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 [...]

The Holidays are Coming…Should I Wait to Sell My Hoboken Condo?

October 26th, 2011

EddiePerez

I’m often asked…. “Eddie, with the holidays quickly approaching, should I wait until January to put my Hoboken condo on the market?”

The short answer is Maybe…

To help answer the question properly, I typically assess your goals and timing. I then perform a “Real Estate Timing Analysis” and a “Financial Risk Analysis”. Both of these are important tools we use to help identify what may be best for you. Better yet, they can often help save you a lot of money.

On a purely strategic aspect, here are my thoughts on why not waiting may be a good decision for you:

1. While there may be fewer buyers out there, people who look for a home during the holidays are serious… they are ready to buy!

2. There are fewer homes for buyers to look at during the holidays, which means less competition for you… less competition equals more money!

3. After the holidays the supply of listings increases substantially, which lowers the demand for your home… more competition equals less money!

4. Your home shows better when decorated for the holidays!

5. Many buyers have more time to look for property during the holidays (as opposed to a normal work week).

6. We will restrict the showings on your home to the times you want it shown. You remain in control.

7. You can sell now for more money and not have to physically move until January or February…as opposed to just starting the whole process at that time.

I hope this helps shed some light on the subject. I’m always around to discuss your individual needs!

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 Rag-a-Muffin Parade & Costume Contest 2011

October 20th, 2011

EddiePerez

Hoboken is full of fun family events, and one that’s definitely not to be missed is the Hoboken Rag-a-Muffin Parade & Costume Contest 2011! Part parade, part costume contest and 100% fun for everyone! All the families trick or treat afterwards with most of the stores along Washington St participating. Get into the spirit and have a great time.

The Hoboken Rag-a-Muffin Parade & Costume Contest is a popular annual event in our town. The children look forward to it not only for the fun and candy but as a way to “test drive” their Halloween costumes. For parents, it’s a cross between a community-wide play date and a chance to have a nice outing with the family while catching up with their friends. The local stores see it as a great way to contribute to the spirit of community Hoboken is so well-loved for.

The parade is scheduled for Monday October 31, and begins at 4pm.

To participate: Line of march setup begins at 3:30pm on Washington Street between 12th & 13th Streets. It will feature bands, floats, local live music, lots of great costumes and so much more.

The Costume Contest begins immediately after the Parade and will be held at The Little League Field, 5th Street & River Terrace. Prizes will be awarded in five age categories. Visit the city website for more info.

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.

Renowned Hoboken House Tour Scheduled for October 23rd

October 18th, 2011

EddiePerez

Have you ever wanted to see the inside of one of Hoboken’s beautiful Victorian homes? How about getting a closer look at one of our truly unique condominiums? Well, here is your chance! The Hoboken House Tour is scheduled for October 23^rd from 10:00 AM till 4:00 PM. It is justifiably known as one of the better home tours on the East Coast.

There are normally eight to ten homes opened to the public for this tour. Each year there is a different collection of homes, so just because you may have gone on the tour in the past, don’t think you’ve seen it all.

Working as a full-time real estate agent in Hoboken for the past 10 years has brought me into many of these fantastic homes. In fact, one of my homes was on the tour in 1998. However, there are usually 3-4 that I haven’t had the pleasure of seeing yet, and it’s a thrill for me to get in and see these true Hoboken gems. The owners show such great pride and care for these fantastic homes.

This would be a great way to spend a day, absorbing the historical architecture of Hoboken. This is a self-guided event so you can move at your own pace, visiting each home for as long or as short a time as you want. Many of Hoboken’s historical Victorian homes that illustrate our city’s glorious past are included in the tour. The tour offers you the opportunity to see new condominiums as well, so you can get a look at where our city is headed architecturally speaking.

The owners of the tour homes are also providing the means for those of us who take the tour to contribute to one of the great institutions of our community. All proceeds from the tourare donated to the Hoboken Historical Museum.

Tickets are $25 in advance, $30 the day of and for Museum members, and can be purchased at the Hoboken Historical Museum, Sparrow’s Wines & Liquors, Amanda’s, Fleet Feet Sports and Coldwell Banker Real Estate.You can get more info at the Hoboken House Tour site.

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.

Jersey City 30-Day 1-4 Family Market Snapshot as of 10/12/2011

October 14th, 2011

EddiePerez

Statistics compiled by Eddie Perez at RE/MAX using the Hudson County MLS

Current For Sale Market

Total Homes for sale: 183
Average Price: $333,386
Median Price: $310,000
Avg Days on Market: 144

1 family: 41
Avg: $251,676
Median: $229,900
Avg days on market: 139

2 family: 112
Avg: $356,021
Median: $332,000
Avg days on market: 142

3 family: 19
Avg: $341,076
Median: $324,000
Avg days on market: 134

4 family: 11
Avg: $394,181
Median: $399,000
Avg days on market: 205

Total 1-4 family Under Contract: 80 Average days on market: 95 Average asking price $252,190

Total Under Contract Last 30 days: 11

30-Day Absorption Rate: 16.63 months of inventory based upon the last 30-day sales volume -
(11 units under contract last 30 days divided into 183 total units). This translates into the following:6 months or higher – Buyers Market

3-6 months – Balanced Market

3 months or under – Sellers Market

More facts:
Total 1-4 family homes for sale in Jersey City Heights, Journal Sq, Downtown: 336

Total 1-4 family homes for sale in Union City: 144

Distressed Properties in Jersey City

Pre-foreclosure: 1066
Auction: 159
Bank-Owned: 164

I invite you to call or email with any questions you may have regarding your specific situation.

Let me know how I can help you achieve your goals!

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.

30-Day Hoboken Condo Market Snapshot as of 10/12/2011

October 13th, 2011

EddiePerez

How’s the market?

The 30-day Hoboken condo market snapshot is designed to give a quick look at how the overall Hoboken condo market has performed during the previous 30 days. It’s current, hyper-local information can be a helpful guide and can offer confidence in understanding what is happening now so you can make the best decisions for you and your family.

30-Day Hoboken Condo Market Snapshot as of 10/12/2011
Total Condos For Sale: 309
Average Price: $534,825
Median Price: $475,000
Avg Days on Market: 84

0-1 bed : 114
Avg: $387,789
Median: $334,750
Avg price per sqft: $522
Avg days on market: 92

2 bed: 160
Avg: $581,917
Median: $524,950
Avg price per sqft: $489
Avg days on market: 74

3 bed: 31
Avg: $726,203
Median: $649,000
Avg price per sqft: $454
Avg days on market: 100

Total Condos Under Contract: 115 Average days on market: 91 Avg price per sqft: $470.44

Total Under Contract Last 30 days: 44

30 Day Absorption Rate: 7.02 months of inventory based upon the last 30-day sales volume-
(44 units under contract last 30 days divided into 309 total units). This translates into the following:

6 months or higher – Buyers Market

3-6 months – Balanced Market

3 months or under – Sellers Market

How’s YOUR market? The figures above represent an overall Hoboken condo market snapshot utilizing the Hudson County Multiple Listing Service. Individual properties should be assessed on their own merits and decisions can be made relative to the overall market conditions.

I invite you to call or email with any questions you may have regarding your specific situation.

Let me know how I can help you achieve your goals!

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.

How’s the Hoboken Condo Market?

September 24th, 2011

EddiePerez

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: $325,000
Avg price per sqft: $524.54
Avg days on market: 89

2 bed: 170
Avg: $585,344
Median: $519,400
Avg price per sqft: $481.22
Avg days on market: 69

3 bed: 29
Avg: $710,113
Median: $628,500
Avg price per sqft: $449.46
Avg days on market: 95

Total Condos Under Contract: 107 Average days on market: 92 Avg asking price per sqft: $466.08

Total Under Contract Last 30 days: 34

30-Day Absorption Rate: 9.91 months (34 units under contract last 30 days divided into 337 total units)

6 months or higher – Buyers Market

3-6 months – Balanced Market

3 months or under – Sellers Market

How’s YOUR market? The figures above represent an overall Hoboken condo market snapshot. Your individual situation or property can vary significantly and should be assessed properly.

You can buy, sell, rent or invest with confidence having real-time “hyper local” information to use in making the best decision for you and your family. Let me know how I can help you achieve your goals!

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.

Hurricane Irene “Visits” Hoboken, NJ

September 4th, 2011

EddiePerez

Now that Hurricane Irene is history here in Hoboken, NJ, it’s time to try to get back to normal. The New Jersey Office of Emergency Management offers tips on what to do in the event of a hurricane.

Most people have begun to return home now that Irene is over. If you are returning to your Hoboken, NJ home, you may want to keep these tips in mind:

Return home only after you are told that it is safe to do so.
Watch out for downed power lines – stay away from them and report them to the authorities.
Use caution when entering your home.
Beware of animals driven to higher ground by flood water.
Open windows and doors to air out your home.
Do not use candles or other open flames – use flashlights.
Inspect the utilities in your home for damage.
Let a friend or relative know that you have returned home.
Take pictures of damage and contact your insurance agent.
Find out how to receive recovery assistance – check out the website for the New Jersey Office of Emergency Management for information on recovery assistance.

Parts of Hoboken, NJ were under a mandatory evacuation before Irene blew in. If you weren’t as prepared for Irene as you thought you were, here are some tips for getting ready for a hurricane:

Get a kit of emergency supplies ready – this includes ready-to-eat food, water (three gallons per day per family member), medications, flashlights, and a battery-operated radio. Go to the American Red Cross website for other items you may need or want to include.
Have an evacuation plan for your pets – arrange with a friend or relative to take them if you need to evacuate.
Make sure all family members carry contact information in case you are separated.

Hopefully, we will not have to deal with another hurricane in Hoboken, NJ anytime soon. However, it’s always best to be prepared.

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 Distressed Properties

August 22nd, 2011

EddiePerez

In a recent study by Lender Processing Services (LPS), 6.38 million people were at least 30 days late on their mortgage payments. According to online data tracker RealtyTrac, Hoboken shows to have 72 properties that fall within this pre-foreclosure status. Additionally, there are 14 bank-owned properties and 5 sheriff sales in town.

I’ve placed a free list of the most common alternatives to foreclosures that homeowners can take advantage of to get back on the path to financial stability on my website:

http://foreclosureshudsoncounty.com/

The sooner one begins the process of developing a strategy, the better the chances one can avoid foreclosure.

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 Condo Supply Drops to Just Over Four Months

August 21st, 2011

EddiePerez

The Hoboken condo market supply has dropped to just over 4 months (4.36 month supply) based upon the most recent 30-Day Hoboken Condo Market Absorption Rate, a significant drop from the previous weeks rate which was at 5.22 months.

This is the rate where the total condo inventory that is presently on the market for sale would be “absorbed” by the pace of units placed under contract within the last 30 days as of 8/19/11.

Many buyers are surprised by the amount of activity we are presently seeing in the Hoboken condo market. It’s important that my customers and clients are up-to-date with the most recent information so that they can be ready to respond appropriately when they find a home that they want to make a move on. That’s my goal with providing these timely reports!

Here is the most recent info you can use while shopping for your Hoboken condo!

How’s the market?

Hoboken Condo Market Snapshot 8/19/2011

Total Condos For Sale: 310
Average Price: $508,879
Median Price: $465,000
Avg Days on Market: 88

0-1 bed: 121
Avg: $380,174
Median: $329,880
Avg price per sqft: $523
Avg days on market: 93

2 bed: 155
Avg: $562,864
Median: $519,600
Avg price per sqft: $476
Avg days on market: 80

3 bed: 31
Avg: $685,725
Median: $639,000
Avg price per sqft: $473
Avg days on market: 111

Total Condos Under Contract: 139 Average days on market: 85 Avg price per sqft: $473.48

Total Under Contract Last 30 days: 71

30 Day Condo Absorption Rate: 4.36 month condo market supply based on 71 units under contract last 30 days divided into 310 total units

6 months or higher – Buyers Market

3-6 months – Balanced Market

3 months or under – Sellers Market

How’s YOUR market? The figures above represent an overall Hoboken condo market snapshot. Your individual situation or property can vary significantly and should be assessed properly.

You can buy, sell, rent or invest with confidence by using real-time “hyper local” information to make the best decision for you and your family. Let me know how I can help you achieve your goals!

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.

Be Prepared for Closing Costs

August 20th, 2011

EddiePerez

Congratulations! You’re ready to close on your new Hoboken home. Are you also ready for the costs that go with closing? Find out how to be prepared for closing costs.

Ask the seller to pay the closing costs. Before you make your offer on the home, ask your agent if it’s possible to ask the seller to pay some, or even all, of the closing costs. Eager sellers are often willing to do so. On the other hand, some buyers will offer a higher bid on the home in exchange for the seller paying closing costs.
Make sure you understand the Good Faith Estimate. Your lender must provide you, within three days of your loan application, a Good Faith Estimate. This document spells out, among other things, a description of your closing costs. You should read it carefully, and make sure you understand what everything means. Ask your realtor or lender to explain anything that is not clear.
It’s a good idea to get more than one Good Faith Estimate. Lenders all use the same form for the Good Faith Estimate, making it easy to compare costs and negotiate fees.
Pay careful attention to your HUD-1 statement. Ask your lender for a copy of your HUD-1 statement well in advance of your scheduled closing date. This way, you can compare the closing costs listed on both documents. Ask your lender to explain any differences you may find.

Knowing what costs to expect at closing will help you be prepared to have them covered. This will help make your close go much smoother and get you in your new home faster.

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.