Hoboken, NJ Real Estate News

By Edward Perez
(Sothbey's International Realty)
Weekly statistics 11/23/08- 11/30/08 FIRM ACCEPTED OFFERS: The Hoboken condo market had a total of 6 firm accepted offers for last week. This was an improvement over the 3 offers from the previous week. 1 BEDROOM 1 condos had firm offer  Click Here to View Listings Listing price was $269,900. 20 days on market to accept offer 2 BEDROOMS 5 condos had accepted offers Click Here to View Listings Average listing price is $688,400 and average days on market is 108 days Note: The average price was inflated by one property listed at $1,200,000. 3 BEDROOMS No accepted offers in this category SOLD CONDOS:   Total of 5 condos closed last week.  Down from last weeks 10 closings. STUDIOS: None sold in this category 1 BEDROOM: None sold in this category 2 BEDROOMS: 5 units sold with an average list...
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The Federal Housing Finance Agency (FHFA) announced revisions to their conforming loan limits for 2009.  The new limit for 2009 will remain at $417,000 in most areas of the US, however loan limits for higher cost areas including Hoboken have been lowered to $625,500 from $729,750.  Many areas in New Jersey do not reach this lower cap and are reduced significantly from 2008. The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in New Jersey. Even though the lowering of the cap means that the tota...
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By Edward Perez
(Sothbey's International Realty)
  HAVE A WONDERFUL THANKSGIVING! Eddie
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By Edward Perez
(Sothbey's International Realty)
  Weekly statistics 11/16/08- 11/23/08 FIRM ACCEPTED OFFERS: The Hoboken condo market had a total of just 3 firm accepted offers for last week .  This was a decline from the 7 offers from the previous week. Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.   This is an effective statistic for gaging current buyer activity as the “sold” statistics reflect activity from offers accepted up to a year or more ago. STUDIOS: 1 studio had a firm offer.  Click Here to View Listings Listed at $254,000 and has been on the market 29 days 1 BEDROOM: 1 condo had firm offer  Click Here to View Listings Listing price is $249,900 and has been on the market 99 days. 2 BEDROOMS: 1 condo had received a firm offer.  Cli...
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By Edward Perez
(Sothbey's International Realty)
28 new listings hit the Hoboken real estate market last week 11/14/08 - 11/21/08. Check the Hoboken Real Estate Blog  for the newest real estate listings of the week.  We’ll post themost up-to-date listings of condos, 1-family, and 2-4 family homes. You can then plan to see any of interest over the weekend. 1 BEDROOM CONDOS 10 new listings starting $309K Click Here to View Listings 2 BEDROOM CONDOS 11 new listings starting at $449K Click Here to View Listings 3 BEDROOM CONDOS 4 new listings starting at $535K Click Here to View Listings 1-FAMILY HOMES 2 new listing at $1,199,000 Click Here to View Listings 2-4 FAMILY HOMES 1 new listing at $1,375,000 Click Here to View Listings To receive specific properties as they become available, sign up for free email listing alerts at http://FindH...
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By Edward Perez
(Sothbey's International Realty)
I have come across some interesting statistics about Hoboken that I would really like to share: Population: 39,800 Financial City stats Median family income (per year) $82,401   Family purchasing power (annual, cost-of-living adjusted) $51,404   Sales tax 7.00% State income tax rate (highest bracket) 8.97% State income tax rate (lowest bracket) 1.40%   Auto insurance premiums (Average price quotes, for the state) $2,559   Job growth % (2000-2007) 11.97%   Housing City stats Median home price $535,000 Average property taxes (2006) $5,753   Education City stats Colleges, universities and professional schools (within 30 miles) 167 % students attending public/private schools (located within town limits) 72.4/27.6   Quality of life City stats Air quality index (% of days AQI ranked as good)...
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By Edward Perez
(Sothbey's International Realty)
Everyone loves a discount so I like to publish the newest weekly price reductions.  See if one is the perfect place for you! There were a total of 39 Hoboken condos that had their prices reduced last week.  Here they are: 1 BEDROOM There are 10 price reductions starting at just $315,000 Click Here to View Listings  2 BEDROOM Following last weeks trend, more 2 bedroom condos were reduced last week.  24 homes here starting at $399,000. Click Here to View Listings  3-4 BEDROOM Just 6 homes in this category starting at $645,000. Click Here to View Listings Remember, these are simply last weeks price reductions.  To search the entire MLS log into http://findhobokenhomes.com Happy shopping!
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By Edward Perez
(Sothbey's International Realty)
WEEKLY STATISTICS 11/9/08- 11/16/08  FIRM ACCEPTED OFFERS: The Hoboken condo market had a total of 7 firm accepted offers for last week .  This was a slight improvement over the 5 offers from the previous week. Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale. 1 BEDROOM 2 condos had firm offers  Click Here to View Listings Average listing price is $347,000. Average days on market 66 2 BEDROOMS 4 condos had accepted offers Click Here to View Listings Average listing price is $531,203 and average days on market is 156 days 3 BEDROOMS 1 condo had a firm accepted offer Click Here to View Listings This unit was listed at $649,999 and has been on the market 53 days. SOLD CONDOS:   Total of 8 condos close...
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By Edward Perez
(Sothbey's International Realty)
Check the Hoboken Real Estate Blog every Friday for the newest real estate listings of the week.  We’ll post the most up-to-date listings of condos, 1-family, and 2-4 family homes. You can then plan to see any of interest over the weekend. 1 BEDROOM CONDOS 5 new listings starting $390K Click Here to View Listings 2 BEDROOM CONDOS 8 new listings starting at $429K Click Here to View Listings 3 BEDROOM CONDOS 4 new listings starting at $629K Click Here to View Listings 1-FAMILY HOMES 1 new listing at $1,150,000 Click Here to View Listings 2-4 FAMILY HOMES No new listings this week. To receive specific properties as they become available, sign up for free email listing alerts at http://FindHobokenHomes.com
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By Edward Perez
(Sothbey's International Realty)
It’s hard enough reconciling yourself to the reality of paying the monthlyprincipal and interest on a new home mortgage. When you realize all the expenses that will be added to that price tag, it can be a real shocker.  Bottom line…prepare yourself. Home ownership costs are bearable — people pay them every day — as long as you know what’s coming. You may even want to scale back the size of the home you’re looking for in order to bring the whole package in line with your budget.  Here’s a list of potential monthly fees and expenses you’ll encounter:   Insurance - You own a condo and the association has insurance. So why do you need insurance, too? Your condominium association insurance covers the condominium building, commonly owned property, and liability insurance for the association....
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By Edward Perez
(Sothbey's International Realty)
Everyone loves a discount so I like to publish the newest weekly price reductions. See if one is the perfect place for you! 1 BEDROOM There are 11 price reductions starting at just $318,900 Click Here to View Listings 2 BEDROOM A few more 2 bedroom condos were reduced last week.  25 homes here starting at $429,900. Click Here to View Listings 3 BEDROOM Just 3 homes in this category starting at $579,000. Click Here to View Listings HAPPY SHOPPING!
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By Edward Perez
(Sothbey's International Realty)
Following are statistics of what has sold or went into contract from 11/2/08-11/9/08. Keep your finger on the pulse of the Hoboken condo market. ACCEPTED OFFERS: Hoboken Condo market had 5 total contracts for last week(Sunday - Sunday). 1 bedroom 2 condos had accept offers  Click Here to View Listings Average listing price is $480,000. Average days on market 150 2 bedroom 3 condos had accepted offers Click Here to View Listings Average listing price is $534,333 and average days on market is 100 days   SOLD CONDOS:   Total of 9 condos closed last week. 1 bedroom: 5 units sold with an average listing price of $383,180 and an average selling price of $374,000 (-2.3% of list price) Average days on market was 57.  Click Here to View Listings 2 bedroom: 4 units sold with an average listing pr...
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By Edward Perez
(Sothbey's International Realty)
  Homebuyers and sellers may be surprised to find out the truth about an appraiser’s loyalty. An appraiser is one of the most important people in a home-buying transaction. Yet few homebuyers or sellers understand the facts about who appraisers are or what they do. The most common misperception is that the appraiser represents the homebuyer. That mistaken idea is understandable since the buyer typically pays for the appraisal. But in fact, appraisers are hired by lenders, and appraisals typically are done not to make sure the buyer doesn’t overpay for the home, but to assure the lender that the home won’t be mortgaged for more than a certain percentage of its value. An appraisal isn’t a historical record or prediction of the home’s value. Nor is it an inspection of the home’s condition....
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By Edward Perez
(Sothbey's International Realty)
Amazing 4 bed Victorian Row House in top Hoboken location! Gorgeous Victorian Brownstone home tastefully restored and renovated located on a beautiful tree lined street and moments away from all the amenities that you want. Grand, spacious and perfect for accommodating your family lifestyle or for those who wish to have plenty of room to relax and entertain or perhaps display their artwork. Desirable uptown Bloomfield St location offers easy access to NYC transportation, Hudson River parks & promenade and Washington St boutiques. 4 gracious floors of living plus full basement with storage, lovely patio and yard that's simply to die for. Your lovely home has 4 bedrooms, 2 full bathrooms, two half baths, family room, large eat in kitchen with seating for 10, formal dining room, formal li...
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By Edward Perez
(Sothbey's International Realty)
It’s unfortunate, but today’s homeowners are facing a quick decline in their home's value. One way to try to avoid the trend and boost the value of your condo is to make some basic renovations. it’s not necessary to start big-ticket projects — you may not recoup all of the costs. Instead, consider the inexpensive projects that will not only improve the appearance of your place, but it could put a little extra money in your pocket if you decide to sell your home. 1) Paint It will cost you approximately $60 for two gallons of interior paint — enough to paint the walls and ceiling of a 12-by-15 room. A little paint or varnish can go a long way toward improving your home's value. One fresh coat (along with a little sanding and  caulking) wipes out the scuffs, chips, cracks and other damage ...
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By Edward Perez
(Sothbey's International Realty)
Market View for Hoboken Avg. Listing Price      Median Sales Price $650,840        $512,500 Wk ending Oct 22        Oct '07 - Sep '08 +$6,488                       -$23,500 +1.0%   832 Homes For Sale   Average Listing Price 436 Recently Sold       $650,840 24 Open Homes         +1% 16 Foreclosures   Median Sales Price     Average Sales Price $512,500                     $539,379 -4.4%                          -8.7%   Average price/sqft      Number of Sales $519                            97 +0%                             -39.4%     Source: Trulia.com  
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By Edward Perez
(Sothbey's International Realty)
Do you have a room in your condo that makes you feel that the walls are closing in? It is very possible it has more to do with the decor than with the dimensions, even if it is a very small room. Believe it or not you can make significant changes without spending a lot of money.   Think about the following things: 1. Are your walls dark and full of pictures and decorations? Or are they light, airy and minimally covered? To make a room feel larger, paint the walls with a light color such as white or pale yellow. When choosing a color consider the amount of sun the room receives. If the room is on the north side of the condo, receiving little or no direct sunlight, a pale yellow is your best choice. If the room does receive a substantial amount of sun, a pale green or blue will work. Ple...
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By Edward Perez
(Sothbey's International Realty)
When you own a home, your homeowner's insurance policy covers both the building and the personal property inside the building, like furniture, computers, clothes, etc. When you buy a condo, the insurance protection provided by your homeowners' association only protects the structure -- and not the contents of your home. Make sure to get an insurance policy to protect the contents of your home, similar to a renter's insurance policy, to be sure that in case of theft, etc., you're not stuck with a nice, new, but empty, home. These contents policies are quite inexpensive, and can prevent you from losing everything you own other than your home. Not sure who to call? Ask your mortgage broker for a referral or call your car insurance company -- they often provide multiple policy discounts  
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What is an Under Water Hoboken Condo Anyway? There was an article in the NY Times last week about the housing fiasco that struck a chord. There were many innocent home buyers swindled by unscrupulous mortgage brokers, others who have adjustable-rate mortgages with payments that have ballooned and they can no longer afford, and still other home owners with good intentions who have fallen on bad times. It has always seemed to me that something was missing at the heart of the explanation of why we are in this mess. This column by David Leonhardt insightfully addressed those home owners who are said to be "under water". Now in Hoboken, an under water condo may have a literal meaning every time we have a heavy rain. In this case, however, that's not what is meant by an under water Hoboken co...
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Warren Buffett is a Smart Guy - He May Know a Thing or Two About Hoboken's Condo Market My morning ritual is to take my dog to the dog run, sit down with my go-cup of coffee and open to the NY Times Op-Ed Page. The other day, Warren Buffet wrote a piece about his take on our current financial mess. He said something that struck me as very wise for the times in which we find ourselves. He said "be fearful when others are greedy, and be greedy when others are fearful." He was referring to his recent purchases of US company stocks. His words, however, rang true to me when thinking about the current state of the Hoboken real estate market. Fear Can Lead to Buying Opportunities Over the past few weeks I've seen huge price reductions on Hoboken condos. Some of these properties were vastly ove...
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