Hoboken, NJ Real Estate News

I was wondering if it would be an exceptionally good time for renters to become condo owners in Hoboken. This is nothing new as buying a home (or condo) has been the American Dream or at least the "Hoboken Dream" in my neck of the city. The rents in Hoboken are pretty high and there aren't too many apartments readily available. On the contrary there are quite some condos available in Hoboken, so a first time condo buyer's nerves should feel less tensed, because there are quite some choices and condo sellers are generally willing to negotiate an acceptable price for their condo. Below are some opportunities for renters to become Condo owners in Hoboken, these are all condos in Hoboken under $300,000: Click Here to View Listings And if you were wondering what the most affordable and most ...
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By Anoir Redouane
(Halstead Property, LLC)
In case you haven't been to Movies under the Stars in Hoboken NJ, you might want to visit it's a free outdoor cinema on the beautiful Hudson River at Pier "A" Park. eventhough there are hundreds of people around you, you can make it as intimate as you like, bring a blanket or some chairs lay back and relax. Sometimes the scene is more picturesque than the movies themselves. Below is the remaining schedule for the summer of 2008: July 9 - Hairspray July 16 - Atonement July 25 - Michael Clayton July 30 - Gone Baby Gone Aug 6- Spiderwick Chronicles Aug 13 - Harry Potter & The Order of the Phoenix Aug 20 - Bee Movie Aug 27 - Surf's Up Hope to see you soon! Best regards, Anoir Redouane Your Hoboken Condo Expert
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By Anoir Redouane
(Halstead Property, LLC)
I believe it's in the nature of our business to "face" different scenarios in different ways. In Hoboken there are some sellers that have a dilemma on their hands "To sell or not to sell" their condo. Sometimes it is the best time to sell for a prospect even in a market that's not that favorable for sellers in general, but perhaps the seller has their own agenda, i.e. relocation, downsizing or even upgrading (which I believe is the best thing to do in a buyer's market, just read my blog for this post on that topic ). I do believe that we need to be honest to our prospective customers and help them with only their goal in mind. I think that's the only way one can measure success in as a Realtor, by how you actually have helped your prospective customer/ client. It should be a win-win sit...
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By Anoir Redouane
(Halstead Property, LLC)
As your Hoboken Condo expert I'd like to keep you and our community informed about the available, sold and other trends that affect the Hoboken condo market. I'm open to any suggestions from you that you'd like me to research or if you have any particulars requests. You can respond to my blog and I will respond in public or you can call or email me privately and I will respond accordingly. As a start there are 486 Condos available in Hoboken as of today within the Multiple Listing System: 16 - Studios 130 - 1 Bedroom condos 288 - 2 Bedroom condos 46 - 3 Bedroom condos 5 - 4 Bedroom condos 1 - 5 Bedroom condo (which feels like a 1-family triplex home (6800 Square Feet) on First street in Hoboken)   Another FYI is that in the first 6 months of 2007 521 Condos were sold in Hoboken, compare...
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There are many great things about being in Hoboken. There is another positive way of looking at the current market in Hoboken through a buyer's eyes. I believe that it's the perfect opportunity to upgrade in today's market, because for the first time in years it seemes that "the bigger condo with that extra bedroom" is not as far fetched as it used to be. The condo that one thought of would take another few years before one could make the move is now closer than ever. First there are more properties to choose from and secondly the seller's might be more negotiable and that probably after already pricing it in line with the current market. A few years ago, in a sellers market, it was harder to upgrade, because there weren't too many condos that one could choose from, especially three bed...
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By Edward Perez
(Sothbey's International Realty)
The Hoboken real estate market is still active as evidenced by the following statistics that I pulled up from the Hudson County Multiple Listing service, the MLS that we REALTORS primarily use for Hoboken. The total unit sales were 76 condos with the average days on market at 56 and the average closing price of $491,225. This does not include any non-MLS listed new construction or resale properties. I'll have the 1st half 2008 condo statistics for you in early July. In the report below, DOM stands for Days On Market, LP is List Price and SP is Selling Price.   CMA Summary Report CONDO-COOP - Sold CONDO-COOP Summary Statistics   High Low Average Median LP: $899,000 $289,000 $503,133 $482,630 SP: $870,000 $285,000 $491,225 $471,250  ADDRESS  Status  Area  Sq Feet  Lst Date  DOM  LP  SP  3...
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By Edward Perez
(Sothbey's International Realty)
So much bad news!  We've all heard the headlines. "Inflation roars its ugly head"; "Worst economy since the Great Depression!"; "Foreclosures hit an all time high!"  It's amazing how we get up in the morning to go to work!  Here's my take on this.  "High oil prices perfectly positioned Hoboken for continued success!"  I like that headline! There have been recent trends of people opting to stay close to employment and entertainment centers and the high cost of oil will continue to "fuel" this demand.  Hoboken's prime location positions it perfectly to take advantage of this trend and should help keep the real estate picture stable for the foreseeable future.  With a multitude of commuting options into Manhattan and other high density employment hubs in New Jersey, Hoboken with its PATH t...
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1. You Have Only 3 Minutes Let's say you list your Hoboken condo for sale and, thanks to excellent marketing, have a showing appointment for a potential buyer to come to see it.  You've got their attention and they are in the door.  How long do you think the average buyer spends in each property?  Five minutes?  Maybe 10 to 15 if they really take their time?  To think that you have 5 minutes to convince a buyer to buy your condo is generous.  Most buyers walk in, take a quick look around and make a snap decision in the first 3 minutes whether or not they like the property enough to buy it.  This decision is a gut reaction and can be very subjective.  If they don't immediately get a good feeling about your condo in the first few minutes, trust me, they are ready to move onto the next.  Y...
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Open Houses Don't Sell Condos There is a myth in the real estate business. It's one that's been around for a long time. It's especially entrenched in urban areas like here in Hoboken. Sellers put their Hoboken condo on the market and think that their agent should hold an open house every weekend until the property sells. They believe that a buyer is going to walk through the door, fall in love with the property and pull out their checkbook. Selling a condo at an open house is a rare event. There are people who make a recreational activity out of visiting weekend open houses. It's something for them to do after brunch - to check out their neighbors' condos and pick up some decorating ideas and renovation tips. The vast majority of visitors to open houses are not in the market to buy a co...
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They've Got To Be Kidding! I saw an interesting Hoboken condo property yesterday. A 10 unit building was gut renovated and all the units were for sale, a few already under contract. The building was your typical Hoboken 5 story walk-up with the staircase in the center and a 'right' and 'left' unit on each side of the building. If you've ever seen them, you know that these units can be very long and narrow. The location wasn't bad - the 300 block of Grand Street. That's between 3rd and 4th Streets, on Grand. Remember that for later. We went into one of the units listed as a 2 bedroom, 1 1/2 bath for $439,000. The unit was 670 square feet - pretty small for a two bedroom. In fact, just knowing the square footage makes you wonder how two bedrooms could possibly fit. Most two bedrooms in Ho...
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With a Multiple Listing Service for Hoboken Real Estate, Everybody Wins I had an interesting phone conversation this morning with a potential buyer of a Hoboken condo. He wanted to see condo properties in both Hoboken and Manhattan. I was explaining the difference between how real estate brokerages work in Hoboken (and New Jersey in general), where there is a multiple listing service (MLS), vs. Manhattan, where there is not. If you are a Hoboken condo buyer and find a nice property on-line, say at trulia.com or notice a "for sale" sign on a building while walking down the street, chances are pretty good that the property is listed on the MLS. The agency that listed the condo has agreed to cooperate with every other agency in town to allow all agents to show that property. The more times...
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Beware When Buying a Condo in Hoboken - Final Doesn't Always Mean Final The Hoboken condo and real estate market is still reasonably strong and a surprising number of Hoboken condos and brownstones elicit multiple offers.  When this happens, the listing agent can handle them in two basic ways:     Competing bids     "Final and Best" Competing Bids Can Cause Chaos or Worse With competing bids, the buyers bid against each other until the seller accepts one offer and says "stop - no more showings, no more offers".   Very often the seller will play one buyer against the other to keep outbidding each other to get the highest price.  This strategy backfires when both buyers get frustrated and walk away.  Occasionally a seller will accept one buyer's offer, sign contracts and begin attorney re...
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Hoboken Condos Lure Buyers in April April was a pretty good month for Hoboken condo sales. The end of month numbers are in and Hoboken condo sales remain fairly strong. I know, there are stories in the press every day about the collapse of the housing market and we all have witnessed prices skyrocket at the gas pump and grocery store. While our country has some significant economic woes that are likely to get worse before they get better but, for various reasons, people want to live in Hoboken and continue to be willing to pay top dollar for Hoboken real estate. Average Sales Price of Hoboken Condos is Up 8% April sales figures represent a 8% increase in average sales price for a Hoboken condos compared to last month. The average price of condo is now just over $560,000. That's 5% over...
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Hoboken Real Estate - As Of April 23rd Studio & One Bedroom Condos: Total Active: 181 Under Contract (Dabo'd):83 Sold (Deals Closed) This Week: 6 Average Sold Price: $408,500 New Listings This Week: 21 Two Bedroom Condos: Total Active: 290 Under Contract: 89 Sold: 9 Average Sold Price: $545,988 New Listings: 22 Three Bedroom Condos or Bigger Total Active: 55 Under Contract: 13 Sold: 1 Average Sold Price: $485,000 New Listings: 7 Where Are Hoboken Condo Sales & Inventory Headed? Since I started tracking these figures back in early February there have been significant increases in the number of condos for sale in Hoboken in every size category. Studio and one bedroom condo inventory is up 43%. Two bedroom condo inventory is up 32% and three bedroom and larger condo inventory is up over 41...
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Realtors Everywhere Have a Really Bad Rep - Often for Good Reason Having been both a lawyer and a realtor, I can't say which field is the brunt of more jokes. There is often a basis in truth for the ridicule but it is not always deserved. Like lawyers, some Hoboken realtors are just wonderful, others not. Like most things in life, though, the skill and competency of realtors falls on a bell curve. Most fall somewhere in the middle. So how do you, the Hoboken home owner or Hoboken condo buyer choose? What should you look for or avoid? Here are ten very crucial factors to help you sort out the good Hoboken real estate agents from the bad. 1. Realtors With No Experience In Real Estate Sounds obvious, no? Yet there are plenty of Hoboken realtors out there who have never owned a home, never ...
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The March Numbers Are In for Hoboken Condos SalesSince the start of 2008, the typical measures of market activity in the Hoboken condo market have shown signs of a slow down but they have been very slight. The average sales price of a Hoboken condo in March was $538,722, down for the third month in a row. Price per square foot, however, was $522, up from last month but not quite back to January's level. The average list price fell for three consecutive months. That number does not reflect prices changes. It is the list price at the time the property actually sold. There may have been price reductions from the original list price on many properties as sellers realize they can no longer count on a 15 to 25% increase from the most recent sales prices of similar units in their buildings. He...
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By Eric Valdivieso
(Carteret Mortgage)
This is a subject very close to my heart; Reverse Mortgages.  And you know until recently, seniors 62 years of age and older have not had the best choices when it came to getting cash from their homes. Traditional home loans only offered the option of either selling one's house or borrowing against its equity. But with reverse mortgages coming on the scene, seniors now have some additional cash-flow alternatives. This type of loan allows mature borrowers to convert their home equity into tax-free income without leaving their current home or making mortgage payments - and they do not need an existing income to qualify.  How a Reverse Mortgage WorksReverse mortgages are probably best understood when compared side-by-side with traditional home mortgages, otherwise known as "forward" mortga...
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1. Location Location Location Location has been, and always will be, one of the most important factors in any real estate deal. From the time Hoboken was settled, the place to be was on the waterfront. That hasn't changed. If you're buying a condo in a marginal part of Hoboken, no matter how nice the particular unit, you're still getting marginal property. In an uncertain economic environment, buying a Hoboken condo in the most desirable part of town, Hudson Street, Bloomfield Street, Garden Streets, Hudson Tea or the Shipyard, is your best hedge against a potential downturn. So with all the inventory currently on the market why are you even considering Jackson or Harrison? 2. A Few Thousand Dollars Over 30 Years is Not Worth Much Buyers get all hung up over a few thousand dollars. They...
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Would You Buy a Condo in A Building With Only 3 Units? If so, you better keep reading. Hoboken has very few coops. Most units in Hoboken are condos. A condo building is run by the condo association. The condo association is made up of the unit owners. Each unit owner has a vote. Sometimes, that vote is proportional in relation to the size of the unit owned. Other times, it is 1 vote per unit. So what's the problem with that, you ask? Hoboken has many older 3 and 4 story homes that have been converted into 3 and 4 unit condos. Let's say you're about to purchase a unit in one of these 3 unit buildings. You would own 24% of the total square footage of the building, your upstairs neighbor owns 24% and the family downstairs in the duplex has 52% of the total. So your vote is worth 24%, the u...
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Hoboken Real Estate - As Of Wednesday, March 12th: Studio & One Bedroom Condos: Total Active: 148 Under Contract (Dabo'd): 60 Sold (Deals Closed) This Week: 8 Average Sold Price: $436,873 New Listings This Week: 24 Two Bedroom Condos:Total Active: 249 Under Contract:98 Sold: 5 Average Sold Price: $664,200 New Listings:60 Three Bedroom Condos or Bigger Total Active: 44 Under Contract:10 Sold: 0 New Listings:2 One Family Houses READ THE REST AT:  hobokenrealestatenews.com 
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