Reports on Hoboken condos and Hoboken real estate information from an agent. Great information on Hoboken condos whether you have a condo for sale in Hoboken or thinking of buying, get invaluable information here. Hoboken real estate buyers and sellers, get information no one wants to give you.
Hoboken Open House Map Weekend Of February 27th and 28th.
Here it is....It will be interesting to see how many of Saturday's get snowed out. I've already deleted a few of off the map.
If you go to http://www.hobokenopenhousemap.com/ you can sort by bedrooms or price range. Remember that open houses only represent a fraction of the total homes available and that the agent at the open house works for the seller. I recommend that you find an agent, preferably one that provides free open house maps, free Hoboken Real Estate Reports and free real time Hoboken market data in graph form.
Hoboken Open House Map Weekend Of February 27th and 28th
Those of you who receive my Quarterly Hoboken Real Estate Reports know that I always include the least and most expensive properties currently for sale and sold during that time period. If anybody has paid attention over the past year there was one property priced above the rest. A four bedroom for $4.2 million.
Today it was reduced to $2.6 Million dollars. It had been on the market for one year and five days at it's list price. Today... It's a 38.1 % price reduction. In absolute terms, $1.6million off. I've only been working in this market for eight plus years and most of that time property values have gone up, but if this isn't a record, it's on the medals podium.
Maybe the sellers have been reading my blogs about making meaningful price reductions and not some cosmetic changes that affect nothing? ...Or they grew up with Crazy Eddie.
Stat of the day: Hoboken Condo Market Last Three Weeks New 173 Price change 112
No Price change bigger than this one though. Biggest Ever Price Reduction For A Hoboken Condo?
It can be a little confusing whether to appeal or not to appeal. Thanks to my friend Phil, we now have a get piece of data that defines the appeal strike zone in pretty clear cut terms. If you property was held closings between 2004 and 2006 you are a good candidate for an appeal. I am probably not telling you something you already don't know but here it is in black and white. (gray and yellow too!)
Just look at the numbers: The Annual Hoboken Tax Bill of a Median Home Based on Year of Assessment chart says it all. The idea was to take the value of the median price condo that sold in Hoboken each year and multiply it my it's that year's tax rate to determine the baseline tax for that year. Given that Hoboken does not reassess your taxes each year but rather raises everyone's taxes proportional to the budget increase or decrease (Remember that 47% tax hike last year???, the established base line plays the central role in how high or over assessed your taxes will be from now until you die. No escaping death and taxes.
Other good resources for tax appeal comps and market information. 1) 2009 Hoboken Real Estate report. Hoboken market breakdowns on one bedroom condos, two bedroom condos, three plus bedroom condos. A list of every condo that sold in Hoboken in 2009! Yep. It's Free. 2)Real time Hoboken real estate snapshot. Get the latest on what is happening at an address or in a neighborhood. Yep. It's free too.
Every four years I get sucked in. And every four years I swear it won't happen again. I mean love bobsledding or a I loved bobsledding until I actually took a run down the ice chute in Park City. A near death experience. I have a newfound respect for them but can't help but feel a twinge in my back every time I see the sled. I was in Lake Placid recently where they has a sled on the sidewalk. I crossed the street like a guy who saw an ex girlfriend down the street on a collision path. Note to everyone who actually has been on the Lake Placid bobsled run and had a great time and thinks I might just be a little weak: The Lake Placid bobsled is the equivalent of a Disneyland ride. I'm surprised that Tinkerbelle isn't at the bottom selling t-shirts.
I found out last night that the governing body of bobsledding calls itself the Federation Internationale de Bobsleigh et de Tobogganing . Bob sleigh and toboggans . I guess still cool enough to watch, especially when they super impose the runs on each competitor and you can see the difference .
What really ticks me off, and maybe because I am watching at midnight I am extra ticked, is the figure skating. (A red-sox Yankees playoff game circa 2004 is a whole different animal.) Major League Baseball is getting killed for starting their games at 8pm and here comes figure skating on from 10pm to midnight. What about little Bobby and Janey who want to see the outfits and the stuffed animals being thrown on the ice to grown men? East coast Bob and Janey are going to grow up to be snowboarders.
Here's where it gets really interesting. I've been watching these figure skaters every four years for the past three decades and they are exactly like when I was a kid. Well not exactly but I will get to that in a minute. Hockey has had a glowing puck, football first down marker lines, basketball a three point line and a shot clock on screen, and cur-sed baseball a strike zone box. So here I watch life sized figure skaters on my grossly oversized HDTV. I can see every blade mark in the ice for goodness sake. What I can't get is any kind of understanding as to how it is scored. Did he land a perfect jump or was it just slightly better than if he face planted. (Why is it that I feel a twinge of excitement when a skier crashes and takes out two or the gates but I can't bear to watch as a triple sal cow goes awry and Franz lands on his buttocks.) In this regard, figure skating and real estate go hand in hand.
Hide the information. Like Olympic figure skating judges, real estate agents are afraid that if they let the information out so the public can see, it will marginalize their necessity. I argue that it is quite the opposite. The world is sick of the Russian judge creating fictitious deductions on NATO countries. The world is sick of real estate agents not showing the real information to clients... list to sale ratios, price histories, real analysis. So the viewer is left with Scott Hamilton's grunts and groans. Sometimes I feel like it Olympic coverage with Richard Simmons. What is going on here? Back in the 70s this would have been considered indecent. My TV is the size of a small car. Is there no room on the screen for a telestrator, a graphic that shows a perfect move and deductions, an explanation of a triple axel or a loop toe something or other, a lineup of the tricks that each performer has in his routine. It's like watching a State Of The Union Address. Every Commentator is commenting on it before it happens. They've read the script and share snippets with the gullible masses. Granted real estate has made some head way from the days of the MLS books, but not much. There is a whole new level out there. Real time data, real time analysis. Why are so few agents embracing it?
Iwonder who gets there first? My bet is on real estate. Pardon me, I have to fix the rabbit ears to tune into tonight's action? Which UHF station is it on again?
In the never ending quest to inform and educate....
I have been calling my clients and telling them about the Tax Appeal. I run their numbers through my Hoboken Tax Appeal Calculator to let them know what I find. In my journey, I've come across several large building where all owners may want to double check. I am going to be calling residents and mailing postcards. (Yes. It's probably you're building too. Still interested? I'll email you the list. )
Some really good free stuff which could help you with your appeal.
1) 2009 Hoboken Real Estate report. Hoboken market breakdowns on one bedroom condos, two bedroom condos, three plus bedroom condos. A list of every condo that sold in Hoboken in 2009! Yep. It's Free.
2)Real time Hoboken real estate snapshot. Interested in a building or neighborhood? the Snapshot shows you the sales and actives in a comprehensive report.
Hurry! Tax appeals must be filed by April 1st, 2010.
Who said curiosity killed the cat? Today on my way to the office I was passing city hall and it hit me. It's the middle of February and I haven't gotten my Hoboken Parking sticker renewal notice. There must be a mistake. A city strapped for cash delaying the bills for parking stickers. Middle of February, I must be screwed. Must have missed it. In danger of being booted. ... So I slip though the side door past the Ticket chamber where your money goes in the darkened window after a Disneyland sized wait. Of course you always get a smile and a thank you (NOT) as you pay the ticket for being one minute over on your meter or having the audacity to park in front of the school at 8:35 while dropping off your three and five year olds.
Having passed the tomb and into the second level of the City Hall Machine I was in for a pleasant surprise. I was greeted with a smile and told that because the parking sticker people over charged last year, I was due a rebate this year!!! Of course, it will never offset the tickets piled up on the other side but I can now buy me a cell phone with a camera and catch those meter maids walking around town talking on their cell phones and letting their friends slide on tickets. But I digress.... The point is the Hoboken Parking Sticker renewals are just coming out. You have until March 15th to pay for 2010.
Hoboken Real Estate 2010 Condos Available 511 Information deemed reliable but not guaranteed
7/1 ARM ------------------------------------ 4.125%/ 3.916% APR
* All quotes are with 0 points *Investment Properties --- ** Add 1.75 points (if 25% down)** *There is a rate increase for cash-out refinance transactions over 60% Loan to Value, or Condominiums over 75% LTV
CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)
30 YEAR FIXED ------------------------- 5.125%/ 5.131% APR
15 YEAR FIXED ------------------------- 4.625%/ 4.641% APR
** Loan amount restrictions based on county and property type.
***There is a rate increase for cash-out refinance transactions over 60% Loan to Value, or Condominiums over 75% LTV
CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000)
30 YEAR FIXED--------------------------- 5.875%/ 5.891% APR
30 YEAR FIXED INTEREST ONLY-- 6.125%/ 6.131% APR 15 YEAR FIXED--------------------------- 5.125%/ 5.140% APR 5 / 1 ARM------------------------------------- 4.500%/ 4.316%APR
7/1 ARM -------------------------------------- 4.750%/ 4.556% APR
** All non-conforming loans need to be discussed in detail
*** Special Program 15/ 30 ARM -----5.000% / 4.922% APR -- .50% Points --- Loans up to $1,000,000!!!
**Please call for rates on loans over $1 million or rates on FHA loans**
The Good News: This is the last day of this week that I will be talking about reducing your property taxes.
The Bad News: I am still talking about tax appeals because not everyone is on board.
I feel like Paul Revere. Being a Boston man myself, I grew up on the One if by land and two if by sea thing, the freedom trail, the old north church, and The Boston Tea Party. (not to be confused with The Boston Beer Party occurring in the wee hours of October 18th, 2004 after Dave Roberts stole second base and changed a nation forever.) The BTP was more of a protest about the taxation without representation. Most Hoboken condo owners can relate to that. Taxes go up on the condos, old Hoboken chuckles at the "interlopers" paying full freight.
So here I am riding my virtual horse...."The tax appeal is coming, the tax appeal is coming".
I know there is about a foot of snow outside but April 1st is around the corner. You're going to look up and bam it will have passed you by. No one to blame but yourself. Look at the chart. Property values have gone down. What about your taxes???
I am so excited...and you should be too. I've been going on and on about the hoboken tax appeal. I've given tax ratios, tax rates, calculations.....Here's something even better! A spread sheet the will calculate your appeal numbers. Hey it's only an estimate and you need some reasonable comps (that's what I am here for: contact Brian Murray)
So check it out. Let me know what you think. I am also posting this on my website.
Lowering Your Hoboken Property Tax: What It Means.
So you want to lower your Hoboken property taxes via tax appeal. Great. What it means:
Less money to the city of Hoboken. A direct correlation. Perhaps the city raises taxes on everyone next year to amke up the shortfall. We are not talking nickel and dimes here. It is estimated that one building in Hoboken saved almost $170,000 in tax reductions last year. And the building is aggressivly going after another round this year. As Dorothy from Kansas would say: "Oh My".
Think about it. One company handled over 1,400 successful appeals lat year. Even is the average reduction is $1,000 per year. That's $1.4MM less to the city from the one company. If the real reduction totals are more liek double that it's almost $3million in a budget deficit, before the city pays salaries of suspended police officers making $180k per year, no show jobs, Cammarano's vacation, etc. Three million dollars is a lot of $2000 St. Partick's day fines. If the city really wants to make money here's an idea open a city owned portopottty station. $10 to pee. All other $20. I bet Hoboken could make enough money to give all the lifetime appointments to the zoning board a raise.
Ok. enough of my altruism. The Hoboken tax appeal is meant to put your property tax assessment back in line with the market. Basically if your can appeal now, you've been overpaying. Or more aptly supplementing old Hoboken, the brownstones, and those connected enough not to get reassessed with renovations. You're right. my apologies. that never happens. Don't want to waste your time with a tax appeal. Holding out for a revaluation of the city? Not in your lifetime. Just file the appeal. Not sure how to do it? Here are a couple of sites to begin...
Even if you you had a reduction last year you may qualify this year too.
Contact me for comps.
As a Realtor serving Hoboken for over eight years, I am committed to providing sellers and buyers with the expertise they need for today’s market. By educating you on how to lower your taxes, I not only potentially save you money but better position your home for sale. Lower Taxes= Higher Sales Prices.
Hurry! Tax appeals must be filed by April 1st, 2010.
Other good resources for tax appeal comps and market inforamtion. 1) 2009 Hoboken Real Estate report. Hoboken market breakdowns on one bedroom condos, two bedroom condos, three plus bedroom condos. A list of every condo that sold in Hoboken in 2009! Yep. It's Free. 2)Real time Hoboken real estate snapshot. Get the latest on what is happening at an address or in a neighborhood. Yep. It's free too.
Lowering Your Hoboken Property Tax: What It Means.
I've received a lot of inquiries regarding about the appealing taxes in Hoboken. Most questions revolve around 1) Can I do it myself? 2) Is it worth doing if I am only going to reduce my taxes by $300 or $400 per year?
Can I appeal my taxes without representation?
Yes. You can also sell you home on your own, do your own taxes, fix your own plumbing, and choose to go to court without a lawyer. If you have done any of these things or know someone who has, you'll understand what to expect. Even if you haven't fixed your own plumbing only to have a pipe leak and cost you three times as much as it would have if you had just called a qualified professional...you probably have seen an episode of Law & Order where some know it all defends himself....
Why would you do this on your own? There are professionals out there who handle thousands of these Hoboken Tax appeals every year. They have all the comps, they know the city people who are reviewing your appeal, they know how to position your home to get the highest reduction possible. What are you going to do? Call your mortgage broker to get you some comps? Professionals charge a fee for a reason. The good ones are worth it. They save you money, they save you time, and they save you hassle. Moreover, by using a professional you know that you didn't leave money on the table by being penny wise and pound foolish.
Is it worth doing to reduce my taxes by $300 or $400 per year?
The company that handles the most tax appeals in Hoboken charges $500 to submit your appeal and will tell you what to expect before you pay them. If they come back and say it will be a $300 reduction, is it worth it? Let's see I pay $500 now with no hassle and I get $300 off of my taxes for the next ten years. And my taxes will be lower if I sell, thus making my property more affordable (read: attractive) to potential buyers. Are you still asking this question?
Here we are at the beginning of 2010 still trying to get a handle on our 2009 Hoboken property taxes...
The Hoboken tax appeal is due by April 1.
Anyone involved with the Cash for Clunkers should know it is not a good idea to wait. Yet, the new numbers just came out and its great news. The timing of the market meltdown was such that many people are in line for a reduction.
Even if you you had a reduction last year. How to tell if an appeal may work for you…. If your home’s market value is significantly less than the imputed value, you may want to consider filing an appeal.
****Warning. If you are not a numbers person, skip the example and call me**************
For Example: If your home is assessed at $200,000, you divide the assessed number by the current tax ratio (.2716) to get the imputed value: $200,000/.2716= $736,377 imputed home value or what the tax man thinks your home is worth. If your real market value is $500,000, the taxes are over-assessed. In this example, their correct assessed value should be $500,000(.2716)= $135,800.The difference of $64,200 ($200,00-135,800) in the over-assessment will cost $2,881.94 PER YEAR in extra taxes. The current tax rate is 4.489% ($64,200 *.04489= $22881.94) 2009 Hoboken Tax Ratio 27.16 2009 Hoboken Tax Rate 4.489 Current Assessed Value divided by 2009 ratio (.2716) = Imputed Value Taxes=Assessed Value times Tax rate (.04489)
The above example is meant as an illustration, if you need true market comparisons for your home, please contact me. If you believe that you may merit a tax reduction, I recommend that you speak to a local attorney or appraiser who specializes in such matters. Hoboken tax records available here (The rest of New Jersey too.) Hoboken Tax Appeal Forms are available here. Tax Ratios For Hudson County
As a Realtor serving Hoboken for over eight years, I am committed to providing sellers and buyers with the expertise they need for today’s market. By educating you on how to lower your taxes, I not only potentially save you money but better position your home for sale. Lower Taxes= Higher Sales Prices.
Hurry! Tax appeals must be filed by April 1st, 2010.
Two shameless plugs for really good free stuff from yours truly, Brian Murray, realtor. 1) 2009 Hoboken Real Estate report. Hoboken market breakdowns on one bedroom condos, two bedroom condos, three plus bedroom condos. A list of every condo that sold in Hoboken in 2009! Yep. It's Free. 2)Real time Hoboken real estate snapshot. Get the latest on what is happening at an address or in a neighborhood. Yep. It's free too. BTW: The Hobboken Real Estate Report shows a list of all sold condos in 2009. A great place to start comparing whether your condo could be a candidate for a price reduction
From my home office (not my bedroom)...
One More Time....April 1, 2010= deadline for the Hoboken Tax Appeal.
That's my slogan one day a year. Do not plan to see homes for sale. Do not plan on having showing for you home for sale. The day....Not New Year's day, Christmas, 4th of July or any of the other holidays where parking is free and easy....it's the Hoboken St. Patrick's Day Parade day. This year March 6th. I have already planned to be out of town. Car safely locked in the garage, home locked tight.
As a veteran of several Mardi Gras in the big easy, I can tell you this...despite a million less people Hoboken's St. Patrick's Day Parade attracts the exact same number of stupid idiots. Personally I think the reason they have the parade is to increase city revenues....
“Dear Residents and Visitors of Hoboken,
On Saturday, March 6, 2010, the City of Hoboken will be hosting the annual St. Patrick’s Day Parade. The parade is very popular and draws tens of thousands of people to our city. At times, some of our residents and guests become disorderly and unruly making it a difficult day for our residents who do not celebrate the day. In order to keep our city under control and create a safe and enjoyable environment for everyone, I will have every one of my officers working on that day with almost all of them, out on our streets, on patrol. My officers will be strictly enforcing all criminal and motor vehicle laws as well as all city ordinance violations. The following are four violations where there will be a zero tolerance policy in effect for the day:
City Ordinance 145-23 A/B (Consumption of Alcohol/Open Container in Public)- Any person seen possessing an open container of alcohol in public faces maximum penalties of a fine up to $2,000, and the possible sentence of having to perform Community Service.
City Ordinance 145-22 (Urinating in Public)- Any person observed urinating on public streets, sidewalks or in parks faces maximum penalties of a fine up to $2,000, and the possible sentence of having to perform Community Service.
New Jersey State Statute 2C:33-12 (Maintaining a Nuisance)- House parties have become our largest problem on the parade day. Last year my officers responded to 131 calls for disorderly house parties. This year, when a party is deemed to be unreasonably reckless, disorderly and unsafe, the renter or owner of the apartment or house will be charged with this statute. A person is guilty of this offense when one “by conduct which is unlawful or unreasonable, knowingly or recklessly creates or maintains a condition which endangers the safety or health of persons”, or when “one knowingly conducts or maintains a premises or place where persons gather for purposes of engaging in unlawful conduct.” The maximum penalties for this offense are imprisonment of up to 6 months and fines not to exceed $1,000.
New Jersey State Statute 2C: 33-2a (Disorderly Conduct, Improper Behavior)- A Person is guilty of disorderly conduct if “with purpose to cause public inconvenience, annoyance or alarm, or recklessly creating a risk thereof he, (1) Engages in fighting or threatening, or in violent or tumultuous behavior, or (2) Creates a hazardous or physically dangerous condition by any act which serves no legitimate purpose.” This offense carries maximum penalties of a 30 day prison term and a fine not to exceed $500. I ask all the residents and guests of our city to please be considerate to everyone on this day, and to inform all family and friends to act respectful and orderly. Once again, we want this to be an enjoyable, but more importantly, safe day. The Hoboken Police Department will do everything within their powers to keep it as such. Finally, Do Not Drink and Drive. You may injure yourself or others, and if caught, you will be arrested.
Sincerely,
Chief Anthony P. Falco, Sr.
That's $2k a pop...Taxes are going down.....Like a Mardi Gras parade...Seen One . Seen 'em all. I'm saving you the time.
Two shameless plugs for really good free stuff from yours truly, Brian Murray, realtor. 1) 2009 Hoboken Real Estate report. Hoboken market breakdowns on one bedroom condos, two bedroom condos, three plus bedroom condos. A list of every condo that sold in Hoboken in 2009! Yep. It's Free.
2) Real time Hoboken real estate snapshot. Get the latest on what is happening at an address or in a neighborhood. Yep. It's free too. If you own in Hoboken, this is a report you need on your property.
Punxsutawney Phil has nothing on Open House Oliver. It's like the Bill Murray movie. Let's go see open houses, over and over and over again. Sometimes I'm lucky enough on a slow day to get OH Oliver to wander into my open house. The conversation goes something like this...
me: How are you doing today? OHO: Fine. me: So, have you see a lot of places? OHO: about a hundred. me: That's a lot of places. How long have you been looking? OHO: Five years. me: wow. In five years have you found anything you liked. OHO: No. they are all over priced. me: So where are you living now? OHO: In my mother's basement. I'm getting tired of living with my stuff raised a foot off of the floor so it won't get flooded. me: That's right. Didn't we talk three years ago at an open house on 2nd and Bloomfield. I think you said the same thing then.....
Open House Oliver will continue to wander from place to place, weekend after weekend searching for that gem. That under priced, perfect place that hasn't been scooped up by someone using a realtor before the open house ever takes place.
I don't know why I can't seem to get this song out of my head today.....
Two shameless plugs for really good free stuff from yours truly, Brian Murray, realtor. 1) 2009 Hoboken Real Estate report. Hoboken market breakdowns on one bedroom condos, two bedroom condos, three plus bedroom condos. A list of every condo that sold in Hoboken in 2009! Yep. It's Free.
2) Real time Hoboken real estate snapshot. Get the latest on what is happening at an address or in a neighborhood. Yep. It's free too. If you own in Hoboken, this is a report you need on your property.
