Rental Choices

Renters:
One significant choice for renters in Hoboken is whether to rent someone's condo or whether to rent in a building designed for renters. The pluses to renting a condo are
1) It is usually kept in better condition.
2) It is usually nicer regarding finishes (flooring, appliances, counter tops, vanities.)
3) Neighbors are usually owners who have a vested interest in keeping the building clean.

The pluses to a rental building:
1. Usually onsite or dedicated maintenance
2. More amenities
3. A little cheaper than a condo all things being equal.
4. Guaranteed lease roll over.

If you're a person who demands a certain style of living, a condo may be a better fit. The choices are fewer but worth looking at.

Hoboken Rentals
Active in MLS 30
Information deemed reliable but not guaranteed

They Don't Build Them Like That Anymore

There was a time when cruising down the street in your 77 Caddy, getting 8 mpg, meant you could bang into a small lamp post and not have a scratch. These days your someone sneezes next to your $60k Lexus and it looks like it has been hit by a mortar shell... That brings us to the rebuilt Hoboken Terminal Clock Tower. Rebuilt to sustain winds of 120mph. Now if that Cat 3 Hurricane barrels up the east coast, not only will half of Hoboken be under water, but The Clock Tower will topple into the Hudson....I wonder if some crazy weather man will be out there getting footage as is creaks and then breaks. Not doubt some part will be sticking up out of the water as a grim reminder, reminiscent of the Planet Of The Apes.

Now the part of Hoboken underwater....Buyers: Look around when buying a "garden level" condo. Are there wood floors or tile? If there's tile, beware. Ask to see the drain system. Have your home inspector make sure there are dedicated redundant systems. (Now I doubt that any of this is going to save you from the hurricane waters, but it will help with yearly once in a lifetime down pours.) Bottom line, spend a little extra on a good home owners policy, know the name of a good public adjuster, and store your really important items up high in water proof containers.
Heed the advice or have your time machine ready to "Save the clock tower".

Hoboken Condos 2008
Available
1 Br 160
2 Br 300
3 br 51
Information deemed reliable but not guaranteed

A Broker That Sells

There's a lot of debate in the realtor community about working for a Broker who also "sells" or works with their own client base. On the plus side, the broker is still out there on the front lines understanding the rapidly changing market. The down fall is the boss is competing for clients. The balancing act can be good or bad depending on the individuals involved.

From a sellers perspective. This is also a two headed monster. Dealing with the broker gives you someone who makes the final decision. Also if there is a commission issue the broker will likely have more leeway since both part of the internal split find their way back into the broker's pocket. But the ugly side also rears up. The broker has many broker duties to attend to which the agent does not. The agent can spend all of his time focused on his customers, the broker gets spread thin as butter.

It's a trade off.

Hoboken Condos 2008

1 full bath, 1200+ sqft
Active 5

Information deemed reliable but not guaranteed

The Big Mac Factor

So my reality and TV world have been blurred to the point where I can't remember where I heard this but someone was on line explaining the law of diminishing returns in relation to Big Macs. The first one you eat is awesome. The second one you eat is just okay. By the time you get to the third one you're giving it away because you can't eat another bite. Basically your value for each additional unit decreases.

Price per square foot and the law of diminishing returns. All other things being equal (location, views, amenities, etc.) There is a law of diminishing price per square foot. With the smallest one bedroom commanding $700 a square foot, as the =bedroom gets bigger, the price per square foot will shrink shrink shrink down to $500sqft or less. So sometimes less is more and more is, well, more. Where this really come into play is if you're looking at a 600 square foot and a 650 sqft condo. They might only be $20K apart. ($400sqft for the additional space.)
Buyers: always ask your realtor about the price per square foot as it relates to similar condos sold and other condos for sale. It can give you a good understanding of where the market is.

You deserve a break today. So know your numbers and how they relate to the size of your condo.


Hoboken Condos 2008
2bed/2 bath
1000-1200 sqft
active 75
Under contract 14
Sold since 1/1/08 6
Information deemed reliable but not guaranteed

Relocation Don't Get Burned

If you are fortunate enough to have some sort of relocation package with your job, it can save you a lot of money and time. Essentially, the relocation company will cover the cost of the sale and help you find a new home.

But Don't Fall Into The Trap. The relocation company often works through it's own network and thus funnels people into its own chosen realty companies. The realty manager then assigns an agent to work your sale.

What the relocation company won't tell you is that you can choose your own agent, even if they are not from the relocation companies desired list.

Sellers:Since you get to keep the profits from the sale of your home, choose and agent that you want to work with and you feel will sell your home for the most money in the shortest amount of time. Then tell the relocation company this is who you want to work with.

Buyers: Do your own research, pick an agent.

There's an big agency in town that I'll call "Big Shop Of Horrors" which does a lot of relocation business. Of course the manager, steers the work based on personal discretion and with no hint of measurable agent attributes. (I think of those manager's pets as "living on the dole".) Go in there and you see a lot of agents sitting around saying "Feed Me".

Hoboken Condos 2008

One bedrooms $400k+
active 89
Under contract 47
Sold since 1/1/08 53

Information deemed reliable but not guaranteed

Realtors and Used Cars

Why do some realtors think they can sell real estate like used cars or discount furniture?

I just got this over the fax: (This is one realtor letting another realtor know about the property.)

Here it is: Condo in A-Ho, $399k. Reads: GREAT INVESTMENT!!!!! (yes. five exclamation points!!!!!) Great renter in place till (sic) Feb '08. (??) Paying $2300 this yr and $2400 next year. (blah,blah property details) Bring an offer, Seller is motivated!! (two exclamation points. apparently seller is not as motivated as the greatness of the investment.)

What the MLS tells me. Taxes 333/month, Mtce $588/mo Add them together $921/month. Let's say Mr. Two Exclamation Points Motivated Seller Settles For a 10% discounted price of $360k (Like that's going to happen.) Mr. Buyer puts 25% down. ($90k) Leaving Mr. Buyer with a $270k mortgage. If Mr. Buyer gets an optimistic 6.25% fixed mortgage, that's $1662 per month. Add the $921 in fees and your at $2583/mo plus insurance and any ongoing maintenance. If you self manage this property and it is fully tenanted, Mr. Buyer gets the opportunity to lose $283/month this year and $183 per mo...

...nth Next year. (Sorry I had to stop typing to rush out and tell all of my clients about this rare opportunity to lose money in real estate. )

I'm no Warren Buffet, but I just bought an appreciation investment home that gives me a 15% return after paying someone to manage it. It's in Charlotte, NC but as long as someone else takes the call from the tenants, it could be on the moon.

Hoboken Real Estate 2008

Investment properties

active 11

$299k-4.6M

Information deemed reliable but not guaranteed

How Much Is That Doggy In The Window

Imagine your in the market for a soul mate. You're walking by a window where there are twenty or so flyers of prospective mates. You get a picture and a brief blurb about each. You spend 10 minutes looking and pointing. Sometimes one flyer is so compelling that you have to inquire within. Then you move on down the street to look at more windows with prospective mates.

Now imagine, that behind that first window is a professional matchmaker who has access to hundreds of local soul mates. Based on the matchmaker's years of experience and what you tell the matchmaker you are looking for, the matchmaker is able to have you meet 5 prospects that best fit your criteria. Why would anyone look in the window again when there's a free, knowledgeable matchmaker with ready access to exactly what you're looking for.

But that's exactly what real estate buyers do. They look. They look. They look. Maybe they are hoping to find the perfect home just sitting in someone's window. (My window, I hope.)

Maybe that's why there are some many singles. So many one bedroom buyers...

Hoboken Condos 2008
1 Bedrooms under $400k
active 67
under contract 23
sold in 2008 22

Information deemed reliable but not guaranteed

Magoo Realty

I don't want to sound like I'm venting, so I'll cloak my rant in a veil of seller advocacy.

Sellers. Before you list. Please check out the back office of the realty. Hours of operation, how they make appointments, how they track keys, how many copies of the keys do they have.

See there's a poor seller on 2nd street that did not get their condo seen by my client last night because of the incompetence of a mom and pop realty, I'll call it "Magoo Realty". Magoo Realty likes to talk about their multiple offices but instead of having keys for agents that want to sell their clients listings, they must be too busy touting their multiple Hoboken locations.

Possible reasons for Magoo Realty only keeping one set of keys.

1) Too cheap to make multiple sets

2) Want to "lose" the keys so your agents are the only ones to see it.

3) Back office incapable of handling/tracking multiple sets.

4) Not planning on having multiple back to back showings.

It's not the first time, I've made an appointment with Magoo Realty only to show up and find out the keys are not there and the agent who took them last doesn't know where they are.

Sellers. This is costing you money and you don't even know it...Don't be those poor owners on 2nd St.

Hoboken 2008

Last 20 days
New 202
Price Changes 220

Information deemed reliable but not guaranteed

The Grass Isn't Always Greener

Outdoor space. Everyone seems to want it. I don't really get it. I have a yard and never go in it unless it's to spend time or money, usually both, on maintenance. I should get a boat instead! For those looking for a little less maintenance, might I suggest a terrace. There are currently a 162 Condos available in Hoboken with some sort of terrace, ranging from a postage stamp to several hundred square feet.


I am selling the old lawn mower which has been in my family for generations and buying synthetic grass. Not astroturf, but stuff that looks and feels like grass without the hassle. Almost makes having a yard worth it.

Hoboken Condos 2008
Available with Terraces 162
Information deemed reliable but not guaranteed

Return Of The Jedi

I must digress from the real estate market and the great choices that buyers have in today's market. With 162 one bedrooms and 312 two bedrooms available, there's something for everyone.

But on to more good news. Every once in awhile, life imitates the movies...where the good guys win against seemingly impossible odds. Luke Sky Walker, Froto Bagans, Pluto Nash and the like.

Well it's happened here in Hoboken. Those Cycloptic parking meters out of an Orwellian future have been removed. I am parked at a spot once occupied by those nefarious machines. Score one for the little guy.

Of course, this could just be the precursor to something much much worse and completely unimaginable... think Alien,or the last SuperBowl (if your a Patriots fan). Remember the saying about the Devil you know.

Hoboken Condos 2008

Available
1 Br 162
2 Br 312
3 Br 47
4 Br 4
5 Br 1
Information deemed reliable but not guaranteed

Craigslist Scam

So we've all seen the commercial with the shady looking guy who gets on the bus and tells you that you've just won the South African lottery. The underlying message is if you can spot a scam with your own eyes, spot the scam on the internet.

Well an internet scam has come to Hoboken Real Estate. Through a Craigslist posting, the scammer is offering an apartment for rent at 1120 Hudson St.

Red Flag #1: A two bedroom for $1,400. In your dreams.

Red Flag #2. Parking Included. The building has no parking.

Red Flag #3. The Owner wants two month's rent and only 1/2 month's deposit.

Red Flag #4. The Owner is in Greece. Not Greece, NY but Greece: where the Parthenon is. Greece: where the Elgin Marbles used to be before England stole them.

Red Flag #5: Money Gram. enough said.

Tenants protect yourselves. Use a local realtor. Pay the fee. We know the scams. If it looks too good to be true, it is.

Landlords: List your property through realtors. Separate yourself from the scammer.

Hoboken Rentals 2008

Available 30

Information deemed reliable but not guaranteed

Keeping Families Part 4

Anyone with small kids gets it. No way that you are moving into a third, fourth or fifth floor walkup. For any price, any location. Diaper bags, strollers, baby carriers, groceries, toys etc... No way. no way. no way.

Idea Of The Day:

How about giving a lot coverage exemption for the space required for an elevator. Meaning it won't cost the developer sellable space. If the foot print of the elevator is 150sqft, then allow a 60% lot coverage plus 150sqft. Provided that any unit over 1300 sft is a three bedroom.

Make the small building feel big.

Hoboken Condos 2008

3 Brs With Elevator
Available 21

Information deemed reliable but not guaranteed

Keeping Families Part 3

Another installment of wasted breath to build family friendly housing in Hoboken.

Idea Of The Day:

How about letting developers build and extra half floor in the back of the building. Meaning the standard 4 story building would have and extra story on the back half that's not visible from the street. This would add a third bedroom to most units. And.....Hoboken could allow a deck on the front.

That's a 25x 30 foot deck. It's a cookbook!....I mean it's a YARD!!

Hoboken Condos 2008

3 Brs With Terrace

Available 21
Under Contract 9
Sold Last 12 Months 14

Information deemed reliable but not guaranteed

Keeping Families Part 2

Have less than a million dollars to spend? Want a three bedroom? Good luck. There only 18 available. Want a Yard? Parking? You push too much darling.

Idea Of The Day:
You've probably hear of carbon credits. Al Gore and his 10,000sqft home sure has. How about green space credits? Give developers the ability to develop 75-80% of the lot in exchange for park credits or money set in an irrevocable trust to purchase green space around town.

Seems like a win-win for everyone. Bigger units for families, more outdoor space for families without yards, more money for developers, and more jobs for the local economy.

Hoboken Condos 2008
3 Brs 1600+ sqft
under $1 million
Available 18
Information deemed reliable but not guaranteed

Keep Families In Hoboken

If I hear another "progressive", "reformer", "anti-establishment" politician tell me how they are looking out for families and are going to put the kibosh on the evil developers, I may not be able to use those parts of The Reporter to line my bird cage for fear of the poor thing morphing into the devil himself. So rather than complain about the charlatans, I will be offering up some common sense options this week that will be completely ignored

Today's suggestion for keeping families on Hoboken:

Give developers the ability to build bigger units, provided that they have at least three bedrooms. See in today's Hoboken world, lot coverage can only be 60% of the lot. Most lots are 25 X 100 feet.So you get a foot print of 25x60 or 1500sqft. Take out the stairs and common areas and your left with 1300 to 1350sqft at best.

Picture if you will...A condo on 75% lot coverage, travelling at the speed of light, with 1700sqft of space. 3 beds, 3 baths. big enough for a family and it comes with a yard still big enough for a swing set.


Hoboken Condos 2008
2 Brs available 302
3 Brs available 45
Information deemed reliable but not guaranteed

April Showers

April was a seesaw. Bidding wars on the good stuff. Buyer enthusiasm. But also buyer cautiousness coupled with lending cautiousness slowing down the buying process.

If you're a seller, price it well, understand your competition. I mean really understand your position to the competition. Get straight talk from your realtor. Not what you want to hear but the truth.

Buyers: There's a lot to choose from but the good stuff will go and sellers aren't usually moving more than 2 or 3 % from the asking price.

The market will hold a lot of disappointment for both buyer and seller until they both realize it is not a lopsided as they wish.

Hoboken Condos 2008
The April Numbers
Active 535
Under contract in April 70
Sold in April 76
Information deemed reliable but not guaranteed