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Hoboken, NJ Real Estate News

By Brian Murray
(Prime Real Estate Group)
Is the Hoboken Real Estate Market Flat? Taking a look at the above chart, it might appear that condo real estate prices in Hoboken have remained relatively flat over the past year. The lower 75% tracks similarly while the upper 25% has big swings based on the potential of a few very high priced sales unduly influencing the numbers. Upon a closer look, the truth is frightening to sellers and a real opportunity for buyers. Digging down on the upper second quartile (50%-75%) median prices have dropped from near $550k to $510k. Some of the price drop may be from lower priced homes selling. Some is definitelt from a lowering of prices. These charts and more Hoboken market statistics are available on a weekly basis in my free Hoboken Real Estate Trend Report. Is the Hoboken Real Estate Marke...
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By Edward Perez
(Sothbey's International Realty)
Here are the final sales figures for October 2010 compiled using the Hudson County Multiple Listing Service. How’s the real estate market in Hoboken?  I’m often asked this question.  My answer.. “that depends if you’re a buyer, seller, renter or investor!” In the October 2010 condo statistics, signed contracts for Hoboken condos were down 45.8% compared with same month in 2009.   46 contracts were signed last month compared with 85 during the same period last year.  Not welcoming news if you’re a seller! Now on the flip side, a buyer might embrace this news with open arms!  Buyers face an improved affordability environment with average closed sales prices off 9% to $441,408 in October 2010 from $485,190 just a year ago.  Interest rates also remain at historic lows with 30 year fixed ra...
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By Brian Murray
(Prime Real Estate Group)
This Week In Hoboken Real Estate: Oct 25th - Nov 1st Stop Right There. I can't beleive it. The market has turned to post Thanksgiving even with interest rates never seen before. Thanks to Mike Mundy from Pinnacle for the info below. Four contracts this week. Four!!!! OMG. REVISED October 31st, 2010---- 11:00 AM ET Lock Period = 45 Days CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000) 30 YEAR FIXED ---------------------------- 4.250%/ 4.264% APR 30 YEAR FIXED INTEREST ONLY--- 5.125%/ 5.139% APR 15 YEAR FIXED----------------------------- 3.750%/ 3.883% APR 5 / 1 ARM------------------------------------- 3.125%/ 3.005% APR 7/1 ARM ------------------------------------ 3.375%/ 3.274% APR * All quotes are with 0 points *Investment Properties --- ** Add 1.75 points (if 25% d...
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By Edward Perez
(Sothbey's International Realty)
  One of the nicest features of living in Hoboken is being able to enjoy our abundant neighborhood parks, many of them located on or near the waterfront.     Elysian Park, at the corner of Frank Sinatra Dr and Hudson St (at 11th) is one of our oldest. On June 19, 1846, Hoboken’s Elysian Fields played host to the first officially recorded, organized baseball game. Though it is believed that the Maxwell House Coffee Plant (now Maxwell Place Condominiums) was later built on the spot where the first game was played, the smaller Elysian Park still remains. Elysian Park has two playgrounds that are fenced in and have spongy flooring, slides, swings and benches.  There’s also a fenced in dog run that will keep Fido happy, a basketball court and rest rooms. The Northern end of prestigious Castl...
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By Edward Perez
(Sothbey's International Realty)
While you are in the process of getting a mortgage many lenders will look closely at your application before agreeing to give the approval for financing. Following are five items that lenders consider before approving a loan, they are often referred to the ‘5 Cs of Credit’ – Character, Collateral, Capital, Credit and Capacity: Character – This is a subjective opinion of your trustworthiness to repay the loan. For this, your educational background, professional experience, length at your current employer and current residence will be considered. Collateral – The lender will be looking for assurance that if the borrower was unable to repay the mortgage, the property that is mortgaged can be resold. This is why lenders require an appraisal for the home they will be approving a loan for. C...
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By Edward Perez
(Sothbey's International Realty)
As an FYI, the 23rd Annual Taste of Hoboken that wassupposed to take place on Tuesday November 9, from 6-9 PM, has been cancelled. When it is rescheduled we will have the new time and date posted.  It is worth the wait since this event always brings out the best establishments located in Hoboken, so be sure not to miss out on this. For more information on living in a progressive city like Hoboken, where they’re always coming up with new ways of making the city a better place to live, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.  
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By Edward Perez
(Sothbey's International Realty)
Hoboken is will soon be unveiling conceptual drawings for a proposed 9/11 memorial, which could be potentially completed next year in time for the 10th anniversary of 9/11. The proposal features two raised, semi-circular platforms, each holding up one half of a glass panel that would be lit to represent the Twin Towers.The platforms will also have a place for visitors to sit and display mementos and flowers in honor of those who died in the attacks. There will also be a piece of steel from the World Trade Center site contributed by City Fire Chief Richard Blohm. The proposed memorial was designed by Secaucus-based engineering firm Remington and Vernick and would be built in the middle ofHoboken’s Memorial Tree Grove next to Pier A Park where the temporary Tear Drop 9/11 memorial is cur...
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By Walter Burns
(Keller Williams City Life Realty)
Below is the Hoboken real estate market update for condominium sales for September 2010. All information is gathered from the Hudson County Multiple Listing Service. Currently there are 489 Active condos for sale in Hoboken. 121 condos are under contract waiting to close. 51 condos sold/closed in September 2010. This compares to 55 condos which closed in August 2010. Please additional details about this Hoboken condo market update, please visit my Hoboken real estate blog.    
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This Week In Hoboken Real Estate: Oct 18-25th Where Did The Fall Market Go? Today's weather notwithstanding, the next Hoboken Real Estate weekly report will be in November. Goodbye fall market we hardly knew ya. Discussing the market with several realtors this week. It feels as though the prices have dropped three to five percent from the spring. It really is hard to compare apples to apples with small numbers but that's the educated estimate. A new format for This Week In Hoboken Real Estate Reports. I am going to give everyone the highlights here but as to not bore the rest of you, anyone who wants the free breakdowns can sign up to get the weekly reports emailed directly to them. I am sure I will be killing the traffic to my site...so tell a friend to read me. This week is not a surp...
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By Edward Perez
(Sothbey's International Realty)
Hoboken, New Jersey – I sometimes get the question “What are the benefits of living in a Hoboken 4th floor walk-up building”  For those that have not had the privilege of having lived in one, it’s a term used to described a residential condo or apartment that does not have an elevator.  One has to “walk-up” the stairs to get to their home. Here are two that come to mind!               Not to mention a brighter home with more light, possibly higher ceilings and no noisy neighbors stomping around above you…ahhhh quiet living!! Oh yeah, it can help keep the in-laws away too.  For more information on living in a progressive city like Hoboken, where they’re always coming up with new ways of making the city a better place to live, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market  in...
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By Brian Murray
(Prime Real Estate Group)
Hoboken Open Houses Map Oct 23rd & 24th Magoo Realty Strikes Again. I've gotten away from harping on Magoo Realty for a time. But now with their offices popping up like nail salons all over town it's time to peel back the onion a bit. Each day I scan the new listings to keep a handle on the market. Two caught my eye this week from Magoo. 1) A nice condo...I started scrolling through the pictures and I stopped. There was a dog in one of them. Hmmm. that's odd. This isn't craigslist. Now for the important part. I went back to the listing info....NO pets allowed. That got me thinking...was the dog fake? stuffed? (creepy but I hear some people do it.) or was the dog just passing though...wrong place wrong time. 2) Another nice condo. Info lists a "shared" private yard. Is this like your sp...
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By Edward Perez
(Sothbey's International Realty)
Hoboken, New Jersey – The annual Hoboken House Tour is this Sunday, October 24th, 10am to 4pm. A truly fun and unique event where kind Hoboken homeowners open their doors to benefit the Hoboken Historical Museum.  Now regarded as one of the five “Grand Tours” in the Northeast by This Old House magazine, tour goers will again take to the streets to experience a wonderful and varied selection of Hoboken’s homes. A few years ago, I had the privilege of opening the doors to my Victorian brownstone for this fantastic event and will definitely be in attendance for this one. This years Hoboken tour will showcase an array of brownstones, and some of our hottest contemporary condos.  Make a day out of it and enjoy the self-guided tour. Tickets are $25 in advance; $30 the day of and for Museum m...
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This Week In Hoboken Real Estate: Oct 12-18 or The 3 Questions Every Hoboken Seller Should Be Asking It's crunch time. (or Go time if you listen to all of those JETS commercials trying to convince you that they are superbowl worthy).... OK Hoboken sellers... It's Go time. Not lowering your price? Here are the 3 questions that you need to ask yourself. 1) If you home doesn't sell in the next four weeks, are you willing to wait until May to move? 2) If the answer to question 1 was yes.... Do you think that buyers will have more or less purchasing power in April? (i.e. is it likely that interest rates will go down, thereby increasing a buyer's purchasing power...or up) 3) If you are upgrading your home from this sale, is it better to lower you price now, lock in a great rate and get a grea...
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By Brian Murray
(Prime Real Estate Group)
Hoboken Open Houses Map Weekend of 10/16, 10/17 Hoboken Street Named Among Top 10 In USA « CBS New York – News, Sports, Weather, Traffic and the Best of NY Here's the rundown for this weekend. These free maps are a service of Brian Murray. Open houses are a great way to get a high level view of the market when just starting your search but keep in mind the following important items: 1) Open houses only represent a small portion of what is available. On any given week end in Hoboken, there are between thirty and sixty open houses. This represents as little as 5% of the total inventory. A buyer who is just starting out should see open houses in different price ranges to understand what your money will buy in terms of square footage and location. Beyond and initial five or six open houses...
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By Edward Perez
(Sothbey's International Realty)
Hoboken’s unique and lovely Washington Street has received an award from the American Planning Association (APA) for its Great Places in America: Streets award for excellence in planning.  To receive this award the criteria was based upon communities that offer better choices for where and how people work and live. With that in mind it was easy for Hoboken’s Washington Street to quickly rise to the top. Washington Street is known for its uniqueness with incredible historic storefronts lining the street with the backdrop of the Hudson River and New York City skyline.  There is something for everyone with the many amazing restaurants, lounges, shops, and boutiques you can find on Washington Street. With the current modern look and feel of Washington Street, it is difficult to believe tha...
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By Edward Perez
(Sothbey's International Realty)
Many of you may be surprised to see so many properties in pre-foreclosure in Hoboken.  According to distressed property website RealtyTrac, there are currently 68 properties in Hoboken that are in pre-foreclosure. Additionally there were 16 properties that have been foreclosed on and are now bank owned properties. In Jersey City, the number was much higher with 1,148 properties in pre-foreclosure and 253 that are now bank owned. I’ve created a new resource for Hoboken and Hudson County residents who may be in danger of losing their homes to foreclosure. ForeclosuresHudsonCounty.com acts as a hub for information on the facts and issues for struggling homeowners and contains vital facts about options available to these homeowners, to help them make the educated decisions about their futu...
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By Brian Murray
(Prime Real Estate Group)
This Week In Hoboken Real Estate: Oct 4-12 Eight Days A Week Is NotEnough To Show I Care.... These long weekends. I know some of you had to work. But it is Hoboken and Columbus was Italian. ...I wonder if everyone in Columbus Ohio got the day off??? A new format for This Week In Hoboken Real Estate Reports. I am going to give everyone the highlights here but as to not bore the rest of you, anyone who wants the free breakdowns can sign up to get the weekly reports emailed directly to them. I am sure I will be killing the traffic to my site...so tell a friend to read me. This week is not a surprise to anyone reading my Q3 Hoboken Real Estate Report. The market is slowing. Only 10 under contract in the long week. Active Hoboken condos have grown by about 30 in a week's time. 45 price chang...
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By Edward Perez
(Sothbey's International Realty)
Hoboken is requesting residents to give up their parking permits in exchange for up to $500 in incentives. The “Surrender Your Permit” program was announced in early Sept. as a possible solution to the Mile Square’s chronic parking problem by removing more cars from the streets. It has been said that it is significantly less expensive to rent a car as needed vs. owning one. Estimates are that it can even be thousands of dollars cheaper to rent a car on an hourly basis when necessary rather than owning. What will you get if you give up your Hoboken residential permit? Two years of free membership to Connect by Hertz, plus a $100 credit to Corner Cars (a $200 value) A $50 bike helmet, courtesy of Flo on Wheels A shopping bag, technical running socks, Timex pedometer and $20 coupon toward...
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By Walter Burns
(Keller Williams City Life Realty)
Below are the top 3 most expensive Hoboken condo sales for September 2010. All information is gathered from the Hudson County Multiple Listing Service.1. 2 Constitution Court - PH1 & PH2. Sold September 10th for $2,200,000.2. 61 Madison St. Unit A. Sold September 30th for $990,000.3. 56 Jefferson St. Unit 5A. Sold September 1st for $975,000.For the additional details on these Hoboken condos, please visit Living on the Hudson.
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By Edward Perez
(Sothbey's International Realty)
According to the National Association of Realtors® home sales have increased again for the second month in a row. The Pending Home Sales Index show an increase of signed contracts in August that rose 4.3 percent to 82.3 based on contracts signed in August. The increase is from the 78.9 percent data from July. The figures represent contracts and not closings, which generally have a delay of one to two months. Lawrence Yun, NAR chief economist, has stated that the latest data is consistent with a gradual improvement in home sales in upcoming months. Yun also said that, “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market.” “However, the pace of a home sales recovery still depends more on job creation and an accompanyin...
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