Inside Hoboken Real Estate

Another Auction Comes To Hoboken

2009-07-08T14:10:00.000-07:00

They are auctioning off the condominiums at 1300 Park in Hoboken on August 5th. Different developer but the catastophe of "The Juliana" still leaves me questioning whether auctions are right for the Hoboken market. I've been wrong before....

Hoboken Real Estate
Condos
Available 556
Information deemed reliable but not guaranteed

The Q2 Report Is Here.

2009-07-07T07:19:00.000-07:00

Goto http://www.hobokenhomefinder.com/, click on the picture of the report and I'll send you the complete 14 page report. Yes. technical limitations require a few extra steps. Do you want the report or not?

Hoboken Real EstateQ2, 2009
Condos Sold 128
Condos Under Contract 200

Information deemed reliable but not guaranteed

Mirror. Mirror.

2009-06-30T09:05:00.001-07:00

"Man stares into the abyss, and there's nothing staring back at him. That's when man finds his character. And that's what keeps him out of the abyss."-Wall Street

Crazy times out there. Sellers not having character. Buyers not having character. Agents not having character. Money makes people do the wrong thing and then hide behind someone else. Hard for me to imagine what these people see when they stare into the abyss.

Check out this excerpt from Donald Trunp's book. Wow. It goes to the heart of the matter from a true real estate mogule.

Hoboken Real Estate condos

Available 580

1BR 181

2BR 301

3+Br 73

Information deemed reliable but not guaranteed

Old Parable. New Twist

2009-06-24T12:48:00.000-07:00

A guy is living with his parents in the summer of 2008 and needs to buy a house to keep from going insane but he doesn't want to over pay. His parents ask him when he will know the time is right. The Son replies. "God will show me the way." and he goes off to pray. A few weeks later the banking crisis hits. Prices drop 15% overnight.

The parents ask "now son?"

"Not yet"says the son, adding "God will show me the way."

Reeling from the near collapse of the economy, interest rates plummet to a never before seen lows, making borrowing costs cheap.

The parents ask "now son?"
"Not yet"says the son, adding "God will show me the way."

Along comes Obama and his dollars for everyone but small business and rich people making over $75,000 a year individually or $150,000 combined..and Obama adds $8000 as a sweetener.

The parents ask "now son?"

"Not yet"says the son, adding "God will show me the way."

The market turns, the boy can't afford the prices driven high by the inflation caused by Obama trillions buying up everything from AIG to GM to clunkermobiles....The boy prays....

"God. Why am I stuck here with my parents?"

A light appears. It's God looking just like James Carville.

"Boy. Do you have to be hit over the head with a hickory stick? Look around. Is this Florida? Is this Arizona? Is this Las Vegas? Where do you think Moses was going? Do you know how long it takes to get sand out of your beard?...Do you see any sand in NJ other than at the beach? How long did you think I could hold everyone else off? I even put the Yankees nearby and let them spend twice as much as everyone else. For what? So people will want to live here.

As God is turning to leave the boy call out..."What am I supposed to do now?"

God replies. "HGTV: They have an episode about brightening up your basement apartment."

Need proof?

http://www.nj.com/columns/ledger/index.ssf?/base/columns-1/1245158415210890.xml&coll=1

My PAC Dollars At Work...

2009-06-23T13:54:00.000-07:00

Press Release from New Jersey Association Of Realtors

NJAR® Protects Property Tax Deduction for Most

Yesterday, the Senate Budget and Appropriations Committee and Assembly Budget Committee voted to approve the $29 billion fiscal year (FY) 2010 New Jersey budget. The latest spending plan, which is set for a final vote by the Legislature on June 25, 2009, includes the unexpected revenue received from the tax amnesty program. New Jersey is on course to collect $600 million in back taxes. This represents more than $400 million that had already been accounted for in earlier versions of the budget. The windfall will be used to partially restore property tax relief programs.
Due to NJAR®’s successful advocacy efforts and our membership’s participation in the Call to Action, we were able to protect the ability for households earning up to $250,000 to deduct their property taxes from their state income tax filings. The budget proposal allows households who make less than $150,000 to deduct as much as $10,000. Additionally, property owners who earn $150,000 to $250,000 annually will now be able to deduct their property taxes, up to $5,000. That represents about 200,000 additional homeowners who will be able to take advantage of the deduction.
The windfall will also be used to provide property tax rebates to households earning up to $75,000. Homeowners earning up to $50,000 will receive a rebate equal to last year’s check, for an average of $890, while those earning $50,000 to $75,000 a year will receive two-thirds of the rebate they received last year, for an average of $670. Senior or disabled citizens earning less than $150,000 are also set to receive a rebate. Renters who aren’t senior or disabled citizens did not have their rebates restored. These rebate levels match what Governor Jon Corzine laid out in his original budget proposal in March, before he called for the additional cutbacks.
NJAR® remains displeased with the FY 2010 budget because it reduces or eliminates the ability of certain households to deduct their property taxes from their state income tax filings. However, the partial restoration of the deduction represents a major victory for our Association because earlier versions of the budget called for a one-year suspension of property tax deductions on state income taxes for all non-senior households, regardless of income. Rest assured, NJAR® stands ready to redouble its efforts during next year’s budget process to ensure this critical deduction is restored for all homeowners.

A Steal. Really.

2009-06-18T14:33:00.000-07:00

http://www.nytimes.com/2009/06/18/garden/18houses.html?no_interstitial

Hobo Alert. EZ on. EZ off. America At Your Doorstep.... (just guessing as to how the agent marketed this one.)

It's location. What are those people in Chicago thinking??? I bet the Obamas don't keep a home here.

Got to keep this short. meeting my friend in midtown (where he works) before he heads back to his house in PA. (2 Hours each way.) I know dumb people too.

Hoboken Real Estate
condos
Hudson Tea
2 BR Sold last 12 Months: 22
Information deemed reliable but not guaranteed

$8000 And A Trip To Montclair

2009-06-17T13:52:00.000-07:00

RE/MAX GOLD COAST REALTY PRESENTS...
NEW JERSEY REAL ESTATE EXPO:
1ST TIME BUYERS & INTRO TO THE ‘BURBS

June 25th, 2009 6:00PM

Another service provided by RE/MAX Gold Coast Realty and Pinnacle Mortgage, Inc.

Location: The Hoboken Elks Club, 1005 Washington Street
Date: June 25, 2009, starting at 6:00PM

Registration: RSVP Online or in-person at 56 Newark St, Hoboken NJ

What: Meet RE/MAX agents from the ‘burbs and explore real estate in towns such as Summit, Morristown, Paramus, Montclair, Teaneck, West Milford and many more!

Learn: Speak with service professionals involved in your move. Listen in on breakout* sessions with top in dustry attorneys, mortgage experts, credit financiers, short sales and foreclosure specialists, plus top local real estate agents.

Gain: Valuable knowledge all in one place, one evening.

Cost: FREE to all who pre-register!
*Break-Out sessions start at 7:00PM - Please see full schedule online and register while you’re there!

Ask for Me At The Door to get a SNEAK PEEK at the Q2 Hoboken Real Estate Report.

No Parking. Blame A Realtor.

2009-06-15T09:06:00.000-07:00

A realtor friend of mine has an interesting theory. The availability of meter parking south of 4th street is determined by the number of realtors working that day. My friend uses the parking results to extrapolate on the market as a whole.

Of course some realtors work from home. Some keep odd hours. But when you arrive at 10am Monday and there's parking it's because realtors are resting after the weekend....or so the theory goes. Not a bad one since realtors make up a large block of meter parkers.

We probably pay more tickets too. I'll have to check with the HPU.

Hoboken Real Estate

condos

Available : 585
Avg List Price $578k
Avg DOM: 101
Information deemed reliable but not guaranteed

Tick. Tock.

2009-06-13T10:06:00.000-07:00

Home buyers looking for the $8000 credit now have 170 days to close.

http://media.reliancenetwork.com/dyna_images/clients/8236428/200913610333.pdf

Like sand through and hour glass, there are the days of our lives. (Don't be stealing my tag line.)

More Good News

2009-06-12T08:22:00.000-07:00

Things are turning...

http://rismedia.com/2009-06-11/overlooked-signs-the-us-housing-market-is-turning/

Heard On The Street: Big market tracker (often quoted on Bloomberg) predicts Hoboken has hit bottom.

So this is what bottom looks like?

Don't Buy My Condo

2009-06-10T08:12:00.000-07:00

From the I can't make this up department:

Now readers of my blog know there are about a million condos that anyone looking can see. Or it seems that way. You've see 30, you've seen a million.

So when when of those for sale by owners who have an mls listing and think the best way to sell the property is by having prospective buyers to fill out an intrusive form just to see the property...well you know the rest.

Excerpt from email of said owner (who by the way lives in Florida):

"Thank you for your interest in showing our condo unit to your clients.

In an effort to minimize any inconvenience to our current tenants (whose lease expires on June 30th), we are now taking a very selective approach to the showing and sales process. Prior to scheduling a personal viewing, we are asking all prospective purchasers to complete the attached Prospective Buyer Form as well as provide us with two dates that they would be available for a personal viewing."

How many buyers think if the owner is making it is this difficult to see... how difficult will it be to close. What is the seller motivation?

It's like paying to go to a casino. (They actually do charge in Monaco.)

Ask Me No Questions, I'll Tell You No Lies

2009-06-06T07:51:00.000-07:00

Got this from Team Cammarano...

Join us for FAMILY DAY on Fourth Street, between Bloomfield and Garden Streetsbetween 3-6pm. Stop by headquarters, get a T-Shirt and enjoy Family Day fun at beautiful Church Square Park. It’s an opportunity to have your family meet Peter Cammarano’s family and discuss life in Hoboken. This is a one-of-a-kind event; don’t miss it!

SUNDAY, June 7th:
Join us for the BIGGEST BLOCK PARTY IN HISTORY at Columbus Park, located at 10th and Clinton! This event will not disappoint; BRING YOUR FAMILY TO MEET OURS. There will be 4 LIVE Bands (including salsa bands, rock and roll & Top 40), 3 of the HOTTEST DJ’s, TONS of food, snacks and contests. There will be lots of games for the kids. Rides, face-painting, cartoon characters walking around, balloons, popcorn, cotton candy and giveaways. There will also be free Trolley Rides picking up seniors and residents throughout the City. Bring friends, family and neighbors. Wear your BLUE T-shirts and become a part of uniting Hoboken for Tuesday’s seminal election.

Buyers and sellers should take every opportunity to meet the candidates and understand how their vision of the future is going to impact Hoboken. Of course, I don't think if you met the current grand poohbah four years ago he'd look you in the eye and say. "In four years from now, I'll be run out of city hall because of a 47% tax increase and the state take over of our books." .....

personally I'm still rooting for a 70 story mixed use building over the rail yards.

Hoboken Real Estate Multifamily Homes

Available 30
Under contract 6
Sold in 2009 4

Information deemed reliable but not guaranteed

June is National Homeownership Month

2009-06-05T14:35:00.000-07:00

June is National Homeownership Month

Each June, NJAR® joins REALTORS® from across the country in promoting the benefits of homeownership and bringing to light the challenges people may face when trying to afford to purchase a home. This year, in celebration of National Homeownership Month, NJAR® is presenting a series of programs and events to aid potential home buyers in recognizing the benefits and opportunities available in this market as well as help answer their questions in determining whether now is the appropriate time for them to buy.

Thursday, June 18, 2009: NJAR®, along with the New Jersey Housing and Mortgage Finance Agency (HMFA), will be hosting a webinar titled, “Mortgage Options in Today's Market.” For details on the webinar, see the above webinar story or see NJAR®'s Webinars page.

Wednesday, June 24, 2009: NJAR® is presenting an educational program in the form of a home buyer event in conjunction with the Star Ledger entitled, The Clock is Ticking: Time to Harness Your Home Buying Power. For more details about the event contact me.

Mansion Tax

2009-06-05T07:48:00.000-07:00

If you're fortunate enough to purchase a home over a million dollars in NJ you also get to pay a Mansion Tax of 1% of the purchase price. We all know that a million dollars will definitely get you a Mansion in Hoboken. The 1200sq foot condo over at 1125 Maxwell Lane conjures up remnants of the guilded age in mind. Think I'm going to check to tax records to see how many Rockefellers and Morgans would be my neighbors. (There are 33 condos for sale in Hoboken offered at north of a million dollars. )

The problem comes when the buyer sells the condo for close to the million dollars. (like $1,030,000.) That thirty thousand dollars to the seller essentially costs the buyer $40,300. What is an enterprising buyer to do? Maybe offer to pay $999,999 for the condo and "buy" a piece of furniture from the seller for $31,000. Thus saving the mansion tax. EXCEPT it it illegal. Now I would be shocked to find that anything illegal is taking place in Hudson County but.... Corzine needs his money. He can't raise turnpike rates so he has to get it somewhere.

Buyers. Sellers. If anyone (realtor, lawyer, friend) suggests this: run. A lawyer just lost his license over this. Think the state isn't going after the buyer and seller? Probably fining the realtor too. Don't say you haven't been warned.

Hoboken Real EstateCondos

Avg Sale Price May 2008 $497,818

Avg Sale Price May 2009 $507,070

Information deemed reliable but not guaranteed

Where's My Satisfaction

2009-06-04T14:16:00.000-07:00

...........When I'm ridin' round the world

And I'm doin' this and I'm signing that

And I'm tryin' to make some girl

Who tells me baby better come back later next week..............

MAYBE NEXT WEEK. That's the response by one of those phony, I think I'll sell the place myself by putting it on the MLS but nothing else, owners told me about making an appointment to show his property to a ready willing and able buyer. Did Mr. ForSaleByOwner check out the May numbers. Down 40% in volume year to year.

MAYBE my client will like one of the 20 or so competitive units instead!

...........'Cause you see I'm on losing streak

I can't get no, oh no no no

Hey hey hey, that's what I say...................

Hoboken Real EstateCondos

Sold May 2008 80
Sold May 2009 48

Information deemed reliable but not guaranteed

The May Numbers Part 1

2009-06-03T17:19:00.000-07:00

The May Numbers are in...

Hoboken Condos:

Under Contract 60

Available today: 581

Sold Hoboken Condos: 48

Studio Condos 1

One Bedroom Condos: 14

Two Bedroom Condos: 39

Three Plus Bedroom Condos: 4

Average DOM 98.

Avg Sale Price $504,070

% Sale to list: 94.4%

Almost 12 months of inventory.

A 5.5% discount of list to ask.

Still seems like a buyers market. except buyers are losing bidding wars on the good stuff.

thing that make you go hmmm.

Missing The Bottom

2009-06-02T07:45:00.000-07:00

For all of those buyers hoping to catch the bottom. Here it is...according to CNBC

Pending Home Sales Up 6.7%, Biggest Gain in Over 7 Years

...There's always the next bubble

Which Hotel Shopper Are You?

2009-05-28T07:10:00.001-07:00

So I am planning the family trip this summer down to North Carolina. And whenever I go anywhere, I always plan to stop along the way and smell the roses. (except off of the NJ Turnpike) These olfactory pit stops usually include a stay at a hotel or two along the way to our ultimate destination.

Now searching the travel site, there's a lot to choose from in today's economy. The cheapskate in me always looks to the bargains. $60...$50...$40 per night, Wow. I'm only going to be there to sleep. Sounds great....until I read the reviews. One reviews said there were crickets in the room. Now the kids might think, that's cool...... until they see one.

So I start digging around. I am on vacation after all. Turns out that we have a trip planned to an amusement park along the way. And there's a super plush hotel nearby having a special that includes the admission passes. So when I back out the cost I was going to pay for the passes, I get this palace sans crickets for $85 a night. One good night's sleep. One I know they won't lose my reservation. One I know someone will be working when I pull in at 2am. And one I know I won't be taking any extra critters home. All for the a tenth of one percent of the overall cost of my vacation.

So what kind of home buyer are you? Do you want to live in the No-Tel Mo-Tel, or can you realize that a little more and some creative vision puts you in Plushville?

Hoboken Real Estate
Condos
Last 4 weeks
New to market 238
Price changes 216
Sold 48
Information deemed reliable but not guaranteed

Top 5 Way To Get Your Bid Accepted

2009-05-22T06:16:00.000-07:00

Believe it or not, I've had several clients who have lost out in a multiple bid situation. Bidding War would be too strong of a term since it connotes, the go go days of several years ago where above ask was the norm and fiscal restraint was as popular as the swine flu.

In today's multiple bid scenarios, seller's want more assurances. Here's my top five recommendations to increasing the strength of your bid without increasing the price.

5) Include a personal letter. No not about the kids and the dog, but about facts that don't show through on the offer which will put the seller at ease. For example, if your spouse has a different legal name. yes you're married and not two single people. or you just got a promotion at work.

4) Fast Attorney Review: Have your attorney on alert and offer to have the attorney review concluded same day.

3) Pre-Schedule The Home Inspection: Have your home inspection scheduled when you present the offer. Another sign you are serious.

2) Provide Proof Of Funds: Any deposit should be backed up by bank statements.

1) Waive The Mortgage Contingency: This sounds risky, but and here's the rub, if you work with a reputable mortgage company and get all of your paperwork in up front, you'll have a high level of confidence that the mortgage will be done.

Parking Meter Problems

2009-05-14T09:20:00.000-07:00

Write this number down. Get a pen....Ready. 201-653-1919. It's the Hoboken Parking Authority. A meter maid gave it to me. I'll call her Rita. I was parking today and like almost always the meter ate some of my quarters. how frustrating. You have only 8 quarters. You put them in and only 5 register. You're stuck! Well Rita was passing by at the time and I explained my predicament. Rita gave me the number, the parking meter number and the address. I called it in and...

The HPA attendant on the other end was indignant that I had the number, that Rita gave it to me, that Rita didn't fill out a report and...then she told me to move the car or I might get a ticket anyway. Are you kidding me? So put the number in your cell and dial away when this happens to you.

Oh, lovely Rita meter maid, Where would I be without you?Give us a wink and make me think of you.

Hoboken Real Estate

2 Bedroom Condos
Available 312
Under contract last 6 weeks 43
Information deemed reliable but not guaranteed

It's All Your Fault

2009-05-12T13:57:00.000-07:00

I've had several realtors tell me that tell are getting dirty looks from the neighbors of their listings. People hurling insults at them and say. "You're pricing it too low. You are hurting my property value." I have suggested several witty retorts that don't begin with F and end with U.

1) You're right. Would you like to buy it at a higher price?
2) You're right. The seller will be happy to list it higher if you will buy them a home to live in when they have to move and its not sold.
3)You're right. The seller has always hated you and is selling below market just to stick it to you. I think a band of Gypsies is putting in an offer right now. HaHAHA.

Nosy neighbors don't have to see the truth. They don't have to sell. In fact those neighbors don't get that in this market the competition isn't just the guy next door but the 100 other condos just like it within three blocks.

May be we should just stick with the retort French Menu.

Hoboken Real Estate
12 Days in May
New 138
Price Change 114
Under contract 17
Sold 6
Information deemed reliable but not guaranteed

Yeah! CNBC.

2009-05-06T08:11:00.000-07:00

More good news for buyers.

http://www.cnbc.com/id/30455148

Who knew cnbc would be useful one day...

Tax Credit...If You Can Get It.

2009-05-06T06:59:00.000-07:00

Everyone wants to know about the Homebuyer tax credit. Thanks, but how about raising those income limits. If you fit under those limits, what can you get in Hoboken?.....God luck with that. But for those of you who need to know.....

Webinar Replay Answers Common Tax Credit Questions
Home buyers: Do you have questions about the federal $8,000 first-time buyer tax credit?

View the recorded version of the Get the Real Story® on the First-time Home Buyer Tax Credit webinar,

The webinar features NATIONAL ASSOCIATION OF REALTORS® (NAR) tax counsel Linda Goold offering an in-depth explanation about who is eligible for the $8,000 federal first-time home buyer tax credit and how the credit can be claimed.

Don't spend it. Obama might want it back to give to B of A or AIG or GM... I wish my name was just a bunch of letters.

Hoboken Real Estate

Rental On The Move
High End Condo rental
$11,900 on Feb 18
$10,900 on Apr 12
$9,900 on May 5

Information deemed reliable but not guaranteed

Single Family Home Ostrich

2009-05-05T07:10:00.000-07:00

If condo sellers are complaining, they should look at their green grass and laugh at the dirt patch of single family sellers. I guess these SF sellers don't have to move or don't want to move. Look at the numbers. Twenty four single family homes for sale ranging from a 2 bed/1 bath on Willow Terrace for $450k to a couple of 4 bedroom brownstones on Garden for $2,350,000..... A wide variety. A lucky three others have contracts on them. That's three in 2009!!! That's less than one a month. Even better. ZERO SOLD. A quick calculation....36 months worth of SF inventory. Is this Florida? Las Vegas? Michigan? For all purposes....YES (without the Beaches, Casinos, and winningest college football team of all time respectively).

Buyers set the market. Who sets the market? BUYERS.....If you said sellers, get your head out of the sand.

Hoboken Real Estate
One Family Homes
Total Available: 24
Under Contract: 3
Sold in 2009: Zero

Information deemed reliable but not guaranteed

Brand Loyalty

2009-05-04T13:44:00.000-07:00

Renters are not loyal. I had one renter last week that went behind my back to rent a place. Brooke, driving her grandma's cream colored Cadillac, will now be ashamed everytime she walks past the office.... But on to the good news. When you can help renters, it's great. I had these guys in today that really needed a nice place on a shoestring budget. They left happy and with four cases of beer that someone gave them while looking for a place to live.

They are now going back to tell all their friends, who the best realtor is.

Rentals are doubly tough because half the information is wrong. Today I went to show a two bedroom apartment on the second floor. Well the two bedroom is on the third floor...Yet the key worked on both units and there are people living in both. A surprised tenant was startled when we entered his apartment which was reminiscent of Spicoli's van.

Hoboken Real Estate Condos

Total Available 555

Information deemed reliable but not guaranteed