Hoboken, NJ Real Estate News

By Edward Perez
(Sothbey's International Realty)
It’s summer in Hoboken and time to enjoy our great city on foot or by bike and not have to worry about traffic. This is great way to enjoy the weather and the scenic view of Hoboken without the hustle and bustle of cars and trucks. Beginning on Sunday, June 13th, Sinatra Drive between 4th and 11th Streets will be closed to vehicular traffic and open for only recreational use from 10:00 am to 6:00 pm during the months of June, July and August. In 1998 the City council passed a resolution closing the street during the summer. The Sinatra Summer Sundays has a major emphasis on safety of Hoboken residents and visitors and is coordinated by the Hoboken Police and Fire Departments. For more great reasons to buy a home in 2010, please click on The Best Time to Buy a Home is Now! If you have b...
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By Edward Perez
(Sothbey's International Realty)
  With the summer months upon us there is no better way to enhance a meal with fresh vegetables or fruit. The Hoboken Uptown Farmers’ Market will be open to the public and will run through October and will be open Thursdays from 3 pm to 7:30 pm. With the convenient hours of operation, how can you pass up the chance to pick up some of the finest produce at outstanding prices. There are many great vendors returning from last year. They are as follows: Ort Farms of Long Valley, NJ, Stony Hill Farms of Chester and an organic farm, Jeff’s Produce. All the farms that are participated are certified ‘Jersey Fresh,’ which is the stamp of approval that ensures a customer is getting the best of locally grown fruits and veggies. If you have a sweet tooth, be sure to check out Gina’s Bakery of Mont...
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By Brian Murray
(Prime Real Estate Group)
Hoboken Open Houses Map Weekend of 6/12, 6/13A quiet summer weekend in Hoboken. 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, a realtor will save you time by working with you to help define your wants versus your must haves and the proper...
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By Walter Burns
(Keller Williams City Life Realty)
  1. 225 River St. Unit 2502 – The W Hotel & Residences Hoboken. This 3 bedroom 3.5 bath, 2,367 sq.ft. condo featured north/east views of Manhattan with floor to ceiling windows. This luxury condominium sold for $2,400,000 on May 24th. To see the entire list of the top 3 condos sales in Hoboken, please visit my Hoboken real estate blog.
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By Brian Murray
(Prime Real Estate Group)
This Week In Hoboken Real Estate: May 31- June 7 So here we are speeding towards the summer . Hoboken sellers better start thinking price reductions if they want their homes sold before the back to school ads start hitting the airwaves. The number of condos under contract took a sharp downward turn this week. A harbinger of the summer to come? Another week that is almost a mirror image of last. 29 New Condos to The Hoboken Real Estate Market 31 Price Changes 9 Under Contract 18 Sold Hoboken Properties AN IMPORTANT NOTE: if you click on the links in the speadsheet, it opens a page with more info about the property. If you want to see additional pictures, you must register. I didn't make the system. Still want more? Get my Hoboken Real Estate Report April update or Hoboken Real Estate Tre...
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By Edward Perez
(Sothbey's International Realty)
Recent legislation created to jump-start New Jersey’s housing market is taking place by creating a tax credit for home purchases during 2010. The tax credits will amount to up to $15,000 or 5 percent of the home purchase price, whichever is less, for homebuyers of new and previously owned homes. The cap for the total of the credits will be $100 million, with $75 million allocated for purchases of newly constructed homes not previously occupied and $25 million allocated for purchases of previously occupied homes. A convenient automated system, will be administered by the Division of Taxation to determine credit eligibility of a potential homebuyer. It will be a first-come, first-served basis for homes purchased during 2010.  The credit will be divided into three equal credits claimed ov...
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By Brian Murray
(Prime Real Estate Group)
Hoboken Open Houses Map Weekend of 6/5, 6/6A quiet summer weekend in Hoboken. 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, a realtor will save you time by working with you to help define your wants versus your must haves and the properti...
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By Brian Murray
(Prime Real Estate Group)
From the IHRE Mortgage guy... REVISED June 1st, 2010---- 10:00 AM ET Lock Period = 30 Days CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000) 30 YEAR FIXED ---------------------------- 4.750%/ 4.762% APR 30 YEAR FIXED INTEREST ONLY--- 5.375%/ 5.395% APR 15 YEAR FIXED----------------------------- 4.250%/ 4.263% APR 5 / 1 ARM------------------------------------- 3.625%/ 3.347% APR 7/1 ARM ------------------------------------ 4.000%/ 3.721% APR * All quotes are with 0 points *Investment Properties --- ** Add 1.75 points (if 25% down)** *There is a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500) 30 YEAR FIXED ---...
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By Brian Murray
(Prime Real Estate Group)
This Week In Hoboken Real Estate: May 24-31 So here we are speeding towards the summer . Hoboken sellers better start thinking price reductions if they want their homes sold before the back to school ads start hitting the airwaves. The number of condos under contract took a sharp downward turn this week. A harbinger of the summer to come? 30 New Condos to The Hoboken Real Estate Market 30 Price Changes 9 Under Contract 18 Sold Hoboken Properties AN IMPORTANT NOTE: if you click on the links in the speadsheet, it opens a page with more info about the property. If you want to see additional pictures, you must register. I didn't make the system. Still want more? Get my Hoboken Real Estate Report April update or Hoboken Real Estate Trend Report..... This Week In Hoboken Real Estate: May 24-31
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By Edward Perez
(Sothbey's International Realty)
At a recent industry event that took place in Washington, D.C.,  Lawrence Yun, chief economist of the National Association of Realtors, and Mark Zandi, chief economist and co-founder of Moody’s Economy.com have given a positive outlook for the future of the housing market.  For the latest information regarding the local Hobokenmarket feel free to contact me or call 201-344-2886. According to a press statement issued by the Realtor group, the economists mutually agreed that jobs are crucial to an economic and housing recovery, that mortgage interest rates will remain historically low, that jumbo loans will become more available and that home sales will rise over the next few years. The economists also agreed that demand to purchase homes will increase slightly stronger this year and tha...
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By Edward Perez
(Sothbey's International Realty)
April not only brought us spring showers in Hoboken, but the foreclosure filings have dropped.According toRealtyTrac, bank repossessions hit a record high. The two events happening at once suggests that foreclosure activity has begun to level off, but not yet decline. In the U.S. more than 333,800 properties received a default notice, scheduled auction or bank repossession in April. This represents a decrease of 9 percent compared with March and 2 percent compared with April 2009 as stated by RealtyTrac. A total of 103,762 properties received a default notice, a decrease of 12 percent compared with March and 27 percent compared with April 2009, when activity peaked at more than 142,000 notices. Foreclosure auctions were scheduled for the first time on 137,643 properties in April, a dec...
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By Edward Perez
(Sothbey's International Realty)
Are home prices really rising? According to the National Association of Realtors, by comparison from this time last year, median home prices posted strong gains in U.S. cities in the first quarter of this year. 29 metropolitan areas posted double-digit increases and the median was up in 91 of 152 areas. The urban price increase hid a drop of less than 1 percent in the national median price, which fell from $167,300 in the first quarter of 2009 to $166,100 in the recent quarter. It is obvious that the federal home buyer tax credit helped to stimulate an extra one million home sales during the quarter. That demand contributed to the flattening out of home prices. By comparison, sales increased from a year ago in 44 states and Washington, D.C. Two states were unchanged, and four posted de...
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By Brian Murray
(Prime Real Estate Group)
Hoboken Open Houses Map Memorial Day Weekend Weekend of 5/29, 5/30 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, a realtor will save you time by working with you to help define your wants versus your must haves and the properties that r...
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By Brian Murray
(Prime Real Estate Group)
strong>This Week In Hoboken Real Estate: May 17-24 So here we are speeding towards Memorial day with the home buyer credit in the rear view mirror and the dog days of summer on the Horizon. Hoboken sellers better start thinking price reductions if they want their homes sold before the back to school ads start hitting the airwaves. The number of condos under contract took a sharp downward turn this week. A harbinger of the summer to come? 47 New Condos to The Hoboken Real Estate Market 43 Price Changes 10 Under Contract 27 Sold Hoboken Properties AN IMPORTANT NOTE: if you click on the links in the speadsheet, it opens a page with more info about the property. If you want to see additional pictures, you must register. I didn't make the system. Still want more? Get my Hoboken Real Estate R...
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By Edward Perez
(Sothbey's International Realty)
According to the U.S. Census Bureau, the national “mover rate” increased to 12.5 percent in 2009. That means that slightly above 37 million people changed residences in the U.S. during 2009. By comparison, the 2008 figures were 11.9 percent, or 35.2 million movers. During 2009, more than 67 percent of movers did not leave the same county. Slightly above 17 percent moved to a different county in the same state, and about 13 percent moved from a different state. Many metropolitan areas suffered a net loss of slightly above 2 million movers, while the suburbs had an increase of 2.4 million movers. For more great reasons to buy a home in 2010, please click on The Best Time to Buy a Home is Now! If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the k...
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By Edward Perez
(Sothbey's International Realty)
During the past two weeks demand for new mortgages has risen with buyers who need purchase money and homeowners who are refinancing. During the week ending May 7, theMortgage Bankers Association (MBA)reported that its index of mortgage refinance applications increased nearly 15 percent compared to the previous week, with the index of purchase applications decreasing 9.5 percent. During the week ending April 30, the MBA reported that its index of refinance applications decreased 21 percent while the index of purchase applications increased 13 percent by a week-to-week comparison. That was the highest increase in purchase applications since early October 2009. These wild swings are likely because of the federal home buyer tax credit, which ended April 30. Since the pressure is off to mak...
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By Edward Perez
(Sothbey's International Realty)
Located in Brooklyn Heights, NY the 11-bedroom mansion is where author Truman Capote wrote Breakfast at Tiffany’s and is now on the market for $18 million.  Located at 70 Willow Street, the five-story home went on the market for the third time in 70 years and is expected be the most expensive townhouse in the area, according toNew York Daily News. The home’s façade is a lovely yellow color with a black wrought-iron fence, as well as containing 11 fireplaces, 11 bedrooms, 7.5 baths, and a private gated driveway.  For more amazing details visit the home at SothebysRealty.com  For more great reasons to buy a home in 2010, please click on The Best Time to Buy a Home is Now!If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in plac...
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By Walter Burns
(Keller Williams City Life Realty)
Below is the condo market update for sales for April 2010. All information is gathered from the Hudson County Multiple Listing Service. Active Hoboken Condos There are 539 Active Hoboken condos for sale with an average listing price of $526,890. Average days on the market: 82 Days   Since April 1st, 227 new Hoboken condos came on the market for sale with an average listing price of $505,236. Active Hoboken Studio Condos: 16 condos for sale with an average listing price of $368,667. 167 days on the market. Active Hoboken 1 Bedroom Condos: 187 condos for sale with an average listing price of $377,148. 79 days on the market. Active Hoboken 2 Bedroom Condos: 270 condos for sale with an average listing price of $570,999. 77 days on the market. Active Hoboken 3+ Bedroom Condos: 66 condos for...
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By Brian Murray
(Prime Real Estate Group)
This Week In Hoboken Real Estate: May 10-17 So here we are speeding towards Memorial day with the home buyer credit in the rear view mirror and the dog days of summer on the Horizon. Hoboken sellers better start thinking price reductions if they want their homes sold before the back to school ads start hitting the airwaves. I know one prominent Hoboken real estate agent who was hammering clients for between 3-5% reductions across the board. 44 New to Market 52 Price Changes 18 Under Contract 21 Sold AN IMPORTANT NOTE: if you click on the links in the speadsheet, it opens a page with more info about the property. If you want to see additional pictures, you must register. I didn't make the system. Still want more? Get my Hoboken Real Estate Report April update or Hoboken Real Estate Tren...
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By Edward Perez
(Sothbey's International Realty)
Although, the federal home buyer tax credit may be over, home buyers who want to claim the tax credit on their 2009 tax return must do so on paper—not electronically. This is required by the IRS so a taxpayer can attach the necessary documentation to their tax return. If you are in need to file your claim, you will need a Form 5405,First-Time Homebuyer Credit, which must be submitted in paper form along with the tax return and a copy of the settlement statement that shows the completed home purchase. If the property is new construction, a settlement statement would be unavailable but the taxpayer/home buyer can substitute a copy of the certificate of occupancy. To satisfy the requirements the certificate must show the homeowner’s name, property address and certificate date. To claim th...
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