A Hoboken and Jersey City Real Estate Blog by Karina Abad, realtor at Keller Williams Towne Square. Real estate market news, condos, homes and brownstones, buying and selling tips and local community info.
Thursday, January 27, 2011
Tuesday, January 25, 2011
Hudson Restaurant Week Is Here!!
Hudson Restaurant Week Is Here!!
If you have never tried Hudson Restaurant Week, now is your chance. From January 24th through February 4th participating restaurants offer select menu options at discounted prices.
There is a great selection of restaurants participating in this years restaurant week in Hoboken and Jersey City.
Here's a sneak peak at some restaurants participating in each!
Jersey City:
Michael Anthony's - American/Italian/Seafood on the marina in JC
La Conguita - Spanish Cuisine on Grove Street
Casa Dante - Italian Food on Newark Avenue
Hoboken:
Dino & Harry's - Steakhouse on 14th
Clinton Social - American/Continental with a flare on Clinton Street
Gaslight - Southern and Comfort Food on Adams Street
Zylo - Steakhouse at The Luxe - W Hotel On River Street
For more log onto www.hudsonrestaurantweek.com
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| Zylo At The W |
There is a great selection of restaurants participating in this years restaurant week in Hoboken and Jersey City.
Here's a sneak peak at some restaurants participating in each!
Jersey City:
Michael Anthony's - American/Italian/Seafood on the marina in JC
La Conguita - Spanish Cuisine on Grove Street
Casa Dante - Italian Food on Newark Avenue
Hoboken:
Dino & Harry's - Steakhouse on 14th
Clinton Social - American/Continental with a flare on Clinton Street
Gaslight - Southern and Comfort Food on Adams Street
Zylo - Steakhouse at The Luxe - W Hotel On River Street
For more log onto www.hudsonrestaurantweek.com
Monday, January 24, 2011
Hoboken Short Sales | Jersey City Short Sales | Are You Gutsy?
Hoboken Short Sales, Jersey City Short Sales - Are You Gutsy?
Recently I've been taking many of my first time home buyers, and investors to see short sale properties in the immediate area. I always get asked why the listing has been on the market for so long? 300+ 400+ days is very typical with short sales. However, it doesn't mean that the short sale hasn't received any offers in that time.
The process to get one approved is very tedious and time consuming, it requires a lot of work and effort, phone calls and paperwork. With every offer that is submitted, the entire process is reset as if it were a new sale with a bank. Paperwork has to be redrafted, and appraisers must come out again...
In the MLS:
Short sales are treated differently than regular sales. For one thing, until a property is bank approved, an agent does not change the status update on the MLS, so it can show active for quite some time depending on the turn around time. The broker comments (which consumers cannot see) will say whether an offer was submitted and whether showings are still allowed.
Short sales sell for a discount:
If you have the guts to pursue one, and the flexibility of time, then you will be rewarded. On average short sales sell about 20% below market value, and foreclosures trade on average at about 40% below market value. *
Home inspections and short sales:
You'll want to discuss with your real estate agent and attorney what the best strategy is for you as to when to conduct a home inspection. Sometimes it makes sense to do the inspection up front and weigh the costs against your offer. Other times you may hold off on the inspection until you get the bank approval ok from the lender. This strategy works well with offers that are much lower than the price to get a counter vs a listing that has already been approved as a short sale.
Not all short sales are equal:
You'll want to avoid short sale listings that are misrepresented by either an agent that is not versed in short sales, or doesn't have a support team such as an attorney, a broker or a third party negotiating the sale, and you may want to avoid those that have uncooperative sellers.
For one to be accepted, the seller has to meet many financial and distress points, so if you speak with a listing agent that is representing the seller, and they tip off to you and your agent that they are not being cooperative, then find another.
*Jeffrey Otteau Valuation Group, Short Sale Studies
Recently I've been taking many of my first time home buyers, and investors to see short sale properties in the immediate area. I always get asked why the listing has been on the market for so long? 300+ 400+ days is very typical with short sales. However, it doesn't mean that the short sale hasn't received any offers in that time.
The process to get one approved is very tedious and time consuming, it requires a lot of work and effort, phone calls and paperwork. With every offer that is submitted, the entire process is reset as if it were a new sale with a bank. Paperwork has to be redrafted, and appraisers must come out again...
In the MLS:
Short sales are treated differently than regular sales. For one thing, until a property is bank approved, an agent does not change the status update on the MLS, so it can show active for quite some time depending on the turn around time. The broker comments (which consumers cannot see) will say whether an offer was submitted and whether showings are still allowed.
Short sales sell for a discount:
If you have the guts to pursue one, and the flexibility of time, then you will be rewarded. On average short sales sell about 20% below market value, and foreclosures trade on average at about 40% below market value. *
Home inspections and short sales:
You'll want to discuss with your real estate agent and attorney what the best strategy is for you as to when to conduct a home inspection. Sometimes it makes sense to do the inspection up front and weigh the costs against your offer. Other times you may hold off on the inspection until you get the bank approval ok from the lender. This strategy works well with offers that are much lower than the price to get a counter vs a listing that has already been approved as a short sale.
Not all short sales are equal:
You'll want to avoid short sale listings that are misrepresented by either an agent that is not versed in short sales, or doesn't have a support team such as an attorney, a broker or a third party negotiating the sale, and you may want to avoid those that have uncooperative sellers.
For one to be accepted, the seller has to meet many financial and distress points, so if you speak with a listing agent that is representing the seller, and they tip off to you and your agent that they are not being cooperative, then find another.
*Jeffrey Otteau Valuation Group, Short Sale Studies
New Jersey City Heights Condo For Sale! 108 Prospect Street
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| Open Floor Plan |
108 Prospect Street #3
Just listed! This spacious, 1352 square foot three bedroom one bath condo located in Jersey City Heights, is just minutes from Manhattan, downtown Jersey City and Hoboken. You will not be disappointed, this home is beautiful and has something for everyone. Top Floor, Just one flight up and a great value.
- Hardwood Floors
- Central air conditioning and heat
- 8 Windows Plus Skylight - Bright and Cheery!
- Open Kitchen with Granite Counters Black/Stainless Appliances
- Nook perfect for an office desk
- Two spacious bedrooms with great closets
- Third bedroom great for a guest room, office or kids room/nursery
- Private storage
- Private laundry room
- Common Backyard for summer bbq's!
- Walking distance to NYC Transportation, bus stop just two blocks away
- Street Parking
- Close to Shops Restaurants and Parks
- Very Affordable!
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| Office Nook |
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| Living Room |
Thursday, January 20, 2011
Hoboken Condo | Hoboken Brownstones Market Real Estate Update
Hoboken Condo Hoboken Brownstones Market Real Estate Update
Week Of January 10th thru 16th, 2011
Condominium Sales:
For the week there were 9 sales (up one from last week's 8 sales). From the lowest price, a 700 sq foot one bedroom one bath at 4th and Madison with a list price of $219,000 and a sale price of $195,000; to the highest, a 2351 square foot 4 bedroom 3 bath with parking and deck at The Vesta Hoboken, 609 Observer, with a list price of $999,000 sold for $940,000.
Median List Price for the week was $597,000. Median sold price was $572,250. Average days on market, 89 days.
Pending Units:
There are 6 units waiting to close for the week. From the lowest price, a 1500 square foot two bed two bath with parking, short sale at 107 Jackson, with a list price of $425,000, to the highest; a 1530 square foot two bed plus den, three bath at the Hudson Tea, 1500 Hudson with a list price of $811, 995.
Brownstones and Single Family Homes
Sales:
One single family sold for the week. 211 2nd, street, a renovated 3 bed 2.5 bath with two decks sold. It's original list price was $1.199M, it sold after just one day on the market, for a cash offer of $1.155M
Pending:
There are no pending homes for the week.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Week Of January 10th thru 16th, 2011
Condominium Sales:
For the week there were 9 sales (up one from last week's 8 sales). From the lowest price, a 700 sq foot one bedroom one bath at 4th and Madison with a list price of $219,000 and a sale price of $195,000; to the highest, a 2351 square foot 4 bedroom 3 bath with parking and deck at The Vesta Hoboken, 609 Observer, with a list price of $999,000 sold for $940,000.
Median List Price for the week was $597,000. Median sold price was $572,250. Average days on market, 89 days.
Pending Units:
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| Hungary - From My Travels |
Brownstones and Single Family Homes
Sales:
One single family sold for the week. 211 2nd, street, a renovated 3 bed 2.5 bath with two decks sold. It's original list price was $1.199M, it sold after just one day on the market, for a cash offer of $1.155M
Pending:
There are no pending homes for the week.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Tuesday, January 18, 2011
Hoboken Mortgages | Rate Update
Hoboken Mortgages | Rate Update January 18th, 2011
Current mortgage rates, updated sent to me from my preferred mortgage broker, Michael Mundy, Pinnacle Mortgage.
CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000 up to $1,000,000 loan amount)
Current mortgage rates, updated sent to me from my preferred mortgage broker, Michael Mundy, Pinnacle Mortgage.
CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)
30 YEAR FIXED ------------------------
30 YEAR FIXED INTEREST ONLY--- 5.250%/ 5.268% APR
15 YEAR FIXED-------------------------
5 / 1 ARM---------------------------
7/1 ARM ------------------------------
*All quotes are with 0 points
*Investment Properties --- ** Add 1.75 points (if 25% down)**
*There is a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV*
*Investment Properties --- ** Add 1.75 points (if 25% down)**
*There is a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV*
CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)
30 YEAR FIXED ------------------------
15 YEAR FIXED ------------------------- 4.375%/ 4.453% APR
** Loan amount restrictions based on county and property type. Cash-out refinances over 60% LTV not allowed.
***There is a rate increase for condominiums over 75% LTV***
CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000 up to $1,000,000 loan amount)
30 YEAR FIXED-------------------------
30 YEAR FIXED INTEREST ONLY-- 5.500%/ 5.516% APR
15 YEAR FIXED-------------------------
5 / 1 ARM---------------------------
15 YEAR FIXED-------------------------
5 / 1 ARM---------------------------
7/1 ARM ------------------------------
Tuesday, January 11, 2011
Carlos Bakery Cupcakes
The red velvet cupcakes are heaven.
Jersey City Condo Sales - 2010 Market Update
Jersey City Condo Sales - 2010 Market Update
December Condo Market Update - Downtown Jersey City(Let's start with how we ended the year)
Sales:
For the month downtown Jersey City saw a total of 35 units close. Of those 35, 14 were one bedrooms; 16 were two bedroom homes; 4 were three bedrooms and finally one 4 bedroom sold.
Median list price for the month was $439,000. Median sold price was HIGHER than the list price - at $450,000. Average days on market was 91 days.
Pending:
29 Units are pending for the month. Median list price for the month is $465,000, average days on market for those under contract is 89 days.
Currently there are 298 total active units.
Downtown Jersey City is performing at about half the pace of Hoboken Sales. However, with that said, downtown Jersey City has many luxury condo buildings with private sales offices that do not list their inventory on the MLS therefore making it more difficult to track.
In 2010, a total of 363 Sales were recorded on the MLS. April, May June and July did not see a huge surge in sales as a result of the tax credit but has remained at a monthly sales average of around 30 units per month.
The median list price for the year, was $449,000, the median sales price was $429,000.
How long before we sell all the inventory?
If we take the average sales and divide it into the year, the absorption rate for downtown Jersey City is at 10 months.
A more recent picture, by taking the last 6 months, inches down the absorption rate slightly to 9 months.
December Condo Market Update - Downtown Jersey City(Let's start with how we ended the year)
Sales:
For the month downtown Jersey City saw a total of 35 units close. Of those 35, 14 were one bedrooms; 16 were two bedroom homes; 4 were three bedrooms and finally one 4 bedroom sold.Median list price for the month was $439,000. Median sold price was HIGHER than the list price - at $450,000. Average days on market was 91 days.
Pending:
29 Units are pending for the month. Median list price for the month is $465,000, average days on market for those under contract is 89 days.
Currently there are 298 total active units.
2010 Overview
In 2010, a total of 363 Sales were recorded on the MLS. April, May June and July did not see a huge surge in sales as a result of the tax credit but has remained at a monthly sales average of around 30 units per month.
The median list price for the year, was $449,000, the median sales price was $429,000.
How long before we sell all the inventory?
If we take the average sales and divide it into the year, the absorption rate for downtown Jersey City is at 10 months.
A more recent picture, by taking the last 6 months, inches down the absorption rate slightly to 9 months.
Monday, January 10, 2011
Hoboken Condos - End of Year Market Sales Report - 2010
Condo End of Year Market Sales Report - 2010
Let's start with December.
Sales: For the month of December there were a total of 51 closed sales compared with November's 47 sales.
The median list price was $459,000, median sale price was $450,000. Median days on market was 63 days.
(Picture by Stephen Braccioforte)
Broken down by bedrooms:
Under Contract: Pending for the month of December are a total of 41 total units. Median list price is $499,000, median days on market is 66 days.
(My Frenchy - "taz")
Let's start with December.
Sales: For the month of December there were a total of 51 closed sales compared with November's 47 sales.
The median list price was $459,000, median sale price was $450,000. Median days on market was 63 days.
(Picture by Stephen Braccioforte)
Broken down by bedrooms:
Studios - 3 Sold at The Hudson Tea
One bedrooms - 18 One bedrooms Sold
Two bedrooms - 25 Two bedrooms Sold
Three bedrooms - 4 Three bedrooms Sold
Four bedrooms - 1 Sold
Under Contract: Pending for the month of December are a total of 41 total units. Median list price is $499,000, median days on market is 66 days.
So, how did we do in 2010?
2010 Started with a bang with the home buyer tax credit increasing market activity towards the end of February with new sales exploding in April, May and June. Summer simmered down to a pace averaging around 50 sales per month. Per square foot prices dropped to 2004-2005 levels.
Mortgage rates dipped to record lows under 4.5% making buyers take notice. Overall 2010 saw an increase in sales of about 13% compared to 2009. Median sale price dipped 2.97% compared with 2009.
Month Sales Median List Price Median Sale Price Median DOM %Discount
Days on Market
Days on Market
January 43 $494,000 $480,000 72 2.83
February 45 $474,900 $460,000 82 3.13
March 53 $519,000 $498,500 68 3.94
April 75 $479,000 $467,505 45 2.39
May 82 $449,000 $435,000 55 3.78
June 124 $469,000 $455,000 79 2.98
July 54 $511,999 $503,500 77 1.71
August 59 $457,500 $436,200 89 4.65
September 52 $466,500 $443,000 79 5.03
October 54 $418,944 $405,000 85 4.04
November 47 $475,000 $459,990 80 3.16
December 52 $454,000 $445,000 86 1.98
Sales spiked for three months, April, May and June.
The majority of sales were two bedroom units. This is the bulk of the market overall in Hoboken with one bedrooms close behind; studios and three bedrooms after.
Fourth Quarter Sales - Most Recent Look at Data - By One and Two Bedrooms Per Square Foot
One Bedrooms - 52 Total Sales - $469.39 Per Square Foot
Two Bedrooms - 72 Sales - $464.40 Per Square Foot
There were 18 three bedroom unit sales in the 4th QR and 10 Studio Sales
The big picture.
Consider that there are currently 349 active condo units. 2010 saw 740 Total Sales. At this number if we divide that into the year and the current amount of inventory, we are sitting on 17 month's worth of inventory. It would take almost a year and a half to sell all of the units that are for sale.
If we look at the sales pace for the last six months we adjust to an inventory stock of 15 months.
However, there is a large amount of 'shadow inventory' waiting in the wings. These are seller's that are attempting to time the market, most likely to list between March and June.
Curious on your feedback - where do you think the market is going?
Curious on your feedback - where do you think the market is going?
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Sunday, January 9, 2011
5 Tips: How To View A Hoboken Open House
5 Tips: How To View A Hoboken Or Jersey City Open House
If you're starting a search for a home, or in this area a condo, then you probably have been using websites like www.Trulia.com, www.Realtor.com, www.Zillow.com, or Craigslist to search for Hoboken properties and Jersey City open houses.
Ever wonder what happens during an open house? Does the idea give you flashbacks of pushy salesman trying to sell you something? You're not alone!
You should know that you can relax. Visiting open houses should be fun! You can view open houses on your own, or you can enlist the help of a Hoboken or Jersey City realtor to represent you and take you to open houses that just fit your criteria.
At first, walking into people's home's will feel weird. But then after you've done it a few times, you'll feel like a pro.
There will always be a seller's agent present during an open house. Very rarely will the home owner actually be home. The agent's job is to answer questions and to log your attendance for security reasons. However, some agents are also looking for potential clients.
Here are 5 tips to use when viewing properties on your own:
Consider hiring your own agent to look out for your best interests, not theirs. Remember, the seller pays the realtor's commissions, not you. For more tips to view an open house or to learn more about me as a realtor please visit my website www.karinaabad.com
If you're starting a search for a home, or in this area a condo, then you probably have been using websites like www.Trulia.com, www.Realtor.com, www.Zillow.com, or Craigslist to search for Hoboken properties and Jersey City open houses.
Ever wonder what happens during an open house? Does the idea give you flashbacks of pushy salesman trying to sell you something? You're not alone!
You should know that you can relax. Visiting open houses should be fun! You can view open houses on your own, or you can enlist the help of a Hoboken or Jersey City realtor to represent you and take you to open houses that just fit your criteria.At first, walking into people's home's will feel weird. But then after you've done it a few times, you'll feel like a pro.
There will always be a seller's agent present during an open house. Very rarely will the home owner actually be home. The agent's job is to answer questions and to log your attendance for security reasons. However, some agents are also looking for potential clients.
Here are 5 tips to use when viewing properties on your own:
- Sign your realtors name. Every open house will have a sign in sheet for you to fill out. Unfortunately you can't get around it. However, to keep phone calls and emails at a minimum, sign in with your realtor's name. That way you signal to the agent that you are working with someone. If you're not, leave your phone number. Most agents won't call you but many will email you to see what you thought of the place and to offer assistance.
- Grab some information. After you sign in grab an information sheet so that you have the information readily available
- Take notes. If this is a place that is in your budget, then takes notes of what you like and didn't like, how it compares to other places and note the address. This way you'll remember in the future what your feelings were about the property
- Keep your eye out for a star. If you're not working with an agent, and you are serious about your home purchase, then as you visit open houses keep an eye out for an agent that shows professionalism, is friendly, knows the area and is open to answering your questions.
- Agent representation. You should remember that the agent hosting an open house represents the seller, therefore you should be careful how much information you disclose while you are there. Try to keep the excitement down to a minimum as it could hurt you in negotiations!
Sunday, January 2, 2011
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