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Tuesday, July 27, 2010

Hoboken Rentals | Advice For Tenants Having Trouble With Their Landlord

Hoboken Rentals Advice For Tenants Having Trouble With Their Landlord

A friend of mine recently told me that the property management company handling her rental in Hoboken asked to make changes to her lease. Specifically, he wanted to write an entire new lease without her lease term having ended, to add a new roommate. When she said that she didn't want to sign a new one since she is moving out when her term ends in September, he said "it will be easy for you to find someone to take your place".

I will leave out the name of the management company that said this because I have to believe that deep down, this person knows that what he said is wrong.

He then also told her that the rent would be increased, when she asked how much, he said he wouldn't tell them until they "sign the new lease" and that he'll let them know after.

Another no no.

Tenants you should know that when you sign a lease, the terms set forth within that lease are binding to all parties. If your rental term is 12 months, and you are asked to sign a new lease in the 10th, 11th or any other month for that matter, know that unless it explicitly says otherwise you will be signing another one year lease. In cases where you have roommates, you may not be able to assign your tenancy to someone new unless the landlord expressly agrees to.

So beware:
A. You do not have to sign a new lease until your current one that is effective ends
B. You should not assume that you can transfer your tenancy or sublet to someone unless the landlord expressly agrees that it's ok.
C. In the case where roommates are involved, I would strongly recommend, that you add to the provisions section in the lease (the last two pages) that the "landlord agrees to allow assignment of remaining term on lease to a new tenant pending review of said tenant's credit and income verification" or something to that affect that all of you can live with.
  
Renting Condos:
If you sign a lease to an apartment that is a condominium, you should read carefully to see if your lease has a "condo clause" in it. A condo clause gives the owner, a.k.a. landlord, the right to sell the unit you are renting to a buyer, and, essentially kick you out with just 60 days notice to find a new home.

It's a gray area, in that I don't know if this is allowed prior to the lease term end. In other words, if you sign a lease for one year, can the owner in the fourth month decide to sell and make you move out in the next 60 days after it is sold. I have yet to have a real estate attorney confirm this for me. In this case, I would strongly recommend, that you add a provision to the lease that says something to the effect of "landlord agrees to not sell or transfer ownership of the condo during the lease term. Tenancy will remain in effect, and in accordance to lease agreement, for entire term. Tenant will agree to allow showings to property within 60 days of lease term end". There are some cases where an owner will sell a property with the lease terms surviving the sale, in this case you may not need the clause. You should have a conversation with not just the real estate agent involved, but with the owner directly as to their plans and decide from their what you would like added and agreed to to protect yourself. The owner may or may not agree, if they do not, then you have saved yourself from singing a lease agreement.

Now I'm not an attorney, far from it in fact, but I can tell you that it is extremely important that you protect yourself and add clauses like these in these situations. As a real estate agent we always work to make sure the owner of the property's best interests are met, but we also have to be fair and work within legal limits.

By no means, can anyone, real estate agent, property manager, tenant or owner for that matter change the terms of a lease without express permission in writing by all parties named.

I was upset to learn that my friend was being strong armed by this person. And sadly this is not the first of this company's shenanigans. It prompted me to write this post, and I hope someone else will read it that it can help.

Lastly, let me say this, if your apartment is being managed by a company, you should not be negotiating lease terms with them. You should contact the owner directly and discuss with them. They should provide you with a new lease, signed by them with the terms that you both agreed to.

Bottom Line: Read everything, ask questions, do not sign something you do not understand or did not agree to. Your lease is a contract.

Jersey City Real Estate Weekly Sales Market Update

Jersey City Real Estate Weekly Sales Market Update 

For the week of July 19th, through July 25th 2010

What's hot in JC

Condominium Sales:
There were 5 sales that closed for the week. From the lowest price a 566 square foot one bedroom at The A condo's with a list price of $359,000 and a sale price of $315,000. To the highest price, a 2300 square foot 3 bedroom 3 bath restored brownstone condo with a list price of $1.249Million and a sale price of $1.075Million.

Median list price was $537,995 and median sold price was $513,000. Down about 6% from last week. Median days on market was 116 days. 


Pending Sales:
There were ten contracts written by real estate agents for the week. The lowest priced was a 759 square foot one bedroom at The Portofino, with an asking price of $275,000. The highest priced was a two bedroom two bath at Gulls Cove with an asking price of $672,000.




Median list price was $408,500, median days on market was 88 days.



Brownstone Single Family Homes
Sales:
There were no sales this week.


Pending:
There were no homes that went under contract.



Compare this week's sales to last weeks.

Information provided by the Hudson County MLS, deemed reliable but not guaranteed.

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
For the week of July 19th to July 25th, 2010.

What's cookin in Hoboken

Condominium Sales:
There were six sales for this week. The lowest price a 611 square foot one bedroom on 2nd and Adams, with a list price of $224,900 sold for $220,000. The highest priced sale, was a 1338 square foot two bedroom two bath at 1100 Adams with a list price of $629,000 and a sale price of $595,000.

Median list price for the week was $457,433 median sale price was $440,500. Median days on market was 59 days. Down about 12.5% from last week.

Pending Sales:
14 new contracts were written by real estate agents this week. From the lowest, 222 Grand St a short sale, 720 square foot one bedroom with a list price of $349,000 to the highest, 56 Jefferson St a 2139 square foot three bedroom three bath with an asking price of 1.1Million.

Median list price for the week was $449,450. Median days on market was 62 days.

Brownstone Single Family Homes
Sales:
No homes sold for this week.

Pending:
No homes are under contract this week.

Compare this week's to last weeks sales.

Information provided by the Hudson County MLS, deemed reliable but not guaranteed.

Sunday, July 25, 2010

Hoboken Open House List | RE/MAX Gold Coast Realty


800 Jackson St.
METROSTOP CONDOMINIUMS
When: Saturday 7/24 & Sunday 7/25 1-4PM
Listing Price: 1BR's Starting @ $369,000 /
                      2BR's Starting @ $525,000 


219 Monroe St. #299 Park LR
FANTASTIC STARTER HOME!

When: Sunday 7/25 1-3PM
Listing Price: $259,000
Bedrooms: 1
Baths: 1
Sq.ft: 603
MLS#: 100008181

View More Info
609 Madison St. #Unit B99 Park LR
PARKING SPOT INCLUDED!

When: Saturday 7/24 2-4PM
Listing Price: $449,000
Bedrooms: 2
Baths: 2
Sq.ft: 1080
MLS#: 100006389

View More Info
700 1st St. #17R99 Park LR
JUST REDUCED! 1137 SQFT W/BALCONY!

When: Saturday 7/24 1-3PM & Sunday 7/25 2-4PM
Listing Price: $475,000
Bedrooms: 1
Baths: 2
Sq.ft: 1137
MLS#: 100006917

View More Info

Wednesday, July 21, 2010

Hoboken St Ann's Feast Starts Tonight! 100 Year Anniversary


The annual St Ann's Feast starts tonight at 6p.m. Celebrating 100 years of this Italian feast for the Saint of all women this year will be bigger and better with a focus on good food and live music!

Schedule of events:

Wednesday July 21st - Latin Night Ray Sepulveda & his orchestra perform

Thursday July 22nd - Jay and the Americans - A 60's band

Friday July 23rd - The Nerds!

Saturday July 24th - Elvis impersonator Ryan Pelton performing of course an Elvis tribute

Sunday July 25th - The Stylistics - A soul group performing 70's hits

Monday July 26th - The beautiful Christina Fontanelli and the Jordan Thomas Orchestra

St Ann's church on 7th and Jefferson is hosting its Novena Mass nights this week during the feast. All are welcome to come.

Visit the bar behind St Ann's for some cocktails mixed up on Thursday July 22nd by our very own office RE/MAX Gold Coast Realty!!

The feast can be very crowded so it can be unsafe for pets due to high traffic. Music starts every night at 8:15 on the main stage in front of the church.
Pic: Amy Sara Clark / Hoboken Now
Residents: starting tonight park your cars somewhere safe and note the days of the feast as it will be difficult to find parking and streets will be closed.

ENJOY!!!

Tuesday, July 20, 2010

Single in Hoboken? Stop by the W Hotel!

The W Hotel In Hoboken is opening it's doors to the single's in Hoboken 25-35. Starting next Wednesday, July 28th, http://www.hurrydate.com/ is bringing it's speed dating to the chic lounge. Participants can sign up on the website for $15 or show up for $20 admission.

Oh no - But you have to look your best! Don't worry, this event is going all out. Toni & Guy is going to be on site offering free mini makeover's so that you are confident before the speed dates begin. There will also be lots of goodies given out and if you happen to get lucky then you'll be lured back to the W with a round of complimentary cocktails to break the 2nd date ice.

Last, but not least, visit Tony & Guy for a quick tease before heading to the Living Room Lounge for an 80's tribute band performance!


FUN

Jersey City Real Estate Weekly Sales Update

Downtown Jersey City Real Estate Weekly Sales Update
For the week of July 12th - July 18th 2010

What's Hot In JC

Condominium Sales:
There were 9 sales for this week. From the lowest price, an 822 square foot one bedroom short sale asking $250,000 at The Park Hamilton, sold for $235,000. The highest price sale was a 1366 square foot 2 bed 2 bath at The A with a list price of $650,000 and sold for $650,000.

Median list price was $549,000, median sale price was $545,000. Median days on market 71 days.

Pending Sales:
4 new contracts were written by real estate estate agents. The lowest asking price a 1079 square foot 2 bed 2 bath at 11 Coles St at $389,000. The highest asking price was for a 1756 square foot 2 bed 2 bath at 50 Wayne Street at $649,000.

Median list price $487,000.

Brownstone Single Family Homes:
No single family homes sold for this week.

Pending Sales:
One single family is under contract. 249 2nd street is a 3 bed two bath home with a list price of $399,000.

Information supplied by the Hudson County MLS, deemed reliable but not guaranteed.

Hoboken Real Estate Weekly Sales Update

Hoboken Real Estate Weekly Sales Update

For the week of July 12th - 18th 2010

What's Cookin In Hoboken

Condominium Sales:
There were 8 sales for this week. From the lowest price, a 1037 square foot two bedroom one bath duplex at 80 Park, the converted school house, with an asking price of $399,000 and a sale price of $390,000. The highest priced sale, was a 1574 sq foot two bedroom, three bath duplex at Metro Stop with an asking price of $790,000 and a sale price of $760,000.

Median listing price was $527,000 median sale price was $510,000. Median days on market was 38 days, the average days on market was 79.

Pending Sales:
12 new contracts were written by real estate agents for this week. The lowest price, a 535 square foot one bedroom with yard at 309 Monroe with an asking price of just $245,000 to the highest price, a two bedroom two and a half bath duplex at 60 Jefferson with an asking price of $749,000.

Median list price was 552,000. Median days on market was 73 days.

Brownstone Single Family Homes:
Two homes sold for this week. One, a rehab home at 161 12th street with an asking price of $599,000 sold for $400,000. And the other, a beautifully renovated home at 218 7th street with an asking price of $995,000 sold for $940,000.

Pending:
No homes went into contract for this week.

Compare this week's sales to last weeks.


Information supplied by the Hudson County MLS, deemed reliable but not guaranteed.








Monday, July 12, 2010

Seller Incentives In A Challenging Market


Seller's Incentives for a Challenging Economy


In a down economy, sellers must compete not only with other homes in the market, but also with buyer's fears and concerns. Selling incentives have always been a way to create additional interest in your property. Today, incentives can help motivate reluctant buyers to make that next step in the face of the present environment.
Below are a few of the more frequently used incentives that can be used to draw attention to your home.


Paying Points
Lenders charge fees known as points, with each point equal to 1 percent of the total loan amount. The base fee charged (called origination points) typically ranges between 0 and 3 points, depending on the interest rate given and other terms of the loan. Points can add up to a significant up-front cost for the buyer, particularly for larger mortgages. Offering to pay some or all of the origination points on behalf the buyer can help generate offers from cash-conscious buyers.


Buying Down the Interest Rate
Many buyers don't understand that they can receive a lower interest rate from their lender by paying additional points at the outset. Buyers can typically pay up to four "discount points" to bring down the interest rate. Offering to pay discount points can increase your home's affordability for many prospective buyers.

Providing a Home Warranty
A home warranty can help assure wary consumers that they won't be stuck with expensive repair costs shortly after buying a home. Home warranties usually cover the repair or replacement of core systems such as plumbing, heating and electrical, along with major appliances. Providing the first year (or two) of a home warranty can add to your home's appeal, especially if you are competing against newer homes on the market. The relatively low cost of home warranties ($250 to $600 annually) offers great value as an eye-catching incentive.


Paying for Closing Costs
Closing a real estate sale can result in a long list of charges, from inspection costs to attorney's fees. Closing costs for the buyer can easily total several thousand dollars - adding to the up-front cash required as a down payment. Sellers can offer to pay for the buyer's side of closing costs to help ease the burden. When doing so it is wise to either put a cap on the dollar amount you will contribute to closing costs, or specify exactly which individual costs you will be paying for.

Upgrade Allowances

Offering cash allowances for specific upgrades can sometimes be a creative way to appeal to buyers. Upgrade allowances are commonly offered by new home builders, and some homeowners are now employing the technique to help set their properties apart from the competition.
For example, if your home has older carpet you may offer to pay the price of new carpet and installation. By not replacing the carpet yourself ahead of the sale, you avoid the hassle of having the carpet installed and the pain of keeping the new carpet clean during showings. You also give the buyer the chance to select a carpet that matches their taste.
Other upgrades offered by sellers include allowances for kitchen facelifts, bathroom remodels and new landscaping.


New Appliances
Another flashy way for sellers to sweeten the deal is to provide buyers with their selection of brand new appliance packages. Updated appliances help your home compete with newly built properties. Allowing the consumer to choose their desired appliance gives them another opportunity to personalize the home to their liking. You can even lay out brochures of some example appliances to help buyers visualize your home improved with the newest gadgets.


For more seller tips or a free market analysis please message me!

Basic House Hunting Tips!


Basic House Hunting Tips


Allow Plenty of Time - While it may be tempting to try and visit as many properties as possible on a single day, "overbooking" won't give you enough time to linger and fully tour each individual home. If you find a house you truly like, you will probably spend more time reviewing each room in greater detail. Assume that each house you view will hold your interest enough for a lengthy exploration.


Dress Comfortably - House hunting isn't a job interview, so dress casually and comfortably for the season. Wear slip-on shoes and adequate socks - homes with new carpet or flooring will often include "please remove shoes" signs. You will be doing a lot of walking and taking trips up and down stairs, so supportive footwear is a must. Clothing should fit comfortably enough to accommodate reaching up or bending/crouching down to examine cupboards both high and low.


Carpool - Taking just one car is particularly convenient when viewing multiple properties on the same day. A one vehicle approach ensures that no one gets separated or lost. Also, by moving over to the passenger seat you're free to consider the merits of each last house and pay attention to the neighborhood near each property, rather than focus your energy on squinting at street signs.


Pay Attention to the Surroundings - Speaking of the neighborhood; make sure you pay attention to the area close by each home on the way in. What kind of shopping opportunities and facilities are within a short distance? Are there appealing destinations within walking distance? What are the schools like nearby? How far will your commute be? Are many other homes for sale in the immediate area?
The idea is to have some feeling of whether or not the neighborhood is right for you before you ever set foot in the actual home. If you're lucky enough to fall in love with the house itself, knowing the lay of the land ahead of time can give you the confidence to make an immediate offer.


Use Your Nose - Generally speaking, a bad (or unidentifiable) smell inside or outside the home is not a good sign. Likewise, be somewhat suspicious if the home is overpowered by the smell of potpourri or intense candles in every room, as this can be an attempt by the seller to mask problematic odors. Mildew and mold smells indicate much larger problems - mold removal can cost thousands of dollars, and locating/fixing moisture leaks can be a difficult task. Pet smells or smoke smells can be minimized with cleaning, but will likely take time to fully dissipate. If you are interested in a home with a strong smell, hire a qualified and experienced home inspector who will unmask the cause of the odor.


Want to work with me? Send me a message!

Hoboken Real Estate Market Snapshot

Hoboken Market Snapshot
Sales Are A Closin'! The month of June saw a healthy 114 sales close, no question that at least half of the sales were attributed to home buyer tax credit incentive that needed buyer's to close by June 30th. We will see what July has in store but from $200,000 to 2.4Million the median list price was $498,944 while the median sale price was $487,500. Median days on market was 43 days while the average was 68 days. Average price per sq foot was $457.70
There are 59 condo's from June that are pending.

Saturday, July 10, 2010

Hoboken Open House Real Estate Listings

Happy House Hunting! Hoboken Open House List For This Weekend

1210 Washington St. #5S1210 Washington 5S LR 5
FIRESALE!!

When: Sunday 7/11 2-4PM
Listing Price: $379,900
Bedrooms: 2
Baths: 2
Sq.ft: 953
MLS ID: 100002626
View More Info
800 Jackson St.
METROSTOP CONDOMINIUMS
When: Saturday 7/10 & Sunday 7/11 1-4PM
Listing Price: 1BR's Starting @ $369,000 /
2BR's Starting @ $525,000



510 Monroe St. #409 510 Monroe 409 Stairs
MIDTOWN 2BR/1BA
When: Sunday 7/11 1-3PM
Listing Price: $415,000
Bedrooms: 2
Baths: 1
Sq.ft: 884
MLS ID: 100004742
620 Jefferson St. Unit B620 Jeff Kitchen
TOTALLY RENOVATED TWO BEDROOM
When: Sunday 7/11 1-3PM
Listing Price: $439,000
Bedrooms: 2
Baths: 1
Sq.ft: 950
MLS#: 100003256
View More Info
134 Garden St. #1134 Garden backyard
BEAUTIFUL 2BR/1BA GARDEN LEVEL CONDO
When: Sunday 7/11 1-3PM
Listing Price: $439,000
Bedrooms: 2
Baths: 1
Sq.ft: 821
MLS: 100006879
View More Info
953 Bloom 4 DrLr.JPG953 Bloomfield St. #4
UPTOWN BEAUTY 2BR+DEN, CORNER UNIT
When: Saturday 7/10 2:30-4:30PM
Listing Price: $449,000
Bedrooms: 2+
Baths: 1
Sq.ft: 902
MLS ID: 100006647
108 Monroe St. #2C108 Monroe 2C Kit
JUST REDUCED!
When: Saturday 7/10 1-3PM
Listing Price: $469,000
Bedrooms: 2
Baths: 2
Sq.ft: 1172
MLS#: 100007710
View More Info
726 Adams 2 LR
726 Adams St. #2
SPACIOUS OPEN FLOOR PLAN
When: Saturday 7/10 2-4PM
Listing Price: $469,900
Bedrooms: 2
Baths: 2
Sq.ft: 1216
MLS ID: 100004921
120 Bloom 4 DrLr120 Bloomfield St. #4
BEAUTY ON BLOOMFIELD
When: Sunday 7/11 1-3PM
Priced from $499,900
Bedrooms: 2
Baths: 2
Sq.ft: 1007
MLS ID: 100005938
308-310 Garden Ext308-310 Garden St. #4
THERESA CONDOMINIUMS

When: Sunday 7/11 2-4PM
Listing Price: $518,000
Bedrooms: 2
Baths: 1
Sq.ft: 964
MLS ID: 100006424
View More Info
728 Willow Ave. #8-4R728 Willow 8-4R LR
FLAWLESS 2BR/2BA
When: Sunday 7/11
Listing Price: $525,000
Bedrooms: 2
Baths: 2
Sq.ft: 1025
MLS ID: 100004752
View More Info
717 Madison St. #3N717 Madison 3N LR
BEAUTIFUL 2BR/2BA

When: Sunday 7/11 2-4PM
Listing Price: $535,000
Bedrooms: 2
Baths: 2
Sq.ft: 1360
MLS#: 100008008
View More Info


815 Willow Ave #1L815 Willow Yard
3BR/2.5BA DUPLEX W/ PRIVATE YARD
When: Sunday 7/11 1-3PM
Listing Price: $549,000
Bedrooms: 3
Baths: 2.5
Sq.ft: 1402
MLS#: 100005876
View More Info
95 Garden St. #3A95 Garden 3A Balcony
STUNNING LAYOUT
When: Sunday 7/11 1-3PM
Listing Price: $729,000
Bedrooms: 3
Baths: 2
Sq.ft: 1569
MLS#: 100006010
View More Info
99 Park Ave. #4A99 Park LR
LOCATION, LOCATION LOCATION!

When: Sunday 7/11 1-4PM
Listing Price: $769,000
Bedrooms: 2
Baths: 2
Sq.ft: 1404
MLS#: 100007603
View More Info
56 Jefferson St. #5A56 Jefferson 5A LR
TOWNHOME STYLE CONDO
When: Saturday 7/10 1-3PM
Listing Price: $1,100,000
Bedrooms: 3
Baths: 3
Sqft: 2139
MLS ID: 100007587

Thursday, July 8, 2010

Tax Credit Closing Deadling - Now September 30th

LaVidaSquared reported two weeks ago that the tax credit closing deadline may be extended but that we didn't know for sure. And while I read headlines from mortgage brokers and some realtors touting it was official, it took two rounds before finally being approved. Here: the official story!


Tax Credit Closing Deadline Now Sept. 30

By Amanda Okker, RE/MAX Times Online Editor

U.S. homebuyers who are eligible for a Homebuyer Tax Credit now have until Sept. 30 to close the transaction and receive the credit.Congress has extended the closing deadline, which had been June 30, by an additional three months. President Barack Obama signed the legislation July 2.
The action affects an estimated 180,000 homebuyers who were under contract by April 30, but because of circumstances beyond their control, had been unable to close on their purchase by June 30. Short Sale and REO transactions are holding up many of these closings.

Read a Reuter's news article for more informaton about the extension. Share this remax.com consumer article with your buyers.

Qualified first-time buyers can receive a credit of 10 percent of the home price up to $8,000. Repeat buyers are eligible for a credit of up to $6,500.
The National Association of Realtors estimates that 4.4 million people have received the credit since it was made nonrefundable in 2009. That includes 2.9 million first-time buyers and 1.5 million repeat buyers.

© 2010 RE/MAX, LLC. RE/MAX Affiliates may share this article, provided they do not charge for it and this notice is included. All other rights reserved.

Wednesday, July 7, 2010

The Danger of an Unreasonably High Asking Price


The Dangers of an Unreasonable Asking Price

One of the most common and costly mistakes made by sellers is setting an unrealistically high asking price. Every seller wants to receive the highest closing price possible for their house, but losing sight of fair market value can have serious repercussions.
In some cases a lack of objectivity results in overpricing the home, other sellers may subscribe to the theory that pricing high initially leaves room to negotiate lower later. Overpricing from the outset could actually force you to end up settling for a lower price than you would have received by setting a realistic asking price based on market research.

Common Results of Overpricing

Fewer "Eyes" on Your Listing - Mispricing your home can prevent it from ever being seen by a certain percentage of potential buyers who might otherwise be interested in your home. Savvy buyers today research the local market even before acquiring an agent. Buyers will search available listings both online and offline in real estate publications, and in most cases they will set a price range to limit the listings they review. If your home is outside of their range even by a few thousand dollars, it may not be on the buyer's radar.

Most buyers will then hire a specialized buyer's agent, and together they will develop a strategy to evaluate homes that match the buyer's needs within their acceptable price range. Occasionally an agent will provide information on a home above the buyer's maximum price point, but rarely will they stray too far above that boundary.


Lack of Showings - Agents who work with homebuyers will know local market conditions and the listing prices of comparable homes. If they feel your home is overpriced, they will be reluctant to show your home to their clients for fear of wasting their time.

Helping Competing Listings - It may not be your first thought, but overpricing for your home for the market can actually help the competition. Your home's higher asking price will make other nearby homes of equivalent size and quality look like steals in comparison. Astute selling agents for other properties will use the price gap between your home and their own as a further selling point of their listings.


Stagnation and Stigmatization - If your home is priced higher than what buyers in your market are willing to pay, it runs the risk of sitting on the market for a longer period. The longer your home sits on the market, the more likely it will become stigmatized as "overpriced" in the real estate community. Once that happens, removing the stigma and restoring interest in your home can be a difficult task. Even dropping the price later will not have the same level of impact as the initial, negative, impression of your listing.

Tough Negotiations - A high listing price can be a warning flag that buyers use for leverage during the negotiation process. If the asking price seems high without home improvements or features to warrant the difference, buyers may assume that you are either A) not well informed about the market, B) not a highly motivated seller, C) have a need for money (perhaps forced by a move to a higher-priced area), or D) are simply creating some bargaining room. If the buyer believes any of these, they are likely to fish to determine how low of a price you will accept.

On the other hand, if your home has languished on the market as a result of a high price, buyers may believe you are becoming desperate. Interested buyers will make lower offers as a result.


Appraisal Problems - Should you be fortunate enough to find a motivated buyer willing to pay your overestimated asking price, you still run the risk of having the deal fall apart prior to closing. Most buyers will use some kind of financing to pay for their home purchase, and every lender requires an appraisal of your home's value.
The appraiser will review your home in person to assess its value based on similar homes that have sold (usually within the last six months). If the appraised value is below the agreed selling price, the lender will only approve a loan for the lower amount. You may be forced to reduce the selling price or risk having the deal collapse, and your home return to the open market.

Overpricing and Today's Market

Today the tendency to overprice relative to the current market can be even more tempting. Home prices have dropped since the high peaks in the summer of 2006, and as a result many are in denial about the current market value of their home. Homeowners who bought within the past five or six years in particularly may be overly influenced by the purchase price they paid during the real estate boom.
This comes at time when overpricing couldn't be a worse strategy. There is a smaller pool of highly motivated buyers, and today's buyers tend to be well educated about the market. Without the assumption of price appreciation, few buyers are willing to gamble and overpay for a home. In addition, credit tightening has reduced both the number of buyers who can qualify for a mortgage as well as the size of the mortgages available.

Creating a Pricing Plan
When pricing your home, the best strategy is to remain objective and compare your home closely to similar properties on the market. Take the opportunity to visit open houses and pay attention to recent sales in your area. Are you more focused on selling quickly, or on receiving the highest possible selling price? Is the price you have in mind reasonable when compared with what other homes are asking for and selling for?


Priced Too High: Corrections

If your home has been sitting on the market with few offers or showings to its name, consider whether or not it is priced correctly. Review recent sales of comparable listings, especially those that have sold since your home went on the market. Another method is to ask agents who have shown your property for feedback they received from their clients. Have buyers who looked at your home in person purchased other homes in the area instead?
Acting quickly to adjust the asking price is the best way to keep as much of your marketing momentum as possible. Depending on how long your listing has been on the market, additional marketing may be needed to help repair some of the "damage" done to the reputation of your home's listing at the higher price. In some cases, you may be forced to slightly under price your listing to create additional interest.

Jersey City Real Estate Weekly Sales Update

Jersey City Real Estate Weekly Sales Update
Week of June 27th - July 4th 2010

What's hot in JC

Condominium Sales:
There were 15 sales for this week. From the lowest sale, a 640 sq foot one bedroom plus den on 8th street asking $220,000 after being listed with multiple brokers and several price reductions later, sold for 10k ABOVE asking price - for $230,000. The highest sale, a two bedroom two bath 1335 sq feet with an asking price of $799,000 sold for $730,000 at the Shore Club.

Median list price was $399,000 median sold price was $375,000. Median days on market 87 days.

Pending Sales: 6 new contracts were written by real estate agents this week. The lowest price a 671 sq foot one bedroom on 4th street with an asking price of $225,000 and the highest asking price, a 2255 sq foot four bedroom four bath with private terrace and an asking price of $999,000 at The Shore Club.



Single Family Brownstones:
Sales: There were no sales for this week.


Pending Sales: One single family is under contract. 333 10th street, a townhouse style 3 bedroom two and a half bath with huge garage and an asking price of $500,000 after being reduced multiple times from $599,000 is waiting to close.


Information supplied by the Hudson County MLS, deemed reliable but not guaranteed

Hoboken Real Estate Weekly Sales Update

Hoboken Real Estate Weekly Sales Update
For the week of June 27th - July 4th 2010

What's cookin in Hoboken?
The people on line outside Carlos Bakery! Pa dum ching!! (No seriously...)

Condominium Sales:
There were 23 sales for this week. From the lowest price a 506 sq foot one bedroom on 1st and Monroe, with a list price of $249,900 that sold for $220,000 - to the highest price sale for a massive 2364 sq foot 3 bedroom two and a half bath plus terrace and 2 parking spaces at The Garden Street Lofts, listed for 2.3million and sold for 2.3million. WOW

Median list price was $497,000 median sold price was $484,500. Median days on market was 42 days.

Pending Sales:
12 new contracts were written by real estate agents this week. The lowest price for a studio on 2nd and Clinton, asking $219,000 and offering 500 sq feet to the highest asking price for a two bedroom plus den two amd a half baths with parking offering 1328 sq feet asking $885,000.

Median days on market 85 days.

Single Family Brownstones
Sales: No sales closed for this week.

Pending Sales: No new contracts were written for this week.

Compare this week's sales to last week's

Information supplied by the Hudson County MLS, deemed reliable but not guaranteed

Tuesday, July 6, 2010

Heat Advisory For Hoboken - Cooling Center Open


I received this from the desk of Juan Melli this morning. Thought I'd pass it along.


HEAT ADVISORY/COOLING CENTER INFORMATION
The National Weather Service has extended a heat advisory for Hudson County through 7 pm, July 6, 2010. Temperatures are predicted to reach up to 100 degrees.

To help residents cope with the extreme heat, the City of Hoboken is opening a cooling center at the Wallace School gymnasium at 1100 Willow Avenue. The cooling center will open at noon on Tuesday, July 6 and will remain open for at least 24 hours.


Heat Advisory for Hudson, NJ from 11 am EDT, Tue., Jul. 6, 2010 until 7 pm EDT, Tue., Jul. 6, 2010
Issued by The National Weather ServiceNew York City, NY 5:06 am EDT, Tue., Jul. 6, 2010


A HEAT ADVISORY REMAINS IN EFFECT FROM 11 AM THIS MORNING TO 7 PM EDT THIS EVENING.
THE COMBINATION OF TEMPERATURES OF 95 TO 100 DEGREES... ALONG WITH GRADUALLY INCREASING HUMIDITY LEVELS... WILL PRODUCE HEAT INDEX VALUES OF 100 TO 104 TUESDAY AFTERNOON.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
A HEAT ADVISORY IS ISSUED WHEN HIGH HUMIDITIES ARE EXPECTED TO COMBINE WITH HOT TEMPERATURES TO MAKE IT FEEL LIKE IT IS 100 TO 104 DEGREES FOR TWO CONSECUTIVE HOURS. DRINK PLENTY OF FLUIDS... STAY IN AN AIR-CONDITIONED ROOM... STAY OUT OF THE SUN... AND CHECK UP ON RELATIVES AND NEIGHBORS.

Thursday, July 1, 2010

Hoboken eateries gear up for restaurant week!


If you're a 'foodie' like me you looove restaurant week! This year more local restaurants in Hoboken and Jersey City have signed on to take part of this wonderful cultural event. What a great opportunity to get out there, support our local establishments as well as try some new places that you otherwise may have never gone to!

Click on www.hudsonrestaurantweek.com and see the entire list of participating restaurants.
Happy eating! And please! Don't forget to submit your review of any restaurants you visited. I love to shine on my readers slash aspiring writers! Like Mallory's review of Stacks Pancake House in Hoboken, she did such a great job we coined it - Syrup in the City!!