Hoboken Real Estate Market Weekly Update

Hoboken Real Estate Market Weekly Update - Condos and Brownstones
Week of December 6th thru 12th, 2010

Condominium Sales:
For the week there were seven sales. From the lowest, a 635 square foot two bedroom, 5th floor walk up at 233 Grand, with a list price of $323,000 and a sale price of $300,000 and 22 days on market. To the highest, an 1805 square foot three bedroom two bath with parking and terrace at The Neopolitan, 650 2nd street, with a list price of $699,000 and a sale price of $660,000 and 174 days on market.

Median list price for the week was $399,000 (avg was $456,271) median sale price was $399,000 (avg was $434,714. Median days on market was 63 (avg 76 days).

Pending:
8 pending units this week. From the lowest, a 756 square foot one bedroom at Prospect Hill - 501 9th St, with a list price of $365,000 and 36 days on market. To the highest, a 1361 square foot two bedroom two bath with parking at Maxwell Place, 1025 Maxwell Lane with a list price of $887,000 and 158 days on market.

Median list price for the week was $607,450 (avg was $614,987). Median days on market 42 days (avg 53 days).

Brownstones and Single Family Homes


Sales: Zero. No single family homes have sold this week.

Pending: One home is waiting to close. 839 Bloomfield, a five bedroom, three bath, three level Brownstone with full finished basement and yard is waiting to close. It had a list price of 1.199M and was on the market for 61 days.

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

Hoboken Real Estate | Home Buyer Tax Credit | Get The Facts

Real estate is heating up steadily and it is because of a combination of factors.

• One - the home buyer tax credit is expiring
• Two - interest rates are very low and we're not sure when they'll go up
• Three - Spring market is soon upon us
• Four - Distressed sales opportunities

Combine all of these incentives and the natural increase in market activity during spring, and we are going to see a very busy season. If you look in my past posts I've been reporting that sales activity and interest is way way up. Multiple offers are becoming more common and we're seeing some properties be snatched up after only a few days on the market... it will be very interesting to see how this projects into 1st and 2nd quarter sales.

If you are looking to buy in the near future, you need to know a few things.

Reminder : Important dates are April 30th and July 1st! Below are the facts:

Facts about the Homebuyer Tax Credit:

• You must have a signed purchase agreement for your home no later than April 30, 2010, and the transaction must closed before July 1, 2010.
• First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.
• Buyers who owned and lived in their principal residence for at least five consecutive years of the last eight can receive credit of up to $6,500 when they contract to purchase a home before April 30, 2010, and close before July 1, 2010.
• The upper income limit to receive the full credit is raised to $125,000 for individuals and $225,000 for couples.
• If the purchase price is more than $800,000, the buyer is not eligible for the credit.
• There is no minimum income for claiming the credit. You qualify for the full credit even if you won’t owe any taxes for 2009 or 2010.
• You can claim the credit when you file your 2009 or 2010 tax return. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.

Create your own profile on my website and start searching for properties all over New Jersey. Save searches, view full pictures and details without having to contact various companies or create many profiles - RE/MAX.com is one of the leading consumer websites for real estate in the industry. Plus, RE/MAX.com is one of the few sites that feeds off of all of the multiple listing services and compiles status updates and new listings almost immediately.

Go to www.myhobokenproperties.com

Buyers are in control says CNBC

Great CNBC article today poses the question "Is now the time for some home buyers to make a deal?" Before I even read the article I knew the answer was an unequivocal yes. Let's face it, you can't pick a better buyers market and most cases you're in control. It's almost impossible to time a bottom and who know's when or where that bottom will come? More importantly, how much longer will mortgage rates stay low? Consider this. If you're a buyer looking to purchase in the neighborhood of $500,000, with a 20% down payment you can score a loan at 4.75% fixed. That means that your monthly payments will amount to about $1900 - plus taxes and maintenance. Pretty good right? Now look at this.

Say that in 5 months that same $500,000 property you were looking at depreciated 5% and is now available for $475,000. If rates went up just a quarter of a percent to 5% and you put 20% down, that same property will cost you the same $1900 a month plus maintenance and taxes. If rates went up to 5.25% (1/2 of 1 percent) your monthly payment now becomes $2493 plus taxes and maintenance.

Shows you how significant low interest rates are and how they are directly related to this market. There are buyers taking advantage and negotiating great prices. Just think, our parents purchased their homes paying 9 and 14% interest rates on their loans.

What goes up must come down, and what goes down must come up.

You're In The Driver Seat!

MLS Inventory Shot

In Downtown Jersey City and Hoboken

Studios 29

1 Bedrooms - 356 Available

2 Bedrooms - 495 Available

3 Bedrooms - 96 Available

Single Family - 43 Available