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Showing posts with label jersey city real estate. Show all posts
Showing posts with label jersey city real estate. Show all posts

Thursday, October 3, 2013

Jersey City Real Estate Market Update September 2013

Jersey City Real Estate Market Update September 2013

If I could describe the current real estate environment in downtown Jersey City I would say it's cut throat. To say the market is competitive is an understatement. Multiple bids, acceptances and then cancelling because a new, higher bid came in is the norm. Buyers, you must hire a savvy agent if you are wishing to compete and find a home to call your own. Sellers, as long as you price your home accordingly, you can be confident you will receive your asking price if not better.

Sales: For the month of September DTJC saw a total of 51 units close. The Median List Price was $499,000 and the Median Sold Price was HIGHER at $507,500. This means if you are making an offer on a property, you must, you must must (unless it's overpriced) start at asking price if you are going to be the winning bid. Scary, yes.

Median Days on Market was 28 days.

Pending:
For this same month DTJC 45 units changed their status from active to under contract. Their Median List Price was $549,900 and the Median Days on Market was 28 days.





Friday, April 12, 2013

Downtown Jersey City Real Estate Market Update - 1st Quarter

Downtown Jersey City Real Estate Market Update - 1st Quarter

Reporting From My Office!
We are full force into the Spring Real Estate Market and downtown Jersey City has made a nice rebound in sales. Let's start with the first quarter of 2013 below.

January:
Jersey City reported 40 condo sales. Their Median List Price was $460,450 and their Median Sold Price was $454,000. Median Days on Market was 27 days.

58 units were reported as pending for January.

February:
Jersey City reported a total of 28 condo sales. Their Median List Price was $499,000 and their Median Sold Price was $472,500. Median Days on Market was 25 days.

49 units were reported as pending for February.

March:
Jersey City reported a total of 54 units sold for the month. Their Median List Price was $499,000 and their Median Sold Price was $479,400. Median Days on Market was 28 days.

56 units were reported as pending for March.

First Quarter Sales Totals
122 Condo Sales
Median List Price for all was $498,944
Median Sold Price was $477,000
Median Days on Market was 28 days.

VS

First Quarter Sales in 2012
81 Condo Sales
Median List Price for all was $420,000
Median Sold Price was $414,000
Median Days on Market was 60 days.

First Quarter Condo Sales in Downtown Jersey City are up approximately 13% from the same time last year.

Thank you for reading my downtown Jersey City real estate market update! If you have any questions please don't hesitate to reach me! And remember you can search on my website for condos for sale at www.karinaabad.com
Check back soon for more updates!

Information gathered from the Hudson County MLS, deemed reliable but not guaranteed. 

Monday, January 14, 2013

Downtown Jersey City Condo Real Estate Update

My monthly downtown Jersey City Real Estate Update for the month of December is here! 

Happy New Year!
Late 2012 downtown Jersey City saw an extremely low amount of homes available driving demand and putting pressure on prices. Since then the amount of homes available has since increased however we are still at an absorption rate of under 3 month's favoring seller's in the current market conditions. Spring is around the corner which will bring even more buyer's out on the hunt therefore increasing pressure unless more inventory can come to market to help ease some of the pent up demand. We shall see indeed! 

So how did we do?

December Sales
For the month DTJC saw a total of 40 condominium units close. The Median List price for those units sold was $462,000 and the Median Sold price was $447,500 or just 3.1% off of asking price. The Median Days on market, was just 29 days.

December Pending 
The same month, DTJC changed 33 units from ACTIVE to PENDING. Of those 33 units waiting to close, their Median List price was $449,000 and the Median Days on Market was 26 days. There are additional units waiting to close that went under contract in November but are probably delayed because of Hurricane Sandy and we will likely see these numbers reflected in January 2013 report.

Also keep in mind that these sales do not reflect additional activity happening in buildings such as 77 Hudson or Hamilton on the Park that sell direct without recording all of the data on the multiple listing service.

Did you move into a home in December? Tell us about it! Are you still looking?

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

Thank you for reading my downtown jersey city condo real estate update, please check back for regular posts and information.


Tuesday, September 11, 2012

Jersey City Real Estate Market Condo Sales Update

The Jersey City Real Estate Market Condo Update






Condo sales in downtown Jersey City are selling in a relatively short amount of time. With the median days on market time just shy of two months, it's slightly up from July with 34 days on market time and sales are up slightly also at 39 from 33 in July. Inventory continues to remain low at just 165 units for sale, leaving an absorption rate favoring sellers, however homes still need to be priced correctly and show great to sell to multiple bidders.

Sales
For the month of August, Downtown Jersey City reported a total of 39 units close. From the lowest sale price of $217,000 for a 575 sq ft one bedroom condo to the highest price of $839,500 for a 1771 sq ft 2 bedroom 3 bath at 66 Morris St.

The Median List Price for the month was $484,900 and the Median Sold Price was $474,900. The Median Days On Market was 38 days.

Pending
In August, downtown Jersey City reported 48 units change their status to pending. From the lowest asking price of $199,000 for a 643 sq foot one bedroom at 689 Marin Blvd Zephyr Lofts, to the highest asking price of $979,000 for a 3 bed two bath unit with outdoor space (sq footage not listed) at 232 Pavonia Ave Hamilton Square.

 Median List Price for these units pending was $497,000 and the Median Days on Market was 44 days.

Search for downtown Jersey City condo's here and select your price range and number of bedrooms.

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

Make sure to check back for my monthly Real Estate Market Condo Sales Updates


Tuesday, May 11, 2010

Real Estate Photo Blog - 77 Hudson Jersey City

77 Hudson Street: Downtown Jersey City - Modern Glass Skyscraper. A view from inside.. congratulations to my buyers for closing on their home! It's sharp and chic, and don't get me started on the amenities in this building - best I've seen in Jersey City & Hoboken.


The spacious, grand yet minimalistic lobby. High ceilings, modern furniture, doorman and high - speed elevatorsA view from inside a 10 line. One of the few left with an actual terrace - all glass, lady Liberty in the background

One of the kitchen choices available at 77 Hudson. My buyers went with super chic all white cabinets with classic Carrera Italian marble and espresso dark hardwood floors..
Notice the fridge, how they've covered the outside to match the seamless look of this modern kitchen.
A view from the terrace. Across is Goldman Sachs building and lot. Just beyond is lower Manhattan. It's pretty incredible to live in an all glass building, you truly feel like you're outdoors.

77 Hudson Street still has a great selection of units available and they are currently offering great incentives to buyers.




Monday, March 8, 2010

Jersey City | Real Estate | Market | Snapshot

Downtown Jersey City Real Estate Market Snapshot


Downtown Jersey City saw a much more modest number in sales compared to Hoboken. The total number of units sold for the month of February was 21, identical to January's sales numbers of 21. Slightly better number in pending sales of 31 units. At a pace of 21 units a month, downtown Jersey City currently has a 16 month supply of homes on the market. Average days on market for those sold is 86, shorter than for those pending. This could be attributed to the amount of short sales in the area that are taking longer to close.

Jersey City Sold
- Click to view units sold for the month
Total # of Listings
21
Lowest Asking Price
$165,000.00
Average Asking Price
$409,600.00
Highest Asking Price
$677,900.00
Lowest Sold Price
$150,000.00
Average Sold Price
$390,071.00
Highest Sold Price
$645,000.00
Average Price/Sq Feet
$405.04
Average Days On Market
86

Jersey City Pending - total pending units
Total # of Listings
81
Lowest Asking Price
$199,000.00
Average Asking Price
$455,325.00
Highest Asking Price
$999,000.00
Average Price/Sq Feet
$420.75
Average Days On Market
106
These numbers are based solely on condomonium sales and do not reflect, single families, multi families or other properties, including private developer sales which are not all publicly available on the Multiple Listing Service.

Monday, February 15, 2010

Downtown Jersey City Condo - Just Sold

Just sold an adorable, bright one bedroom condominium plus extra den in downtown JC just 2 blocks to Hamilton Park. First time buyer Ryan had his eye on ownership for about two years. Great timing, because he not only was able to buy more house for less money this year, he closed in time to receive his $8,000 tax credit and he was able to secure a low interest rate on his mortgage. There are some great buyers in Jersey City real estate condominiums for sale, especially for first time buyers right now.




The condominium is located in a quaint, 3 unit brownstone that was built in the late 1800's! It was condo converted in 2004.




650 square feet, one bedroom and den with beautifully renovated, spacious eat in kitchen, and a gorgeous new bath (my favorite) with subway tile, and Italian Carrera Marble and tub with a ledge perfect for spa toiletries and candles! Sale price $255,000 :)





Congrats to my buyer!

Friday, January 29, 2010

Jersey City | Real Estate | Listings | For | Sale | And Their Agents

It never seizes to amaze me how some real estate agents conduct business and list real estate property.

I have to give credit where credit is due first; Hoboken real estate agents, and even downtown Jersey City agents are for the most part very professional, responsive and do a good job marketing property and getting feedback.

However, the Heights is a completely different story, and I'll even stretch and say that the same rings true for agents in Union City.

Here is a classic example, I just got off the phone with an agent who does not have any interior pictures of a property he is marketing listed anywhere, not on the MLS, not on the internet, nothing. So of course, it is my job to call him and ask specific questions about the interior and condition of the property. As an agent, I don't like to take my clients to properties they won't like. I, like consumers like to browse through pictures to get a sense of a property before taking my buyer to it.

So, I asked 'what kind of condition is this in'? His response, "good." Me - 'what does the inside look like? Is there a newly renovated kitchen and bath? Hardwood floors? Tile?' He said there aren't any pictures so you just have to see it. The owner is home he'll let you in.' Me - long sigh.

Really.

Another example of lack of professionalism. I'll call xyz typical realty in Union City, and get an answering machine or worse no answer. If I get a machine I'll have to call and leave a message then stalk the office for days until I get someone on the phone. This is usually a week process and is extremely frustrating when trying to make appointments to show your prospective buyers property in these areas..

These agents and agencies need to step it up and service their customers. After all they too are paying their agents to sell their home. And that means calling people back promptly to make appointments to get as many buyers and their agents through homes as possible.

I want to bring up three major points that keep properties from selling.

Number ONE - No pictures!
Buyers AND agents will skip over your property because you don't have any pictures. I can not say this enough. In addition to having pictures, you need good, quality pictures. See my previous post on do's and don'ts of pictures.

Number TWO - Seller home for showings. Another big no no.
This is a huge deterrent for buyers and agents. This can go along with agents having to accompany showings.
Why is this a bad idea?
Many reasons. To start, buyers are instantly uncomfortable when seller's are home for showings. The reason agents stage and neutralize property, and ask that sellers are not home for showings is to make the buyer feel like they are in their own home, to picture themselves there and spend as much time as they like previewing a home.
Sellers, when you are home, the buyer will feel like the are intruding on your home. They feel uncomfortable, will rush through the appointment and become annoyed that they couldn't see the house they way they would've liked to - through their eyes.
In addition to making your prospective buyer uncomfortable, some sellers give them a hard sell. Every buyer has an agent that they are working with for a reason, and the agent knows what features to point out to their buyer based on what they know about their client.

Why do people hate car salesman? Because everyone hates being "sold".

Seller's, if you must be home, it is to your benefit to step in a hallway, or find a space where you are out of sight so that you give the buyer a chance to experience the house as if it were theirs.
Don't follow around the buyer and their agent, and don't feel the need to describe your home and all of the work you did or how great your neighbors are - this will just give the buyer the feeling that you are pushing too hard and maybe there is something wrong with this place. I can't tell you how many times I've heard someone say to me in this case, "if it's so great why are they moving?"

And lastly number THREE: Hard to make an appointment.
This may sound obvious, but sellers, when you are interviewing agents here is a test you need to conduct. Call the agents and their offices as a prospective client and take notes of how long it takes for you to receive a call back. Then call back and act as a prospective agent and see how easy or difficult it is to make an appointment.

Both are important, because although yes it's buyers you want, but buyer's typically have agents and it's the agent's who make their appointments.

If you own a home or condo in Jersey City Heights, Union City or any of the neighboring towns, I would think twice about the impulse to call a local agency. If they don't seem professional to you, then call a real estate office in Hoboken or downtown Jersey City and enlist a professional who is familiar with your area and homes similar to yours. One important tip in this case: you'll need to ask that your agent install a lock box in a safe location, because the one drawback to having an agency from Hoboken for example list your home in North Bergen, is gaining access to the house. No agent wants to drive 20 minutes out of their way to pick up and drop off keys, so make sure it's easy for them by having a spare set at home. If you are not comfortable with this, then again, do your homework and find the most professional office in your area.