Twilight

Twilight. As a king i used to love going to Fenway Park (Home of the world champion Boston Red Sox.), to watch twinight doubleheaders. Before the days of separate admissions, a double header meant two games for the price of one. Cooler still, the first game would start at 5:05 or 6:05. This meant it was still sunny but as the first game wrapped up it would be getting dark. Thus providing a completely different experience for the second game.

Now we have twilight open houses. I am holding one tonight. It's great in the summer because like the game, it can be light or near dark. More importantly for buyers, if your weekends are packed and you never quite find yourselves in town, here's the perfect opportunity to check out a place. ...and you're probably walking home from work anyway.

Bring your flip flops and sneakers.

Hoboken Condos

New in July
91 New Listings

Information deemed reliable but not guaranteed

Hurricanes, Beaches, And Bargains

Looking back on the first half of 2008, Hoboken has held strong. Condo prices are up 1% from the same period in 2007. Sellers rejoice. According to the Wall Street Journal this is only one of four markets out of 28 major markets that have seen a positive price change.

Second Home Buyers... I have a good agent in Florida. Look at the numbers. Be close to The Mouse. Orlando: 20% price drop from last year and a 21 month housing supply. Miami and the beach: 21% price drop since last year and a 37 month housing supply.

The pessimist might say. "Sunscreen and plywood aren't free, you know."

Hoboken Condos
jan-jun
% change in Prices
2007 to 2008
up 1%
Information deemed reliable but not guaranteed

Full Freight

There's no one bedroom discount. For one bedrooms in 2008 , the median sold price ($410k)and the median list price are equal. The average ask is $437K and the average sold price is $417k. The prices are somewhat skewed due to the higher end properties at Maxwell. But the fact remains, if you want a discount, Florida and California are good bets. The commute will be hell but probably no worse than my buddy who commutes from Pennsylvania to The City everyday.

I've even heard of a guy who commutes to Queens from Buffalo each day. Can Orlando be far behind?

Hoboken Condos 2008

One bedrooms
Available 133

Under Contract 68

Sold 164
Median List $410k
Median Sold $410k
Information deemed reliable but not guaranteed

A Run On Plywood

Here's a chilling stat from an article on CNN. 9.8% of homes built in 2000 or later are sitting vacant. 9.8% That's almost one in 10. I wish I could give you the stat for Hoboken, but I don't have it. If you take out the new construction that is currently being sold and you discount those rental conversions like the Velocity, I am guessing the number is south of 1%.

Now if I had just bought one of those boarded up brownstones when I was five years old...

Hoboken Condos 2008
Properties on MLS Since June 1st

Available 197

Under Contract 20

Sold 1

Information deemed reliable but not guaranteed

Brought To You By The Number 4 and The Letter W

When three bedrooms are not enough. Hoboken offers several options on the four bedroom home.

1) Million DollarBrownstone

2) Million Dollar Condo

3) Move

If you're going to go for it, might I suggest the 4300 sqft condo at the top of the W hotel for $4.5MM. The annual taxes are only $1473 . (Shockey should have bought this place.) Of course the yearly maintenance is over $36k. You're living in a hotel. What did you expect?

For the commoners: expect to pay around $1.5MM for that four bedroom.

Hoboken Condos 2008
4+ Bedrooms

Available 7

Under Contract 1

Sold 1

Avg Ask Price $1.68MM

Information deemed reliable but not guaranteed

Take Two Aspirin

Those mulifamily homes. Buyers are just in love with the thought of restoring and old brownstone. The funky electric, slanted stairs, plumbing that just breaks. Okay some folks like a challenge. I am still waiting to see a Hoboken multifamily that makes sense from a numbers perspective. Waiting and waiting. For the extra money you get tenants who complain about the hot water, the heat, are late with the rent, live in your home! ugh.

I am all for being a landlord. I have great tenants. But I don't have to pay the bank to have them. Shoppers buy a big condo. It's cheaper and you don't have to buy aspirin.

Hoboken Multi Families2008

Available 14

Under Contract 11

Sold 15

Avg DOM 96
Avg Sold Price $1.062MM

Information deemed reliable but not guaranteed

Shockey-ed

Live like a rock star. errr, professional football player. Jeremy Shockey's townhouse in West New York is for rent or sale. It's a steal at $8,000 per month. I really mean that. If you buy it your looking at nearly $5k per month in taxes and maintenance. That's because the taxes are $42,000 per year. Most mortgages aren't $42k per year!!! If you want to buy the "Shock Castle" it's only $2.2MM. Yes... the taxes are still $42K. I bet Mr. Shock is going to be getting his own plantation with custom football fields, a helipad, in ground pool, etc and he's still not paying $42K a year in taxes.

Eat that Eli. How's that place in the Tea building now?

Hoboken Condos 2008

Available 493
1 bedroom 136

2 bedroom 279
3+ bedrooms 136

Information deemed reliable but not guaranteed

vaction

On vacation. returning Tuesday 7/22.

Riding High

It's no Wonkavator. It goes up. It goes down. It stops on your floor. The elevator. The lift. Not much too it, unless you don't have one.

With more people looking to start families and raise families in Hoboken, the elevator is becoming a key component in today's search. Buyers should expect to pay more for it. But the should have an easier time selling because of it.

From a parent with two toddlers, don't even think about a third floor walkup with kids. It will break you. Better to live in less space than live with the dread of stairs.
Stollers, babies, diaper bags it never ends.

Hoboken Condos 2008
Available w/ elevator 252
1 bedroom 58
2 bedroom 181

Information deemed reliable but not guaranteed

Biggest Buyer Mistake

In this Hoboken market, the single biggest buyer mistake is....waiting for other offers. More and more buyers are saying, let me know if another offer comes in. ????
This buyer wants someone else to like it too? I'm not going to ask that girl to the prom until someone else asks her first.

Here's the thing about waiting.. you get nothing. As if I had to explain this to the guy who sat home alone on prom night and watched a Molly Ringwald movie. (Not Me.) Instead if you come in with a low ball (but not too low) offer, the seller may come back to you at a later date. Let's see. The condo was listed for $650k the buyer instead of waiting puts and offer in for $590k. It doesn't go anywhere. Now four weeks later the seller is considering a price reduction to $625K. Instead the sellers contact the original offer first and maybe settle at $610. The buyer who is waiting for the other offer justs sits, sits, sits.

And does not like it one little bit.

Hoboken Condos 2008
Available 504
DOM
14 or less 54
30 or less 126
60 or less 216

Information deemed reliable but not guaranteed

Motivated Seller

I don't know the origins of the ad line "Motivated Seller" but it should say "Idiot Agent that has no concept on how to market this property so he is going to throw out the biggest sales cliche without regard for how it truly influences a buyer's offer".

Top 3 Things "Motivated Seller" means to a buyer

3) The Place Is Over Priced.
2) The Seller Has to Get Out Fast.
1) Reduce My Low Ball Offer Even More.

Motivated Buyer: Willing To Pay Twice The Ask. Appraisal Be Damned.


Hoboken Condos 2008
Available 499
one bedroom 132
two bedroom 292
three bedroom 48

Information deemed reliable but not guaranteed

And The Living Is Easy

Ahh Summertime. Watermelon, BBQ and Mosquitoes. For those not sojourning to The Shore, yard space can be an oasis. Even if it is a common yard, it's way better than a park and way closer too.
There are plenty of options too. A swimming pool at 1115 Willow, rooftop decks abound, common space at the big buildings and private sanctuaries litter the brownstones and walkups. The best news is you don't have to have the most expensive condos in Hoboken to get outdoor space. Plenty of one bedrooms have yards.

Those who pay more for the outdoor space know it's worth it when The Shore seems like an international destination. Besides, parking is great in Hoboken on the summer weekends. Almost makes it bearable.


Hoboken Condos 2008
Available with common or private yard
one bedroom 31
two bedroom 57
three bedroom 16

Information deemed reliable but not guaranteed

The Problem With Rentals

Yet another system that is broken. At least its not something important like balancing a budget or social security. This little system is the rental market right here in Hoboken. Anyone who has tried to rent an apartment or looked for tenants knows what I'm talking about.

Renters filling out countless information forms at each real estate agency only to find that they have few or no apartments in their target. Renters endlessly going from agency to agency and there are a lot of them.

Renters tip: Call before you look. Setup an appointment with a realtor for the next day. Treat it like its important. Please don't just show up at an office and expect to see a bunch of apartments.

Landlords have it no better. They trek to each agency touting their apts. ugh.

Why is the system this way? Agents aren't doing a very good job educating the landlords about putting the rentals on the MLS. I've even heard some agents say they don't want to put rentals on the MLS because they want the whole fee for themselves.

For landlords, MLS is the only way to go. One company has the keys, one point of contact. Everyone from the smallest to the biggest agency can show your apartment.

For renters, MLS is the only way to go. One stop shopping.

Now if healthcare were this easy, I'd be the Columbia alum running for President.

2nd Quarter Year to Year

Looking at the numbers from as compared to a year ago. Not too bad for both buyers and sellers. Sucks for anyone one who has to buy gas though.

Buyers are getting more choices. Please I'm begging buyers everywhere to understand that while there are lots of choices, the bargains are always in the least attractive units. When a department store has a sign: upto 90% off. The 90% off items are always a size xxxxL lavender suede tank top with "smoke 'em if you got 'em" scrawled across it in pink rhinestones.

Sellers: The good news is if you price it to the market, it will sell in about six weeks. Not bad. You can still get on with your life, upgrade to a bigger place maybe. Now with the woes we've been seeing in the economy over the past year, the prices are not coming down. Hoboken is weathering the storm...just in time for hurricane season.

Florida: Bad housing market. Bad weather. You'd think old people would know better.

Hoboken Condos 2008
The 2nd Quarter vs. 2007
Number Sold down 27%
Avg sale price of sold Flat (0.08%)
Median Days On Market plus 2 days

Information deemed reliable but not guaranteed

Independents Day

Ross Perot came close, for awhile. Fact is that its hard for independents to compete. In politics, in life, in real estate. The establishment has The Machine. In politics its the Parties with their money. In life its the crowd, its the teachers who teach the same program to everyone, its every system designed for the masses. And in real estate mom and pops don't stand a chance. Not to say there aren't a few niche players who find a way to carve out a livelihood.

The big time franchises have national referral networks, training systems, back office systems, marketing vendors bending over backwards with custom products and the all important name recognition. The masses have been conditioned for mass consumption. It's safe.. it's the chain. Say you're driving down some highway in Utah, Virginia, Vermont, or Oregon. You're hungry. There's a Houlihans and a Big Al's diner with the sign "worlds best meatloaf". You're thinking "wow I haven't had meatloaf in forever. I could really go for some meatloaf" ....So you pull in and order the meatloaf at...Houlihans.

Sellers: You already know this. That's why you pick up the phone and call the big time players when you want to sell. Agents know it too. Agents pay additional fees (sometimes as much as 10% of their take home) to be a part of a franchise.


THAT'S THE FACT. JACK!

Hoboken Condos 2008
The 2nd Quarter numbers
Sold 218
Avg List price of sold $542k
Avg sale price of sold $531K
Median Days On Market 41

Information deemed reliable but not guaranteed

The Dogs Of War.

Another entry from the I'm not making this up department. Just came across a very high end listing and here is what what listed in the broker remarks. (special notes about a property for agents but not clients.) "2 very large dogs will be in closet- sign will be on closet door -- do not open. 2 cats -- do not let out."

Mind you this is in small type on my listing page. Sometimes I'll even forget my listing sheet in the car and we'll just use the client version. A few questions...I wonder how big the sign is? I wonder how big the closet is? I wonder what happens if someone has a momentary lapse of reason and opens the door. (I know buyers who tend to overlook signs on doors, just one slip could cost you)...I know why the cats want to leave.

Tip to sellers: If you can afford a million dollar plus condo, you can probably afford a dog sitter when there is a scheduled appointment. Buyers don't like closed doors and they especially don't like closed doors with signs of life coming from the other side. It ruins the mood and they hurry out as if they are learning to fly.


You can knock at any door,
But wherever you go, you know they've been there before
Well winners can lose and things can get strained
But whatever you change, you know the dogs remain.
-Pink Floyd

My apologies for being under the weather the last couple of days.
Hoboken Condos 2008
The June Numbers
Sold in June 69
Under Contract in June 69
Current Active 488

Information deemed reliable but not guaranteed