Open Houses: Find A House. Find A Realtor

As 2007 closes its doors to us, a moment to rant and rave. I hosted an open house yesterday for three hours. I had one person and a realtor come through. The realtor came 45 minutes before the end and said to me "I usually pack up and go home if its not busy."

Now if I'm hosting an open house, I have to put an ad in the paper, place ads online, do market comps, fill balloons, print flyers, get open house signs, put open house signs on the street. get other collateral, etc. I spend several hours preparing to service both my seller and the potential buyers. Why would I advertise that my store is open ad then close early.

Buyer/Seller Alert: Check the open house, if an agent is closing early stay away. How committed to their job are they? How committed to you are they?
Here's to a great 2008.

Search Online. Call Your Realtor.

Craigslist and other online sites are great places to start your real estate search. Once you've established an understanding of the market and your needs and wants, the best place to go is to your realtor.



Most of the Craigslist postings my clients send me are units that I have already sent them from the MLS. Sometimes the Craigslist posting is sexier and draws them in. It's all good. When someone is seriously searching, no stone should be unturned. However, your realtor usually has answers as to the status of the property and other useful info you won't get in the ad.


Here's one that recently stumped me. A client sent me a Craigslist posting from a for sale by owner for $515k that is currently listed with the MLS for $548k. This situation presents real opportunity for the buyer. The seller will have to pay commission if my client chooses to buy it and the seller has given away his price. The selling agent on the other hand may be the bigger fool.

Hoboken Condos 2007
Sold Office Listings
Number Offices Greater than Seventy: 4
Number Offices Under Ten: 43
information deemed reliable

Lose Weight Not Space

Time to pay the piper for excessive holiday celebrations. Some folks are going to get on their home coat racks ...err exercise bikes/treadmills. Instead, save yourself the space, put your coat in the closet and use the floor space to make your condo look bigger. If you still feel the need to exercise come February and can't afford those high priced gyms, think about finding a condo in a building with an exercise room. Most of the time, these gyms are clean, well maintained, have the necessary equipment and are hardly ever used.

The gym may also free up some closet space.

Hoboken Condos 2007
with exercise room
actives 99
under contract/sold 252
information deemed reliable

The Dark Continent

Location is everything. Check it well.

Three tips to scouting your new home.

1) Check it at morning and evening rush hour. Is your street a popular cut through?

2) Check it during the evening after the sun goes down. Does it feel safe to walk the street?

3) Check when the bars close on the weekend. Is it noisy?

Don't let your desert oasis be filled with lions. Happy Kwanzaa.

Hoboken Condos 2007

Thanksgiving to Kwanzaa

under contract/sold 63

information deemed reliable

Bringing Toys For Good Boys And Girls

Time for a bigger place?

Where are you going to put all those new goodies? You could go out and get larger place with another bedroom to store your junk. Why not try a place with storage instead. Storage offerings range from real nice safe and secure cages in the basement to a common room outlined with tape, to just a place under the stairs where its first come first served. If you get a good space, it's like having an extra room for a fraction or the price.

Personally, I'm rooting for coal in my stocking. Doesn't take up much space and I can heat my house with it....Although, I've probably been too nice....there's always next year.

Hoboken Condos 2007

with storage

Available 106

under contract/sold 431

information deemed reliable

Down The Chimney ...

Hoboken has a problem...

Not enough fireplaces to go around. If you're looking for a wood burning fireplace, they are even harder to find, especially in anything built in the last 50 years.

As my three year old suggests/demands, "don't forget to make a set of keys for Santa".

In a pinch? Try the video fireplace. Maybe Santa won't mind.

Hoboken Condos 2007

with Fireplace

Available 27

under contract/sold 107

information deemed reliable

Excuse Me While I Kiss The Sky

A Tale of Two Cities

For anyone who has seen the units of the Sky Club, it truly is the tale of two cities. One city has beautiful views of the Hudson River, New York City, or points south. A true upper class lifestyle. The other half faces a court yard. even worse the other tower is about 30 feet away. If you live on a mid or lower floor, it feels like the world's largest air shaft.

Buyer/Seller Alert: Not all Sky Club condos are equal. Make sure the comparables are really comparable.

I wonder if the PATH shuttle has two classes of seating too.

Hoboken Condos 2007

Sky Club

Available 14

under contract/sold 35

information deemed reliable

In A Hoboken Minute

Sweet Dreams

New Construction. Prime Location. Walk to Path . River Views. This is almost as exciting as the W coming to town. Just don't hold your breath. For most Hoboken residents it's a pipe dream and they don't even know it.

Just do the math. It will take six months to start the clock. (probably a year after all of the political infighting has settled. It seems like you can't build a six foot sandwich in this town without some politico wanting a hand....errr complaining.) Then Hoboken will keep its lease until the very last minute two years from the clock starting. Here's the best one, the out of town developer is planning to build 240 units in 18 months. In Hoboken!! I almost blew milk out of my nose on that one.

So the reality is.. New Years 2014 or in a Hoboken minute, you'll be getting ready to move in to that much hyped Hoboken condo where the muni garage once stood.

2014....this is your new ride, with 2 kids in the back and a house in Montclair. Game over. Dream over.

Hoboken Condos 2007

New Construction

Available 48

under contract/sold 80

information deemed reliable

Ancient Chinese Secret

If you've ever lived in a fifth floor walk up without laundry, having a washer and dryer in your unit is priceless. Even if you have it sent out, you still have to lug it up and down. In a slower market, it is not surprising that walk ups tend to sit longer. If you're a seller and you don't have a washer/dryer in the walk up, you are pretty much limiting the market to nudists.

good news: I hear the naked cowboy is looking for a place to hang his hat.

Hoboken Condos 2007

Condos with washer/dryer
Available 304

under contract/sold 742

information deemed reliable

Rent Controlled

Double Edged Sword.

I had a renter come to an open house recently. (Not really a surprise, since many renters are looking to own.) The problem was the renter lives in an 800 sqft 2 bedroom, 1 bath and is paying $1200 per month in uptown Hoboken. The renter wanted some outdoor space.

Rent control is a great thing for those that needed it, for the rest of us, it is a perk. This renter can't leave. The deal is too good. 50% below market housing. If you find yourself in this fortunate position, just hunker down. You're trapped.

Trapped to buy a vacation home on the Jersey Shore, a realtor I know, who lives in rent control, did just that.

Hoboken Condos 2007
Condos Available 393
avg days on market 96
median days on market 69

Who's On The Juice?

At What Cost?

While the sports world contemplates the ramifications of the Mitchell Report, buyers too should concern themselves with The Juice.


Before you buy a $500k one bedroom loft with giant paper thin windows, remember it costs more to heat with electricity than gas or oil. Sipping your tea at the tea building could cost you an extra plasma tv a year. Hey, you can always read this blog instead of watching SportsCenter.



Turn that generator by any means,You're making uh...Electricity, Electricity

Hoboken Condos 2007
Electric Heat
Condos available 34
information deemed reliable

Almost Hoboken

The Right Side Of The Tracks

There's an area on the right side of the tracks I like to call Almost Hoboken or A-Ho for short. You've probably seen the buildings. Zephyr Lofts and 700 Grove St are the flagship properties. For all purposes this is Hoboken. The poor residents feel like they're part of the Hoboken community but have to explain A-Ho is really Jersey City. Probably like Seinfeld's Elaine in the episode where she has a new (646) phone number but no one believes it's a Manhattan number. Hoboken should annex this little parcel of land.

Buyers: Great views can be had in the A-Ho section. But you had better like trains.

Are we there yet?....Almost.

Hoboken Condos 2007

Almost Hoboken Condos available 27

information deemed reliable

To Renovate Or Not To Renovate

That is the question.

Having just completed a three month renovation in a mere 20 months, I may be a bit biased. Buyers, here's the scoop. There are a lot of condos to chose from in Hoboken right now, and even more in points beyond. Unless you absolutely must have a certain place in a certain location, just move on and buy something in move in condition. You will save your sanity and your marriage.

And if you've never had the pleasure of working with town to get permits and inspections, this advice may be like explaining color to the blind.

Hoboken Condos 2007

under contract since Thanksgiving
3 weeks: 33

information deemed reliable

Bloodshot Eye Of The Beholder

A client submitted the following to me after our exhaustive search of comparing the advertising with the reality.

Hoboken Real Estate Terminology:
Gallery Kitchen: 2 cabinets, a fridge, and a sink
Window in Bedroom: Living room is an afterthought with no window
1 BR: Glorified Studio
2 BR: Glorified 1 BR
2 BR: A 1 BR with the living room converted to a second bedroom
Cosy: Small and not for claustrophobic buyers
Feels more spacious: <>

Charming: Old

Original Details: Old

Character: Very Old

Old World Charm: Really Old

Tastefully decorated: The 70's are making a comeback!

Custom Features: weird disproportionate cabinets / sinks / tubs / lights / etc...

Tons of Storage Space: TWO closets!!!

Newly Renovated: Renovated back in 1994

Move in Ready: Needs only 20K in renovation

Needs some work: Needs 100K in renovation which will take 8 months

Low Taxes: $300+ Maintenance fees

Pet Friendly: A dump

Good Location: Noisy

Excellent Location: Very Noisy

Great Value: Expensive

Priced to sell: Only slightly overpriced

Negotiable: Way Overpriced

Great investment: A protected Tenant since 1981

Great Potential: Near the public housing

Up and coming: Right in the middle of the Jackson St.

Save time. Use a realtor and never lament The One That Got Away. (It probably didn't.)

Hoboken Condos 2007

Current Actives 412

Price changes in December 96
information deemed reliable

Seemed Like A Good Idea At The Time

Sellers: Stop Drunk Dialing.
Ever wake up in the morning and regret the night before? Sellers do all the time but not with the quick rebuke from a friend's spouse who is woken up at three in the morning to "Dude, this place is crazy. Bob is dancing on the bar in a wig". It usually takes sellers weeks or months.


The lamenting: " I can't believe I didn't take that first offer when the place came on the market. I'm below that number now. I'm looking at carrying costs. Why didn't I listen to my agent??? Ohhhh, the pain".


In this market, the old axiom is never truer: Sometimes, the first offer is the best offer....I have the tales, the proof, the price reductions.




40 Days and Nights: Hoboken is not underwater (just some parts), but sellers who fool themselves into waiting may wish they listened to Noah.



Hoboken Condos 2007
Listings in the last 40 days. (listed 11/1/07 through 12/10/07)
New Actives 119
Sold and Under Contract 15
information deemed reliable

Root Root Root For The Home Team

A Good Quarterback

If you're buying a home in Hoboken or anytown USA, there are several professionals you're going to need.

Realtor, Mortgage Rep, Attorney, Home Inspector, Bug Inspector, Building Engineer, and Contractor are at the top of this list. Where do you find qualified, competent, trustworthy people to help you?

Start with the Realtor. A good realtor will have worked with a number or qualified proefessionals in each of these disciplines. A good realtor can recommend the folks that you can interview. Here's the positives of taking a realtor's recommendations over those of a friend.

1. Realtors work with these professionals on an on going basis and do not make a recommendation of a one time experience but rather over many experiences.

2. If you don't think a realtor's reccomendation is a good fit, you can still look them in the eye and not feel as if you've betratyed a friend.

3. Realtors who have a prior realtionship with needed service provider are better able to quarterback the deal process and take the stress of of the client.

One Man Band:

Your realtor may look like a one man bad, but don't be fooled.

Hoboken Condos 2007

The November Numbers

3 Bedroom Condos

New Actives 11

Sold and Under Contract 0

information deemed reliable

Motivated Seller?

Buyer Alert:
If you see an ad with the words Motivated Seller, do you get excited? Not so Fast my friend, it's a ploy, a trick, a marketing gimmick. Want to know how to spot a motivated seller? Look for the property priced between 5 and 10% below the true market value.

Note: True market value is not the ask price but the sales price. Don't know what the real sales price should be? Ask your realtor.

On the flip side: Sellers. Want to know how to spot a motivated buyer? They are sleeping in a Uhaul with all of their stuff in tow.

Hoboken 2007

The November Numbers

Multifamilies
New Actives 2

Sold and Under Contract 7

information deemed reliable

I'm Fixing A Hole

The New Annual Cost vs Value Report Is Out.

This is where you can figure out if you upgrade the kitchen, what it will do for the value of your Hoboken condo. Everyone seems so concerned about the payback, especially sellers.

Reasons not to wait until you sell to make the necessary repair/upgrade.
1. You're going to do it anyway, enjoy it for yourselves first.
2. You might find that by updating your place, you may not want to move.
3.Most of the cost/ values are less than 100%, Meaning you get back less than you put into it. If you use it, amortize the difference over a few years of enjoyment.
4. The big box stores will give you zero percent financing for 12 months. Money is not an excuse.
5. Selling is stressful enough. Don't compound it by tacking on a hurried renovation.

While upgrades are a great value enhancer, be careful you don't "over build".

HOBOKEN condos 2007

The November Numbers

New Actives: 96
Sold & Under Contract 64
information deemed reliable but not guaranteed

Tip #2 For Out Of State Buyers

Kittys Back.

Less than 2 Hours from Philly, The Poconos, Stamford, and The Catskills: Hoboken. How different can it be?

Tip #2 For Out Of State Buyers

Use a Local Hoboken Real Estate Lawyer.

You will not save money using your brother in-law in Trenton who specializes in bankruptcy. You will not save money using your personal attorney from the city. The only way to get a deal done right is to use the local guys who know the ins and outs, know each other, and keep the deal moving forward.

My clients have lost properties because they thought they could save money by using an out of town lawyer. Other clients have been able to close on time because the local lawyer had connections to "massage" some last minute municipal hiccups.

In Case of Emergency Break Glass. If you don't head this advice, you may feel like using this hammer on yourself.

HOBOKEN condos 2007

The November Numbers

Two Berdrooms

New Actives: 53

Sold & Under Contract 37

information deemed reliable but not guaranteed

Tip #1 for Out of State Buyers

Meeting Across The River



You can take a five minute bus ride through the Lincoln Tunnel here. You can hop on the PATH one block from Madison Square Garden to get here in 12 minutes. Hoboken. A short trip, but a world away.

Out Of State Buyers Tip #1

Expect a different contract process. Here in New Jersey, a buyer and seller sign a contract for the purchase of residential property. THEN they send it to their attorneys for review. This signed contact can be canceled within three business days. Usually the attorneys work out a rider with all pertinent details for each party to sign, thus binding the parties.





Objects in mirror appear closer than they are.


Hoboken Condos 2007
Then November Numbers
One Bedrooms
New Actives 30
Sold and U/C 25