Buy or Rent. A Weekend Gift

Couldn't resist this extra post.

Here's a condo on the market in a very prestigious new building with water views. Our fine Governor lives there....

For sale ask price $1.2 Million.

For Rent. $4000 per month.

Lets do back of the envelope rent vs. buy....

Taxes $17,000/year or $1416/month.

Maintenance $842/mo

So if you owned it you'd be paying $2258 in taxes and maintenance. That leaves $1742 for the mortgage. Even if the Obama Administration gave you a 1% loan on a million dollars, the monthly payment is nearly twice this amount. And your rich... so you get nothing but Jumbo Loans. Now if you owned the bank....

Maybe I should rent it...

$8000 Tax Credit.

From The Office of "FREE MONEY That No One Knows How We Are Going To Pay For It"

Here's the skinny on the $8,000 credit. www.federalhousingtaxcredit.com/

First-Time Home Buyer Tax Credit

Congress Enacts Bigger and Better Home Buyer Tax Credit

A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

House icon link: Learn how you can take advantage of this $8,000 tax credit to buy the home of your dreams. <http://www.federalhousingtaxcredit.com/2009/home2.html> Learn how you can take advantage of this $8,000 tax credit to buy the home of your dreams.

First-time home buyers who purchased a principal residence on or after April 9, 2008 and before January 1, 2009 may qualify for a $7,500 tax credit. Click here for more information. <http://www.federalhousingtaxcredit.com/home.html>

NAHB is providing the information on this web site for general guidance only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose. NAHB logo <http://www.nahb.org/>1201 15th Street, NWWashington, DC 20005

My B School professor was wrong: There is such a thing as a free lunch.

Hoboken Real Estate

Condos

Available under $350k 62

Information deemed reliable but not guaranteed.

$500 A Night.

Why book a hotel room? There's a new rental at the top of the W. Only $15,000 a month. Recession Buster. For your $15k you get a 2375 sqft and 3 bedrooms. that's only $167 per night. From the W website, the lowest price room is $319 per night plus tax and charges. Think of the savings of renting.

I wonder if a group of right out of college kids could do this? A Stevens fraternity....they'd be the most popular group on campus.

Available 519

one Br 162

two Br 289

3 Br 53

Twenty Siz In Twenty Two

Here we are three weeks into February.... Where is the market?

Well we've had 26 condos go under contract in the first three weeks of February. 513 Available. I guess the inventory isn't going anywhere soon. BUT good units will move. Sellers still aren't giving it away.

Everyone else is giving it away in this economy...the difference is that sellers are not a business. It's not retail, it's not wholesale.

Buyers who are waiting until the big summer sale may find the time with the most choice, the least competition and the best leverage to negotiate has passed them by. It's like the Macy's clearance event. Yes. you save money but you are buying end of season that has been picked over. Better to buy at the big sale at the beginning of the season and still get 60% off.

Open Houses 2/21 & 2/22

REMAX Gold Coast Realty
608 Madison St #1


When: Saturday February 21st, 1-3 PM
MLS#: 80016045Listing Price: $310,000
Bedrooms: 1
Baths: 1
Sq.ft: 548

518 Monroe St #3B


When: Saturday February 21st, 1-4 PM
MLS#: 90002070Listing Price: $530,000
Bedrooms: 2
Baths: 2
Sq.ft: 1250

659 1st St #307

When: Saturday February 21st, 1-3 PM
MLS#: 90002223Listing Price: $599,777
Bedrooms: 2
Baths: 2
Sq.ft: 1300

109 Grand St #206

When: Saturday February 21st, 2-4 PM
MLS#: 80014250Listing Price: $1,399,000
Bedrooms: 2
Baths: 2.5
Sq.ft: 2500

172 Culver Ave
Jersey City


When: Saturday February 21st 1-3PM
MLS#: Multiples
Listing Price: Ranging at $384,900
Bedrooms: 2BRs & 3BRs

1016 Willow Ave #403

When: Sunday February 22nd, 2:30-4:30 PM
MLS#: 80012198Listing Price: $429,000
Bedrooms: 2
Baths: 1.5
Sq.ft: 670

625 Washington St #7


When: Sunday February 22nd, 2-4 PM
MLS#: 90001738Listing Price: $439,000
Bedrooms: 2
Baths: 1
Sq.ft: 825

812 Grand St #206

When: Sunday February 22nd, 1-3 PM
MLS#: 80013271Listing Price: $452,000
Bedrooms: 1
Baths: 1
Sq.ft: 873

812 Grand St #308


When: Sunday February 22nd, 1-3 PM
MLS#: 90000846Listing Price: $455,900
Bedrooms: 1
Baths: 1
Sq.ft: 823

109 Jackson St #2B


When: Sunday February 22nd, 1-3 PM
MLS#: 90002238Listing Price: $549,000
Bedrooms: 2
Baths: 2
Sq.ft: 1235

501 9th St #314

When: Sunday February 22nd, 12-3 PM
MLS#: 90001558Listing Price: $573,000
Bedrooms: 2
Baths: 2
Sq.ft: 1033

659 1st St #307

When: Sunday February 22nd, 1-3 PM
MLS#: 90002223Listing Price: $599,777
Bedrooms: 2
Baths: 2
Sq.ft: 1300

812 Grand St #210

When: Sunday February 22nd, 2-4 PM
MLS#: 80014242
Listing Price: $699,000
Bedrooms: 3
Baths: 2
Sq.ft: 1412


812 Grand St #210


When: Sunday February 22nd, 2-4 PM
MLS#: 80014242
Listing Price: $699,000
Bedrooms: 3
Baths: 2
Sq.ft: 1412


2 Constitution Ct #606

When: Sunday February 22nd, 1-3 PM
MLS#: 80011938Listing Price: $699,000
Bedrooms: 2
Baths: 2
Sq.ft: 1150


99 Park Ave #5B


When: Sunday February 22nd, 1-3 PM
MLS#: 80015406Listing Price: $749,000
Bedrooms: 2
Baths: 2
Sq.ft: 1419

100 Bright St #5B


When: Sunday February 22nd, 12-2 PM
MLS#: 90000151
Listing Price: $475,000Bedrooms: 3
Baths: 1
Sq.ft: 1171

8100 River Rd


When: Sunday February 22nd, 1-4 PM
MLS#: 80014613
Listing Price: $1,692,000Bedrooms: 3
Baths: 3
Sq.ft: 1970


Robert De Ruggiero Inc. Realtors
Sun 1-4pm
719 Adams St, Unit 2L, Hoboken

Great one bedroom condo with exposed brick. Unit features hardwood floors throughout, 9 foot ceilings, large windows & lots of light. Brand new bathroom with tiled stall shower. Storage and laundry room in the basement. There is a shared backyard with garden. Parking available 1 block away for a fee. Close to Light Rail. $318,900

Sun 1-4pm
402 9th Street, Unit E2E, Hoboken
THE COLUMBUS
Your new home! A rare and very large one bedroom in the Columbus, an architecturally unique condo complex adjacent to Columbus Park. This home defines light and airy, featuring a well-designed 975 sq ft unit with beautiful hardwood floors, lots of room for dining & entertaining & wonderfully useful California closets. Full kitchen features new granite countertops and under-mount sink. Redone bath features marble countertop. Overlooks a quiet, landscaped courtyard. Great midtown location. Outdoor parking spot. $469,000

Sun1-4pm
174 Washington Street, Unit 1J, Jersey City

THE SUGAR HOUSE
Charm and sunshine await you in this spacious loft like one bedroom in the exceptionally restored Sugar House, in the heart of historic Paulus Hook. We feature exposed brick vaulted arch ceilings, Viking stainless steel appliances, beautiful granite counter tops, gourmet kitchen, Roman bath and much, much more. Phenomenal walk in closet in bedroom. The water view feels like you're floating on the river. Direct Statue of Liberty views and Verazzano Bridge and NYC. You are at the edge of Liberty State Park near Exchange Place. Convenient to transportation.$609,000

126 Webster Avenue, Unit 4D, Jersey City

HUGO PRONTI LOFTS
Unique loft condo in renovated factory building with NYC views & garage parking. 2400 sq ft duplex. Incredible open space ideal for live/work. 24 ft ceilings. Terrace. Gas fireplace. 3 skylights. Architectural and exposed beams and truss work.Exposed bricks. Hardwood floors. Can work as a three bedroom or live/work space. Central heat & air. Storage & laundry in basement. Deeded garage pkg.Gorgeous kitch en with granite, stainless steel and backsplash.
$629,000

Uptown Realty
Sunday, February 22, 2009 from 1pm - 3pm

129-131 HARRISON Street, Hoboken
- You'll love the interior design of this beautiful studio. Offering a custom kitchen with stainless steel appliances granite counters full bath done in prelate marble top...
1 Bedroom
1 Bathroom
482 Sqft
Asking $305,000
Sunday, February 22, 2009 from 1pm - 3pm

129-131 HARRISON Street, Hoboken

- This spacious 2 bedroom plus study features a creative layout not seen in the Hoboken market. Some features are: custom kitchen with mahogany cherry cabinets full tumbled marb...
2 Bedrooms
2 Bathrooms
1312 Sqft
Asking $639,900
Sunday, February 22, 2009 from 2pm - 4pm

2 Constitution Court, Hoboken
- Luxury Conveniences woven into a spectacular waterfront community.Absolute impeccable describes this two bedroom two bath offering an impressive living room & dining a...
2 Bedrooms
2 Bathrooms
1141 Sqft
Asking $675,000

Husdon Place Realty
1425 Garden Street, Hoboken

Garden Street Lofts, GREEN. SMART. EVOLVED. - Sales center open Saturday and Sunday from 12-4 pm. 1, 2 & 3 bedrooms from available!
Sunday, February 22, 2009 from 12pm - 2pm

464 Newark Street, Hoboken

- Amazing 1500 sq. ft. 2 bedroom 2 bath with on-site deeded garage parking in the exclusive Metro Homes Southgate building. Elevator building - Semi-private foyer - Gas firepla...
2 Bedrooms
2 Bathrooms
1494 Sqft
Asking $675,000
Sunday, February 22, 2009 from 1pm - 3pm

935 Park Avenue, Hoboken

- Sleek and stylish 1 bedrooms on uptown Park Avenue. Extra large condos have been completely renovated with super high end finishes. Kitchens feature espresso maple and stainl...
1 Bedroom
1 Bathroom
745 Sqft
Asking $379,900
Sunday, February 22, 2009 from 1pm - 3pm

935 Park Avenue, Hoboken

- Sleek and stylish 1 bedrooms on uptown Park Avenue. Extra large condos have been completely renovated with super high end finishes. Kitchens feature espresso maple and stainl...
1 Bedroom
1 Bathroom
745 Sqft
Asking $379,900
Sunday, February 22, 2009 from 1pm - 3pm

935 Park Avenue, Hoboken
- Sleek and stylish 1 bedrooms on uptown Park Avenue. Extra large condos have been completely renovated with super high end finishes. Kitchens feature espresso maple and stainl...
1 Bedroom
1 Bathroom
745 Sqft
Asking $379,900
Sunday, February 22, 2009 from 1pm - 3pm

1313 Park Avenue, Hoboken
- Fabulous 2 bedroom 2 bath 1201sq.ft. condo with parking in uptown's most desirable elevator building. Quiet rear apartment on top floor - Upgrades galore - Gas fireplace....
2 Bedrooms
2 Bathrooms
1201 Sqft
Asking $619,000

This Week's New and Reminted

Let's see what new in the condo market in the last week. Sorry the blog was down for 4 days due to technical difficulties....

MLS #	Address	Price	Approx Sq Ft	Bedrooms	$/sqft
90002088	2nd & ADAMS ST	$492,500	1261	3	391
90002070	5th & MONROE ST	$530,000	1247	2	425
90001912	OBSERVER HWY	$389,000	900	1	432
90001888	5th & JEFFERSON ST	$499,000	1073	2	465
90002053	6th & MADISON ST	$505,000	1080	2	468
90002174	1st & JACKSON ST	$549,000	1162	2	472
90001979	6th & JEFFERSON	$499,900	1035	2	483
90001858	9th & MADISON ST	$512,000	1055	2	485
90001867	9TH & Adams ST	$399,000	803	1	497
90001847	12th & WASH ST	$375,000	750	1	500
90002164	9th & GARDEN ST	$429,000	850	1	505
90002003	1st & MONROE ST	$235,000	450	0	522
90001916	2nd & JACKSON ST	$319,000	608	1	525
90002041	13th & PARK AVE	$480,000	889	2	540
90001978	1st & WILLOW AVE	$355,000	655	1	542
90002039	13th & PARK AVE	$499,000	919	3	543
90001924	3rd & MONROE ST	$249,000	450	1	553
90002051	13th & PARK AVE	$522,000	919	3	568
90002052	13th & PARK AVE	$515,000	896	2	575
90002043	13th & PARK AVE	$535,000	919	3	582
90002047	13th & PARK AVE	$529,000	896	2	590
90002055	13th & PARK AVE	$544,000	896	2	607
90001968	2ND ST	$279,000	450	1	620
90002007	15th & WASH	$544,000	735	1	740

How about that new construction on 13th and Park running 540 to 607/sqft.


Hoboken Real Estate Condos
New and Reminted this week
Condos 24
Studio 1
1 Br 9
2 Br 10
3 Br 4


Information deemed reliable but not guaranteed

This Week's New Listings

Address		Approx Sq Ft	Bedrooms	Baths	Asking Price	Price/sqfy
6th & WASHINGTON		825	2	1	439,000	532
7th & PARK AVE		674	1	1	334,000	496
2ND and Adams		1342	2	2	579,000	431
2nd & Jeff		2000	2	2	790,000	395
11th & CLINTON ST		1170	3	2	500,000	427
Harrison & 1ST ST		1141	2	1	569,000	499
8th & WILLOW		600	1	1	369,000	615
10th & WASHINGTON		524	1	1	319,000	609
OBSERVER Hwy		3625	3	2	1,099,999	303
5th & GARDEN ST		1230	2	2	725,000	589
8th & CLINTON ST		881	1	1	424,900	482
1st & BLOOMFIELD		1206	2	2	549,900	456
5th & GARDEN ST		1193	2	2	685,000	574
9th & Jefferson		1033	2	2	573,000	555
1st & PARK AVE		1100	2	2	619,000	563
8th & JEFFERSON ST		920	2	1	499,922	543
7TH & Jefferson ST		552	0	1	299,000	542
5th & GARDEN ST		1230	2	2	725,000	589
10th & WILLOW		988	2	1	459,900	465
1st & MONROE ST		573	1	1	329,999	576
1st & WILLOW AVE		1426	2	2	1,089,000	764
1st & GRAND ST		1420	2	2	719,000	506
6th & HUDSON ST		927	1	1	499,000	538
1ST & willow		900	2	1	419,000	466
15th & HUDSON ST		875	1	1	560,000	640
6th &JEFFERSON ST		1180	2	1	525,000	445
9TH & adams ST		1300	2	2	639,000	492
OBSERVER Hwy		2271	3	3	1,260,000	555

Lots of sellers still looking for $550/sqft. Buyers looking for $450/sqft. Seems to be a standoff. I wonder who will win???

Hoboken Real Estate Condos
New this week 29
Studio 1
1 BR 7
2BR 18
3 + BR 3

Information deemed reliable but not guaranteed

A Peek Under The Hood.

Taking a closer look at the condos that went under contract in January...

Available 495. Under Contact 38.

So if you're lucky enough to be in the 7.1% of condos under contract. Here is what you've faced.

DOM 90 Days or less...that's three months of showings...16 Condos!!! Of these 16 Condos, half had price reductions before they went to contract.

What this means to sellers...Don't pack the moving truck just yet. Sellers will overprice, then reduce and still won't hit the buying market but 7% of the time, and only 3.1% in the first three months. Your chances of selling your home in the first 90 days with no price reduction....1.5%.

Buyers: Follow the properties you want. make preemptive bids. Get the property you want before it becomes attractive to someone else.

Hoboken Real Estate Condos
Available 495
1 BR 154
2BR 276
3 + BR 54

Information deemed reliable but not guaranteed

.38 Special

21) 839 Willow #4 DOM 70.

22) 839 Willow #10 Listed $349k 11/4/08, price change to 339K 12/9/09 DOM 76

23) 502 Jefferson #1 Listed 11/6/08 $539k, price change to $499 12/16/08 DOM 84

24) 550 Observer #3B Listed 10/18/08 $715k, reduced 11/10/08 to $695k, reduced 11/21/08 $672,900,reduced 12/12/08, $664,900,reduced 12/30/08 to $658,900. DOM 89

25) 714 Washington #1 Listed 10/13/08 $749k, reduced 11/29/08 to $729,000. DOM 95

26) 600 Clinton #3R DOM 103

27) 163 14th #8n Listed 9/26/08 at $429k, reduced 11/4/08 to $414,900, reduced 12/4/08 to $389,900 DOM 103

28) 518 Monroe #4A Listed 9/25/08 at $489k, reduced11/5/08 to $469k, reduced 1/9/08 10 $429k DOM 119

29) 329 Willow #1r Listed 9/11/08 at $499,900, reduced 9/29/08 to $489,900,reduced 11/4/08 to $479k, 12/12/08 $459k. DOM 120

30) 700 1st St #3H Listed 9/26/08 at $549,875, reduced 12/5/08 to $535k, reduced 12/9/08 to $532,875, reduced 12/12/08 to $520k, reduced 1/6/08 to $500k. DOM 122

31) 924 Jefferson #3c DOM 128.

32) 924 Jefferson #6c DOM 130

33) 501 9th #310 Listed 9/12/08 at $525k, INCREASED 10/6/08 to $537k, Reduced 10/27/08 and advertised as a priced reduction back to $525k, Really Reduced 11/9/08 to $510k. DOM 130.

34) 1107 Washington #5 Originally listed 2/26/08 at $445k, reduced4/22/08 to $435k, Reduced 6/2/08 to $425k. Expired 8/27/08. Relisted 3 days later at $415k, Reduced 9/29/08 to $399,999, reduced 12/8/08 $349k. Real DOM 332.

35) 700 1st #13E Listed 8/8/08 $689,900, reduced 9/11/08 to $649k, reduced 10/7/08 $599,900, reduced 10/26/08 to $589,900, reduced 11/12/08 to $579,900, reduced 12/4/08 to $559k, reduced 12/30/08 to $549,900. DOM 168

36) 1500 Washington 4Q DOM 182.

37)711 Clinton #2B Listed 6/25/08 at $365k, reduced 9/25/08 to $349k, reduced 12/2/08 to $339k. DOM 202

38) 659 1st #304 Listed 6/5/08 at $469,900, reduced 11/3/08 to $449,900. DOM 220

39 & 40 Are duplicates so there are really only 38....what does it all mean? Tune in Monday...and Hold on Loosely.

In January there were 40 condos that went under contract....A look behind the numbers....

1) 1500 Hudson 3Q..Toll Brothers had been trying to sell this one since Oct 2007 when it was listed for $986,990...last price when contract appeared $863,995.

2) 450 7th St. DOM 8

3) 1500 Garden 1E. Another toll Brothers expired then refreshed. Listed Aug 2008 for $813,990.

4)829 Garden #2 DOM 9.

5)1313 Park #3B Listed 7/10/2008 at $650k. 2 Price reductions to $579k on 12/3/08. Expired 1/10/2009. Relisted at %579 on 1/16/09. contract 1/26/09. real DOM about 196.

6)509 Willow #3. This unit actually has two listings??? Listed 10/29/08 for $449k. Price change 12/13/08 to $429. Contract 1/13/09. DOM 58

7) 333 Adams #4. Listed 6/2/08 for $389k. expired 1/8/09 at $365,900 relisted at $365,777 1/8/09 under contract 1/20/09. total DOM about 228.

8) 419 Adams #1B. DOM 21.

9) 307 Bloomfield #2. DOM 22.

10)650 2nd #3D. Listed at $949k 5/8/08-8/8/08. Listed 9/18/08 $924,900. reduced to $899 on 10/9/08. reduced to $825k on 10/14/08.Withdrawn 11/7/08. Relisted with same agent 11/11/08 $799,900. Found an extra bedroom on 12/10/08 INCREASE price to $824,900. Under contract 1/7/09. Real DOM about 200.

11)517 Jackson #203 Listed 12/3/07 for $511k. Expired 12/4/o8 at $476k. Relisted 12/5/08 for $439k Contract 1/1/2009.

12) Listed 10/6/08 at $599k.Reuced 10/31/08 $569k. Withdrawn 12/10/08. Relisted Same agent on 12/10/08 for $549k. contract 1/8/09. Real DOM 92 days.

13)402 9th E2K. DOM 34.

14) 809 Park 5L. Listed 12/8/08 $319K price change. 12/29/08 to $299k. DOM35

15)212 madison 3C. Listed 12/5/08 at $505k. Price change on 12/16/08 to $485k. Price change 12/30/08 to $485k DOM 39

16) 2 Constitution Ct #605 DOM 48.

17)101 Park #2B DOM 53.

18) 222 Madison #2R Listed at $329K O 10/6/08. Reduced to $319,900 on 11/6/08. withdrawn 11/20/08. Relisted at $309k on 11/20/08. reduced to $299,900 on 12/12/08. reduced to 289,900 on 12/19/08 contract 1/21/08. Real DOM 105.

19)261 4th St #2 DOM 66.

20)510 Monroe #202 Listed 11/21/08 for $574,900 reduced 1/14/09 $564,777. reduced 1/21/09 $549,777. DOM 70

Okay I could only get through half today. Time to take more pain medication. as if this isn't painful enough. Wow when you pull back that curtain....

Under The Knife

Just recouping from a little surgery to plug the holes in my head. Yet I'm not bleeding like the Hoboken Real Estate Market. Sales off nearly 59% January2009 vs January 2008 !!! OMG. Yet the larger places are still selling. eeryone wants space and now is the time to get it.

The oxy is kicking in....


Hoboken Real Estate Condos
January Numbers
2008 vs. 2009
sold 65 vs. 27
Avg DOM 71 vs.80
Med Sale price
$495k vs. $535k
One Bedrooms sold
21 vs. 11
two bedrooms sold
34 vs.11
three plus bedrooms sold
4 vs. 6

Information deemed reliable but not guaranteed