HobokenRealEstateBlog

How’s the Hoboken Condo Market?

Stats you can use while shopping for your new Hoboken condo. by Eddie Perez, Broker – REALTOR at RE/MAX Hoboken Condo Market Snapshot for 9/23/2011 Total Condos For Sale: 337 Average asking price: $523,566 Median asking price: $465,000 Avg days on market: 79 0-1 bed : 133 condos Average asking price: $380,910 Median asking price: [...]

Stunning Hoboken Brownstones – Jewels of the NYC Metro Area at a Fraction of the Price!

Owning a Victorian brownstone home is the dream of many that live in Hoboken and the NYC Metro area. They are truly the jewels of many neighborhoods. Big, grand homes of an era gone by, now prized for being able to accommodate growing families by offering them multiple bedrooms and bathrooms, large yards and a [...]

30 Day Hoboken Condo Market Snapshot. Not to Shabby!

In the last 30 days, 66 Hoboken condos went into contract, a drop from the same period in 2010 however these numbers are going against the buying frenzy caused from the Home Buyer Tax Credit that was in effect during the spring market of last year. To me, this indicates a robust, balanced market as [...]

Hoboken Real Estate – News for buyers & sellers

March 22nd, 2013

EddiePerez

The February 2013 Hoboken Condo Market Update

By Edward Perez, Broker – REALTOR at RE/MAX

Good news for Hoboken condo sellers:

Hoboken condominiums on average are selling faster than they did during the same period last year, just 30 days in February 2013 as opposed to 80 days for all closings in February 2012.
Inventory
continues to sit at historic low levels with just 188 total units for sale
70 condos went into contract last month (February 2013)
The current absorption rate, the rate at which all condos in market would be “absorbed” by the current pace of sale (in this case we’re using the 70 units under contract in February) is just at 2.6 months which indicates that the current pool of buyers are absorbing the condo inventory at a rapid pace.
Interest rates remain at historic lows with 30 Year Fixed Conventional Conforming Loans (loans less than or equal to $417,000) at 3.625%/ 3.703% APR
Great time to trade up or down to a more appropriate home or investment

Email, text or call me ASAP if you would like to consult on getting your property ready for the market and to initiate all the marketing programs needed to net you top dollar!

Good news for Hoboken buyers:

Although still very low, inventory has risen 35% compared to the previous month as we are well into our Spring selling season
Average asking prices are slightly down from the same time last year however homes are selling at full price on average versus 95.6% of asking last year. Prices are still very affordable
Interest rates remain at historic lows with 30 Year Fixed Conventional Conforming Loans (loans less than or equal to $417,000) at 4.750%/ 4.868 APR and great rates for
other loan products
Rents have risen substantially over the last few years so buy vs rent ratio is much better now, especially if you factor in the possible tax benefits from home ownership
Economists are expecting prices to rise across the country, including Hoboken, Jersey City, Weehawken and other communities along New Jersey’s Gold Coast bordering Manhattan so buying now and locking in a low interest rate may be a smart move
New condominium construction is underway. 1100 Maxwell Place, Hoboken’s newest waterfront building, is now selling – We can get you priority status into this community and numerous others.

We are in an active buying market however my experienced group can assist you in gaining an advantage over the competition.

Here are the actual stats I compiled for you using the Hudson County Multiple Listing Service:

Current Active “For Sale” Condo Inventory as of 3/1/2013: 188 (124 units on Feb 1st)

Average asking price: $621,359
Median asking price: $549,000
Average days on market: 42
Average asking price per square foot: $571

February 2013 – New Condo Listings: 106

Average asking price: $587,454
Median asking price: $546,843
Average Asking Dollar Per Square Foot: $545

February 2013 – Under Contract: 70 (-7.1% to the 75 units that went under contract in February 2012)

Avg asking price: $591,687
Median asking price: $553,113
Avg days on market: 30
Avg asking price dollar per square foot: $543

February 2013 – Sold: 35 (43 closed in January) ( -29% to the 60 that sold in February 2012)

Average asking price: $528,688 (-1.5% compared with $536,681 in February 2012)

Average selling price: $526,336 (+2.4% compared to $513,669 avg selling price in February 2012)

** Average List-To-Sales-Price-Ratio (LSPR) : 99.6% of asking price (95.8% LSPR in February 2012)

Median selling price: $516,000 (+15.7% from the median selling price of $434,750 in February 2012)

Average days on market: 34 (Selling 130% faster than the 80 average selling days on market in February 2012)

Average selling dollar per square foot: $553 (+15% from the average selling price per square foot of $470 in February 2012)

Remember, I’m always around should you have any questions or need anything….

From monitoring the market daily and getting you into 1st look, “off market” properties and priority status into new construction opportunities to leveraging our relationships with the brokering community so you can negotiate in good faith with the people we personally know, doesn’t it make sense to go with the team that will add value and clarity to your next real estate deal?

I can also put together statistics and a customized marketing proposal to fit your specific property should you be considering selling. Just let me know!

Your REALTOR,

Eddie

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Hoboken New Construction

February 21st, 2013

EddiePerez

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Today in Hoboken Real Estate by Edward Perez

February 19th, 2013

EddiePerez

Hope you’re keeping warm on this cold Presidents Day!

For sale listing inventory has risen a bit but activity and demand from buyers is still strong. New construction is going up throughout Hoboken and the surrounding area including Jersey City. Multiple offers are quite normal. Bank appraisal numbers are not keeping up with the marketplace and are coming in lower than contract prices so preemptive conversations and work has to be done on the financing end to make sure these deals keep moving forward.

One listing where I represent the seller has sold for 22% higher than a similar unit in the same 8-unit building just 6 months ago. Thankfully we were able to work with all parties on getting the property through the appraisal process and into a solid pending to close status!

During the last week, I placed three buyers into contract and two of my listings into attorney review, both after receiving multiple offers.

We still have a shortage of quality units for sale. I’m consulting with all owners considering placing their homed on the market on what this market may return to them and on how to strategically adjust their timing and positioning to best meet their goals. Please reach out to me if you or anyone you know is considering entering the market.

Here’s a quick Hoboken Real Estate Market recap.

Buyers are out shopping and we are following the local trend of increased activity around our buyers “bonus” season.

Rates are low but inching up. This seems to be increasing buyer enthusiasm to purchase ASAP.

Supply has moved up this month from a low of 112 condos to 153 on the market today.

Total properties on the market: 167
- Condos: 153
- 1-4 family: 14

Total Under Contract February (month-to-date): 44
- 39 Condos priced from $238K – 1.65 million
  - Average Days on market: 42

- 1-4 Family properties: 5 priced from $825K – 2.1 million
  - Average Days on market: 80

Sold (February month-to-date): 15
- Condos – 14
- 1-4 family – 1
- Properties are selling just 1/2 of 1% below asking price…essentially at asking price on average!

The Hoboken rental market currently has 80 units available in the Multiple Listing Service and there are 124 units available in downtown Jersey City. Demand is taking a somewhat back seat to the influx of buying but still going strong.

New Developments:

Maxwell Place on the Hudson (Phase III) – 1100 Maxwell Lane – Hoboken was quietly released on Sunday, Feb 10th. I am representing two buyers that have signed non-binding agreements which will be going into full contract within one week. In the initial release of approximately 30 units (studio – 3 bedroom), many are priced from the mid $600′s – low $700′s per square foot.
This is one of the hottest projects in the NY metro area. Let me know ASAP if you are interested in moving to the waterfront, and I’ll send you the required forms needed to get you into this hot new release!

Edge Lofts – Hoboken (1405 Clinton St.) – New high-end rental building consisting of 35 loft-style units in one of New Jerseys most environmentally friendly “LEED” certified Green buildings). 1-3 bedroom units available with high-end fixtures and finishes, some with balconies and terraces. Parking available. Really awesome building.

The market is dynamic and moving at lightning speed. Let me know how I can help you make the best move!

Eddie

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

We Finally Have Our New House in Hoboken! Now What?

March 24th, 2012

EddiePerez

Moving from one house to another forces a person to make many decisions. If you’ve been in your present home for very long, the thought of simply beginning can make you want to run screaming from the room. It’s not nearly as daunting as it seems. You just have to break the forest into trees. Read more »

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

The Hoboken Condo market update for February 2012

March 15th, 2012

EddiePerez

The Hoboken condo market has made some significant moves, many may be in your favor. Read more »

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Pending Home Sales Rise, Market on Uptrend

February 29th, 2012

EddiePerez

The following article is good news and I wanted to share it with you! It is reprinted from the DAILY REAL ESTATE NEWS of Monday, February 27, 2012.

Pending home sales are on an upward trend, which has been uneven but meaningful since reaching a cyclical low last April, and are well above a year ago, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.

The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the homebuyer tax credit.

Lawrence Yun, NAR chief economist, said this is a hopeful indicator going into the spring home-buying season. “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”

PHSI by region:

Northeast: Rose 7.6 percent to 78.2 in January and is 9.8 percent above a year ago.

Midwest: Declined 3.8 percent to 88.1 but is 10.8 percent higher than January 2011.

South: Increased 7.7 percent to an index of 109.1 in January and are 10.5 percent above a year ago.

West: Fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.

“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun said. “If and when credit availability conditions return to normal, home sales will likely get a 15-percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater.”

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker – REALTOR®. His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities, including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County. You can email questions to eddie @InvestHoboken .com . To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Hoboken Singles – Want a Better Love Life? Buy a Home!

February 14th, 2012

EddiePerez

Hoboken has long been touted as having the highest percentage of singles of any city in the United States.

Want to increase your chances of finding love? Buy a home! In a new survey by Harris Interactive for the real estate site Trulia has shown that there is an overwhelming preference to date a single that own their own home as opposed to one that is renting. Don’t believe me? You can read the article here: http://money.cnn.com/2012/02/14/real_estate/dating_homeownership/index.htm

The fact is, I’ve seen this first hand, having sold many condos to single buyers … who later trade up to larger homes once they’ve found love in our mile square city … only to later trade up again once the family has outgrown that home once again.

I guess there’s a case that can be made that not only are we REALTORS, but we can also add Love Dr to the business card

Make it a great day!

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Will Your Hoboken Home be Waiting in Line to Sell?

January 10th, 2012

EddiePerez

Don’t you hate it when people cut in line? Not only is it very annoying, it makes you have to wait longer to take care of your business or to get to where you’re going next. Hoboken homes for sale are in a competitive line, with the home offering the best value in its category selling first. A price to value position, so to speak.

In theory, a home further back in the line (third or fourth position) would eventually sell once the better-valued homes (first and second place) have sold. Unfortunately, this is not the case. New listings are continuously entering the market and cutting in line. This causes the inferiorly priced homes (third or fourth place) to stay behind in line, never actually selling –unless they improve their price to value position.

Therefore, in order to price a home so that it will sell, it’s very important to consider your position relative to other homes on the market. I call it strategic pricing.

Want to know how to get out of line in a reasonable amount of time? Shoot me an email or just call.

Happy Selling

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Condo Sellers: Prepare for Spring in Hoboken

January 8th, 2012

EddiePerez

Okay, folks. I know it’s the middle of winter, and it’s been a mild one so far (fingers crossed!).
But if you are buying or selling a Hoboken property you really do need to start getting ready for spring. Use these next few weeks wisely, and you’ll save yourself headaches when the time comes to put your place on the market. This week we’ll concentrate on a few seller strategies for getting your condo ready. Next week we’ll talk to buyers.

Sellers:

Don’t wait till the last minute to de-clutter; do those little repairs and start the deep cleaning.You never know when people will start looking at properties! And if you read the Buyer section next week, you’ll understand.

First off, go out and rent a unit at the nearest self-storage facility, and start going through the house (and garage if you’re lucky enough to have one!) one room at a time. I promise you’ll be glad you did. You’re going to have to go through stuff before you move anyway, right? Why not start now when you can take your time about it. Buyers have a lot easier time imagining their stuff in the condo if they don’t have all your stuff to visualize through! Your rooms will look larger with less stuff in them anyway.

You know those bothersome little household repairs on your “Honey Do” list? Now is the time to get on them. You’re stuck inside for the next two months anyway. Put the time to good use.While those little imperfections irritate you, they’ll have buyers seeing potential repair dollar signs … and wondering what else needs to be taken care of that they aren’t seeing. Like the commercial says, “Just do it!” Remember, everything you can see and don’t repair is potentially a negotiating point for buyers looking to get you to lower your price.

Don’t forget the exterior!Start speaking with your condo association about any common area repairs or upgrades that may be needed as it could take a few months to get board approval and get the work completed. Remember the importance of those first impressions! Take a look at your buildings front façade and landscaping. Could it use new plantings, paint or brick re-pointing? Updates to these can add value to everyone’s homes and make it a more enjoyable place to live.

Take a look at your building’s hallways, mailbox, laundry and storage areas. What can be done to give the best impression to potential buyers? Sometimes simply enforcing the current building rules and regulations, such as limiting items left in hallways, can help with how your building will show.

Now let’s talk about your roommates. Not the buddies from college but

the furry ones we call pets. You may not smell them, but if you have carpets, upholstered furniture and even one little dog … or a litter box and one little kitten … newcomers to the house will smell them. And if the buyer has pet allergies, watch out! No amount of sprays or powders will cover the smell. If you are serious about selling, you need to have the carpets, drapes and upholstered furniture steam cleaned. Try to decide on an area (preferably uncarpeted) that the pets can be restricted to, and determine what to do with them when the house is going to be shown. Doggy day care? Pet carrier? Mom’s house? If possible, have the pets removed from the condo during showings.

These are just a few suggestions to keep in mind and to get started on now so that you’ll be able to hit the ground running when your place goes onto the market!

Next week, buyer suggestions!

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Low Inventory + Higher Rents = ?

December 24th, 2011

EddiePerez

A case could be made that this could begin to lead to price increases in the near future.

Additionally, recent news on the economy has been getting better lately and you know what this could lead to……. interest rates might start to go up!!

Hoboken is experiencing extremely low inventory of available condominiums. As of today, there are only a total of 215 units available for sale.

Six months ago, there were nearly 400 condos on the market!

If the current demand picks up just slightly, it just might ignite the lackluster activity of the past 3 months where we’ve averaged approximately 32 contracts per month.

Why wait? Let me know if you would like to start the home search in earnest.

Here are just a few of the headlines TODAY. I wanted to share this with you today as the LARGEST cost of home ownership is the interest. Remember the old adage, “you don’t live in the purchase price, you live in the monthly payment” (i.e. interest rate).

Jobless Claims, Factory Data Suggest Recovery Picking Up

http://www.cnbc.com/id/45681589
Stocks Gain as Economy Shows Some Strength

http://www.cnbc.com/id/45680479

Have a great day!

Eddie

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.