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

Hoboken Real Estate August Sales Update

A Kitchen At The W Residences Hoboken

Happy Labor Day! Here is Hoboken's Real Estate August Sales Update

As the summer comes to an end, summer sales remain steady as Hoboken is still affected by a current inventory shortage and a large pool of buyers looking to make the jump into home ownership and locking in a low mortgage rate. As September rolls in, we expect to see a bump in homes available but not in competition as there is currently lots of demand for Hoboken homes. 

Sales:
For the month Hoboken condos saw a total of 83 units close. Up from 77 sales in July. From the lowest sale price of $191,000 for a studio short sale at 157 7th St to the highest sale price of $1.955 Million (P.S. that was CASH) for a eco friendly, green, 2650 sq ft 4 bedroom 3 bath with yard, in ground garage at 124 Park Ave.

The Median List Price for the month was $499,000 and the Median Sale Price was $480,000. The Median Days On Market was 32 days.

Pending:
Also in August, 55 units changed their status from active to pending. From the lowest asking price of $265,000 for a 631 sq ft one bed plus den at 131 Madison St, to the highest asking price of $999,995 for a 1504 sq ft 3 bedroom 2 bath at Tolls Brothers 1450 Washington St.

The Median List price for those units pending was $450,000 and the Median Days On Market was just 28 days.


If you're looking for a home make sure to visit my website to search for the right place for you at www.myhobokenproperties.com

AARAA Hoboken Sale!

Ladies one of my favorite stores, Aara in Hoboken is having a sale! They are located on sixth street between Adams and Grand St.  They have a great selection of jewelry and accents I always leave with something I love.  The owner is very sweet, she once let me take home two bracelets to try on, because I was considering them for my wedding. I bought one and returned the other but I couldn't believe she did that for me! I'll upload a picture of it one day it's gorgeous. Happy shopping! 

Shop AARAA for the best imported designs, jewelry and accessories in Hoboken. Is this email not displaying correctly? View it in your browser. End of the Summer Sale   It is that simple. From 15-50% Off on Jewelry, Accessories and all Home Products.   Come in and delight your senses and keep a few dollars in your pocket. Home Furnishings Pillows, drapes and silk room decorations are all on sale.  Come find a great piece for your home. Accessories Leather-sole sandals, slippers and handbags are also on sale.  Better quality doesn't exist in Hoboken.  follow on Twitter | friend on Facebook | forward to a friend  Copyright © 2012 Aaraa, All rights reserved. join list Our mailing address is: Aaraa 408 6th Street Hoboken, NJ 07030 Add us to your address book

--
Kind Regards,

Karina Abad
RE/MAX Gold Coast Realty
Sales Associate
O: 201.795.0100
M: 201.355.6171

NJAR Circle OF Excellence 2006-2011
Connect

Hoboken Real Estate Condo Market Update

610 Clinton St 3 Bed Loft

My Hoboken Real Estate and Condo Market Update for July is here!
I'm excited because it's summer :)

SALES
For the month of July Hoboken saw 74 units close. From the lowest price, and smallest, 269 sq ft studio with an asking price of $192,500 sold for $187,000; to the highest sale price at 1125 Maxwell Place for a 1749 sq ft 3 bedroom plus den 3 bath condo with balcony and parking, an asking price of 1.385Million and sold to the highest bidder at 1.550Million

The Median List Price for all units sold in July was $525,000 the Median Sold Price was $516,500. The Median Days On Market was 36 days.

PENDING
July also showed a total of 66 units change their status from active to Pending. With the lowest priced unit a starter 500 sq foot one bedroom  at 509 Monroe with an asking price of $239,000 to the highest price home at 610 Clinton St, 1925 sq ft 3 bedroom 2 bath with private elevator, garage and roof deck, with a price tag of $1.099Million

The Median List price for all units pending in July was $449,250 and the Median Days On Market was 39 days.

As you can see Hoboken real estate is moving at a relatively quick pace. With the days on market time less than 45 days.

Currently inventory as of today, is just showing 198 condo's for sale. This is proving to be difficult for buyers looking for homes as there is little to choose from, but it is an advantage for seller's and this could be a great time to sell. We are still averaging about 70 units a month close, which means our market has just about 3 month's worth of inventory, indicating that we are tilting towards a buyer's market.

If you're looking for a Hoboken condo be sure to visit my website to search what's available. Check back next month for another Hoboken Real Estate Condo Market update!

How To Increase The Value Of A Home

 How To Increase The Value Of Your Home

Home Price Appreciation

Outside of a homeowner's control, the biggest factor is market conditions. Other important issues are:

• condition of the property
• specific home improvements
• neighborhood stability and safety

The greatest rise in home prices occurs when the economy is strong and the number of home sales is increasing. Specific home improvements can increase the value above the cost of the improvements.

• remodeled bathroom returns, 81 percent to the owner
• bathroom addition, 89 percent
• master bedroom suite, 82 percent

Remember, quality pays. Well-planned and well-executed remodeling jobs are a good investment while bad work seldom enhances value or livability.
The safety and security of a neighborhood can affect property values, too. If you live in a high-crime area, an organized community watch program not only will lower the crime rate but give home values a boost, too.

How can I increase the value of my property?

Specific home improvements can increase your property value above the cost of the improvements themselves, such as remodeling a kitchen, adding a bathroom, finishing a basement or upgrading landscaping. Just be sure that quality pays with remodeling. A bad remodeling job will do little to boost your property value.
If you live in a high-crime area, an organized community watch program not only will lower the crime rate but can enhance property values, too. It also helps to live in an area where other homeowners are upgrading their homes, which can help pull up your property value, too.
The bottom line is to measure the cost of any improvements you want to make against the overall values in your neighborhood. If you over improve for the neighborhood, you may not necessarily recover your costs or boost your property value significantly.

Will buying a bigger home increase my profit?

To see more important questions and answers please visit my website and check out "Owning A Home" here

3 Tips For Snagging A Hoboken Rental

These days snagging a Hoboken rental may seem like the ultimate challenge. And you thought getting a drivers license was hard.

While the inventory is still low and demand high, finding an apartment can be difficult. 5th floor walk ups, tiny bathrooms where if you don't watch your step getting out of the shower you'll step into the toilet, and nearest laundry mat is 4 blocks away?!

Ok, no, not all Hoboken apartments are tough sells, I've listed and rented many a diamond but you have to be in the know and working with an agent if you're going to score one.

So, once you find a great apartment, here are 3 tips that will help ensure you are the winning bidder.

1. High Credit Score
Ideally your credit score will be in the mid to high 7's and extra points if your credit score begins with an 8. Landlords are looking for tenants that have a great credit history since the market is competitive they can be choosy.

2. Guarantors
Know that your credit isn't squeaky clean? Or maybe you just don't have any yet, if either are the case, definitely ask your parents if they would be willing to be your guarantor on the lease. This will make the landlord feel more at ease and would likely favor them renting to you. One note, your guarantors will also need to have good credit and available income to cover your rent in the event you can't pay.

3. No Pets
Sounds crazy because Hoboken is super pet friendly, but more and more landlords are saying no to pets. And even though you are happy to offer an additional pet deposit, landlords can't accept it because it is considered to be more than 1.5 months of security deposit.
If you come across a landlord that doesn't want pets, I would recommend you offer one of two things.

A non refundable pet fee of $500 or, $25-$50 additional monthly rent. Sounds like a lot but if the alternative is you can't live without FIDO and are having difficulty finding an apartment then hopefully that should do the trick!

These 3 tips should help you snag a Hoboken Rental. If you'd like to search for apartments now, check out www.searchhobokenrentals.com or visit more complete listings by visiting my remax website.

Hoboken Real Estate Prices Jump

Buyers be ready: Hoboken real estate prices jumped from the first quarter to second quarter in 2012.

Hoboken's condominium supply once again continues to be shy of current demand. Second quarter sales total 211 while the Median Sales Price reaches higher than the Median List Price. Median Sale Price reported was $476,000 (the Avg Sales Price $525,699) compared with First Quarter Median Sale Price of $437,000. That's an increase of an amazing 8.1% in one quarter.

The Median Days On Market was a shocking 48 days, leaving many buyers stunned to this reality. Current inventory stands at just 220 units total, which leaves us with a current absorption rate of 3.6 months! Now may be the time to sell your Hoboken condo. If you are buying a property make sure you are armed with these numbers so you can make a good offer based on real numbers.

501 9th St Condo For Sale With Private Terrace

Happy house hunting!

Multiple Offers On Market 1 Week

July 4th 2012 Hoboken

July 4th 2012 in Hoboken will prove to be another big holiday! The city is expecting huge crowds again, (10's of thousands!)  as people from surrounding neighborhoods and New York come into town to catch the incredible show from this side of The Hudson River and gazing over the spectacular Manhattan Skyline. 

The City Of New York announced that the fire works will be on the New Jersey side again so the best place to watch the show will be from Hoboken and you can catch them North of Hoboken from Weehawken, Union City and Guttenberg, especially from Blvd East and River Road. 

If you're coming into Hoboken come early to take a spot along the waterfront on Sinatra Drive. It is strongly recommended you leave your car and get around via public transportation or on foot as gridlock delays are to be expected.

July 4th Specials and Bar Promos

*Grand Opening at Pier 13! 1301 Sinatra Drive, outdoor biergarten opening at noon! $10 cover (just for the 4th) and $20 after 3PM Guest DJ's (Raphael Valantino, Chachi and Dalton) , craft beer selection, plus mixed drinks and frozen drinks oh yeah, and amazing views! 

The Hoboken Historical Museum is having a family friendly BBQ from 5-10pm with food and front row seats for the fire work show. $50 per ticket, kids are free, and reservations required. (201)656-2240 or e-mail the museum at info@hobokenmuseum.org

The Chandelier Room at the W Hotel on the waterfront is having a party, DJ theory will be spinning and bottle service specials all night.

Mikie Squared on Washington St and 6th, is offering $10 pitchers of Red, White or Blue Sangria. (My GF will looove this)

City Bistro on 14th Street between Hudson and Washington St is offering $3 Corona's and Coors Light plus their roof top deck and bar will be open! 

Street Closures Important Info

Below are the street closure and re-routing information according to Hoboken's city website.  

Due to the closure of Hudson Place, the west side of Hudson Street from Hudson Place to Observer Highway will be the designated taxi area.

The following streets will be closed to all traffic except emergency vehicles between 8 am and midnight on July 4th:

• Sinatra Dr. from 15th St. to 1st St.
• River St. from Hudson Place (PATH) to 4th St., however between 1st St. and 3rd St, River St will be open for limited access to residents and parking patrons only.

Additionally, no parking will be permitted on the following streets between 8am and midnight on July 4th:

Picture From A Private Terrace Near River St and Hudson Place

• Sinatra Dr. from 15th St. to 1st St (no parking as of July 3rd at 8 am)
• 4th St. from River to Clinton (on the south side of the street)
• Willow Ave. from 11th St. to 4th St. (on the west side of the street)
• Hudson Place (by the PATH)
• Newark Street from Hudson St. to Sinatra Dr.
• Clinton St. from 7th St. to 8th St.
• Hudson St. from 14th St. to 2nd St (on the west side of the street)
• Hudson St from 2nd St. to Observer (both sides)

At 9:00pm, only westbound traffic will be permitted on the 14th Street Viaduct.

The Hoboken Volunteer Ambulance Corps will have first aid stations at Pier A Park, Sinatra Park, 8th St. and Sinatra Dr., 12th St. and Sinatra Dr., and 14th St. and Sinatra Dr.

What are you doing this 4th? House party? Headed to the Piers or the beach?

Hoboken Condos Real Estate Update

My monthly Hoboken condos real estate market update for the month of June is here!

Hoboken real estate does not appear to be slowing down even given the record high temperatures in June. There are still lots of buyers looking for move in condition homes or good opportunities and the condo market has not added a significant amount of inventory to impact the pace at which homes are selling. This is keeping pressure on prices and for the first time, we see a list price to sale price, where the sale price is actually HIGHER than the median list price.

Sales:
For the month of June Hoboken saw 72 units close. Slightly up from 69 condo units in May.
The lowest sold price was $220,000 for a 600 sq ft one bedroom at 118 Jefferson St with a list price of $229,000. The highest sold price was $1.3Million, for a rare 3,500 square foot 4 bedroom 3 bath triplex with private elevator, outdoor space and 3 car garage at 504 Observer Highway, it's original list price was $1.4Million.

The Median List Price for these units sold was $485,000 and the Median Sold Price was $489,300. The Median Days on Market was 23 days. (down from 32 days in May)

Pending:
76 Hoboken condo's changed their status to pending in June. From the lowest asking priced unit of $239,000 for a 600 sq ft one bedroom at 79 Madison St, to the highest asking priced unit of $1.385Million at 1125 Maxwell Place for a 1749 sq ft three bedroom three bath unit.

The Median List price for these units pending was $493,500 and the Median Days on Market was 33 days.

Our current inventory is still surprisingly low, with just 235 units currently for sale. Averaging about 70 sales per month, that leaves us with an absorption rate of just 3.3 months of inventory.

If no other sales come on the market, it will take Hoboken buyers just a little over 3 months to buy all of the homes available..

Make sure you are ready and prepared for when the time comes for you to make an offer on a home. Read my "How To Make An Offer"  3 items you'll need on my Trulia blog.

Check back every month for Hoboken real estate market updates! Search for Hoboken condos for sale on my website 

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