Hoboken, NJ Real Estate News

By Edward Perez
(Sothbey's International Realty)
According to Inman News columnist Bernice Ross, following are some good ideas to increase Web site traffic: It is important to choose a URL that really speaks of your real estate specialty. Make sure your up-to-date contact information is prominently displayed on your home page. An easy-to-use lead-capture link is critical to have.  It could be something as simple as a “Free Report” Be sure to have multiple photos for each featured property. If it is possible, consider adding a video for each property. It is beneficial to link to community information sites. Testimonials from previous customers is another great feature to have. For more great ideas for your home, please go to The best furniture picks. If you have been patiently waiting to buy a Hoboken home, now is the time to do it. A...
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By Edward Perez
(Sothbey's International Realty)
Thanks to the expanded first-time and move-uphomebuyer tax credit, an early spring home buying seasoning is beginning. March through May is generally the busiest time for home buying and selling; but year will be different. For a buyer to take advantage of the tax credits you must have a signed contract to purchase a home by April 30 and close the deal by June 30. It is very likely this will shift demand from the later part of the year to the beginning of the year. January and February will be very strong months. Hopefully, during the next three months, there will be a big increase in demand. For more great reasons to by a home in 2010, please click on The Best Time to Buy a Home is Now! There are many wonderful opportunities to purchase a home in Hoboken. Whether it be a lovely condo,...
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By Matt Brown
(Hudson Realty Group)
In quarter four of 2009 the Hoboken Real Estate market has seen a decrease in overall average sales price of -3.9% from $504,653 of 4Q 2008 to $485,151 in Q4 2009. The average price per a square foot has dropped 9.8% from $534 4Q 2008 to $482 4Q 2009. The total value of condos sold has increased 28.4% from $78,221,160 in 4Q 2008 to $100,426,356 in 4Q 2009. Inventory (months) had gone down 58.2% from 17.7 in 4Q 2008 to 7.4 in Q4 2009 indicating that sales of condos has increased overall. The number of condos under contract per quarter has increased 111% from 85 in 4Q 2008 to 180 in Q4 2009. The total amount of condos closed per quarter has also increased 33.3% from 156 in Q4 2008 to 208 in Q4 2009.The average sales price per one bedroom condo for Q4 2009 was $364,450, $512,807 for a two ...
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By Brian Murray
(Prime Real Estate Group)
Hoboken Tax Appeal 2010 Version Here we are at the beginning of 2010 still trying to get a handle on our 2009 taxes... State, federal and Hoboken. The Hoboken tax appeal is due by April 1. Anyone involved with the Cash for Clunkers should know it is not a good idea to wait. Yet, the new numbers just came out and its great news. The timing of the market meltdown was such that many people are in line for a reduction. Even if you you had a reduction last year. How to tell if an appeal may work for you…. If your home’s market value is significantly less than the imputed value, you may want to consider filing an appeal. ****Warning. If you are not a numbers person, skip the example and call me************** For Example: If your home is assessed at $200,000, you divide the assessed number by ...
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By Edward Perez
(Sothbey's International Realty)
During the winter it can be very frustrating to sella home. But even in a slow market, homes can and will sell. It is very obvious that condition and appearance are important to a home’s marketability, but nothing is more important than setting the price appropriately right when the property is listed for sale. To set the ideal selling price, it is critical to work with an experienced real estate agent with plenty of local market knowledge. A market analysis is based on current listings and homes that have sold in the past few months. This is a great tool to find out the best selling price. A big advantage of using an experienced realtor is that they have the ability to check prices of homes that have gone under contract, and they can evaluate the length of time a home has been on a ma...
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By Edward Perez
(Sothbey's International Realty)
Times are changing and many are saying that thiswinter is an ideal time to buy a home. The main reason is that the $8,000 first-time buyers’ tax credit and $6,500 incentive for existing homeowners will expire April 30. Without a doubt, proponents and critics of the tax credit both agree that the program has improved home sales and even increased the selling prices. Although, there was a noticeable decrease in home sales during the period of when the credit was extended and expanded after the original Nov. 30 deadline. This may bring concern about the market’s reaction when the government programs end. There is a good probability that the government may extend the credit again, especially if there is a possibility that it may cause the real estate market to take another major decline. T...
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By Edward Perez
(Sothbey's International Realty)
The National Kitchen and Bath Association haspublished the top design trends for 2010, after surveying designers. In the flooring and countertop area – tile, stone, hardwood and granite are still popular. Pull-out faucets continue to increase in popularity, and pot filler faucets will also be a popular trend for 2010. This is a faucet that is built in the wall placed above the stove that is useful for filling large pots of water. Another interesting trend is refrigerator and dishwasher drawers. This is a convenient feature for older consumers who prefer a counter-level drawer to avoid bending over to unload the dishwasher. In the bathroom, a more subdued color palette will be the trend for 2010.  The most common colors used in bathrooms will be beiges and bones, followed by whites and ...
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By Edward Perez
(Sothbey's International Realty)
1. Real estate values are finally showing signs ofstabilization in recent months. 2. 2009 gave us some extremely attractive mortgage rates.  A major reason behind the dip was the timing of a Federal Reserve program, that purchased debt and mortgage-backed securities from Fannie Mae and Freddie Mac. 3. With continuing low home prices and mortgage rates, and additional homes hitting the market, the real estate market will continue to favor buyers over sellers in 2010. 4.  Approximately, 1 in every 7 mortgages was either past due or in foreclosure by the end of the third quarter in 2009. This is the highest delinquency rate in the 37-year history of the Mortgage Bankers Association’s National Delinquency Survey. 5. According to Moody’s Economy.com, the number of foreclosure will increase ...
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By Edward Perez
(Sothbey's International Realty)
CNN Money reports that 2010 could bring a long-awaited relief for the real estate market. With decreasing inventories and home sales rising, economists feel that home values could fall another 5 to 10 percent before finally bottoming out in the second half of the year.

According to the National Association of Home Builders, with the  30 percent price drop beginning in 2006, houses are more affordable now than in the the past two decades. Mortgage rates are also expected to stay low in the beginning months of the new year. This is because the Federal Reserve will continue to purchase mortgage backed-securities. In addition, the recent extension and expansion of the first-time homebuyer tax credit will also have a positive effect on the market. There are many wonderful opportunities to ...
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By Edward Perez
(Sothbey's International Realty)
Did you know that you can get extra cash back for switching to an appliance endorsed by the Energy Star program? The amount of cash you’ll get back varies state to state. To be sure of what you will get, take a look at the Department of Energy’s Energy Savers website and the Energy Star website for outlines of your state’s plan. Following are few items that have potential rebates: Hot-water heater The typical family spends $400 to $600 year for hot water, according to Energy Star. Refrigerator Your refrigerator uses the most energy at 11 percent of your household total. New refrigerators are also quieter because they switch on and off less often. Washer/dryer A new clothes washer will certainly drop your energy bill, but it may also lower your water bill, too, if you pay per gallon for...
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By Jason Beaudry
(Halliburton Homes)
Good news on the horizon.  Hoboken condo inventory is shrinking. Number of active units on the market on June 1, 2009:  577 Number of active units on the market today:      414 Over the course of the entire year, there have been about 50 units a month sold so 416 condos represents an 8 month supply.  But there was a real difference in the number of sales the first half of the year when the greatest impact of the financial crisis was felt versus the second half.  If sales continue at the 70 sales per month pace of the second half, it's only a 6 month supply which is considered pretty close to normal. (577 was the high for the past 2 years that I've been keeping track) December was the first month in 2009 in which more units were sold than were listed. Number of units listed in December 0...
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By Jason Beaudry
(Halliburton Homes)
The Hoboken Real Estate market as well Jersey City areas are the perfect compliment to any new family or the single professional looking for the perfect mix of nightlife, family values, and location. Whether you are a young professional or a home-maker, Hoboken Real estate and the surrounding area, have everything that you could desire, all within a short car, bus, train, or Path ride away.

The beauty of Hoboken real estate is its relative location to New York City. The fact that it is just across the Hudson River form New York City makes it a dream commute for anyone working in the city.   Hoboken Real estate is pretty awesome because not only the location but the prices as well. Hoboken real estate prices are a pretty dramatic drop from across the river. Where even in a market like t...
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By Edward Perez
(Sothbey's International Realty)
According to a new study by the Federal Reserve Bank of New York, borrowers who have had a recent loan modification to reduce their interest rate and loan balances are the most likely not to re-default on their mortgage. The study says that a borrower’s chance of defaulting within one year is reduced by 11 percent when only interest rates are lowered. Although, when a borrower’s loan balance is reduced by 25 percent and the interest stays the same or is reduced, the borrower’s probability of default is reduced by 26.5 percent. Have you been waiting for the right opportunity to buy your first home? Perhaps you are looking to sell your current home?. If either may be the case or if it is something in between, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert. I can help...
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Average Hoboken condominium price gains annihilated the S & P 500 stock index in the first decade of the millennium. While the average Hoboken condominium prices rose an impressive 154% in the decade, the S & P 500 stock market index posted an average decrease of 0.9 percent a year since 1999 including dividends, the first negative return for a decade since data began in 1927, according to S&P analyst Howard Silverblatt. Hoboken condos sold at an average price of $197,175 for the year ending 1999 vs $501,337 at the end of 2009. I don’t think anyone was able to live in the S & P 500 index either!  Edward (Eddie) Perez  
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By Edward Perez
(Sothbey's International Realty)
Here are the final sales figures for December 2009 compiled using the Hudson County Multiple Listing Service. Sales volume for Hoboken condominiums were way up but average and median prices were both down, according to year over year data for the month of December. The number of closed sales exploded 127%. There were 66 closed units in December ‘09 vs. 29 units same month in ‘08. While an impressive gain, these numbers are going up against extremely weak sales figures from last years financial market meltdown. The average sale price was $495,089 in December 2009, down 7.3% from $534,183 in December 2008. Median December year of year sales prices were essentially flat, $479,000 in ‘09 versus $480,000 in ‘08. Another bright spot was a 34.4% increase in contracts signed, 42 condominiums we...
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By Edward Perez
(Sothbey's International Realty)
According to the NATIONAL ASSOCIATION OFREALTORS®, first time home buyers rushed to close sales before the original Nov. 30 deadline for the first time home buyers tax credit. The rush of buyers during the month of November created a gain in existing home sales. The gains in November included the following figures: Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million. Existing condominium and co-op sales in November were unchanged from a seasonally adjusted annual rate of 770...
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By Edward Perez
(Sothbey's International Realty)
Following is a list of things to consider changing at home if you are looking to lead a healthier lifestyle. Potential Radon in the Basement or First Floor In most of the United States, this odorless gas has potential to seep into your house from the ground. To find out if your home may contain radon, check outradon in the home. If you’re in zone one or two it is advisable to get a radon detector. If you detect radon, sealants and other retrofits will stop the problem. Protect yourself from falls In the United States alone, 20,000 people die from injuries in the home, and a third of those are due to falls. Consider decluttering, and ensure that stairwells are well lit. Mold in the Home A variety of molds can produce toxic chemicals that have potential to cause fevers and shortness of b...
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By Edward Perez
(Sothbey's International Realty)
Don’t miss out on this very spacious  and charming condo located in Hoboken. This is a great opportunity to take advantage of the $8,000 First-Time Home Buyer Credit.  As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.
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By Edward Perez
(Sothbey's International Realty)
The Treasury Department has indicated that 759,000 borrowers who have been put into a trial home loan since the program began in March, only 31,000 have been switched to a permanent loan modification. Lenders claim that a big problem with borrowers is they are not submitting their paperwork properly. Although, the increased efforts by lenders to help distressed borrowers are showing definite improvements for the more than two dozen lending institutions who are completing loan modifications.   According to Treasury department figures for December, CitiMortgage and JPMorgan Chase are the most productive lenders, offering trial home loan modifications to 43 percent and 31 percent of eligible homeowners. Surprisingly, the largest mortgage provider Bank of America is the slowest in completi...
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Don’t miss out on this very spacious  and charming condo located in Hoboken. This is a great opportunity to take advantage of the $8,000 First-Time Home Buyer Credit.  As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.
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