Hoboken Real Estate Weekly Sales Update

Your Weekly Hoboken Real Estate Sales Update

What's cookin in Hoboken

Week of May 24th 2010 - May 31st 2010

Happy Memorial Day!

Condominium Sales

Hoboken saw 19 sales this week. The lowest sale price was a short sale at 718 Grand Street, a 550 square foot one bedroom with an asking price of $236,000 sold for $217,500.

The highest sale price was a condominium at The W Hotel, a fabulous residence boasting 3 bedroom, 3.5 baths, and 2367 square feet, with an asking price of 2.75Mil and a sale price of 2.4Mil.

Median list price for this week was $449,000 and the median sales price was $443,00. Median days on market was 81.

Pending Sales

Hoboken real estate agents wrote 10 contracts this week. The lowest asking price was for a one bedroom on 8th and Washington, 600 square feet at $269,000 and the highest asking price was for a 1407 sq foot 2 bedroom 2 bath at 511 Madison at $675,000.

Median list price for this week was $516,444. Median days on market 98.

Compare this weeks sales to last weeks sales numbers.

Hoboken Brownstones

Sales One single family home sold this week in Hoboken. 5 Willow Terrace, offering 3 bedrooms, two baths, terrace and parking with an asking price of $625,000 sold for $604,000.

Pending No single family homes are pending for this week.

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Hoboken Mortgage Update As Some Buyer's Wait...

If you're shopping for a condo in Hoboken, you know that mortgage rates have crept up in the last few weeks from their recent low in March of 4.8%. Since then rates have inched up to 5.3%, and I've read many predictions that they will continue to go up, in the near future to at least 5.5% including Lawrence Yun himself, chief economist NAR.

Here are a few articles relating to the recent rises

Wallet Pop Article

MSNBC

Washington Post

On a 100,000 mortgage what does that look like? Assuming you are getting a conventional mortgage with no points, here is the scenario.

$100,000 at 4.8% looks like $480 a month.

$100,000 at 5.3% looks like $530 a month, and

$100,000 at 5.5% looks like - you guessed it, $550 a month.

If you had locked in your financing at 4.8 percent, you are saving $70 a month which over 5 years saves you $4200.

Might not seem like much, but what if you were borrowing $300,000?

4.8% = $1440

5.3% = $1590

5.5% = $1650

Now the savings really start to add up. In this scenario the savings is $210 a month, $2520 a year and $12,600.

What does this mean?

Well, if you were waiting for a condimium you saw to reduce by $10,000 or accept your bid of $10,000 lower than what the seller is willing to accept, then by waiting, you've unfortunately paid that money by financing it over just 5 years.

Bottom line: if you've found a home, consider rising interest rates and compare it against the money you are looking to save off of the price to see if truly you are saving or just financing the savings.

April so far has 20 condominiums under contract. Numbers for this past week will be reflected in the next few days' pending notifications.

Huge Open House Weekend Coming Up Part Of REALTOR® nationwide campaign!

Hoboken and Jersey City Real Estate Open House Weekend Coming Soon!

The National Association of Realtors® is holding a nationwide campaign to encourage seller's to hold open houses on the weekend of April 10th and 11th, 2010. This initiative is to help buyers seeking to take advantage of the home buyer tax credit, set to expire April 30th, see as many properties as they need in one weekend.

Buyers that find a property this weekend can make an offer, and respectively end attorney review period in time for the cut off date. Anything after this weekend of the 10th and 11th then the buyer would have to move extremely fast with all parties and hope that all is well and out of review in time for the deadline.

RE/MAX Gold Coast Realty this past weekend held a whopping 35 open houses last weekend and will look to hold as many open as staff allows us for this weekend of the 10th. You can search for open houses on http://www.remax.com/ or request a list of open houses from me and I'll email them to you as the weekend gets closer.

As of today, March 31st, there are 545 condo's currently listed active from $205,000 to $2.75million.

Happy house hunting! Visit my home buying tips every buyer should know for some studying.

Sneak Peak At Hoboken's Real Estate Pending Sales

I'm keeping an eye on sales waiting to see what the year end totals are. So here's what's cookin' in Hoboken..(Great picture of Audrey by the way, it looks like she could be in a Hoboken apartment actually :) )

Naturally I have to keep tabs on sales activity in the area, but why not share with you? So here is a list of what is currently under contract for the month - just condominiums however. Click here to view. They are listed according to listing price, from lowest to highest. You'll see that the lowest listing price is $259,000 and the highest $1.249 million - but these don't include single and multi-family homes.

Here is a list of what has sold so far in December until today - 12/29/09. They start as low as $250,000 and go up to $1.2million. Click here to view sales.

As a disclaimer I have to say that I personally did not put into contract, sell or list all of these homes. I certainly would've liked to though! However when you click on them you will see my information at the bottom, which is how my MLS customer copies are formatted.