Time is running out on tax credit for 1st time Hoboken Real Estate buyers

According to a report from the Internal Revenue Service more than 1.4 million Americans have cashed in on their $8,000 tax credit and bought their first home. The figure doesn't say of those 1.4 million how many qualified for the full credit, however, this credit has proved to be much more valuable than the original $7,500 tax credit from the previous administration.

The $8,000 1st time home buyer tax credit has become an important tool in stimulating not only real estate sales but many sales transactions that affect many businesses and independent contractors because it is completely refundable allowing many to purchase furnishings for their homes, pay for closing costs, renovate a bathroom say, or apply the credit to pay down debt.

New tools available for buyers such as this new IPhone

APP provided by zillow.com to search for recent price reductions.

In a typical real estate transaction there are about 14 service professionals involved that all benefit from a sale. Not to mention the other service professionals involved from the seller's transaction as well. From a real estate attorney to the appraiser, from a moving company to a lock smith - many benefit.

Real Estate advocates including the National Association of Realtors, are urging Congress to extend the tax credit and make it available to all new home buyers in an effort to keep momentum going. According to CNN money there are 6 proposed bills in front of Congress that if passed would extend the tax credit.

While the tax credit has helped some markets stabilize, some economists predict that if the bill isn't extended it could soften the market when it's over.

On the other hand, if the credit is extended in the new year and becomes available to more Americans, then it's also possible that the real estate market could spike, causing depreciating real estate prices and under market value sales to halt and possibly rise.

On the mortgage side:

While the clock is ticking for first time home buyers looking to take advantage of this year's tax credit, FHA guidelines are becoming stricter making it more difficult for a home buyer to afford a home. New guidelines are set to take place November 1st after being pushed back from it's initial deadline of October 1st, so as not to put a roadblock for those looking to buy a home before time runs out.

In addition, appraisals can be an obstacle as well in closing real estate transactions. Because of current market conditions, some sellers have been forced to sell at prices slightly below market value to cause a sale. As these prices become recorded, appraisers and banks are forced to use the last - most recent sale - to appraise a home. Sellers will need to adjust their prices and buyers will need to be aware of this as well and adjust their offers accordingly.

It's unclear whether or not Congress will pass any of the proposed bills and extend the credit into the new year, and if so, it is also unclear as to what new restrictions will be in place for mortgage lenders. Therefor, it is important that your real estate agent is in tune to not only the real estate market but also has a good relationship with a reputable mortgage broker that is an expert in your area. Ask what guidelines you have to meet before shopping for a home and if these guidelines can affect your home wish list.

If you have a small down payment and are looking to buy a condo for example in the Hoboken real estate market, then time could very well be running out.

If you have 20% - 25% down and excellent credit, then you absolutely should be taking advantage soon. Whether it's for this tax credit or if another one comes on the scene. Sellers should fight over a buyer with excellent credentials if they are aware of the difficulties some buyers face in securing a loan today.

Bottom Line: Decide soon if this is your time to buy a home - then go for it.

Ladies beware! Hoboken bar crawl this Saturday!

A bar crawl is no place for a lady is what we always say! But we know there's no stopping you - so here's the information! 

This Saturday Hoboken is hosting it's second annual a bar-a-thon. I didn't know there was such a thing!! I've seen Hoboken bar crawls before but none this official. I have to tip my fedora off to them however because the bubbles are for a good cause.  Last year they donated money they collected through registration fees to cancer research - as per their website www.hobokenbarathon.com A client of mine informed me that last year's was "relatively civil" so maybe there shouldn't be any need for fear, after all, the website encourages it's participants to not get completely wasted and make sound decisions. 

There is a registration fee of $25.00 if you pre register online, and $30.00 the day of, that gets you a T-shirt, a sweatband, and $5.00 of that will be donated to charity, although the website doesn't mention which charity. 

Read more on the site where they have more information. 

Cheers!

Hoboken's Cross Town Bus is back in service!!

Great news everyone! Hoboken's cross town bus is back. After being canceled last year due to budget constraints, the bus is back and on a different route starting at the PATH. Starting today, the cross-town shuttle will operate Monday thru Friday from 7:00 a.m. to 11:30 a.m. and in the afternoon and evenings from 1:00 p.m. to 7:00 p.m. No service on Saturdays or Sundays unfortunately. The fare is just $1!! So take advantage! .50 cents for seniors and students and it's free for children under 12 years old. It will be great for Hoboken real estate as well. So the more people that know about the bus the better. Now you don't have rely solely on living close to the PATH or bus or ferry even, because for just a buck you can take a quick ride to any form of transportation you need.

The cross town shuttle will run by the locations listed below

• Hoboken Terminal (PATH)• Hoboken Main Post Office• W Hotel• Frank Sinatra Park• Marine View Plaza• Washington Street (at 4th Street) • Church Square Park• Hoboken University Medical Center • Midtown Parking Garage• Church Towers• Hoboken Housing Authority• Hudson-Bergen Light Rail Station (2nd Street)• 1st Street Shopping District• Columbian Arms• Hoboken City Hall

Beer tasting in Jersey City - a fun way to spend happy hour

Hi ladies! Thought you'd like to indulge in this! Grab your beau or your bff and head to Marco & Pepe this Wednesday. They are hosting a beer tasting and are pairing them with fried oysters - a fabulous summer treat. The invitation was sent to me for this Wednesday from 5:00 - 7:00 pm and the cost is just $15.. the cost of a Grey Goose and club soda at the W Hoboken..

I frequent Marco&Pepe on occasion for their terrific dinner and brunch -- i.e. it's the grilled crusty fresh bread served with melted Nutella that makes me go back - sooo yummy!

Last time I had dinner here, the restaurant served an entire dinner meal for free to anyone to help ease the pain of the economy.. it's a great restaurant with a big heart. It's time I make a trip back.
If you end up staying for dinner try their Halibut

Enjoy!

Story: A bathroom renovation

My condo has been in desperate need for a bathroom renovation since I bought it. But, as a homeowner, you'll learn that there is always something that needs repairing - especially if you buy in an older building like I did.

The time came that I had to redo the bathroom - and just like you see on HGTV when people try to do it themselves, it was one surprise after another.

I had two contractors give me estimates - both were around $2,000.

Me being in real estate know that the savviest of investment repairs that can yield the highest returns, are the one's done well and at as low a cost as possible. So I decided to demo the bathroom myself along with some help of a hired man and some direction from a pro -- my fiance's mother. :)

I was originally told by a contractor that the reason my walls are not flush with the rest is because "there are two layers of sheet rock - but you never know what's behind these old walls. "

Sure enough, as we started to carefully remove the tile, we discover that behind the tile are these enormous concrete blocks about 31/2 inches thick!

Then we had to remove the blocks one by one and then move on to removing the floor tile.

Long and behold underneath the floor tile was a gorgeous original marble with a weave design, silver accents and black squares! Absolutely beautiful. My thought immediately was, I hope I can save this!

After removing 20 bags of heavy duty construction garbage - which my association wasn't happy about - little tip: always call the association president first before making any renovations like this where there will be some noise and garbage involved to give them a heads up. Things will go much smoother! I then called my contractor in to finish the job -- which will save me about $400, it would have been more of a savings however we had to pay a company to remove the construction debri and dispose of properly.

Unfortunately the floors of my bath aren't level which explains why someone covered up the gorgeous marble to attempt a renovation. The concrete blocks are difficult to remove and whoever renovated my bath just slapped tile over it which explains why it was unlevel with the rest of the walls.

Contractors tell me that more of the concrete and plaster now left needs to be removed in order to do the renovation properly. Otherwise the new sheet rock that needs to be installed still wouldn't be flush with the existing sheet rock. So back to demo!!

After another 20 trash bags of heavy duty construction material of concrete, plaster and more, we were then ready to move on! PHEW!

A special concrete liquid was poured over one half of my bathroom floor to now level the ground so that the new floor tile I picked out - a cermaic design of octagon white tiles with block accents - can be laid properly. The contractor's also had to level the walls around the tub which had huge gaping spaces between.

The white subway tile I picked out has now been put up along the walls of the tub. As another money saver, I opted not to continue the tile work throughout the walls of the bath, half way up, the way it was originally. I saved money on tile and labor as well.

After the tile is done, floor is in I then have to paint myself for the finished product. Can't wait!

Hoboken real estate sellers and buyers: Record low sales news article on CNN money

http://money.cnn.com/2009/08/12/real_estate/record_home_price_fall/index.htm

Hoboken landlords; the good days of the Hoboken real estate rental market are gone

More and more potential tenants are negotiating rents these days. They are convinced that with the current economy and state of the Hoboken real estate market, they have a very good chance at finding a nice apartment at a great price. On top of it, they'll want part or all of the fee paid, repairs and painting all done for the price they are willing to pay. Don't be surprised if a potential tenant makes an offer on your rental either, they are looking to negotiate just about everything. And with over 100 rentals listed on the MLS plus dozens of other rentals listed in offices independently, they'll find someone who's willing to give them what they want. 

On a side note, in this market you'll want to make absolutely sure that the agent you are working with will treat your rental like a sale. I've said this before, but it is crucial to the success of your apartment being rented. With customers starting online with their searches, an MLS listing will only optimize your visibility to potential renters. 

Bottom line: todays rents are lower than last years in many cases and it takes more ensure your apt gets rented. Consider paying the broker fee, put your listing on the MLS, don't list your rental with an agent unless they are willing to take pictures to market it, clean, repair and paint to get your place rented. 

1st time buyers - vide0 - what would you do for 8k? Buy Hoboken real estate?

A video of regular people in NYC being questioned "what would you do for $8,000"? Free money? Check it out!

Watch Here On You Tube

New In Hoboken, Koa Koa frozen yogurt - my report

Earlier this week after a meal with my sweetheart, I remembered Koa Koa was open and I decided I had to do some research for la vida squared followers! Hard work no doubt and a disappointing brain freeze later, I was disappointed to find that Koa Koa had a limited selection of flavors. It's true you serve your own and then it's weighed at the counter, however unlike 'yogurtland',- popular in L.A. with so many different inventive flavors - Koa Koa only had a few. 

I tried the cookies and cream as well as the green tea. Cookies and cream was pretty tastybut needed some more 'cookie' and it was painfully cold! Green tea was so bitter and sour I couldn't taste anything else in it.. My sweetie patiently waited for me to order my frozen yogurt and take pictures while after I went with him to Ben & Jerry's across the street where he ordered the coconut seven layer crunch bar on a chocolate sprinkle cone - yummmm - not as healthy I know, but so good! 

I certainly have to go back and  give it another try after they've been open a while longer. It's decor is very fun and you gotta love self serve. You'll have to do your own research and fill me in on your findings!