At The Worlds End And Debtors Prison

Watching yesterday's meltdown reminds me of Pirates of the Caribbean. In the third movie, when Jack and the dead Will Turner are running ships on both sides of the big British War Ship. The British Captain stands there as his lieutenants ask for orders. His shipped ripped apart when all he needs to do is order his cannons to fire. How simple was that? It's like choking a six inch putt.

Yet here is congress voting down the bailout. 170 of them. 170 of them. Who votes for these people? No one likes to bailout greedy corporate chieftains. Hell we are all jealous that we can't be them. I have a solution....

Debtors prison. Bam. the end of the foreclosure crisis. It's too easy for people to cry poverty and walk away leaving me, you and the government to hold the bag. Let's lock these people up. Heck we could even use some of these already foreclosed homes as jails. Let's make homeowners and their mortgage reps live in the same room. Now if you're a homeowner who borrowed way more than you knew you could afford, you'll have a choice... take in borders to help pay off the mortgage or take in your lender.

I think I'll run for office.....

Hoboken Condos 2008
2bed/2 bath 1200+ sqft w/pkg

Available 111Under $600k 12

Information deemed reliable but not guaranteed

Bail This. Black Monday.

Anyone who thought corrupt politics stopped at the Hudson County line, need not look further than their living room, where you turn on the TV tonight and see the market crash courtesy of your congressman worried about his job and not yours. Now what?

I am buying real estate. How's that 401k treating you? Better to have nice solid rental properties generating predictable cash flow. Housing market goes down... Your property is valued on cash flows not housing whims. I just got my check in the mail today. (Rental in Charlotte, NC.) No worries. No politicians.

No Black Monday. Only Monday Night Football.

Hoboken Condos 2008
Available 474
Under Contract 170
Sold Last 3 months 215
Information deemed reliable but not guaranteed

Missed Opportunity

Forget Hoboken's budget crisis. As a tax payer, I am pissed. Here I was today following the street sweeper to get a parking spot. After I park and walk towards my office, I actually pass the street sweeper. then here he comes, passing by 13 cars that were parked and should have received tickets. I checked my cell phone. It was 10:53 Verizon time. Hey I like a free spot too. But the city needs the money. Was the sweeper called to an emergency clean up on aisle 2? Some people were in the right place at the right time.

Speaking of right place. right time...It's a great time to buy. People are scared. Buyers are a little skittish. Sellers are worried they might not sell. The bailout hanging over the market like the Sword of Damocles. Deals can be had. Maybe not bargains but deals.

Hoboken Condos 2008

Available 2 Bedrooms 267

Information deemed reliable but not guaranteed

Faded Icon

Growing up in the seventies and eighties, there are some iconic companies that stick in my head. The events of the past couple of weeks on Wall Street remind me that nothing is sacred.

When Dean Witter speaks everyone listens.

Wednesday is Prince Spaghetti Day.

Members Only, Atari, Benneton Sweaters. Gone. Gone. Gone.

Well I guess the only thing worse is becoming irrelevant. Seventies Iconic Brand Realty slowly faded out in Hoboken, only to now be resurrected. Problem is in a tough market, agents are not likely to move to a start up. Especially one who advertises for new agents with a Manhattan cell phone number. Is there someone on the other end? Look for SIB Realty to stick it out as a dressed up mom and pop. If you're an under thirty buyer, getting a piece of the rock holds the same place in your mind share as Mutual of Omaha's Wild Kingdom. (I loved that show.)

Time moves on...just ask Lehman.

It's better to burn out, then to fade away. -Def Leppard

Hoboken Condos 2008

Last 30 days
New to market 177
Price Change 133
Information deemed reliable but not guaranteed

Of Ruthian Proportions

Farewell to Yankee Stadium. I've talked to many Yankee Fans in the past week about the old (post 1973) ballpark. They love it. They love the memories. I, myself, a proud member of Red Sox nation, have a special Yankee Stadium memory.

Summer of 1978: I was ten years old and visiting my great grandmother who lived in Queens. She was a big Mets fan. But the Mets weren't in town so my dad and Big Gran (not to be confused with Gran who is my grandmother) set off to see some baseball in the Bronx. Before the explosion of the upper deck in Fenway Park, the true premium seats were in what was called the rooftop. Although at the tender age of ten, I had seen many a game at Fenway, I had never sat upstairs, but always wanted to. I guess my dad never realized, because here we were going to a stadium with thousands and thousands of empty seats in the upper deck and he buys field level seats. (At the ticket window!) I saw Ron Guidry dominate in a three hitter. On the way back to Queens, the subway loses power for a long time. We ended up taking a cab home.

So even I understand. EXCEPT. Yankee Stadium is a dump. Imagine an historic brownstone that gets gutted and replaced with characterless concrete. Now you can have many special memories of growing up in an office building... Holidays, special times shared with friends and loved ones. But when a buyer comes through, all they see is a concrete box. (In the case of Yankees Stadium, one with a lousy sound system, poor restroom facilities, and no amenities.) The art is great (monument park) but it will look just as good in a new home. For the life of me, I can't understand an owner that would want to rebuild that brownstone next door in a decrepit neighborhood, when the warm of the New jersey suburbs are serenading.

Life moves on. Things changes. Celebrate it, but don't over value it.

Hoboken One Family 2008

Available 15

Information deemed reliable but not guaranteed

Mortgage Mania

Mortgage rates are yo-yoing like the stock market. Some people even got 5.625% early this week. Think it doesn't matter?

Here is an example take that rate vs a 6.5% rate. It's roughly $56 per $100k borrowed difference. If you have a $500k mortgage that' $280 per month every month. It's like getting a $40,000 price cut on your purchase price. So Mr. Buyer, if you are sitting on the fence waiting for the seller to cave over the last fifteen or twenty thousand and the interest rates pop up a little,....as Warner Wolf says " you still lose". You got your concession but still write a bigger check every month.

Check that. With the financial system in turmoil, the banks can use every dime. Please pay more..My 401k feels better already.

Hoboken Condos 2008

Under contract 177
Since Sept 1st 60

Information deemed reliable but not guaranteed

Size Does Matter

Don't let them tell you "It's not the size, it's the location." Left hand, fourth finger, yes. but then its all about how big it is.

Here's another story of a shrinking condo. A realtor sold a unit to a client. Never checked the tax records. Client wants to sell the condo. Realtor just puts what the last listing on the condo had for square footage. Buyer comes in agrees to a price. Appraiser measures the unit. Guess what? Not that big. Won't appraise. Buyer lowers offer. Seller freaks out.....

...Realtor lowers commission to avoid the call from the attorney. But I wonder...Did the reduction in commission equal the loss to the sellers net proceeds? Doubtful. Funny this story and the other shrinking condo both involve the same 800lb gorilla agency. If they are missing the basics, what else are they doing? How has this company lasted decade after decade? Must be some sort of government corporate welfare or good lawyers.

Good thing realtors have to take classes and pass an exam to be licensed, otherwise there might be a bunch of idiots masquerading as professionals in the industry.

Hoboken Condos 2008
Over 1400 sqft
Available 96
Information deemed reliable but not guaranteed

Out Dated

Searching for open houses in the Newspaper is like watching TV without Tivo. We've all done it. But once you switch to a better alternative, you never go back. Here's why not to use the Hoboken Reporter to get your open houses.

See the ad deadline in now nine days away from the actual open house. In that time, the condo can have an offer, multiple offers, go into attorney review, come out of attorney review and be done. Open House canceled and you wandering around lookinfor a sign that will never appear.

More importantly, you never see the newest properties on the market. Either the property is being shown to buyers with agents or you are just seeing retreads.

The moral of the story. Call an agent have them set up some appointments. See the latest and greatest...or sit back and watch twenty minutes of commercials every hour.

Hoboken Condos 2008

Active 447

Information deemed reliable but not guaranteed

Honey I Shrunk The House!

I recently came across a two bedroom condo that was listed as 1440sqft when sold in 2004, 1385 when sold in 2005, 1315 when sold in 2007 and the tax records tell me it is 1231 sqft. Hurry. Sell before it is a one bedroom. Better call in the "not funny" Rick Moranis to blow it up again. Where else am I going to put my giant bowl of Cheerios, eh?

Gozer the Traveller, he will come in one of the pre-chosen forms. During the rectification of the Vuldrini he came as a large and moving Torg . Then, during the third reconciliation of the last of the Mekretex supplicants, they chose a new form for him: that of a giant Sloar! Many Shubs and Zuuls knew what it was to be roasted in the depths of the Sloar that day, I can tell you.

Who ya gonna call?...Now the poor owners are in a quandary.... Probably feeling like a Shub without a nuclear accelerator strapped to their backs. Two words. Due Diligence. Make sure your agent does it.

Hoboken Condos 2008

Price Reductions Last 30 days

Under Contract 95

Information deemed reliable but not guaranteed

No Lunch For You

One of a long list of perks about being an agent, is the never ending free lunches that we can have. Now I'm not saying that this equates in any way shape or form with going all expenses paid to the Superbowl where I met Joe Montana on a vendors dime, but on a daily basis it's not too bad.

How do I eat so well? Clearly clients are not calling me up and wanting to take me to lunch everyday. (A shout out to Chris V for dinner last night.) It's other realtors. When a realtor has a new listing, they hold a broker open house to let us preview the property. Most of the time they serve a lunch. Seems these days, agents are cutting back. Now it's a raffle for a restaurant gift certificate or some such thing. I never win. I'm bitter you say.

No. here's the thing. If your realtor is cutting back on their marketing services shouldn't sellers know about it. Realtors are cheap. They like free lunch. They show up to get the lunch and sometimes find a gem to sell to a client. I did today. Bait and switch.

Hoboken Condos 2008
2bed/2 BAth, 1300+ sqft

Available 130

Under Contract 40

Sold Since June 1 47

Information deemed reliable but not guaranteed

Clouseau vs. Gadget

Certain things should be left untouched. The are dated but they are classic. Do you hear me Steve (I haven't made a funny movie since The Jerk.) Martin. Do you hear me Jim ( I corrupted the single greatest children's Christmas cartoon for a few bucks that I could never spend in my lifetime.)Carey?

Buyers: I am talking home inspectors. I recommend two and only two. They may not be Inspector Gadget with the latest technology, fancy websites and cool marketing material. What they do have is an intimate knowledge of the local community, its buildings, the way they were built, the historical problems and the know how to tell when something is a problem and when its not. If you think you are going to out smart your realtor to save a few dollars or to bring in an impartial perspective, you lose. Yes, these guys inspect my homes. This is a home inspection not some guy painting my closet. I only recommend what I use.
Some things are just too important to get wrong. Ask your agent. If they can't put their name to someone, I will say a prayer that your inspector is the Peter Sellers version.


Hoboken Condos 2008
Available 446
Median dom 83
Less than 30 days old 91
Information deemed reliable but not guaranteed

Save The Postage. Hand Deliver.

A reader asked some advice about a bathroom renovation project. The problem was the bath room was so small that renovating it was going to end up costing big dollars and add no value to the condo. I'm guessing he'd be soaked for three or for thousand and add about one thousand in value. Not a very good payback.

A good rule of thumb is when the renovated area is very small, the added value will be small. (unless it is currently totally unworkable or run down and does not fit with the rest of the place.)

It is better to slap some lipstick on the pig... Paint, add new fixtures, add cool storage devices. Then when you are ready to sell, stage it through a professional who has tiny pieces of furniture. It is amazing how good a small place can look with appropriate sized furniture and not your queen sized bed that takes up the whole bedroom.

Hoboken Condos 2008
Postage Stamps

One Bedrooms under 500 sqft
Available 5
Under contract 2
Sold in 2008 7Information deemed reliable but not guaranteed

All The News

In the days before internet dating, match making service used to post full page ads with little blurbs for a sf seeking sm... "Must be rich, educated, ride a white horse and love visiting grandma on a Saturday night." ...Really generic stuff or stupid stuff that tries to set Ms. Lonley Heart apart from the crowd without seeming like a freak. Along comes Match.com, eHarmony, etc. Bam there goes the ad in the newspaper.

Why then, with an over whelming majority of buyers performing their searches online, do real state agencies continue to waste space on that "stunning 2 br"??? How about the url to your website where the buyer can see all of the properties? How about a list of open houses, in case someone wanders over from the city and wants to know what's going on?

In short, the newspaper ad is a waste of money....Now the Hoboken Reporter isn't going to mention my blog :(

Hoboken Condos 2008

Available One Bedrooms

Number 126

Median List Price $426k

Median DOM 72

Information deemed reliable but not guaranteed

Summertime Blues

A look at last summer vs this rapidly exiting season.

Sales down 11%...BUT, BUT Sold Price up 2%.

Days on market increase from 30 to 45!!! Still 45 DOM is not too bad.

With high gas prices and a doom and gloom media, Hoboken is still the place to buy.

Who says there ain't no cure for the summertime blues.

Hoboken Condos 2007 vs. 2008
June to August
Sold 259 & 230
Avg sold price $512k & $522k
Median Days on Market 30 & 45
Information deemed reliable but not guaranteed

Fall Is Here

The fall market arrives today with a big bow on it. In my very limited survey of the marketplace, many buyers were waiting until the weather turns cooler to start looking in earnest. Could be the beach is better than house hunting?

As the August numbers prove out: Sellers: price your homes well and they will sell. Don't and wait. But old man winter is sitting and waiting around the corner.


Hoboken Condos 2008
August
Sold 66
Avg Sold Price $530k
Median Days on Market 47
Information deemed reliable but not guaranteed