Buyers are in control says CNBC

Great CNBC article today poses the question "Is now the time for some home buyers to make a deal?" Before I even read the article I knew the answer was an unequivocal yes. Let's face it, you can't pick a better buyers market and most cases you're in control. It's almost impossible to time a bottom and who know's when or where that bottom will come? More importantly, how much longer will mortgage rates stay low? Consider this. If you're a buyer looking to purchase in the neighborhood of $500,000, with a 20% down payment you can score a loan at 4.75% fixed. That means that your monthly payments will amount to about $1900 - plus taxes and maintenance. Pretty good right? Now look at this.

Say that in 5 months that same $500,000 property you were looking at depreciated 5% and is now available for $475,000. If rates went up just a quarter of a percent to 5% and you put 20% down, that same property will cost you the same $1900 a month plus maintenance and taxes. If rates went up to 5.25% (1/2 of 1 percent) your monthly payment now becomes $2493 plus taxes and maintenance.

Shows you how significant low interest rates are and how they are directly related to this market. There are buyers taking advantage and negotiating great prices. Just think, our parents purchased their homes paying 9 and 14% interest rates on their loans.

What goes up must come down, and what goes down must come up.

You're In The Driver Seat!

MLS Inventory Shot

In Downtown Jersey City and Hoboken

Studios 29

1 Bedrooms - 356 Available

2 Bedrooms - 495 Available

3 Bedrooms - 96 Available

Single Family - 43 Available

Hoboken Co Ed Sports

Athletic? Competitive? Looking to have fun and meet new people? Then you should check out ZogSports!  They are a co-ed charity based group that organizes different sport leagues. You can play dodgeball, kickball, hand touch football and other sports. You can get a group of your friends together and create your own team or meet new people by being assigned to a team. They typically play weeknights but also some weekends. Check out www.zogsportsnj.org Feel good knowing that your exercise is supporting a charity! Here are some pics from a dodgeball game I subbed in last week. We played right in town. It was fun!

Hoboken Real Estate Open House List For This Weekend!

Here is this weekend's open house list for Hoboken! Grab your sunglasses and a comfortable pair of shoes, there are a lot and it's going to be beautiful! 

Happy Hoboken house shopping! (as per the Hudson County MLS - if you see one not on this list it's because it was not up on the system)

Saturday April 24th

800 Jackson Metro Stop - open house on multiple units from 1pm - 4pm Century 21

70 Adams - $535,000 1-4pm Weichert Realtors

839 Willow -$339,000 - multiple units -1-3pm Coldwell Banker

518 Monroe - $518,000 1-4pm RE/MAX Gold Coast

802 Garden - $799,000 1-3pm Single Family RE/MAX Gold Coast

301 Monroe - $324,711 1-3pm Robert De Ruggiero Realtors

610 Newark - $469,000 1:30-3:30 RE/MAX Gold Coast

550 Observer Highway - $649,000 2-4pm RE/MAX Gold Coast

Sunday April 25th

300 Newark St - $379,000 1-4pm Robert De Ruggiero Realtors

800 Jackson -Metro Stop - several units 1-4pm Century 21

609 Obsever Highway - $1.26M 12-4pm The Marketing Directors

81-87 Jackson -$575,000 1-4pm By Owner

839 Willow - $349,000 several units 1-3pm Coldwell Banker

82 Clinton -$589,000 1-4pm Prudential Castle Point

1000 Hudson St $559,900 2-4pm Halliburton Homes

159 14th St -$349,900 1-4pm Brian David Realtors

380 Newark -$587,000 12-2pm RE/MAX Gold Coast Realty

66 Madison - $625,000 1-4pm Halstead Properties

108 Madison - $415,000 1-4pm Prudential Castle Point

219 Grand St -$629,000 1-4pm Brian David Realtors

1500 Garden - $1.099M 2-4pm Halliburton Homes

2 Constitution - $505,000 1-3pm Empire Group Realty

329 Willow - $629,0900 1-3pm Empire Group Realty

901 Madison - $535,000 1-4pm Coldwell Banker

70 Adams - $649,000 1-3pm RE/MAX Gold Coast

531 Garden - multiple units 1-4pm Halstead Property

719 Adams - $294,500 1-3pm Robert De Ruggiero

802 Garden - $799,000 Single Family 1-3pm RE/MAX Gold Coast

609 Observer Highway $695,000 12-4pm Marketing Directors

619 Willow - $375,000 1-3pm Empire Realty Group

615 Madison - $479,900 2-4pm RE/MAX Gold Coast

713 Adams - $565,000 2-4pm Halliburton Homes

406 4th - $569,000 2-4pm RE/MAX Gold Coast

326 Monroe $549,000 2-4pm RE/MAX Gold Coast

1313 Park - $559,000 1-3pm Coldwell Banker

315 Monroe - $649,000 2-4pm RE/MAX Gold Coast

112 Madison - $662,000 2:30-4:30 RE/MAX Gold Coast

Hoboken Apartment In Great Downtown Location

This beautiful apartment just became available today! It's in a terrific downtown location just minutes to the PATH train and steps away from bars, restaurants and convenience stores! Take a look for yourself! I sold this condo to my client a few years ago and when she bought it - it looked like 1980's Miami Vice. It had flamingo pink and turquoise cabinetry in the kitchen and matching tile and vanity in the bath! Look at it now! She did such an amazing job - I'm so proud of her! 

First she refinished the hardwood floors, which if yours are not laminate is pretty inexpensive to do and makes a huge statement and can give you a great return on your investment and add instant value to your home. Here you can see they are stained a really nice, warm dark walnut color with a gloss finish. 

Next she installed all new white cabinetry to keep with the bright feel of the unit. Natural light pours in from the floor to ceiling window in living room so white was a great choice. She then picked a dark granite counter top to provide contrast and stainless steel fixtures. For a custom look she added a gorgeous custom tile backsplash of a miniature brick style Carrera marble stone tile work that looks gorgeous. This is a great way to make your kitchen special. You can save money and salvage your cabinets and just update your counter and add a custom backsplash! Many times you'll get the same effect and looks like a new kitchen. 

Lastly, she kept with the same marble and she decided to to go with a subway style brick pattern inside the shower. Her old pink tile used to reach half way up the walls outside of the tub and all around the toilet and vanity. To save money I advised her to not run the tile through and just paint the walls if they were in good condition. Then she chose a 12 by 12 slab for the floors and a matching white vanity with sparkling black granite top. The place looks beautiful!!

And - it's available starting May 15th or June 1 with the option to rent it fully furnished for a short or long term rental. If you're interested please call me or email me! I'm looking for a great tenant for her. Sorry, the building does not allow pets. 

Visit this link for post. 

Carlos Bakery In Hoboken is consistently good!

Crazy spring weather! I must've heard the wrong weather report because the one I listened to this morning said 48 degrees and rainy.. so of course I dressed appropriately and now I'm struggling to stay cool.. Oh well!!
One thing you can count on however, is Carlos' Bakery - they're consistent!!!
Every other morning or so I grab my cup of coffee, milk 2 sugars and I take turns between the red velvet cupcakes, cranberry muffin, apple turnover and the rainbow cookies.. I have a sweet tooth - can you tell?? They always taste the same and are always delicious. If you haven't been here you must try it! Seriously I always buy my cakes and pies from them and my friends and guests always ask where did I get it from..

Hope you enjoy! Carlos Bakery is located on Washington Street between Newark and First streets. Once you pass it you won't be able to avoid it! The smells that escape from the bakery are so sweet and warming.. Getting married? Buddy their chef is becoming a celebrity chef with regular appearances on The Food Network so make an appt and try their beautiful cakes, he can make just about anything.

Entry Level 1st time home buyers there are deals in Hoboken!

Ok, maybe it won't buy you the majestic parliament building of Budapest seen here but for under $350,000 the Hoboken real estate market has about 80 condo's for you to choose from! If you're an entry level buyer, or a 1st time buyer, or maybe you're looking to invest in Hoboken now that prices are more reasonable you can pick from a studio sized at about 340 sq feet to even a 2 bedroom 2 bath at 872 sq ft!


Hoboken has seen softening of prices in the last 6 months there's no question. However believe it or not some units, if priced really well are getting multiple bids. My office had two this past week. Just keep that in the back of your head in case it happens to you.
However, some properties you might be able to negotiate between 5 and 10% under asking, if the situation works in your favor and the seller's are motivated. If you bid anything lower than that though you might not get a response. But you can be agressive! This is what you've been waiting for. And if you have good terms ie, large down payment and a short closing window with no property that has to sell then you have more leverage and you should use it to your advantage.


So is now a good time to buy? I would think so! With low rates and lots of inventory to pick from it sure seems like it. Yes, do your homework and make sure your agent does research on the property you want to bid on. And maybe you do decide to wait a few more weeks to see how things go... But remember, as soon as good news starts to creep into the media rates will also start to creep up.

Investors tip: try not to become too emotionally attached to a property. That way you can see the purchase as an investment. I know, easier said than done, after all, this will be your home and you could easily fall in love with a place. I'm confident you can find a home out there that you will love and make your own and you were savvy enough to score a good deal with an expert negotiator at your side. Heck, maybe you even negotiated closing costs paid for by the seller and got some fabulous window treatments and a plasma TV included too!


Now that's shopping!

Susan B Komen, every little bit counts! RE/MAX Gold Coast is making a difference

A sea of pink! Ladies it's a call to action! The Susan B Komen Race For The Cure is coming up soon and my office has created a team to raise money. Even small donations count.. so far we've raised over $700 but if we want to make a difference we're going to have to raise some more!

If you'd like to make a donation please visit this link and donate on Team Leader Karen De Jesus' page. She is our office coordinator and also the force behind all of our charity functions. She has succesfully heald rallies not just for Susan Komen but for Children's Miracle Network, the Hoboken Jubilee and Hoboken shelter programs to name a few causes!

Some quick facts about breast cancer provided by the www.breastcancer.org website.

• Breast cancer incidence in women in the United States is 1 in 8 (about 13%).
• In 2008, an estimated 182,460 new cases of invasive breast cancer are expected to be diagnosed in women in the U.S., along with 67,770 new cases of non-invasive (in situ) breast cancer.
• About 1,990 new cases of invasive breast cancer will be diagnosed in men in 2008. Less than 1% of all new breast cancer cases occur in men.
• From 2001 to 2004, breast cancer incidence rates in the U.S. decreased by 3.5% per year. One theory is that this decrease was due to the reduced use of hormone replacement therapy (HRT) by women after the results of a large study, called the Women’s Health Initiative, were published in 2002. These results suggested a connection between HRT and increased breast cancer risk.
• About 40,480 women in the U.S. are expected to die in 2008 from breast cancer, though death rates have been decreasing since 1990. These decreases are thought to be the result of treatment advances, earlier detection through screening, and increased awareness.
• For women in the U.S., breast cancer death rates are higher than those for any other cancer besides lung cancer.
• Besides skin cancer, breast cancer is the most commonly diagnosed cancer among U.S. women. More than 1 in 4 cancers are breast cancer.

Even in tough economic times we can pull together a little to do a lot.

God bless!

Hoboken Open House List For This Weekend!!!

HAPPY EASTER!!! Here is this weekend's open house list!

According to the Hudson County MLS and specific broker lists if made public

Saturday

122 Monroe $589,333 2bd 2bth w/parking 12-2pm RE/MAX Gold Coast

70 Adams $535,000 2bd 1bth w/parking 12-3pm Weichert Realtors

81 Adams $799,000 3bd 2bth w/parking & patio 1-3pm RE/MAX Gold Coast

812 Grand $445,000 Large 1bed 1-3PM RE/MAX Gold Coast

830 Monroe $479,000 1bd w/parking 1-3pm RE/MAX Gold Coast

1500 Washington $538,000 True 1 bed 2-4pm RE/MAX Gold Coast

380 Newark St $587,000 2bd 2bth w/parking 2-4pm RE/MAX Gold Coast

122 Monroe $589,000 2bd 2bth w/parking & roof deck 12-2pm RE/MAX Gold Coast

812 Grand St $749,000 3bd 2bth w/parking 1-3pm RE/MAX Gold Coast

1120 Clinton $539,000 2bd 2bth w/parking - no time listed -

Halliburton Homes

1500 Washington $710,000 2bd 2bth 12-2pm Liberty Realty

1500 Hudson St $1.165M 2bd 2bth 2:30-4:30 Liberty Realty

JERSEY CITY - Gotta see this!

140 Bay St triplex 3 bedroom loft with private patio 1:30-4pm RE/MAX Gold Coast

Sunday

!Happy Easter!

533 Adams $575,000 -$639,000 multiple units 1-3pm Liberty Realty

659 1st $645,000 2bd 2.5bth 1-3pm Liberty Realty

920 Jefferson St $459,900 2bd 1bth w/parking 1-3pm Coldwell Banker

531 Garden $650,000 2bd 2bth w/patio and 2 other units in same address

1-4PM Halstead Property

There Is A Doggy Easter Egg Hunt Tomorrow At The South Side Of Columbus Park (Clinton at 10th) at 12:00 hosted by the MeetUP Hoboken Puppies Group! You might have to RSVP to participate but take your best friend and make some friends at least!!

Hoboken Is Sending Pink Slips!

Driving to my office this morning I heard on 1010 wins radio that six Hoboken police officers were being laid off. I just saw channel 7 interviewing a pedestrian as well looking for a reaction to the move.
While I have the highest regard and respect for all of the men and women that serve us in our police, fire and military sectors I believe this was probably a good move for the city.
1010 Wins aired reactions from the city spokespeople whose names I did not catch, however I just read a statement from councilwoman Beth Mason.. The reaction that stuck with me was a woman saying that she denounced the move of laying off Hoboken police and that people have been complaining that there aren't enough cops on the streets and that the residents would like to see more of a presence, hinting that the move will leave Hoboken vulnerable.

Please. I myself have complained about the lack of police presence in the streets. In fact more recently I asked Alicea who is on Cammarano's ticket (mayoral candidate and councilman) how he would address the situation of a large police force however no police presence.

There is a distinction between the lack of presence and lack of police. The town has a large police force and lieutenants.. and if they aren't going to patrol the streets then the city tax payers shouldn't have to pay their full salaries. I know that sounds harsh, but I can't tell you how many times I've walked home alone, late hours of the night, all different sections of town (I've lived in 4 different Hoboken addresses) without seeing a single cop ON FOOT. Yes, on occasion I'll see a cop in a car on Washington St with his siren on harassing someone who is doubled parked trying to get a slice of pizza.. but I almost NEVER see cops driving in between town, cross town or anywhere else for that matter.

So when I complained that there needs to be more of a presence I meant that the cops that are sitting in their cars and in the department doing paper work I'm assuming, need to be out on the streets on foot patrol protecting the residents, and many share my sentiments.

It isn't fair that Hoboken has had to swallow a 47% tax increase, layoffs are bad for everyone and many Hoboken residents are without a job currently, but no one is immune. When things are tough the tough get going.

Understanding Short Sales In Hoboken - Pre Foreclosure Properties

Understanding short sales in Hoboken.  Three things you should know...

Many thought that Hoboken was immune to the growing foreclosure market but unfortunately that is not true. As I mentioned in my April 7th posting of final Hoboken sales numbers for March, there were 3 short sale properties under contract (since January) and there are another 8 available - possibly more. Nationally, it is estimated that 1 out of every 10 homeowner, is in some stage of mortgage default and this number is growing. * Source Housingwire.com article prime arms set tone for troubled mortgages

However, I want you to know that although a short sale may seem like a wonderful opportunity (and they can be for buyers), their are some things you should know before investing time and money into one of these. 

1. Just because a property is listed and advertised as a short sale that does not mean that it will be approved.

-- Short sales have a list of requirements before they can be approved with the bank and requires detailed information and research before submitting. Unfortunately many real estate agents are marketing these properties without knowing what's involved. In some cases an agent will occasionally get lucky and make it to a closing table, unfortunately in many cases they wont. In fact, it is estimated that for every 10 short sales listed with real estate agents that are not certified only 1 will close.  I will come back to this point.

2. A short sale property means that the homeowner is in some type of financial distress, and this is a requirement for a successful short sale.

--Some people have a misconception that the seller is making money on the sale. This is false, and in fact the seller can not net any money at the sale. 

3. An accepted offer or even a contract on a short sale does not guarantee a sale. 

--In the end, the lenders involved will have the final say on approving the sale. So it is important to know that you can end up being out of pocket and end up without buying a home.

It is important and almost crucial to the success of your sale or purchase, that you work with a certified distressed property expert(CDPE), or at the very least someone who has had experience with short sales and is knowledgeable with the process, pitfalls, risks and benefits. 

Short sales can be a saving grace for homeowners in financial trouble. A foreclosure is bad for everyone involved, the homeowner, the lender, immediate family, and a community in which the foreclosure is located. It can reset home values very quickly, and while short sales will also affect property values, they will do so at a much higher percentage than a foreclosure. 

If you'd like more information, or know someone that needs help please do not hesitate to contact me. 

Venture out of Hoboken and try a taste of Turkey

I stumbled into this fabulous little eatery after doing my taxes with my new accountant (Greg from Tax on Time) located in Rutherford NJ - a 15 min drive outside of Hoboken. Take 495 W onto Route 3W and it's a short drive from there to exit Park Ave in Rutherford. Nazar is at 66 Park Ave. 

I saw a large poster in the window that advertised a lunch special for $10 which included choice of an appetizer, lunch dish and desert - and when I saw baklava as an option my mind was made. 

Sometimes I wish that somehow I can retire as a restaurant reviewer.. is that the title? How do I get in???

OK, seriously it was one of the best meals I've had in a while! I won't go into length about what I ordered but if you love mediterranean food and want a change of scenery one day, give this little place a try. Get the turkish coffee, definitely the baklava, and I had the Kafte which was sooo good. BYOB Enjoy!

March Final Numbers For Hoboken Market Stats

Here are the final numbers for all sales not just condominium activity that occured in March 2009 plus a look at month over month activity from February to March. However, these numbers do not include any private developer sales that are not listed on the Hudson County MLS.

*Information is deemed reliable but not guaranteed. 

Deciphering sales numbers can sometimes be as daunting as trying to read a NYC parking sign. Ever find a spot in the city and have to read the signs 5 times before you park there? 

I've gathered the information from my market research and made it easier to understand. 

* In March there were 553 properties listed. That means that many homes were available for purchase. Of those, 46 were sold and 42 went under contract.

* Compare that to February 2009 were there were a total of 415 properties for sale, notice a smaller number of inventory, and of those 25 sold and 24 went under contract.

A noticeable spike in sales and inventory. In inventory that was a 33% increase while in sales we saw a 45% increase and in contracts a 42% increase month over month. 

Also worth mentioning 3 distressed property sales are in contract since January of '09 and today there are a total of distressed property or short sales currently available on the market. I personally believe that we will start to see more of these in our market. 

*Our current absorption rate based on March's higher sales numbers and current properties for sale (the length of time it would take to sell all of our inventory) is about 12 months - that is if no other prorperties are listed for sale.

CONDO-CO OP SUMMARY SOLD - LIST PRICES

Lowest $224,900

Avg $568,462

Highest $1.388 

VS - SALE PRICES (What they actually sold for)

Lowest $200,000

Avg $540,541

Highest $1.325

Average Price Per Sq Ft = $499. Average Days On Market = 84

If you'd like a list of the properties that are short sales (pre-foreclosure) please email me your request, the list if free. 

Hoboken Open House List For This Weekend

Hello House Hunters! Here is the list of Open Houses for this weekend, kindly provided by the Hudson County Multiple Listing Service. If you do not see one, it's because it has not been updated on the MLS. See the weekend's weather forecast. Might need your wellies!

Saturday

58 Willow Terrace 1 Family $689,000 1-3PM Coldwell Banker

211 Adams 3 bd 2.5 bth duplex $477,400 12-2PM Garden State Realty Group

650 2nd 1bd 1bth w/parking $389,999 12-3PM Weichert Realtors

1120 Clinton 2bd 2bth w/parking $569,000 2-4 PM Halliburton Homes

501 Adams 3bd 2bth parking avail $695,000 12-2 The Marketing Directors

722 Park 1 Family $799,000 2-4PM Empire Realty Group

Sunday

121 Willow 1.5bd 1bth w/terrace $425,000 1-3PM RE/MAX Gold Coast Realty

531 Garden 2bd 2bth w/backyard $650,000 1-4PM Halstead Property NJ LLC (plus one other 2bd unit in building)

211 Adams 3bd 2.5bth duplex w/yard $477,400 12-2 Garden State Realty Group

300 Newark 1bd 1bth parking avail $379,000 1-4PM DeRuggiero

812 Grand 1bd 1bth w/parking $445,000 12-3PM RE/MAX Gold Coast Realty

812 Grand 1bd 1bth $445,000 1-3PM RE/MAX Gold Coast Realty

812 Grand 3bd 2bth w/parking $749,000 1-3PM RE/MAX Gold Coast Realty

416 Monroe 2bd 1bth duplex w/backyard $497,000 1-3PM RE/MAX Gold Coast Realty

812 Garden 2bd 1.5bth $575,000 2-4PM RE/MAX Gold Coast Realty

600 Hudson 2bd 2bth $769,000 1-4PM RE/MAX Metropoitan Home Professionals

700 1st 2bd 2bth $524,900 1-4PM Brian David Realtors

1100 Adams 2bd 3bth duplex w/parking $834,900 1-3PM Empire Realty Group

1331 Grand 2bd2bth w/parking $609,900 1-4PM Weichert Realtors

1249 Bloomfield 1 Family $1.29M 1-3PM Empire Group Realty

420 Hudson 1 Family $1.48 1-3PM Singleton Galmann RE

70 Adams 2bd 2bth w/parking $539,000 1-4PM Century 21

550 Observer Highway 2bd 2bth w/parking $ 660,000 1:30-3:30PM RE/MAX Gold Coast Realty

531 Jefferson 2bd 2bth $472,500 1-4PM Prominent Properties Sotheby's Intl

1500 Washington 1bd 1bth parking avail $538,000 2-4PM RE/MAX Gold C0ast

501 Adams 3bd 2bth parking avail $695,000 12-2PM Marketing Directors

713 Adams 2bd 2bth $565,000 2-4PM Halliburton Homes

321 Bloomfield 1bd 2bth $439,900 1-3PM RE/MAX Gold Coast Realty

413 Madison 1.5bd 1bth w/backyard $589,000 1-3PM RE/MAX Gold Coast Realty (PLUS 3bd 3bth w/terrace)

99 Park 2bd 2bth w/parking $700,000 2-4PM RE/MAX Gold Coast Realty

83 Monroe 3bd 2bth w/parking $849,000 2-4PM RE/MAX Gold Coast Realty

The W Hoboken Is OPEN!

The W Hoboken is now open!! Get your friends together and head over to the new W Hoboken! I took a visit yesterday and sat at their back bar in the restaurant and enjoyed a prosciutto rustic flat bread pizza with a glass of prosecco for a late lunch. And don't worry! The prices were completely reasonable! Lunch choices range from about 9$ - $14, and they had a nice selection of sides, salads and desserts. The bartenders were very nice and the music was loungey. They are opening their outdoor seating soon, and are touting a lounge/bar/club on the third floor soon to open called the Chandelier room. I was told that it's the same owners from NYC's hotspot tenjune. Plus don't forget the acclaimed Bliss Spa also at the W!
A breath of fresh sophistication for Hoboken! Audrey approves! 225 River Street

The lounge in the hotel lobby with bar and plush seating

A picture from the website

A picture of the restaurant Zylo steakhouse