Ask me no questions and I'll tell you no lies.
Stupidest Buyer Question #3
"DO YOU THINK....?"
My opinion does not matter.
do i think you should buy the place? hell yes.
do i think you should wait until next year? hell no.
do you think interest rates will go up? If I knew, I'd be day trading.
do you think prices will come down? go up? you have to live somewhere.
do you think they will throw in the plasma tv? would you!
do you think it a good investment? law suit. not opening my mouth.
do you think i should repaint/fix X, do Y to the place after i buy it? I would. (thank you Floydd Wickman)
Shinking Inventory
2007 Hoboken condos in to the market in Oct 1282007 Hoboken condos closed in Oct 52
2007 Hoboken condos closed in Oct 177
Net Loss: 101 units!!!
Wednesday, October 31, 2007
Tuesday, October 30, 2007
The BIGGER, the better.
2007 Hoboken condos 1500 sqft+ sold/under contract 34
2007 Hoboken condos 1500 sqft+ currently for sale 12
Everyone wants to supersize. If you're looking for a condo larger than 1500sqft in Hoboken, move fast. There aren't many and they sell.
Stupiest Buyer Question #4
How is the neighborhood?
Do you want police reports with that? I am prohibited by law to discuss racial make up. I am not opening myself up to liability by saying safe. What if I say that and you get mugged? who are you going to sue?
Here are some smart questions...
Where's the public housing in proximity in to this unit?
Are there any OTBs nearby?
What's the number of the police department? A buyer can call and get statistics, incident reports for the neighborhood, and a sense as to how the neighborhood is patrolled. By car, by foot,... by meter maid (always by meter maid).
2007 Hoboken condos 1500 sqft+ currently for sale 12
Everyone wants to supersize. If you're looking for a condo larger than 1500sqft in Hoboken, move fast. There aren't many and they sell.
Stupiest Buyer Question #4
How is the neighborhood?
Do you want police reports with that? I am prohibited by law to discuss racial make up. I am not opening myself up to liability by saying safe. What if I say that and you get mugged? who are you going to sue?
Here are some smart questions...
Where's the public housing in proximity in to this unit?
Are there any OTBs nearby?
What's the number of the police department? A buyer can call and get statistics, incident reports for the neighborhood, and a sense as to how the neighborhood is patrolled. By car, by foot,... by meter maid (always by meter maid).
Monday, October 29, 2007
There are no stupid questions
2007 Hoboken condos sold over $1 Million 23
2007 Hoboken conods currently for sale 19
We've all heard somewhere along the line that there are no stupid questions. wrong. This week I am going to cover the 5 stupidest questions a buyer can ask a realtor. Million dollar buyers may be the worst offenders.
#5
How much did the seller pay for the home?
The reason a buyer is asking is to understand if he can low ball and does the seller has enough equity to come out even or with a profit. I argue that it makes absolutely no difference what the seller paid. Either they will sell at a price or they won't. The seller is looking for the most money not a reasonable profit. The market will dictate the selling price, not what the seller paid.
Now there are areas where this question is valid. Just not for Hoboken real estate. Instead try Naples Florida. If the seller doesn't have enough equity to get out without coming up with a lot of money out of pocket at the close, the seller will have to ride it out.
btw: you can still ask me. I will look it up and tell you and you will have a meaningless data point.
2007 Hoboken conods currently for sale 19
We've all heard somewhere along the line that there are no stupid questions. wrong. This week I am going to cover the 5 stupidest questions a buyer can ask a realtor. Million dollar buyers may be the worst offenders.
#5
How much did the seller pay for the home?
The reason a buyer is asking is to understand if he can low ball and does the seller has enough equity to come out even or with a profit. I argue that it makes absolutely no difference what the seller paid. Either they will sell at a price or they won't. The seller is looking for the most money not a reasonable profit. The market will dictate the selling price, not what the seller paid.
Now there are areas where this question is valid. Just not for Hoboken real estate. Instead try Naples Florida. If the seller doesn't have enough equity to get out without coming up with a lot of money out of pocket at the close, the seller will have to ride it out.
btw: you can still ask me. I will look it up and tell you and you will have a meaningless data point.
Thursday, October 25, 2007
Days On Market. Tick.Tick.Tick.
Clients often ask me, how long has this been on the market?
Bargain hunters beware. What is the right answer?
One week? Not long enough for a price reduction.
Two weeks? Still waiting for the price reduction
One Month? Now the seller must be getting desperate.
OOOPS. You missed it. 43% of the Hoboken condos are gone by 30 days. If you factor in new construction the number is even higher.
What's left? We'll what left at Best Buy on the Saturday after Thanksgiving. Not that sweet 42 inch plasma for $399. Not that laptop for $199. no what left on sale is the 9 million copies of You've Got Mail for $2.99. Albeit a nice period piece. Not going to win any awards. Good to give your 60 year auntie wrapped up in a package with a cinnamon spice candle. But you're not calling your friends up telling then to come over and watch it.
Same thing with condos. The great stuff goes. It goes fast. The bargains go. They go fast. Wait for a bargain. Wait and wonder.
If you're not getting daily mls listings, you're missing the market.
Days on Market. Hoboken Real Estate
number hoboken condos sold ytd 811
number under contract within 10 days 95
number under contract within 14 days 148
number under contrct within 21 days 249
number under contract within 30 day 346
information deemed reliable but not guaranteed
Bargain hunters beware. What is the right answer?
One week? Not long enough for a price reduction.
Two weeks? Still waiting for the price reduction
One Month? Now the seller must be getting desperate.
OOOPS. You missed it. 43% of the Hoboken condos are gone by 30 days. If you factor in new construction the number is even higher.
What's left? We'll what left at Best Buy on the Saturday after Thanksgiving. Not that sweet 42 inch plasma for $399. Not that laptop for $199. no what left on sale is the 9 million copies of You've Got Mail for $2.99. Albeit a nice period piece. Not going to win any awards. Good to give your 60 year auntie wrapped up in a package with a cinnamon spice candle. But you're not calling your friends up telling then to come over and watch it.
Same thing with condos. The great stuff goes. It goes fast. The bargains go. They go fast. Wait for a bargain. Wait and wonder.
If you're not getting daily mls listings, you're missing the market.
Days on Market. Hoboken Real Estate
number hoboken condos sold ytd 811
number under contract within 10 days 95
number under contract within 14 days 148
number under contrct within 21 days 249
number under contract within 30 day 346
information deemed reliable but not guaranteed
Wednesday, October 24, 2007
Hens Teeth and one beds w/ Pkg under $400K
Like I tell my clients. One Bedrooms with parking under $400k and they way I like my steak. RARE. Just look at the numbers. 21 under contract or sold in 2007 ytd. 3 Available. And if you don't want to live on the corner of 5th and Jackson (Like 99.44 % of the free world that can afford a $400k one bedroom.) That leaves 1. Yep. You read it right. One.
The one.... 3 months indoor one month outside parking. When's a one bedroom not really a one bedroom? When it's a studio!!! That's the one.
So like they used to say on Sunday night television. Fuggetaboutit.
One Bedroom With Parking Under $400K2007:3 Available5 Under Contract16 Sold
The one.... 3 months indoor one month outside parking. When's a one bedroom not really a one bedroom? When it's a studio!!! That's the one.
So like they used to say on Sunday night television. Fuggetaboutit.
One Bedroom With Parking Under $400K2007:3 Available5 Under Contract16 Sold
Tuesday, October 23, 2007
3 Bedrooms Still Hot
The elusive 3 bedroom market....
2006 3 Bedrooms Condos sold year to date 46
2007 3 Bedrooms Condos sold year to date 73
Good News Hoboken Families. 3 bedrooms are available and being sold. While most developers aren't building the elusive three berdroom (More money in ones and twos) , buyers are scooping up the three beds. There are 3 beds currently available!!! That's a great selection and will make you think twice about that move to Montclair. Just try driving there on a weekday and you'll be putting doen your deposit faster than you can say "50 minutes in traffic each way is killing me. Do you know what time we have to leave work to pick up the kids?"
2006 3 Bedrooms Condos sold year to date 46
2007 3 Bedrooms Condos sold year to date 73
Good News Hoboken Families. 3 bedrooms are available and being sold. While most developers aren't building the elusive three berdroom (More money in ones and twos) , buyers are scooping up the three beds. There are 3 beds currently available!!! That's a great selection and will make you think twice about that move to Montclair. Just try driving there on a weekday and you'll be putting doen your deposit faster than you can say "50 minutes in traffic each way is killing me. Do you know what time we have to leave work to pick up the kids?"
Friday, October 19, 2007
Your Own Worst Enemy Has Come To Town
If your selling your home, you'd better price it to meet market demand. Year to date there have been 800 condos sold in Hoboken. Today there are 441 for sale.
I see condos sell in as little as one day. I even sold one myself this tear the first day it was on the market. It takes the right price and the right buyer.
Sellers often get caught in the "death of a thousand price cuts" trap. A seller wants a certain price and an agent wants the listing. So the agent takes what they know to be an overpriced listing. Then they wait...many showings no offers.
So the seller reduces the unit by some nominal amount. ( $10k or 15k on a $600k property.) Wake up Mr. Seller. Do you think that a buyer is going to look at that as a real reduction??? That's noise to a buyer. So Mr. Seller waits another month....more showings, no offers.
Another prioce reduction....another $15K....Now Mr. Seller is where he should be...not so fast...Now we are in the Holiday period. few showings...no offers....Another month goes by. An offer finally comes in.. It's low... Mr. Seller is tired of showing the place and wants to move....Mr. Seller has been worn down. Mr. Seller gets less fotr the condo and it takes longer to sell than if it was priced to the market. As Bruce Springsteen sings "Your Own Worst Enemy Has Come To Town" and your realtor let it happen.
I see condos sell in as little as one day. I even sold one myself this tear the first day it was on the market. It takes the right price and the right buyer.
Sellers often get caught in the "death of a thousand price cuts" trap. A seller wants a certain price and an agent wants the listing. So the agent takes what they know to be an overpriced listing. Then they wait...many showings no offers.
So the seller reduces the unit by some nominal amount. ( $10k or 15k on a $600k property.) Wake up Mr. Seller. Do you think that a buyer is going to look at that as a real reduction??? That's noise to a buyer. So Mr. Seller waits another month....more showings, no offers.
Another prioce reduction....another $15K....Now Mr. Seller is where he should be...not so fast...Now we are in the Holiday period. few showings...no offers....Another month goes by. An offer finally comes in.. It's low... Mr. Seller is tired of showing the place and wants to move....Mr. Seller has been worn down. Mr. Seller gets less fotr the condo and it takes longer to sell than if it was priced to the market. As Bruce Springsteen sings "Your Own Worst Enemy Has Come To Town" and your realtor let it happen.
Thursday, October 18, 2007
Down Market???
More condos have been sold in the first 9 months of 2007 than in 2006. (see stat of the day)
Number of condos sold up 8%.
The avarage sale price is up 2% for the same period. What is going on??? How can this be? That hissing sound you've been hearing hasn't been the housing bubble bursting but signs from buyers who thought they were going to get a steal in Hoboken.
Actually, buyers still win. Check out the equivalent homes in Park Slope. Hoboken is on sale in retrospect. Wait until Brooklyn gets the Nets then you'll see people moving out in droves.
Number of condos sold up 8%.
The avarage sale price is up 2% for the same period. What is going on??? How can this be? That hissing sound you've been hearing hasn't been the housing bubble bursting but signs from buyers who thought they were going to get a steal in Hoboken.
Actually, buyers still win. Check out the equivalent homes in Park Slope. Hoboken is on sale in retrospect. Wait until Brooklyn gets the Nets then you'll see people moving out in droves.
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