Welcome to My Blog! Please feel free to email me @ karinaabadnj@gmail.com
Friday, January 29, 2010
Jersey City | Real Estate | Listings | For | Sale | And Their Agents
Wednesday, January 27, 2010
Hoboken Real Estate | and Foreclosures: Bank Of America announces 2nd debt forgiveness
Bank of America, one of the largest US based lenders announced yesterday that they are the first to agree to lower or eliminate payments on second mortgages. HUGE HUGE news.
Tuesday, January 26, 2010
Hoboken Real Estate: Short Sales @ The Hudson Tea
Thursday, January 21, 2010
Donating Your Fashion For A Good Cause
Hello LaVidaSquared ladies! Do you have the winter blues about your closet? Want to make some room to buy some new threads? Feel guilty about throwing away those knits and trendy tops that you just don't wear?
What: Alice Chan’s newbie LES resale shop, PPF Consignment, is accepting stylish clothing donations to sell, with all proceeds split between the Red Cross and Doctors Without Borders.
Why: Pare down or plump up your closet; jackets and bags are only $10.
When: Fri., 5-8 p.m.; Sat. & Sun., noon-8 p.m.
Where: 168 Ludlow St., b/t Houston & Stanton Sts. (212-677-7973).
Wednesday, January 20, 2010
The Hoboken And Jersey City Real Estate Market Is Heating Up
I have a client I'm working with who is interested in two properties and both of them have offers on them.
My office alone had 40 closings in December!! Hoboken had a total of 72 units sell last month, our office sold more than half of those.
I think it's going to be difficult for buyers to get out of the frame of mind that it is a slow market. While yes there is still a good amount of inventory available, however there is a larger amount of buyers AND investors shopping. The only way to guarantee a good purchase is to find the property that suits you and make an offer, negotiate and seal the deal as quick as you are comfortable with.
I recently had a buyer lose out on his first choice property because another buyer came and placed a higher bid - $30,000 more than ours..
Bottom line: if you're in the market for a home and you see one you really like, just remember that someone else may have seen that home as well and is probably also considering making an offer. Don't low ball for too long, remember, prices are already corrected and inventory is moving.
Tuesday, January 19, 2010
Hoboken | Hot Property: The Hudson Tea | Condo's |
The Hudson Tea was once home to the Lipton Tea Factory established in 1893, when at that time, tea leaves were only enjoyed by the rich as it was an expensive commodity, that is until Sir Thomas Lipton made it available at affordable prices and with a guarantee of quality. While the first Lipton Tea factory was actually once on the corner of 13th and Hudson - also known as the Tea Factory, not to be confused with Toll Brothers' Hudson Tea, it then moved its head quarters to where we know now to be as Harborside Lofts and The Hudson Tea buildings.
- For starters, it is a solid structure of pure concrete with thick walls and sub flooring.
- Next it boasts 13 foot ceilings with exposed beams
- Extra large windows that stand 10 feet tall
- An incredible water front location with easy access to the Ferry, buses, Lincoln Tunnel, highways and PATH
The Hudson Tea is not your grandma's building - unless grandma has serious style. They are lofty and open and modern, and the New Harborside building is boutique but on a grand scale with attention to detail in their newly outfitted kitchens with dark cabinetry and white hot stone counters.
The Harborside has recently sold out through the developer directly however there are re sales available currently and with prices softening in the last year, owning a home in one of these fabulous buildings is more of a reality now for many.
Just today a true one bedroom , 835 sq feet just closed at $410,000. There are studios currently selling under $400,000 and there are spectacular residences available with NYC water views up to 1.5 million and a penthouse that is undergoing major renovations and upgrades to make a special home.
Friday, January 15, 2010
Texts for Haiti have raised more than 7Million in aid - Help
If you texted - please comment on this post and write "Texted my help"! I'd love to keep track how much money you have all raised. Thank you!!!
Text donations raise $7M for Red Cross Haiti effort
By Julianne Pepitone, staff reporterJanuary 15, 2010: 11:10 AM ET
NEW YORK (CNNMoney.com) -- Donations via text message raised $7 million for the American Red Cross's Haiti relief efforts as of 11 p.m. Thursday.
Soon after a 7.0-magnitude quake struck near capital city Port-au-Prince late Tuesday, the Red Cross mobilized fundraising efforts via social networking site Twitter. Just before midnight, @RedCross tweeted: "You can text "HAITI" to 90999 to donate $10 to Red Cross relief efforts in #haiti."
And so far a staggering 700,000 customers have done just that, across all wireless networks including AT&T (T, Fortune 500), Verizon (VZ, Fortune 500), Sprint (S, Fortune 500) and T-Mobile.
"These are donors who are typically the hardest to reach: young people," said Verizon Wireless spokesman Jeffrey Nelson. "They're reacting to something that affects them and realizing their few dollars can make a difference. Texting has opened up a whole new world for philanthropy."
Twitter mobilizes Haiti aid
Mobile giving isn't new, but it's been in the spotlight since the Haiti earthquake hit. In fact, the $5 million that's been raised so far by the Red Cross far exceeds the nearly $4 million that was donated to all charities by mobile texts in all of 2009, Nelson said.
Organizations including the ASPCA, Feed the Children and World Land Trust all have 5-digit numbers to which subscribers can text donations at any time.
Nelson said Verizon Wireless (VZ, Fortune 500) has a long-standing policy that it does not charge subscribers for texts to make charitable donations, and added that 100% of the donated funds are passed on to the Red Cross. T-Mobile also said its subscribers can text Haiti donations for free.
News reports earlier Thursday said AT&T (T, Fortune 500) was charging subscribers for their texts. But a spokesman said Thursday afternoon that the company had updated its systems in the morning to make texts sent to Haiti relief efforts free of charge, and that the change would cover those who donated yesterday.
On Thursday afternoon Sprint said it will continue to treat donation texts "like any other text message for now," but by that evening the company did an about face and said it would issue a waiver on text message fees for specific Haiti mobile giving donations.
Today's Mortgage Rate Update - by Hoboken Mortgage Broker
>>>
REVISED January 15th, 2010---- 10:30 AM ETLock Period = 30 Days
CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)
30 YEAR FIXED ---------------------------- 5.000%/ 5.036% APR
30 YEAR FIXED INTEREST ONLY--- 5.625%/ 5.657% APR
15 YEAR FIXED----------------------------- 4.375%/ 4.411% APR
5 / 1 ARM------------------------------------- 3.750%/ 3.621% APR
7/1 ARM ------------------------------------ 4.250%/ 4.016% APR
* All quotes are with 0 points*Investment Properties --- ** Add 1.75 points (if 25% down)***There may be 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 ------------------------- 5.250%/ 5.279% APR
15 YEAR FIXED ------------------------- 4.625%/ 4.641% APR
** Loan amount restrictions based on county and property type.
***There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV
CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000)
30 YEAR FIXED--------------------------- 5.990%/ 6.015% APR
30 YEAR FIXED INTEREST ONLY-- 6.250%/ 6.271% APR15 YEAR FIXED--------------------------- 5.125%/ 5.140% APR5 / 1 ARM------------------------------------- 4.500%/ 4.316%APR
7/1 ARM -------------------------------------- 4.750%/ 4.556% APR ** All non-conforming loans need to be discussed in detail
*** Special Program 15/ 30 ARM
-----5.000% / 4.922% APR -- .50% Points --- Loans up to $1,000,000!!!
Any questions don't hesitate to contact my preferred mortgage broker directly by emailing him at mmundy@pinnaclemortgage.biz
Sneak Peak At RE/MAX Gold Coast Open Houses Hoboken
RECESSION BUSTER
When: Sunday Jan 17th 2-4PM
Listing Price: $284,900
Bedrooms: 1
Baths: 1
Sq.ft: 520
View More Info
When: Sunday Jan 17th 1-3PM
Listing Price: $315,000
Bedrooms: 1 plus den
Baths: 1
Sq.ft: 560
View More Info
AFFORDABLE 2 BR/2BA
When: Saturday Jan 16th 12-2PM
Listing Price: $425,000
Bedrooms: 2
Baths: 2
Sq.ft: 1000
View More Info
812 Grand St #308 THE HUNTINGTON
When: Saturday 1/16 & Sunday 1/17 2-4PM
Listing Price: $444,900
Bedrooms: 1
Baths: 1
Sq.ft: 823
View More Info
707 Monroe St #201 & 202
SATORI HOBOKEN
When: Sunday Jan 17th 1-3PMListing Price: $438,168 & $838,168
Bedrooms: 1 & 3
Baths: 1 & 2
1210 Park Ave #2
GREAT LOCATION
When: Sunday Jan 17th 1-3PM
Listing Price: $469,000
Bedrooms: 2+den
Baths: 2
Sq.ft: 1100
View More Info
614 Monroe St Unit A
HUGE DEEDED LANDSCAPED YARD & LARGE COVERED PATIO
When: Sunday Jan 17th 2-4PM
Listing Price: $469,900
Bedrooms: 2
Baths: 2
Sq.ft: 1125
View More Info
222 Clinton St. #17
LOFTY DUPLEX
When: Sunday Jan 17th 1-3PM
Listing Price: $549,000
Bedrooms: 2+Den
Baths: 2
Sq.ft: 1250
View More Info
BRAND NEW! RENOVATED LUXURY CONDOS
When: Saturday 1/16 & Sunday 1/17 1-3PM
LIVING LARGE IN HOBOKEN
When: Sunday Jan 17th 2-4PM
Listing Price: $649,000
Bedrooms: 2
Baths: 2
Sq.ft: 1393
View More Info
TOLL BROTHERS LUXURY LOFT
When: Sunday Jan 17th 2:30-4:30PM
Listing Price: $660,000
Bedrooms: 1+Den
Baths: 1
Sq.ft: 1269
View More Info
NEW LISTING
When: Sunday Jan 17th 2-4PM
Listing Price: $695,000
Bedrooms: 3
Baths: 2
View More Info
NEW CONSTRUCTION
When: Saturday 1/16 1:30-3:30 & Sunday 1/17 12-2PM
Priced from $699,000
Bedrooms: 2 & 3
View More Info
Scammers are keeping home buyers from their tax credits
Wednesday, January 13, 2010
Hoboken Sellers | Is Your Agent | Causing Your Home | Not To Sell?
If I'm a buyer I would have no clue as to what this was.. is this a bedroom? An office? A hallway? The clarity is fine, however this doesn't define a room and it doesn't allow a buyer to see the room completely - that plus look at the mess of office clutter!
-Poor pictures in general, especially when you can see the agent taking the pictures
Really? You allowed this to be posted? All I see is part of a mirrored closet with what is either the home owner or agent in the reflection with flash, and a door way. This just cheapens the listing and a buyer will already start to deduct from the price they're willing to pay in their head.
- Pics of rooms that haven't been staged. There are many stagers that you can hire if your agent is not willing or does not know how to properly stage a home for viewings and pictures
Here is a good example of a room that needs staging. There is nothing about this picture that will make a buyer want to view this property let alone buy it.
This picture poorly depicts a bedroom as small and dark. The crib should not be in the picture, plus I would've removed the foot bench and stool, that and the shades should be opened to show views and sunlight. Not only will it appear bright but it will draw the eye out which will give the illusion of a larger space. A professional photographer can photograph properly with sun in the background- Lastly No pictures!!
I can't tell you how many times I pull up listings that have no pictures. My clients almost always turn down the chance to view a property that has no pictures. Make sure your listing has pictures! Even if you have a messy tenant your agent should make every effort to capture some pictures of at the very least the common areas, the surrounding neighborhood and at least a kitchen or living room shot - but a good one. Sellers, is your home on the market? Has it been on for more than a week? Go online, and search for your listing - or ask you agent to send it to you. If there are no pictures or there are bad ones like the ones above - set up a meeting with your agent immediately.
Bottom line: Do not hire a listing agent that will not post pictures, will post poor pictures or will not suggest staging your home. Become more involved in the marketing of your home. Now, don't be extreme and proof read every item of material and insist that your agent write that your home is a sanctuary - agents know what key words attract buyers and MLS guidelines prohibit descriptions from sounding like a short story - so the important thing is that your agent highlights the best selling features that will lure as many buyers as possible. That, and that you and your agent work together to stage and declutter your home so that it is as neutral and open as possible. And finally, that you set a fair price and your agent hire a photographer to take quality, wide angle pictures, or at the very least your agent take quality pics like the one's below.
Monday, January 11, 2010
New Form Will Help Buyers With Comparing Mortgage Lenders
The Department Of Housing And Urban Development has created a new form that must be used by all mortgage brokers, banks and lenders. This form is known as the "Good Faith Estimate", and as of January 1st, 2010, they are in effect. This change will make it easier for consumers to see clearly what lenders are charging for their services, hopefully eliminating hidden fees.
The new form will make it difficult for lenders to deliver anything other than what they promised. It also encourages consumers to shop around for rates by adding a shopping cart comparison chart.
This is a great mediation by the Department of HUD. This should relieve some of the stress consumers face when shopping for mortgages and like Anderson Cooper says "keep em honest".
See the new form here.
Thursday, January 7, 2010
Sellers | Now Might Be The Best Time To Sell Your | Home
3 Reasons Home Prices Are Heading Lower
By Les Christie, staff writer January 1, 2010: 6:22 PM ET
NEW YORK (CNNMoney.com) -- After four months of gains, home prices flattened in October. Worse yet, industry insiders think that they'll soon start to fall.
But most forecasts predict price declines in 2010, with possible losses ranging from anywhere from 3% on up. Fiserv Lending Solutions, a financial analytics firm, forecasts that prices will fall in all but 39 of the 381 markets it covers, with an average drop of 11.3%.
"We've seen recent price stabilization because of low mortgage interest rates and the impact of the first-time homebuyers tax credit," said Pat Newport of IHS Global Research. "But there are really good reasons to think prices will now start going down."
There are three main reasons for the reversal: a coming flood of foreclosures, rising interest rates and the eventual end of the tax credits.
More foreclosures
For Gus Faucher, the director of macroeconomics for Moody's Economy.com, the huge number of foreclosures that remain in the pipeline is the big problem.
Moody's upped its estimate of defaults recently because of shortcomings of the government-led mortgage modification programs. Trial workouts are not being made permanent and completed modifications are redefaulting at high rates.
"There are going to be fewer [successful] modifications than we thought," said Faucher.
Even so, he added, much of the price decline has already occurred and Moody's forecast is for only another 8% drop. The worst-hit markets will be the ones suffering the most foreclosures, places like Arizona, California, Florida and Nevada. (See 7 tips for buying foreclosures)
Resetting option ARMs (adjustable rate mortgages) will also aggravate the foreclosure problem. These mortgages allow borrowers to pick their own payments, which can be so low they don't even cover the interest. Balances swell.
For many of the more than 350,000 option-ARM borrowers, it's time to pay the piper. Their loans will change into fully amortizing mortgages that will carry much higher monthly payments. A very large percentage of these homeowners will default, according to Shari Olefson, author of "Foreclosure Nation: Mortgaging the American Dream."
"We've still only seen the tip of the foreclosure iceberg," she said.
She also predicts more strategic defaults, people deliberately walking away from even fixed-rate mortgages as the value of their homes dips well below the amount they owe.
Olefson's forecast is for price declines of 5% to 15%, depending on the area, with a national median price drop of about 10% for 2010.
Rising interest rates
Also affecting prices will be higher interest rates. Some analysts, according to Newport, think rates for a 30-year mortgage will pass 6% next year as the government curtails housing market support.
The Federal Reserve has helped keep rates low through purchases of mortgage-backed securities. But that program is winding down and will end in March.
"The government is throwing everything at the market but the kitchen sink," said Peter Schiff, president of Euro pacific Capital. "It can't prop up housing markets forever."
Schiff is among the bigger bears. Though he gave no specific prediction, he thinks prices -- already down 29% from the peak -- are only halfway to the bottom.
The end of the tax credit
As a tool for supporting housing markets and prices, the tax credit for homebuyers is a two-edged sword. It reduces taxes dollar-for-dollar by up to $8,000 for new homebuyers and $6,500 for buyers who already own a home and should support home prices. But it ends at the end of April.
Many buyers will push their deals forward to get in before the deadline and then demand for homes could sink afterward.
One of the few bulls out there is NAR, whose chief economist, Lawrence Yun, is counting on the tax credit to provide temporary support for housing markets until the economy recovers enough to start fueling sales. He predicts price improvement in 2010 of more than 3%.
"The headwind we face is rising mortgage interest rates," Yun said, "but the compensating factors will be the homebuyers tax credit in the first half of the year and increased job creation in the second half."
Friday, January 1, 2010
Mortgage Rate Update
All good things must come to an end..
What goes up must come down, and what goes down must come up!
Mortgage rates have recently crept higher. Here are the most recent rates - provided by my preferred mortgage broker - Mike Mundy.
I'll say it again, if you are in the market to buy, you should absolutely lock in a rate - because as I mentioned in my last post about my class with Lawrence Yun, rates will continue to go up this year.
REVISED December 30th, 2009---- 5:30 PM ET
Lock Period = 45 Days
CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)
30 YEAR FIXED ------------------------
30 YEAR FIXED INTEREST ONLY--- 5.625%/ 5.657% 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 may be 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 ------------------------- 4.625%/ 4.641% APR
** Loan amount restrictions based on county and property type.
CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000)
30 YEAR FIXED-------------------------
30 YEAR FIXED INTEREST ONLY-- 6.250%/ 6.271% APR
15 YEAR FIXED-------------------------
5 / 1 ARM---------------------------
7/1 ARM ------------------------------
*** Special Program 15/ 30 ARM -----5.000% / 4.922% APR -- .50% Points --- Loans up to $1,000,000!!!
**Please call for rates on loans over 1 million**
**Keep in mind that every borrowers situation is different, and each must be evaluated individually.**