Inside Hoboken Real Estate

The new and improved Homebuyer Credit

2009-11-11T07:41:00.000-08:00

Good things come to those who wait. ... A new and improved tax credit.

The two big improvements that will have an impact on Hoboken Real Estate buyers....
1) Income limits are raised to $125k for an individual and $225k for married. So for you guys out there on the fence...I know one agent who has been putting it off a long time.... now is the perfect time to get married and buy a house!

2) Current owners can qualify for trade ups if you've lived in the home being sold for 5 of the past 8 years.

Avoid the spring rush and get in on it before the government runs out of money.

The Yankees Are Good For Hoboken

2009-11-06T05:37:00.000-08:00

No. I'm not talking about the fact that the same Hobokenites that urinate in doorways on St. Patrick's day are prone to spend more money in the local watering holes, spend more money on disorderly conduct tickets, spend more money on needless hats, t-shirts, key chains, and beer coolers emblazoned with an NY. Albeit great for the local economy....

I'm talking about perceived value. Here's the perception...Things just cost more in NY. For example, the Yankees spent $208 million in payroll this season. They win a championship. Kansas City has a baseball team too. They spend about $81 million on players. They don't win, ever. NY can afford it. They can afford their nearest competitor (the team in Queens) by nearly 50%.

Houses just cost more too. I went on to Realtor.com today and found a sweet 1850 sqft, 2br,2bath, parking, elevator, terrace, right downtown Kansas City....$424K Seems about right. Since you can get 700sqft one bedroom in Hoboken for the same price.

I guess this is all good when you retire and move to Kansas City. You'll have enough extra money to fly back and see the Championship parade once every nine years.

Though I can't help but think all of this reminds me of my crazy uncle BG. Growing up, BG would come over every Christmas Day. BG lived with my grand parents. Always lived with my grandparents. Never held a steady job, never had a girlfriend. Someone you might find on an episode of Criminal Minds as the "unsub" (unidentified subject, who was deranged and did something so unspeakable that it gives you nightmares). BG would buy all of his own Christmas gifts with his parents money. He would wrap them up. He would cart them over to our house. (The gifts always included heavy heavy crates of oranges and grapefruits.) We would help him carry everything in. BG would unwrap his gifts in front of everyone. Did I already mention he wrapped them himself? We would then help him load the crates back into the car.... Ahh the good ol days. ...so here I am watching Hank and Hal unwrap the gift that they bought with Dad's money, wrapped themselves, and carted to my TV.... making everyone watch and act surprised. ... I think I'll have another glass of eggnog.

The New Mayor. A Double Edged Sword.

2009-11-04T10:44:00.000-08:00

Congratulations to new mayor Dawn Zimmer. Wondering if property owners voted for her? On one hand more parks and bike lanes mean less development. This means growth of supply of homes is restricted. Fewer new homes means buyers have to buy existing homes... Prices should go up.

Now how to pay for those parks? Higher taxes. (Not saying the new mayor will raise taxes, just if the city has to spend for the parks and forgo new construction revenues..taxes will be higher than if they don't) Higher taxes mean less home the buyer can afford.... keeping prices down. Where will it balance out?

If you don't like the Zimmer administration, next time VOTE FOR PEDRO.

Hoboken Real Estate

Available Condos
19 Studios
154 1 brs
280 2brs
66 3+ brsInformation deemed reliable but not guaranteed

October. Not That Scary.

2009-11-02T08:44:00.000-08:00

No Chicken Littles out there on Halloween. 72 Hoboken Condos sold in October with 76 going under contract. Those that sold gave an average 4.5% discount off of ask and had an average DOM of 114.

24-1brs
42-2brs
6-3+brs

November is a short month with the Holiday....Let's not lose our heads!

Hoboken Real Estate
Condos October
Under contract 76
Sold 72

Information deemed reliable but not guaranteed

Uncle Sam Giveth. Uncle Sam Taketh

2009-10-30T13:00:00.000-07:00

Potential good news for the Hoboken market!

From U.S. News and World Report

An extension of the $8,000 first-time home buyer tax credit appears all but certain after the Obama administration called on Congress to give house hunters more time to claim the popular tax perk. The move comes shortly after Senate lawmakers stuck an agreement to not only push back the measure’s looming deadline but expand it to allow current homeowners and more affluent buyers to claim the credit.

The deadline for first-time home buyers to claim the $8,000 credit would be pushed back to April 30, 2010. But the term “deadline” doesn’t mean the same thing as it does in the current credit. The Senate agreement stipulates that buyers must have a sales contract on a house by April 30 to be eligible, but it gives them an additional 60 days to close the purchase…the effective deadline of the credit under this agreement is actually the end of June.

The agreement would allow current homeowners to claim up to $6,500 as long as the property they are vacating has been their primary residence for at least five years.

Senators moved to increase its annual income limits from $75,000 to $125,000 for single buyers and from $150,000 to $225,000 for married couples. These limits apply to both first-time and move-up buyers, although neither can purchase a home for more than $800,000 and still get the credit.

Only one picture today. It's so good (meaning bad) that it is worth showing twice.

Cost vs. Price

2009-10-27T09:54:00.000-07:00

Buyers are always focused on Price. What's the price? How much can I negotiate? The market is going to fall another 2 %, 5%, 7%, 10%..... On and on and on.....No one wants to over pay.

Here is the truth. Focus on the cost to own. It's like when you buy a car. You focus on repair costs, mpg, etc. Not sticker price alone.

IF PRICES FALL 10% and Interest rates rise only 1%, the buyers cost to own will be higher than right now!

Heed these words. You write the check. How big do you want it to be every month?

Funny item of the day: Bank Of America wouldn't give my client a loan because of an appraisal. Client goes to another lender and gets the loan with a lower interest rate to boot. B of A buys loan.

New Home Valuation Service

2009-10-21T08:05:00.000-07:00

Trying out a new service that lets you get instant analysis of what's selling anywhere in the country.... Try It Out. Let Me Know.

Three Bedroom Bargain

2009-10-20T08:40:00.000-07:00

Sixty Eight three bedrooms are available. Nearly half of those are under $800k . A good thing too. The high end is going nowhere fast.

Big Ticket Items

2009-10-19T07:59:00.000-07:00

The Q3 Hoboken Real Estate Report shows the same trends as the national numbers. Of course, the Hoboken Real Estate market is shifted a bit higher...

There is much discussion about how the real estate market is in the middle of its turnaround based on sales increasing on a year-over-year basis. Though the fact that housing is again moving is fabulous news, let's not lose sight of which homes are selling.

Here is a closer look at different price ranges and how they are faring in the current 'boom' NATIONALLY:

0-100,000 sales up 38.8%
100,000 - 250,000 sales up 8.7%
250,000 -5 00,000 sales down 6.2%
500,000 - 750,000 sales down 8.9%
750,000 - 1,000,000 sales down 10.6%
1,000,000 - 2,000,000 sales down 23.3%
2,000,000+ sales down 32.4

I am wondering whether shoppers will have big ticket homes in their carts come Black Friday.

Hoboken Real Estate Condos
Available
priced over $500k 283
Information deemed reliable but not guaranteed

Q3 Hoboken Real Estate Report

2009-10-15T13:22:00.000-07:00

Top three news items from the Quarter:

1) One bedrooms are selling.

2) Two bedrooms are sitting much longer.

3) The market is leveling off.

Tip: I like to save money as much as the next guy. Call me Mr. Sweat equity. But a man has got to know his limitations...If you find yourself drilling into concrete, you have probably gone too far.

Hoboken Condos:

Actives:

562

October numbers

2009-10-06T12:39:00.000-07:00

The October numbers indicate a steady market. And since the sold lag about 60 days behind reality this is true. There are 108 condos under contract but not closed since August 1, 2009. This leads me to believe the market will continue to show a steady sales pace for the next few months.

Hoboken Real Estate Condos

October Numbers
67 Sold
Sold Price/ask Price 96%
25-1 br, 33-2br, 9-3+br

Information deemed reliable but not guaranteed

Top 10 Seller Showing Mistakes.

2009-09-18T07:02:00.000-07:00

It's hard to believe that some sellers act like they don't want to sell. They hurt themselves over smallest things. And they wonder why in a market where buyers have an abundance of choice, their property does not sell.

Top 10 Seller Showing Mistakes

10) Take your pet. Whether Fido is a good dog or not. Take him with you. Buyer's get distracted. Buyers are allergic. Buyers don't like pets. Whatever the reason. Don't crate him. Board him.

9) Remove the pet smell. Maybe you don't notice. but the buyer will. clean up. change the litter box. spray. It should not smell like pet.

8) Remove the cooking smell. Don't cook an "aromatic" meal 15 minutes before a showing. It remains in the air.

7) Clean and Declutter. There are a million shows on staging. At the heart of staging is cleaning and declutter. The home should be ready for the Queen of England to visit. Just get used to it.

6) Be Flexible On Times. Give an hour window. Smaller windows mean fewer showings.

5) Leave. Never be home for a showing and if it simply can't be avoided, step out and wait down stairs. If you open your mouth you will cost yourself money.

4) Keep the blinds open. Buyers are going to open them anyway.

3) Do Not Ask Buyers To Remove Shoes. If you have a white Persian rug, think about putting it in storage. If it's raining and your worried about cleaning the hardwood floors, get a mop.

2) Lack of Temperature. If it's hot out, keep the AC on 66. If it's cold out, keep it on 76. Over compensate. Make it "feel good".

1) Lights... Camera.... Action. Leave Every Light on. It should be surface of the sun bright. If you want action, you need lights.

There they are. Some are common sense and some are dollars and cents. Use the common kind, don't skimp on the money kind.

Hoboken Real Estate Condos

New since Labor Day 99
Information deemed reliable but not guaranteed

Updated Hoboken Real Estate Quarterly Report

2009-09-15T14:24:00.000-07:00

Hoboken Real Estate Market
Summary Report Q3, 2009
UPDATED 9/1/2009

The first two months of the Third Quarter in 2009 has continued to present both opportunity and reality for Hoboken Condo buyers and sellers. In this constantly changing real estate landscape, realtors are playing a critical role in serving both buyers and sellers to get properties closed. The big picture paints a bleak picture for sellers not willing to accept the new world order. Sales on condos are down twenty three percent (23%) from the same period totals in 2008 and the average sales price is down over seven percent (7.2%), a decline of 1% from last quarter’s measurement.
Yet, the bright spot of the summer market seems to be that the market volume continues to rebound. One hundred twenty six condos sold in July and August, that’s only two fewer than the total for the second quarter. A look inside the number of sales shows a shift to more moderately priced homes. 61% of sales were under $500k and there were only ten sales greater than $700k with none over $900k.

Buyers
The operative word for Hoboken buyers in Q3 is Hurry . The total number of properties on the market has fallen to roughly 500 on a given day, down from a figure almost reached 600 in June. Buyers are benefiting from a decline in prices from a year ago, low interest rates, and tax incentives.

National media reports focusing on housing market gains have little to do with the local economy. Rather the lower than expected job losses in the region have helped stabilize prices. While there are deals to be found, sellers are not giving the property away at fire-sale prices. More likely, many sellers could not afford to discount because of the reduced equity levels in their properties and a short sale was not an option. This has led to some sellers taking a wait and see approach or renting their condos out. The rents often don’t cover the monthly costs but losing a little each month is a more appealing option than losing it all at one time. The first week after Labor Day will be a better indicator if sellers were waiting for the fall market to list or inventories are truly shrinking.

HOPING TO GET THE FIRST TIME HOMEBUYER CREDIT? CALL TODAY. YOU HAVE A LOT LESS TIME THAN YOU THINK.

Get the full 14 page color report for free

Do Not Call. Really.

2009-09-08T09:51:00.000-07:00

A post labor day rant...

All of us have gotten those annoying telemarket calls. We hate them. They are a time waster. ...We've got caller ID, we have answering machines, we have blocked calls and we've lobbied government to create a DO NOT CALL List. We really hate them.

Imagine if you got them at work!!! Some of you probably do. Here's how mine go.... I am on a list and agents rotate taking calls from potential clients...So a caller calls in on an ad. they get some information and at the same time, I'm trying to understand what they are looking for....that's when sometimes I get the "oh my agent has sent me those" or "my agent has shown me those". Hello. You're calling to get information and you have an agent that sends it to you. (AND it is all automated these days.) Where is the disconnect. Is your agent lousy? Time for a new agent? Are you one of those "maybe there's some secret property that no one is telling me about" people? I don't know.

If you are working with an agent you're first second and last call should be to them. With your call, you've wasted your time because you've already received the info from your agent, my time, duh, and your agent's time because they have to continually inform you that you've already seen the info. I'm going to start a list. Please sign up for it. It's named DO NOT CALL.

Hoboken Real Estate Condos

Available condos 493
Information deemed reliable but not guaranteed

Who Is To Blame?

2009-09-03T08:14:00.000-07:00

Here is an ironic story. So I showed a condo last night. A nice condo, pretty well priced. It's got parking and is in a newer elevator building. Today I went to do some research on the comps for a client and this condo doesn't come up in my search. hmmmm......So I search by address and there it is. Lo and behold, the agent forgot to indicate that there's an elevator. Oooops. The seller is going to be pissed. Fewer search results=fewer showings=fewer offers=lower price. Now for those of you who saw the video that I posted on Timothy Geithner, you will appreciate this. (If you haven't seen it. STOP. watch the video in the August 25th post.)

The agent is the seller. AND the agent is using the Self Posted MLS listing. Now if you are going to go around your broker and list it yourself, do it right. The agent didn't double check the listing and now the seller is paying for it.

I'd like to be at that dinner table when the seller realizes the mistake and chews out the agent for costing him money. Maybe the seller should get a fulltime agent?

Hoboken Real Estate Condos
August Numbers
Sold 65
Avg. DOM 129
Information deemed reliable but not guaranteed

The Big Nickel

2009-09-02T09:52:00.000-07:00

I play my part and you play your game..... You give realtors a bad name.

There are a lot of honest realtors and some doing parlor tricks. I received an email today about a price reduction on a $600k+ condo. hmm I thought. ...let me check what kind of a price reduction we are talking. ....And there it is a big fat $5,000 reduction You read right. I didn't leave off a zero. FIVE THOUSAND....Not much more than I can get for my Clunker in the driveway. Now if your overpriced (and i mean over priced because it is not selling.) condo is not selling,.... is a $5K (The Big Nickel.) price reduction going to move it? that's less than a 1% reduction in a land where the average sell to list price is 94%. White noise. a parlor trick really. a ploy to get more buyers to look but not buy your still overpriced condo. ugh.

Do meaningful reductions otherwise we are just killing trees with the extra paperwork it creates.

Our Fearless Leaders.

2009-08-25T07:37:00.000-07:00

Can't make this up....

The Daily Show With Jon Stewart

Mon - Thurs 11p / 10c

Home Crisis Investigation

http://www.thedailyshow.com/

Daily Show
Full Episodes

Political Humor

Healthcare Protests

Cash For Klunkers.

2009-08-24T14:24:00.000-07:00

True Story: My 82 year old grandmother was going to turn in her fifteen year old gas guzzling American made Ford with a book value of $1200 and get the $4500 rebate....Isn't America great!!....being the last day she was all set to drive the beast down and drive away in a green machine. Problem is dealers stopped taking them because they couldn't process the paperwork in time. Being another well thought out governmental plan...is this a surprise?

Why am I telling you this? ...Think first time homebuyer credit. Head the following words.

IF YOU ARE NOT IN CONTRACT IN THE NEXT 30 DAYS. YOU WILL NOT GET YOUR CREDIT.

do the math.....For all the readers without an engineering degree....avg 60 days to close. Last day to close is December 1. But wait there's more.... Thanksgiving is the 26th. So no business is getting done Wednesday the 25th, Thursday the 26th, Black Friday the 27th, Saturday the 28th, Sunday the 29th. That leaves two days. Banks and Lawyers can't change a light bulb in two days. Thus, if you are not closed by the 24th of November....like they say in New Jersey.....Fuggetaboutit.

Hoboken Real Estate Condos

Under contract first 24days of august 53

Information deemed reliable but not guaranteed

Wiggle Your Nose.

2009-08-13T12:19:00.000-07:00

Part of the really great thing about being a realtor is the anthropological studies that can be done on the microcosm called RENTERS. Recently, I had a hilarious look into the microscope. I was showing a client condos for sale. Most were occupied by owners and kept clean. (even that one at the sky club that smelled like baked on Marlboros)

Then we hit the short sale with a tenant. I wonder if the tenant even knows that the landlord probabaly isn't paying the mortgage? Bad enough its a short sale with a tenant, but it is a mess. Freakin disaster. (And they say guys are messier....hello.) So we are walking out the door and gossiping about the mess....Bam around the corner walks the tenant...Now I wanted to burst out laughing that we'd just got busted...but the tenant says..."I thought you weren't coming until 7 and I was coming home to clean." In many circumstances, I would feel really stupid, but it was past 7 when we were leaving.... I guess this tenant has The Bewitched powers to wiggle her nose and the room cleans itself in 30 seconds....

If she only had time to wiggle her nose on her way out the door that morning....LMAO.

Hoboken Real Estate Condos
525 Available 3BR 69
Information deemed reliable but not guaranteed

Deal. No Deal

2009-08-12T09:39:00.000-07:00

Seems the auction prices varied wildly from one to the other.

From an acution attendee...

1300 Park Auction -All units were absolute

Bidder’s Order With 10%Price SoldPremium
2A 3 BD/2Bth 919sqft $340,000 8 $374,000 $406sqft
2B 2 /BD/2Bth 889sqft $345,000 6 $379,500 $426sqft
3A 3BD/2Bth 919sqft $355,000 7 $390,500 $424sqft
3B 2/BD/2Bth 896sqft $390,000 4 $429,000 $478sqft
4A 3BD/2Bth 919sqft $360,000 5 $396,000 $430sqft
4B 2/BD/2Bth 896sqft $425,000 1 $467,500 $508sqft
5A 3BD/2Bth 919sqft $425,000 2 $467,500 $508sqft

5B 2/BD/2Bth 896sqft $410,000 3 $451,000 $503sqft

5th & Jackson I think all of these were 2 bed 2 bath----sorry don’t remember
02 Units have patios – Pkg $15,000 (5 sold with parking)
1st 3 were sold absolute- Last 3 with reserve.

Unit Bidder’s With 10% Order Price w Parking
201 1162sqft $317,500 $273sqft
202 1510sqft $323,000 $213sqft
301 1162sqft $323,000 $277sqft
302 1510sqft $325,750 $215sqft

401 1162sqft $315,020 $271sqft
402 1510sqft $323,000 $213sqft

Hoboken Real Estate Condos

525 Available Condos
Price changes in August

22 rentals 55 condos

Information deemed reliable but not guaranteed

Supersize Me

2009-08-10T13:45:00.000-07:00

There are 69 three bedrooms available in Hoboken. Wow. Can you believe it. They are not moving. 25 of the under $700k and that's just the ask not the friends and family price.

I proclaimed in the quarterly report......People are going to be kicking themselves for missing this opportunity.

Hoboken Real Estate Condos Under contract in August
7 2br
4 1br

Information deemed reliable but not guaranteed

July's Numbers

2009-08-03T06:01:00.000-07:00

All Hail Ceasar! The July numbers are here. Disturbing that the condos under contract are only 32, just wait for that trickle down effect. See how they compare to last quarter's numbers with the Hoboken Real Estate Report avialable for free at www.hobokenhomefinder.com

Sold 57:

Under contract: 32

Avg Dom 90

Avg sale price $469,498

1 BR 17

2 BR 36

3Br 4

A Renter In Foreclosure

2009-07-30T08:10:00.000-07:00

Protecting Tenants at Foreclosure Act of 2009

The Helping Families Save Their Homes Act of 2009 signed into law on Wednesday, May 20th, 2009 (Pub. L. 111–22) provides a 90-day notice requirement and additional protections for tenants in foreclosed properties.
Below you will find the major provisions outlined under Title VII, Protecting Tenants at Foreclosure Act of 2009. - During the term of the lease, the tenant has a right to remain in the unit and cannot be evicted, except for actions that constitute good cause.
- If the lease ends in less than 90 days, the new owner may not evict the tenant without giving the tenant at a minimum 90 days notice.
- At the end of the term of the lease, the new owner may terminate the tenancy if the new owner provides a 90-day notice.
- The new owner may terminate the tenancy if the owner will occupy the unit as a primary residence, and has provided the tenant a notice to vacate at least 90 days before the effective date of such notice. This is the only exception to the rule that the tenant may not be evicted during the term of the lease.
These provisions expire on December 31, 2012.

One More thing on Hiz Honor....Perhaps if he had been a movie buff and watched this great Andy Griffith Movie (pre Mayberry, pre Matlock) like I did in college....rent it. great stuff.

Loan Disclosure Rules to Change

2009-07-29T06:42:00.000-07:00

The National Association of Realtors has released an overview memo outlining mortgage disclosure-requirement changes that go into effect July 30. Here is the NAR document:

Lenders will be subject to new disclosure requirements for mortgage loans under the Federal Reserve Board Truth in Lending Regulation (Reg Z). The new requirements apply to loan applications filed on or after July 30, 2009 (about two months earlier than originally planned). The new rules are complex and compliance will be a challenge for lenders. REALTORS® will want to learn the basics so they can advise clients of potential delays and the new procedures. Key highlights of the changes:
• The new requirements apply to all mortgages secured by a borrower’s home, including primary and second homes and refinancings. Investor loans continue to be exempt.
• Lenders must give good faith estimates of mortgage loan costs within 3 business days after the consumer applies for a loan (early disclosure). The lender may not collect any fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report.
• The closing may not take place until expiration of a 7 day waiting period after the consumer receives the early disclosure.
• Consumers may shorten or waive the 3-day and/or 7-day waiting periods for a “bona fide personal financial emergency,” but only after receiving an accurate TILA disclosure. In the final rule’s preamble, the Fed stated that it “believes waivers should not be used routinely to expedite consummation for reasons of convenience.” The Fed decided not to insulate lenders from liability even where a consumer modifies or waives the waiting periods.
• If the annual percentage rate (APR) changes by more than 0.125 percent, the lender must provide a corrected disclosure to the borrower and wait an additional 3 business days before closing the loan. The APR includes not only the interest rate on the loan but certain other costs related to settlement, so it will be important for any fees that affect the APR to be as accurate as possible, as early as possible, to minimize the need for a corrected TILA disclosure.

What Does It All Mean? .....Call your mortgage rep.

Little Fish. Big Fish.

2009-07-29T06:05:00.000-07:00

When the chairman of the Senate's Banking, Housing and Urban Affairs Committee is getting sweetheat deals from Countrywide, is there any wonder that we have a housing crisis?

http://www.washingtontimes.com/news/2009/jul/29/senators-see-countrywide-discounts-as-common-court/?page=2

Do you think Dodd's mortgage was done at The Malibu Diner?....Maybe Hiz Honor should have gotten a loan instead. The sad truth is that this young up and comer had a lot to learn about real corruption from the good ol' boys in Washington.