Hoboken, NJ Real Estate News

By Edward Perez
(Sothbey's International Realty)
The U.S. Environmental Protection Agency (EPA) for an appliance to be labeled by Energy Star it needs to pass a set of tough guidelines. Energy Star labels have been appearing on numerous products, including, clothes washers, refrigerators, water coolers, computers, cordless phones, televisions, fans, furnaces, water heaters, light bulbs and fixtures. The Energy Star label can also can be found on commercial-grade kitchen appliances, as well as, windows, doors and skylights. Tougher standards will ensure theEnergy Star certification is a genuine benefit for consumers and not an inappropriate product label. Manufacturers who want to qualify for a product to be labeled as Energy Star-certified now must submit complete lab reports and results for EPA review and approval before they are pe...
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By Edward Perez
(Sothbey's International Realty)
By Eddie Perez, Broker - REALTOR   Here are the final Hoboken condominium sales figures for April 2010 compiled using the Hudson County Multiple Listing Service.   No fooling around this April as Hoboken's overall condo market showed positive results in all sales categories compared with those of April of 2009.  Total property sales, contracts signed, total dollar volume and both median and average sales prices increased on a year-over-year basis.     The largest gain was in total contracts signed with a 105% increase.   Sparking these gains were buyers seeking to take advantage of the pending expiration of the federal home buyers tax credit, continued low mortgage interest rates, temperate weather and overall confidence in the local real estate market.     Another impressive gain was ...
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By Brian Murray
(Prime Real Estate Group)
Hoboken Open Houses Weekend of 5/15, 5/16 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 really fit you best. 2) Th...
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By Vienna Bello, Real Estate Sales, Rentals & Consulting, GRI, SFR
(Liberty Realty, LLC)
Baby Parade ~ 9th Annual Hoboken Baby Parade Presented by the Hoboken Historical Museum Sunday May 16th at 1:PM Raindate: May 23rd Follow the parade along the walkway from Sinatra Park to Pier A FREE!  Open to all children up to age 5 and their parents. Registration begins at noon at Sinatra Park, 5th Street & Sinatra Drive. You may contact the Hoboken Historical Museum at: 201-656-2240 Trophies Awarded For: * Best Dressed Child* Most Creative Carriage* Best Dressed Family
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By Brian Murray
(Prime Real Estate Group)
This Week In Hoboken Real Estate: May 3-10 46 New to Market 53 Price Changes 15 Under Contract 23 Sold Heading to a post tax credit world. Fewer under contracts, more price reductions... 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. This Week In Hoboken Real Estate: May 3-10
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By Edward Perez
(Sothbey's International Realty)
According to a recent survey by Prudential Real Estate, the end of the federal tax credits for home buyers won’t have a significant impact on the real estate market.. The overall opinion of consumers is that it is a good time to buy and they are confident prices will rise. Also, the survey states that sixty-five percent of those shopping for a home feel that the end of the tax credits will have little to no effect on them to purchase a home. The online survey was conducted April 15-20, shortly before the April 30 deadline to sign a contract to qualify for tax credits. The people polled for the survey consisted of a group of 1,000 Americans between the ages 25 to 64 with household incomes of at least $35,000. For more great reasons to buy a home in 2010, please click on The Best Time to...
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By Edward Perez
(Sothbey's International Realty)
Today’s steady interest rates may not seem newsworthy, but since so many predicted that we were supposed to see rising interest rates at this point, the current steady interest rate is an interesting sign. According to the Mortgage Bankers Association (MBA) the average rate on 30-year fixed-rate mortgages increased slightly from 5.04 percent to 5.08 percent in the week that ended April 23. The points (one percent of the loan amount) decreased from 0.98 to 0.92 on a loan with an 80 percent loan-to-value ratio. That drop amounts to a $60 savings per On a $100,000 of loan amount that can amount to a $60 monthly savings. The average interest rate on 15-year fixed-rate mortgages increased from 4.34 percent to 4.38 percent with points down from 0.98 to 0.93. Today’s rates are still very low ...
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By Edward Perez
(Sothbey's International Realty)
   2 + 1 does NOT = 3 !! Here's why. We've all seen the 2 + 1 and how they try to make that equal 3. You know the 2nd bedroom + den = a 3rd bedroom. But as we all know, a true 3 bedroom makes a difference! This beautiful 3 bedroom (yes they all have HUGE windows and closets) 2 gorgeous bathroom home in one of the nicest buildings and areas in all of the NYC metro area. Hoboken's finest waterfront luxury loft homes with full service amenities, quality construction and premium finishes. A true gem that is situated in desirable uptown Hoboken and on the Hoboken cove with large play ground, beautiful landscaped parks, waterfront promenade, excellent restaurants and abundant shopping. Approximately 1900 square feet of luxury loft living, 3 generous bedrooms, 2 luxurious marble bathrooms with...
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By Walter Burns
(Keller Williams City Life Realty)
  Top Hoboken Condominium Sales in April 1025 Maxwell Lane Unit 312 Hoboken NJ - Maxwell Place on the Hudson 2 bedrooms 2.5 baths Media Room Office/Den 1,920 sq.ft. Sold for $1,130,000 on April 1st.       2. 1425 Garden St. Unit PH7D Hoboken NJ - Garden Street Lofts 2 bedrooms 2 baths 1,578 sq.ft. Sold for $975,000 on April 22nd. To read all about the top 3 Hoboken condo sales for April, please visit my Hoboken real estate blog.
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By Brian Murray
(Prime Real Estate Group)
Hoboken Real Estate: News and Notes Did anyone see what came across the wire yesterday... Monday, May 3rd, 2010, 4:14 pm CitiMortgage — the mortgage finance arm of Citigroup (C: 4.26 -3.40%) — today lowered its jumbo mortgage rates “for highly credit worthy borrowers” according to an e-mailed statement. Jumbo mortgages typically fall above the $417,000 conforming loan limits. As of today, Citi will offer 30-year fixed-rate jumbo mortgages at 5.625%. It will also offer five-year adjustable-rate mortgages at 4.875%. Recent jumbo rates regularly top 6%. Good News if you are a seller with an home priced over $525k to sell. ....Heard that with the new zoning regulations that the backlog for any building project that needs zoning approvals is nine months. Great to see Hoboken working for it's...
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By Brian Murray
(Prime Real Estate Group)
Title Insurance: Why You Need It Many buyers are confused about title insurance. Most think it is another thing cooked up by the banks to drive up the cost of real estate transfer. The truth is that while it is expensive, it can be critical, especially in Hoboken. What is title insurance anyway? From our friends at Wikipedia... Title insurance in the United States is indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. Title insurance is principally a product developed and sold in the United States as a result of the comparative deficiency of the US land records laws. It is meant to protect an owner's or a lender's financial interest in real property against loss due to title defects, liens or ot...
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By Brian Murray
(Prime Real Estate Group)
This Week In Hoboken Real Estate: April 26- May 3 38 New to Market 43 Price Changes 36 Under Contract 21 Sold Heading to a post tax credit world. Few new to market, fewer price reductions... 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. This Week In Hoboken Real Estate: April 26- May 3
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By Edward Perez
(Sothbey's International Realty)
Are environmental features at the top of your list of priorities for thenext home you purchase? If the answer is yes, you may be interested to learn that the there is a plan to include environmental related information into the Multiple Listing Services (MLSs). According to the National Association of Realtors,  The Green MLS Tool Kit gives realty brokers and salespeople a way to “add a green initiative” to their local MLS. Since there are approximately 800 MLSs, owned by realty associations and brokers, in the U.S., there is no exact timeline for the entire program implementation. Once the plan takes full effect, Realtors should have more information about which homes have green features that may appeal to a large group of potential buyers. For more great ideas for your home, please g...
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By Edward Perez
(Sothbey's International Realty)
Effective July 1, Fannie Mae will reduce the waiting period for former homeowners who lost a home through foreclosure, short sale, or deed in lieu, to purchase another home. The concept behind the new Fannie Mae policy is to strengthen housing markets that have been weakened by foreclosures.  In addition, the new rule may assist some struggling homeowners to avoid foreclosure since they will be able to reenter homeownership quicker. Depending upon the circumstances the shortest waiting period will now be only two years. Any prospective borrowers should contact lender or mortgage broker for details about the waiting period. 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 th...
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Did the Hoboken residential real estate market benefit from the Home Buyers Tax Credit? In my opinion........YES IT DID! One of the qualifications was to be in a binding (cleared attorney review) contract of sale by April 30th, 2010.  In Hoboken, we had a flurry of completed contracts on the 29th and 30th.   22 condominiums, 2 single family and 2 multi family homes went into contract on these last two days.  Local agents I've spoken to had sales attributed to the credit and I personally had 3 deals directly associated to meeting the April 30th deadline.  In fact, I had an accepted offer go into attorney review and completed on the very last day! The other deadline is that these deals have to close by the end of May so we'll be working diligently on meeting this too! So were do we go fro...
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By Brian Murray
(Prime Real Estate Group)
This Week In Hoboken Real Estate: April 19-26 45 New to Market 61 Price Changes 18 Under Contract 28 Sold Heading to a post tax credit world. Few new to market. More price reductions... 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. This Week In Hoboken Real Estate: April 19-26
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Attention Post Tax Credit Hoboken Buyers: The greatest time to buy a home in the history of mankind is now.   I am not given to hyperbole. Okay I am but maybe not so much in this case. There are several factors coming together right now that have created a perfect storm for buyers in Hoboken's real estate market. Let's look at the contributing facts.   1) Inventory is up. The guts if the Hoboken real estate market are condos priced between $350,000 and $550,000. Coincidently, this range is the upper range of buyers who are under the income limit for the homebuyer tax credit but can still qualify for a mortgage. Interestingly, at the higher end of this range buyers would like to get the credit but are not rushing into a property for what is essentially a two percent discount. Thus despit...
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By Edward Perez
(Sothbey's International Realty)
According to the National Association of Realtors, in 2009 553,000 vacation homes were purchased. This is an increase of almost eight percent from  513,00 in 2008. • One in four vacation-home buyers will use their home as a rental property • 26 percent of buyers will live in their vacation home in the future • Approximately 30 percent of buyer paid cash for their property • Three out of four vacation-home buyers were married • The average age of a vacation-home buyer was 46 years old and had a median household income of $87,500 • The median price of a vacation home in 2009 was $169,000 For more great ideas for your home, please go to The best furniture picks. Currently, there are many great opportunities to purchase a home in Hoboken. Perhaps you are considering buying your very first ...
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By Edward Perez
(Sothbey's International Realty)
There was a 6.8% jump in existing home sales during the month of March. The National Association of Realtors reported the sale of 5.35 million units in March, up from 5.01 million in February. Compared to this time last year, sales were up 16.1%. For the past nine months home resales have been above last year’s levels. The median price of homes sold in March was $170,000, up 0.4% from March 2009. To find out what is going on in Hoboken real estate market, please go to Hoboken Homes. 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 place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available, along with the recent passing of the new tax credits, this is the oppor...
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By Edward Perez
(Sothbey's International Realty)
Hoboken buyers, the home buyers tax credit deadline is fast approaching! With attorney review periods, you should have a signed contract to an attorney no later then Tuesday, Wednesday at the very latest! Couple of basic details: A tax credit of up to $8,000 is available for first-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.  A tax credit of up to $6,500 is available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The repeat home buyer tax credit applies to houses sold after November 6, 2009 and on or before April 30, 2010. In cases where a binding sales contract is...
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