Posted tagged ‘Hoboken condos’

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

June 4, 2011

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.

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Search Hoboken MLS condos on your smart phone for FREE!

April 20, 2011

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.

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Great Restaurants Are Abundant In Hoboken!

April 14, 2011

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.

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

April 8, 2011

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

Find Your Dream Condo In Hoboken

March 24, 2011

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.

Where is Hoboken, NJ in relation to NYC? Take a look!

March 23, 2011

This is a fantastic perspective of where Hoboken, New Jersey is situated in relation to New York City.


The grey buildings closest are the Hudson Tea Building and to the right (red and blue facade) sits Harborside Lofts. Across the river is Downtown Manhattan.

With 2 commuter ferry routes, PATH trains (our subway), and constant flow of buses zipping you through the Lincoln Tunnel from Hoboken into Manhattan,
Hoboken truly is a commuters dream!

Edward (Eddie) Perez

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

Eddie Perez, Broker – REALTOR
RE/MAX Gold Coast Realty
56 Newark Street, Hoboken NJ 07030-4526 Phone: (201) 344-2886
www.InvestHoboken.comNobody sells more homes

Amazing Benefits Of Home Ownership In Hoboken

March 17, 2011

Owning a home has been an American Dream for as long as anyone can remember, and even during the past few years when the economy has been down, it has still been part of the American Dream. In fact, 67% of homes in America are owner-occupied. According to the National Association of Realtors, there are many benefits to homeownership in Hoboken.
● It is a fact those who are homeowners are happier and healthier than those that are not. Also, homeowners have more of a feeling of control over their own lives.
● The homeowners of America pay 80% to 90% of federal income taxes. These taxes help to contribute to numerous federal programs which benefit everyone in America.
● Those who rent can expect to see, on average, an increase of 3% on their monthly rent each year. Homeowners have the benefit of fixed rate mortgage loans and enjoy a steady monthly payment for the term of their loans.
● Another known benefit of homeownership is that children of homeowners are more apt to participate in organized activities which means less time being couch potatoes.
Homeowners tend to be more involved with volunteering and contribute more to their neighborhoods.
● Moving can be a lot of work and those that rent, tend to move more frequently than those who own their own home. The stability achieved by homeowners not frequently moving, will help reduce crime and do their part to help with the overall upkeep of the neighborhood.
● Maybe the best reason for homeownership is that children of those who own their own home do well in school and stay in school longer than children of those who rent.

Home ownership in Hoboken is also doing its part to help the economy. The housing industry makes up 15 % of the Gross Domestic Product in the United States. Every home purchased in the U.S. adds on average $60,000 to the economy throughout time by the means of home improvements and furniture purchases.

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.