Pay Off Your Hoboken Mortgage in Half the Time

Posted July 27, 2011 by eddieperez
Categories: Financing/ Interest Rates

What would you say to a program that helps you pay off your Hoboken mortgagein half the time? Sounds great doesn’t it?

Here’s how it works:

It’s called the Home Ownership Accelerator (HOA). It has only been available in the United States for a short time, but it has been successful in both Great Britain and Australia for several years.

The HOA is a type of loan that works by using the money you have sitting idle in your checking or low interest savings account to pay off your mortgage faster. The great news is that you don’t need to change your spending habits.

It works by taking your paycheck that you deposit into the checking account that comes with the loan and applying the money to reduce your mortgage balance.

The benefit of this is that the mortgage interest that you owe goes down immediately. Mortgage interest is calculated on a daily basis and is based on your interest rate as well as the current size of your mortgage.

When you need money, to pay your bills for example, you write a check from the checking account. The mortgage balance then goes up to cover the amount of the check.

This type of loan works best for homeowners who make more than they spend in one month. Over time, this difference has a substantial impact on the remaining term of your Hoboken mortgage.

Of course, you don’t need this type of loan in order to pay off your mortgage early. You can do it with your current mortgage by simply paying extra each month. But let’s face it, not all of us have the discipline to do that. An HOA makes it easy by doing it for you.

Who can benefit from an HOA? The HOA is for those who are able to save money each month, have good credit, and have a solid income. It is great for those who are self-employed, investors, and high income earners. An HOA can also be used as a reverse mortgage.

In order to qualify, your credit score needs to be at east 720 and you need at least 25 percent equity in your home or be willing to put 25 percent down on the loan. In addition, loans can go up to $2.5 million, but it must be a loan on your principal residence.

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker – REALTOR. His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County. You can email questions to Eddie or to schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Hoboken “Kiddie Condos” – Some Things to Consider When Parents Invest with Their Children

Posted June 4, 2011 by eddieperez
Categories: Condo Living, Financing/ Interest Rates, Hoboken Homes

Tags: , , , , , , ,

More and more buyers are teaming up with Mom and Dad to help alleviate some of the challenges of buying a condo in today’s market.

(Where were you, Mom and Dad, when I was buying my first home?…) Kiddie Condos

Mortgage pro Ted Schirm with Investors Savings Bank states, “Securing financing for a Hoboken condo has become more challenging since banks have tightened their lending standards. Additionally, when parents are investing with or for their children and wish to obtain the best mortgage rates, many lenders are seeking substantial down payments, typically 25% of the purchase price or more.”

“Kiddie Condos – The terminology, used when a parent, a very generous parent, buys or invests in a condo for their college-bound student, can offer problems when trying to get attractive financing for these transactions.”

These inclulde:

  • The property cannot be considered a second home.
  • Investment Propety down-payment requirements are more substantial than what was planned.
  • The parents don’t want to pay investment property mortgage rates.
  • The college student has no income and cannot be put on the mortgage.

“Our Kiddie Condo” Financing program allows us to do the following:

  • Provide financing as an owner-occupied property
  • Put as little as 20 percent down
  • Have the child put on the mortgage to help build a credit history

Mr. Schirm goes on to say, “You should note that this program works for any situation where a non-occupant co-borrower is needed to boost income.”

To minimize the potential of a tax occurrence, parents and children should also seek advice from their tax professional as to how to best structure loans or gifts for real estate purposes.

Having the right team in place and asking the right questions can help you and your parents achieve maximum results from your mutual investment.

Now go call Mom and Dad and tell them how much you love them!

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker – REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top-producing agents in Hudson County. You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Bike Sharing May be Coming to Hoboken

Posted May 19, 2011 by eddieperez
Categories: Live in Hoboken

The cities of Hoboken and Jersey City are teaming up with Hudson County Transportation Management Association to create a plan to bring a bike-sharing program to the west coast of the Hudson. Officials in the city of Hoboken are hoping that the progressive ideals of Hoboken and nearby cities for implementing innovative results will serve as a model for other urban areas.

The idea includes a program that seeks compatible user groups; – most notably, residential commuters attracted to the transportation hubs during peak times in the regular commuter routes. Tourists who visit the New Jersey waterfront to see the New York skyline and the Statue of Liberty would use the program during off-peak times. The promoters of the bike-sharing program are hoping for a system that could work across several municipalities and combine with existing transportation modes. 

The idea for a bike-sharing program in the Hoboken area follows a similar one begun in Newark. The Newark program, operated by the non-profit organization Meadowlink, pairs commuters with local university students who share similar commuting patterns. The key to success is to use bike sharing where travel patterns can support continued use of the equipment and keep redistribution to a minimum.

Why is bike sharing important in urban areas? There is a strong connection between flourishing transportation centers and surrounding neighborhoods that can be served with a “one size fits all” solution like bike sharing. Bikes take up less space on streets and travel at speeds more suitable to an urban area. Bikes are also more eco-friendly than many other forms of transportation. They are quieter and do not contribute to air pollution.

The bike sharing project is good news for Hoboken and surrounding areas. It helps commuters and tourists with transportation in an eco-friendly way. Also a great way to get some exercise! 

Hope to see you biking around town! 

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker – REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

April 2011 Hoboken Condo Market Update – Good News for Buyers & Sellers

Posted May 3, 2011 by eddieperez
Categories: Condo Living, Hoboken Homes, Hoboken Market Statistics, Home Sales

The Hoboken Condo market update for April 2011 is in and depending whether you’re buying or selling, the news can be viewed as either good or not so good.  

Good news for Hoboken condo sellers:

  1. Hoboken condominiums on average are selling faster than they did during the same period last year, just 69 days in April 2011 as opposed to 82 days for all closings in April of 2010.  Additionally the overall inventory is at a historic moderate amount sitting at 378 units.  
  2. 75 condos went into contract last month
  3. The current absorption rate, the rate at which all condos in market would be “absorbed” by the current pace of sale (in this case we’re using the 75 units under contract in April) is now at 5 months.  This points to a somewhat “balanced” market.
  4. Interest rates remain at historic lows with 30 Year Fixed Conventional Conforming Loans (loans less than or equal to $417,000) at 4.750%/ 4.868 APR
  5. We’re not in Nevada…. where in the 1st quarter and March 2011 was the state with the highest foreclosure rate

Good news for Hoboken buyers:

  1. Average selling prices are down 10% from same period last year
  2. Median selling prices are down 11.9%
  3. Average dollar per square foot is down 4.2%
  4. List-to-sales-price-ratio is down to 95.9% which indicates sellers are willing to negotiate from already lower prices
  5. Interest rates remain at historic lows with 30 Year Fixed Conventional Conforming Loans (loans less than or equal to $417,000) at 4.750%/ 4.868 APR
  6. We’re not in Nevada – I wanted to make sure you were really reading this 🙂

Here are the actual stats I complied for you using the Hudson County Multiple Listing Service:

Make it a great day!  Your Hoboken REALTOR, Eddie Perez…..

Current Active “For Sale” Condo Inventory  as of 5/1/2011:  378

Average asking price: $527,827

Median asking price: $449,999

Average days on market: 80

Average asking price per square foot: $521

April 2011 – New Condo Listings: 127

Average asking price: $499,825

Median asking price: $445,000

Average Asking Dollar Per Square Foot: $515   ** notice the difference between this and the avg under contract and selling dollar per square foot**

April 2011 – Under Contract:  75  (-45% to the 109 units that went under contract in April 2010)

Avg asking price: $498,909    

Median asking price: $475,000

Avg days on market: 50

Avg dollar per square foot: $459

April 2011 – Sold:  48  ( -54% to the 74 that sold in April 2010)

Average asking price: $479,902  

Average selling price: $460,449  (-10% from the average selling price of $506,587 in April 2010)

**  Average List-To-Sales-Price-Ratio (LSPR) : 95.9% of asking price  **  (96.7% LSPR in 2010)

Median selling price: $428,500   (-11.9% from the median selling price of $479,752 in April 2010)

Average days on market: 69  (82 average selling days on market in April 2010)

Average selling dollar per square foot: $444   (-4.2% from the average selling price per square foot of $463 in April 2010)

About Eddie: Eddie Perez is an experienced New Jersey licensed Broker – REALTOR specializing in buying and selling condominiums and Brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 120 homes and is among the top producing agents in Hudson County. His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process. You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Search Hoboken MLS condos on your smart phone for FREE!

Posted April 20, 2011 by eddieperez
Categories: Condo Living, Hoboken Homes, Home Buying, Live in Hoboken

Tags: , , , , , , ,

Whether you’re searching for a Hoboken condo or want to see what the brownstone your standing in front of is selling for, this FREE app brings the information to the palm of your hand anytime, anywhere.  This is the only real estate app that works on standard cell phones and smart phones alike.  Plus, did I mention it’s FREE!

Download today!  Text: [BROWSE] to: 87778 to get my free app forIPhone, Android or Blackberry.

Search all Hoboken MLS listings and view prices, square footage, taxes, features, maps, pictures and more! The “Call” feature will connect you to me if you have questions.

If you need help downloading my app, please call my technical support team at Smarter Agent at 856-614-5423. If you haven’t used a text code or downloaded an app before, this is a great time to learn how!

Then, the next time you’re wondering what’s for sale or what just sold in Hoboken – open my app and all the information will be at your fingertips.

About Eddie: Eddie Perez is an experienced, active New Jersey licensed Broker – REALTOR specializing in buying and selling Condos and Brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 120 homes and is among the top producing agents in Hudson County. His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process. You can email questions to eddie@InvestHoboken.com. or call /text him direct at 201.344.2886.

Like this at Facebook!

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Great Restaurants Are Abundant In Hoboken!

Posted April 14, 2011 by eddieperez
Categories: Condo Living, Hoboken Homes, Live in Hoboken

Tags: , , , , ,

Condo living in Hoboken has a lot to offer. Hoboken is filled with great restaurants and this weekend you can get a taste of some by taking part in the Magnia Hoboken Food And Culture Tour. Enjoy walking in historic Hoboken while trying some local cuisine.  “We offer a weekly walking tour that will offer residents and tourists a behind-the-scenes look at the world class food establishments that highlight Hoboken’s Italian heritage.” said Tour Director, Avi Ohring.
The tour will stop at many places some include:

  • Carlo’s City Hall Bake Shop, home of “Cake Boss”- The hit series is broadcasted weekly on the TLC channel
  • Lisa’s Italian Deli- Named the best Italian deli by NJ Monthly Magazine
  • Grimaldi’s Brick-Oven Pizzeria- Pizza made with love in a brick-oven
  • Empire Coffee & Tea- The same family has owned and operated this establishment since 1908

The tour will also be visiting the childhood home of Frank Sinatra. Tour groups are limited to 16 and are available every Saturday. Tickets may be purchased up to an hour before the tour. Tickets are $42 and include all food samples. The walking tour leaves promptly at 2:00pm from the main entrance of the Hoboken PATH station. Plan to allow 3.5 hours for the tour.

If you are looking to enjoy the benefits of homeownership in the Hoboken area contact me, Eddie Perez of ReMax Gold Coast Realty. You can reach me directly at (201) 344-2886 or check out my InvestHoboken website.

Stunning Hoboken Brownstones – Jewels of the NYC Metro Area at a Fraction of the Price!

Posted April 12, 2011 by eddieperez
Categories: Best Buys/ Hot Deals in Hoboken, Condo Living, Hoboken Homes, Home Buying

Tags: , , , , ,

Owning a Victorian brownstone home is the dream of many that live in Hoboken and the NYC Metro area.  They are truly the jewels of many neighborhoods.

Big, grand homes of an era gone by, now prized for being able to accommodate growing families by offering them multiple bedrooms and bathrooms, large yards and a style that blends modern touches with unique historic details.

Most Hoboken brownstones can be had at a fraction of the price when compared to similar homes in Manhattan and many parts of Brooklyn.  Not only can one save money but often one can save time with an even easier commute into many parts of New York City.  All of this is available without sacrificing a vibrant city environment.

These Hudson Street Brownstones are some of the finest.  Many have been updated with modern amenities such as gourmet kitchens and central air conditioning while retaining the details that give them their unique qualities.

So if you’re thinking of buying a large condo…see if perhaps one of these jewels might be the right fit for you!

About Eddie: Eddie Perez is an experienced New Jersey licensed Broker – REALTOR specializing in buying and selling condominiums and Brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey.  He has personally sold over 120 homes and is among the top producing agents in Hudson County.  His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process.  You can email questions to eddie@InvestHoboken.com. Call him direct to see any of these properties 201.344.2886.

Buying a Hoboken condo? Make sure you ask this important question!

Posted April 8, 2011 by eddieperez
Categories: Condo Living, Hoboken Homes, Home Buying

Tags: , , , ,

Imagine spending the first night in your new Hoboken luxury condo.  You know, the one you’ve just spent upwards of $600,000 or more for.

Tired from your move and the celebratory toast from the bottle of champagne that your REALTOR gave you at closing, you look forward to the first nights rest in your new home.

As you slip into a peaceful sleep, suddenly you’re awakened at 1am.

Thunk!…Bang!…..Crunch!…..Grind!….Bang!…Boom!   OMG…what the #*%@ is that!

Those my friends are the wonderful sounds of the garbage collection at your luxury condo building.

These are the sounds I experience 6 nights a week at my luxury condo.  I happen to be on the 8th floor and it’s rather loud.

Now I’ve been a city boy all of my life and I’m not particularly sensitive to these noises. However I knew this BEFORE moving into my home.

Someone just went into contract (not my deal) at a unit on the 2nd floor.  I’m sure it’s really loud on that level.  I wonder if they were told about this.

So remember to ask.

“Where is the garbage collected, how often and at what time?”

An experienced agent should know or find this out for you.  This way you’ll be better able to choose the right home for yourself!

About Eddie:  Eddie Perez is an experienced New Jersey licensed Broker – REALTOR specializing in buying and selling condominiums in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey.  He has personally sold over 120 homes and is among the top producing agents in Hudson County.  His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process.  You can email questions to eddie@InvestHoboken.com

30 Day Hoboken Condo Market Snapshot. Not to Shabby!

Posted April 5, 2011 by eddieperez
Categories: Condo Living, Hoboken Homes, Hoboken Market Statistics, Home Prices

Tags: , , , , ,

In the last 30 days, 66 Hoboken condos went into contract, a drop from the same period in 2010 however these numbers are going against the buying frenzy caused from the Home Buyer Tax Credit that was in effect during the spring market of last year.

To me, this indicates a robust, balanced market as we have 365 condos currently for sale on the Hudson County Multiple Listing Service. If we divide this by the 66 condos that went into contract in the last 30 days, we have 5.5 month inventory at current sales pace (Absorption Rate).

An absorption rate that’s between 3-6 months is typically defined as a balanced market whereas above 6 months is a buyers market and below 3 months is a sellers market.

Here’s the stats:
Total contracts last 30 days: 66 -15.3% from same period 2010
Avg asking price: $524,803 -2.72% from the $539,521 average asking price in 2010
Median asking price: $489,500 + 2.14% from the $479,000 average median price in 2010

The most expensive condo to go into contract is a 1865 sqft 2 bed, 2 den, 2.5 bath at Maxwell Place. On the opposite side, the lowest priced unit to go into contract was a 453 sqft studio at 1015 Washington St.

I welcome any questions that you have for your particular condo.

eddie@InvestHoboken.com
Have a great day!
Eddie
Edward (Eddie) Perez

Hoboken Real Estate Blog – Stats, new listings, price reductions, news and more!!

Find Your Dream Condo In Hoboken

Posted March 24, 2011 by eddieperez
Categories: Condo Living, Hoboken Homes, Home Buying

Tags: , , , ,

It can be overwhelming when you look at all the condos for sale in Hoboken and it may leave you wondering how you will know which one is the right one for you. To help you find your dream home it is first ideal to come up with a wish list to help you with your search.

1. How Much Work Do You Want To Do? Determine if you want to purchase a home that is a fixer-upper or one that is move-in ready. Homes that need a little work done on them tend to be priced a great deal less than those homes that are move-in ready. Take the time to consider what homeownership means to you.

2. Location! Location! Location! When it all comes down to where you live in Hoboken, it needs to be the right location for you and your life style. The closer in proximity you are to public transit the more likely the home is to be more expensive. The great thing about Hoboken is it is one of the most walkable cities in America!

3. Local School District. The quality of education among both public and private schools vary widely across the country and also plays a big part when it comes to choosing where to live. Take the time to research the school district before choosing a place to live.

4. What Style Of Condo Is Right For You? Is a balcony or roof deck something that you are looking for in your new home or would you consider living without either? These are things to think about before you start you search for your dream home.

5. Bells And Whistles. Does that beautiful granite countertop stand out at you or does marble catch your eye? Make a list of what upgrades you would like to see in your future home.

6. What’s Your Style? The interior style of any home can be changed but it could come with a costly price tag. Decide what things are important to you inside your home and this will help with the home search.

7. Be Realistic About Outdoor Space. A home with a yard in Hoboken is a rare find. It may be more realistic to consider a nice balcony or roof deck. If a yard is something that you really want, you may consider purchasing a Brownstone or a Row House.

8. How Old? What age of home are you looking for? Old homes are unique but often times require more maintenance that can be costly to you. Newer homes are by no means maintenance free but may come with a warranty from the builder.

9. A Garage Is Not Likely. City living comes with many perks but many times, having a garage is not one of those perks. You will be hard pressed to find that perfect home with a garage while living in the city.

10. Condo Life. There are many choices available to you when it comes to owning a condo in Hoboken. Finding the right one for you can be easy with a little thought ahead of time of what you are looking for in your new home.

If owning a new condo in Hoboken is on your dream list, contact me, Eddie Perez of ReMax Gold Coast Realty. You can reach me directly at (201) 344-2886 or check out my InvestHoboken website.