroom:

5 units sold with an average listing price of $383,180 and an average selling price of $374,000 (-2.3% of list price)

Average days on market was 57.  Click Here to View Listings

2 bedroom:

4 units sold with an average listing price of $611,725 and an average selling price of $576,625 (-5.7% of list price)

Average days on market was 93.  Click Here to View Listings

 

As of today there are 540 Hoboken condos listed for sale in our MLS. This amount does not include any properties that are not listed on the MLS such as some new construction and for-sale-by-owners.

WEDNESDAY WEEKLY HOBOKEN CONDO PRICE REDUCTIONS

Everyone loves a discount so I like to publish the newest weekly price reductions. See if one is the perfect place for you!

1 BEDROOM

There are 11 price reductions starting at just $318,900

Click Here to View Listings

2 BEDROOM

A few more 2 bedroom condos were reduced last week.  25 homes here starting at $429,900.

Click Here to View Listings

3 BEDROOM

Just 3 homes in this category starting at $579,000.

Click Here to View Listings

HAPPY SHOPPING!

 

STICKER SHOCK — MORE ON THE REALITY OF OWNING A HOME

It’s hard enough reconciling yourself to the reality of paying the monthly principal and interest on a new home mortgage. When you realize all the expenses that will be added to that price tag, it can be a real shocker. 

Bottom line…prepare yourself. Home ownership costs are bearable — people pay them every day — as long as you know what’s coming. You may even want to scale back the size of the home you’re looking for in order to bring the whole package in line with your budget.  Here’s a list of potential monthly fees and expenses you’ll encounter:

 

Insurance – You own a condo and the association has insurance. So why do you need insurance, too? Your condominium association insurance covers the condominium building, commonly owned property, and liability insurance for the association. But that insurance doesn’t cover losses to your unit as a result of a burglary, if water damage ruins your living room walls, or if someone slips on your wet kitchen floor and is injured.

Condominium policies protect you from losses to your personal property and the interior of your unit. Shop wisely, consider bundling your homeowner’s insurance with your auto insurance to get a discounted price.

Property Taxes – You can’t avoid these either, but consider them a good thing.  If you pay them, the fire department will come when you call. Depending on where you live, you may be responsible for both city and county property taxes; call your county property assessor’s office to be sure.  Local tax rates vary, but your home is typically taxed on its assessed value, an amount equal to a fraction of its appraised value, which is the number you’re probably familiar with from the loan-securing process.  Taxes can add hundreds of dollars to your monthly payment, and the figures on your good faith estimate may not be accurate, so find out the final number before you sign the dotted line.

Private Mortgage Insurance (PMI) - If your down payment is less than 20 percent of the mortgage value, you may have to foot the bill for PMI, which protects the lender against a default on the loan. This can tack on as much as a couple hundred dollars per month, depending on the size of your loan.

Homeowner’s Association Fees - If you’re buying a condominium, you may have to pay for the monthly upkeep of common areas and other shared expenses. Some HOA fees are paid yearly and are quite inexpensive; on the other hand, some Manhattan co-op fees run to four figures per month. Some states allow associations to foreclose on homes with unpaid fees, so don’t treat them as optional. Find out if your state imposes limits on HOA power, including how much fees can increase per year.

Utilities - If you are planning on upgrading to a larger home, know that the increase in square footage can pack a real punch in the form of a huge utility bill. Plan to implement some energy conservation measures, like light-blocking blinds and compact fluorescent light bulbs, to offset the tab.

Maintenance - This won’t show up in your mortgage payment, but it’s a true expense. Be sure you have some monthly budget set aside for repairs and upkeep, whether for small do-it-yourself things like replacing floodlight bulbs or the inevitably serious issues that crop up from time to time.

HOBOKEN REAL ESTATE MARKET’S NEWEST LISTINGS

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings of the week.  We’ll post the most up-to-date listings of condos, 1-family, and 2-4 family homes. You can then plan to see any of interest over the weekend.

1 BEDROOM CONDOS

5 new listings starting $390K Click Here to View Listings

2 BEDROOM CONDOS

8 new listings starting at $429K Click Here to View Listings

3 BEDROOM CONDOS

4 new listings starting at $629K Click Here to View Listings

1-FAMILY HOMES

1 new listing at $1,150,000 Click Here to View Listings

2-4 FAMILY HOMES

No new listings this week.

To receive specific properties as they become available, sign up for free email listing alerts at http://FindHobokenHomes.com

MONDAY MORNING HOBOKEN CONDO MARKET STATS

WEEKLY STATISTICS 11/9/08- 11/16/08 

FIRM ACCEPTED OFFERS:

The Hoboken condo market had a total of 7 firm accepted offers for last week .  This was a slight improvement over the 5 offers from the previous week.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

1 BEDROOM

2 condos had firm offers  Click Here to View Listings

Average listing price is $347,000. Average days on market 66

2 BEDROOMS

4 condos had accepted offers Click Here to View Listings

Average listing price is $531,203 and average days on market is 156 days

3 BEDROOMS

1 condo had a firm accepted offer Click Here to View Listings

This unit was listed at $649,999 and has been on the market 53 days.

SOLD CONDOS:  

Total of 8 condos closed last week.  Relatively flat from last weeks 7 closings.

STUDIOS:

2 studios sold with an average listing price of $484,950 and an average selling price of $466,500 (-3.8% of list price)

Average days of market was 86. Click Here to View Listings

1 BEDROOM:

3 units sold with an average listing price of $431,166 and an average selling price of $411,500 (-4.56% of list price)

Average days on market was 118.  Click Here to View Listings

2 BEDROOMS:

3 units sold with an average listing price of $944,166 and an average selling price of $922,000 (-2.3% of list price)

Average days on market was 78.  Click Here to View Listings

These 2 bedroom stats were skewed by a $1,900,000 closing at Maxwell Place.  The other two condos sold at $415,000 and $451,000 respectively!

As of today there are 531 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $637,068.

Average days on market sits at 109 days

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

WEDNESDAY WEEKLY HOBOKEN CONDO PRICE REDUCTIONS

Everyone loves a discount so I like to publish the newest weekly price reductions.  See if one is the perfect place for you!

There were a total of 39 Hoboken condos that had their prices reduced last week.  Here they are:

1 BEDROOM

There are 10 price reductions starting at just $315,000

Click Here to View Listings

 2 BEDROOM

Following last weeks trend, more 2 bedroom condos were reduced last week.  24 homes here starting at $399,000.

Click Here to View Listings

 3-4 BEDROOM

Just 6 homes in this category starting at $645,000.

Click Here to View Listings

Remember, these are simply last weeks price reductions.  To search the entire MLS log into

http://findhobokenhomes.com

Happy shopping!

IT’S ALL ABOUT HOBOKEN

I have come across some interesting statistics about Hoboken that I would really like to share:

Population: 39,800

Financial

City stats

Median family income

(per year)

$82,401

Family purchasing power

(annual, cost-of-living adjusted)

$51,404

Sales tax

7.00%

State income tax rate

(highest bracket)

8.97%

State income tax rate

(lowest bracket)

1.40%

Auto insurance premiums

(Average price quotes, for the state)

$2,559

Job growth %

(2000-2007)

11.97%

 

Housing

City stats

Median home price

$535,000

Average property taxes

(2006)

$5,753

 

Education

City stats

Colleges, universities and

professional schools (within 30 miles)

167

% students attending public/private

schools (located within town limits)

72.4/27.6

 

Quality of life

City stats

Air quality index

(% of days AQI ranked as good)

62.5%

Median commute time

(in minutes)

35.6

% population with commute

45 mins. or longer

33.9%

% population walk or bike to work

10.9%

 

Leisure and culture

City stats

Movie theaters

(within 15 miles)

323

Restaurants

(within 15 miles)

27,235

Bars

(within 15 miles)

2,152

Public golf courses

(within 30 miles)

417

Libraries

(within 15 miles)

553

Museums (accredited by AAM;

within 30 miles)

32

Ski resorts (within 100 miles)

32

Arts funding (Dollars per person of state funds spent on arts)

3.4

 

Weather

City stats

Annual rainfall

(inches)

46.92

% clear days in the area

26

High temp in July ° F

83.3°

Low temp in Jan ° F

23.5°

 

Meet the neighbors

City stats

Median age

32.6

Completed at least some college

(% of residents)

77.0%

Married

26.4%

Divorced

6.0%

Amount spent on vacations

(domestic and foreign, household avg. per year)

$6,309

 

HOBOKEN REAL ESTATE MARKET’S NEWEST LISTINGS

28 new listings hit the Hoboken real estate market last week 11/14/08 – 11/21/08.

Check the Hoboken Real Estate Blog  for the newest real estate listings of the week.  We’ll post themost up-to-date listings of condos, 1-family, and 2-4 family homes. You can then plan to see any of interest over the weekend.

1 BEDROOM CONDOS

10 new listings starting $309K Click Here to View Listings

2 BEDROOM CONDOS

11 new listings starting at $449K Click Here to View Listings

3 BEDROOM CONDOS

4 new listings starting at $535K Click Here to View Listings

1-FAMILY HOMES

2 new listing at $1,199,000 Click Here to View Listings

2-4 FAMILY HOMES

1 new listing at $1,375,000 Click Here to View Listings

To receive specific properties as they become available, sign up for free email listing alerts at http://FindHobokenHomes.com

MONDAY MORNING HOBOKEN CONDO MARKET STATS

Weekly statistics 11/16/08- 11/23/08

FIRM ACCEPTED OFFERS:

The Hoboken condo market had a total of just 3 firm accepted offers for last week .  This was a decline from the 7 offers from the previous week.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.   This is an effective statistic for gaging current buyer activity as the “sold” statistics reflect activity from offers accepted up to a year or more ago.

STUDIOS:

1 studio had a firm offer.  Click Here to View Listings

Listed at $254,000 and has been on the market 29 days

1 BEDROOM:

1 condo had firm offer  Click Here to View Listings

Listing price is $249,900 and has been on the market 99 days.

2 BEDROOMS:

1 condo had received a firm offer.  Click Here to View Listings

Listing price is $589,000 and has been on the market 105 days.

3 BEDROOMS:

No firm offers!

SOLD CONDOS:  

Total of 10 condos closed last week.  This represents a slight improvement from last weeks 8 closings.

 STUDIOS:

No closings!

1 BEDROOM:

2 units sold with an average listing price of $487,000 and an average selling price of $438,750 (-9.9% of list price)

Average days on market was 126.  Click Here to View Listings

2 BEDROOM:

7 units sold with an average listing price of $541,785 and an average selling price of $523,428 (-3.38% of list price)

Average days on market was 66. Click Here to View Listings

3 BEDROOMS:

1 condo sold.  Listing price was 589,000 and selling price was $562,500. (-4.49% of list price)

 As of today there are 525 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $638,105.  Average days on market are now 107 days

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

If you would like specific statistics for your home, click on http://www.HobokenMarketValues.com

HAPPY THANKSGIVING from HOBOKEN REAL ESTATE BLOG!

 

Hoboken Real Estate Blog will be closed for the Thanksgiving Holiday and will resume on 11/29.

HAVE A WONDERFUL THANKSGIVING!

Eddie

 

WILL THE LOWERING OF CONFORMING LOAN LIMITS FOR HIGH COST AREAS LIKE HOBOKEN EFFECT YOU IF YOU’RE LOOKING TO BUY?

The Federal Housing Finance Agency (FHFA) announced revisions to their conforming loan limits for 2009.  The new limit for 2009 will remain at $417,000 in most areas of the US, however loan limits for higher cost areas including Hoboken have been lowered to $625,500 from $729,750.  Many areas in New Jersey do not reach this lower cap and are reduced significantly from 2008.

The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in New Jersey.

Even though the lowering of the cap means that the total number of that are eligible for conforming financing will increase, some market experts are disappointed that the $729,750 limit set forth in the Economic Stimulus Act of 2008 was not made permanent.  Some experts are predicting that the limit cap reduction will negatively impact both the interest rates and the availability of funds for jumbo mortgages.

If you are looking to purchase a premium property in Hoboken or Downtown Jersey City and know that you will be financing an amount somewhere in-between $625,500 and $729,750, it may be a good time to make an offer and receive a mortgage commitment from your lender before the 1/1/2009 lower limits go into effect.

MONDAY MORNING HOBOKEN CONDO MARKET STATS

Weekly statistics 11/23/08- 11/30/08

FIRM ACCEPTED OFFERS:

The Hoboken condo market had a total of 6 firm accepted offers for last week. This was an improvement over the 3 offers from the previous week.

1 BEDROOM

1 condos had firm offer  Click Here to View Listings

Listing price was $269,900. 20 days on market to accept offer

2 BEDROOMS

5 condos had accepted offers Click Here to View Listings

Average listing price is $688,400 and average days on market is 108 days

Note: The average price was inflated by one property listed at $1,200,000.

3 BEDROOMS

No accepted offers in this category

SOLD CONDOS:  

Total of 5 condos closed last week.  Down from last weeks 10 closings.

STUDIOS:

None sold in this category

1 BEDROOM:

None sold in this category

2 BEDROOMS:

5 units sold with an average listing price of $565,579 and an average selling price of $537,900 (-4.89% of list price)

Average days on market was 93.  Click Here to View Listings

ACTIVE FOR SALE MARKET:

As of today there are 514 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $634,654.  Average days on market sits at 112 days

November statistics will be coming to you shortly so check back soon!

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

HOBOKEN LUXURY CONDO BUILDING OFFERING SPECIAL INCENTIVE

           

Hoboken’s best luxury condos have been offering incentives for some time now.  Here’s an example of this week’s at The Hudson Tea Building.

 

          

Hudson Tea/Harborside Lofts   Hoboken, NJ

Hudson Tea Home for the Holidays!

Residence 3G 1,385 Sq Ft  2 Bedroom /2 Bath $989,995 Builder’s special promotion spec unit features direct Manhattan views, and has been fully upgraded with beautiful hardwood floors, granite countertops, high-end stainless steel appliances and new window coverings! Buy now and receive a new Home Theatre Package!

Spectacular Waterfront Loft Condominiums from the Mid-$400s

Studios  735 Sq Ft  Mid-$400s to Mid-$600s            1 Bedroom*  1000 Sq Ft  $595,995 1 Bedroom + Den*  1100 Sq Ft  $656,995            2 Bedrooms  1145 Sq Ft to 1530 Sq Ft  Low $700s to $1.4 Million

*Only 1 Available

 

Amenities Include: Fitness Center, Lounge, Children’s Playroom, 24-Hour C

 

      

Time to negotiate on the best properties in Hoboken!

Eddie

 

WEDNESDAY WEEKLY HOBOKEN CONDO PRICE REDUCTIONS

There were a total of 24 Hoboken condos that had their prices reduced last week.  See if one is the perfect place for you!

1 BEDROOM

There are 8 price reductions starting at just Wow……$219,000

Click Here to View Listings

 2 BEDROOMS

 A few more 2 bedroom condos were reduced last week.  13 homes here starting at $459,000.

Click Here to View Listings

 3-4 bedroom

 Just 2 homes in this category starting at $485,000.

Click Here to View Listings

These are last weeks price reductions. To search the entire MLS log onto

http://www.FindHobokenHomes.com

 Happy shopping!

 Eddie

 

MONDAY MORNING HOBOKEN CONDO MARKET STATS

 Weekly statistics 11/30/08- 12/07/08

FIRM ACCEPTED OFFFERS:

The Hoboken condo market had a total of 6 firm accepted offers last week which is the same amount as the previous one.

1 BEDROOM

1 condo had firm offer  Click Here to View Listings Very unique approximately 1400 sqft 1 bedroom with two additional rooms, private roof deck.

Listing price was $679,000. 77 days on market to accept offer

2 BEDROOMS

4 condos had accepted offers Click Here to View Listings

Average listing price is $519,749 and average days on market is 77 days

 3-4 BEDROOMS:

1 condo had a firm offer Click Here to View Listings

Listing price was $599,999 and this has been on the market 42 days.

SOLD CONDOS:  

Total of 5 condos closed last week.  Down from last weeks 10 closings.

STUDIOS:

None sold in this category

1 BEDROOM:

1 condo sold at the waterfront luxury building Maxwell Place.  Listing price was $900,000 and selling price was $880,000 (-2.2% of listing price).  This was most recently on the market for 37 days but had been on and off during the past couple of years.

2 BEDROOMS:

4 units sold with an average listing price of $613,225 and an average selling price of $606,125 (-1.15% of list price)

Average days on market was 119 days.  Click Here to View Listings

3 – 4 BEDROOMS:

None in this category

ACTIVE FOR SALE MARKET:

As of today there are 516 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $637,764.  Average days on market sits at 111 days

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Eddie

GET IN THE HOLIDAY SPIRIT THIS WEEKEND

Following are two holiday events happening in Hoboken this weekend: A Christmas Carol – Theater DeBaun Center for Performing Arts is proud to present The Theater Company’s fourth annual production of A Christmas Carol. The show will run for two consecutive weekends on December 12 & 19, 2008 at 8pm and December 13, 14, 20 & 21, 2008 at 3pm. A Christmas Carol is the story of an old, bitter miser—Ebenezer Scrooge—and the chance for his redemption through the visitation of three timely ghosts and a partner from the past who learned his lesson too late. With traditional carols and English folk tunes creating the proper atmosphere, the world of Scrooge, Tiny Tim and old England comes alive, igniting the holiday spirit for young and old alike. 

In addition to DeBaun Center’s holiday tradition of producing A Christmas Carol, it also makes a point to provide support to The Hoboken Shelter, a local charitable organization that provides accommodations for 50 people and feeds 80 to 100 people every evening. At each production of A Christmas Carol, monetary donations will be collected from audience members who would like to aid The Hoboken Shelter in supporting their mission to prevent homelessness and to assist homeless men and women re-integrate into the community. Last year, over $1,500 was collected for the Shelter, which was an increase from the year prior! Tickets: $20/adults $15/students & seniors $10/children $40/dinner & show Group Discount: 30% off 20 people or more Location: DeBaun Auditorium Edwin A. Stevens Hall, 5th & Hudson Sts., Hoboken Directions: http://www.debaun.org/Directions.html Reservations: 201.216.8937 or BoxOffice@debaun.org  

Cantigas Presents Annual Winter Concert GET IN THE HOLIDAY SPIRIT WITH HOBOKEN’S WOMEN CHOIR Cantigas Presents Annual Winter Concert on Saturday, Dec. 13 at 7:30 p.m. Includes Sing-A-Longs of Popular Holiday Music Hoboken’s all-women community chorus, Cantigas Women’s Choir, presents its seventh annual winter concert called MERRILY ON HIGH!: Songs for the Holiday Season on Saturday, December 13, at 7:30 p.m. at St. Matthew Trinity Lutheran at 57 Eighth Street (at Hudson) in Hoboken, N.J. The suggestion donation is $15 ($5 for seniors and students). Cantigas Official Web Site: http://www.cantigas.net

MONDAY MORNING HOBOKEN CONDO MARKET STATS

WEEKLY STATISTICS 12/07/08- 12/14/08

 We are definitely in the seasonal slowdown for condo purchases as we enter closer to the holidays and new year.  It’s a great time to seek excellent values.  Also, mortgage rates have become even more affordable.  Here is last weeks stats.

FIRM ACCEPTED OFFERS:

The Hoboken condo market had a total of 4 firm accepted offers last week which is slightly off of the 6 units that went to contract in the previous week.

 1 BEDROOM

None in this category

 2 BEDROOMS

3 condos had accepted offers Click Here to View Listings

Average listing price is $711,633 and average days on market is 76 days.  One of these condos was at 1025 Maxwell Lane (1st Phase of Maxwell Place) that was listed at $980,000.

3-4 BEDROOMS:

1 condo had a firm offer Click Here to View Listings

Listing price was $549,000 and this has been on the market 78 days.  Nice value!

SOLD CONDOS:  

Total of 7 condos closed last week.  A small up tick from the previous weeks stats of 5 closings.

 STUDIOS:

None sold in this category

 1 BEDROOM:

4 condos sold.  Click Here to View Listings  Average listing price was $449,750 and selling price was $448,750 (just -.2% of listing price).  3 out of this 4 were new construction closings at Metro Stop, 800 Jackson St.  These didn’t have any price differential as the listing price was the same as the selling price.  The only resale sold at -1% of asking price.  Average days on market were 99.

 2 BEDROOMS:

2 units sold with an average listing price of $557,000 and an average selling price of $552,000 (-.8% of list price)

Average days on market was 69 days.  Click Here to View Listings

 3 – 4 BEDROOMS:

A 3 bedroom sold here after 299 days on market (new construction).  List price was $675,000 and final selling price was $650,000.  (-3.7% of asking price).

 ACTIVE FOR SALE MARKET:

As of today there are 509 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $639,907 and a median price of %574,900..  Average days on market sits at 115 days

 All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

WEDNESDAY WEEKLY HOBOKEN CONDO PRICE REDUCTIONS

 

Some very nice properties had their prices reduced during the past week.  With mortgage rates recently having been lowered, the values are even better!

There were a total of 31 Hoboken condos that had their prices reduced last week.  See if one is the perfect place for you!

 1 BEDROOM

 There are 7 price reductions starting at just $299,900

Click Here to View Listings

 2 BEDROOM

20 homes in the 2 bedroom configuration were reduced last week.  A nice 2 bed / 2 bath at 118 Clinton starts at $399,000.

Click Here to View Listings

 3-4 BEDROOM

Just 3 homes in this category starting at $725,000.

Click Here to View Listings

These are last weeks price reductions.  To search the entire MLS log onto

http://www.FindHobokenHomes.com

Happy shopping!

HOBOKEN REAL ESTATE MARKET’S NEWEST LISTINGS

20 new condo listings hit our Multiple Listing Service (MLS) in the last week.  11 of these were on the market but not listed on the the MLS as they are being marketed by Toll Brothers and are in phase II of Maxwell Place.

These homes at 1125 Maxwell Place represent one of the finest waterfront locations and amenities available in the New York metro region.  Some have excellent NYC views and are priced in the $600 per square foot range which seems to be an excellent value for prime waterfront community living.

 Take a look at them all! 

1 BEDROOM CONDOS

9 new listings starting $319K Click Here to View Listings

2 BEDROOM CONDOS

10 new listings starting at $465K Click Here to View Listings

 3 BEDROOM CONDOS

 1 amazing brand new 3100 square foot townhome right at the waters edge with direct Hudson River and New York City views.  Click Here to View Listings

 1-FAMILY HOMES

 This home’s original listing date had expired so this is just a re-listing.  Great location.  Click Here to View Listings

 2-4 FAMILY HOMES

 No new listings this week.

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings of the week.  We’ll post themost up-to-date listings of condos, 1-family, and 2-4 family homes. You can then plan to see any of interest over the weekend.

 To receive specific properties as they become available, sign up for free email listing alerts at http://FindHobokenHomes.com

Eddie

 

MONDAY MORNING HOBOKEN CONDO MARKET STATS

Weekly statistics 12/14/08- 12/21/08

Ok….we are chugging along.  The condos are not exactly flying off of the market however we remain a market full of opportunities for savvy buyers and investors.  Rates had hit 37 year lows as well.  I have seen 30 year fixed rate conforming loans (up to $417,000) for borrower with good credit (720 FICO score or above) in the 4.78 range.    

Thats simply AMAZING!!!!!!!!

Here’s last weeks activity…..

Firm accepted offers:

The Hoboken condo market had a total of 5 firm accepted offers last week which is slightly better than the  4 units that went to contract in the previous week.

1 BEDROOM

1 condo received an accepted offer Click Here to View Listings

This was listed at $300,000 and has been on the market for 46 days.

2 BEDROOMS

4 condos had accepted offers Click Here to View Listings

Average listing price is $507,579 and average days on market is 144 days.  

 3-4 BEDROOMS:

No accepted offers in this category

 SOLD CONDOS:  

 Total of 4 condos closed last week.  About half the number from previous weeks stats of 7 closings.

 STUDIOS:

None sold in this category

 1 BEDROOM:

1 condo sold.  Click Here to View Listings  This home was listed at $474,900 and sold for $455,000. (-4.1% of listing price)  This home sold quickly at just 17 days (Yes…this is still possible in this market!)

 2 BEDROOMS:

1 unit sold which was listed at $575,000 and sold at $562,000 (-2.2% of listing price)

Days on market was 152 days. Click Here to View Listings

 3 – 4 BEDROOMS:

2 units sold. Click Here to View Listings  These had an average asking price of $837,000 and average selling price of $816,250 which is -2.4% of asking price.  They sat on the market for an average 115 days.

 Active for sale market:

 As of today there are 512 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $654,640 and a median price of $575,000..  Average days on market sits at 117 days

 All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Eddie  

WEDNESDAY WEEKLY HOBOKEN CONDO PRICE REDUCTIONS

  

Twas the night before Christmas when all through the house.  Not a creature was stirring, not even a buyer.

Really, it’s been a slow week for price reductions however see if  the perfect one for you is under the tree!

Happy Christmas to all and to all a good night!

 1 BEDROOM

 There are 5 price reductions starting at just $375,000

Click Here to View Listings

 2 BEDROOM

3 condos were reduced last week.  Quite a difference from the 20 reductions of the previous week..  

Click Here to View Listings

3-4 BEDROOM

A nice 3 bedroom row house on Willow Terrace was just reduced to $725,000.

Click Here to View Listings

 8 bedroom / 4 bathroom Hudson St. home

One of Hoboken’s largest and grandest homes sits at the corner of Hudson St & 8th.

Reduced to $2,250,000 and includes parking for 2 cars.

Click Here to View Listings

These are last weeks price reductions.  To search the entire MLS log onto

http://www.FindHobokenHomes.com

Happy shopping!

Eddie 

QUICK TIPS FOR SELLERS

Don’t bother with major renovations before selling.

Huge construction projects are unlikely to bring you a big return when you sell. Small effective updates will improve the look of your home and are more likely to increase your sale price.

Be sure to provide easy access for showings.

Selling your home is all about getting buyers through the door, so don’t make any part of the process difficult. Clean up your home so you can be ready for a showing at a moment’s notice, and make your home available to buyers and agents at any time. Never forget the little things, like easy access to parking. If a buyer is looking at several similar listings, it is the small things could push your home to the top of the list.

Remember to showcase your home’s best features.

Your home furnishings suit you fine, but there may be certain things about your choice of décor that might not appeal to the masses. Look at your house from a buyer’s perspective, and make the needed enhancements.

You don’t have to wait until spring to sell.

Spring is the biggest time for sales, but that doesn’t mean people will not buy homes all year round. Whatever season you choose, make the most of your home’s seasonal amenities during that time.

Leave your home when it is being shown.

No one but you has a better perspective about your home, but that doesn’t mean you should stay when your home is being shown to buyers.  It’s difficult for most buyers to speak honestly with their agent about a home they are viewing if the seller is listening to the conversation.

Never set your sale price too high.

Your house is only worth what people will pay for it. You may miss a lot of potential buyers if they think your home is out of their price range.

THE BEST HOME IMPROVEMENTS FOR 2009

Is the arrival of the New Year giving you thoughts about 
selling your home? 

If you are thinking about updating your home in 2009 for a
quick sale, you may be interested in the following information.

In an up-and-down real estate market it’s important to make the right decisions when it comes to updating your home. Find out how the top 10 home improvements rank.

 TOP TEN HOME UPDATES

                                                                        Average Return

1    Minor Bathroom Remodel                     102%

2    Minor Kitchen Remodel                        98.5%

4    Major Bathroom Remodel                   93.2%

5    Major Kitchen Remodel                             91%

6    Improvements to Balcony/Deck       90.3%

7    Extra Room Updates                                72.8%

8    Living Room Updates – Décor               66%

9    Bedroom Updates                                         52%

10  Living Room Updates                                 40%

Source: www.frontdoor.com

HOW TO MAKE THE MOST OF THE SPACE IN YOUR HOME

Following are easy and inexpensive design ideas for decorating to make the most of the space in your home.

 Mirrors

Hang a mirror high enough on the wall so it does not reflect the clutter of the room. Above eye level is best. If high wall placement is impossible, lean the mirror on a shelf or mantel so that it tips upward slightly. If the mirror is hung too low and reflects the contents of the room, it will make the room look smaller.

Add Light to Your Rooms

Make sure the window treatments you choose for a room are hung to let in as much light as possible. When curtains or blinds are open, they should clear the window so the light is not blocked. Even as little as an inch or two can make a difference.

Also, hang the window treatments as high on the wall as possible. This will create the illusion of a taller window and a larger light source, making the room seem to enlarge.

Window Treatments

Try to choose window treatments in a color that blends in with the wall color. This creates less contrast with the larger items in a room and makes the entire room appear more open.

Avoid Using Too Many Accessories

To avoid the look of clutter, only display a few larger scale pieces in a small room. A display cabinet or shelf is good for smaller collectibles. Remember to group smaller collectibles together so they will be seen from a distance as one item.

Change the Layout of Your Furniture

Try to place your furniture at an angle to the walls in the room. If this is impossible place a large area rug at an angle to the walls. This will draw the eye across the room to expand the space visually and will also make a room more interesting.

Clean up

Shine up all of the sleek surfaces in the room. Clean windows, stove fronts and countertops so they are free of dust and grime. This will brighten up any room and create the look of a larger space.

January Events at the Hoboken Public Library

Presidential Inauguration Viewing 

On January 20th beginning at noon, the library will host a televised showing of the presidential inauguration of Barack Obama.  More than two million people are expected to come down to Washington DC for this historic event.  The library viewing will take place on the third floor in the back programing room.  Light refreshments will be served.

Book Discussion 

On January 20th, at 6:00,  join us for a discussion of Eat, Pray, Love by Elizabeth Gilbert.  After a major life event, the author of this touching memoir traveled to Italy, India, and Indonesia trying to find balance in her life and a better understanding of herself. This book discussion was postponed from December due to inclimate weather on the original date.  Registration is required. Call 201-420-2347 to reserve a spot.

Monthly Movie 

On January 22, at 2:00 PM, the library will host a showing of Groundhog Day, for adults, on the third floor of the Hoboken Public Library.  Bill Murray and Andie MacDowell star in this hilarious story of what happens when a self centered weatherman is forced to live the same day over and over again.  Set in the charming town of Puxsutawney, PA where the annual Groundhog Day Festival occurs this story is sure to both make you chuckle and think.  Join us for a classic comedy and light snacks

PREMIER DOWNTOWN HOBOKEN HOME

Magnificent 2100 sqft three bedroom, two-and-a-half bath duplex designed for grand city living and entertaining. Custom designed gourmet eat-in-kitchen has direct access to your wonderful terrace with gas, electric and water service. This masterpiece is complete with Thermador, Sub-Zero and Meile appliances and is created with the finest of materials. Dramatic formal dining room and large living room each have their own wood-burning fireplaces. Access to the terrace is also available from the dining room. A tasteful powder room finishes off your first floor. Santos Mahogany wood graces the floors of your home and is used to create the lovely staircase to your living quarters. Upstairs youll find your stunning master bedroom / bathroom retreat, 2 generous sized additional bedrooms and lovely second full bathroom. Master bedroom has soaring 11ft ceilings, large walk-in closet, additional double door closet, a spacious master bath and a wonderful private terrace. Every fixture and detail in your master bath is a work of art in its own right. Double Waterworks sinks, stone counters and tiles, grand whirlpool tub and an immense walk-in dual headed steam shower adorn the suite and evoke a relaxing experience thats sure to be enjoyed time and time again. There is also excellent storage, central air/heat, central vacuum, security system and of course a washer/dryer. Located in the heart of Hoboken where you will want for nothing and enjoy everything!

Questions, inquires or to schedule a buyer preview email eddie@InvestHoboken.com or call Eddie Perez direct at 201-344-2886.

WEDNESDAY WEEKLY HOBOKEN CONDO PRICE REDUCTIONS

Take a browse through all of last weeks Hoboken real estate price reductions.  With interest rates so low, make a move now is looking great.  Happy Shopping!

1 BEDROOM

There are 8 price reductions starting at just $319,000

Click Here to View Listings

 2 BEDROOM

30 condos were reduced last week.  Nice selections starting at $424,900 so take a look

Click Here to View Listings

 3-4 BEDROOM

 5 condos that are at least 3 bedrooms had their prices slashed.  Starting at $564,777

Click Here to View Listings

 1-4 FAMILY HOMES

2 one family homes and 1 three family home were reduced.  Time to move up?

Starting at just $699,000

Click Here to View Listings

 These are last weeks price reductions.  To search the entire MLS log onto

http://www.FindHobokenHomes.com

 Eddie

 

OPEN HOUSE CHECKLIST FOR SELLERS

Plan Ahead

Walk through each room and criticize the home from a buyer’s perspective.

Consider getting a professional home inspection and make necessary repairs.

Sell, donate or trash anything you don’t need.

Clean, Declutter and Depersonalize

Steam clean carpets and drapes.

Get rid of all dust.

Paint interior walls with neutral colors, like beige, cream or light pastels

Repair cracks and holes in the walls.

Pale blues and greens are good for bathrooms.

Remove excess and oversized furniture.

Rearrange furniture to maximize space.

Organize room closets and store out-of-season clothes.

Thoroughly clean the entire home.

Scrub tile in the kitchen and bathrooms.

Clean hardwood floors.

Secure valuable items, including cash and jewelry.

Remove all small appliances, toys, magazines and pet items.

Remove family photos, personal collections and medications.

Remove items from the garage and store them off site.

Mop and wax/polish the floors.

Clear the countertops.

Replace outdated hardware.

Clean appliances and fixtures.

Clean and organize the pantry, cabinets and drawers.

Replace old caulking around sinks and bathtubs.

Remove stains from sinks, toilets and bathtubs.

Keep all toilet seat lids closed.

Hang fresh towels.

Appeal to the Senses

Bake cookies or burn scented candles.

Offer light refreshments.

Install higher wattage incandescent light bulbs to brighten rooms.

Turn on all the lights.

Open windows to let in fresh air.

Open curtains or blinds to let in natural light and show off views.

Turn off TVs.

Relocate pets on the day of the open house.

Refrain from smoking in the home.

Show Off Home’s Best Features

Remove rugs to show off hardwood floors.

Pull back drapes to showcase nice views.

HOW TO FIND A GOOD MOVING COMPANY

Find a mover who is local

When a moving company is local it makes it easier for you to check out the company, get references from people and even check out the facilities.  Don’t book your move with an Internet broker; most just hand your business over to someone you know nothing about.

Be sure to go with a licensed mover

This is easy to find out. If you are moving within the state, your state is responsible for licensing. Check your state’s website for information.

If you are moving to another state, check with the Federal Department of Transportation to find out if the company is legitimate. Many companies affiliated with a national van line use the van line’s license and insurance when doing interstate moves.

Check with the Better Business Bureau

A responsible mover may have a few complaints lodged against them, the more moves a company handles and the larger the population in their market area, the more likely it is it will have at least a few complaints. But it should show an effort to remedy the complaints. The moving company’s record with the Better Business Bureau should show that it has a satisfactory rating and that it responds to and resolves complaints.

Check Credentials

Is the company a member of a trade association such as the American Moving & Storage Association? Are their salespeople certified moving consultants? Are their moving crews certified? What training programs do they have for their packers, drivers and moving helpers? A reputable company will usually be involved in one or more of these types of moving industry groups and have some type of structured training program.

Be sure the mover carries proper insurance

First and most important is workers’ compensation insurance. Without workers’ compensation insurance, if someone gets hurt moving you might be held liable. This type of insurance substantially adds to the mover’s cost of doing business, so it could be the first area an unscrupulous moving company scrimps on.

Talk to a references

Why would they give you a poor reference? Instead, try to find someone who’s worked with the company before, preferably a local company that does a lot of repeat business with a specific mover. If you can’t find anyone, ask the company for the names of three customers they last moved.

Watch out for a bid that is too low

Although it’s important to get a good price for your move, you should treat any low bid with caution. Why are they charging so little? Are they cutting costs in a way that could be bad for you (skipping on workers’ comp, for example)?

Make sure you moving company explains its pricing

Is the move hourly or by weight? The moving charges for most local moves are based on the time it takes to complete the move. Charges on long-distance moves within a particular state are often calculated based on the weight of the shipment.

Make sure the moving company explains to you all or the paperwork

This includes a written estimate that itemizes all services that make up your estimate; get at least three in-home estimates where the moving company can see the actual goods to be moved. An “Order for Service” is the agreement between you and your mover regarding shipment dates, when goods will be loaded and delivered, and estimated cost. 

MONDAY MORNING HOBOKEN CONDO MARKET STATS

Weekly statistics 1/11/09- 1/18/09

We had a very cold week in Hoboken.  Just ask the passengers of the US Airways flight that landed safely in the Hudson River.  I happened to be traveling to Seattle that day, the same ultimate destination of that flight, otherwise I might have witnessed the landing from my living room window.  Scary but ultimately a good ending.

Our real estate market also is still scary for many folks but to those willing to brave the chill of the market, they to will ultimately have a good ending as well.

Affordability is fantastic with great deals on lots of nice homes.  Interest rates are supper low.  I’ve found 30 year fixed rate mortgages as low as 5.14% at Bankrate.com.

If you are ready, able AND willing….you can move into your dream home at a good discount.  

As of today, there are 104 condos pending to close.  These are the people that have made the commitment in this market!

Here are the folks that took advantage of the opportunities last week…..

FIRM ACCEPTED OFFERS:

 The Hoboken condo market had a total of 9 firm accepted offers last week.

 1 BEDROOM

4 condos received an accepted offer Click Here to View Listings

These homes averaged 57 days on market.

2 BEDROOMS

5 condos had accepted offers Click Here to View Listings

Average listing price is $488,560 and average days on market is 45 days.  

3-4 BEDROOMS:

No accepted offers in this category

SOLD CONDOS:  

Total of 4 condos closed last week.

STUDIOS:

No closings in this category

 1 BEDROOM:

1 condo sold.   Click Here to View Listings This home was listed at $239,000 and sold for $215,000. (-10% of listing price)  This home was on the market for 98 days.

 2 BEDROOMS:

3 unit sold.   The average asking price was $634,333 and average selling price was $602,666 (-4.9% of listing price)

Average days on market was 70 days. Click Here to View Listings

3 – 4 BEDROOMS:

No closings in this category.

ACTIVE FOR SALE MARKET:

As of today there are 500 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $647,535 and a median price of $564,838.  Average days on market sits at 126.

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Eddie

WEDNESDAY WEEKLY HOBOKEN PRICE REDUCTIONS

22 properties had their prices reduced last week.  Better prices + better interest rates = great values for you!

Take a look….

1 BEDROOM

There are 6 price reductions starting at just $398,000

Click Here to View Listings

2 BEDROOM

13 condos were reduced last week.  Selection starts with an uptown 2 bed / 2 bath at $384,400.

Click Here to View Listings

 3-4 BEDROOM

 2 condos were reduced starting at $564,777

Click Here to View Listings

1-4 FAMILY HOMES

A one family home at 1117 Garden St was just reduced by $100K to $1,099,000.

Click Here to View Listings

These are last weeks price reductions.  To search the entire MLS log onto

http://www.InvestHoboken.com  and go to Browse Hoboken Listings.

Eddie

FIVE MISTAKES HOME SELLERS MAKE

 1. Setting the Price too High

The single biggest mistake folks make is setting their asking price too high. In today’s down market homeowners need to price conservatively or they risk turning off potential buyers. Figuring out how to set the price is tricky. Gone are the days when you can expect to sell your home for as much as your neighbor did just six months ago.. So rather than looking at how much homes in your area sold for six to 12 months ago, compare prices for similar properties currently on the market. If you see a listing for a house that’s sitting unsold for a few months, chances are the owners are asking too much and you’ll want to set your price lower.

2. Questioning the First Offer

Too many sellers reject their first offer, even if it’s close to or at full asking price. Holding out for more money is a strategy that rarely works, especially at a time when credit is tight, lending requirements for mortgages are in flux and potential buyers have less purchasing power.

3. Failing to Respond to All Offers

What if you get an offer that’s simply too low? Don’t reject it outright. See if you can negotiate. First of all, you can’t blame someone for testing the market — after all, in today’s market, many buyers are confident that they have the upper hand. It’s crucial for sellers to set a realistic bottom-line price they’re willing to take, even if it’s several thousand dollars below asking.

4. Not Cleaning up Your House

There are a number of free or inexpensive things you can do on your own to get your house into show condition. Most importantly, paint the walls. Nothing does more to brighten up a place. Next, get rid of all the clutter, excess furniture and family knickknacks. Finally, make all the necessary repairs before your first open house. If a buyer sees a small problem, say, a leaky faucet, he’s likely to wonder about larger issues like the furnace or roof.

5. Picking the Wrong Buyer

Now more than ever, sellers need to select their buyers carefully. With all the defaults in the subprime market, lenders are tightening their lending practices, making it more difficult for consumers to qualify for mortgages. So it’s critical to find a buyer with a recent prequalification letter (issued no later than four to six weeks ago) for a loan. Next, watch out for buyers who need to add contingencies to the contract, including a clause stating that the deal won’t close until they sell their own home. A better bet is to look for first-time home buyers or someone who has already unloaded his existing house.

HOBOKEN REAL ESTATE MARKET’S NEWEST LISTINGS

Happy Friday, hope you’ve had a great week!

25 new condo listings and (3) 1-4 Family homes hit our Multiple Listing Service (MLS) in the last week.

Take a look at them all!

STUDIO CONDO

One studio at 2nd and Bloomfield St is now being offered at $282,000.  Great location.

Click Here to View Listings

 1 BEDROOM CONDOS

 8 new listings starting $389K Click Here to View Listings

2 BEDROOM CONDOS

13 new listings starting at $499K Click Here to View Listings

3 BEDROOM CONDOS

2 new listings in this category.  A very nice 3 bedroom at the Huntington Condominiums is offered at $899Kand another in the luxurious Hudson Tea building is at $1,149,000 Click Here to View Listings

4 BEDROOM CONDOS

Really a 1865 square foot 2 bedroom + 2 den and 2.5 bath condo in the premium waterfront building, Maxwell Place.  This home has nice park, NYC and river views and is listed at $1,328,888 Click Here to View Listings

1-FAMILY-HOMES

1105 Garden St row house home with beautiful renovations offered at $1,125,000  Click Here to View Listings

2-4 FAMILY HOMES

2 very nice uptown Hoboken homes are now available.  One with parking! Click Here to View Listings

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings of the week.  We’ll post the

most up-to-date listings of condos, 1-family, and 2-4 family homes. You can then plan to see any of interest over the weekend.

To receive specific properties as they become available, sign up for free email listing alerts at http://FindHobokenHomes.com

Search entire Hoboken are surrounding area MLS listings at http://www.InvestHoboken.com and click

on Browse Hoboken Listings.

Eddie

MONDAY MORNING HOBOKEN CONDO MARKET STATS

Weekly statistics 1/18/09- 1/25/09

The Hoboken condo market continued with a sluggish sales pace last week with only 7 firm accepted offers, none with an asking price above $549,900.  Average asking price was $424,082.

 News came out today that existing home sales unexpectedly rose 6.5 percent in December to an annual rate of 4.74 million units, as the median home sales price plunged 15.3 percent to $175,400 from $207,000 a year ago. The decline is the largest year-over-year drop in records going back to 1968.

According to the National Association of REALTORS, in home sales, buyers took advantage of dramatically lower prices, especially in distressed markets like California, Florida and Nevada, where foreclosures have swamped the market.

“Buyers will continue to have an edge over sellers for the foreseeable future,” said Lawrence Yun, the organization’s economist.

As of today, there are 106 Hoboken condos pending to close.  These are the people that have made the commitment in this market!

Here are the folks that took advantage of the opportunities last week…..

Firm accepted offers:

The Hoboken condo market had a total of 7 firm accepted offers last week.

1 BEDROOM

3 condos received an accepted offer Click Here to View Listings

These homes averaged 35 days on market.

2 BEDROOMS

4 condos had accepted offers Click Here to View Listings

Average days on market is 123 days.  

3-4 BEDROOMS:

No accepted offers in this category

SOLD CONDOS:  

Total of 5 condos closed last week.

STUDIOS:

No closings in this category

1 BEDROOM:

1 condo sold.  Click Here to View Listings  New construction unit at Garden St Lofts that went into contract 9/4/08.  Listing price was $675,000 and selling price was $630,000 (-6.6% of listing price)  This home was on the market for 177 days.

2 BEDROOMS:

3 unit sold.   The average asking price was $515,666 and average selling price was $498,500 (-3.3% of listing price)

Average days on market was 66 days. Click Here to View Listings

3 – 4 BEDROOMS:

1 condo sold that had 3 bedrooms and 3 full baths.   Listed at $1,100,000.  Final selling price was $950,000 (-13.6% of asking price). Click Here to View Listings  This was marketed for 184 days.

Active for sale market:

As of today there are 508 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $652,010 and a median price of $564,950.  Average days on market sits at 126.

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Eddie

FRIENDS OF THE HOBOKEN LIBRARY

Do you love to read–to browse shelves of the latest fiction or non-fiction, enjoy classic literature or pick up a new magazine?

Do you enjoy the many resources–new bestsellers, children’s books, research materials, Internet access, books-on-tape, CDs and DVDs–that the Hoboken Public Library provides?

Do you think it’s important to make the Hoboken Public Library the best it can be?

If so, you need to know more about the Friends!

The Friends are a group of volunteers dedicated to supporting and expanding what the Library offers to children and adults. We do this by publicizing the Library’s programs and raising funds for the Library’s special needs.

In past years the money Friends of the Hoboken Liibrary raised has enabled the Library to purchase new books, magazine subscriptions, computers, computer furniture and Young Adult Room furniture that were beyond its regular budget. The Friends also donated the core startup collections of videos and DVD’s!

The Friends sponsor a number of activities, including the English as a Second Language Conversation Program, book sales, the “Vanishing Hoboken” oral history project, and the Library’s First Saturday programs for families

TEN THINGS FOR A FIRST TIME BUYER TO DO BEFORE PURCHASING A HOME

 

Research the Home Buying Process  

This will allow you to act confidently and feel like you are making the correct decisions. There is a lot of home buying terminology that you will need to learn, so be sure pick up as much information as possible to help you in your transaction.

Get a Copy of your Credit Report

You can get copies from all three credit bureaus at once by going to www.AnnualCreditReport.com. Mortgage lenders will review your credit very thoroughly, so be sure to correct any possible errors.

Fix Any Credit Errors Immediately

If you find an error on your credit report, go to the company’s website where the report came from (TransUnion, Equifax or Experian) to contest it. It can take time to clean up an erroneous credit report, so don’t waste any time.

Check Your Debt-To-Income Ratio

Mortgage lenders prefer a borrower’s debt to be at (or below) 20% of net monthly income. If your debt exceeds 20% of your net monthly income, try to pay it down before applying for a mortgage. You’ll have an easier qualification process and will likely qualify for a better rate.

Stick to a budget

Utilize an online mortgage calculator to get an idea of how much you can afford to pay for a house each month. This will give you a budget to work from and help you be realistic when shopping for a home. 

Start Saving your Money

This is one of the best things you can do before starting the home buying process. Mortgage lenders like to see that you have some cash reserves on hand. Keep in mind you will need cash reserves for any unexpected fees or costs that could take place.

Get Pre-Approved for a Loan 

During this process a mortgage lender will qualify you for a certain amount of mortgage. Sellers will take you more seriously if you have a pre-approval letter, and the process also helps identify any problems with your credit or other qualifying factors.

Avoid Any New Loans

The worst thing you can do is take out a new loan / line of credit. This will not only make the qualification process take longer,  it could make your debt “greater than 20%”, which will make it harder to get a loan.

Always Question the Listing Price

No listing price is set in stone, and everything in real estate is negotiable. So don’t accept a listing price as being reasonable until you validate it through careful research. Your real estate agent can provide a comparative market analysis (CMA) to help you with this step.

Always Get a Home Inspection

A house is a sizable investment, and the last thing you want is to find things wrong with it after you have become the owner. A home inspection will give you peace of mind knowing your investment is good. 

WEDNESDAY WEEKLY HOBOKEN PRICE REDUCTIONS

Lots of reductions this past week as 46 properties had their prices lowered. Affordability is way up with prices down and interest rates at very attractive levels.

Take advantage of todays buys to find the best home at the best value!

STUDIO

One studio reduced and now listed at $279,000

Click Here to View Listings

1 BEDROOM

There are 14 price reductions starting at just $279,000

Click Here to View Listings

2 BEDROOM

25 condos were reduced last week.  Nicely renovated Washington St 2 bed / 1 bath starts the list at $409,900

Click Here to View Listings

3-4 BEDROOM

3 condos were reduced starting at $799,000

Click Here to View Listings

1-4 FAMILY HOMES

None reduced last week

These are last weeks price reductions.  To search the entire MLS log onto

http://www.InvestHoboken.com  and go to Browse Hoboken Listings.

Eddie

MORTGAGE INFORMATION FOR FIRST TIME BUYERS

Before you take the big step of buying your first home, consider the following.

The first rule about applying for a mortgage is simple: the bigger your down payment is, the lower your monthly payments will be, and the less interest you will pay during the life of your mortgage. Also, if you make a down payment of 20 percent or more, you’ll avoid paying private mortgage insurance (PMI), a premium added to protect the lender in the case of mortgages that are considered higher risk.

Your mortgage is likely to be your single biggest expense. Some say you shouldn’t spend more than two-and-a-half times your yearly income. Others will say that no more than 35 percent of your monthly income should go to living expenses, including your mortgage and utilities. Just make sure you create a budget that will enable you to meet all of your financial responsibilities.

Before you go house hunting, have a lender pre-approve you for a mortgage. The lender will ask you questions about your income and expenses and help you determine a borrowing level that is comfortable for you. This will enable you to save time by only looking at homes within your price range. You will also be in a position to make an offer on a home that won’t have to be conditional upon obtaining financing.

JUST MINUTES FROM MANHATTAN

Situated on the Hudson River waterfront and just minutes from Manhattan, Maxwell Place’s ideal location gives residents the ultimate opportunity to indulge in a luxurious lifestyle and makes Maxwell Place such an incredible place to live. Walk along the scenic streets of Hoboken, past striking brownstones and quaint shops, and you’ll get an immediate sense of this urban village’s charm that comes from its historical background and vibrant culture. Hoboken’s bustling vitality permeates from the boutiques, galleries, restaurants, bars and unique places that line Washington Street. With all there is to see, do, and experience in Hoboken, you’ll never be at a loss for fun, entertainment, intrigue, and excitement. With the Manhattan ferry just steps from your door and the PATH nearby, getting to the city couldn’t be easier. When work is done and fun beckons, your choices are endless. From the famous museums, sporting venues and theaters along Broadway to the world’s most renowned restaurants to a spectrum of shopping and cultural opportunities — everything you need is right at your fingertips. Call me today at (201) 344-2886 and I will be your tour guide.

 

Eddie

HOBOKEN REAL ESTATE MARKET’S NEWEST LISTINGS

 

View the past week’s newest listings to see what hot buys for you are out there.

40 new condo listings and (5) 1-4 Family homes hit our Multiple Listing Service (MLS) in the last week.

Have a look at them all!

STUDIO CONDO

A nice studio condo with high ceilings in a converted school offered at $299,000.  

Click Here to View Listings

1 BEDROOM CONDOS

10 new listings with a spacious 700 sqft home with modern kitchen starting at $289,900

Click Here to View Listings

2 BEDROOM CONDOS

28 new listings.  A newly renovated 2 bed starts at just $329,900

Click Here to View Listings

3 BEDROOM CONDOS

2 new listings in this category.  1336 square foot 3 bedroom / 2 bath condo with 1 car tandem parking

starts at $649,000.  Or how about 2364 square foot newly built penthouse in New Jersey’s first high

rise Green building.  Offered at $2,500,000.  Take a look at them both. Click Here to View Listings

4 BEDROOM CONDO

No new ones this week.  There are some available.  Email us for a complete list!

1-FAMILY HOMES

2 new homes here.  A gorgeously renovated single family home on Willow Terrace is now

available at just $729,000.  Another at 8th & Park in need of TLC is offered at $875,000

Click Here to View Listings

2-4 FAMILY HOMES

3 homes new to market.  A great condo conversion starts at $675,000.

Click Here to View Listings

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings of the week.  We’ll post the most up-to-date listings of condos, 1-family, and 2-4 family homes. You can then plan to see any of interest over the weekend.

To receive specific properties as they become available, sign up for free email listing alerts at http://FindHobokenHomes.com

Search entire Hoboken are surrounding area MLS listings at http://www.InvestHoboken.com and click

on Browse Hoboken Listings.

Interested in Foreclosures or Short Sale properties???  Email me your contact info and we’ll

see if we can find the right property / investment for you.  eddie@InvestHoboken.com

Eddie

MONDAY MORNING HOBOKEN CONDO MARKET STATS

Weekly statistics 2/01/09- 2/08/09

We had 6 firm accepted offers last week in the Hoboken condo market, tracking at about the same weekly pace since the start of the new year.  Highest asking price was $788,888.  Average asking price was $556,314.  Average days on market was 104

As of today, there are 114 Hoboken condos pending to close.  These are the buyers making a commitment in this market!

Here are the folks that took advantage of the opportunities last week…..

Firm accepted offers:

1 BEDROOM

1 condo  received an accepted offer Click Here to View Listings

118 days on market.

2 BEDROOMS

4 condos had accepted offers Click Here to View Listings

Average days on market for this group was 100.

3-4 BEDROOMS:

1 condo had an accepted offer.  A small 1024 sqft 3 bedroom on Washington St

listed at $485,000 Click Here to View Listings   105 days on market!

SOLD CONDOS:

 Total of 5 condos closed last week.  Average asking price: $504,573.  Average days on market: 127

STUDIOS:

No closings

1 BEDROOM:

2 condos sold.  Click Here to View Listings   Average listing price was $344,000 and selling price was $327,500  

(-4.9% of listing price)  Average days on the market was 36. 

2 BEDROOMS:

3 unit sold.   The average asking price was $611,622 and average selling price was $562,166 (- 8% of listing price)

Average days on market was 187. Click Here to View Listings

3 – 4 BEDROOMS:

No closings

Active for sale market:

As of today there are 492 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $651,292 and a median price of $546,500.  Average days on market sits at 112.

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Eddie

 

WEDNESDAY WEEKLY HOBOKEN PRICE REDUCTIONS

Take advantage of these recent price reductions to find the best home at the best value!  Condos, single & multiple family homes..all in Hoboken!

This past week the Hoboken market had 27 properties lower their prices.  The “A” homes, those in the best condition and or location, generally sell the quickest.  

Follow the value….not the herd!  

STUDIO

None in this category

1 BEDROOM

This list of 5 homes starts off with a lovely home at 9th & Park offered now at $329,000.

Click Here to View Listings

2 BEDROOM

17 homes here starting off with a 686 square foot 2 bed / 1 bath condo at 6th & Park offered at $329,000.

There’s also a 1024 square foot 2 bed / 2 bath, terrace and parking listed now at $479,000.  Take a look at them all.

Click Here to View Listings

3-4 BEDROOM

We have 3 homes here.  A 1261 sqft 3 bed / 2.5 bath is now $495,000.  

Click Here to View Listings

1-4 FAMILY HOMES

Ready to move into a row house?  Both of these have fantastic locations and tons of potential.

11th & Garden St home is $765,000.  4th & Garden (directly across from Church Sq Park) is $869,000.

Click Here to View Listings

Search the entire MLS log onto:

http://www.InvestHoboken.com  and go to Browse Hoboken Listings.

Questions???  Email me.  eddie@InvestHoboken.com  

 

Eddie

WHAT IS A CERTIFIED DISTRESSED PROPERTY EXPERT (CDPE)?

A property can become distressed for many reasons but the most common reason is a foreclosure. Any situation that has caused a property owner to have difficulty making mortgage payments is said to be in a distressed state; basically, any property which has foreclosure looming can be defined as a distressed property.

A Certified Distressed Property Expert (CDPE) is not only a designation earned by a licensed Real Estate Agent and REALTOR but it is also an acronym that says the person displaying it has gone through extensive training to successfully mitigate a foreclosure. This can be done by negotiating mortgage terms, helping to negotiate a refinance, or the most likely outcome, helping to sell the property.

If the value of the property drops below what one could sell the property for and satisfy debts, then the property is said to be short and any sale would be considered a “short sale”. Short sales and foreclosures have become very common lately. Negotiation of a short sale is where a  CDPE can be very helpful.

These transactions are very time consuming and tedious. A large amount of work goes into drafting market reports and gathering all the information to convince the bank to accept a sales amount that will net them less. Some of these sales can take anywhere from 6 to 12 months to close.  It is very important for buyers and sellers of distressed property to use a CDPE agent who can get these transactions to the closing table the right way

Less that 1 % of REALTORS nationwide have the training and knowledge to successfully negotiate a short sale. If you have a distressed property you can’t take a chance and give your home sale to someone who doesn’t have the tools to get things done.  I am one of the few professional agents that has dedicated my time, effort, and finances to educate myself in this sector of the market.

If you find yourself falling behind on your payments, I may be able to help you.  For foreclosure advice or personal assistance finding your new Hoboken home, visit our website at Your Home for Real Estate.

MONDAY MORNING HOBOKEN CONDO MARKET STATS

Weekly statistics 2/08/09- 2/15/09

Wow, a condo listed at $1,320,000 received an accepted offer last week.  Additionally, another unit listed at $789,000 received an accepted offer bringing last weeks total to 8 units.  An increase to the previous weeks 6 units.  Average days on market for these homes were 83.

As of today, there are 117 Hoboken condos pending to close.  These are the buyers making a commitment in this market!

Here are the folks that took advantage of the opportunities last week…..

Firm accepted offers:

1 BEDROOM

4 condo  received an accepted offer Click Here to View Listings

These averaged 59 days on market.

2 BEDROOMS

3 condos had accepted offers Click Here to View Listings

Average days on market for this group was 71.

3-4 BEDROOMS:

1 condo had an accepted offer. A new construction 2213 square foot 3 bedroom / 3 bath duplex

listed at $1,320,000  Click Here to View Listings  213 days on market!

SOLD CONDOS:  

Total of 4 condos closed last week.  Average asking price: $499,950.  Average days on market: 96

STUDIOS:

No closings

1 BEDROOM:

3 condos sold.   Click Here to View Listings  Average listing price was $336,266.  Average selling price was $315,933  

(-6% of listing price)  Average days on the market was 108.

2 BEDROOMS:

No closings

3 – 4 BEDROOMS:

1 unit closed.  A 3 bedroom, 2.5 bath Washington St condo.  Click Here to View Listings

Listing price was $989,000.  Selling price was $910,000, (-7.9% of listing price),  Days on market was 62.

ACTIVE FOR SALE MARKET:

As of today there are 504 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $650,565 and a median price of $549,000.  Average days on market sits at 111.

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com

WEEKLY HOBOKEN PRICE REDUCTIONS

 It’s been a “stimulating” week.  Hopefully one of these 30 properties that had their prices reduced last week will stimulate you!

STUDIO

None in this category

1 BEDROOM

A fantastic mix of 14 homes here with newer construction including parking to gracious old world charm.

Click Here to View Listings

 2 BEDROOM

 11 condos here beginning with a 933 square foot 2 bed / 1 bath condo at 12th & Washington St offered at $414,900.

There’s also a nice 1012 square foot 2 bedroom, 2 bathroom with deeded parking at The Westfield condo elevator building

reduced to $510,000.  Click Here to View Listings

 3-4 BEDROOM

How about a gorgeous 2430 square foot 3 bedroom, 2.5 bathroom duplex condo at the fantastic Metropolitan Grand now listed at $1,299,000.  Click Here to View Listings

1-4 FAMILY HOMES

These 3 single family homes were reduced including a fixer upper at Willow Terrace now just $450,000

Click Here to View Listings

How about a 5 bedroom, 5 bathroom two family home now at $1,099,000 located on beautiful 11th St.

Click Here to View Listings

Search the entire MLS log onto:

http://www.InvestHoboken.com  and go to Browse Hoboken Listings.

Questions???  Email me.  eddie@InvestHoboken.com  

Eddie

THE MAGNIFICENT HUDSON TEA BUILDING

Ideally situated at Hoboken’s thriving north end, just minutes away from Manhattan, Hudson Tea, former grounds of the Lipton Tea Company, offers all that both cities have to offer—including beautiful, lush parks, popular restaurants, cultural activities, and abundant shopping.

The Hudson Tea Buildings have been a landmark in Hoboken for over a century. Constructed in the early 1900’s, by Sir Thomas Lipton, the purpose of the building was to serve as the headquarters for the Lipton Tea Corporation. Today, the building provides its residents with a unique loft experience. The layouts include 22′ x 14′ living rooms, 10′ x 12′ picture windows, one foot thick concrete floors and amazing 13′ beamed ceilings. After being converted from rentals to condominiums in 2005, The Hudson Tea Buildings quickly defined themselves as one of Hoboken’s most desirable addresses.

Hudson Tea also includes:

• Convenient on-site parking

• Fully equipped fitness center

• Resident’s Club

• Children’s playroom

• Business Center with an executive conference room, computer station, and copy and fax services

• Complimentary shuttle service to the PATH

• Magnificent lobbies, attended 24 hours a day

Hoboken is well known for its vibrant Washington Street. Lined with continental bistros, neighborhood pubs, old world cafes and unique boutiques, the lively street is a favorite destination. Residents will also delight in the beautiful views from Sinatra Park as its trails meander alongside the Hudson River. Hoboken is famous for its many festivals and cultural celebrations, including the summertime “Movies Under the Stars.” Hudson Tea residents can enjoy the complimentary shuttle service to the PATH-which offers an 8-minute ride to Manhattan with in Greenwich Village, the Flatiron District, Chelsea, mid-town and at the World Financial Center.

Convenient to Manhattan by ferry, train, car, or bus, Hoboken gives you access to the unlimited entertainment and culture of the city. From Broadway plays and the world-renowned museums of “museum row,” to the magnificent shops of Fifth Avenue and the galleries of SoHo, you will discover that New York City is truly the “Capital of the World.

For your convenience I have included the following links showing available units at the Hudson Tea Building. 

1500 Hudson St Click Here to View Listings

1500 Washington St Click Here to View Listings

If  you would like more information, or  to see any of these units. Please contact Eddie Perez at  (201) 344-2886, www.Investhoboken.

ARE YOU AT RISK OF FORECLOSURE?

Don’t ignore the phone calls and letters from your lender. This is the best way to end up forced to vacate your home by law enforcement. Take this matter very seriously and work to resolve the problem very quickly. Please keep track of all correspondence you receive for future reference. Do not vacate your home. You may not qualify for foreclosure help if the house is vacant. If your home is proved vacant, it can be easily seized.

Contact me to discuss what the best foreclosure solutions are for you. As a CDPE, I will negotiate on your behalf with the mortgage company to get your loan back in good standing. I understand the system, the foreclosure laws, and the steps necessary to help you keep your home. I will be your advocate by walking you through the process.

Following are several options that I will explore:

Reinstatement – You will need to pay the mortgage company all of the back payments to bring your mortgage up to date. This option is seldom attainable. With late fees and attorney fees addedon top of your back payments, the amount is often much more than people are able to come up with.

Workout – I can negotiate with your mortgage company to bring your loan back in good standing. There are many options available to us to get a work out approved. Some examples are as follows:

Forbearance – I will be able to arrange a payment plan based on your financial situation. This is mostly used in the instance of a tragedy or temporary loss of employment.

Loan Modification – I may be able to adjust the terms of the loan to meet your financial situation.

Partial Claim – You may qualify to have the repayment amount applied to the end of the current loan and resume normal payments.

Refinance – I have established knowledge of very reputable lenders who can give loans on mortgages that are in foreclosure if there is enough equity available.

Sell Your Home – You may simply sell your home before the foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at the desired sale price and this is not an option. I may be able to negotiate a Short Sale on your behalf with your Mortgage Company. In this instance the mortgage company may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process.

Deed-in-lieu of Foreclosure – We can arrange for you to simply give the home back to the mortgage company and walk away with a clean slate.

Bankruptcy – I only recommend this as a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure. You will still need to come up with a permanent repayment solution to get your house payments up to date. I can put you in touch with an attorney to file the necessary paperwork.

Foreclosure – You may elect to allow the home to be entered into mortgage foreclosure. The mortgage company will take your home and all of your equity. If there is no equity there is a chance they may come after you to pay the shortage or deficiency. There are many foreclosure prevention options available to you. One solution does not fit all and that is why you need to take the time to learn about your options. Allow me to help you keep or sell your home to stop a potential foreclosure. Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

HOBOKEN CONDO SHORT SALE LIST

There are 9 condos listed as “short sales” in our MLS.

Here they are: Click Here to View Listings

Any offers are subject to bank approval.

What is a short sale?

While Short Sales were virtually unheard of only a few years ago, now the majority of banks and lenders are negotiating and closing these deals. They allow a homeowner with a legitimate hardship to sell their property for less than the balance of their mortgages and avoid foreclosure.

Why buy a short sale?

Buyers persue short sale properties in the hopes of obtaining a good deal however be aware that these deals generally take longer to complete and are subject to the banks approval.

The issue is that the banks want the right type of deal with exactly the right paperwork and most agents are completely unaware of what the banks want. This is why the majority of short sales are not accepted or take so long to close that buyers lose interest.  However if you have the right team in place including your real estate attorney and a Certified Distressed Property Expert certified REALTOR, your chances are greatly improved. To really get a good idea of what a CDPE can do for you click on the following link  What Is a Certified Distressed Property Expert (CDPE)? 

You will find some really great information.  

More info? Email  eddie@InvestHoboken.com

HOW OBAMA’S STIMULUS PLAN WILL HELP HOMEOWNERS

President Barack Obama signed the stimulus package into law last week and readied a new $75 billion foreclosure rescue for legions of Americans who are in danger of losing their homes.

Obama focused on the $787 billion stimulus plan, an ambitious package of federal spending and tax cuts designed to revive the economy and save millions of jobs.

The $75 billion foreclosure rescue will be a big part of recovery to help stem foreclosures — in Arizona, one of the states hardest hit by the mortgage defaults that are at the center of the nation’s economic woes. Obama is expected to detail how the administration plans to prod the mortgage industry to do more in modifying the terms of home loans so borrowers have lower monthly payments.

More than 2.3 million homeowners coast-to-coast faced foreclosure proceedings last year, an 81 percent increase from 2007. Analysts say that number could soar as high as 10 million in the coming years, depending on the severity of the recession.

Below is a list of key elements of the plan outlined by President Obama that aims to aid as many as 9 million households in fending off foreclosures:

·   Allows 4 million–5 million homeowners to refinance via government-sponsored mortgage giants Fannie Mae and Freddie Mac.

·  Establishes $75 billion fund to reduce homeowners’ monthly payments.

·  Develops uniform rules for loan modifications across the mortgage industry.

·  Bolsters Fannie and Freddie by buying more of their shares.

·  Allows Fannie and Freddie to hold $900 billion in mortgage-backed securities — a $50 billion increase.

It is nice to see the president is working to keep the “American Dream” alive.

If you are in fear of foreclosure click on the following link to find helpful information ARE YOU AT RISK OF FORECLOSURE?

FIRST TIME BUYERS NEED TO CONSIDER ALL EXPENSES BEFORE BUYING A HOME

Always keep in mind if you buy too much house you will be drained financially. Be honest with yourself about what you spend and what you can afford for a home. Simply take a look at the number of home foreclosures nationwide this week to give you the incentive to find your comfort zone of monthly repayment.

Before you decide how much you can afford in monthly mortgage payments, calculate your expenses. The following itemized list could help organize your thoughts. Sometimes you don’t realize how many financial obligations you have until you see them on paper.

·       Loans – car, student, etc.

·       Insurance – home, car, life, etc.

·       Credit Cards

·       Utilities

·       Property Taxes (based on cost of the home you are interested in, or your own home — for questions, call your local tax collector since rates vary)

·       Food and Entertainment

·       Kids’ School

·       Retirement Accounts

·       Car Payment

·       Gifts

·       Doctors

·       Vacations

·       Charitable Contributions

Consider preparing a similar monthly expenses checklist along with all associated paperwork to get pre-approved for a mortgage amount. It will also help to keep you in line if you fall in love with a home priced too far out of your pre-approved range. If you have any questions about buying your first home contact Eddie Perez at (201) 344-2886.

HOBOKEN CONDO MARKET WEEKLY STATS

Weekly statistics 2/22/09- /01/09

Another million dollar listing received an accepted offer last week.  The $1,060,000 priced condo at newly constructed “Arthur’s Court”, 78 Jackson St, is now under contract.  A total of  7 condos received firm accepted offers last week.

As of today, there are 111 Hoboken condos pending to close.  These are the buyers making a commitment in this market!

Here are the folks that took advantage of the opportunities last week…..

FIRM ACCEPTED OFFERS:

1 BEDROOM

3 condos  received an accepted offer  Click Here to View Listings

These averaged 72 days on market.

2 BEDROOMS

3 condos had accepted offers  Click Here to View Listings

Average days on market for this group was 61.

3-4 BEDROOMS:

1 condo had an accepted offer which was the 2018 square foot 3 bedroom, 2 bath unit at Arthur’s Court.  Listed at $1,060,000.   Click Here to View Listings  Days on market was at 303 however this was under construction so the days on market that buyers may have had access to view was most likely quite a bit less. 

SOLD CONDOS:  

5 condos closed last week.  Average asking price: $591,266.  Average days on market: 83

STUDIOS:

No closings

1 bedroom:

2 condos sold.  Click Here to View Listings   Average listing price was $404,450.  Average selling price was $386,500  

(-4.4% of listing price)  Average days on the market was 114.

2 BEDROOMS:

2 units sold.   Click Here to View Listings  Average listing price was $544,450.  Average selling price was $526,250 (-3.3% of listing price).  Average days on market was 96

3 – 4 BEDROOMS:

1 unit closed.  A 3 bedroom + den, 2 bathroom unit with 2111 square feet and parking sold for $372.76 per square foot.  

Listing price was $824,900.  Selling price was $786,901, (-4.6% of listing price),  Days on market was 57.

ACTIVE FOR SALE MARKET:

As of today there are 529 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $632,905 and a median price of $535,000.  Average days on market sits at 105.

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Eddie

6 THINGS TO KNOW ABOUT THE FIRST TIME HOME BUYER CREDIT

6 Things to Know About the First Time Home Buyer Credit

1. Eight grand, new buyers: This credit is equivalent to 10 percent of the purchase price of the home–although it’s capped at $8,000–and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.

2. First time buyers defined: For the purpose of this legislation, a “first-time home buyer” is someone who hasn’t owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you’ve owned a vacation home–but not a principal residence–within the past three years, you would still qualify for the credit.

3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won’t be able to take advantage of it.

4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that’s $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.

5. Refundable: Because the tax credit is “refundable,” qualified buyers can take advantage of it even if they don’t have much tax liability.

6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

For assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

HOBOKEN IS THE PLACE FOR YOU AND YOUR PET

Hoboken, NJ: A Pet-Friendly City

We all love our pets, shelling out more for food, supplies and veterinary care than we do on consumer staples like beer, ice cream, cosmetics and golf–some $36 billion annually. The combined total of cats and dogs in the U.S. is estimated at 163 million, or more than one for every two people.

When it comes to choosing a place to live, Hoboken is one of the best pet-friendly cities you will find.

With generous public space, ample veterinary care and many pet-friendly retailers, all adds up to heaven on earth for Hoboken pet lovers. With the many living options of row houses with yards and pet friendly condos, Hoboken has unlimited potential for pet lovers.

If you and fido are in the process of looking for a place to call home in Hoboken, the following links will take you to some of the best condominiums in Hoboken that allow pets.

1500 Hudson St Click Here to View Listings

1500 Washington St Click Here to View Listings

As a condominium owner and the proud companion of my dog Dogey, I would be thrilled to help you find a great new place for you and your beloved pet in Hoboken. 

For assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Pet Friendly condo information in Hoboken.

HOBOKEN REAL ESTATE MARKET’S NEWEST LISTINGS

View the newest listings to see what hot buys are there for you!

This week brought 41 new condo listings and (1) 1-4 Family home to the Hoboken market.

Have a look at them all!

STUDIO CONDO

One 600 sqft studio on the 7th floor in doorman building priced at $389,000

Click Here to View Listings

1 BEDROOM CONDOS

Looking for a nice 1 bedroom home?  Check these 16 new listings starting at $290,000.

Click Here to View Listings

2 BEDROOM CONDOS

Perhaps a 2 bedroom home is on your list.  Well 21 new properties are available for your viewing

pleasure. Starting at $400,000   Click Here to View Listings

3 BEDROOM CONDOS

Need more space?  3 bedroom homes start at $549,000.   Click Here to View Listings

4 BEDROOM CONDOS

No new ones however there are some available in the MLS

1-FAMILY HOMES

12th & Garden 4 story brownstone with amazing 4 story extension has become available.  For the super sized family

or those that love extra space.  4 bedrooms:   Click Here to View Listings

2-4 FAMILY HOMES

No new listings this week however there is inventory.

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings of the week.  We’ll post the most up-to-date listings of condos, 1-family, and 2-4 family homes. You can then plan to see any of interest over the weekend. 

To receive specific properties as they become available, sign up for free email listing alerts at http://FindHobokenHomes.com

Search entire Hoboken are surrounding area MLS listings at http://www.InvestHoboken.com and click on Browse Hoboken Listings.

Interested in Foreclosures or Short Sale properties???  Email me your contact info and we’ll

See if we can find the right property / investment for you.  eddie@InvestHoboken.com

Eddie

 

HOBOKEN CONDO MARKET WEEKLY STATS

 Weekly statistics 3/01/09- 3/08/09

Ok, just 4 condos went under contract last week.  A drop from the previous weeks 7 units however it was nice to see that there were two properties listed over $700,000 in this mix.

As of today, there are 109 Hoboken condos pending to close.  These are the buyers making a commitment in this market!

Here are the folks that took advantage of the opportunities last week…..

FIRM ACCEPTED OFFERS:

1 BEDROOM

No offers accepted in this category

2 BEDROOMS

4 condos had accepted offers  Click Here to View Listings

Average days on market for this group was 68.

3-4 BEDROOMS:

No offers accepted in this category

SOLD CONDOS:  

11 closings last week which is quite a few more than the previous weeks 5 closings.  Average asking price: $544,707.  Average days on market: 53

STUDIOS:

No closings

1 BEDROOM:

2 properties closed.  Click Here to View Listings  Average listing price was $352,000.  Average selling price was $326,000  (-7.3% of listing price)  Average days on the market was 52.

2 BEDROOMS:

11 units sold.    Click Here to View Listings  Average listing price was $587,531.  Average selling price was $548,641 (-6.6% of listing price).  Average days on market was 53

3 – 4 BEDROOMS:

No closings

ACTIVE FOR SALE MARKET:

As of today there are 526 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $635,953 and a median price of $535,450.  Average days on market sits at 107.

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Eddie

BEWARE OF FORECLOSURE SCAMS

Foreclosure is a very serious situation to be in. If you are nearing the possibility of foreclosure I am sure you are getting letters from many different sources telling you they want to help you. It can be very confusing so you need to be aware of the scams that have come to light. Following are two scenarios that have been given to take advantage of people who are about to lose their home.

Some organizations are advising people on the phone and by mailers to home owners, to just walk away and their home go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you’re on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.



Private Investors/Lenders will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will, for a price. In order for them to do that you must “Quick Deed” (sign over your home to them in their name). In turn they will lease your home back to you with 15-20% higher payments for 1, 2 or 3 years until they have made their investment back. Then they will agree to sign your home back to you. Sounds good so far, right? But here’s the trick.

In the contract that you sign, somewhere in the fine print, it will say if the lessee (you) are 24 hours late with your monthly payment within the duration of your contract, then the lessee (you) must evacuate the premises. Usually within 5 – 7 days. Over 90% of homeowners that fall for this trick end up losing their homes. These investors all know that you’ve had payment problems in the past. That’s why they prey on homeowners in your situation. Next thing you know your family is out on the street with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000. So PLEASE BEWARE. Don’t do it. 


Owners in pre-foreclosure should seek out a Certified Distressed Property Expert as soon as possible.  These owners will need assistance in various form during the 10 month timeline that New Jersey currently follows from the Notice of Default (NOD) filing until the foreclosure sale.

To find out all the benefits and options for preventing foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE or Anoir Redouane, REALTOR, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at eddie@InvestHoboken.com or 201-344-2886. Or go to « ARE YOU AT RISK OF FORECLOSURE? .

THE BEST FURNITURE PICKS FOR THE FIRST TIME HOME BUYER

Are you setting up your first home? If you don’t know what you’ll really need, read through the following list for some helpful tips.

A Bed to Last a Lifetime

You’ll spend about 1/3 of every day in bed, so you should one that’s comfortable and well constructed. Choose the best quality one you can afford. After all, you’ll probably have it for 10 years or more. And keep in mind that the most expensive bed might not be the best bed. If you can’t invest in a great bed right away, buy an air bed for a short time. It will go into your guest room later. When you’re shopping for a bed, think about the proper size, firmness, and surface.

A Table to Eat On

Most dining tables are round or rectangular, but you might start out with a square or round that extends to seat more. With leaves installed, your table might stretch through a doorway. Before you invest in a table, you might get a plywood tabletop on top of a sturdy base and cover it with a decorative floor-length tablecloth.

Chairs for Dining

Choose your dining chairs to add beauty and color to your dining area. They should be comfortable enough so that you can sit for a long dinner and visit with friends. Wooden chairs are inexpensive, but upholstered chairs would be more comfortable. You can always put a slipcover over an upholstered chair to change the look for seasonal touches. Arm chairs are luxurious and can be moved into the living area when you need extra seating.

A Comfortable Sofa

Sofas come in many shapes, styles, fabrics, and costs. Select the best one you can afford. Next to a bed, it will be your most important upholstered piece. Don’t settle for anything less than a solid hardwood frame and 8-way hand-tied springs and attractive, durable fabric. Loose-backed cushions look casual while tight-backed sofas require less maintenance. You won’t have to keep adjusting and straightening the pillows. You’ll have to select length, arm shape, skirt or no skirt, how many cushions, plain or patterned fabric, down or synthetic cushions.

A Chest of Drawers

A chest of drawers is useful in a bathroom for supplies and linens, a bedroom for clothes, a living room for games, CDs, books, or office supplies, or in a hallway or entry for scarves, gloves, and hats. Select a piece that’s both classic and versatile.

A Versatile Armoire

There’s no piece of furniture like an armoire when you need to organize clothes, linens, store things, or hide a television. It’s one of the most versatile pieces of furniture than you can buy and it can add beauty and provide storage in almost any room of the house.

Side Tables and Nesting Tables

You can often collect interesting side tables at estate sales. Or you can invest in new pieces. They can be moved around the room for glasses and eating or for magazines and books. A set of small tables can serve as a coffee table. A small table is useful next to a bed. Nesting tables can be collected to save space and spread out when needed. Choose wood, metal, or glass-topped tables for interest.

An Ottoman or Foot Stool

An ottoman is an upholstered stool, either small or large. They serve as a wonderful footrest but can also be used as a coffee table. Buy a pair and use them together or apart or buy one and place a large tray on top. Since you’ll be putting your feet on an ottoman, choose a sturdy fabric or leather for the cover.

Lighting and Lamps

Small older homes often have harsh overhead lighting. Install dimmers on all the wall switches. Place floor lamps or table lamps near seating. Pairs of lamps are nice for pairs of tables. Wall-mounted lamps are great beside beds. Choose lamp shade of sheer fabric for more light or of metal to focus the light up or down. Overhead track lighting and can lights might require professional installation. Be sure you buy a supply of the bulbs you’ll need.

For more great decorating ideas go to « TRENDS IN PAINT COLOR

HOW TO MAKE A SMALL ROOM IN YOUR CONDO LOOK LARGER

 

HOBOKEN REAL ESTATE MARKET’S NEWEST LISTINGS

View the newest listings to see what hot buys are there for you!

This week brought 32 new condo listings and (1) 1-4 Family home to the Hoboken market.

Have a look at them all!

STUDIO CONDO

One spacious 340 sqft Washington St studio priced at $268,700

Click Here to View Listings

1 BEDROOM CONDOS

1 bedroom beauties starting at $314,990

Click Here to View Listings

2 BEDROOM CONDOS

Upgrade from you 1 to a nice 2 bedroom.  14 homes here with a 2 bed / 2 bath starting at $435,000.

Click Here to View Listings

3 BEDROOM CONDOS

No new listings here however we have good selection in the MLS.

4 BEDROOM CONDOS

No new ones however there are some available in the MLS

1-FAMILY HOMES

7th & Park single family home, gut renovated, 3 BR/3.5 bath offered at $1,299,000.

Click Here to View Listings

2-4 FAMILY HOMES

3 new listings here.  5th & Bloomfield St 3-family home offers a chance to live in the 2 bed, 1 bath duplex with yard and have income from two other 1 bedroom apartments.  Only $899,000!  

Have a look at all three:  Click Here to View Listings

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings of the week.  We’ll post the most up-to-date listings of condos, 1-family, and 2-4 family homes. You can then plan to see any of interest over the weekend.

To receive specific properties as they become available, sign up for free email listing alerts at http://FindHobokenHomes.com

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click on Browse Hoboken Listings.

Interested in Foreclosures or Short Sale properties???  Email me your contact info and we’ll see if we can find the right property / investment for you.  eddie@InvestHoboken.com

Eddie

 

HOBOKEN CONDO MARKET WEEKLY STATS

Weekly statistics 3/08/09- 3/15/09

Wow…8 condos went under contract last week which is double the amount from the previous week.  The Hoboken condo market also had 11 condo closings which is the same as last weeks amount.

As of today, there are a total of 111 Hoboken condos pending to close.  These are the buyers making a commitment in this market!

Here are the folks that took advantage of the opportunities last week…..

FIRM ACCEPTED OFFERS:

 1 BEDROOM

2 units received accepted offers Click Here to View Listings

These homes averaged 50 days on market.

2 BEDROOMS

5 condos had accepted offers   Click Here to View Listings

Average days on market for this group was 137.

3-4 BEDROOMS:

1 condo received an accepted offer.  This was a 1728 square foot 3 bedroom, 2 bath condo at 108 Jackson St.

It was originally listed at $839,000 on 5/5/08 and after subsequent reductions had a asking price of $700,000.

Now under contract.   Click Here to View Listings

SOLD CONDOS:

STUDIOS:

No closings

1 BEDROOM:

1 property closed.   Click Here to View Listings  Listing price was $434,5000 and selling price was $422,000  

(-2.8% of listing price)  The condo was on the market for 23 days.

2 BEDROOMS:

9 units sold.  Click Here to View Listings   Average listing price was $530,322.  Average selling price was $515,461 (-2.8% of listing price).  Average days on market was 82

3 – 4 BEDROOMS:

1 condo closed.   Click Here to View Listings  Listing price was $675,000 and selling price was $642,500

(-4.8% of listing price)  This was a newly constructed 3 bedroom, 3 bath home with a 206 square foot terrace.

Days on market was 175.  The days on market could have been extended due to the condo still being under construction.

ACTIVE SALE MARKET:

As of today there are 518 Hoboken condos actively listed for sale in our MLS.  This is down slightly from the 526 on market during last week.  These have an average asking price of $621,095 and a median price of $529,450.  Average days on market sits at 105.

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com

 All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Eddie

MORTGAGE RATES DOWN AND LIKELY TO FALL FURTHER. TIME TO BUY?

The Associated Press reported today that rates on 30-year mortgages plunged to their lowest levels since January and are poised to fall further after the Federal Reserve launched a new effort to prop up the housing market.

They are reporting that Freddie Mac, the giant mortgage finance company, said that average rates on 30-year fixed-rate mortgages dropped to 4.98 percent this week.

These rate quotes were given before the Fed said Wednesday that they would pump 1.2 trillion into the economy in an effort to lower rates on mortgages. That is expect to lower rates even further.

You may now be able get into the home of your dreams–and live there at a cost that works for your budget. For those of you who have been patiently waiting on the sidelines, now may be time to give buying your next home some serious consideration. Here’s why:

· Mortgage rates are so attractive now which will lower your monthly costs and amount of money you pay in interest over the life of the loan

· Hoboken and Jersey City property values have declined and affordability has dramatically increased

· Fantastic inventory with opportunities to acquire an “A” class property in terms of location, condition and amenities, often times without competing with another buyer.

· You may be able to negotiate even better prices and seller concessions

While a home is a major investment, it is also the center of your personal life. It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.” To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Tomorrow I’ll be publishing the new listings and price reductions so check back for this.

If you want to search the Hoboken and Jersey City MLS, log on www.GreatHomesHoboken.com

THE DEFINITION OF A SHORT SALE

If you see a price listed for a home that you think is too low for the neighborhood, ask your agent to call the listing agent to find out if the home is a short sale.

Making an offer on a pre-foreclosure, short sale home is not as simple as you may think, and very few can close in 30 days or less. Many people have waited 4 to 6 months to close on a short sale, sometimes longer.

A short sale means the seller’s lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.

Be aware that the seller is not always in default before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.

Do your research before making an offer to purchase. Your agent can find out who is in title, whether a foreclosure notice has been filed and how much is owed to the lender(s). This is important because it will help you to determine how much to offer.

There could be a problem if there are two loans. The first mortgage lender’s position is protected by the second lender, unless the second lender does not want to foreclose. If a seller owes $160,000 on the first and $40,000 on the second, offering $160,000 leaves nothing for the second. The first will need to give something to the second to gain its cooperation.

Take a look at Hoboken Condo Short Sale List to get a good idea of what is taking place in the local Hoboken real estate market.

If  you have the right team in place including your real estate attorney and a Certified Distressed Property Expert certified REALTOR®, your chances of buying a short sale are greatly improved. To really get a good idea of what a CDPE can do for you click on the following link  What Is a Certified Distressed Property Expert (CDPE)?  To find out all the benefits and options of purchasing a short sale, contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at 201-344-2886 or at eddie@InvestHoboken.com or Prevent Foreclosure.

DID YOU EVER WONDER WHAT HAPPENS AT A FORECLOSURE SALE?

A foreclosure sale is the final stage of the foreclosure process, at which the property in foreclosure is sold at public auction to the highest bidder. The sale is conducted by a court-appointed referee. The referee begins the sale by reading aloud the Terms of Sale; the Terms of Sale is the document that acts as the contract of sale between the referee and the high bidder and sets forth the rights, responsibilities and obligations of both the referee and the high bidder. Once the referee has read the Terms of Sale, the referee begins to accept bids for the property. The foreclosing mortgage holder (the “Mortgagee”) usually has an “upset price” which is the minimum amount it will accept in satisfaction of the mortgage debt. If the highest amount bid is less than the upset price, the Mortgagee will usually be the high bidder and take title to the property. If, however, the highest amount bid exceeds the upset price, the property will generally be sold to the highest bidder.

Generally, a potential bidder is unable to inspect the property prior to bidding. The Mortgagee does not own the property and they have lost legal authority to allow inspections. The successful bidder cannot legally enter the property until the title has closed and the referee has delivered the deed to the property.

The highest bidder must immediately pay to the referee an amount equal to at least ten percent (10%) of your bid (the “Bid Deposit”). The Bid Deposit must be in the form of cash or certified funds. In addition, the highest bidder will be required to sign the Terms of Sale.

In most cases, the Terms of Sale require that the balance of the purchase price be paid and the sale completed within thirty days from the date of sale. It is within the referee’s discretion whether to grant an extension of time to allow the high bidder to complete the sale. If the referee grants an extension of time, the high bidder will be required to pay interest on the bid from the original scheduled closing date through the actual closing date. 

To find out all the benefits and options for preventing foreclosure, go to Foreclosure  Prevention Team Ready to Help in Hudson County contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at 201-344-2886 or at eddie@InvestHoboken.com Prevent Foreclosure.

 

HOBOKEN REAL ESTATE MARKET’S NEWEST LISTINGS AND PRICE REDUCTIONS

View the newest listings and price reductions to see what hot buys may be there for you!

47 new condo listings and (2) new 1-4 Family homes hit the Hoboken market.  37 condo price reductions

Have a look at them all!

STUDIO CONDO

1 new listing:   Click Here to View Listings

1 BEDROOM CONDOS

17 new listings starting at $199,000   Click Here to View Listings

14 price reductions  Click Here to View Listings 

2 BEDROOM CONDOS

24 new listings starting at $315,000   Click Here to View Listings

16 price reductions  Click Here to View Listings 

3 BEDROON CONDOS

5 new listings starting at $535,000   Click Here to View Listings

7 price reductions   Click Here to View Listings

4 BEDROOM CONDOS

No new listings however there are some available in the MLS

1-FAMILY HOMES

1036 Bloomfield St home with 4 bedrooms, 2.5 baths and yard offered at $1,299,000.

Click Here to View Listings

1 price reduction   Click Here to View Listings  Reduced from $1,650,000 to $1,495,000

2-4 FAMILY HOMES

2 family home at 845 Bloomfield St with owners duplex offered at $1,499,000  

 Click Here to View Listings

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings and price reductions of the week.  We’ll post the most up-to-date listings of condos and 1-4 family homes. You can then plan to see any of these over the weekend.

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click

on Browse Listings.

Interested in Foreclosures or Short Sale properties???  Email me your contact info and we’ll

see if we can find the right property / investment for you.  eddie@InvestHoboken.com 

Eddie

Hoboken Condo Market Weekly Stats

Weekly statistics 3/15/09- 3/22/09

Accepted offers are trending up.

12 condos received firm offers that cleared attorney review including a condo at “The Constitution” listed at $1,085,000.  Previous accepted offer reports were 4 units three weeks ago and 8 units two weeks ago.

6 condominiums closed last week.  11 closings the previous week.

ADDITIONAL NEWS:

·         Incredibly low mortgage rates continue to be available to those that qualify

·         Existing home sales rise 5.1 percent in February; prices plunge 15.5 percent

As of today, there are a total of 117 Hoboken condos pending to close (111 last week).  These are the buyers making a commitment in todays market!

Here are the folks that took advantage of the opportunities last week…..

FIRM ACCEPTED OFFERS:

1 BEDROOM:

6 units received accepted offers  Click Here to View Listings

These condos averaged 81 days on market.

2 BEDROOMS:

6 condos had accepted offers    Click Here to View Listings

Average days on market for this group was 106.

3-4 BEDROOMS:

No accepted offers

SOLD CONDOS:

STUDIOS:

 

No closings

1 BEDROOM:

2 properties closed.    Click Here to View Listings   Average listing price was $417,000 and average selling price was $407,500  (-2.27% of listing price)  Days on the market average 90.

2 BEDROOMS:

4 units sold.   Click Here to View Listings  Average listing price was $651,475.  Average selling price was $614,250 (-5.7% of listing price).  Average days on market was 76.

3-4 BEDROOMS:

No units closed

ACTIVE FOR SALE MARKET:

As of today there are 536 Hoboken condos actively listed for sale in our MLS.  This is up from the 518 units on market  last week.  Average asking price is $611,192 and a median price of $529,00.  Average days on market sits at 105.

Search entire Hoboken condo market at http://InvestHoboken.com then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com

Buying Your First Home Takes Time

Research alone on how to buy a home is a big time commitment. If you pick up a book on the subject, it might be helpful, but might overwhelm you with detail. Many informative websites have short, sharp home-buying tips that sacrifice depth and introduce pop-up invitations to apply for mortgages, credit reports, or real estate listings.

 

When you buy your first home the government offers big tax incentives; banks work to loan out massive mortgages while many Realtors®, will compete to get new clients.

What many first-timer buyers do not realize, is that they are doing the government, the banks, the Realtors®, the construction industry, and the overall economy a favor. Apart from the money the bankers, builders, Realtors®, inspectors, lawyers, and insurers make being involved with the purchase of a home, a new homeowner generally spends large amounts of money on furnishings, appliances, home decorating, and gardening – which bolsters the local economy.

The buyer is the one person in a real estate transaction who makes it all happen. If a buyer decides to not buy, the entire process comes to a grinding halt.

If you are in the process of purchasing your first home, do yourself a favor by doing basic research to ensure that you understand everything that is happening around you.  A buyer needs to learn new terms, apply new concepts, and take the time to understand what you’re getting into. And when something happens that doesn’t make sense, demand a full and complete explanation from the professionals working on your behalf.

Plan from the beginning to approach your home buying process intelligently and with confidence. By doing this you will be have a home to be proud of and the knowledge that you made the best decision.

Please take a look at the following helpful article to give you a very good perspective regarding   rates. Mortgage Rates Down and Likely to Fall Further. Time to Buy? Also, don’t forget to check out  Six Things to Know About the First Time Home Buyer Credit. This is more encouraging information to assist you with the purchasing your first home that you need to be aware of.

For assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Obama’s Mortgage Rescue Plan

President Barack Obama’s Homeowner Affordability and Stability Plan, is an effort to overcome what Obama called “a crisis unlike we’ve ever known.”

The question that has come to mind for many of us is, who can get help through this program?

Some people with high payments will be able to have their loans modified to get lower interest rates.  If your monthly payment on your primary home is greater than 31 percent of your monthly gross income, there’s a good chance you could qualify. It also depends on whether your lender participates in the program.

Others, with mortgages owned or guaranteed by Fannie Mae or Freddie Mac, could get help to refinance, meaning they would get a new loan with better terms.

If a lender agrees to bring a mortgage payment down to 38 percent of the borrower’s income, the government and lender will split the cost of going down an additional 7 percentage points, down to 31 percent of the individual’s income.

Only primary residences are eligible for this program. However, a duplex with 2, 3, or 4 units is eligible if you live in one of the units.

With a loan modification it’s more likely that the lender would lower your interest rate and not reduce the amount owed. However, the government will provide incentive payments to borrowers that make timely payments on modified loans. Borrowers who pay on time for five years can have up to $5,000 applied to reduce their debt by the end of the period.

At this time, more than 300 banks have received TARP funds and they are required to participate in the loan modification program. Any other lenders would participate in the program voluntarily. The government is offering substantial incentives to lenders to do so, and expects that most major lenders will participate.

Most mortgage lenders will send letters to potentially eligible homeowners sometime after March 4, when the program started.

Some $75 billion is going toward the loan modification program. Of that, $50 billion will come from the $700 billion bailout fund created last year, known as the Troubled Asset Relief Program, or TARP. The remaining $25 million will come from Fannie Mae and Freddie Mac.

People whose payments were less than 31 percent of their income would not qualify to have their loans modified. But they might qualify for refinancing to take advantage of low interest rates.

To meet the eligibility requirements, homeowners need to be current on their payments and have mortgages owned or guaranteed by Fannie Mae or Freddie Mac. Your income and history of mortgage payments will be considered.

For more information regarding the President’s stimulus plan go to How Obama’s Stimulus Plan Will Help Homeowners.

If you are in fear of foreclosure click on the following link to find helpful information Are You at Risk of Foreclosure?

To find out all the benefits and options for preventing foreclosure, go to Foreclosure  Prevention Team Ready to Help in Hudson County contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at 201-344-2886 or at eddie@InvestHoboken.com

 

Hoboken Real Estate Market’s Newest Listings & Price Reductions

See the newest listings and price reductions to find out which hot buys may be there for you!

21 new condo listings and (2) new 1-4 Family homes hit the Hoboken market.  

34 condo price reductions  (37 reductions the previous week)

Check them all out.

Studio condo

no new listings

1 price reduction   Click Here to View Listings

1 bedroom condos

7 new listings starting at $345,000    Click Here to View Listings

9 price reductions   Click Here to View Listings

2 bedroom condos

11 new listings starting at $369,000    Click Here to View Listings

18 price reductions   Click Here to View Listings

 3 bedroom condos

3 new listings.  Very nice 3 bed / 3 bath with balcony and parking at $635,000    Click Here to View Listings

6 price reductions   Click Here to View Listings

4 bedroom condo

No new listings however there are some available in the MLS

1-family homes

207 8th St, a 3 bedroom, 2.5 bath home offered at $675,000.

Click Here to View Listings

1 price reduction  1249 Bloomfield St reduced from $1,325,00 to $1,299,000   Click Here to View Listings

2-4 family homes

Legal 4 Family used as 2 duplexes located at 932 Willow Ave.  Offered at $799,900

Click Here to View Listings

1 price reduction.  910 Hudson St, a 3 family home reduced from $2,495,000 to $2,299,000

Click Here to View Listings

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings and price reductions of the week. We’ll post the most up-to-date listings of condos and 1-4 family homes. You can then plan to see any of these over the weekend.

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click on Browse Listings.

Interested in Foreclosures or Short Sale properties???  Email me your contact info and we’ll see if we can find the right property / investment for you.  eddie@InvestHoboken.com 

Edward (Eddie) Perez

 

Hoboken Condo Market Weekly Stats

Weekly statistics 3/22/09- 3/29/09

6 condos received firm offers that cleared attorney review down from 12 condos the previous week.  This breaks a three week trend of increased accepted offers.

4 condominiums closed last week.  6 closings the previous week.

Additional news:

Long term rates set another record
For the week ending March 26th the 30-year fixed averaged 4.85% with an average 0.7% fee, down from last week when it averaged 4.98%. This time last year it averaged 5.85%. The current rate is the lowest since Fannie Mae started tracking rates in 1971.

As of today, there are a total of 113 Hoboken condos pending to close (117 last week).  These are the buyers making a commitment in todays market!

Here are the folks that took advantage of the opportunities last week…..

FIRM ACCEPTED OFFERS

1 BEDROOM

1 unit received an accepted offer   Click Here to View Listings

74 days on market.

2 BEDROOMS

4 condos had accepted offers     Click Here to View Listings

Average days on market for this group was 53.

3-4 BEDROOMS

1 condo at 304 Hudson St received an accepted offer.  Originally listed on 9/15/08 at $685,000.

11/13/08 price was reduced to $638,500.  Listing expired on 3/16/09.  Same listing agent re listed

on 3/16/09 at $638,500.  Reduced to $599,999 four days later, 3/20,09.  Accepted offer on 3/23/09.

Click Here to View Listings 

SOLD CONDOS

STUDIOS

No closings

ONE BEDROOM

2 properties closed.    Click Here to View Listings   Average listing price was $409,450 and average selling price was $402,500  (-1.69% of listing price)  Days on the market average was 315.

2 BEDROOMS

2 units sold.    Click Here to View Listings  Average listing price was $549,900.  Average selling price was $540,700 (-1.0% of listing price).  Average days on market was 50.

3 – 4 BEDROOMS

No units closed

ACTIVE FOR SALE MARKET

As of today there are 537 Hoboken condos actively listed for sale in our MLS.  This is up from the 536 units on market  last week.  Average asking price is $609,910 and a median price of $529,000.  Average days on market sits at 106.

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com 

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Edward (Eddie) Perez

How to Make a Space in your Condo Feel Larger Than It Is

Have a small space? Maybe you can’t push out the walls but you can make what you have seem so much bigger by using a few easy decorator tips.

Mirrors visually expand your space, add drama to your entry or dining area. All you need to do is simply frame out the entire wall and insetting a mirror. Mirrors can also be used above kitchen cabinetry to visually brighten a normally dark area.
You can’t just hang a mirror anywhere. It needs to be placed in a spot where don’t see your reflection most of the time to help create the illusion of space.

Did you know there are multipurpose chairs in the market that can serve as chair and table at the same time? They are great for small spaces, and a great way to maximize materials and function.

Keep your furnishings in proportion with the size of your rooms. Use slim rockers, open-back chairs or a simple sofa or love seat rather than large furnishings that tend to overpower the space.

An open headboard is best for a small room. When arranging your furniture, keep the view at eye level unobstructed. Taller furnishings should be placed at the end of the room opposite its main entry.
The biggest secret to make your room appear spacious is by using light colors. A palette such as light green, blue, beige and tan can make your room more inviting.

Light and brightly colored walls are more reflective and once diffused, it could make the area appear larger. Lighter objects appear closer while darker or shadowed objects appear farther. When you paint your moldings a lighter color, the wall appears farther back – thus making your room appear bigger.

For more great information go to How to Make a Small Room in Your Condo Look Larger.

If you want to search the Hoboken and Jersey City MLS, log on www.GreatHomesHoboken.com For assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

How an FHA Mortgage Loan Could Help a First Time Buyer

When it comes to low down payments, the FHA loan program rises above its competitors. Unfortunately, there are not many low down payment programs available. But, thanks to FHA who has come to the rescue of American homeowners, low down payment options are still available.

For many years, in spite of benefits to FHA low down payment loans, many homeowners could not participate because of FHA restrictions to the size of mortgage loans. Rising home values across the nation made FHA mortgage loans obsolete.

The good news is FHA loan limits increase from time to time, keeping low down payment programs available to thousands of homeowners. Currently, there are limits of up to 729,750 in high cost areas, less elsewhere.

Following are some of the things that an FHA loan has to help a first time buyer:

·   Competitive FHA mortgage rates

·   Small down payments around 3%

·   Home buying or refinancing okay

·   Friendly qualifying criteria

·   Less closing costs

·   No income restrictions

·   Generous FHA loan limits

·   Stable 30 year fixed rate mortgage

For more great information regarding mortgage rates, go to Is it Time to Buy?

If you want to search the Hoboken and Jersey City MLS, log on www.GreatHomesHoboken.com  For assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert. 

 

Hoboken Real Estate Market’s Newest Listings & Price Reductions

See the newest listings and price reductions to find out which hot buys may be there for you!

31 new condo listings (21 last week) and 5 new 1-4 Family homes (2 last week) hit the Hoboken market.  

37 condo and  (5) 1-4 family homes had price reductions  (34 reductions the previous week)

Check them all out.

Studio condo

1 new listing offered at $260,000   Click Here to View Listings

1 price reduction    Click Here to View Listings

1 bedroom condos

11 new listings starting at $329,000     Click Here to View Listings

16 price reductions  (9 last week)   Click Here to View Listings 

2 bedroom condos

15 new listings starting at $369,000 (11 last week).    Click Here to View Listings

14 price reductions   (18 last week)  Click Here to View Listings

3 bedroom condos

3 new listings starting at $625,000  (3 last week)    Click Here to View Listings

4 price reductions  (6 last week)    Click Here to View Listings

4 bedroom condo

1 new listing offered at $749,000 (0 last week)   Click Here to View Listings

1 price reduction.  (0 last week)   Click Here to View Listings

1-family homes

No new listings (1 last week)

1 price reduction  Reduced from $2,495,000 to $2,350,000   Click Here to View Listings

2-4 family homes

5 new listings.  (1 last week)   Click Here to View Listings

No price reductions=

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings and price reductions of the week. We’ll post the most up-to-date listings of condos and 1-4 family homes. You can then plan to see any of these over the weekend.

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click on Browse Listings.

Interested in Foreclosures or Short Sale properties???  Email me your contact info and we’ll see if we can find the right property / investment for you.  eddie@InvestHoboken.com

Edward (Eddie) Perez

Hoboken Condo Market Weekly Stats

Weekly statistics 3/29/09- 4/05/09

9 condos received firm offers that cleared attorney review which is up from 6 condos the previous week.  

7 condominiums closed last week.  4 closings the previous report.

As of today, there are a total of 124 Hoboken properties pending to close (113 last week).  

Here are the deals and opportunities from last week…..

Firm accepted offers:

1 bedroom

3 units received an accepted offer (1 previous report)   Click Here to View Listings

These averaged 119 days on market

2 bedrooms

6 condos had accepted offers  (4 previous report)    Click Here to View Listings

Average days on market for this group was 89.

3-4 bedrooms:

No accepted offers last week (1 previous report)

Sold Condos:  

Studios:

No closings

1 bedroom:

5 properties closed.     Click Here to View Listings   Average listing price was $399,513 and average selling price was $379,600  (-4.98% of listing price)  Average days on market was 79.

2 bedrooms:

2 units sold.    Click Here to View Listings Average listing price was $577,450.  Average selling price was $566,250 (-1.93% of listing price).  Average days on market was 80.

3 – 4 bedrooms:

No units closed

Active for sale market:

As of today there are 535 Hoboken condos actively listed for sale in our MLS.  Essentially flat from the 537 units on market last week.  Average asking price is $603,940 and median price is $529,000.  Days on market average 107.

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

July 2009 – Hoboken Condo Market Statistics

Here are the final sales figures for July 2009 compiled using the Hudson County Multiple Listing Service.

Overall, Hoboken condominiums showed a decline when compared with the same period last year.  There were declines in total units sold, total contracts signed, average selling price, median selling price and total sales dollar volume.

I’m certainly not surprised by these figures as we’re still facing challenges from the local supply / demand dynamics, a more challenging lending environment, national / world economic uncertainties as well as local uncertainties just to name a few!

The good news is that the overwhelming number of sales are traditional and new construction, not distressed properties.  We haven’t seen a significant short sale or foreclosure market in Hoboken.  In fact as of this writing, I could find only 5 short sales out of 529 active condominiums being marketed in the MLS.

We’re not immune to the possibility of our market being affected more from distressed property sales, however at this point we seem to be only marginally impacted.  We’ll keep a close eye on this because if they become more prevalent, it will have a negative impact to our community.  Additionally, buying and selling strategies will have to be adjusted.

But for now, check out the stats:

	July 2008	July 2009	Comparison:
Units Sold:	92	60	-35%
Avg. Price:	$511,639	$478,431	-6.5%
Median Price:	$490,750	$469,950	-4.2%
Pending:	69	46	-33.3%

July 2009 Sold Condominiums: 

High Low Average Median Total Price Listing Count List Price: $999,999 $294,500 $503,575 $481,500 $30,214,506 60 Sold Price: $865,000 $280,000 $478,431 $496,950 $28,705,905   DOM: 447 4 86 59

Studio: none sold

1 bedroom: 17 sold.

Average asking price: $384,982

Average selling price: $365,734 (-5.0% of asking price)

Average days on Market: 75

2 bedroom: 38 sold

Average asking price: $526,602

Average selling price: $502,600 (-4.5% of asking price)

Average days on Market: 86

3 bedroom: 5 sold

Average asking price: $731,779

Average selling price: $677,920 (-7.4% of asking price)

Average days on Market: 128

4 bedroom:  None sold

July 2009 – Pending Contracts.  These are the deals that were consummated during the month and represents the current buying activity.

Pending Condos: 46

High Low Average Median Total Price Listing Count List Price: $949,000 $272,900 $501,132 $494,000 $23,052,098 46 Sold Price: pending pending pending pending pending   DOM: 477 10 114 79

1 bedroom: 17 contracts  

Average asking price: $389,452

Average days on Market: 72

2 bedroom: 20 contracts

Average asking price: $504,785

Average days on Market: 151

3 bedroom:  8 contracts

Average asking price: $673,337

Average days on Market: 119

4 bedroom:  1 contract pending  

Asking price was $949,000.  Days on market was 25

Stay informed with buying & selling advise, statistics, new listings, Be$t Buy$ and more!!

www.HobokenRealEstateBlog.com

If you would like specific information tailored to your Hoboken condo, email us direct at info@InvestHoboken.com

Search entire Hoboken MLS at www.InvestHoboken.com Then click browse Hoboken Listings

Edward (Eddie) Perez

Quick Facts About Foreclosure

An estimated 6 million families could be facing the question of foreclosure in the next three years, with nearly 1 in 10 mortgage holders either delinquent or in foreclosure. Following are facts about foreclosure we all need to be aware of:

1 out of every 200 homes will be foreclosed upon.
Source: Mortgage Bankers Association

Every three months, 250,000 new families enter into foreclosure.
Source: Mortgage Bankers Association

One child in every classroom in America is at risk of losing his/her home because their parents are unable to pay their mortgage.
Source: Mortgage Bankers Association

A slower real estate market can translate into falling prices and home values.

As a result, homeowners who opted for adjustable rate mortgages may now find that as their mortgage rate adjusts higher, their home value is lower and therefore refinancing is no longer an option.
Source: Mortgage Bankers Association

Six in 10 homeowners wish they understood the terms and details of their mortgage better.
Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners

More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that mortgage lenders can offer to individuals having trouble with their mortgage.
Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners

Homeowners fail to contact their lender because they are embarrassed, don’t believe the lender can help, and/or believe it would cause them to lose their home more quickly.
Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners,

The Cost of Foreclosure for Cities and Communities

Homes in foreclosure that become vacant provide sites for crime or other neighborhood problems. One foreclosure can impose up to $34,000 in direct costs on local government agencies, including inspections, court actions, police and fire department efforts, potential demolition, unpaid water and sewage, and trash removal.
Source: William C. Apgar, Mark Duda, and Rochelle Nawrocki Gorey, “The Municipal Cost of Foreclosures: A Chicago Case Study”

One foreclosure can result in as much as an additional $220,000 in reduced property value and home equity for nearby homes.
Source: William C. Apgar, Mark Duda, and Rochelle Nawrocki Gorey, “The Municipal Cost of Foreclosures: A Chicago Case Study”

For more information about President Obama’s new plan go to Obama’s Mortgage Rescue Plan or How an FHA mortgage can help a first time buyer.

To find out all the benefits and options for preventing foreclosure, go to Foreclosure Prevention Team Ready to Help in Hudson County contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE. Their market includes Hoboken, Jersey City, Weehawken and Union City. They can be reached at 201-344-2886 or at eddie@InvestHoboken.com Prevent Foreclosure.

Hoboken Real Estate Market’s Newest Listings & Price Reductions

There’s some great buys out there folks! Affordability is much better and interest rates are fantastic. Also, don’t forget that there is a first time home buyer credit of up to $8000 that you may qualify for. Check out our newest listings and price reductions. Your new home might just be waiting for you.

30 new condo listings (31 last week) and 4 new 1-4 Family homes (5 last week) hit the Hoboken market.

20 condo price reductions (37 last week)

(2) 1-4 family homes had price reductions (5 last week)

Check them all out.

Studio condo

1 new listing at the Hudson Tea Condos offered at $515,000 (1 last week) Click Here to View Listings

No price reductions. (1 last week)

1 bedroom condos

14 new listings starting at $279,000 (11 last week) Click Here to View Listings

7 price reductions (16 last week) Click Here to View Listings

2 bedroom condos

14 new listings starting at $429,000 (15 last week). Click Here to View Listings

10 price reductions (14 last week) Click Here to View Listings

3 bedroom condos

1 new listings starting at $662,000 (3 last week) Click Here to View Listings

3 price reductions (4 last week) Click Here to View Listings

4 bedroom condo

no new listings (1 last week)

No price reductions (1 last week)

1-family homes

No new listings (0 last week)

1 price reduction. Reduced from $669,000 to $655,000 (1 last week) Click Here to View Listings

2-4 family homes

4 new listings. (5 last week) Starting at $860,000 Click Here to View Listings

1 price reduction. Reduced from $850,000 to $774,000 (1 last week) Click Here to View Listings

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings and price reductions of the week. We’ll post the most up-to-date listings of condos and 1-4 family homes. You can then plan to see any of these over the weekend.

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click on Browse Listings.

Interested in Foreclosures or Short Sale properties??? Email me your contact info and we’ll see if we can find the right property / investment for you. eddie@InvestHoboken.com

Edward (Eddie) Perez

Hoboken Condo Market Weekly Stats

I hope everybody had a nice weekend enjoying the holiday with friends and family or just plain relaxing.  This past weeks real estate activity in Hoboken was rather uneventful, unless you were one of the transactions.  Here are the numbers.

Weekly statistics 4/05/09- 4/12/09

6 condos received firm offers that cleared attorney review which is down from 9 condos the previous report.  

6 condominiums closed last week.  7 closings the previous report.

As of today, there are a total of 125 Hoboken properties pending to close (124 last week).  

Here are the deals and opportunities from last week…..

Firm accepted offers:

1 bedroom

2 units received an accepted offer (3 last report)   Click Here to View Listings

These averaged 90 days on market

2 bedrooms

4 condos had accepted offers  (6 last report)    Click Here to View Listings

Average days on market for this group was 120.

3-4 bedrooms:

No accepted offers last week (0 last report) 

Sold Condos:  

Studios:

No closings (0 last report)

1 bedroom:

5 properties closed.    (5 last report)    Click Here to View Listings  Average listing price was $413,400 and average selling price was $387,500  (-6.26% of listing price)  Average days on market was 81.

2 bedrooms:

1 units sold.   (2 last report)   Click Here to View Listings   Listing price was $349,000.  Selling price was $333,500 (-4.44% of listing price).  Average days on market was 55.

3 – 4 bedrooms:

No units closed (0 last report)

Active for sale market:

As of today there are 538 Hoboken condos actively listed for sale in our MLS.  535 units on market last week.  Average asking price is $597,050 ($603,940 last week) and median price is $524,900 ($529,000 last week).  Days on market average 108 (107 last week).

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale. 

Edward (Eddie) Perez

Going Green in Hoboken

I am sure you have heard by now that Hoboken is the home of a new
green building. The Garden Street Lofts located at 1401 Garden St. was once was a coconut processing and storage warehouse is now transformed into Hoboken’s hippest, smartest, and only green residence.

The Garden Street Lofts is committed to a belief in building green by demonstrating its decision to seek LEED (Leadership
in Energy and Environmental Design) certification from the U.S.Green Building Council,the standard bearer for ecologically-conscious building practices in America.

Green buildings are sited, designed, constructed, and operated to enhance the well being of their occupants and support a healthy community and natural environment. In practical terms, green building is a whole-systems-approach to building that includes:

· Designing for livable communities

· Using sun and site to the building’s advantage for natural heating, cooling, and light

· Building quality, durable structures

· Reducing and recycling construction and demolition waste

· Insulating well and ventilating appropriately

· Incorporating durable, salvaged, recycled, and harvested materials

· Using healthy products and building practices

· Using energy-efficient and water-saving appliances, fixtures and technology

When implemented holistically, these strategies serve to preserve our
environment for future generations by conserving natural resources and
protecting air and water quality. They provide benefits for us today by
increasing comfort and well-being and helping to maintain healthy air quality.

Finally, green building strategies are good for everyone’s pocketbook by
reducing maintenance and replacement requirements, reducing utility bills and lowering the cost of home ownership, and increasing property and resale values.

If you would like to take a tour of The Garden Street Lofts, or for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Will I Qualify for Refinancing Under Obama Housing Plan

With all of the talk about President Obama’s Homeowner Affordability and Stability Plan, have you wondered if you could quailify for refinancing? Following are the main provisions for refinancing:

1. Have a conforming loan backed by Fannie Mae or Freddie Mac. Approximately 60% of single-family “conforming” loans are backed by these two programs. These are the companies that buy the loans from your bank/servicer and then sell them to Wall Street. A conforming loan is one under $417,000 in many areas — or up to $729,500 in certain high-cost areas. Call your lender to find out if you qualify under Obama’s housing plan.

2. Your Loan to Value ratio can now be as high as 105%. Under current conditions you cannot refinance mortgages where the loan-to-value (LTV) ratio exceeds 80 percent without some form of credit insurance. Under the Obama housing plan, the LTV has been raised to 105%, which means you qualify even if you owe between 80-105% of your mortgage. However, if you are severely “underwater” and owe more than 105% of your home’s value you will not qualify and may have to wait for mortgage relief via other lender driven provisions under the housing plan.

3. Allows borrowers with less than 20% equity in their homes to refinance to the current prevailing rate. However they must meet the above LTV criteria.

4. Timeframe Eligibilty. Only loans that originated on or before January 1, 2009 are eligible for this program. The modification program will be in effect until the end of 2012, but loans can only be adjusted once.

5. Bonus Payments. Borrowers who keep up with their new payments will receive up to $1,000 a year in principal reduction, for up to five years.

6. Modification Threshold. Loan servicers will follow a specified sequence of steps in order to reduce the monthly payment (with government subsidies) to no more than 31% of gross monthly income (DTI). More than 25% of home owners will qualify under the new refinancing criteria, but there are some restrictions to prevent abuse of these new provisions.

If you think you will qualify you should start getting ready to begin the refinancing process as soon as possible. Borrowers can now contact their loan servicers to see whether they are eligible for assistance.

For more information about President Obama’s new plan go to Obama’s Mortgage Rescue Plan or How an FHA mortgage can help a first time buyer.

To find out all the benefits and options for preventing foreclosure, go to Foreclosure Prevention Team Ready to Help in Hudson County contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE. Their market includes Hoboken, Jersey City, Weehawken and Union City. They can be reached at 201-344-2886 or at eddie@InvestHoboken.com Prevent Foreclosure.

Hoboken Real Estate Market’s Newest Listings & Price Reductions

Wow, how about a true 2 bedroom with a top floor corner exposure, skyline view, elevator building and hardwood floors for just $324,711!!   Click Here to View Listings  This was just listed.

Here are the other new listings / price reductions:

34 new condo listings (30 last week) and 7 new 1-4 Family homes (4 last week) hit the Hoboken market.  

39 condo price reductions (20 last week)

(1) 1-4 family homes had price reductions  (2 last week)

Check them all out.

Studio condo

No new listings (1 last week)   

1 price reduction.  (0 last week)    Click Here to View Listings

1 bedroom condos

8 new listings starting at $275,000  (14 last week)    Click Here to View Listings

12 price reductions  (7 last week)     Click Here to View Listings 

2 bedroom condos

19 new listings starting at $324,711 (14 last week).     Click Here to View Listings

20 price reductions   (10 last week)      Click Here to View Listings

3 bedroom condos

7 new listings starting at $469,000  (1 last week)      Click Here to View Listings

5 price reductions  (3 last week)      Click Here to View Listings

4 bedroom condo

no new listings (0 last week)   

1 price reduction  (0 last week)   Click Here to View Listings

1-family homes

5 new listings (0 last week) starting at $799,000    Click Here to View Listings

1 price reduction.  Reduced from $649,000 to $629,000 (1 last week)    Click Here to View Listings

2-4 family homes

2 new listings.  (4 last week) Starting at $750,000    Click Here to View Listings

No price reductions.  (1 last week)

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings and price reductions of the week.  We’ll post the most up-to-date listings of condos and 1-4 family homes. You can then plan to see any of these over the weekend.

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click on Browse Listings.

Interested in Foreclosures or Short Sale properties???  Email me your contact info and we’ll

see if we can find the right property / investment for you.  eddie@InvestHoboken.com

Edward (Eddie) Perez

Hoboken Condo Market Weekly Stats

Happy Monday.  A couple more condos went under contract this week than the previous week but not a significant amount. Inventory is rising as expected going into the spring.  I’ll keep monitoring how this effects the market as we move forward.

Weekly statistics 4/12/09- 4/19/09

10 condos received firm offers that cleared attorney review which is up from 6 condos from last weeks report.  

6 condos closed last week.  6 closings the previous report.

As of today, there are a total of 133 Hoboken properties pending to close (125 last week).  

Here are the deals and opportunities from last week…..

Firm accepted offers:

1 bedroom

2 units received accepted offers (2 last report)   Click Here to View Listings

These averaged 158 days on market

2 bedrooms

7 condos had accepted offers  (4 last report)     Click Here to View Listings

Average days on market for this group was 143.

3-4 bedrooms:

1 accepted offer (0 last report)   Click Here to View Listings 

90 days on market.

Sold Condos:  

Studios:

No closings (0 last report)

1 bedroom:
1 property closed.    (5 last report)      Click Here to View Listings  Listing price was $399,900 and selling price was $375,600  (-8.39% of listing price)  Original listing date was 11/16/06.   This was a gut renovated building.

2 bedrooms:

5 units sold.   (1 last report)    Click Here to View Listings  Average listing price was $455,580.  Average selling price was $437,500 (-3.96% of listing price).  Averaged 115 days on market.

3 – 4 bedrooms:

No units closed (0 last report)

Active for sale market:
As of today there are 546 Hoboken condos actively listed for sale in our MLS.  538 units on market last week.  Average asking price is $595,595 ($597,050 last week) and median price is $528,450 ($524,900 last week).  Days on market average 105 (108 last week).

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com

 

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Be$t Buy$ – Hoboken

Every week we’ll highlight some of the best buys and values for Hoboken condos and row houses.  If you’re looking for a one, two, three or 4 bedroom condo or a fabulous row house, check back often as these are sure to be the homes to move the fastest.

BEST BUYS-1 BEDROOM

1102 Washington St #6

Excellent uptown location with NYC bus at the corner and the Hudson River promenade just 2 short blocks away.  Newer kitchen with stainless appliances & granite counters.  
Offered at $349,000
Click Here to View Listings

650 2nd St #2H

Garage parking, almost 800 square feet and only 2 years young.  Seller is offering $1,500 towards closing costs plus 6 months free maintenance fee’s!  
Offered at $369,000.   
Click Here to View Listings

BEST BUYS-2 BEDROOM

301 Monroe St #501

Top floor, corner condo in elevator building with excellent skyline views.  Very nice layout, hardwood floors and lots of bright windows.  
Offered at $324,711
Click Here to View Listings

130 Bloomfield St #1

What a location!  Super close to the PATH, restaurants and Pier A Park.  Extra large private terrace.  
Offered at $419,000
Click Here to View Listings

BEST BUYS 3-BEDROOMS

109 Jackson St #2C

Spacious 1801 square feet and includes garage parking.  Kitchen has 42″ maple cabinets, stainless appliances and granite counters.  Central air and washer/dryer in your home.  Very nice floor plan.  
Offered at $689,000
Click Here to View Listings

83 Monroe St #5B

Top floor condo with east & west exposures, almost 2100 sqft of spacious living, balcony, open kitchen with Viking stove, central air, new front loading washer / dryer hardwood floors and skylights.  Includes large garage parking.  
Offered at $825,000
Click Here to View Listings

Best buys – Row House

802 Garden St – 3 bedrooms and 2 bathrooms.  This inviting home has a nice location, gas fireplace, exposed brick, country kitchen and a professionally landscaped patio.  
Offered at $799,000
Click Here to View Listings

Hoboken Real Estate Market’s Newest Listings & Price Reductions

Sunny days are here again….at least weather wise.  What a great weekend to get out and shop for your new home.

Here’s what’s new and has recently been reduced.

29 new condo listings (34 last week) and 1 new 1-4 Family home (7 last week) hit the Hoboken market.

29 condo price reductions (39 last week)

(2) 1-4 family homes had price reductions (2 last week)

Check them all out.

Studio condo

1 new listings (0 last week) Hudson Tea 735 sqft studio listed at 439,900 Click Here to View Listings

No price reductions. (1 last week)

1 bedroom condos

10 new listings starting at $315,000 (8 last week) Click Here to View Listings

10 price reductions (12 last week) Click Here to View Listings

2 bedroom condos

23 new listings starting at $339,000 (19 last week). Click Here to View Listings

16 price reductions (20 last week) Click Here to View Listings

3 bedroom condos

4 new listings starting at $538,888 (7 last week) Click Here to View Listings

3 price reductions (5 last week) Click Here to View Listings

4 bedroom condo

no new listings (0 last week)

no price reductions (1 last week)

1-family homes

0 new listings (5 last week)

1 price reduction. (1 last week) 218 7th St reduced from $1,299,000 to $1,189000 Click Here to View Listings

2-4 family homes

1 new listing. (2 last week) Listed at $899,000 Click Here to View Listings
1 price reduction. (0 last week) 910 Hudson St reduced from $2,299,000 to $1,999,910.
Click Here to View Listings

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings and price reductions of the week. We’ll post the most up-to-date listings of condos and 1-4 family homes. You can then plan to see any of these over the weekend.

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click
on Browse Listings.

Questions?? Email us at eddie@InvestHoboken.com

Edward (Eddie) Perez

Hoboken Condo Market Weekly Stats

Hope everybody was able to enjoy last weekends sunny weather.   We are now firmly into the Hoboken real estate markets spring season.  We did not see an up tick in pending contracts from last week and our overall inventory has risen substantially.

Weekly statistics 4/19/09- 4/26/09

10 condos received firm offers that cleared attorney review which is the same amount as last weeks report.

9 condos closed last week.  6 closings the previous report.

As of today, there are a total of 131 Hoboken properties pending to close (133 last week).  

Here are the deals of last week…..

Firm accepted offers:

1 bedroom

4 units received accepted offers (2 last report)   Click Here to View Listings

These averaged 50 days on market

2 bedrooms

6 condos had accepted offers  (7 last report)     Click Here to View Listings

Average days on market for this group was 114.

3-4 bedrooms:

0 accepted offer (1 last report)   

Sold Condos:  

Studios:

No closings (0 last report)

1 bedroom:

5 properties closed.   (1 last report)       Click Here to View Listings  Average listing price was $393,557 and selling price was $384,100  (-2.40% of listing price)  Averaged 198 days on market

2 bedrooms:

4 units sold.   (5 last report)      Click Here to View Listings  Average listing price was $480,947.  Average selling price was $457,500 (-3.96% of listing price).  Averaged 73 days on market.

3 – 4 bedrooms:

No units closed (0 last report)

Active for sale market:

As of today there are 578 Hoboken condos actively listed for sale in our MLS which is an almost 6% rise in inventory.  546 units on market last week.  Average asking price is $588,726 ($595,595 last week) and median price is $529,000 ($528,450 last week).  Days on market average 103 (105 last week).

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Edward (Eddie) Perez

I Want to Buy my Home at the Bottom. Me too!

When we get to the bottom of the market, will somebody please ring a bell.

 One has to be very lucky to purchase a good suitable home at the bottom or sell at the top. These pricing peaks and valleys usually come to light after they have moved considerably from their respective highs or lows.

If purchasing at the absolute lowest price is your main concern and you are flexible with location, price and condition, you should focus on foreclosures and/or short sales.

On the other hand if purchasing a home that best fits your family needs (location, condition, floor plan, school district etc.) is of importance, an effective strategy might be to determine if you are in the “ballpark” of reaching a pricing bottom and this bottom will hit and rebound all within your time frame of owning.

For instance, lets say you feel that you will be in your next home for 5 years and the market price drops a bit in year one of owning from where you entered. Do you feel it will recover back to your entry point within the next 4 years? If that seems reasonable, then it should really not matter if you purchased at the bottom or not.

Not only that, you will have most likely selected a home that will fill most or your requirements as the selection was at its peak. You will have enjoyed 5 years of living in a comfortable home, making lasting memories without the worry of having to time the market and perhaps settling for something less than you would have had to.

What value do you put in that?

Don’t forget that you may have also benefited from tax incentives from owning during those 5 years AND will have built equity in your home through principal reduction payments.

So the question home buyers should be asking themselves is;

1. Have we reached the bottom of the real estate market and if not, will it come and go during my time of ownership?

If you feel the answer is “yes” to this question, then…..

2. Is it worth the risk and aggravation of trying to determine the exact bottom?

If the answer is “no” then…

You have permission to buy!

Edward (Eddie) Perez

Stop Throwing Away Your Money on Rent?

Buying a condo is one of the biggest and possibly best decisions you can make If you are looking to either rent or buy, here are some reasons that buying may work out better for you.

When you pay rent you are putting money into something that you cannot call your own. Every month you pay rent but once your lease is up, the apartment is no longer yours. Putting so much money towards an apartment is very similar to throwing money away. In the end, you do not get anything out of rent once the lease is done.

When you buy a condo, the value of the home appreciates over time. As time goes on, the value of the home gets greater (providing the economy is doing well) and when want to sell your home you typically get more out of it than you paid, especially if you added a room or fixed up some areas of the condo.

When you rent an apartment you have to answer to a landlord. When you buy your own condo you only have to answer to yourself. You can paint the walls, renovate the kitchen, and change things as you like.

Owning your own condo gives you an amazing sense of accomplishment. It is one of the biggest decisions you are going to make in your life.

For more interesting information relating to buying your first home, go to Will I Qualify for Refinancing Under Obama Housing Plan or How Long Will it Last?

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Hoboken Real Estate Market’s Newest Listings & Price Reductions

Thinking about buying but not sure…read “I want to buy my home at the bottom.  Me too!”

Check out this weeks newest listings and price reductions.

33 new condo listings (29 last week) and 1 new 1-4 Family home (1 last week) hit the Hoboken market.  

35 condo price reductions (29 last week)

(3) 1-4 family homes had price reductions  (2 last week)

Check them all out.

Studio condo

no new listings (1 last week)

2 price reductions.  (0 last week)     Click Here to View Listings

1 bedroom condos

14 new listings starting at $285,000  (10 last week)       Click Here to View Listings

9 price reductions  (10 last week)       Click Here to View Listings

2 bedroom condos

13 new listings starting at $399,000 (23 last week).      Click Here to View Listings

17 price reductions   (16 last week)        Click Here to View Listings

3 bedroom condos

6 new listings starting at $524,000   (4 last week)        Click Here to View Listings

6 price reductions  (3 last week)       Click Here to View Listings

4 bedroom condo

no new listings (0 last week)   

1 price reductions (0 last week)   Click Here to View Listings

1-family homes

1 new listing  (0 last week) Listed at $999,000  Click Here to View Listings

0 price reductions.  (1 last week)   

2-4 family homes

3 new listings.  (1 last week)  Starting at $699,000      Click Here to View Listings

3 price reductions.  (1 last week)   Click Here to View Listings

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings and price reductions of the week.  We’ll post the most up-to-date listings of condos and 1-4 family homes. You can then plan to see any of these over the weekend.

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click on Browse Listings.

Questions??  Email us at info@InvestHoboken.com

Hoboken Condo Market Weekly Stats

Great, some positive news.  The Commerce Department just reported that construction spending increased 0.3 percent in March, the best showing since a similar rise last September. Economists had expected spending to drop 1.5 percent for a sixth straight monthly decline.

Meanwhile, the National Association of Realtors said its index of pending home sales rose 3.2 percent to 84.6 in March, the second monthly increase after it hit a record low in January. The pending sales index also is 1.1 percent above last year’s levels. Typically, there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future home sales.

To top it off, as of todays close, the S&P 500 is now in positive territory for ‘09.

 Weekly statistics 4/26/09- 5/03/09

13 condos went into contract last week, an increase from the 10 units from the last report.

14 condos closed last week.  9 closings the previous report.

As of today, there are a total of 132 Hoboken properties pending to close (131 last week).  

Here are the deals of last week…..

Firm accepted offers:

Studio & 1 bedroom

5 units received accepted offers (4 last report)    Click Here to View Listings

These averaged 48 days on market

2 bedrooms

7 condos had accepted offers  (6 last report)       Click Here to View Listings

Average days on market for this group was 107.

3-4 bedrooms:

1 accepted offer (0 last report)   Click Here to View Listings  

This is a new construction unit.

Sold Condos:

Studios & 1 bedroom:

3 properties closed.   (5 last report)        Click Here to View Listings  Average listing price was $401,000 and selling price was $380,833  (-5.02% of listing price)  Averaged 69 days on market

2 bedrooms:

9 units sold.   (4 last report)       Click Here to View Listings  Average listing price was $556,530.  Average selling price was $530,722 (-4.63% of listing price).  Averaged 43 days on market.

3 – 4 bedrooms:

2 units closed (0 last report)  Click Here to View Listings   Average listing price was $757,388.  Average selling price was $732,500 (-3.28% of listing price).  Averaged 80 days on market.

Active for sale market:

As of today there are 555 Hoboken condos actively listed for sale in our MLS which is down from last weeks high of 578 units.  Average asking price is $584,248 ($588,726 last week) and median price is $529,000 ($529,000 last week).  Days on market average 98 (103 last week).

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Edward (Eddie) Perez

Be$t Buy$ – Hoboken

Every week we’ll highlight some of the best buys and values for Hoboken condos and row houses.  If you’re looking for a one, two, three or 4 bedroom condo or a fabulous row house, check back often as these are sure to be the homes to sell the fastest.

Best buy – 1 bedroom

300 Newark St #5E, Hoboken – Downtown Hoboken 1 Bed, Balcony, NYC Views, Great PATH location!  855 square feet with excellent floor plan.  Easy walk to restaurants, shopping and Hoboken’s waterfront park / promenade.  Offered at $389,000   Click Here to View Listings

Why it’s a best buy - Another unit on the 3rd floor without as nice of a view and without upgraded flooring is on the market at $469,000.

Best buy – 2 bedroom

107 Jackson St #1, Hoboken – Incredible 1500sq ft Condo in Hoboken! 2 bed, 2 Bath with elevator that opens into your home and has a fantastic layout. Beautifully upgraded kitchen offers tile flooring, granite counter tops and new cabinets  Offered at $415,000   Click Here to View Listings  This is a short sale, subject to bank approval.

Why it’s a best buy – The next least expensive 2 bed / 2 bath with a minimum of 1400 sqft is listed at $609,000.  Someone will be getting an incredible deal if the bank approves at the offering price!

 Search entire Hoboken & Jersey City MLS listings at http://www.InvestHoboken.com  

We welcome your questions at info@InvestHoboken.com

Ideas for Choosing the Right Paint Color for Your Living Room

The best way to begin choosing the right paint color for your living room is to let the fabric in your living room lead the way. Fabric provides inspiration for a room’s color scheme. It’s also a good starting point since painting your living room is much easier and costs a lot less than to change furniture.

Mark or rip out pages in magazines with rooms that you like. This will become your decorating portfolio and will come in handy when its time to pick a mood and feel for your room.

You may even see a room with the same structure as your space that you can use as a template for your wall color and furniture placement.

You want to use colors appropriate to the natural setting and lighting. It is a must to understand the psychology of color. The color wheel has two sides: warm and cool.

Just like the group name connotes, warm colors add coziness and warmth to a space while cool colors add a smooth airiness that can translate an atmosphere of peace and relaxation. Warm colors range from red to orange and cool colors range from blue to violet.

Knowing how color will affect your emotional response will come in handy when choosing the mood of your living room.

Highlighting window casements, columns, staircases, crown moldings and other architectural features with shades of white can instantly turn your living room into a true showcase admired by friends, family and yourself.

If you’re feeling brave, instead of painting your living room’s architectural features white or off-white, consider the palest shade of color to coordinate with the walls.

Painting your living room can be fun, easy and inexpensive.

Choosing a living room’s feel can be as simple as flipping through your favorite magazine and cutting out a picture. Paying a little attention to details, especially architectural ones can give your living room that custom touch.

For more decorating tips go to How to Make the Space in Your Condo Feel Larger or  Inexpensive Ways to Increase Your Condo’s Value.

Hoboken Condo Market Weekly Stats

Has buyer activity increased?  Not according to last weeks stats!  Although my conversations with other agents and brokers seem to lean towards increased buyer interest,  the solid deals are not backing this up yet.  

I’ll recap the April sales tomorrow.  Here’s the activity of last week.

Weekly statistics 5/3/09- 5/10/09

9 condos went into contract last week, down from the 13 units from the last report.

3 condos closed last week.  14 closings the previous report.

As of today, there are a total of 140 Hoboken properties pending to close (133 last week).  

Here are the deals of last week…..

Firm accepted offers:

Studio & 1 bedroom

1 accepted offer (5 last report)     Click Here to View Listings

This was on market for 115 days

2 bedrooms

6 condos had accepted offers  (7 last report)        Click Here to View Listings

Average days on market for this group was 38.

3-4 bedrooms:

2 accepted offers (1 last report)    Click Here to View Listings

These averaged 131 days on market 

Sold Condos:  

Studios & 1 bedroom:

No closings  (3 last report)        

2 bedrooms:

2 units sold.   (9 last report)        Click Here to View Listings  Average listing price was $559,450.  Average selling price was $545,000 (-2.58% of listing price).  Averaged 90 days on market.

3 – 4 bedrooms:

1 unit closed (2 last report)    Click Here to View Listings  Listing price was $485,000.  Selling price was $450,000 (-7.21% of listing price).  105 days on market. 

Active for sale market:

As of today there are 581 Hoboken condos actively listed for sale in our MLS which is up from last weeks high of 555 units.  Average asking price is $605,753 ($584,248 last week) and median price is $529,000 ($529,000 last week).  Days on market average 103 (98 last week).

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Edward (Eddie) Perez

Is a Short Sale a Good Idea?

Are you thinking about selling your home? If the value of your home is less than the amount of your outstanding loan consider a Short Sale. For example, if your home is worth $250,000 but you have a loan of $260,000 then a short sale is a consideration. Obviously, if you do not have to sell your home, you could wait out the market and hope for a turnaround in real estate values.

However, if you do have to sell your home you basically have three options. First, you can bring cash to the table. In the example above you would sell your home for $250,000 and pay another $10,000 to the lender out of your pocket to pay off the loan on your property. Second, you could let the home go into foreclosure. The lender will go through the foreclosure process, force you out of your home and then auction it off to the highest bidder at a foreclosure or Trustee’s auction. The third option is to pursue a short sale. You contact the lender, explain the circumstances and convince them to take less than full value of their loan.

In the example above you may tell them you have a buyer for $250,000 and it’s very unlikely there will be a buyer at a higher price. If they will accept $250,000 for their $260,000 loan then you can proceed with a short sale. Sometimes the lender will consider a short sale before you have a buyer and you can market your property and, if you find a buyer, take their offer to the lender for consideration. The lender may or may not accept the offer. It is definitely worth the effort since a short sale is less devastating than a foreclosure.

Take a look at Hoboken Condo Short Sale List to get a good idea of what is taking place in the local Hoboken real estate market.

If  you have the right team in place including your real estate attorney and a Certified Distressed Property Expert certified REALTOR®, your chances of buying a short sale are greatly improved. To really get a good idea of what a CDPE can do for you click on the following link  What Is a Certified Distressed Property Expert (CDPE)?  To find out all the benefits and options of purchasing a short sale, contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at 201-344-2886 or at eddie@InvestHoboken.com or Prevent Foreclosure.

FHA First Time Buyer Program

There is the FHA First Time Home Buyer Program which helps first timebuyers who might not be ideal candidate for traditional mortgages. FHA program has the following benefits for first time home buyers.

Credit Score Requirement –The FHA underwriter will evaluate the entire credit profile to determine the borrower’s likelihood of repayment. Currenty,  several lenders are requiring 620 credit scores.

Bankruptcy okay – Chapter 7 bankruptcies are allowed if discharged over 2 years ago (or 1 year with extenuating circumstances). Chapter 13 bankruptcies are allowed with a minimum of 1 year of on time plan repayment and trustee approval.

Less Money Needed – FHA loans allow the seller to pay up to 6% of the sales price toward the closing costs and only require a 3.5% down payment.

Housing History– FHA does not require a rental or other housing history if it is not available.

Non-occupying co-borrower allowed – FHA allows a non-occupying relative to co-sign the mortgage. The non-occupant’s income and assets can be used for qualification purposes. This is generally used for parents to help their children buy a home.

Property types – 1-4 unit, condos, town homes, modular homes, and manufactured home

No cash reserves required – Unlike most conventional loans, FHA does not require you to have cash reserves
on 1-2 unit properties. However, having reserves can help strengthen the overall credit profile.

Housing prices might still be declining but if you plan to stay in your home for a long time you’ll will come out a head in the long run. If you think about a home as a home and not as an investment you will have an easier time taking the plunge into home ownership. If you can afford your dream home now go for it.  Remember, you can’t really time a market bottom.

For more valuable information please go to I Want to Buy my Home at the Bottom.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Hoboken Real Estate Market’s Newest Listings & Price Reductions

We are in a buyers market but you have to actually “buy” in order to participate.  There are lots of great deals out there and folks are getting really nice properties at really good prices.  Come join the fun

Check out this weeks newest listings and price reductions.

28 new condo listings (33 last week) and 3 new 1-4 Family homes (2 last week) hit the Hoboken market.  

44 condo price reductions (35 last week)

(3) 1-4 family homes had price reductions  (3 last week)

Check them all out.

Studio condo

1 new listings offered at $435,000 (0 last week)    Click Here to View Listings  

1 price reduction.  (1 last week)      Click Here to View Listings

1 bedroom condos

8 new listings starting at $299,000  (14 last week)     Click Here to View Listings

13 price reductions  (9 last week)        Click Here to View Listings 

2 bedroom condos

17 new listings starting at $415,000 (13 last week).       Click Here to View Listings

25 price reductions   (17 last week)       Click Here to View Listings  

3 bedroom condos

2 new listings starting at $1,048,200  (6 last week)         Click Here to View Listings

5 price reductions  (6 last week)        Click Here to View Listings

4 bedroom condo

no new listings (0 last week)   

0 price reductions (0 last week)   

1-family homes

2 new listings (1 last week) Listed at $1,125,000  Click Here to View Listings

1 price reduction.  (0 last week)    Click Here to View Listings

 2-4 family homes

1 new listing.  (3 last week)  Offered at $899,000       Click Here to View Listings

2 price reductions.  (3 last week)    Click Here to View Listings

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings and price reductions of the week.  We’ll post the most up-to-date listings of condos and 1-4 family homes. You can then plan to see any of these over the weekend.

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click on Browse Listings.

Questions??  Email us at info@InvestHoboken.com

Edward (Eddie) Perez

Hoboken Condo Market Weekly Stats

We seem to be keeping about the same pace for contracts signed and for closings.  This indicates a market where the smart deals are being snapped up by savvy buyers but where the overall market is still rather tame.

What’s exciting are all the great deals out in the marketplace, the fantastic interest rates, the first time home buyers credit (expires end of this year) and the quality of many of the homes.  Anyway, here are the stats!

Weekly statistics 5/10/09- 5/17/09

11 condos went into contract last week, up just slightly from the 9 units from the last report.

4 condos closed last week.  3 closings the previous report.

As of today, there are a total of 140 Hoboken properties pending to close (133 last week).  

Here are the deals of last week…..

Firm accepted offers:

Studio & 1 bedroom

3 accepted offers (1 last report)      Click Here to View Listings

These averaged 158 days on market.

2 bedrooms

7 condos had accepted offers  (6 last report)         Click Here to View Listings

Average days on market for this group was 204.

3-4 bedrooms:

1 accepted offers (2 last report)     Click Here to View Listings

These averaged 50 days on market

Sold Condos:  

Studios & 1 bedroom:

No closings  (0 last report)        

2 bedrooms:

4 units sold.   (2 last report)         Click Here to View Listings  Average listing price was $472,000.  Average selling price was $446,250 (-5.45% of listing price).  Averaged 143 days on market.

3 – 4 bedrooms:

No closings (1 last report)    Click Here to View Listings  

 Active for sale market:

As of today there are 576 Hoboken condos actively listed for sale in our MLS which is down from last weeks high of 581 units. Average asking price is $574,310 ($605,753 last week) and median price is $525,000 ($529,000 last week).  Days on market average 101 (103 last week).

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Edward (Eddie) Perez

April 2009 – Hoboken Condo Market Statistics

Here are the final numbers for April 2009 compiled using the Hudson County Multiple Listing Service.

The numbers are showing the effects from the challenges that the local real estate markets have been facing.  

The bright spot is that buyers that are participating (you have to participate to take advantage) in this buyers market are finding affordability fantastic, mortgage rates at historic lows, excellent selection / quality and negotiating possibilities off of the list prices.

To be a “buyer”, one has to actually buy!  Check out the stats:

	April 2008	April 2009	Comparison:
Units Sold:	76	38	-50%
Avg. Price:	$564,915	$433,107	-23.3%
Median Price:	$549,900	$422,500	-23.1%
Pending:	80	49	-51.2%

April 2009

Sold Condominiums: 39

High Low Average Median Total Price Listing Count List Price: $700,000 $319,000 $451,358 $434,450 $17,151,618 38 Sold Price: $660,000 $310,000 $433,107 $422,500 $16,458,100   DOM: 475 4 88 66

Studio: none sold

 

1 bedroom: 17 sold.

Average asking price: $395,322

Average selling price: $380,770 (-3.7% of asking price)

Average days on Market: 108

2 bedroom: 19 sold

Average asking price: $483,229

Average selling price: $462,368 (-4.3% of asking price)

Average days on Market: 69

3 bedroom: 2 sold

Average asking price: $624,888

Average selling price: $600,000 (-4.0% of asking price)

Average days on Market: 90

4 bedroom:  None sold

April 2009

Pending Condos: 49

High Low Average Median Total Price Listing Count List Price: $1,199,000 $279,000 $523,283 $498,000 $25,640,882 49 Sold Price: pending pending pending pending pending   DOM: 385 6 99 64

Studio: 1 contract pending. Asking price is $480,995. Days on market is 112

1 bedroom: 16 contract pending Click Here to View Listings

Average asking price: $381,009

Average days on Market: 72

2 bedroom: 30 contract pending Click Here to View Listings

Average asking price: $567,609

Average days on Market: 100

3 bedroom: 2 contract pending Click Here to View Listings

Average asking price: $1,017,000

Average days on Market: 282

4 bedroom: no contract pending

Stay informed with buying & selling advise, statistics, new listings, Be$t Buy$ and more!!

www.HobokenRealEstateBlog.com

If you would like specific information tailored to your Hoboken condo, email me direct at eddie@InvestHoboken.com

Search entire Hoboken MLS at www.InvestHoboken.com Then click browse Hoboken Listings

Edward (Eddie) Perez

Hoboken Real Estate Market’s Newest Listings & Price Reductions

Hope everyone has a fantastic Memorial Day weekend.  This could be a nice long weekend for house shopping!  

Here are this weeks newest listings and price reductions.

26 new condo listings (28 last week) and 2 new 1-4 Family homes (3 last week) hit the Hoboken market.  

30 condo price reductions (44 last week)

 1-4 family home had a price reduction  (3 last week)

Check them all out.

Studio condo

 new listings  (1 last week)    

2 price reductions.  (1 last week)       Click Here to View Listings

1 bedroom condos

12 new listings starting at $314,900  (8 last week)     Click Here to View Listings

9 price reductions  (13 last week)        Click Here to View Listing 

2 bedroom condos

14 new listings starting at $315,000 (17 last week).      Click Here to View Listings

16 price reductions   (25 last week)        Click Here to View Listings 

3 bedroom condos

0 new listings   (2 last week)         

3 price reductions  (5 last week)       Click Here to View Listings

4 bedroom condo

no new listings (0 last week)   

0 price reductions (0 last week)   

1-family homes

1 new listing, actually re-listed! (2 last week) Listed at $2,350,000   Click Here to View Listings

1 price reduction.  (1 last week)     Click Here to View Listings

2-4 family homes

1 new listing.  (1 last week)  Offered at $1,200,000        Click Here to View Listings

1 price reduction.  (2 last week)    Click Here to View Listings 

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings and price reductions of the week.  We’ll post the most up-to-date listings of condos and 1-4 family homes. You can then plan to see any of these over the weekend.

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click

on Browse Listings.

Questions??  Email us at info@InvestHoboken.com

Edward (Eddie) Perez

Hoboken Condo Market Weekly Stats

Finally some increased buying activity.  We saw nice gains in both pending contracts and closed sales.  Like we mentioned last week, the best way to take advantage of a buyers market is to BUY!!!   

Weekly statistics 5/17/09- 5/24/09

17 condos went into contract last week, a nice gain from the 11 units from the previous report.

14 condos closed last week.  4 closings the previous report.  Another noticeable gain!

As of today, there are a total of 150 Hoboken properties sales pending to close (140 last week).  

Here are the deals of last week…..

Firm accepted offers:

Studio & 1 bedroom

4 accepted offers (3 last report)       Click Here to View Listings

These averaged 106 days on market.

2 bedrooms

13 condos had accepted offers  (7 last report)          Click Here to View Listings

Average days on market for this group was 71.

3-4 bedrooms:

0 accepted offers (1 last report)    

Sold Condos:  

Studios & 1 bedroom:

3 units sold  (0 last report)         Click Here to View Listings  

Average listing price was $312,666.  

Average selling price was $298,333 (-4.58% of listing price)

Average days on market was 48.

2 bedrooms:

11 units sold.   (4 last report)        Click Here to View Listings  

Average listing price was $608,154.  

Average selling price was $573,454 (-5.70% of listing price).  

Averaged days on market was 53

3 – 4 bedrooms:

No closings (0 last report)    

Active for sale market:

As of today there are 568 Hoboken condos actively listed for sale in our MLS which is down from last weeks high of 576 units.  Average asking price is $582,101 ($574,310 last week) and median price is $529,000 ($525,000 last week).  Days on market average 104 (101 last week).

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Edward (Eddie) Perez

Hoboken Real Estate Market’s Newest Listings & Price Reductions

Buying activity picked up last week.  Check out the newest listings and price reductions for your new home.

Here they are:

41 new condo listings (26 last week).  There were not any new 1-4 Family homes (2 last week).

26 condo price reductions (30 last week)

(5) 1-4 family homes had a price reduction  (0 last week)

Studio condo

0 new listings  (0 last week)    

1 price reduction.  (2 last week)        Click Here to View Listings

1 bedroom condo

8 new listings starting at $312,000  (12 last week)      Click Here to View Listings

6 price reductions  (9 last week)        Click Here to View Listings

2 bedroom condo

21 new listings starting at $399,000 (14 last week).       Click Here to View Listings

17 price reductions   (16 last week)         Click Here to View Listings 

3 bedroom condo

7 new listings starting at $540,000  (0 last week)         Click Here to View Listings

2 price reductions  (3 last week)        Click Here to View Listings

4 bedroom condo

no new listings (0 last week)   

0 price reductions (0 last week)   

1-family homes

0 new listings  (1 last week)

2 price reduction.  (1 last week)    Click Here to View Listings 

2-4 family homes

0 new listings.  (1 last week)  

3 price reductions.  (1 last week)     Click Here to View Listings

Check the Hoboken Real Estate Blog every Friday for the newest real estate listings and price reductions of the week. We’ll post the most up-to-date listings of condos and 1-4 family homes. You can then plan to see any of these over the weekend.

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click on Browse Listings.

Questions??  Email us at info@InvestHoboken.com

Edward (Eddie) Perez

Hoboken Condo Market Weekly Stats

Up one week, down the next!  That’s the seesaw type of market we are in.  

Weekly statistics 5/24/09- 5/31/09

7 condos went into contract last week, a drop from the 17 units in the previous report.

11 condos closed last week.  14 closings the previous report.  

As of today, there are a total of 152 Hoboken properties pending to close (150 last week).  

Here are the deals of last week…..

Firm accepted offers:

Studio & 1 bedroom

2 accepted offers (4 last report)   

These averaged 96 days on market.

2 bedrooms

4 condos had accepted offers  (13 last report) 

Average days on market for this group was 76.

3-4 bedrooms:

1 accepted offer (0 last report)        This a newly constructed unit.

Sold Condos:  

Studios & 1 bedroom:

2 units sold  (3 last report)    

Average listing price was $359,950.  

Average selling price was $332,450 (-7.63% of listing price)

Average days on market was 81.

2 bedrooms:

8 units sold.   (11 last report)  

Average listing price was $500,025.  

Average selling price was $480,375 (-3.92% of listing price).  

Averaged days on market was 132

3 – 4 bedrooms:

1 closing (0 last report) 

Listing price was $1,060,000

Selling price was $930,000 (-12.26% of listing price)

Days on market was at 313 however this was listed before construction was complete. 

Active for sale market:

As of today there are 578 Hoboken condos actively listed for sale in our MLS which is up a bit from last weeks high of 568 units.  Average asking price is $575,832 ($582,101 last week) and median price is $525,000 ($529,000 last week).  Days on market average 103 (104 last week).

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com 

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Edward (Eddie) Perez

More Reasons to Buy a Condo

Real estate buyers often see condo purchases as appealing optionsthese days. Not only are they affordable, they are great for first time buyers and those looking to retire from the hassles of yard work, and caring for a large home. Condominiums also tend to offer extra perks such as swimming pools, gyms and other amenities many single homes do not.

What is a Condominium?

A condo is sort of like an apartment where each unit is individually owned. The units are generally grouped together, often sharing one or more walls. Though the “unit” is owned individually, the grounds and structure of the complex is owned jointly. An association is set up by the owners with the intention of providing for the overall maintenance. Sometimes, this association is managed by an outside company for a fee, while in other instance it is run by the actual condo owners.

Association Rules and Laws

Buying a condominium,you’ll be happy with takes a little research. For instance, It’s essential to understand the responsibilities if the condo association before going forward with a purchase.

Knowing exactly what you will be responsible for and what obligations belong to the condo association before you buy can save a lot of headache later. Of course, sifting through and understanding the association’s rules and by-laws before the purchase can be a headache. Hiring a good real estate attorney to clarify the association’s laws may be helpful

The Dues of the Association

Some associations charge minimal fees, but there are others that charge much higher dues since they provide more extensively for all the needs of the building. In some cases, even heat is included.  Always inquire about the amount of the fees, what they include, and how often they are paid. Before you sign a contract, find out if the fees are subject to frequent increases. Make sure that the fees won’t increase your monthly housing costs beyond what you can afford to pay. (If you get in a bind and don’t pay your condo fees, you can be evicted even if your mortgage is current!)  If the association fees are exorbitant, the purchase is not worth it.

If you already own a home you may be interested in these informative posts. Will I Qualify for Refinancing Under Obama Housing Plan or How Long Will it Last?

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

What Must Never be Overlooked in a Home Inspection

1. Choose A Home Inspection Company With Top Credentials

 As a first time home buyer you have goals, you want to be well informed, and you want to make a wise investment. Choose a home inspection company that understands your needs and will work with you to help you meet your goals. If you want your home inspection conducted by a Licensed Professional Engineer (P.E.), be sure that your home inspection report will be stamped with the home inspectors licensed P.E. seal. The practice of engineering is State regulated and licensed; the P.E. seal on the home inspection report is the key to your protection.

2. Don’t Pay Twice For A Home Inspection

 First time home buyers who retain the services of a home inspector who is not a P.E., may be faced with paying a second home inspection fee if the home inspector uncovers a problem, such as a structural defect, that requires the opinion of a Licensed Professional Engineer. Shouldn’t you retain the services of an inspection company licensed to practice engineering right from the start?



3. Be Sure To Obtain A Written Home Inspection Report

 Be sure that your home inspection report will be a detailed written report, not a hand written checklist that is given to you at the end of the home inspection. A checklist may be void of details and may not provide all of the information and engineering advice first time home buyers need.



4. Ask About Important Professional Affiliations

 Be sure that the home inspection company you retain has professional affiliations, such as NABIE (National Academy Of Building Inspection Engineers) and NSPE (National Society Of Professional Engineers). Unlike home inspection trade societies, NABIE and NSPE accept only Licensed Professional Engineers as members. Members of NABIE need to meet tough entrance requirements, are highly qualified in the home inspection profession, and adhere to a strict code of ethics
.


5. Don’t Be Confused By Home Inspector “Certifications”

 Don’t be confused by home inspector “certifications” offered by, or sold by trade societies or companies, or obtained via home inspection home study courses, certifications are available to anybody, a high school diploma is not a requirement and certifications can be readily purchased.

For more information regarding appraisals please go to What do Appraisers Really

Do?

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Hoboken Condo Market Weekly Stats

Same, same!  Market contracts up from previous week but closed sales down.  Our office is definitely getting busier with more buyer interest.  Let’s see if that translates into more deals being consummated!

Weekly statistics 5/31/09- 6/07/09

13 condos went into contract last week, up from the 7 units in the previous report.

7 condos closed last week.  11 closings the previous report.  

As of today, there are a total of 154 Hoboken properties pending to close (152 last week).  

Here are the deals of last week…..

Firm accepted offers:

Studio & 1 bedroom

2 accepted offers (2 last report)    

These averaged 145 days on market.

2 bedrooms

10 condos had accepted offers  (4 last report)

Average days on market for this group was 124.

3-4 bedrooms:

1 accepted offer (1 last report)  47 days on market

Sold Condos:  

Studios & 1 bedroom:

2 units sold  (2 last report) 

Average listing price was $399,450.  

Average selling price was $376,000 (-5.87% of listing price)

Average days on market was 47

2 bedrooms:

4 units sold.   (8 last report) 

Average listing price was $998,000.  

Average selling price was $948,000 (-5.01% of listing price).  

Averaged days on market was 15

3 – 4 bedrooms:

1 closing (1 last report)

Listing price was $849,000

Selling price was $775,000 (-8.71% of listing price)

Days on market was 96

Active for sale market:

As of today there are 581 Hoboken condos actively listed for sale in our MLS which is up a bit from last weeks high of 578 units.  Average asking price is $573,902 ($575,832 last week) and median price is $525,000 ($525,000 last week).  Days on market average 103 (103 last week).

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include  properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Edward (Eddie) Perez

Short Sale vs. Deed-In-Lieu

Homeowners facing foreclosure often have the option of selecting a short sale or a deed-in-lieu of foreclosure as a possible solution to their financial difficulties. But are they? Which is the best choice? Like most alternatives, both have their upsides and their downsides. Understanding these options is the only way to make a truly informed decision.

When you decide to use a short sale to prevent foreclosure, you should understand that the sale must have the lender’s approval and that lenders don’t always agree. What the lender is doing when he accepts, is permitting you to sell your home for less than you owe him and taking the loss himself. If he does go along with the short sale, it will relieve you of the burden as well as the cost, emotional strain and embarrassment of a messy foreclosure procedure. On the upside, a short sale is far less destructive to your credit rating than a foreclosure, as it is supposed to be listed as a “settled debt” on your credit report. However, it is still harmful to your credit score and can reduce it by 200 points or more.

On the downside, the lender could always go after you to collect the difference between the short sale price and what you owed him by getting a deficiency judgment against you. However, more often than not, this doesn’t happen simply because he knows that there is no money to recover and that he will have to pay all the costs of the legal action.

A deed-in-lieu of foreclosure is when you give your home back to your lender, take your losses and thereby prevent the foreclosure. Lenders will frequently accept this because it is a less expensive and time consuming process for him than a full foreclosure action. The upside is that a deed-in- lieu is a faster solution than a short sale and that it is more likely to be acceptable to the lender. The ramifications to your credit score are about the same as the short sale.

On the downside, if the lender eventually sells the home for a price that doesn’t pay off the original mortgage amount, he can get a deficiency judgment and try to collect it from you. Once again, however, he knows that you can’t get blood out of a stone and probably won’t proceed if there doesn’t appear to be any money to recover.

The sooner you act on either a short sale or a deed-in-lieu the better. Once the foreclosure process is activated, you will not be in a strong position to negotiate with your lender because payment arrearages, interest and penalties have piled up. He can hold you financially responsible for his losses and seek a deficiency judgment that will appear on your credit report even if you don’t have the money to pay it. In either case, however, avoiding foreclosure is always a better choice in terms of the effect on your credit.

Recently, there have been revisions made to President Obama’s  Making Home Affordable program that will make a short sale or a deed-in-lieu a less complicated process.

For the most up-to-date information regarding Hoboken Short Sales, please go to Help With Short Sales.

If you find yourself falling behind on your payments, I may be able to help you.  For foreclosure advice or personal assistance finding your new Hoboken home, visit our website at Your Home for Real Estate.

The Truth About Loan Modification

The past year, of course, has seen an explosion of new loan modification and debt consolidation companies. The new industry shares some similarities with the mortgage took advantage of people to maximize commissions. You can almost imagine a scenario where the guy who made five percent commission on your loan and stuck you with business five years ago, when the lure of a fast buck drew plenty of good, honest people but even more people who a prepayment penalty on a loan that adjusted after one month is now on the other end of the phone offering to help you get your loan modified.

Before you pay anyone, check out what might be available to you through Making Home Affordable and talk to a HUD-approved counselor.  Unless you are given reason to believe that a lawyer or a loan mod company can do better for you than you could do working through the program, you might as well save your money.

So, how do you find a reputable attorney and/or loan modification company to help you through the process. First, never go with the first person you talk to. There are companies that charge from $695 to $5,000 and higher to help you out, and it can be a daunting task to choose someone to help you out. You do not need to give each of the companies actual documentation, but you should be forthcoming about your exact scenario including loan amounts for both mortgages, approximate value of your home, and what your level of delinquency is. Your HUD-approved counselor may be able to offer a referral. Once you have talked to three or four different companies, you should have a good feel for how they compare in terms of some of the following important criteria:

What is the upfront fee?

When is the next payment due, or is there a payment plan?

What is the total fee?

Is there an additional fee to have them handle a second mortgage concurrently?

How long until you hear back from their initial review of your documentation?

If the modification is not successful, how much of the fee is refundable and when?

VERY IMPORTANT: How do they define a successful loan modification? Is the bare minimum that they guarantee enough of a savings to actually make the home affordable?

Once they complete an initial review of your documentation, they will move forward by sending your documentation to your lender. Some lenders are offering blanket proposals that are sent out en masse overnight to struggling homeowners, and they simply offer to recapitalize the past due interest, which adds the interest amount to your principal balance and actually increases your monthly payment. Basically, the lender is seeing if you will bite on that offer and start making payments again. There are definitely people out there who are doing good work for homeowners, and if you can’t get a personal referral, at least search for recommendations or warnings about the local person you are dealing with.

Allow me to help you keep or sell your home to stop a potential foreclosure. Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

Hoboken Condo Market Weekly Stats

I mentioned last week that my office seemed to be getting busier but we would have to wait and see if the activity would translate into actually accepted offers.  The results are in and we had a noticeable gain in firm accepted offers.

Weekly statistics 6/07/09- 6/14/09

20 condos went into contract last week, up from the 13 units in the previous report.

7 condos closed last week. 7 closings the previous report.  

As of today, there are a total of 178 Hoboken properties pending to close (154 last week).  

Deals are being made!!!  Here are last weeks.

Firm accepted offers:

Studio & 1 bedroom

7 accepted offers (2 last report)      

These averaged 77 days on market.

2 bedrooms

12 condos had accepted offers  (10 last report)  

Average days on market for this group was 73.

3-4 bedrooms:

1 accepted offer (1 last report)        115 days on market 

Sold Condos:   

Studios & 1 bedroom:

2 units sold  (2 last report)           

Average listing price was $435,500.  

Average selling price was $412,500 (-5.28% of listing price)

Average days on market was 37

2 bedrooms:

4 units sold.   (4 last report)    

Average listing price was $645,750.  

Average selling price was $626,750 (-2.94% of listing price).  

Averaged days on market was 128

3 – 4 bedrooms:

1 closing (1 last report) 

Listing price was $635,000

Selling price was $617,500 (-2.75% of listing price)

Days on market was 50

Active for sale market:

As of today there are 581 Hoboken condos actively listed for sale in our MLS which is the same as last weeks high of 581 units.  Average asking price is $580,933 ($573,902 last week) and median price is $529,000 ($525,000 last week).  Days on market average 105 (103 last week).

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Edward (Eddie) Perez

Hoboken Real Estate Market’s Newest Listings & Price Reductions

Browse to see if the perfect place for you is here!

28 new condo listings (26 last week).  There were not any new 1-4 Family homes listed last week.

48 total price reductions:

46 condo price reductions (26 last week)

(2) 1-4 family homes  (5 last week)

Studio condo

0 new listings  (0 last week)    

0 price reduction.  (0 last week)       

1 bedroom condo

3 new listings starting at $279,000  (12 last week)      

13 price reductions  (6 last week)         

2 bedroom condo

18 new listings starting at $359,000 (21 last week).       

28 price reductions   (17 last week)  

3 + bedroom condo

7 new listings starting at $540,000  (7 last week)   

5 price reductions  (2 last week)   

 1-family homes

0 new listings  (0 last week)

2 price reduction.  (2 last week)

2-4 family homes

0 new listings.  (0 last week)  

0 price reductions.  (3 last week)     

 Check the Hoboken Real Estate Blog every week for the newest real estate listings and price reductions.  We’ll post the most up-to-date listings of condos and 1-4 family homes. You can then plan to see any of these over the weekend.

Search entire Hoboken and surrounding area MLS listings at http://www.InvestHoboken.com and click on Browse Listings.

Questions??  Email us at info@InvestHoboken.com

Edward (Eddie) Perez

Has New Jersey Real Estate Hit The Bottom?

What’s this crazy talk of New Jersey real estate may have hit or is near the bottom?   Check out this article in The Star Ledger.  Jeffery Otteau, founder of the Otteau Valuation Group who was calling the NJ real estate bubble years before it popped is now saying we may have hit the bottom.

Click here for Star Ledger article

We may or may not be there yet however hitting these peaks and valleys are always identified AFTER they have passed. Often times months if not years afterwards.

Ask yourself this question.  When was the absolute peak of the Hoboken market?  No one can say definitively because when we look at the high prices they varied from building to building from around fall of ‘05 to to around early ‘08.

Nobody rang a bell when we hit the top and I doubt anybody is going to ring the bell when we did / do hit the bottom.

Why Now is a Good Time To Buy A Home

Ted Schirm of Met Life Home Loans offers these reasons on why now may be a great time to move forward with a home purchase.

Experts are starting to say that we could be entering the bottom of the housing market as a whole.  A good first step.  I have been hearing of activity in the suburbs. Most of the movement has been in the first time home buyer segment. Nothing documented but a buzz among my co-workers.

What we have right now is a good version of a”Perfect Storm”…there are several factors in place that will help people to buy homes.

RATES ARE STILL HISTORICALLY LOW – While we have not gone back to the 4% range we are still well below 6%.
$8000 TAX INCENTIVE FOR FIRST TIME HOME BUYERS – This has been creating quite a buzz amongst first time home buyers. There are income restrictions with this program but still a good conversation starter.
CONFORMING LOAN LIMITS ARE AT $729,000 – Mortgage money is available in Hudson County at great rates for loan amounts up to $729,000 (single family property – multi unit property loan limits are much higher.)  This is only for the remainder of 2009.
MORTGAGE MONEY IS STILL AVAILABLE – MetLife is in the business to write mortgages.  We have the ability to lend up to $2.5million for a transaction.  Mortgages are available for borrowers who are qualified.  Normal lending guidelines have not changed, what has changed is the elimination of the no document loans, stated income & asset loans and other similar programs.
FHA – For borrower who is unable to put down 20% there is this under appreciated government program.  There is PMI involved but that is better than not being able to get a home.  FHA Condo Spot approvals are not impossible.  We have had a number of closings in the area with no problems.
JUMBO LENDING IS NOT DEAD – There are still outlets for mortgages above $729,000.  As was mentioned above MetLife has the ability to write mortgages up to $2.5million.  This is not only using portfolio money but we have a list of private investors who we use to find the best loan structure for each buyer.

With all of these options available to buyers now is the time for them to buy.  Waiting for a bottom for the housing market may sound like a great idea but if rates go up or if some of these temporary programs are discontinued they may wind up paying more in the long run.

SOME OF THE MOST IMPORTANT THINGS TO CONSIDER –

Home selection is great.

Prices and affordability are fantastic.

Negotiations are always possible.

To take advantage of a buyers market……you  HAVE TO BUY!

Perfect storm?  I don’t know, but these sound pretty good to me!

Hoboken Condo Market Weekly Stats

Back to a typical week for closings and pending contracts.  

Weekly statistics 6/14/09- 6/21/09

13 condos went into contract last week, down from last weeks report of  20 units

7 condos closed last week. 7 closings the previous report.

As of today, there are a total of 179 Hoboken properties pending to close (178 last week).  

Here are last weeks deals…

Firm accepted offers:

Studio & 1 bedroom

4 accepted offers (7 last report)     

These averaged 71 days on market.

2 bedrooms

9 condos had accepted offers  (12 last report)     

Average days on market for this group was 137.

3-4 bedrooms:

0 accepted offers (1 last report)          

Sold Condos:  

Studios & 1 bedroom:

1 unit sold  (2 last report)       

Listing price was $379,000.  

Selling price was $407,000  This sold OVER asking price by 7.3%

Days on market was 12

2 bedrooms:

6 units sold.   (4 last report)         

Average listing price was $595,966.  

Average selling price was $568,500 (-4.60% of listing price).  

Averaged days on market was 72

3 – 4 bedrooms:

0 closings (1 last report)     

Active for sale market:

As of today there are 584 Hoboken condos actively listed for sale in our MLS which is a small increase from last weeks high of 581 units.  Average asking price is $586,453 ($580,933 last week) and median price is $529,900 ($529,000 last week).  Days on market average 106 (105 last week).

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

How To Claim Your $8,000 Tax Credit

Thanks to the American Recovery and Reinvestment Act of 2009, formerly known as the “stimulus bill,” first-time home buyers are eligible for a refundable tax credit of up to $8,000 this year. Here is what you need to know in order to claim the credit.

Who qualifies as a first-time homebuyer? A “first-time homebuyer” is anyone who has not owned a house in the past three years. Furthermore, if you don’t live in the house purchased this year for the three years following the purchase, you will have to pay the credit back to the government. This credit is intended for people who live in their own houses, not house flippers or speculators.

What is a refundable tax credit? When tax professionals and the IRS talk about “refundable tax credits,” they do not mean that you have to pay the credit back to the government. A refundable tax credit means that if you owe less tax than the amount of the tax credit, you will receive a refund — even if you have no other tax liability for 2008. That’s not a bad deal. In other words, if you owe $200 to the government before claiming the credit, and you qualify for $8,000 for the first-time home buyer credit, rather than paying the government, you will receive a check for $7,800. Even if you had no income in 2008, owed no tax, and purchased a qualifying house in 2009, the government will send you a check for $8,000.

What if I bought the house last year? If you purchased a house in 2008 and were a first-time buyer, you qualify for the older refundable tax credit with a maximum of $7,500. This does require that you pay the $7,500 tax credit back over the course of fifteen years, starting two years after the date of the purchase. This is still a good deal. As time goes on, thanks to inflation, you are paying back this “loan” with money that has smaller purchasing power.

To qualify for the new credit with the maximum of $8,000, you must be a first-time home buyer and the sale must take place between January 1, 2009 and November 30, 2009.

Do I qualify for the full $8,000? The actual credit you will receive is 10% of the purchase price of the home or $8,000, whichever amount is lower. If your modified adjusted gross income (MAGI) as a single taxpayer is over $75,000 or if your income as a married couple is over $150,000, your credit will be phased out. The credit will be eliminated if your income is above $95,000 (single) or $170,000 (married).

For more interesting information please go to The Truth About Loan Modification.

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

Explore the Oz

“The Oz” located at 70 Adams St in downtown Hoboken, NJ is only minutes from the PATH, ferry and train. This 54 unit concrete and steel structure was built by Metro Home LLC in 2003.

Open layouts with beautifully designed kitchens and bathrooms make this building one of Hobokens premier residences. All the units feature hardwood floors, crown and chair rail molding. This elevator luxury building has a full gym, and on-site parking.

If you would like to take a tour of The Garden Street Lofts, or for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Hoboken Condo Market Weekly Stats

 Important update:  

An unfortunate request has been made by my MLS, the Hudson County Multiple Listing Service (HCMLS). They are enforcing a “rule” that members are not able to post links to other brokers listings.  These are same links that I email to customers who are searching for homes.  The only way to provide this information is if a customer asks for it.  They feel that providing open information and analysis is somehow detrimental to the other brokers in town.  I personally don’t see how providing information to followers of this site hurts anyone.  One could easily argue the exact opposite.  

Now without getting into the exact boring details of the HCMLS rules, here is my short term solution.  I’ll continue to provide the statistics however if you would like the more detailed links to the individual properties, email me your request with “Hoboken Market Info” in the subject field.  I’ll send you the report with all the links.  

Sorry for the extra step everyone has to take but I’m sure it will make the folks at the HCMLS happy.  Life is too short to get upset over little things like this.

In the meantime, I’ll be working with other members on trying to get the HCMLS and the Liberty Board of Realtors on setting rules/regulations that will best help consumers.

Ok, here is last weeks activity.

Weekly statistics 6/21/09- 6/28/09

18 condos went into contract last week, a nice little gain form last weeks report of  13 units

10 condos closed last week. 7 closings the previous report.

As of today, there are a total of 188 Hoboken properties pending to close (179 last week).  

Here are last weeks deals…

Firm accepted offers:

Studio & 1 bedroom

4 accepted offers (4 last report) These averaged 97 days on market.

CONDO-COOP – Pending
ADDRESS	Area	Sq Feet	Bath	Beds	DOM	LP	SP
231 GRAND ST	Hoboken	670	0	1	65	$299,000
706 WILLOW AVE	Hoboken	690	1	1	162	$320,000
807 CLINTON ST	Hoboken	881	1	1	138	$399,000
Total Listings					Avg	Avg	Avg
4					97	$328,250

2 bedrooms

13 condos had accepted offers  (9 last report)           

Average days on market for this group was 82

CONDO-COOP – Pending
ADDRESS	Area	Sq Feet	Baths	Beds	DOM	LP	SP
301 MONROE ST	Hoboken	658	1	2	67	$308,199
635 6TH ST	Hoboken	1130	2	2	26	$399,000
336 BLOOMFIELD ST	Hoboken	1023	1	2	14	$429,000
607 MADISON ST	Hoboken	1080	1	2	56	$450,000
300 NEWARK ST	Hoboken	1500	2	2	15	$469,000
1029 GARDEN ST	Hoboken	1000	2	2	243	$479,000
510 MONROE ST	Hoboken	1296	2	2	118	$525,000
812 GRAND ST	Hoboken	1187	2	2	161	$535,000
207 2ND ST	Hoboken	1020	2	2	70	$567,950
1331 GRAND ST	Hoboken	1383	2	2	44	$586,888
71 JEFFERSON ST	Hoboken	1200	2	2	96	$619,000
1200 GRAND ST	Hoboken	1121	2	2	23	$629,000
1425 GARDEN ST	Hoboken	1567	2	2	141	$899,000
Total Listings					Avg	Avg	Avg
13					82	$530,464

 
3-4 bedrooms:

1 accepted offer (0 last report)      85 days on market     

CONDO-COOP – Pending
ADDRESS	Area	Sq Feet	Baths	Beds	DOM	LP	SP
81 ADAMS ST	Hoboken	1570	2	3	85	$769,000
Total Listings					Avg	Avg	Avg
1					85	$769,000

Sold Condos:  

Studios & 1 bedroom:

2 units sold  (2 last report)  

CONDO-COOP – Sold
ADDRESS	Area	Sq Feet	Bath	Beds	DOM	LP	SP
924-926 JEFFERSON ST	Hoboken	800	1	1	227	$434,900	$410,000
812 GRAND ST	Hoboken	873	1	1	244	$445,000	$425,000
Total Listings					Avg	Avg	Avg
2					235	$439,950	$417,500

Average list to selling price: -5.10%

2 bedrooms:

8 units sold.   (6 last report)       

 

CONDO-COOP – Sold
ADDRESS	Area	Sq Feet	Baths	Beds	DOM	LP	SP
920 JEFFERSON ST	Hoboken	826	1	2	33	$459,900	$430,000
700 1ST ST	Hoboken	1144	2	2	46	$515,000	$478,000
102 PARK AVE	Hoboken	1225	2	2	67	$539,000	$484,000
452 2ND ST	Hoboken	1342	2	2	88	$550,000	$525,000
531 GARDEN ST	Hoboken	193	2	2	103	$650,000	$595,000
531 GARDEN ST	Hoboken	1154	2	2	15	$625,000	$600,000
219-221 GRAND ST	Hoboken	1295	2	2	67	$629,000	$600,000
2 CONSTITUTION CT	Hoboken	1464	2	2	114	$929,999	$915,000
Total Listings					Avg	Avg	Avg
8					66	$612,237	$578,375

Average list to selling price: -5.53%
3 – 4 bedrooms:

 0 closings (0 last report)     

Active for sale market:

As of today there are 570 Hoboken condos actively listed for sale in our MLS.  A nice decrease from last weeks high of 581 units.  Average asking price is $583,756 ($586,453 last week) and median price is $529,900 ($529,000 last week).  Days on market average 107 (106 last week).

Search entire Hoboken condo market at http://InvestHoboken.com then click on Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com

Edward (Eddie) Perez

Condo Decorating Tips

Assess the layout of the condo. If any remodeling is in your budget, contact an architect or contractor to have your space assessed. Even knocking out a wall can make a huge difference in the space and flow of a condo.

Limit clutter when arranging furniture. Pick a limited number of pieces for each room in your condo, and choose sizes that complement the rooms. A large sectional may not be ideal if it overwhelms your living room. Likewise, a king-size bed may not fit in a smaller bedroom. Get rid of any pieces that are unnecessary in your home.

Pick lighter, more neutral colors for walls and flooring if your condo is fairly small. A coordinating color palette that transitions from room-to-room will open up the space, rather than making it feel choppy. Lighter colors will also visually maximize your space.

Incorporate storage ideas wherever possible in your floor plan. Use stacked crates, shelving and bookcases as decorative visual elements that also serve as a place to keep your things. Storage ottomans and coffee tables are other pieces of furniture to consider.

Don’t be afraid of color. Color can be an expressive way to add depth and dimension to space, especially smaller spaces offered by some condos. Though you may want to keep the walls and floors neutral, remember that a coat of paint to a piece of furniture can makeover its entire image, and items such as furniture, rugs, artwork, pillows and other accessories can pack the punch of color you’re looking for.

For more decorating tips go to How to Make the Space in Your Condo Feel Larger or  Inexpensive Ways to Increase Your Condo’s Value. Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

Are You Looking to Finance a Condo?

Homeowners get tired of the responsibilities involved. First it’s a leaky roof. Then it’s a plumbing problem of mysterious origin. The last straw is usually when the septic system backs up. Finally, you realize that moving into a condominium and sharing the responsibilities of your “home” with others could solve most of your problems.

Originally, condos were apartments that were converted into permanent living units with owners sharing.   

Before buying a condo, investigate the reserve fund. Most condos have a Board to collect fees and keep records. You can request information directly from them about: a) how much cash is in the reserve fund; b) costs of scheduled repairs and maintenance; and c) any special rules or bylaws that the condo board has passed. If you find all the conditions agreeable, you may want to buy.

You’ll go through the same process to finance a mortgage for a condo as you would for a house purchase loan. Paperwork and mortgage rates will be identical, and you can get mortgage quotes from any reputable lender in person or over the Internet.

Condominiums offer an equivalent living space to that of a single-family home, but without the worry of bank account-shattering repairs. Once you find a condo that you like, find a comp and introduce yourself to your new neighbors.

For more interesting information please go to The Truth About Loan Modification.

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

Should I Buy a Home or a Condo For Retirement?

As more and more baby boomers head toward their retirement years, they may discover that the home that seemed so perfect for a growing family suddenly seems far from ideal after the kids moved out. It can be a real pain to haul out the lawn mower or spend time shoveling snow from the driveway. Also, as their friends start to sell their homes, downsize and move into smaller homes or condos, boomers may find the idea even more appealing. Why face retirement with the burdens of a large home to maintain? Why not opt for a simpler lifestyle?

Realities Of Condo Ownership

Condos and homes designed for seniors and baby boomers come in a wide range of prices. It is entirely possible to sell your home, buy a less expensive condo and pocket the savings. You can find out what types of condos or homes are available in your area.

The tradeoff for a condo might be less square feet of living space, but the gain may be special amenities such as a pool, common clubhouse, gym or tennis courts. Other condos have saunas, sun decks, health clubs and even personal trainers on call.

Some condos also are situated on or near lakefront property, with access to free boat docks, fishing and water activities. All of this can add some very luxurious touches to your lifestyle, perhaps enough to make you decide a condo is indeed for you, especially if it comes with state-of-the-art appliances and upscale features. Sounds like a nice, easy lifestyle, doesn’t it?

Amenities In Condos And Homes

Amenities are often a big factor for seniors and baby boomers trying to choose between a condo and single family detached home.

Luxury condos even have 24-hour chauffeur services on call, as well as scheduled activities, lectures and shopping trips for the community. That community can be very close-knit, having parties together and truly creating a neighborhood feel. This can be a great benefit.

But there is such a thing as too much closeness, and shared walls and common outdoor areas may mean you see too much of your neighbors. If the walls are thin, you may hear fights and be forced to listen to loud television shows or other noises. Also, if you don’t plan to use many of the amenities, you’re still likely to be charged a fee for upkeep on areas you rarely use.

For more great information go to How to Get a Home Inspection.

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

Your $8,000 Reminder

What makes the $8000 tax credit so great is that unlike the $7,500 tax credit done last year, the $8000 tax credit  does not need to ever be paid back. It’s totally free money!

Here are four facts you should know about the 2009 home buyers tax credit that first time home buyers here in Hoboken must take advantage of:

The credit is worth either 10% of the homes value or $8,000. You are entitled to the less of the two.

There is an income limit of $150k adjusted gross income for couples and half that for those single home buyers.
If you are married but file separately you can each file for half of the tax credit.

The tax credit is only good thru 11/30/09 & does not have to be paid back as long as the people are in the house 3 years.

For more valuable information please go to I Want to Buy my Home at the Bottom.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

How to Buy a Foreclosure

One of the best places to invest is in foreclosures and bargain residential real estate.

The current market conditions make it a perfect time for a small investor to purchase one or more foreclosure properties for their private residence, rental or resale. During economic downturns, more upscale homes go into foreclosure, so the notion that foreclosure homes are only available in crime-ridden areas is inaccurate. Beachfront and homes in affluent areas are part of the mix of foreclosed properties available.

You can buy foreclosures for as cheap as 30% or 40% below market, but most foreclosures sell for 5% below market. Yet the savings may be twofold if the property is purchased from the lender who holds the mortgage that’s in default. That lender may be willing to waive some closing costs, maybe even offer a break on the interest rate or the down payment.

For most consumers, however, the foreclosure process can prove daunting, Reed says. Good buys are available, but they require research, preparation, patience and persistence.

For novice investors, buying from the lender is the safest way to buy.

Bank-owned properties offer the safest deal for inexperienced foreclosure buyers. There is no risk. There are no taxes, no liens, no tenants to evict.

If  you have the right team in place including your real estate attorney and a Certified Distressed Property Expert certified REALTOR®, your chances of buying a foreclosure are greatly improved. To really get a good idea of what a CDPE can do for you click on the following link  What Is a Certified Distressed Property Expert (CDPE)?  To find out all the benefits and options of purchasing a forecloure, contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at 201-344-2886 or at eddie@InvestHoboken.com or Prevent Foreclosure.

Do I need Insurance for my Condo?

Owners of condominium units receive building or structural insurance coverage from the association’s master insurance policy, but there may be many gaps of coverage. The insurance industry has responded to these gaps with the Condo Unit Owner’s Policy, or HO6. If you own a condo unit, you need an HO6 Policy.

Master Policies cover the building; condo units are covered by HO6

Historically, owners of single family homes have purchased “homeowner’s insurance” that is designed to protect against damage to the home, the personal property (contents), and the personal liability of the policyholder. In a condominium association, a “master policy” is purchased by the association that can protect unit owners and mortgagees against damage to the building and the units. Unfortunately, personal property and personal liability coverage are not included for the unit owners.

Personal Liability & Personal Property Covered in HO6

Due to this gap in coverage, insurance companies have created the condo unit owner’s policy. This policy provides a standard level of personal liability protection ($300,000 or $500,000 per occurrence) as well as a limit of personal property protection for the unit owner. Personal property is subjective to every case and limits can be as low as $15,000 and can go as high as need be for the individual owner.

Additional Coverage for Unit Structure Available

Also included in the condo unit owner’s policy is a section of coverage called “Dwelling.” This is the area of the policy that can provide the unit owner with additional coverage for the structure of the unit. While the association’s master policy may provide protection to the individual unit, an owner may want to supplement this level of coverage with additional protection on their own policy. This coverage can also be used to absorb the typically larger deductible on the association’s master policy per claim.

Inexpensive & Efficient Way to Cover Yourself

While the primary concern of any owner of real estate is the protection of the structure they own, it is important to understand the other areas of protection that are needed. Condo unit owner policies are a very effective and inexpensive way to fill the gaps of coverage a condo owner will encounter. Often, policies at the minimum level of coverage can be purchased for less than $200 per year.

For more great information go to How to Get a Home Inspection.

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

How Your Credit Score is Calculated

Home buyers who are seeking a mortgage find out early-on that their credit score plays an important part in the home buying process and in determining the interest rate that a lender offers.

What is a credit score?

A credit score is a number that lenders use to estimate risk. Experience has shown them that borrowers with higher credit scores are less likely to default on a loan.

How are credit scores calculated?

Credit scores are generated by plugging the data from your credit report into software that analyzes it and cranks out a number. The three major credit reporting agencies don’t necessarily use the same scoring software, so don’t be surprised if you discover that the credit scores they generate for you are different.

Which parts of a credit history are most important?

Following is a breakdown of the items and their level of importance:

35% – Your Payment History

30% – Amounts You Owe

15% – Length of Your Credit History

10% – Types of Credit Used

10% – New Credit

What’s a Good Credit Score?

Credit scores (usually) range from 340 to 850. The higher your score, the less risk a lender believes you will be. As your score climbs, the interest rate you are offered will probably decline.

Borrowers with a credit score over 700 are typically offered more financing options and better interest rates, but don’t be discouraged if your scores are lower, because there’s a mortgage product for nearly everyone.

Here’s a look at an approximate breakdown of credit scores among the US population.

Up to 499: 1%

500 – 549: 5%

550 – 599: 7%

600 – 649: 11%

650 – 699: 16%

700 – 749: 20%

750 – 799: 29%

Over 800: 11%

Multiple Credit Scores

Your bank will pull credit reports and scores from all three major credit reporting agencies: Transunion, Equifax and Experian. They’ll probably use the middle score to work your loan application. Ask your lender to explain which credit scores will be used and how they affect your loan application.

For more valuable information please go to I Want to Buy my Home at the Bottom.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Is a Short Sale Better than Foreclosure?

Losing your home to foreclosure due to an inability to keep up with your monthly mortgage payments is one of life’s most unpleasant experiences. It is also an event that keeps on affecting you long after your home is history by devastating your credit score. Regrettably, most people cannot be 100% sure that they will remain safe from foreclosure because they can’t foresee the unexpected. Occurrences such as serious illness, a major accident, divorce or job loss can happen to anyone. So it’s a good idea to understand the available alternatives should the worst occur.

 

The inevitable result of a foreclosure is the lender taking your house. Not only will you lose your house, but the lender can get a judgment against you for the arrearages you owe plus his costs for the foreclosure action. If that isn’t enough, your credit report will be in terminal condition for many years to come, worsening an already bad financial situation and making it very difficult to obtain any other kind of credit. There is no upside to foreclosure. It should be avoided at all costs.

A short sale is a popular option for homeowners mired down with financial problems. In this case, you would sell your home for less than what you owe your lender; the biggest problem you will face is getting your lender to agree to a short sale. In many situations, they will not. Experts advise pursuing this option the minute you realize that you are falling behind in your payments and most likely won’t be able to catch up. The longer you wait and the greater the amount you are in arrears, the less likely it becomes that your lender will even be willing to discuss a short sale.

While a short sale will save you from foreclosure, it will also have a negative effect on your credit score, frequently lowering it by as much as 200 points. This can be overcome more quickly than the black mark of a foreclosure, especially if you manage to retain one or two credit cards and keep them current.

If  you have the right team in place including your real estate attorney and a Certified Distressed Property Expert certified REALTOR®, reduces your chances of foreclosure. To really get a good idea of what a CDPE can do for you click on the following link  What Is a Certified Distressed Property Expert (CDPE)?  To find out all the benefits and options of purchasing a forecloure, contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at 201-344-2886 or at eddie@InvestHoboken.com or Prevent Foreclosure.

Lovely Crystal Point

Living right on the water’s edge with incredible views of lower Manhattan would seem like luxury itself, but a Crystal Point condo offers a lot more. Some of the amenities that accompany Crystal Point real estate include:

• Smart Home Technology capability
• State-of-the-Art Kitchens with Italian Pedini cabinetry
• Bathrooms
• Sweeping Views of the River and Lower Manhattan
• 1, 2, and 3 bedroom condos 
• Condos ranging from 800 to 1,817 square feet
• Floor-to-ceiling windows
• Balconies

The beautiful Crystal Point condos will not be around for long. At prices in the $450’s, there is a condo to meet most budgets. Start your amazing living experience today.

If you would like to take a tour of Crystal Point, or for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Great Ideas for Condo Decorating

Decorating small spaces can be a daunting task, especially when you are not sure where to start from. The truth is that no one was born knowing how to decorate and organize small spaces, but there are a few secrets and essentials that can make a huge difference, making the whole job a lot easier.

Here are a few tips and hints to keep in mind:

The most important part is to find some multi- purpose furniture that suits your place. Today, since many people live in small spaces and apartments, there are many pieces of furniture that can compliment even the smallest possible space, giving it much needed air.

In many cases reality and practicality are needed. There are furnishings that actual save space, or create new space, while others offer an illusion of saved space.  Nobody denies that a sleek and elegant piece of furniture is not great or highly desirable, but there is actually no point in buying it if it is going to drown out a small space.

For more decorating tips go to How to Make the Space in Your Condo Feel Larger or  Inexpensive Ways to Increase Your Condo’s Value. Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

What are Maintenance Fees?

Did you ever wonder what is included in maintenance fees when you buy a condo?

Along with your mortgage and taxes is the monthly maintenance fee, which is another major expense when owning a condominium.  Your condo fees typically cover what is normally paid separately in the ownership of a home.

How are maintenance fees determined on Condo buildings:

The condo owner owns the interior of the unit and a percentage of common ownership.  Common ownership is based off of square footage of the interior in comparison to the entire buildings’ square footage.  Unlike a co-op, your maintenance fees in a condo building do not give you a “share” or “ownership” of the building.  Co-ops are generally more expensive on the fee side, because you are actually buying into equity of the entire building.

Condo fees will generally be the following items:

Water: Common water is supplied to the building, however to heat the water, condo owners are usually responsible for their own water heaters, which are normally carried over in a sale.  Water heaters are typically ran on natural gas, so the only expense to occur for the condo owner is on their natural gas bill.

Master Insurance Policy: Your exterior walls are covered by the blanket insurance policy provided in this Master insurance policy.  If there is a water leak on the 28th floor of a building and it effects all units below it, your master insurance policy would cover it.  However, if the leak penetrates your ceiling and does interior damage to your unit, you are responsible for that by obtaining a separate “interior” insurance policy, which is fairly inexpensive.  Flood insurance, if building is in a flood zone, is also covered in your maintenance fees.

Common Hallway Electric:  The lights provided in the hallway is ran off electricity provided by the homeowners association, and paid for in your monthly fees.

Property Management: This is the group that handles all the bill paying for the maintenance, common area cleaning, snow removal, etc.  If there is a problem in your unit, your property manager is the person to be alerted of any problems. 

Funds to build reserve account: Included in your monthly fees are reserves.  Reserves will build an account that will handle most expenses due to the “unknown” building maintenance, such as a new roof, sidewalk repair, etc..

Building amenities: If your building has amenities such as a gym, pool, etc, your costs are covered in your maintenance fees.

For more great information go to How to Get a Home Inspection.

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

Hoboken Condo Market Weekly Stats

Good national news!  For the first time since early 2007, a composite index of 20 major cities was virtually flat, instead of down.

Read todays NY Times article on this encouraging national trend.  

Ok, here is last weeks activity.

Weekly statistics 7/19/09- 7/26/09

6 condos went into contract last week, down form the previous week number of 9 units

 9 condos closed last week. 16 closings the previous report.

 As of today, there are a total of 168 Hoboken properties pending to close.  

FIRM ACCEPTED OFFERS:

Studio & 1 bedroom

3 accepted offers         

These averaged 70 days on market.

CONDO-COOP – Pending
ADDRESS	Area	Sq Feet	TotFB	Beds	DOM	LP	SP
115 WILLOW AVE	Hoboken	550	1	1	30	$329,900
551 OBSERVER HIGHWAY	Hoboken	806	1	1	82	$359,000
1300 HUDSON ST	Hoboken	725	1	1	100	$379,000
Total Listings					Avg	Avg	Avg
3					70	$355,966

2 bedrooms

Just 1 condo had an accepted offer       

Days on market was 82

CONDO-COOP – Pending
ADDRESS	Area	Sq Feet	TotFB	Beds	DOM	LP	SP
924-926 JEFFERSON ST	Hoboken	1040	2	2	89	$509,900
Total Listings					Avg	Avg	Avg
1					89	$509,900

3-4 bedrooms:

2 accepted offers

They averaged 57 days on market     

CONDO-COOP – Pending
ADDRESS	Area	Sq Feet	TotFB	Beds	DOM	LP	SP
607 CLINTON ST	Hoboken	1324	2	3	56	$499,000
604 GRAND ST	Hoboken	1701	2	3	59	$789,900
Total Listings					Avg	Avg	Avg
2					57	$644,450

SOLD CONDOS: 

Studios & 1 bedroom:

4 units sold          

AVERAGE LIST TO SELLING PRICE: -1.17% (not bad!)

2 bedrooms:

12 units sold.

ADDRESS	Area	Sq Feet	TotFB	Beds	DOM	LP	SP
625 WASHINGTON ST	Hoboken	820	1	2	115	$409,900	$395,000
919 PARK AVE	Hoboken	834	1	2	61	$435,000	$410,000
1012-1014 PARK AVE	Hoboken	872	1	2	22	$415,000	$415,000
700 1ST ST	Hoboken	1019	2	2	35	$449,000	$432,050
818 JEFFERSON ST	Hoboken	920	1	2	120	$469,000	$435,000
1034 CLINTON ST	Hoboken	1074	2	2	43	$469,000	$459,000
262 1ST ST	Hoboken	1051	1	2	40	$499,900	$469,000
2 CONSTITUTION CT	Hoboken	1143	2	2	169	$600,000	$520,000
1100 ADAMS ST	Hoboken	1248	2	2	175	$565,000	$564,000
415 ADAMS ST	Hoboken	1300	2	2	90	$599,000	$570,000
1331 GRAND ST	Hoboken	1273	2	2	201	$609,900	$582,500
1425 GARDEN ST	Hoboken	1465	2	2	447	$787,500	$675,000
Total Listings					Avg	Avg	Avg
12					126	$525,683	$493,879

AVERAGE LIST TO SELLING PRICE:  -6.05%

3 – 4 bedrooms:

0 closings    

ACTIVE FOR SALE MARKET:

As of today there are 543 Hoboken condos actively listed for sale in our MLS.  Average asking price is $578,528 and median price is $525,000.  Days on market average 111.

You can search the entire Hoboken condo market at http://InvestHoboken.com   then click Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com

 Edward (Eddie) Perez

 

$8000 Tax Credit May Be Extended And Rise

One of the most popular topics with new home buyers is the new $8000 tax credit for new home buyers. There is no doubt that for first time home buyers, this tax credit has been a strong incentive to purchase a home – and the entry level home market has seen improvement as a result.

Now there is talk about extending the tax credit until 2010 and raising it to $15,000 as well.

Current Proposals:

• A Senate bill to expand the tax credit to $15,000 for any home buyer regardless of income was introduced by Sen. Johnny Isakson, R-Ga. It is co-sponsored by Senate Banking Committee Chairman Chris Dodd, D-Conn.

• A House bill to keep the $8,000 credit in place until June 2010 and expand it to all home buyers by Rep. Kenny Marchant, R-Texas. It also would provide a $3,000 credit to homeowners who refinance.

• Another bill in the House, introduced by Rep. Eddie Bernice Johnson, D-Texas, would extend the credit to all home buyers through 2010.

For more valuable information please go to I Want to Buy my Home at the Bottom.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Sales Trends for New and Foreclosure Homes

In all previous recessions, sales of new homes, foreclosure homes and other existing homes fluctuated by roughly the same proportion.

But in this current recession, sales of new homes have fallen far more significantly than sales of foreclosures homes and other existing homes.

The result, according to economists, is that new homes are taking a year or more to sell.

The difference in trend can also be observed in the prices. Across the U.S, prices for existing homes have fallen more steeply than sales prices for new homes.

This price difference, has driven the faster pace of sales of previously owned homes compared to new homes.

Home builders may need to lower their prices even further to be able to compete with low-priced existing homes.

It is the opinion of many economists that the overwhelmingly large numbers of foreclosure homes need to be cut down to a more manageable level before a housing recovery can start and before a nationwide recovery can begin.

If  you have the right team in place including your real estate attorney and a Certified Distressed Property Expert certified REALTOR®, this reduces your chances of foreclosure. To really get a good idea of what a CDPE can do for you click on the following link  What Is a Certified Distressed Property Expert (CDPE)?  To find out all the benefits and options of purchasing a forecloure, contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at 201-344-2886 or at eddie@InvestHoboken.com or Prevent Foreclosure.

Hoboken Condo Market Weekly Stats

Weekly statistics 7/26/09- 8/2/09

7 condos went into contract. (6 units the previous report)

14 condos closed last week. (9 closings the previous report)

As of today, there are a total of 164 Hoboken properties pending to close.  (168 last report)

Here are last weeks deals…

Firm accepted offers:

Studio & 1 bedroom

3 accepted offers    (3 last week)   

These averaged 123 days on market. (70 days last week)

CONDO-COOP – Pending
ADDRESS	Area	Sq Feet	TotFB	Beds	DOM	LP	SP
128 MADISON ST	Hoboken	542	1	1	153	$279,000
619 WILLOW AVE	Hoboken	675	1	1	101	$360,000
81 GRAND ST	Hoboken	725	1	1	116	$379,000
Total Listings					Avg	Avg	Avg
3					123	$339,333

2 bedrooms 

3 condos had an accepted offers     (1 last week)  

Average days on market was 40 (82 days last week)

CONDO-COOP – Pending
ADDRESS	Area	Sq Feet	TotFB	Beds	DOM	LP	SP
208 PARK AVE	Hoboken	804	1	2	41	$459,900
1200 GRAND ST	Hoboken	1020	2	2	20	$559,000
415 NEWARK ST	Hoboken	1270	2	2	59	$659,900
Total Listings					Avg	Avg	Avg
3					40	$559,600

3-4 bedrooms:

1 accepted offer (2 last week) 57 days on market    

CONDO-COOP – Pending
ADDRESS	Area	Sq Feet	TotFB	Beds	DOM	LP	SP
501-515 ADAMS ST	Hoboken	1403	2	3	85	$595,900
Total Listings					Avg	Avg	Avg
3					85	$595,900

Sold Condos:  

Studios & 1 bedroom:

4 units sold        (4 last week) 

CONDO-COOP – Sold
ADDRESS	Area	Sq Feet	TotFB	Beds	DOM	LP	SP
507 PARK AVE	Hoboken	538	1	1	24	$295,000	$290,000
1206 WASHINGTON ST	Hoboken	705	1	1	16	$345,000	$345,000
807 CLINTON ST	Hoboken	881	1	1	138	$399,000	$375,000
1125 MAXWELL LANE	Hoboken	831	1	1	37	$529,900	$480,000
Total Listings					Avg	Avg	Avg
4					53	$392,225	$372,500

Average list to selling price: -5.02%

2 bedrooms:

10 units sold.         (12 last week)

CONDO-COOP – Sold
ADDRESS	Area	Sq Feet	TotFB	Beds	DOM	LP	SP
700 1ST ST	Hoboken	1207	2	2	33	$529,000	$2,750
1302 PARK AVE	Hoboken	800	1	2	103	$385,000	$381,500
1110 CLINTON ST	Hoboken	816	1	2	18	$429,000	$421,000
224-226 WILLOW AVE	Hoboken	1040	2	2	64	$475,000	$445,000
530 MADISON ST	Hoboken	1130	2	2	19	$469,900	$469,900
501-515 ADAMS ST	Hoboken	962	2	2	42	$479,000	$475,000
156 7TH ST	Hoboken	1260	1	2	151	$525,000	$486,125
82 CLINTON ST	Hoboken	1150	2	2	86	$589,000	$560,000
402 9TH ST	Hoboken	1529	2	2	14	$649,900	$608,000
101 PARK AVE	Hoboken	1600	2	2	36	$819,000	$776,250
Total Listings					Avg	Avg	Avg
10					56	$534,980	$462,552

Average list to selling price:  -13.5% (double digits…ouch!)

3 – 4 bedrooms:

0 closings    (0 last week)

Active for sale market:

 

As of today there are 543 Hoboken condos actively listed for sale in our MLS which is the same amount as the previous week.  Average asking price is $577,294 ($578,528 last week) and median price is $527,900 ( $525,000 last week). Days on market average is the same as the last report at 111 days.

You can search the entire Hoboken condo market at http://InvestHoboken.com   then click Browse Hoboken Listings

We welcome your specific questions.  Email us at info@InvestHoboken.com

What Are FHA Loans?

The Federal Housing Administration was created during the Great Depression, to make home financing available to many Americans. The FHA insures certain loans made by private lending institutions.

The FHA program is “government-backed financing”. By having government insurance backing a loan, private lenders are more willing to offer mortgages to borrowers they normally wouldn’t qualify. The lender is assured they will get their money back on the loan, even if the homeowner defaults and stops making payments.

In the past, the FHA program was focused on helping buyers in the purchase of a home. Now the program is being opened up to homeowners who want to refinance.

The goal of this new program is to help struggling homeowners who have adjustable-rate mortgages (ARMs) convert to fixed rates. It’s also created to lower their mortgage rates.

Homebuyers need to pick loan programs based on their credit history. 
Because of an influx of new home loans creating more financing options, many 
people are buying or refinancing homes with poor credit. Even with low 
credit scores, bankruptcy, self-employment, or loss of job will not 
prevent some from qualifying for a mortgage loan.

For more great information go to How to Get a Home Inspection.

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

Don’t Miss the Deadline

This is a reminder for would-be first-time homebuyers that to take advantage of the $8,000 tax credit. You need to close by November 30 of this year. That means home buyers need to make offers quickly to get the break. Mortgage lenders these days are not quick with approving loans.

Generally, buyers are given 30 days to get their financing, but in some cases the time has been lengthened to 45 days.

What it means for buyers is that you’re really starting to press up against the deadline. If you have to close by November 30 and it takes 45 days to get a loan, you need to start looking for a home by mid-October.

Since it’s already August, you have less than 90 days to find your new home.

For more valuable information please go to I Want to Buy my Home at the Bottom.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Making Homes Affordable Program – Where Are We Now?

According to Treasury Department estimates, less than 10 percent of delinquent borrowers eligible for the Obama administration’s foreclosure prevention program have received help so far.

Of the 2.7 million borrowers who have missed at least two mortgage payments, only 235,247 have received loan modifications since the $75 billion program was launched in March. The Obama administration is hoping to more than double the current loan modification tallies by November of 2009. 

To be eligible, you have to be 60 days past due in foreclosure or bankruptcy that started before 2009

Under the program, J.P. Morgan Chase has modified 20 percent, or 79,304, of its borrowers who have missed at least two payments. Saxon Mortgage Services, which is owned by Morgan Stanley, has modified 25 percent of its eligible delinquent borrowers. Citigroup has modified 15 percent, or 27,571, of its delinquent borrowers.

But other large banks are lagging. Bank of America has modified 4 percent, or 27,985, of its delinquent borrowers. Wells Fargo has modified 6 percent, or 20,219..

This is the first progress report on the administration’s Making Home Affordable program. Under the initiative, the government is offering subsidies to help lenders offset the cost of lowering mortgage payments for distressed borrowers. The President has recently taken the banks to task and asked for them to step up their processing rate so that 500,000 trial loan modifications are underway by November 1, 2009.

For more valuable information please go to I Want to Buy my Home at the Bottom.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Toll Bros. Experiences An Increase In Signed Contracts

Luxury homebuilder Toll Brothers Inc. gave investors new optimism about the housing market recovery, stating it posted the first annual increase in signed contracts for new homes in four years.

Toll said that new home contracts rose 3 percent from the third fiscal quarter last year, and the number was up 44 percent from the second fiscal quarter this year. Demand was so robust the company has been able to scale back the incentives it offered to get buyers in the door.

“The mood has changed,” said Robert Toll, chairman and CEO, of the Horsham, Pa.-based company. “Our traffic still stinks … but those people coming in are more serious.”

Only 9 percent of buyers backed out — the lowest cancellation rate in three years.

The trend impressed investors, who drove the builder’s stock up more than 14 percent. Shares added $2.94 to close at $23.42.

Toll sold 792 homes, generating $461.3 million in revenue for the three months ended July 31. Revenue was down 42 percent from the same period last year because home prices have declined and Toll has fewer communities around the country.

Several markets highlighted that were showing signs of recovery: the New York suburbs, Jersey City, Raleigh, N.C., Washington D.C., as well as some areas of Virginia, Connecticut, Florida, Delaware and northern California.

Toll’s results are an added confirmation that a broad but slow recovery of the housing market is under way. Other major builders — including D.R. Horton Inc., Pulte Homes Inc. and Centex Corp. — all recently reported better earnings for the first half of the year.

Toll Brothers will release final quarterly results on Aug. 27, and analysts surveyed by Thomson Reuters expect a loss of 32 cents a share on revenue of $377.1 million. And despite the upbeat report, the company said there remain too many uncertainties in the market to offer earnings guidance.

For more information about toll brothers properties please go to The Incredible Hudson Tea Building.

If  you would like assistance finding the home of your dreams, please contact Eddie Perez at  (201) 344-2886, www.Investhoboken.

Is A Short Sale For You?

Desperate homeowners across the country are finding that getting a short sale approved can take six months or longer, and in many cases, these deals collapse due to a variety of complications. Knowing how to approach a short sale will increase your chance of success.

A short sale occurs when a mortgage holder agrees to accept less than the balance due on a home because of a financial hardship. Many homeowners owe more than their home’s value and are facing foreclosure, so they’re racing against the clock to get a short sale approved.

Following is a list of important details to remember if you would like to purchase a short sale property:

Short Sale Tips For Buyers

1. Be patient and flexible with the settlement date, short sales can take from 45 to 60 days or more.
2. Have an alternate plan in place in case the short sale is never approved.
3. Homes in better condition are more likely to receive Federal Housing Administration appraisal approval.
4. Agents need to consistently communicate with buyers, sellers and the lender in a short sale to make sure everyone can come to an agreement on the terms.
5. Work closely with lawyers who have good access and relations with the lender in order to expedite a short sale, especially the title transfer and the release of any liens on the property. The last thing a first-time buyer needs is to deal with the unpaid debts of the previous owner.
6. Make sure to get an inspection. Homeowners who have been struggling to pay their bills are likely to have deferred important maintenance on their home. While adding a fresh coat of paint is a minor job for first-time homeowners, repairing the roof or replacing the furnace are expensive propositions that may be a budget breaker for the household. A home inspector can evaluate the systems and appliances and provide an estimate of when things might need to be replaced.
7. Pay careful attention to the details of the contract. When the sellers are in financial distress, there is a greater likelihood of items being removed from the home or damage occurring during their move.

If  you have the right team in place including your real estate attorney and a Certified Distressed Property Expert certified REALTOR®, increases your chances of purchasing a short sale property. To really get a good idea of what a CDPE can do for you click on the following link  What Is a Certified Distressed Property Expert (CDPE)?  To find out all the benefits and options of purchasing a short sale, contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at 201-344 -2886 or at eddie@InvestHoboken.com.

Could You Walk Away?

Would you, under any circumstances, default on your home mortgage, even if you could afford to make the monthly payments?

According to new research from the University of Chicago’s Booth School of Business and Northwestern University’s Kellogg School of Management.

A study found that 26 percent of the record numbers of home mortgage defaults across the country are “strategic” — that is, calculated economic decisions to bail out of loans by owners who actually have the money to make the payments but can’t handle the negative equity they’re carrying caused by local property value declines.

Co-authors Paola Sapienza, Luigi Zingales and Luigi Guiso used interviews with members of 2,000 American households in December and March to explore the moral and social dynamics of strategic defaults. The two 1,000-person samples came from the Chicago Booth/Kellogg School Financial Trust Index, which monitors the level of trust households have in the financial system.

An important factor in walkaways, according to the researchers, is the level of foreclosures owners observe in their community and their personal acquaintance with owners who have defaulted. In the latter case, owners who know someone who defaulted strategically are 82 percent more likely to default themselves, compared with owners who do not know anyone in that situation.

The higher the number of foreclosures in a given ZIP code, the higher owners’ willingness to walk away, the researchers found, suggesting what they call a “contagion effect that reduces the social stigma associated with default as defaults become more common.” High numbers of foreclosures also appear to create a “vicious circle” that increases neighboring owners’ negative equity and greatly raises the probability of additional defaults, foreclosures and equity destruction in the area.

Though the authors offer no specific remedies — they are behavioral researchers, not policy advisers — they argue that the traditional assumption that borrowers default because they can’t afford their monthly payments needs to be re-examined in light of accelerating foreclosures in some markets combined with plummeting equity.

The Obama administration appeared to take a step in that direction on July 1 when it allowed refinancings of Fannie Mae- and Freddie Mac-owned mortgages where owners have up to 25 percent negative equity. Previously the limit was 5 percent.

To find out all the benefits and options for preventing foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE or Anoir Redouane, REALTOR, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at eddie@InvestHoboken.com or 201-344-2886.

First Time Home Buyers Are Leading The Way

It’s likely that more first-time homebuyers will aim to make a purchasesoon, as they try to meet the $8,000 homebuyer tax-credit deadline in November.

If you are a seller and you would like to attract first-time homebuyers, you may want to consider the following:

Reduce your price. You don’t have to lower your price by a lot to get the attention of buyers. That discount may even be able to get you a higher selling price should the discounted price attract enough buyers and a bidding war could begin.
Make your home move-in ready. Often, first-time buyers want a home that’s move-in ready, since they might not have the means to make decorating changes or to pay for repairs. Consider making minor repairs and upgrades to your and you won’t scare off buyers with repairs that may need to be done.
Cover closing costs. Consider picking up the bill for the closing costs — this will help attract those first-timers who have limited funds available to them.
Help with a down payment. You could help the buyer come up with a down payment — this might actually not come at a higher cost to you, because you may be able to make up for it by getting a higher selling price.
Pay points. You can bring down the interest rate for a buyer’s mortgage by paying points. A lower rate may help to lower the buyer’s monthly loan payments.
Offer furnishings. If it is possible, include furnishings with the home or provide a furnishings allowance.
Add incentives. If you don’t have furnishings to offer, you could get creative and offer freebies like gift certificates for home cleaning for a month or two. These types of incentives are appealing because not only do they offer the homebuyer a savings, they have a lifestyle appeal as well.
Offer a home warranty. For a few hundred dollars, you can give buyers peace of mind should something with a home’s heating, plumbing or cooling go wrong after purchase. This is especially attractive for buyers who might not have the cash for major repairs after moving in.

For more great information go to How to Get a Home Inspection.

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

Extension of the Tax Credit

National Association of Home Builders is making the effort to extend the tax credit through Nov. 30, 2010. They’re also requesting for Congress to make the credit available to all buyers of principal residences, not just first-time home buyers.

According to NAHB, extending the tax credit program would spur an additional 383,000 home sales, including 80,000 new homes, and create nearly 350,000 jobs over the next year. Every time a house is sold or built, it pumps thousands of dollars into the economy on purchases of everything from appraisals and title insurance to home improvement supplies.

A tax credit has helped the housing market recover before, and it’s starting to help again.

There’s no down side to extending the tax credit another year and expanding it to all home buyers.

What is really important to know is that this isn’t the first time Congress has been asked to make the home buyer tax credit more widely available. A bill introduced in January by Sen. Johnny Isakson (R-Ga.) would have provided up to a $15,000 tax credit for all home buyers of primary residences. It also would have made the money available up front for down payment and closing costs. It got some support on the Senate side, but none from the House.

Hopefully, Congress has seen how consumers jumped on the opportunity to buy a car with some federal assistance, they’ll be more open to helping housing, which is a major factor in the nation’s economy.

For more valuable information please go to I Want to Buy my Home at the Bottom.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Web Site Provides Help for Troubled Homeowners

It is estimated that almost 6 million Americans are behind on their mortgage payments or in foreclosure, many more are using savings and retirement accounts to avoid joining those ranks. For the fortunate ones, there is a loan modification in their future.

When borrowers fall behind on their payments, lenders will sometimes modify the terms of the loan to make it more affordable. They might lower the interest rate, eliminating part of the principal or some other financial juggling to avoid foreclosure.

The process often involves a lot of paperwork and lengthy delays.

There are a few Web sites that offer to walk borrowers through the loan modification application process online, including the free HomeownerToolbox.com.

The site delivers a submission-ready document that, along with supporting financial materials, the homeowner must mail or fax to their lender to be considered for a modification.

The site also offers tips on how to better understand the loan modification process and avoid mistakes on applications.

Borrowers, however, should also check their lender’s Web site because many of them, including JPMorgan Chase and Wells Fargo, have applications that borrowers can download at home or fill out online.

And for those who need extra help navigating the process, there’s an array of nonprofit housing agencies with counselors certified by the Department of Housing and Urban Development that provide counseling free of charge www.hud.gov/foreclosure.

The HomeownerToolbox began in April, the company charged a $99 fee, but eliminated it in July.

The site claims it can predict the likelihood a borrower’s application will get a thumbs up from the lender. The Web site’s “Success Probability Meter” gives a range of success between zero and 100 percent.

For more great information go to First Time Home Buyers Are Leading The Way.

To find out all the benefits and options for preventing foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE or Anoir Redouane, REALTOR, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at eddie@InvestHoboken.com or 201-344-2886.

Laws Designed to Prevent Another Housing Crisis

In the aftermath of the housing collapse, the mortgage broker industry is a target for reform. Regulators and legislators at the state and federal levels are busy implementing a variety of laws and regulations designed to protect consumers and prevent another housing crisis in the future.

Here’s an overview of recently enacted state and federal legislation and regulation of mortgage brokers:

Brokers Must Act in the Interest of Consumers: About a dozen states have passed regulations requiring that brokers act in the best interest of consumers. If you are going to be a licensed, insured, bonded mortgage broker you are legally required to represent the interests of the borrower. Without rules like this, brokers are basically third-party agents that are getting paid to help borrowers but are disclaiming that responsibility in the fine print and accepting compensation from the lender that may not be in the buyer’s best interest.

National Mortgage Broker Licensing: A law signed by President Bush in 2008 establishes a nationwide mortgage licensing system to be in place by July 30 of this year. States have an additional year to establish a state loan originator licensing and registration system. The system requires all loan originators, including mortgage brokers, to undergo a substantial background check, including fingerprinting, and to take a minimum of 20 hours of continuing education, pass an exam and post either a surety or net worth bond.

Funds to Compensate Defrauded Consumers: Several states have established funds to compensate consumers who have been defrauded by mortgage brokers. In Florida, the Mortgage Guaranteed Trust Fund will make payments to consumers who have obtained a judgment against a mortgage broker or loan originator but are unable to collect from that individual.

Compensation Proposals: A number of state and federal proposals for regulation deal with mortgage broker compensation and disclosures of that compensation. A big hot-button issue is the yield-spread premium, which is a rebate paid to a mortgage broker or bank based on the difference between the lowest interest rate available to a consumer and the interest rate at which a consumer’s loan is closed.

For mortgage brokers, their incentive isn’t really to see loans perform in the long run, it is to close as many loans as possible. For unethical brokers, there is an additional incentive to extract as much fee income out of each deal. To get to the root of the problem, you have to address the incentives that prompted brokers to steer people to unsuitable products.

For more interesting information go to Would You Walk Away?

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

Hoboken Condo Market Weekly Stats

Weekly statistics 8/23/09- 8/30/09

6 condos went into contract.
17 condos closed last week.

As of today, there are a total of 169 Hoboken properties pending to close.  

Here are last weeks deals…

PENDING CONTRACTS

Studio & 1 bedroom
1 accepted offer   
68 days on market.

CONDO-COOP-PENDING

Address	Area	Sq Feet	Baths	Beds	DOM	LP	SP
924 JEFFERSON ST	Hoboken	800	1	1	68
Total Listings					Avg.	Avg.	Avg.
1					1	68	$389,900

2 bedrooms
4 condos received accepted offers

Average days on market was 91

CONDO-COOP-PENDING

Address	Area	Sq Feet	Baths	Beds	DOM	LP	SP
807 WASHINGTON ST	Hoboken	885	1	2	18	$399,900
121 WILLOW AVE	Hoboken	709	1	2	129	$445,000
72 GARDEN ST	Hoboken	1250	2	2	155	$519,000
81-87 JACKSON ST	Hoboken	1340	2	2	62	$569,168
Total Listings					Avg.	Avg.	Avg.
4					91		$483,267

3-4 bedrooms
1 accepted offer
122 days on market     

CONDO-COOP-PENDING

Address	Area	Sq Feet	Baths	Beds	DOM	LP	SP
207 2ND ST	Hoboken	1594	2	3	122	$877,000
Total Listings					Avg.	Avg.	Avg.
1					122		$877,000

Sold Condos
Studios & 1 bedroom
6 units sold       

CONDO-COOP-SOLD

Address	Area	Sq Feet	Baths	Beds	DOM	LP	SP
64 2ND ST	Hoboken	452	1	1	67	$290,000	$270,000
551 OBSERVER HIGHWAY	Hoboken	806	1	1	82	$359,000	$335,000
800 JACKSON ST	Hoboken	812	1	1	456	$397,900	$365,000
725 JEFFERSON ST	Hoboken	615	1	1	41	$389,000	$370,000
68 PARK AVE	Hoboken	699	1	1	41	$399,000	$380,000
300 NEWARK ST	Hoboken	855	1	1	12	$399,000	$385,000
Total Listings			1	1	Avg.	Avg.	Avg.
6					116	$372,316	$350,833

Average list to selling price: -5.77%
2 bedrooms
9 units sold.        

CONDO-COOP-SOLD

Address	Area	Sq Feet	Baths	Beds	DOM	LP	SP
800 JACKSON ST	Hoboken	1110	2	2	294	$635,900	$270,000
116 MADISON ST	Hoboken	1351	2	2	89	$519,000	$335,000
78 JACKSON ST	Hoboken	1300	2	2	460	$595,000	$365,000
530 MADISON ST	Hoboken	500	2	2	47	$619,000	$370,000
1200 GRAND ST	Hoboken	1121	2	2	23	$629,000	$380,000
328 GARDEN ST	Hoboken	1040	2	2	0	$629,000	$385,000
1425 GARDEN ST	Hoboken	1441	2	2	461	$765,000	$675,000
1025 MAXWELL LANE	Hoboken	1317	2	2	47	$899,000	$825,000
1425 GARDEN ST	Hoboken	1567	2	2	141	$899,000	$855,000
Total Listings					Avg.	Avg.	Avg.
9					173	$687,766	$633,222

Average list to selling price:  -7.93%
3 – 4 bedrooms
2 closings  

CONDO-COOP-SOLD

Address	Area	Sq Feet	Baths	Beds	DOM	LP	SP
109 JACKSON ST	Hoboken	1801	2	3	84	$649,00	$652,500
81 ADAMS ST	Hoboken	1570	2	3	85	$769,000	$725,000
Total Listings					Avg.	Avg.	Avg.
2					84	$709,000	$688,750

Average list to selling price:  -2.85%

Active for sale market
As of today there are 497 Hoboken condos actively listed for sale in our MLS.  It’s nice to see the totalMLS condo inventory below 500 units.  Average asking price is $581,644 and median price is $525,000.  Days on market average is 112 with the median days on market at 83.

You can search the entire Hoboken condo market at http://InvestHoboken.com   then click Browse Hoboken Listings

We welcome any specific questions.  Email us at info@InvestHoboken.com

Value of your home?  http://HobokenMarketValues.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners. 

Pending contracts are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

 

Mortgage Rates up Slightly

Rates for 30-year home loans edged up last week, but remain close to record lows reached over the spring.

The average rate for a 30-year fixed mortgage was 5.14 percent, up from 5.12 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates, while above the record low of 4.78 percent hit in the spring, are still at attractive levels for people looking to buy a home or refinance.

To revive the economy, the Federal Reserve has spent more than $600 billion out of a promised $1.25 trillion in mortgage-backed securities, which has driven down rates on home loans. It has also left a key interest rate near zero.

Now that the economy is on the mend, Fed policymakers must decide how and when to withdraw that support. Some analysts think it could take four or five years for the Fed to pull back entirely and shrink a balance sheet that is now about $2 trillion, more than double what it was when the financial crisis struck.

Despite government efforts to prop up the mortgage market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically over the past year, so the best rates are available to those with solid credit.

The average rate on a 15-year fixed-rate mortgage rose to 4.58 percent, from 4.56 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.67 percent, down from 4.57 percent a week earlier. Rates on one-year, adjustable-rate mortgages were unchanged at 4.69 percent.

The rates do not include add-on fees known as points. The nationwide fee for all loans in Freddie Mac’s survey averaged 0.7 point for 30-year and 15-year loans, and 0.6 point for five-year and one-year loans.

For more valuable information please go to I Want to Buy my Home at the Bottom.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

$472 million loss in Q3 for Toll Brothers

A large tax hit wiped out Toll Brothers Inc. profits for the third fiscal quarter, but the luxury builder saw housing markets improve in many parts of the country.

Toll saw its first annual increase in new home contracts since 2005. Its cancellation rate was the lowest in three years. The current quarter is off to a great start with 26 percent more buyers putting down deposits than a year ago.

It’s still tough out there, but “things sure feel better than they did six months ago,” Robert Toll, chairman and CEO, told analysts. “We believe declining cancellations and more solid demand indicate that the housing market is stabilizing.”

While home sales continue to be effected by job losses and tighter mortgage lending standards, recent housing data and reports from major homebuilders like Toll Brothers Inc. suggest the worst of the housing market slide may be over. Nationally, new home sales have risen for four months in a row, and prices have edged up for the past two months..

The company lost $472.3 million, or $2.93 a share, in the three months ended July 31. That compares with a loss of $29.3 million, or 18 cents a share, the same period last year.

“We believe customers are recognizing that now is the time to get into the market to take advantage of near-record affordability in what is still, for now, a buyers’ market,” Toll said.

Demand is strong enough that Toll is reducing incentives and raising its prices in select communities.

The Commerce Department recently reported sales of new U.S. homes surged almost 10 percent in July, another sign the housing market is climbing back from the historic bottom it reached early this year.

Similar to a Cash for Clunkers effect, homebuyers are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000, for first-time owners. Home sales must be completed by the end of November for buyers to qualify.

Builders and real estate agents are urging Congress for that credit to be extended. If it is not, there is a risk sales could reverse their upward trend.

For more information about toll brothers properties please go to The Incredible Hudson Tea Building.

If  you would like assistance finding the home of your dreams, please contact Eddie Perez at  (201) 344-2886, www.Investhoboken.

Are You Eligible for Relocation Deductions?

• You must start a job within a year of your move. It is not necessary that you arrange to work before heading to a new locale.
• Your employer cannot reimburse you for the expenses. If your employer does reimburse your expenses, you must claim the money as income on that year’s tax return.
• You must pass the “distance test.” Your new job or business must be 50 miles further than your old job was from your previous home. If you don’t have a previous workplace, your new job must be 50 miles from your former residence. If you move less than 50 miles, you must prove that your move was necessary for work or that a closer home is saving you time or money to get the deduction.
• You must also pass the “time test.” Once you relocate, you must work full-time for at least 39 weeks during the 12 months after you move. Self-employed workers have to meet the first criteria, plus they must work full-time for a total of 78 weeks in the first 24 months.

The benefits

If you’re eligible, you can start deducting expenses as soon as your belongings are on their way to a new town.

What you can deduct

• Travel by car. If you (or a member of your household) drive to your new digs, you can deduct the cost of gas and oil — provided that you keep and document your receipts. You can also deduct the standard mileage rate of 20 cents per mile.
• Packing and moving belongings. You can deduct the cost of packing, crating and moving your stuff from your former home to your new home. You can also deduct the cost of shipping pets or cars.
• Storage costs. Once you move from your former home, any storage costs for the next 30 days are deductible.
• Lodging expenses. You can start deducting expenses for lodging the day your furniture is removed from your old house. If your family does not travel together, you can deduct expenses for one trip per person.

What you cannot deduct

• Food expenses. All the snacks, drinks and meals bought on your trip come from you own pocket.
• Moving costs for new furniture. If you buy furniture on the way to your new home, you cannot deduct the price of moving it. You also can’t deduct the cost of the furniture — no matter how good of a deal you get.
• Detours or sightseeing on the way to your new home. You’re on your own if you deviate from the most direct route to your new place.
• Costs associated with buying or selling homes. This includes closing costs, mortgage fees and improvements to help sell your old home.
• Trips other than the actual move. Costs from pre-move house-hunting trips or returns to your old haunt are not deductible.

For more valuable information please go to All About Home Home Inspections.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Mortgage Industry Group Wants to Replace Fannie and Freddie

A mortgage industry group wants Fannie Mae and Freddie Mac replaced with private companies that would be able to issue mortgage bonds formally backed by the federal government.

The recently released Mortgage Bankers Association’s proposal, offers a detailed plan for how to restructure the U.S. mortgage market, which has been torn apart by the housing bust.

The Obama administration doesn’t expect to announce its plans for the two companies until early next year. It has listed several options, including merging them into a federal agency, shutting them down, or have their bad mortgage assets split into a new government-backed company.

Fannie Mae and Freddie Mac own or guarantee about $5.4 trillion in mortgage debt and have needed about $96 billion in federal aid since they were seized by federal regulators last fall. The companies’ debt is not officially backed by the federal government, but has been effectively guaranteed since the takeover.

The mortgage bankers’ plan would replace Fannie and Freddie with several federally regulated private companies known as Mortgage Credit Guarantor Entities (nicknamed “McGees”). They would buy loans and sell them as bonds with their own guarantee attached, and would pay the government a fee for its backing.

Fannie and Freddie could be restructured into the new companies, but they would have to shed their bad mortgage assets first, possibly in the form of a government-owned “bad bank.” Major banks like Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co., could also take up this role, provided they create separate subsidiaries to do so.

Fannie and Freddie in the past had powerful lobbying operations, but are no longer allowed to lobby the government. That opens up the debate to more far-reaching reforms, and is an opportunity for Fannie and Freddie’s rivals to pick up business.

For more valuable information please go to Making Homes Affordable.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Sales of Big-Ticket Items Are Rising

Consumers and businesses went on a big-ticket spending spree in July, sending home, car and equipment sales soaring by the largest amount in years.

The sales, detailed in two recent government reports confirmed a subtle but  shift in confidence about the economy. New home sales jumped almost 10 percent from June, while orders for long-lasting goods like appliances, planes and computers rose nearly 5 percent in July, the third increase in the past four months.

It remains unclear whether the growth can be sustained. Though the increases in housing sales and manufacturing last month were dramatic, they came from extraordinarily low levels and were fueled by temporary government programs like Cash for Clunkers and tax credits for home sales.

Most economists now agree the recession that began in December 2007 has ended or is ending. Some say the economy is poised to grow strongly in the July-September quarter, but will probably show weaker growth after government stimulus spending tapers off.

Sales of new homes surged to a seasonally adjusted pace of 433,000 in July from 395,000 in June, the Commerce Department said, providing another sign the housing market is bouncing back from the historic bottom reached early this year. Driven by falling prices, the fourth-straight monthly increase was greater than expected.

While sales are still off nearly 70 percent from the incredible peak four years ago, they are still up more than 30 percent from the bottom in January — a big relief after a long decline.

The improved outlook could help further boost the economy. As home sales rise, builders will gradually need to hire more workers to pour foundations and pave roads, reversing the trend that saw 1.4 million industry jobs shed since the recession began.

Much like Cash for Clunkers, homebuyers are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000, for first-time owners. Home sales must be completed by the end of November for buyers to qualify.

For condo improvement tips go to How to Make the Space in Your Condo Feel Larger or  Inexpensive Ways to Increase Your Condo’s Value.

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

Helping the Unemployed

The Federal Deposit Insurance Corp. (FDIC) is encouraging companiesthat buy failed banks with troubled home loans to extend temporary help to people who have lost their jobs and can’t pay their mortgage bills.

Under the FDIC’s recommendations, borrowers’ monthly payments would be reduced for at least six months. The aid would apply to borrowers who have lost their jobs or those who have faced a drop in salary.

“With more Americans suffering through unemployment or cuts in their paychecks, we believe it is crucial to offer a helping hand to avoid unnecessary and costly foreclosures,” FDIC Chairman Sheila Bair said in a statement Friday.

The plan would apply to buyers of deposits and assets of failed institutions that sign loss-sharing agreements with the FDIC.

The agency in recent months has signed about 50 such agreements with those banks, under which it has agreed to take on most of the risk on about $80 billion in loans and other assets.

If you are facing unemployment and you are worried about the possibility of falling behind in your home payments, contact Eddie Perez Broker-REALTOR, CDPE, to find out all the benefits and options to prevent foreclosure. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  He can be reached at eddie@InvestHoboken.com or 201-344-2886.

Rates for 30-year home loans remain close to record lows

The average rate for a 30-year fixed mortgage was 5.07 percent this week, down from 5.08 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates, while above the record low of 4.78 percent hit in the spring, are still at attractive levels for people looking to buy a home or refinance.

Rates should stay low for another month or two as government efforts to keep them low remain effective.

But it won’t last forever. Rates will eventually trend upward, as the economy starts to turn around and concerns return about how long overseas investors can stomach massive levels of U.S. debt.

To prop up the housing market and help the economy revive from the worst recession since the 1930s, the Federal Reserve is spending $1.25 trillion on mortgage-backed securities, which has driven down rates on home loans.

That money is set to run out by winter, though some analysts expect the central bank to add more money to the program or allow it to last longer by gradually reducing its purchases.

With rates low, borrowers are seizing  the opportunity. Mortgage applications for refinancing surged 22.5 percent for the week ending Sept. 4 in the biggest one-week jump since mid-March. According to the Mortgage Bankers Association, applications for home purchases were up 9.5 percent.

Despite government efforts to prop up the mortgage market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down payment.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

The average rate on a 15-year fixed-rate mortgage fell to 4.5 percent, from 4.54 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.51 percent, down from 4.59 percent a week earlier. Rates on one-year, adjustable-rate mortgages rose to 4.64 percent from 4.62 percent.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 point for 30-year and 15-year loans, 0.5 point for five-year loans and 0.6 point for one-year loans.

For more valuable information please go to I Want to Buy my Home at the Bottom.

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Government Housing Help Does Not Meet Expectations

The government set expectations too high earlier this year when President Barack Obama launched an effort to help up 7 to 9 million homeowners avoid foreclosure.

Now, reality is setting in. The effort, named Making Home Affordable, appears on pace to make a far smaller impact on the foreclosure crisis than officials had anticipated.

Meanwhile, foreclosures remain extremely high. More than 358,000 foreclosure-related filings were recorded in August, RealtyTrac Inc. reported Thursday. That number was up 18 percent from a year ago and flat from a month earlier.

Following are a few questions and answers about the status of the foreclosure-relief plan.

How many borrowers have been helped by the government programs so far?

As of last month, more than 360,000 borrowers were enrolled in three-month trial loan modifications, out of about 570,000 who received offers. Only about 85,000 homeowners have had their loans refinanced under the Obama plan.

What’s the difference between a refinanced loan and a modification?

When you refinance your home loan, you sign a new contract with your lender. A loan modification involves changes to the existing contract such as lowering the interest rate or extending the term from 30 years to 40.

Why has progress on loan modifications been so sluggish?

The program requires big changes for the mortgage industry. Modifying thousands of loans is much more complicated than collecting payments from borrowers who pay their bills on time. It means hiring and training thousands of workers to handle calls, and reworking computer systems. Plus, the government has changed and expanded the program several times.

Is the Obama administration planning any big changes?

It’s not clear. But industry executives say they want to work on a possible extension of the program to unemployed homeowners. One way to do so would be to give those borrowers a temporary break on loan payments while they look for a new job.

What should I do if I’m having trouble getting help with my mortgage?

If you can’t resolve your problems or you think your mortgage servicer is violating your rights, contact a nonprofit housing counselor or seek legal help. Housing counselors will help negotiate a loan modification for free. Be wary of loan modification consultants that offer to re-negotiate your mortgage in exchange for an upfront fee.

If you want to know whether you qualify for a loan modification, check out the government’s Web site, www.makinghomeaffordable.gov. To find a housing counselor, try NeighborWorks America’s site at www.findaforeclosurecounselor.org.

Should You Buy a Foreclosure?

The latest media reports are projecting a second tidal wave of foreclosures to hit in late 2009 or early 2010 as unemployment remains high, home prices continue to fall and banks’ self-imposed foreclosure moratoriums expire.

Now may seem like the perfect time to find prime real estate at a bargain-basement price and buy a foreclosure.

Despite the hype, nationwide, foreclosures still comprise less than 3 percent of the actual market nationwide.

In reality the foreclosure market is very small. Delinquent mortgages have hit about 7 percent of total properties, which means that 93 percent are still in good standing.

Although, there are still plenty of foreclosure bargains out there, no matter where you live, especially if you are patient and well-educated in your market.

In order to get the best deal on a foreclosure you need to make a strong offer, likely in cash, without any inspection or financing contingencies.

With no contingencies you can save thousands of dollars. But that’s where a first-timer could get into trouble. The house could have problems with mechanicals, foundations, electrical or any number of big-ticket items. Always consider adding on an additional $10,000-$20,000 in the final purchase price to cover any hidden major expenses.

If you are interested in buying a foreclosure, contact Eddie Perez Broker-REALTOR, CDPE, to find out all the benefits and options. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  He can be reached at eddie@InvestHoboken.com or 201-344-2886.

Trouble For The FHA?

The Federal Housing Administration is tightening rules for lenders after reporting that its financial cushion will sink below mandatory levels for the first time in its 75-year history.

“Under no circumstance will any taxpayer bailout be needed,” said David Stevens, the FHA’s commissioner. The agency doesn’t expect to raise fees for borrowers, he said, or curtail the number of loans it insures.

Amid the collapse of the subprime lending market, the government has taken up the slack. The FHA has insured nearly a quarter of all new loans made this year, and about 80 percent of that business is from first-time homebuyers.

But the agency has faced concerns on Capitol Hill that it will soon need a taxpayer bailout. As of this summer, about 17 percent of FHA borrowers were at least one payment behind or in foreclosure, compared with 13 percent for all loans, according to the Mortgage Bankers Association.

The FHA’s capital cushion will drop below 2 percent of the roughly $675 billion in mortgages insured by the agency this fiscal year, an outside audit has found.

Plummeting home prices are the main reason the agency’s financial reserves are dwindling. Its previous analysis had assumed prices would hit bottom this year, but the agency is now expecting prices will fall through next spring. Lower prices mean bigger losses if the FHA has to foreclose and re-sell a property.

The agency itself does not make loans, but rather offers insurance against default. Many borrowers are willing to pay for the insurance because FHA loans only require down payments of 3.5 percent of the purchase price.

The FHA now insures about 5.3 million mortgages, up from about 4 million three years ago.

Last week, the Senate passed legislation that would spend $100 million to upgrade the Department of Housing and Urban Development’s computer systems, including FHA, and $20 million to combat fraud.

If you want to know whether you qualify for a loan modification, check out the government’s Web site, www.makinghomeaffordable.gov. To find a housing counselor, try NeighborWorks America’s site at www.findaforeclosurecounselor.org.

August 2009 Hoboken Condo Sales Statistics

Here are the final sales figures for August 2009 compiled using the Hudson County Multiple Listing Service.

The Hoboken condo market picked up steam and showed solid gains in August across all categories when compared to July 2009 stats.  Total units sold improved by 15% (60 vs 69 units).  Average prices rose 3.6 % ($478,431 vs $495,882) and median prices were up 10.7%, ($469,950 vs $475,000).  The largest gain was in pending contracts.  In August, there were 69 contracts signed, a 50% gain from the 46 contracts signed in July.

While these month over month gains are encouraging for our local market, they are still mostly down from the August 2008 figures.  The exception was an increase in pending contracts, another sign that buyers may be getting off of the fence and into the market.

Here are the comparisons:

	August 2008	August 2009	Comparison:
Units Sold:	73	69	-5.4%
Avg. Price:	$534,422	$495,882	-7.2%
Median Price:	$521,500	$475,000	-8.9%
Pending:	67	80	+19.4%

August 2009 Sold Condominiums: 

High Low Average Median Total Price Listing Count List Price: $949,000 $289,000 $520,514 $499,000 $35,915,499 60 Sold Price: $870,000 $270,000 $495,882 $475,000 $34,215,900   DOM: 479 4 125 73

Studio: none sold

1 bedroom: 23 sold.

Average asking price: $398,113

Average selling price: $382,865 (-3.8% of asking price)

Average days on Market: 70

2 bedroom: 40 sold

Average asking price: $563,327

Average selling price: $533,925 (-5.2% of asking price)

Average days on Market: 153

3 bedroom: 5 sold

Average asking price: $655,360

Average selling price: $638,900 (-3.0% of asking price)

Average days on Market: 180

4 bedroom:  1 unit sold

Asking price: $949,000

Selling price: $870,000 (-8.3% of asking price)

Days on market: 25

August 2009 – Pending Contracts.  These are the deals that were consummated during the month and represents the current buying activity.

Pending Condos: 80

High Low Average Median Total Price Listing Count List Price: $1,259,000 $239,000 $490,452 $451,950 $39,236,195 80 Sold Price: pending pending pending pending pending   DOM: 523 3 104 85

Studio: 1 contract

Asking price was $499,900 and days on market was 94.

1 bedroom:  31 contracts  

Average asking price: $372,462

Median price: 379,900

Average days on Market: 91

Median days on the market: 70

2 bedroom: 41 contracts

Average asking price: $519,299

Median price: $515,000

Average days on Market: 103

Median days on the market: 104

3 bedroom:  6 contracts

Average asking price: $858,275

Median price: $800,825

Average days on market: 170

Median days on market: 104

4 bedroom:  1 contract pending  

Asking price was $749,000.  Days on market was 135

Best,

Eddie

I hope you find this info useful.

As always, don’t hesitate to contact me with any specific questions.

 

Your resource for Hoboken area real estate news, advice, best buys and more!:  www.HobokenRealEstateBlog.com

If you would like specific information tailored to your Hoboken condo, email us direct at info@InvestHoboken.com

Search entire Hoboken MLS at www.InvestHoboken.com Then click browse Hoboken Listings

More Optimism Regarding the $8,000 Tax Credit Extension

With the recent announcement from Wall Street investment firm Goldman Sachs Group that new U.S. home sales may jump 30 percent next year, has brought new optimism that the market is improving. Goldman Sachs Group has come to this conclusion because of continuing low interest rates and a very good probability that Congress will extend the first-time home buyer tax credit.

Supporters of the first-time home buyer tax credit say that it has helped stabilize the housing market. The credit applies to sales as of January 2009, and is good for 10% of the price of a home or up to $8,000. Since the tax credit is scheduled to expire on November 30, now is the time to purchase your first home.  

For more valuable information please go to I Want to Buy my Home at the Bottom.

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Look Who’s Walking Away…

A recent article in the Los Angeles Times states that there is an increasing group of homeowners with top credit scores that are more likely to walk away from an underwater mortgage.

24 million individual credit files were examined for a recent study by the national credit bureau Experian and Oliver Wyman. They have found that homeowners with high credit scores when applying for a loan are 50% more likely to “strategically default” compared with lower-scoring borrowers.

Following you will find a summary of the researchers surprising facts:

* The typical strategic defaulter goes from never missing a monthly mortgage payment to completely stopping.

* Strategic defaults are mainly found in negative-equity markets where home values have drastically dropped since the real estate boom in 2006.

* The nationwide estimate of strategic defaults for 2008 is 588,000, making this more than double the total in 2007.

* A homeowner with a large mortgage balance is more likely to default than a homeowner with a lower balance.

Please contact Eddie Perez Broker-REALTOR, CDPE,  if you are you are considering walking away from your home. As a Broker-REALTOR,  and CDPE, Eddie can give you all of the options available to prevent the tragedy of losing your home. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  He can be reached at eddie@InvestHoboken.com or 201-344-2886.

New FHA condo rules coming!

Hoboken Condo buyers and sellers – Must Read!

 Local lenders are telling me that new FHA(Federal Housing Administration) lending rules for condominiums will be changing as of November 3rd, 2009.  

This could have a negative impact on our local market as we have a large condo market and FHA loans are one of the few options available for borrowers who have less than 20% for a down payment.

Some of the new impending rules:

Spot approvals eliminated

No more than 30% of units can be financed with FHA loans

50% pre-sale requirement for new projects

At least 50% of units must be owner occupied

Details

Most condo buildings in Hoboken did not go through that FHA approval process.  

If your thinking of buying and do not have 20% for a down payment, ask your real estate agent if the building you’re interested in purchasing is FHA approved.  If not, listing agents should consult with their sellers to see if the association or management company should start the FHA approval process.

I’m told that if you’re interested in a FHA loan and your lender obtains an FHA case number before the November 3rd deadline, you should be ok.  I would double check with your mortgage professional to see what their individual rules may be.

Check to see if your Hoboken or Jersey City condo building has been FHA approved

For more valuable information please go to I Want to Buy my Home at the Bottom.

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Don’t Let Time Run Out!

The December 1 deadline for the $8,000 First-Time Home Buyer Tax Credit is rapidly approaching. There are many great opportunities for the first-time home buyer in Hoboken. Now is the time to buy your first home. Below you will find one of the lovely available condos located in Hoboken. 

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Look What $334,000 Buys You In Hoboken

 

Very spacious condo with renovated kitchen

1BR/1BA Condo   offered at $334,000.

Don’t miss out on this very spacious  and charming condo located in Hoboken.  This is a great opportunity to take advantage of the $8,000 First-Time Home Buyer Credit. Act now before it’s too late! 

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Uniform Short Sales Guidelines are Coming

Fortunately, it appears that things could be improving for short sales.

The recent U.S. Treasury announcement stated that it would be providing more incentives for borrowers and mortgage services to pursue short sales and other foreclosure alternatives.

The incentives and process guidelines are part of a larger program called Making Home Affordable, which is in place to help homeowners avoid losing their home.

This past May, the Treasury proposed that lenders would receive a $1,000 for allowing the owner of a house to sell for less than the amount owed on a mortgage, and than accept the proceeds as full repayment. This also applies to the deed-in-lieu transaction, where a lender would receive $1,000 when the deed is transferred to the lender in place of going through a costly foreclosure.

In addition, borrowers who agree to short sales or deed-in-lieu deals can receive up to $1,500 in closing costs. The Treasury also said it will pay second lien holders up to $1,000 to relinquish their claims in such transactions.

Source: http://www.reuters.com/article/GCA-Housing/idUSTRE5916X220091002

For more great information go to First Time Home Buyers Are Leading The Way.

To find out all the benefits and options for preventing foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE or Anoir Redouane, REALTOR, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at eddie@InvestHoboken.com or 201-344-2886.

Making Home Affordable Program is Ahead of Schedule

On October 8, nearly a month earlier than the November 1 deadline set earlier this year, the U.S. Department of the Treasury and U.S. Department of Housing and Urban Development (HUD) announced that more than 500,000 trial loan modifications are in progress under the Making Home Affordable program.

The November 1 deadline was set in July so servicers would work at a faster pace to complete the modifications.

The Administration still believes that more can be done to assist struggling homeowners. Senior Treasury and HUD officials will be meeting to discuss how to improve servicer efficiency and responsiveness to borrowers during the modification process.

The most recent Monthly MHA Program Report, which tracks servicer performance through the month of September – ending September 30, 2009 can be found below.

http://www.treas.gov/press/releases/docs/MHA%20Public%20100809%20Final.pdf.

For more great information go to First Time Home Buyers Are Leading The Way.

To find out all the benefits and options for preventing foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE or Anoir Redouane, REALTOR, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at eddie@InvestHoboken.com or 201-344-2886.

Can You Find A Great Property Deal On Craigslist?

Today you can find just about anything on Craigslist. As a potential Real Estate Investor, did you ever notice that Craigslist is divided into cities? This can be a big drawback when you are searching for properties for sale.

Did you know there is a feature on Craigslist that allows you to search multiple cities at one time? The featured site is called http://www.Craigshelper.com but is now very recently being redirected to http://www.searchtempest.com  Not only will the site allow you to search Craigslist, you will also be able to see what is available on Ebay.

Craigshelper allows you to type in the zip code where you would like to search, and the ability to specify the radius of the search.
There is also another great Craigslist tool available. Ad Notifier for Craigslist will alert you the moment something is posted on Craigslist that fits your specifications. Ad Notifier for Craigslist  also will text your cell phone when a match is posted. 





What really is critical to get the tools to work is to be sure to use vital search terms. Avoid using generic terms like “homes for sale” or “ranch home” try using search terms that locate the motivated sellers. 



The following search terms may be helpful for finding people that need to sell their property:



• Owner will finance
• Owner Desperate
• Motivated seller 
• House must go
• Homeowner must sell
• All offers welcome
• Seller will carry second
• Consider all offers
• Terms available
• OBO, Or Best offer
• Below appraised value
• Will sell for what is owed
• Lease Option
• Rent to own

It is amazing what you can find by thinking creatively when you are looking to purchase property. 

For more great information go to First Time Home Buyers Are Leading The Way.

To find out all the benefits and options for preventing foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE or Anoir Redouane, REALTOR, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at eddie@InvestHoboken.com or 201-344-2886.

September 2009 Hoboken Condo Sales Statistics

By Eddie Perez, Broker Associate

Here are the final sales figures for September 2009 compiled using the Hudson County Multiple Listing Service.

September’s Hoboken condo market statistics showed a slow down from the strong numbers that appeared during the month of August.  Total closed units were down slightly with 69 closings in August followed by 67 closings in September.  Final closed sales prices were mixed with average prices falling 2.1 % to $485,497 in September from $495,882 in August.  Median closed sales prices were slightly up however at $490,000 in September compared with $475,000 in August.  The largest drop off was in contracts signed where we saw a 21.2% decline (80 in August vs.63 in September).  

Now when I compared last Septembers sales figures with this years, I found the results reflected the challenging year in the pricing environment with average prices off 13.9% ($564,184 in Sept ‘08 versus $485,497 in Sept ‘09).  Median numbers were down less at 3.9% ($510,000 vs $490,000).  

The good news is that the closed sales and pending sales activity were both up compared with last years.  Closed unit sales were up a just 1.5% (We’ll take it!) however the impressive gain was seen with pending contracts as 63 contacts were signed this year compared with 51 during last September.  A big 23.5% increase!  (We’ll take that too!).

So what can we take away from this?  Reasonable activity is still there with value being the driving force for this activity.  It looks like there are savvy buyers out there that want to take advantage of the low interest rates, first-time home buyers tax credits, the great selection of homes while negotiating the best possible deal.

Seems like a pretty good combination.

Here are the comparisons:

	September 2009	September 2009	Comparison:
Units Sold:	66	67	+ 1.5%
Avg. Price:	$564,184	$485,497	- 13.9%
Median Price:	$510,000	$490,000	- 3.9%
Pending:	51	63	+ 23.5%

September 2009 Sold Condominiums: 

High Low Average Median Total Price Listing Count List Price: $1,259,000 $272,900 $505,296 $499,000 $33,854,836 67 Sold Price: $1,150,000 $267,500 $485,497 $490,000 $32,528,318   DOM: 529 4 96 60

Studio: none sold

 1 bedroom: 25 sold.

Average asking price: $373,969

Average selling price: $360,532 (-3.6% of asking price)

Average days on market: 69

 2 bedroom: 33 sold

Average asking price: $540,483

Average selling price: $521,030 (-3.6% of asking price)

Average days on market: 102

 3 bedroom: 9 sold

Average asking price: $741,072

Average selling price: $702,333 (-5.2% of asking price)

Average days on market: 145

 4 bedroom:  none sold

September 2009 – Pending Contracts.  These are the deals that were consummated during the month and represents the current buying activity.

Pending Condos: 80

High Low Average Median Total Price Listing Count List Price: $1,112,875 $199,999 $479,376 $449,000 $30,200,705 58 Sold Price: pending pending pending pending pending   DOM: 566 7 99 67

Here’s the breakdown:

Studio: 3 contracts

Average asking price: $279,333

Median price: $249,000

Average days on market: 94

Median days on market: 66

 1 bedroom:  22 contracts

Average asking price: $386,909

Median price: $357,450

Average days on market: 96

Median days on market: 50

2 bedroom:   34 contracts

Average asking price: $514,356

Median price: $526,000

Average days on market: 104

Median days on market: 86

 3 bedroom:  4 contracts

Average asking price: $840,643

Median price: $834,999

Average days on market: 71

Median days on market: 66

4 bedroom:  No 4 bedroom contracts

Best,

Eddie

Your resource for Hoboken area real estate news, advice, best buys and more!:  www.HobokenRealEstateBlog.com

If you would like specific information tailored to your Hoboken condo, email us direct at info@InvestHoboken.com

Search entire Hoboken MLS at www.InvestHoboken.com Then click browse Hoboken Listings

Tax Credit Update

Now we have to play the waiting game to see whether Congress will extend or possibly expand the first-time home buyer tax credit.

The National Association of Realtors announcd that Speaker of the House Nancy Pelosi (D-Calif.) and House Ways and Means Committee Chair Charles Rangel (D-N.Y.) both support an extension.

What really needs to be worked out is to define how the credit should be extended and who should receive it. Some say the potential for an extension could be any where from a month to a year. If the extension does become approved, the length of time is likely to be some where between a month and a year. Another major question is, will the requirements of eligibility be changed to make the credit available to not just first-time buyers but to all primary home buyers, as well as buyers at higher income levels.

Currently, the tax credit is available to buyers with incomes up to $75,000 for individuals and $150,000 a year for couples.

For more great information go to First Time Home Buyers Are Leading The Way.

To find out all the benefits and options for preventing foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE or Anoir Redouane, REALTOR, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at eddie@InvestHoboken.com or 201-344-2886.

Why Are Comps Important?

When the day comes that you decide to sell your home, the best method to calculate how much to sell it for is by utilizing real estate comps. This data is called “comparable sales” or “comps,” and is a big factor in determining the sale price of a particular home. Information is calculated by gathering the figures of recent sales of nearby homes. By using these figures you can determine how much a home might be worth.

Buyers can use comps to determine a fair price to offer for a home.  Comps can also be used to track market trends to effectively determine whether a home has been properly priced.

Also, it is important for a buyer to keep in mind that the timing of comps should be considered. Generally, many sales could close within the range of four to six weeks, but some may take as long as six months to sell. The longer sales could reflect outdated market conditions and be poor comps to consider. This is another reason why a buyer needs to use a competent Realtor® to interpret the information about any home sales.

If the seller’s loan balance exceeds the value of the home, as defined by a short sale or foreclosure, the comps could be irrelevant.  

For more valuable information please go to Making Homes Affordable.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

$8,000 Tax Credit Receives False Claims

You now have until the end of November to utilize the tax credit available to “first-time” homebuyers who purchase a home this month.

Baltimore Sun reporter Jamie Smith Hopkins has estimated there are 19,000 people who have claimed the credit and have not bought a home. It’s amazing that there are people who are willing to commit fraud to get the $8,000 without buying a home.

It is possible there is as much as $600 million dollars worth of bogus first-time homebuyer tax-credit claims. With a total of more than 1.4 million first-time homebuyer tax-credit claims filed since late August, says the Los Angeles Times.

In addition to this, there are numerous reports of people under the age of 18 receiving the credit.  There is even a case of a 4-year-old who has received the tax credit, says U.S. News & World Report.

For more great information go to First Time Home Buyers Are Leading The Way.

There still may be enough time for you to qualify for the $8,000 tax credit  For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  He can be reached at eddie@InvestHoboken.com or 201-344-2886.

How Much Would You Pay?

Location, location, location, is a big factor in determining the price of a home.  But, what does that mean when the home is next door to President Barack Obama in Chicago?

A 17-room mansion located in Chicago at 5040 S. Greenwood that is next to Obama’s house at 5046 South Greenwood Avenue is for sale.

If you are interested, the home’s listing can be found at 5040greenwood.com. The website reportedly got 60,000 hits in just its first week.

The current owner, Bill Grimshaw, reportedly paid $35,000 for the 103-year-old home in 1973.

Although, homes in the area usually go for $1.5 million to $2 million, the Grimshaw house, which features period details and original woodwork, will likely be sold for a much higher price.

For more valuable information please go to I Want to Buy my Home at the Bottom.

There may some hidden treasures for you located in Hoboken. Whether you are search of the perfect Hoboken condo or a lovely Victorian brownstone, please contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.