Hoboken Real Estate Weekly Market Update

Hoboken Real Estate Weekly Market Update

Week of April 18th 2011

Condo Sales
For the week there were a total of 7 sales. From the lowest a, 562 sq ft one bedroom at 60 Monroe, with an asking price of $279,000 and a sale price of $265,000. To the highest, a 1324 square foot two bedroom two bath, fourth floor walk up with roof deck and an asking price of $499,000 (multiple reductions) and a sale price of $469,500.


Median list price for the week was $439,000, median sale price was $420,000. Avg days on market was 87 days.

Condo's Under Contract
For the week there are a total of 17 units that are waiting to close. From the lowest, a 660 sq foot one bedroom plus den fixer upper listed at $249,000 to the highest, a 2600 sq ft 4 bedroom 2 bath duplex with roof rights and 4 car garage and asking $1.339Million.

Median list price for the week was $479,000. Avg days on market was 54 days.

Single Family Homes And Brownstones
Two single family homes are under contract for this week. 20 Willow Terrace, a 3 bed one bath home asking $569,000 and 711 Park, a 3 bed two and a half bath home with an asking price of $1.26Million.
Brownstones are hot this Spring Market as there have been numerous reports of multiple bid scenarios on single family homes.  Currently there are just 18 homes for sale ranging from $474,000 to $2.495 Million.

No sales for the week.

Hoboken Arts And Music Festival This Sunday!!

Hoboken Arts And Music Festival This Sunday!!

From the city - see below. Come out and have a good time!! Looking forward to it.

Mayor Dawn Zimmer & the City of Hoboken proudly present the

Hoboken Spring Arts & Music Festival

Sunday May 1, 2011  •  11am to 6pmADMISSION IS FREE • Rain or shine
Washington  Street - between Observer Highway and 7th Street

Featuring over 300 artists, sculptors, photographers and craftspeople as well as rides, games, face painting, local businesses, restaurants, food vendors and much more.

With 3 Stages of live music with performances by:

Ian Hunter & the Rant Band
singer songwriter, former lead singer of the
English rock band Mott the Hoople. http://www.ianhunter.com

The Baseball Projectfeaturing Peter Buck & Scott McCaughey of REM, Steve Wynn of The Dream Syndicate & Linda Pitmon of The Pretty Babies

Official website: http://www.thebaseballproject.net

Promo photo: http://www.thebaseballproject.net/images/TheBaseballProject-cards.jpg

Facebook: http://www.facebook.com/thebaseballproject

Twitter: http://www.twitter.com/baseballproject

Bern & the Brights (www.facebook.com/bernandthebrights)
Davey & the Trainwreck (www.reverbnation.com/daveyandthetrainwreck)
The Fuzzy Lemons (www.thefuzzylemons.com)
Frankie Morales & the Mambo of the Times Orchestra (www.thefrankiemorales.com)

Dawnie from Peanut Butter n Jammin (www.dawniemusic.com)

Goodbye Friday (www.myspace.com/goodbyefridaynj and www.facebook.com/goodbyefriday)

Mad Dog Mary (www.myspace.com/maddogmary)

The Pretty Babies (Blondie cover band) and much more

Performance Schedule 

Schedules are tentative and subject to change.

Observer Hwy (bet. Newark & Observer Hwy)

Noon -  Davey & the Trainwreck
1:00 pm - Bern & the Brights
2:00 pm - The Pretty Babies
3:00 pm -The Baseball Project
4:30 pm - Ian Hunter

Sixth Street Stage

12:30 pm - Bandwidth
1:15 pm - NYC School of Rock - www.schoolofrock.com1:45 pm - Garden Street Music
2:25 pm - Goodbye Friday
3:15 pm Gene d Plumber
4:00 pm - Mad Dog Mary
5:00 pm - Frankie Morales and the Mambo of the Times Orchestra 

Children’s Stage

located in the Capital One Bank parking lot on 3rd Street:

11:45 am - Hudson Dance & Movements Alice in Wonderland Preview.

12:15 pm - Mimi Kids Yoga - www.mimikidsyoga.com
12:45pm - Hoboken Dual Language Charter School (HoLa)
1:15pm - Genesis Dance Company.
2:00 pm - The Fuzzy Lemons
3:00 pm - Dawnee from Peanut Butter & Jammin
4:00 pm - The Fuzzy Lemons
5:00 pm - Dawnee from Peanut Butter & Jammin

Special features include

• Fine artists are located between 2nd & 3rd St., so if you are an art collector, this is the place to be. Oil paintings, watercolors, acrylics, sculpture, mixed media, etc.

• Children’s area on 3rd street with rides, games, creative activities, puppet show, face painting,
  clowns, balloons, live performances and much, much more:

• Crafters display / sell handmade: pottery, metalwork, wood items, furniture, blown & fused glass, quilts, household items made from recycled materials, cementware, batik clothing, hand painted furniture, candles, jewelry, dried florals, soaps & lotions and much more

• Food: Lots of great food throughout the fair. Hoboken restaurants will set up street cafes offering an eclectic variety of international foods such as: Thai, Indian, Greek, French, Mexican, Cajun and Italian

How to Get Here

Located just 3 blocks from all public transportation: PATH, NJ Transit Trains & buses, NY Waterway Ferries & the Hudson Bergen Light Rail. For details, visit: http://www.hobokennj.org/visit/how-to-get-here

Sponsors

Optimum, NY Waterway Ferries, United Water

The Hoboken Reporter & The Hudson Current,

Capital One Bank, Sheraton Suites

Port Authority of NY & NJ

How to Get Here

Located just 3 blocks from all public transportation: PATH, NJ Transit Trains & buses, NY Waterway Ferries & the Hudson Bergen Light Rail. For details, visit: http://www.hobokennj.org/visit/how-to-get-here

Working With A Real Estate Agent(s)

Working With A Real Estate Agent(s) To Find Your Home
Buying a home can be a daunting process especially if it is your first time, there seem to be so many unknowns. Buyers wonder who can they trust.  And they often start the process without knowing about real estate relationships. It's important to enlist the help of a professional whom you feel confident with but also know your options.

During the course of looking for homes, it is very likely you will meet dozens of real estate agents. Many times buyers call individual ads and the agent's that list them, to have them show them the home, and in one weekend they can meet 8 or even 10 different agents..

While you can find a home using this approach, it is not the best.

A real estate agent has many tools and experience that buyers simply do not. And by working with one real estate agent, you can develop a relationship that will educate you, and also put you at an advantage by locating the best homes that meet your specific criteria, and being one of the first to know about a home before others. They work by searching the Multiple Listing Service, and they also preview multiple homes on a weekly basis. They have experience about specific building issues, location issues, property management company experiences, along with insider information that they will share with their loyal buyers in an effort to find you the best home and keep you as a client for life.

Am I Bound To One Agent?
The short answer to this question is yes and no.
In NJ, unless you sign a "buyer's agency contract" with an agent that you meet with on first consult, you are free to work with any agent you see fit. However, if you visit properties with an agent and discuss pricing and possible motivating factors that lead to an offer, then there is such a thing as procuring cause..

For example, if you have been working with a real estate agent for a few weeks and you happen to walk into an open house that you love, and discuss an offer or you request an appointment with that agent, then the agent that met you at the open house and took you back to the home, is entitled to a commission under this clause.

To protect your agent, if you care to, you should never see any homes without your agent accompanying you.

Can I Visit Open Houses On My Own?
Yes. Agents hosting open houses are required to let you in. However not all agents will honor the relationship you have with your real estate agent which could leave you working directly with the listing agent, who represents the seller.

To be safe, before entering an open house, you should announce that you are working with someone, and either A. hand him or her your agent's card, or B. sign in with your real estate agent's name. If the agent hosting the open house gives you a hard time, you may want to leave and contact your agent to schedule an appt with you ASAP.

What If My Agent Is Unavailable Or On Vacation?
Most agent's leave a colleague they trust in charge to take over for them so you can contact them. If your real estate agent say, is off that day, and you absolutely have to see the home like yesterday, then I recommend you calling the agent's office directly, explain the situation, and they will very likely have another agent help you, or even possibly the broker can take you in.


Read Before You Sign
Before you sign anything that an agent presents you, always make sure that you read it at length, and ask questions about what it is you are signing and why. Some agencies will tell you that a form is "required" or "standard" and that unfortunately is not true. You are not obligated to sign a contract that binds you to an agent, you can if you choose to, absolutely, but don't let anyone tell you, especially someone you don't know, that in order to see homes you must sign a contract.

Hoboken FHA Approval | FHA Condos, Buyers Beware

Hoboken FHA Approval - FHA Condos, Buyers Beware


Hoboken Buyers - you should know this information.


First, it used to be, that if you were looking for FHA financing, condo's could go through a requirement list and then a process to get what's called a 'spot approval.' Once going through this process, an FHA buyer could buy into almost any building that did not exceed the FHA loan cap. However, with new FHA guidelines products this is no longer the case, and hasn't been for months.

• If a building is not already FHA approved, then you cannot buy a unit in the building if you are an FHA buyer. 

FHA Approved buildings: Refer back to my post last year on FHA Buildings for the list.


Do I have to buy FHA?

I have run into many Hoboken buyers that say they need to buy FHA when in fact that is not the case. Many do not know this, but with the way mortgage market is right now, lenders are making more money by selling you an FHA product. In the end, the FHA loan will cost you more money than conventional financing through higher mortgage insurance premiums, because on a FHA loan you pay an upfront premium, as well as a higher monthly premium. In fact, these premiums are going up in the next few weeks making FHA loans more expensive than before.

I am surprised that more Hoboken real estate agents do not know that you can purchase a Hoboken condo with conventional financing and just 5% down payment. *With a $417,000 loan max and the proper credit requirements.   However, not every lender offers this type of product, and most will tell you that it's not possible, but one of my preferred mortgage broker does, so if this is something that would fit your situation, make sure you contact him directly or reach me and I can put you in touch.

Now, with that said

• To get the best rates, you'll want a credit score of 720 or better and 20% down payment

BUT, if you are a buyer with a credit score of 680 or better, you still can be approved for a conventional mortgage product.

Also, there are only about 29 buildings in Hoboken that are FHA approved, limiting you on what you can buy.  When shopping for a mortgage, if you are quoted FHA rates, and told it's better/cheaper for you, make sure that you ask for an estimate on a conventional loan with the same down payment. Always ask questions.

Feel free to consult my preferred mortgage broker Michael Mundy of Pinnacle Mortgage! Or email me if you're looking for a list of what's available in FHA approved buildings.

Hoboken Condo's and Brownstones | Market Update March Sales

Hoboken Condo's and Brownstones Market Update

March Sales

Good news is definitely upon us. There is no denying the numbers. As the sun starts to warm temperatures, it also does sales.

March had the highest number in new contracts for this first quarter (Jan - March). The month saw a spike in new contracts with 78 units reporting pending. While some of this is attributable to the Spring market, the other can be attributable to the resetting of prices and realistic sellers. Buyers have been waiting to buy, and there has been a reduction in inventory, and with that comes a shortage of desirable, well priced homes.

Of those well priced, they have performed favorably for investors, first time buyers and move up buyers alike. March's median sale price was $452,000 with 47 sales, up from February's 38, and January's 18 sales.

Inventory and absorption rates continue trending downward. Some homes are experiencing multiple bids and while not many are selling above asking price, some are selling at asking or very close to it. There is an increase in investor confidence as more and more investors are stepping in the market and purchasing about 30% of market share.

History Price Check: The median sale price in 2004 was $375,000 and in 2005 was $460,000, peaking in 2008 at $506,000.

What are your thoughts? Do you think we've hit bottom?

Information compiled from the Hudson County MLS, deemed reliable but not guaranteed.

Hoboken Pet Stores

Hoboken Pet Stores

You may not know this but there are four Hoboken Pet Stores that sell food, clothes and supplies for your furry friend.

I am the proud owner of a beautiful clown – my french bulldog – Taza and the owner of a fluffy little Yorkie – Lexi. They bring so much joy to our lives.  And living here it’s important to know which pet stores you can go to.

For us, our favorite is Cornerstone Pets. My Frenchy starts pulling me towards the shop when we are walking within a block or two. The staff is professional and they know her by name. They also never get upset when she tinkles on their floor from the excitement!
Cornerstone Pets is located on 9th street between Washington and Bloomfield Streets. (201) 653-4644

Beowoof is located on 5th street between Washington and Bloomfield Streets. (201) 659-7387
We sometimes visit Beowoof, but they don’t carry some particular brands that we like and they are sweet but not as attentive as Cornerstone Pets (my opinion).

You Lucky Dog – Cute name! This is a newer shop in town, located on 9th and Washington St (west side of the street).  (201) 653-4004 They sell mostly unique food and specialty organic treats plus adorable, fashion forward doggy threads. I was here once and bought some awesome natural vitamin flakes to sprinkle the girl’s food that I thought was unique.

Bark Place – this one is on Clinton Street between 7th and 8th and is also ‘Hoboken Unleashed’ the town’s day care and doggy hotel. I’ve never been inside, but according to their website they offer a selection of food and accessories. (201) 798-6300

Hoboken Condos and Brownstones - Weekly Sales Update

Hoboken Condos and Brownstones - Weekly Sales Update


Week Of March 21st thru March 27th 2011

Condo Sales:
For the week sales doubled compared to last weeks. There were 13 sales, from the lowest sale price of $162,500 (this might be a record low) for a one bedroom as-is at 607 1st that had a list price of $175,000 to the highest, a 1530 square foot three bed three bath at the Hudson Tea with a list price of $795,000 and a sale price of $765,000.

Median list price for the week was $519,000. Median sale price was $500,000. Avg days on market was 60 days.

Condo's Pending:
This week there are 15 units pending. Almost the same as the week prior. From the lowest asking price, $349,900 for a one bedroom at 74 Garden St, to the highest asking price of $825,000 for a three bedroom three bath and 1640 square feet at the Hudson Tea with NYC views.

Median list price for the week was $559,000. Avg days on market was 105 days.

Brownstone Sales:
Zero, and none pending for this week.

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