Whale Watching

So I'm out on a 50ft sail boat yesterdy whale watching. The idea is that you cruise around until someone spots a whale or spout and you kind of head in that direction. Once you get close enough to tell kind of where it is going, you plot an intercept course to get the best vantage point. Most of the time the whale somewhat cooperates and is where you expect him to be. Sometimes the whale disappears all together and sometimes the whale pops up out of the water in spectacular fashion.

Now I am tellling you this not because I think you care about whale watching but because it is a good parallel to price negotiation. The whale (other party) does not have to cooperate. Most of the time you get to some common ground.
Don't be an Ahab. Sometimes you get the whale and sometimes the whale gets you.

Vacation and your search.

If you're thinking about taking a vacation form your property search, don't. With today's technology your agent can email you daily or weekly only the listings that are really of interest. You've heard me preach before; the good stuff goes fast. So while you're taking a break, someone else is moving into your paradise.

Don't squeeze all the melons, just be selective.

Sunset.

Sunset. It looks a lot like sunrise, except if you're the seller of a property that has been on the market over 5 months! Where along the way did you not get the information that the unit was overpriced? Some sellers don't have to sell. Maybe they are serial sellers? Just like buyers who never buy but show up at open houses for years.

The night grows dark. Lower your price or hunkerdown for the next sunrise...err....price reduction.

Hoboken Condos 2008
Sold last 6 months (non new construction/conversion)

Under contract in 150 days or more 22

information deemed reliable

Sunrise.

As I am sitting here while the sun is just about to rise over Haleakala, you're thinking who gets up before sunrise on vacation. Actually it's pretty cool and the only time of the year I make a practice of it...on purpose anyway.

Buyers who get up before the sun, do get the worm. Five percent of condos sold in the past six months were on the market less than a week. That's not enough time to even advertise an open house. Do you think these buyers bought junk or premier properties?

Want a great condo? Bring your sunglasses and your checkbook.

Hoboken Condos 2008
Sold last 6 months 152
Under contract in 7 days or less 20
information deemed reliable

A Slow Death

I preface the following by saying I don't expect any of my readers slogging through the end of February in the brutal cold to take pity on me. But...Waiting for nine hours in Phoenix yesterday to catch a flight to Maui reminds me of the attorney review process; where deals go to die.

Theoretically the process should take three business day or less. During which time either party can cancel no questions asked. If you are a buyer or seller and you're stuck in review for weeks and the other side isn't getting back to you or saying they need a few more days, think long and hard about whether this deal is likely to come off. I was stuck with a cancelled flight (3 hours), maintenance delays (3 hours), bringing in an new plane (2 hours), the plane was coming from Mexico and had additional clearances (1 hour). Short of going to a hotel and starting over in the morning I was stuck. In reveiw, you are never stuck and should be pursuing several avenues at once.

In the end, if you end up with what you want, you have a story to tell at the next cocktail party. Aloha.

Hoboken Condos 2008
Currently Active 386
Under contract 168
information deemed reliable

Owner Occupied? Check The Closet.

This is a real photo on the MLS, right now. I am not making this up. Someone is trying to sell a condo with this photo. I wonder if they are trying a new marketing tactic. If it works, they should write a book.

What the picture really reveals is that this is probably a tenant occupied condo. When I walk into a condo, I can almost always tell whether its owner occupied or tenant occupied. Is the closet clean and neat? Is the bathroom clean and neat? All tell tale signs of owner occupied.

Closets don't lie.

Hoboken One Families 2008

Active 6

information deemed reliable

Saving On Commission

Saving on realtor commissions is like that old Fram oil filter commercial. You can pay me now or pay me later. Nearly 71% of sellers get this fact and pay the buyers agent 2.5% or higher, usually translating into a total commission of 5% or higher. Sellers that's your competition. There are choices for buyers. Agents can do a good job positioning units in a positive light or in a negative light. Higher commissions means more motivated realtors. Motivated realtors can translate into more showings, more offers and more money in your pocket.



It's all about the net proceeds.

Hoboken Condos 2008
Buyers Agent Commission2.5% or higher 71% of actives
information deemed reliable

Singles Don't Own Cars.

If you're looking for an affordable one bedroom (under $425k) with parking, be ready to act. Once you eliminate the units with parking "nearby" with a monthly fee to boot, the tandem spots, and the untis across from the public housing that are sitting like day old bread, there are four units ready to be gobbled up.

In building parking is like a washer and dryer in your unit: If you don't have it you might not think its that big of a deal....in some parts of the world that's what they say about indoor plumbing.

Hoboken Condos 2008

One bed w/pkg under $425k

Available 8

information deemed reliable

Observer Lofts. Good But Minimal.

Nestled between the Skyline and The Hoboken Grande, the Observer Lofts has been smartly constructed. I found the layouts and finishings to be positively unique for Hoboken new construction. With just nine units remaining, I'm sure new construction buyers will have a keen eye on these 2 bed 2 baths ranging from $599k to $1.1MM



The Good.


Terrific layouts. Some units are great for the couple who need an extra bedroom once in a while. Otherwise it is part of the common living space.

Really nice baths. Shower and tubs. Great fixtures.

Great appliances. Top of the line. Not cookie cutter.

No noise. Although the building sits on a busy corner, the windows really keep out the noise.


The Missing Amenities.

No shuttle to PATH or doorman like Hoboken Grande and Skyline. (Although no increase maintenance either)

No gym. The sky club gym is a few blocks away.

Tandem parking for most units. Better than no parking at all.



Best of all. You can walk to the Hoboken Beer and Soda Outlet across the street!!!



Hoboken Condos 2008
Observer Lofts
Available 2 Bed/2 bath 9
information deemed reliable

Over Priced

The warm weather must be going to sellers heads. I've see several new to the market condos this week that were more than $50k overpriced. Must be the same people who run into water with floating icebergs. Ice is for drinks (...unless you're European). I guess we''ll be seeing the price reductions around Opening Day.

Maybe they can get the premium if they say Babe Ruth slept here.

Hoboken Condos 2008
"New" in February 40
information deemed reliable

Rob Me Again. Please.

What's worse than having your keys obtained by persons of ill repute? How about letting them right in the front door without a key?

Sellers: Everytime you have an open house, it is advertised in the paper and on the internet. With pictures of your stuff no less. Now I m not suggesting that a theif will come in and rip down your plasma but if you have nice stuff, there is a good chance you have other small valuables that can be put in a gym bag.

How do you prevent Bob Smith from Bloomfield from pilfering your Ipod? First hide everything. Second. (And realtors are going to hate me for this one.) Have your realtor provide a portable copy machine to make copies of drivers licences of all people coming to the open house. This is a great deterrent.


In a world where you have to show ID to buy cough medicine, shouldn't you require the same from strangers walking through your home?

Hoboken Condos 2008
Available with doorman 60
information deemed reliable

Making A List.

Checking It Twice.

I am amazed sometimes that buyers will go out and see 3,4,5or even 6 condos without taking notes. I do provide listing sheet information on price, taxes, mtce etc. but the real info is in the likes and dislikes. When viewing a half a dozen homes, the details often get muddled.

I find that the clients who get what they are looking for create a list before shopping. Must haves, wants and don't wants are the best categories. A clear plan going into home shopping will net you the right home.

I don't like to make lists. I guess that's why I always end up with 4 packages of oreos in the cupboard.

Hoboken Condos 2008

January u/c and sold 54

information deemed reliable

Rob Me. Please.

The security of Hoboken real estate for sale makes our borders look like Fort Knox. I hate to keep harping on the key issue but check it out for yourselves.

Sellers: Ask your agent to see the key ring they give to agents. Many, including the largest realtor in town and most mom and pops, put the address right on the key ring that they hand out to realtors. As a realtor, this is very convenient. It also makes theives happy. If a set gets lost, as invariably some do, there's your address right on them so the finder can walk right on in.

True story. A few years ago, a big time agent in town got his big time car stolen with about a dozen sets of keys in it. What a bonus for the car theif: Steal one car, get 12 home robberies for free.

Hoboken Condos 2008
One Bedrooms with parking
Active 13
information deemed reliable

It's Super

Super Bowl. Super Tuesday. Super Condo.

Buyers. If you see a place that's too good to be true, it is. Say a 2 bed 2 bath for $100k under market and it's been on the market for four months. Come on. Do you think you're discovering a hidden gem. Hoboken is an over fished pond. After one week, sophisticated buyers have seen it...and bought it, if its the real deal.

Knock. Knock. Who's there? No one becuase there never was anyone home.

Hoboken Condos 2008
Active 375
Active 120+ Days On Market 110
information deemed reliable