Hoboken Real Estate Weekly Condo Market Update
Week of October 17th-23rd 2011
Can you believe it's almost November?!!? Sighhhhh - I'm enjoying watching the leaves turn and brownstone owners decorate their entrances with pumpkins and mums..
Sales
For this week there were just a total of 4 sales reported. Median list price was $427,000 and the median sale price was $410,000 with one luxury sale reported at The Garden St Lofts. A 2032 sq foot 2 bedroom with 2 terraces and parking included closed for $1.215Million
Pending
Here's the good news. This same week, 14 units went under contract. Their Median list price at $499,000. And a spectacular residence at The Columbia is under contract with a list price of $1.499 Million and 2680 sq feet of grandeur, some lucky buyer is moving into this historic home.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
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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.
Wednesday, October 26, 2011
Wednesday, October 19, 2011
How To Make An Offer On A Home
How To Make An Offer On A Home
So you've found your perfect place and you are ready to make an offer.
Assuming you are working with a Hoboken real estate agent that has helped you determine market value for the home you are about to bid on, and you are armed with information, you will need the following three components to present your offer.
1. Put it in writing.
You will need to present your offer formally. Verbal offers don't count and most seller's will not accept or even negotiate verbal offers. So, put your offer, in writing, clearly highlighting the terms of your offer.
Your offer will need to include the following details:
So you've found your perfect place and you are ready to make an offer.
Assuming you are working with a Hoboken real estate agent that has helped you determine market value for the home you are about to bid on, and you are armed with information, you will need the following three components to present your offer.
1. Put it in writing.
You will need to present your offer formally. Verbal offers don't count and most seller's will not accept or even negotiate verbal offers. So, put your offer, in writing, clearly highlighting the terms of your offer.
Your offer will need to include the following details:
- What your offer price is
- How much money you are putting as a down payment
- How soon you can close
- A good faith deposit
- Specific Terms (IE, you want the seller to pay a credit towards new appliances)
- Your signature
2. Mortgage Letter or Proof of Funds
If you are obtaining a loan to purchase this home, you will need to include either a "pre-qualification" letter or a "pre-approval" letter from the lender or mortgage broker.
The difference between a pre-qualification letter and a pre-approval, is that a pre-qualification holds less weight because your assets and credit score have not been verified and checked.
A pre-approval states that your assets and credit score has been verified and therefore makes you a stronger candidate. You should consider arming yourself with a pre-approval letter if your market is competitive.
If you are a cash buyer, you must show your assets. An account snapshot showing that your funds are liquid, will usually suffice.
3. Good Faith Deposit
Most agencies will take what is traditionally referred to a "good faith deposit". This is usually in the amount of $1,000 held in escrow by the broker you are working with in a non interest bearing account. This shows the seller that you are serious.
If your offer is accepted, your good faith deposit is applied towards your down payment. If your offer is denied, you will be returned the good faith deposit usually within 10 business days, or you can use the deposit to reference on your next offer.
Either way, this is expected by agents, so be prepared on appointments with your check book on you at all times. Because if you do make an offer without a good faith deposit, your offer can be dismissed as not strong.
Now you are ready to make your offer. Good luck!
Friday, October 14, 2011
The Little Grocery - Hoboken Good Eats
The Little Grocery - Hoboken Good Eats
Had a fabulous breakfast at this french style cafe last weekend and it was one of the best breakfast meals I've ever had!
My mouth watered when I saw "greek omelet" on their chalk board menu. It was made with an olive pesto and melted feta cheese and was soooo delish!
I've been to the Little Grocery before for just coffee, it's so close to my house, but never had the pleasure of sitting down in owner's Neamet Elsayed's little spot.
If you've never been you have to try it. Just be patient, this is no fast food joint. Instead, Neamet (by the way he's a chef hailing from the French Culinary Institute) creates his delights right before your eyes using all fresh ingredients.
Ordering can get a little chaotic especially if it's busy, but be patient. You won't be sorry you waited.
Had a fabulous breakfast at this french style cafe last weekend and it was one of the best breakfast meals I've ever had!
My mouth watered when I saw "greek omelet" on their chalk board menu. It was made with an olive pesto and melted feta cheese and was soooo delish!
I've been to the Little Grocery before for just coffee, it's so close to my house, but never had the pleasure of sitting down in owner's Neamet Elsayed's little spot.
If you've never been you have to try it. Just be patient, this is no fast food joint. Instead, Neamet (by the way he's a chef hailing from the French Culinary Institute) creates his delights right before your eyes using all fresh ingredients.
Ordering can get a little chaotic especially if it's busy, but be patient. You won't be sorry you waited.
Wednesday, October 5, 2011
Free Flu Vaccines For Hoboken Residents
Free Flu Vaccines For Hoboken Residents
The city of Hoboken together with the Hoboken University Medical Center, will provide free flu vaccines for adult residents on October 27 from 12pm to 8pm in Assumption Hall at the University Medical Center.
Residents must show proof of residency.
For senior citizens, Walgreens has teamed up with the city and will provide free vaccines on various dates and locations with their Medicare or Medicaid card. For that information please click here. Or you can call the Hoboken Health Department at 201-420-2375
The city of Hoboken together with the Hoboken University Medical Center, will provide free flu vaccines for adult residents on October 27 from 12pm to 8pm in Assumption Hall at the University Medical Center.
Residents must show proof of residency.
For senior citizens, Walgreens has teamed up with the city and will provide free vaccines on various dates and locations with their Medicare or Medicaid card. For that information please click here. Or you can call the Hoboken Health Department at 201-420-2375
Happy Fall!
Monday, October 3, 2011
Hoboken Real Estate Condo Market September Report
Hoboken Real Estate Condo Market September Report
Summer is gone and Hoboken Real Estate is at the top of many people's minds. Rent's are rising, inventory is low and sales are even. Investors are still active in our current market accounting for a nice slice of all sales. The upper end of the market is performing well and seller's are opting to rent out their condo's to receive record rental incomes instead of selling short.
SEPTEMBER SALES
51 Sales closed for the month. Median list price for all 51 sales was $474,900 and the Median sale price was $460,000. The average days on market was 65 days.
By bedrooms:
1 - Studio
12 - One bedrooms
31 - Two bedrooms
6 - Three bedrooms
UNDER CONTRACT
39 Units changed to pending this month. The Median list price for those under contract was $435,000 and the average days on market was 83 days. (There are a total of 105 units currently in the pending pipeline waiting to close.)
How will real estate fair in the colder months? Historically the trend is for sales to continue to dip during the colder months and into the holidays. However with rents continuing to rise it is a motivating factor for first time buyers and we could see activity in this market increase with affordability conditions favorable and mortgage rates remaining at all time lows.
Third Quarter VS Second Quarter VS 1st Quarter
Total Sales 182 Sales 223 Sales 225 Sales
Median Sold $ $450,000 $450,000 $455,000
AVG D.O.M. 64 74 82
The National Association of Realtors reported on Sept 21st that August Existing Home Sales Rise Despite Headwinds, Up Strongly From A Year Ago.
Trulia.com reports: Average price per sqft in Hoboken, NJ went up 5.61% to $546/sqft from prior quarter
Numbers above provided by the Hudson County MLS, deemed reliable but not guaranteed.
Summer is gone and Hoboken Real Estate is at the top of many people's minds. Rent's are rising, inventory is low and sales are even. Investors are still active in our current market accounting for a nice slice of all sales. The upper end of the market is performing well and seller's are opting to rent out their condo's to receive record rental incomes instead of selling short.
SEPTEMBER SALES
51 Sales closed for the month. Median list price for all 51 sales was $474,900 and the Median sale price was $460,000. The average days on market was 65 days.
By bedrooms:
1 - Studio
12 - One bedrooms
31 - Two bedrooms
6 - Three bedrooms
UNDER CONTRACT
39 Units changed to pending this month. The Median list price for those under contract was $435,000 and the average days on market was 83 days. (There are a total of 105 units currently in the pending pipeline waiting to close.)
How will real estate fair in the colder months? Historically the trend is for sales to continue to dip during the colder months and into the holidays. However with rents continuing to rise it is a motivating factor for first time buyers and we could see activity in this market increase with affordability conditions favorable and mortgage rates remaining at all time lows.
Quarter Over Quarter Performance 2011
Third Quarter VS Second Quarter VS 1st Quarter
Total Sales 182 Sales 223 Sales 225 Sales
Median Sold $ $450,000 $450,000 $455,000
AVG D.O.M. 64 74 82
Quarter Over Quarter Performance 2010
Third Quarter VS Second Quarter VS 1st Quarter (4th Q)Total Sales 165 Sales 280 Sales 142 Sales 155
Median Sold $ $450,000 $457,250 $475,000 $440,000
AVG D.O.M. 82 73 89 83The National Association of Realtors reported on Sept 21st that August Existing Home Sales Rise Despite Headwinds, Up Strongly From A Year Ago.
Trulia.com reports: Average price per sqft in Hoboken, NJ went up 5.61% to $546/sqft from prior quarter
Numbers above provided by the Hudson County MLS, deemed reliable but not guaranteed.
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