Downtown Jersey City Real Estate | Weekly Market Update

Downtown Jersey City Real Estate Weekly Market Update
Week of October 11th 2010

What's hot

Condominium Sales: For the week sales are up compared to last week's number of just one. This week, 7 units sold. From the lowest price, a 560 square foot studio at Montgomery Greene - 105 Greene St with an asking price of $250,000 sold above asking for $260,000. The highest price sale, a 1545 sq foot three bedroom two bath duplex with parking at The Shore Club - 1 Shore Lane, with a list price of $759,000 sold for $727,500.

Median List Price for this week was $526,900. Median Sale Price was $505,000. Median days on market was 76 days.

Pending Sales: For the week just one unit is under contract. A 566 square foot one bedroom short sale at The Athena - 389 Washington St is under contract.

Brownstones & Single Family Homes
Sales: Zero for the week.
Pending: Zero for the week.

Compare this week to last week's sales.

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

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones

Week of October 11th 2010

What's Cookin

Hoboken Condominiums
Sales: For the week, there were 13 sales. From the lowest, a 400 sq foot studio at 1026 Washington St with a listing price of $209,600 and a sale price of $185,000. To the highest, a 1450 sq foot three bed two and a half bath condo with terrace and parking on a 3rd floor walk up at 415 Madison with a list price of $609,999 and a sale price of $595,000.

Median List Price for the week was $399,000. Median Sale Price was $360,000. Median days on market, 129 days.

Pending: For the same week, 10 units went under contract status. From the lowest price, a 625 square foot one bedroom at 509 Willow Ave with a list  price of $309,000 to the highest price, a 1314 square foot two bedroom two bath with terrace and parking at Maxwell Place - 1025 Maxwell Lane with a list price of $850,000.

Median List Price for pending units was $529,000. Median days on market was 66 days.


Hoboken Brownstones & Single Family Homes
Sales: Zero sales for the week.
Pending: Zero homes are under contract this week.

Compare this week to last week.

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

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
Week of 10/4/10/- 10/10/10

What's cookin'

Hoboken Condominiums
Sales:
10 sales closed for the week.  From the lowest - and smallest, 725 Washington Street, a 330 square foot studio with a list price of $215,000 and a sale price of $197,500. To the highest, 1125 Maxwell Lane a 1260 square foot two bed two bath, with a list price of $872,995 sold for $845,000. It is unclear whether that sold with parking included.

Median list price for the week was $462,000. Median sale price was $437,500. Median days on market, 62 days.

Pending:
Weird coincidence, for the week there were also 10 pending sales. From the lowest, 214 Jefferson, a 565 one bedroom with a list price of $219,000, to the highest at 1125 Maxwell Lane, a 1622 square foot two bed two bath plus den with a list price of $1.679.

Median list price $484,000 median days on market 76 days.

Hoboken Brownstones & Single Family
Sales: Zero for the week
Pending: Zero for the week

There are currently only 9 single family homes for sale ranging from $525,000 to $1.6M

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

Exposed Brick - Hoboken Charm

One of the things most buyer's love about Hoboken brownstones and condo's, is exposed brick. I never get sick of exposed brick and I never think you can have too much.
It's so warm and can go industrial to romantic in seconds.
This pic is classic Hoboken brownstone. I love how the bed is anchored around the wall. Beautiful. What do you think?

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones | September Report

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones - September Report

Where is the market trending? We will take a look back to see. Let's start first with a look at September.

September:
For the month there were 50 sales that closed. Of those 50 median list price was $461,500 and the median sale price is $438,000. Median days on market was 73 days.

51 Units are under contract for the month. Of those 51 the median list price was $475,000 and median days on market 72 days.

September was the final month of the home buyer tax credit. Eligible buyers had to close by September 30th to recieve a tax credit. If you follow my real estate reports, you might remember that June was the biggest month in sales. 124 sales were reported for that month showing that the tax incentive was working and brought some buyers to the table skewing the sales for summer.

Now, let's look back at past months.
June: 124 Sales

Median List Price  $483,250

Median Sale Price $473,000
July: 53 Sales
Median List Price  $509,000
Median Sale Price $502,000
August: 58 Sales
Median List Price  $458,700
Median Sale Price $438,100 -
September: 47 Sales
Median List Price  $461,500
Median Sale Price $438,000

Sales seem to be trending downward..

Current total active condominiums in Hoboken ritht now, is 486 condominiums. We are currently selling about 10% a month of our standing inventory. If no new homes came on the market, our absorption rate is 9.72 OR 10 months. A healthy market has an absorption rate of around 6-8 months.

Let's look back a little further to one year ago. 2009
June: 46 Sales
Median Sale Price $493,500  Compared To June 2010 $473,000

July: 62 Sales

Median Sale Price $469,950  Compared To July 2010  $502,000

August: 67 Sales

Median Sale Price $463,000  Compared to Aug 2010  $438,100

September: 76 Sales

Median Sale Price $499,000  Compared to Sept 2010 $438,000

From one year ago sale pace and prices are slower. This could be due to the buyer tax credit which prompted sellers to act with price reductions in time to capture those buyers. The dip in sales of September can also be contributed to the tax credit since many buyers took advantage of the incentive and bought ahead of schedule. These buyers would have bought in the warmer months making September numbers a bit higher.

If October 2009 is any indication of how this October may look, last year there were 80 sales for the month.

And taking a look back to 2008 of September - there were 66 sales and the median Sold price was $510,000. From 2008 real estate sales prices are down about 14%

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstone
Week of September 13th, 2010

What's cookin'

Condominium Sales:
For the week of the 13th, there were 9 units that closed. From the lowest, a 590 square foot one bedroom one bath located at 625 Willow Ave with a list price of $299,500 and a sale price of $295,000 to the highest, a 1260 square foot three bedroom two bath located at 501 9th St - aka Prospect Hill with a list price of $619,000 sold for $592,000.

Pending:
9 Units are under contract for this week. The lowest price, a 781 square foot two bedroom at 108 14th street with a list price of $299,000 and the highest asking price, a 1038 square foot two bedroom two bath at 1300 Grand - The Upper Grand - with a list price of $515,000.


Median list price, $469,900 and median sold price $445,000. Median days on market 73 days.


Single Family Brownstones
No Hoboken brownstones, or single family homes, were sold or written under contract for this week.

There are currently just nine for sale.


Information provided by the Hudson County Multiple Listing Service, deemed reliable but not guaranteed.

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
Week of August 9th - August 15th 2010

What's Cookin In Hoboken

Condominium Sales: This week there were as many sales as the week prio. 5 total sales. The lowest price a 661 Sq foot one bedroom at 163 14th St, with a list price of $339,900 and a sale price of $315,000. The highest price, an 1100 sq foot two bed two bath with parking at 1300 Grand St with a list price of $549,900 and a sale price of $530,000.

Median list price was $379,900 median sale price was $372,750. Median days on market was 36 days.

Pending Sales: For this week there were ten units that went under contract. Two shy of last weeks pending sales. The lowest price was a 330 square foot studio at 725 Washington St with an asking price of $215,000. The highest price was a 1298 square foot one bed plus den w/terrace and parking at Maxwell Place with an asking price of $799,999.

Median list price was $439,000 median days on market 33 days.

Brownstone Single Family Homes
Sales:One sale for the week. 1217 Park, a 4 bedroom three bath single family on a 16 by 100 lot in need of complete rehab sold, with an original list price of $829,000 sold for $750,000.

Pending:
No single family homes pending for the week.

Compare this week's to last weeks sales.

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

Downtown Jersey City Real Estate | Market Update

Downtown Jersey City Real Estate Market Update
Week of August 1 thru August 8th, 2010

What's hot in JC

Condominium Sales
For the week there were 8 sales. The lowest asking price was for a 900 square foot two bed two bath at 227 Bay St with a list price of $299,900 - sold for $275,000. The highest asking price was for a 1300 sq foot two bed two bath at The Shore Club with a list price of $698,000 - sold for $645,000.
Median list price for the week was $399,900 median sale price was $387,500. Median days on market was 48 days.

Pending Sales
Three units are under contract for the week. Since there are three I'll list them.
420 2nd St 450 sq foot one bed - list price of $169,000
303 7th 1558 sq foot two bed two bath - list price of $489,000
The Shore Club - 1280 sq foot two bed two bath listed at $675,000

Median list price was $489,000 median days on market was 90 days.

Brownstones and Single Family Homes
Sales
No sales for the week.

Pending
No pending contracts for the week

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

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
Week of August 1st - 8th 2010


What's Cookin In Hoboken

Condominium Sales
This week there were 5 sales ( compared with the previous week of 15). The lowest priced sale was a 745 sq foot one bedroom with parking at 70 Adams with a list price of $419,000 and a sale $400,000. The highest priced sale was for a 1220 square foot two bedroom two bath at 600 Hudson. This sale actually sold ABOVE asking. Original list price was $669,000 sale price was $685,000.
Median list price for the week was $479,000 and the median sale price was $460,000. Median days on market was 63 days.

Pending Units
This week there are 12 units under contract. The lowest asking price was for a 700 sq foot one bedroom plus den and parking at 121 Willow with a list price of $389,000. The highest asking price was for a 2522 square foot 3 bedroom two bath with garage at 61 Madison with a list price of 1,19M.
Median list price for the week was $484,450 median days on market was 51 days.

Brownstones and Single Family Homes
Sales
This week no single family homes sold.

Pending
No contracts were written this week for single families.

Compare this week's sales to last weeks.

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

Hoboken Real Estate Weekly Update + Month Overview

Hoboken Real Estate Weekly Sales Update

Month of July - Let's Tally Up The Totals For The Month

What's Cookin In Hoboken

Condomonium Sales:
The month of July saw 49 sales. Down significantly from June's 119 sales.
Median List Price was $499,888
Median Sold Price was $477,500
Median Days on Market - 51 Days.

Average Price Per Sq Foot - $439.75

Pending Condominium Sales:
53 units were DABO'd (Deposit accepted by owner) for the month.
Median List Price was $464,000
Median Days on Market - 74 Days

Already we see that the median list price is down from the median sale price for the month.

Here's a few snap shots at sales over the last few years /condominium prices in Hoboken

July 04 - 92 Sales = median sale price $402,500
July 05 - 91 Sales = median sale price $525,000 +
July 06 - 84 Sales = median sale price $498,500 -
July 07 - 88 Slaes = median sale price $506,000 +
July 08 - 92 Sales = median sale price $490,750 -
July 09 - 62 Sales = median sale price $469,000 -
July 10 - 49 Sales = median sale price $477,500 +

I've highlighted the dips to take note of. This July we are very low and off track of normal July sales for the month...

With the tax credit expired and buyer's left wondering about job security, the housing and job market, most likely, August's sales will be weaker than expected. NAR released a statement saying that June's sales fell more than 5 percent.

From Realtor.org's website.

Washington, July 22, 2010


With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors®.

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.

Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said.

“Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”


Stayed tuned as I monitor this month's in my weekly Real Estate Sales Update.
July last week saw 15 sales. Median sale price of $475,000.

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

Hoboken Photo Blog The Hudson Tea

I just rented my furnished studio at The Hudson Tea building on Washington St and I was there yesterday overseeing cleaning and utility set up. While I was there I decided to take some pics to share with you because the colors have grown on me and I think it looks pretty hot!

What do you think? Bedroom with this deep red color

A wide shot of living area. Pumpkin curry on walls and cinnamon on trim near ceiling!

View of the decor accents on wall

Dining nook over looking breakfast bar and red kitchen

Jersey City Real Estate Weekly Sales Market Update

Jersey City Real Estate Weekly Sales Market Update 

For the week of July 19th, through July 25th 2010

What's hot in JC

Condominium Sales:
There were 5 sales that closed for the week. From the lowest price a 566 square foot one bedroom at The A condo's with a list price of $359,000 and a sale price of $315,000. To the highest price, a 2300 square foot 3 bedroom 3 bath restored brownstone condo with a list price of $1.249Million and a sale price of $1.075Million.

Median list price was $537,995 and median sold price was $513,000. Down about 6% from last week. Median days on market was 116 days. 


Pending Sales:
There were ten contracts written by real estate agents for the week. The lowest priced was a 759 square foot one bedroom at The Portofino, with an asking price of $275,000. The highest priced was a two bedroom two bath at Gulls Cove with an asking price of $672,000.




Median list price was $408,500, median days on market was 88 days.



Brownstone Single Family Homes
Sales:
There were no sales this week.


Pending:
There were no homes that went under contract.



Compare this week's sales to last weeks.

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

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
For the week of July 19th to July 25th, 2010.

What's cookin in Hoboken

Condominium Sales:
There were six sales for this week. The lowest price a 611 square foot one bedroom on 2nd and Adams, with a list price of $224,900 sold for $220,000. The highest priced sale, was a 1338 square foot two bedroom two bath at 1100 Adams with a list price of $629,000 and a sale price of $595,000.

Median list price for the week was $457,433 median sale price was $440,500. Median days on market was 59 days. Down about 12.5% from last week.

Pending Sales:
14 new contracts were written by real estate agents this week. From the lowest, 222 Grand St a short sale, 720 square foot one bedroom with a list price of $349,000 to the highest, 56 Jefferson St a 2139 square foot three bedroom three bath with an asking price of 1.1Million.

Median list price for the week was $449,450. Median days on market was 62 days.

Brownstone Single Family Homes
Sales:
No homes sold for this week.

Pending:
No homes are under contract this week.

Compare this week's to last weeks sales.

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

Jersey City Real Estate Weekly Sales Update

Downtown Jersey City Real Estate Weekly Sales Update
For the week of July 12th - July 18th 2010

What's Hot In JC

Condominium Sales:
There were 9 sales for this week. From the lowest price, an 822 square foot one bedroom short sale asking $250,000 at The Park Hamilton, sold for $235,000. The highest price sale was a 1366 square foot 2 bed 2 bath at The A with a list price of $650,000 and sold for $650,000.

Median list price was $549,000, median sale price was $545,000. Median days on market 71 days.

Pending Sales:
4 new contracts were written by real estate estate agents. The lowest asking price a 1079 square foot 2 bed 2 bath at 11 Coles St at $389,000. The highest asking price was for a 1756 square foot 2 bed 2 bath at 50 Wayne Street at $649,000.

Median list price $487,000.

Brownstone Single Family Homes:
No single family homes sold for this week.

Pending Sales:
One single family is under contract. 249 2nd street is a 3 bed two bath home with a list price of $399,000.

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

Hoboken Real Estate Weekly Sales Update

Hoboken Real Estate Weekly Sales Update

For the week of July 12th - 18th 2010

What's Cookin In Hoboken

Condominium Sales:

There were 8 sales for this week. From the lowest price, a 1037 square foot two bedroom one bath duplex at 80 Park, the converted school house, with an asking price of $399,000 and a sale price of $390,000. The highest priced sale, was a 1574 sq foot two bedroom, three bath duplex at Metro Stop with an asking price of $790,000 and a sale price of $760,000.

Median listing price was $527,000 median sale price was $510,000. Median days on market was 38 days, the average days on market was 79.

Pending Sales:
12 new contracts were written by real estate agents for this week. The lowest price, a 535 square foot one bedroom with yard at 309 Monroe with an asking price of just $245,000 to the highest price, a two bedroom two and a half bath duplex at 60 Jefferson with an asking price of $749,000.

Median list price was 552,000. Median days on market was 73 days.

Brownstone Single Family Homes:
Two homes sold for this week. One, a rehab home at 161 12th street with an asking price of $599,000 sold for $400,000. And the other, a beautifully renovated home at 218 7th street with an asking price of $995,000 sold for $940,000.

Pending:
No homes went into contract for this week.

Compare this week's sales to last weeks.

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

Seller Incentives In A Challenging Market

Seller's Incentives for a Challenging Economy

In a down economy, sellers must compete not only with other homes in the market, but also with buyer's fears and concerns. Selling incentives have always been a way to create additional interest in your property. Today, incentives can help motivate reluctant buyers to make that next step in the face of the present environment.
Below are a few of the more frequently used incentives that can be used to draw attention to your home.

Paying Points
Lenders charge fees known as points, with each point equal to 1 percent of the total loan amount. The base fee charged (called origination points) typically ranges between 0 and 3 points, depending on the interest rate given and other terms of the loan. Points can add up to a significant up-front cost for the buyer, particularly for larger mortgages. Offering to pay some or all of the origination points on behalf the buyer can help generate offers from cash-conscious buyers.

Buying Down the Interest Rate
Many buyers don't understand that they can receive a lower interest rate from their lender by paying additional points at the outset. Buyers can typically pay up to four "discount points" to bring down the interest rate. Offering to pay discount points can increase your home's affordability for many prospective buyers.

Providing a Home Warranty
A home warranty can help assure wary consumers that they won't be stuck with expensive repair costs shortly after buying a home. Home warranties usually cover the repair or replacement of core systems such as plumbing, heating and electrical, along with major appliances. Providing the first year (or two) of a home warranty can add to your home's appeal, especially if you are competing against newer homes on the market. The relatively low cost of home warranties ($250 to $600 annually) offers great value as an eye-catching incentive.

Paying for Closing Costs
Closing a real estate sale can result in a long list of charges, from inspection costs to attorney's fees. Closing costs for the buyer can easily total several thousand dollars - adding to the up-front cash required as a down payment. Sellers can offer to pay for the buyer's side of closing costs to help ease the burden. When doing so it is wise to either put a cap on the dollar amount you will contribute to closing costs, or specify exactly which individual costs you will be paying for.

Upgrade Allowances

Offering cash allowances for specific upgrades can sometimes be a creative way to appeal to buyers. Upgrade allowances are commonly offered by new home builders, and some homeowners are now employing the technique to help set their properties apart from the competition.
For example, if your home has older carpet you may offer to pay the price of new carpet and installation. By not replacing the carpet yourself ahead of the sale, you avoid the hassle of having the carpet installed and the pain of keeping the new carpet clean during showings. You also give the buyer the chance to select a carpet that matches their taste.
Other upgrades offered by sellers include allowances for kitchen facelifts, bathroom remodels and new landscaping.

New Appliances
Another flashy way for sellers to sweeten the deal is to provide buyers with their selection of brand new appliance packages. Updated appliances help your home compete with newly built properties. Allowing the consumer to choose their desired appliance gives them another opportunity to personalize the home to their liking. You can even lay out brochures of some example appliances to help buyers visualize your home improved with the newest gadgets.

For more seller tips or a free market analysis please message me!

Basic House Hunting Tips!

Basic House Hunting Tips

Allow Plenty of Time - While it may be tempting to try and visit as many properties as possible on a single day, "overbooking" won't give you enough time to linger and fully tour each individual home. If you find a house you truly like, you will probably spend more time reviewing each room in greater detail. Assume that each house you view will hold your interest enough for a lengthy exploration.

Dress Comfortably - House hunting isn't a job interview, so dress casually and comfortably for the season. Wear slip-on shoes and adequate socks - homes with new carpet or flooring will often include "please remove shoes" signs. You will be doing a lot of walking and taking trips up and down stairs, so supportive footwear is a must. Clothing should fit comfortably enough to accommodate reaching up or bending/crouching down to examine cupboards both high and low.

Carpool - Taking just one car is particularly convenient when viewing multiple properties on the same day. A one vehicle approach ensures that no one gets separated or lost. Also, by moving over to the passenger seat you're free to consider the merits of each last house and pay attention to the neighborhood near each property, rather than focus your energy on squinting at street signs.

Pay Attention to the Surroundings - Speaking of the neighborhood; make sure you pay attention to the area close by each home on the way in. What kind of shopping opportunities and facilities are within a short distance? Are there appealing destinations within walking distance? What are the schools like nearby? How far will your commute be? Are many other homes for sale in the immediate area?
The idea is to have some feeling of whether or not the neighborhood is right for you before you ever set foot in the actual home. If you're lucky enough to fall in love with the house itself, knowing the lay of the land ahead of time can give you the confidence to make an immediate offer.

Use Your Nose - Generally speaking, a bad (or unidentifiable) smell inside or outside the home is not a good sign. Likewise, be somewhat suspicious if the home is overpowered by the smell of potpourri or intense candles in every room, as this can be an attempt by the seller to mask problematic odors. Mildew and mold smells indicate much larger problems - mold removal can cost thousands of dollars, and locating/fixing moisture leaks can be a difficult task. Pet smells or smoke smells can be minimized with cleaning, but will likely take time to fully dissipate. If you are interested in a home with a strong smell, hire a qualified and experienced home inspector who will unmask the cause of the odor.

Want to work with me? Send me a message!

Jersey City Real Estate Weekly Sales Update

Jersey City Real Estate Weekly Sales Update
Week of June 27th - July 4th 2010

What's hot in JC

Condominium Sales:
There were 15 sales for this week. From the lowest sale, a 640 sq foot one bedroom plus den on 8th street asking $220,000 after being listed with multiple brokers and several price reductions later, sold for 10k ABOVE asking price - for $230,000. The highest sale, a two bedroom two bath 1335 sq feet with an asking price of $799,000 sold for $730,000 at the Shore Club.

Median list price was $399,000 median sold price was $375,000. Median days on market 87 days.

Pending Sales: 6 new contracts were written by real estate agents this week. The lowest price a 671 sq foot one bedroom on 4th street with an asking price of $225,000 and the highest asking price, a 2255 sq foot four bedroom four bath with private terrace and an asking price of $999,000 at The Shore Club.



Single Family Brownstones:
Sales: There were no sales for this week.


Pending Sales: One single family is under contract. 333 10th street, a townhouse style 3 bedroom two and a half bath with huge garage and an asking price of $500,000 after being reduced multiple times from $599,000 is waiting to close.


Information supplied by the Hudson County MLS, deemed reliable but not guaranteed