Posted tagged ‘Hoboken condo’

30 Day Hoboken Condo Market Snapshot. Not to Shabby!

April 5, 2011

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.
Have a great day!
Edward (Eddie) Perez

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

Hoboken Condo Appraised for Less Than You Thought?

January 12, 2011

When counseling buyers and sellers on their Hoboken metro area real estate, I prepare them for what is becoming a somewhat common occurrence…..the low appraisal.  That’s a situation where an appraisers estimation of value for a particular property is lower than the accepted offering price.  For instance an offer is accepted for $550,000 but the appraisal estimation of value is only $515,000.  If the appraisal is too low, buyers may not be able to borrow enough to purchase the property.

First of all, I’m a real estate agent, not an appraiser however we deal with appraisals as part of the normal course of our business.  Some points to consider that I’ve encountered from over 10 years of buying and selling real estate personally, and professionally:

The appraisal is an opinion of value.  In general, the appraiser compares the features, location and condition of a home to similar properties to arrive at a dollar figure.

Real estate markets are hyper-local, meaning that small nuances of a market can affect value.  Appraisers that are not intimately familiar with the local market may not be aware of these.

Check the appraisal for mistakes.  Some mistakes I’ve found in dealing with low appraisals included:

  1. Appraiser failed to look at other comparable properties that sold higher.  I typically bring comparable property listings to the appraisals that I attend for my clients.  The appraiser may or may not   use these
  2. Incorrect addresses (big mistake!)
  3. Features added to comparable properties that did not exist such as  properties having a balcony when in fact they did not.
  4. Subject property having features omitted.  I was selling a condo that had two parking spaces but the appraisal gave value for only one
  5. Inaccurate gross living space
  6. Incorrect age of the buildings

Talk to your lender if you feel that you may have a legitimate case.  They may consider having another appraisal preformed or may take into account mistakes that may have been made.

Edward (Eddie) Perez

47 Hoboken 3 bedroom condos for sale starting in the low $400K’s to a $2.4 Million at the W-Hotel & Residence’s

December 3, 2010

We currently have 47 Hoboken 3 bedroom condo’s on the market within the Hudson County MLS.

Click here to see all 47 Hoboken 3 bedroom condos

The lowest priced unit is a 1225 square foot home at 1st and Washington St. which is offered at $425,201.

The most dramatic (and highest priced) is in the W Hotel & Residence’s- Hoboken.   A stunning 2375 square foot

3 bedroom, 3 1/2 bathroom home with amazing views of your neighbor……which happens to be the skyline of Manhattan!

This the best Hoboken has to offer at $2,499,000.   W-Hotel & Residences 3 bed, 3.5 bath home

Lots of other really great options in-between!

Happy shopping!