Hoboken and Downtown Jersey City Real Estate Video Market Recap

Thought I'd change it up a bit!

Downtown Jersey City Market Snapshot | Condo Real Estate Sales Recap

For the month of May, downtown Jersey City closed a total of 44 condominium units. Their total Median List Price was $642,444 and their Median Sold Price was $651,500. Their total time on market - Median Days on Market - was just 15 days.

In April, DTJC closed 46 units by comparison and a Median Sold Price of $715,500 - with more luxury sales reported than the month of May.

There are a total of just 92 units available for sale, leaving downtown Jersey City with a current absorption rate of a little over 2 months.

This indicates a sellers market, as at the current pace of sales and low level of inventory, it would just take 2.5 months for all of the units to sell if no other units became available.

Any questions? Email me! And don't forget to leave a comment below!

Hoboken Condo Market Statistics April 2015

For the month of April, Hoboken saw a total of 88 condo sell.

Their Median List Price was $568,388 and the Median Sold Price was higher, at $577,388. This is continuing with the trend in March, where the Median List Price was $549,000 and the Median Sold Price was also higher, at $565,000.

The Median Days on Market was 12 days in April for Hoboken condos.

For the same month of April, there were another 115 units change their status to either DABO or UNDER CONTRACT - which both means they were taken off the market and an offer accepted by the seller. The Median List Price for these pending, are sharply higher than the Median Sold Price of April - at $619,000. We'll know next month the SOLD PRICE stats for these pending.


In a market like this it is important to have a knowledgeable real estate agent working for you. They can get the inside scoop to find properties for sale, make the appointment to get you in on time, and help you develop a strategy for an offer.

Happy house hunting!

Q1 Downtown Jersey City Real Estate Sales Update

First quarter downtown Jersey City Real Estate Sales Update

Let's just jump right in to the numbers!!

First Quarter (Q1) 2015
118 Condominium units closed with a Median Sale Price of $559,000 and a Median Days on Market of 29 days (about a week longer than 2014 Q4) which is an 11.4% increase from the same quarter 2014.

Q4 2014 closed 156 condominium units with a Median Sale Price of $562,500 and a Median Days On Market of 18 days.


There are currently 111 Units waiting to close with a Median List Price of $598,000 which is 6% higher than the Median List Price of all the units that sold in the first quarter of 2015.

I tell all of my buyers to expect prices to go up between 5% and sometimes even 10% in the Spring market. This is due largely in part to simple supply and demand.  More buyers look to purchase in the Spring than any other time of the year.

Q1 Sales Report | Hoboken Condo Real Estate Sales

Q1 Hoboken Condo Real Estate Sales Report

March went out like a lion..

The climate of real estate sales in Hoboken New Jersey has not shifted much since last year continuing with the charge of buyers looking to purchase.

Although first Quarter 2015 ended with 152 Sales, (98 sales less than Q4 2014) and a Median Sale Price of $560,000 , --- we know that historically Q1 posts the lowest sale numbers as winter is generally the slowest time of the year for real estate sales.

Year over year, Q1 2015 sales appreciated 3% vs the same quarter in 2014.

Fourth Quarter 2014 ended with an increase in sales prices of 9.2% vs Fourth Quarter of 2013.

Median Sale Price was higher than the Median List Price meaning that for the most part units are trading at their full asking price.

Spring came in like a lamb  

PENDING

There are a whopping 233 units waiting to close. The Median List Price for all pending is $579,000 and the median days on market is 12 days - which is a week less than previous days on market. 

PATH Train Will Continue Running Service At Night

The PATH train with service to and from New York to Hoboken and Jersey City will continue running it's overnight service after the controversial proposal to cut service was announced last week.

In a statement released today on the Hoboken City's website - Mayor Zimmer said this:

On January 14, 2014, Senate President Steve Sweeney and Assembly Speaker Vincent Prieto announced that they had secured a commitment from Port Authority Chairman John Degnan to indefinitely table plans to eliminate overnight PATH service.

“I thank Chairman Degnan for listening to our voices and for taking the idea of PATH overnight service cuts off the table,” said Mayor Dawn Zimmer. “With 56% of Hoboken residents using public transportation to commute each day – the highest rate not just in the state, but in the nation – the success of our community and region is intrinsically linked to a robust mass transit system. Going forward, we should be focused on ideas to expand, not cut public transportation options within our region.”

Phew that was close! Certainly shutting down overnight service could have been detrimental to the economic health of both sides of the river. So glad that this potential crisis was averted and quickly! PATH goer's rejoice!

3 Reasons To Buy A Home in The Winter

3 Reasons to Buy A Home in The Winter

Winter, traditionally is the slowest season in real estate.  Less people move during the cold months, what with holidays and children still in the school year, it's no wonder most people move in the Spring. 

But winter can be a perfect time to score a home if you can be flexible and bear the cold for the big move.

Here are my Top 3 Reasons to Buy A Home in The Winter!

1- Seller must sell!
- If a home is for sale during December, January or February - then it is very likely that that seller HAS to sell. Again, most people don't want to move in the winter, and showing a home during the holidays is a huge inconvenience, so if you see a home for sale during these months - then you may just have found yourself a motivated seller.   1 Point for you!

2- Less Competition!
- Buyer's don't want to shlep around when its snowing to look at homes. They'd rather stay home on the weekends watching football where it's warm. Unless your market has a very small inventory of homes,  you'll be in a better position to negotiate with less buyer competition threatening your home flow. (Hashtag anyone?)  Another point for you!


3- Vendor Discounts!
- Did you hear me say less people move in the winter? Well that means that there is less work in the winter for vendors-- especially contractor type workers. This is a great time of year to get your home improvement work done. Painting, refinishing floors, installing granite, upgrading appliances, theatre systems.. you name it! Most vendors will give you a great price to keep them busy when they are their slowest. You'll develop a relationship with your vendors and they can do good work for you because they won't be split between multiple jobs.  Hip hip hey hey hey - another win for you!!

I hope my 3 reasons to buy a home this winter helped open your mind to the idea of moving when the weather gets tough --- the tough get moving!

Hamilton Park Food Festival this Saturday! Jersey City Festival

The annual Hamilton Park BBQ festival is this Saturday the 27th in Jersey City, at 232 Pavonia Ave. The festival will showcase NJ BBQ eateries and staples such as ribs and pulled pork,  and more,  plus activities for kids and live musical performances by The Jeremy Wallace Trio and others! (Sunday the 28th is neighbor Hoboken's annual music and food festival). 

As reported by nj.com click here to be directed to their page for their full story.

"The Hamilton Park BBQ Festival was created five years ago as the annual fundraiser for the Hamilton Park Conservancy," said Susan Firth, director of community relations for SILVERMAN and an organizer of the festival.

The festival, which begins at noon, will include GP's Restaurant, Union Republic, Dinosaur Bar-B-Cue, Pennsylvania Jimmy's BBQ, Delaney Barbecue of Brooklyn, Ben's BBQ & Catering of Newark and Jersey City ice cream parlor Milk Sugar Love.

Children's activities will include a bouncy castle, face painting, games, and arts and crafts from "Not Yo Mama's Craft Fair." Attendees will also have a chance to test their skills on a mechanical bull.

A great weekend to get out and visit Jersey City and then on Sunday visit Hoboken for their food and music festival! 

10 Red Flags For Home Buyers | Jersey City | Hoboken

Red Flags for Homebuyers, Jersey City, Hoboken and anywhere!

Home buying season is upon us, and while some buyers get caught up in the emotions of finding their new home, an important part of buying a home is paying attention to red flags. Red flags are those items that could potentially cost you a lot in the future, or even in the beginning - essentially, warnings of a danger or a problem. According to HouseMaster, a major home inspection company with offices in the United States and Canada, 40 percent of previously owned homes have at least one serious defect (housemaster.com). Provided is a list of items and things to consider or avoid when looking for your next home.


1. You're also buying a neighborhood:

Neighborhoods are a vital part of the home buying process - make sure you visit at different times of the day to get a true sense of the neighborhood. Also, consider trends when looking for your next home. Does the neighborhood have an HOA? Are the homes in need of repair? Is the neighborhood going down rather than up-and-coming? What is local crime like? A neighborhood can be the most obvious red flag for a buyer.

2. Fixers:

Fixers can be great deals, but it's important to know how much you're getting into when you buy a fixer upper. Do you have a comfortable level with renovations? Are renovations going to make the purchase not economical? Will they break your bank? If a fixer will cost you more in renovations than your budget can handle, or go above what the home is worth, it's a potential red flag. Always get a good home inspector and local contractor in to give you realistic budgets and timelines.


3. Issues with a Home Inspection:

A home inspection is not required to buy a house, but it is recommended, as an inspection can shed light on potential red flags. All offers should be contingent upon a satisfactory home inspection - if there are issues, you can potentially negotiate with the seller.


4. Additions and Decks:

Are there additions to the home or property? Do they look like a DIY job? Any work should be done to code, especially when it comes to remodeling. Additions that are not done to code can be expensive to fix, and they can potentially lower the value of the home. If work has been done, you can contact the county or city for work permits and check if the city tax records match what the seller claims. If a home has a deck, ask the seller who built the deck and when it was built. Decks are notorious for being costly to fix or repair, and there's potential that it will have to be rebuilt to be fully safe. An unsafe deck, or one that just doesn't look right, is a red flag.




5. Noticeable Structural Problems:

Always check doors and windows to make sure they open and close without issue, as they can be indicators of structural issues below the house. Foundation issues can be very expensive; look for large, noticeable cracks on the outside of the house and any cracks in concrete floors where the sides are not even. Foundation fixes generally cost thousands to fix - unless you have a large budget for repair work, avoid this big red flag.


6. Pest and Termite Damage:

Pest damage to homes can be very costly. If the pests have chewed into any studs, the structure of the home is compromised and can be expensive to fix. If a home has been inspected and treated for pests in the past, the seller needs to disclose this to a buyer. Some pest issues will return without proper treatment and management; be sure to ask the seller if they have had pest issues in the past.

7. Water Damage:

When walking through a property, look for moisture or water stains. With a proper home inspection, the inspector will look for potential water issues. Moisture and water can be signs of drainage issues and can lead to some very expensive fixes. Water issues are a huge red flag when it comes to finding a home - they can affect the foundation, structure, roof, and a number of other areas in a house.

8. Faulty Electric and Old Wiring:

Is the home an older home with outdated electrical? Be very wary of a home with faulty or inferior electrical work. Older homes with outdated electrical cannot handle additional electrical work that builds up over the years, and knob and tube wiring or aluminum wiring found in older homes can be  costly to replace or repair.

9. Asbestos:

Asbestos was used as an inexpensive fire-retardant material from the 1940s through the 1970s. We now know that asbestos can be extremely detrimental to lung health. Asbestos was used in blown-in attic insulation, vinyl floor tiles, some glues and linoleum, window caulking and glazing, roofing material, HVAC duct insulation, siding material, plaster, fiber cement siding, some forms of paint, and thermal insulation on basement boilers and pipes. Asbestos is as much a red flag as mold.

10. Mold:

Mold is a part of the natural environment, and molds begin growing indoors when mold spores land on surfaces that are wet. Molds are a health hazard to humans; some molds produce mycotoxins - toxic compounds - that can lead to neurological problems or worse. Both asbestos and mold are huge red flags when found in a home, not only for health reasons, but also both are notorious for being extremely costly to eliminate. Asbestos and mold are two issues that should always be addressed by trained professionals to insure the issues have been properly treated and disposed of.

Buying a home is a huge investment, make sure you hire a professional real estate agent with experience to help navigate the waters, and hire a professional, licensed and reputable home inspector. And remember, even new construction can have things come up in the future - you just never know. So while some homes may seem like potential money pits, its also true that older homes are extremely well built. Take everything into consideration and hopefully your scrutiny will pay off by giving you a home to enjoy for years to come.