Hoboken, NJ Real Estate News

By Edward Perez
(Sothbey's International Realty)
Maybe it’s not over yet, but it looks like the end could finally be near. RealtyTrac Inc. has stated that, the number of U.S. homeowners in foreclosure increased in February 2010 by 6 percent from the same time last year, it was the smallest increase recorded in four years.  RealtyTrac Inc.  is a major foreclosure listing company that tracks foreclosures, has released figures that in February 2010, 308,000 households, or one in every 418 homes, receiving a foreclosure-related notice. This also is a 2 percent decrease from January Some analysts fear that hundreds of thousands of homeowners who are still being evaluated for help under loan modification programs may lose their homes later this year. Lets hope that the decrease in foreclosures is good positive sign that the housing market ...
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By Edward Perez
(Sothbey's International Realty)
  As Hoboken and the surrounding area real estate prices have fallen over the last couple of years, property taxes have moved higher, sapping money out of home owners monthly budgets. As a result of the lower property values, it’s likely that lots of condos, single family and multiple family homes in the area may have overvalued tax assessments which means that those homeowners (you?) may be paying more in property taxes than what may be necessary. So what can you do?  File a tax appeal with your local tax assessor!  However you must  file your tax appeal before the April 1st deadline. How do you know if you would qualify for a lower tax assessment and property tax? Basically the New Jersey legislature has a formula to test if your assessment is fair or not.  The easiest way is to hire ...
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By Edward Perez
(Sothbey's International Realty)
Here are this weeks hottest deals.  Email us for further info or to schedule to see in person. Featured property:  502 Observer St #2, Hoboken:  Click Here to View Listings 3625 square foot town home. An abundance of living space & storage on three levels with 2 roof decks covering an additional 1000 sq. ft.  Home also features a private garage and space for 3 cars.  Living space includes an open floor plan with south facing windows for brilliant sunlight, high ceilings, and spacious master suite with a large walk in closet and bath with double vanity.  A total of 3 bedrooms, two and half baths, a den with skylight and foyer.  Private elevator, laundry room, stainless steel appliances and central A/C complete this lovely home.  All within walking distance to the Path. Offered at $984,0...
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By Edward Perez
(Sothbey's International Realty)
Another new relief plan is around the corner, courtesy of the federal government. Its purpose is to assist homeowners who can’t afford their mortgage payment or obtain a loan modification. The new plan is called the Home Affordable Foreclosure Alternative, and is intended to help homeowners into a short sale or deed in lieu and avoid foreclosure. One incentive is that once a home owner is approved under the plan they will receive $1,500 in relocation money from the government. To qualify a homeowner’s mortgage is required be in or near default. The house must be a principal residence. Any second lien must be paid off or negotiated away, so the title will be clean. The plan is expected to start April 5, 2010, and end Dec. 31, 2012. To find out what is going on in the HobokenMetro area r...
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By Brian Murray
(Prime Real Estate Group)
Hoboken Open House Map March 13 &14 http://www.hobokenopenhousemap.com/ you can sort by bedrooms or price range. Remember that open houses only represent a fraction of the total homes available and that the agent at the open house works for the seller. I recommend that you find an agent, preferably one that provides free open house maps, free Hoboken Real Estate Reports and free real time Hoboken market data in graph form. Email me before you go, I'll give you the scoop. Hoboken Open House Map March 13 &14
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By Brian Murray
(Prime Real Estate Group)
Ten Pieces of Information Every Hoboken Buyer Should Know 10) First Time Home Buyer Credit: In order to make the April 30th deadline, you must be out of attorney review by the deadline. Realistically it means your offer must be in by April 15th. Attorneys will be swamped the last two weeks. If you want to get it done, build in the buffer. Need to understand the tax credit ? See The Homebuyer Tax Credit Chart 9) The Mortgage Market: What are the interest rates, given your credit score? Are there lenders that are more likely to lend to you? What are the potential pitfalls you should anticipate? A real multi-part answer. This is an encompassing piece that gets to the heart of the matter. Local lenders know their markets better. Connect with a local Hoboken Lender. 8) List vs. Sale Ratio Wh...
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By Walter Burns
(Keller Williams City Life Realty)
In February 2010, there were 3 Hoboken condo sales north of $1 million. Below are the top 3 Hoboken condo sales for February 2010. Information is gathered from the Hudson County Multiple Listing Service. 1. 1425 Garden St. Unit 6C – Garden Street Lofts. This is Hoboken’s only LEED Gold Certified “Green” condo building developed by Bijou Properties. This 2 bedroom, 2.5 bath, 2019 sq.ft condo featured New York City views, a 400 sq.ft. terrace & sold for $1,225,000 on February 12th. To see all of the top Hoboken condo sales, please visit my Hoboken real estate blog.
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By Brian Murray
(Prime Real Estate Group)
Hoboken's Weekly Real Estate Market Activity Report   Testing out a new feature....The weekly market numbers. Hoboken solds, under contract, price changes and new to the market. All in one spreadsheet.       Hoboken's Weekly Real Estate Market Activity Report   Still tinkering... Feedback appreciated.
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By Edward Perez
(Sothbey's International Realty)
The upcoming expiration date of The Home Affordable Refinance Program (HARP) is scheduled for June 10 and will be extended for another year, according to the Federal Housing Finance Agency. The HARP program was started in April 2009 and has successfully refinanced 190,180 mortgages. Fannie Mae and Freddie Mac are running HARP and its eventual goal is to assist as many borrowers possible with little or no equity in their homes. There may be many people who are struggling to pay their mortgage but you may be one of many who are eligible for the new Home Buyer Credits. Please go to tax credit information for more details. This opportunity could help change your life for the better. Allow me to help you explore the many wonderful opportunities to purchase a home in Hoboken. Whether it be a...
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By Edward Perez
(Sothbey's International Realty)
If you are a potential homebuyer do not delay your pending home purchase. If you wait too long you may lose out on a great opportunity. The expiration date for the first-time homebuyer and move-up tax credits worth $8,000 and $6,500, is approaching quickly. You only have until April 30 to take advantage of this great opportunity. If you qualify you will get a dollar-for-dollar reduction in taxes or a cash payment if you do not pay enough taxes to cover the credit. For more great reasons to by 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 while the home buyer’s tax credit is still in effect. All of the key factors are in place to ensure that your home purchase will be a major, positi...
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By Edward Perez
(Sothbey's International Realty)
AT&T lowered their nationwide unlimited calling plan to $69.99 from $99.99 per month.  If you’re on this plan, you have to let them know you want the lower price.  Apparently they don’t feel everyone would prefer to save $30 every month so they’ll keep charging you the higher amount until you ask for the lower price. I found this out when I called AT&T because of a discrepancy on my phone bill.  I ask if I hadn’t called would they have automatically lowered my monthly bill and they said no because how would they “know” I wanted to do this. Let’s see save $30 a month for the same service without any strings attached..humm I get it. Good luck! Eddie Edward (Eddie) Perez  
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By Vienna Bello, Real Estate Sales, Rentals & Consulting, GRI, SFR
(Liberty Realty, LLC)
Joggers, bicyclists, dog walkers and those waiting impatiently for a parking space on Sinatra Drive in Hoboken between 8th & 9th streets are clueless to the history that lies beneath.  Sealed shut in July 2007, the 30ft deep 'Sybil's Cave' was once a retreat to wealthy New Yorkers and thirsty hikers who drank from the fresh spring located inside during the 19th century.  Paying a penny a glass, an outrageous amount during that time, for what was believed to contain medicinal benefits.  In the late 1880's, the Board of Health declared the cave's spring water "unfit for human consumption".  After this, a tavern was established by Fred Eckstein.  Old World Charm and food kept this area popular with visitors.  Eventually, urbanizing the area with commercial shipping business blocked out vie...
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By Brian Murray
(Prime Real Estate Group)
The Hoboken School Lunch Debacle Some days I have to work for blog content and some days (like today) it finds me. Oh lucky me. A few days ago, I wrote about the school lunch changes taking place in Hoboken. Well, the journey continues. So I dropped my five year old off today and asked his teacher "So what's the story with the lunches?" (The answer I got from the boy yesterday was that the draconian measures deemed necessary by the board of ed weren't going to be implemented until April...but I thought I would follow up anyway.) The teacher says that bills went out yesterday (March 3rd) and any kid with a balance would be getting the "free" cheese or bologna sandwich until the bill was paid. But nothing else. Good thing my kid likes cheese! Well there was no bill in the boy's take home ...
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By Brian Murray
(Prime Real Estate Group)
Hoboken Condo Inventory Where did all of the condos go? New Hoboken condo listings were way down in December. Not surprising since many people want to put it off until after the Holidays. Inventories way off of the summer peak. I don't know if we will see those summer highs again this spring but if I were a seller now is the time I would want to be out there getting those move up buyers and first time buyers armed with the tax credits.... Want more charts like this? Sign up for my weekly Hoboken Real Estate Reports. Only 4 weeks left for the Hoboken Tax Appeal.
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By Edward Perez
(Sothbey's International Realty)
The Treasury Department has stated that 12 percent of borrowers who applied for help from the federal foreclosure prevention program since its inception one year ago. At the end of January, approximately 1 million borrowers initiated the application process, or about 116,000 home owners, had their loans modified. Officials have said 76,000 additional applications have been approved and are awaiting approval. Also, there are approximately 830,500 home owners currently in a trial modification review period. This is a time period given by banks to determine if payments are doable for a borrower and to ensure the qualifications of the assistance program are met. The Home Affordable Modification Program brings monthly loan payments down to 31 percent of home owners’ pre-tax income. An estim...
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By Edward Perez
(Sothbey's International Realty)
The National Association of REALTORS® has created new resources to assist REALTORS® and consumers navigate the short sale process and help homeowners on the verge of foreclosure. The new program will provide REALTORS® with the resources they need to navigate short sale transactions, and provide access to helpful government programs designed for home owners facing the process of a short sale. On April 5, 2010, the U.S. government will implement the Home Affordable Foreclosure Alternatives Program (HAFA). Part of the Home Affordable Modification Program, HAFA was created to assist home owners who are unable to keep their home under HAMP. Certain requirements must be met for a homeowner to participate. There will also be incentive payments for homeowners and servicers. NAR has released a ...
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By Brian Murray
(Prime Real Estate Group)
Hoboken Schools: The Truth? Not From Me It is illegal for real estate agents to talk about schools. We know but are confined to say "well there are statistics that you can look up online". Theory number one: Agents can't "steer" people to certain neighborhoods by saying something like "this house is in the Gordon Gekko school district. GGHS is filled with rich kids all back stabbing each other to punch their ivy league tickets." Theory number two: Forget theory number two, I don't want to wake up and find a horse head in my bed... Here's is an anecdotal story. Arriving in the mail on Friday February 26th, which just so happened to be the last school day in February, a letter from the school district (of which there is one in Hoboken, lest anyone think I am steering them to another distr...
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By Brian Murray
(Prime Real Estate Group)
Hoboken Open House Map Weekend Of February 27th and 28th. Here it is....It will be interesting to see how many of Saturday's get snowed out. I've already deleted a few of off the map. If you go to http://www.hobokenopenhousemap.com/ you can sort by bedrooms or price range. Remember that open houses only represent a fraction of the total homes available and that the agent at the open house works for the seller. I recommend that you find an agent, preferably one that provides free open house maps, free Hoboken Real Estate Reports and free real time Hoboken market data in graph form. Hoboken Open House Map Weekend Of February 27th and 28th
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By Brian Murray
(Prime Real Estate Group)
Biggest Ever Price Reduction For A Hoboken Condo? Those of you who receive my Quarterly Hoboken Real Estate Reports know that I always include the least and most expensive properties currently for sale and sold during that time period. If anybody has paid attention over the past year there was one property priced above the rest. A four bedroom for $4.2 million. Today it was reduced to $2.6 Million dollars. It had been on the market for one year and five days at it's list price. Today... It's a 38.1 % price reduction. In absolute terms, $1.6million off. I've only been working in this market for eight plus years and most of that time property values have gone up, but if this isn't a record, it's on the medals podium. Maybe the sellers have been reading my blogs about making meaningful pri...
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By Brian Murray
(Prime Real Estate Group)
The Hoboken Tax Appeal Strike Zone It can be a little confusing whether to appeal or not to appeal. Thanks to my friend Phil, we now have a get piece of data that defines the appeal strike zone in pretty clear cut terms. If you property was held closings between 2004 and 2006 you are a good candidate for an appeal. I am probably not telling you something you already don't know but here it is in black and white. (gray and yellow too!) Just look at the numbers: The Annual Hoboken Tax Bill of a Median Home Based on Year of Assessment chart says it all. The idea was to take the value of the median price condo that sold in Hoboken each year and multiply it my it's that year's tax rate to determine the baseline tax for that year. Given that Hoboken does not reassess your taxes each year but r...
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