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... 10/28/2008

Market Statistics for 2008 Through September for Hoboken Condo Sales with Year over Year Comparisons These figures includes only sales on the MLS and do not include for sale by owner or new construction sold directly by the developer such as Toll Brothers sales at Maxwell Place. Do not forget to visit hobokenrealestatenews.com every Wednesday for the Weekly Wednesday Wrap Up.  This weekly market report will include weekly sales, properties under contract, new listings, active listings and more.  Click on any listing for full listing information including sales price and time on market.  This is the most comprehensive and up to date market report on the Hoboken real estate market.  Also, every Friday, the Hoboken Open House Google Map with every MLS listed open house on an interactive Go... 10/28/2008

Today's New York Times has an interesting front page article on the housing market.  In addition to citing economists' predictions of when the national housing market will hit bottom, it also points out that average interest rates on the 30 year fixed mortgage jumped to 6.75% from 6.06% in just one week.  The article goes on to talk about "price to rent ratio" as a tool to measure where housing prices stand relative to historic norms.  Price to rent ratio is the average cost of ownership divided by the average annual cost of renting.  The average price of a Hoboken condo has been hovering at about $530,000.   It's much harder to know what average annual rent might be in Hoboken since there is no central listing place for rentals.  Non-subsidized rents typically range from a low of $1,20... 10/28/2008

  If you’ve got a room that’s due for an update, bring out the brushes and look to this year’s popular paint colors for inspiration. A fresh coat of color can easily and affordably transform a space, and there’s no shortage of bold, statement-creating colors from which to choose. Many consumers have shown a desire to bring new hues into their living space. They’re so much more color confident today, especially since they’ve had the opportunity to visualize color through examples on home improvement shows, magazines, and radio shows. Following are several design themes that have been influencing the latest looks for interior paint: Back to Nature - Consumer interests in green building and earth-friendly living have found a literal outlet in natural tones reflecting the world outdoors. Y... 10/24/2008

Did you every wonder how long the new refrigerator and stove that came with your condo will last? Well, the life expectancy of a typical appliance depends to a great extent on the use it receives. Moreover, appliances are often replaced long before they are worn out because changes in styling, technology and consumer preferences make newer products more desirable. The National Association of Home Builders' "Study of Life Expectancy of Home Components" gives a decent estimate by compiling life-cycle data from scores of product manufacturers and testing labs.   The following is a list of the life expectancy of major appliances in a home: Gas ranges: 15 years Dryers and Refrigerators: 13 years Compactors: 6 years Dishwashers: 9 years Microwave Ovens: 9 years   10/23/2008

The variety of homes in our city means that every year there's a new crop of homes sure to surprise and delight even the most devoted tour goers on the Annual Hoboken House Tour. On Sunday, October 26, from 10 a.m. to 4 p.m., a number of generous homeowners will open their doors to visitors as a benefit for the Hoboken Historical Museum. Tour goers will be treated to an array of domestic retreats, from restored Victorian brownstones to contemporary condos, with traditional and modern décor, and always a few unique homes.   The homes selected for the House Tour change every year, but they reflect Hoboken's rich architectural history, as well as some of the hottest new properties. A diversity of decorating tastes is always represented. The tour is self-guided and typically takes a little... 10/22/2008

Many people living in an apartment or condo may delay adopting a dog, with the fear that their pet will not get enough exercise without a  backyard to play in.  But there are many dogs made just for an indoor lifestyle, and the following is a list of the top ten.  The primary considerations while compiling this list were the dog's energy levels,  exercise requirements, and playfulness.  The lower the requirement, the higher up the dog will place on the list.  To a lesser degree, a  dog's resistance to the elements (i.e. heat and cold) were also  considered.  The lower the resistance, the higher the dog will place  on the list. #1: PekingeseNumber one on the list of best indoor dogs is the devoted Pekingese.  The Pekingese enjoys a leisurely walk outdoors, but is equally happy with a rom... 10/17/2008

Are you craving for a great Cuban-style meal, or a delicious steak?  Look no more, Hoboken is a wonderful place with a wide variety of establishments that offer tantalizing meals to tempt your appetite. Following is a list from tripadvisor.com rating the top ten restaurants in Hoboken.                           1.    La Isla 2.    Anthony David’s Gourmet 3.    Grimaldi’s Coal Brick Oven 4.    Amanda’s 5.    Rita’s Water Ice 6.    Cucharamama 7.    Arthur’s Tavern 8.    3 Forty Grill 9.    Karma Kafe     For a more comprehensive list go to : http://www.tripadvisor.com/Restaurants-g46515-Hoboken_New_Jersey.html 10/17/2008

All major categories of homeowner expenses increased faster than incomes between 1996 and 2006, the center reported in “Stretched Thin: The Impact of Rising Housing Expenses on America’s Owners and Renters.” While mortgage payments increased 46% during those 10 years, utilities increased 43%, property taxes increased 66% and property insurance increased 83%, according to the study. But homeowner incomes increased just about 36%. Renters weren’t better off: Rents increased by 51% during the period, but renter incomes increased about 31%. Landlords are facing some of the increased costs that homeowners are, including higher insurance costs, and are passing on the increases through higher rents, said Maya Brennan, co-author of the report, which was released Oct. 8. Given the rising costs o... 10/17/2008

What is No Credit Car Loan Factor?The traditional financing companies are typically willing to work with people that happen to have No credit or less than stellar credit scores. There's an estimated eighty percent of individuals that have at least one late payment on the credit reports. So it's always better to request a quote from a traditional lender before taking them off your list. You could end up surprised to find out that you do happen to qualify for low rates.What is No Credit Check Auto Loans?No credit check auto loan is a secured type of loan that is given to people with no credit or poor credit score in order to pay for their automobiles. A no credit check auto loan provides a great opportunity for the consumer with poor financial situation to receive a car of their dreams. Y... 10/15/2008

  With Brazilian hardwood floors becoming so popular in the prestigious condos of Hoboken, I would like to offer some tips on how to maintain the beauty of these products.  Fill a wash tub or bucket with 4 inches of warm water and then add approximately 10% Windex. Remember to never use vinegar, or wax on this type of floor. Take a cotton hand towel and submerge it. Ring it out so the water does not drip when you hold it up. Put the towel flat on the floor.  With a lightweight push broom in the middle of the towel, flip the front portion on the towel over the broom to hold it in place. Walk the floor, slowly behind the wet cleaning path, moving the broom head to a clean area of the towel and then flipping the towel over to the clean side. Re-rinse the towel out 2 or 3 times and repeat t... 10/11/2008

Did you ever consider that putting away family photos and cleaning off countertops could help you get the best selling price for your home? Something as simple as cleaning and rearranging your home can mean a lot to potential buyers. Pick up the extra books lying around, get rid of moldy caulk in the bathroom and look into renting furniture to fill up bare spaces. Make your home clean, organized, and welcoming to potential buyers. Staging a home for sale can be one of the best decisions a seller can make. Home staging can turn a cold and unattractive looking property into a warm and lovely home. A home to be proud of. There are sellers who are reluctant to spend the money on home staging and this can be short-sighted. When home staging has been done the increased purchase price more th... 10/11/2008

In this day of high real estate value and low interest rates, the ownership of a condo has become one of the best property purchases. This has caused developers to offer more and has created excellent value for owners and those considering the purchase of a unit. When considering the purchase of a condo here are some advantages to think about. Condos typically have a lower price than single family homes. There are of course exceptions to this rule. Condos are usually priced approximately 20-30% lower than comparable single family dwellings. This competitive pricing range has opened up the real estate market to many who were previously priced out of the new home market. Condos also offer a great selection of lifestyle choices that are financially difficult to achieve in a typical home. L... 10/05/2008

Hoboken was developed by one man and his family. A remarkable entrepreneuer/inventor, Colonel John Stevens, purchased the island (separated from land by marshes on the west) in 1784 for about $90,000, and named it Hoboken from an amalgam of the Dutch and Indian words for it. Colonel Stevens developed Hoboken, as a resort, beginning with the six mile path known as River Walk. Later adding a spa, tavern, hotel, and a Ferris wheel. Hoboken’s wonderful attractions received a lot of interest from large numbers of rich and famous people. Alexander Hamilton, Aaron Burr, Lillian Russell, Jay Gould, William Vanderbilt, Horace Greeley and Harvey Ward Beecher are all said to have frequented Hoboken.   I am sure if Colonel Stevens was with us today he would be one of the first to purchase a condo ... 10/05/2008

The time to buy is NOW If you have less than 15% towards a down payment for a Hoboken Condo! Since the government assumed control of Fannie Mae and Freddie Mac, lenders will be implementing rules slated to take effect at Fannie Mae in 2009 that mandate 15% for down payments. This will make it harder for home buyers, especially first time home buyers in Hoboken, to secure a property. In this buyer's market where property values that are in line with prices in 2005 and favorable mortgage rates of less than 6% (for exceptional credit), it would be wise to try to buy a home with the down payment that you have right if it's less than 15%, since there are only three months left to 2009. Please let me know if you need anymore info regarding the new mortgage regulations or to see which property... 09/16/2008

The slower housing market is for the most part to blame on the uncertainties of the overall economy, mortgage woes, the elections, and job security.   Although all these subjective justifications are concerning; there is a big argument that one can raise regarding asking price versus selling price.   I truly believe that if asking prices were more in line with selling prices that the market would be less slow, and buyers’ confidence would become higher, thus fueling another turning point in our Hoboken condo market. With another turning point I’m referring back to the other good news that the existing homes sales rose by three percent last month compared to July.   First there are quite a few of condos in Hoboken that are on the market just to feel out if renting it would not be the bet... 09/08/2008

I had a buyer in South Orange asking for an opinion about the NW area in Hoboken and this was my response to her. Please let me know if you are a resident of the NW area of Hoboken why YOU like to live there or the reason if you dis-like living there? Dear JNR,I believe that the NW section of Hoboken is a great area to be, especially after the Upper Grand condos have created a neighborhood there and expanded the NW of Hoboken even further. It seems that the area is being enhanced even further as there is a movie theater planned on 14th and Adams/ Grand and also a strip mall which should attract some nice shops to service that area of Hoboken. Transportation-wise there is the light rail on 9th Street against the Palisade and on 14th and Willow there's easy access into Manhattan via bus a... 09/05/2008

If you've enjoyed the 2008 Beijing Olympics as much as I have then you've probably noticed this one guy named... Michael Phelps! I've always liked the swimming discipline at the Olympics, but I'm sure you can agree that this time it was better than ever. Well the reason why I mentioned Michael Phelps in a Hoboken Condo Blog, is because of the great swimming facilities at Hoboken's own Stevens Institute of Technology. Michael Phelps actually inspired me right after the 2004 Olympics in Sydney to attend the swimming facilities at SIT on Castle Point in Hoboken, so I can tell you first hand that its great fun even for a novice swimmer like me. It was great! Swimming a few laps under the instruction of some great trainers. Michael Phelps started his swimming career at age 7 in Baltimore, M... 08/22/2008

This particular section is a daily update of everything that's happening to our Hoboken Condo that either come new to the Hoboken condo market (Active), get under contract (DABO) or are finally closed (SOLD). If you have a Hoboken Condo you can't afford to miss this information, because if you follow this you'll be able to know exactly what's going on with your Hoboken Condo. 1 Hoboken Condos are new to the market: Actives: Click Here to View Listings 1 Hoboken Condos went under contract today: Click Here to View Listings 2 Hoboken Condos closed today: Click Here to View Listings   If you notice that as many Hoboken Condos actually went under contract as that came to the market one can say that we had a nice and balanced day today, which is a healthy sign amidst all the uncertainties o... 08/22/2008

This particular section is a daily update of everything that's happening to our Hoboken Condo that either come new to the Hoboken condo market (Active), get under contract (DABO) or are finally closed (SOLD). If you have a Hoboken Condo you can't afford to miss this information, because if you follow this you'll be able to know exactly what's going on with your Hoboken Condo. 10 Hoboken Condos are new to the market: Actives: Click Here to View Listings 1 Hoboken Condo is back on the market: Click Here to View Listings 11 Hoboken Condos went under contract today: Click Here to View Listings 7 Hoboken Condos closed today: Click Here to View Listings   If you notice that as many Hoboken Condos actually went under contract as that came to the market one can say that we had a nice and balanc... 08/21/2008