About Hoboken's Downtown

With the recent announcement from Wall Street investment firm Goldman Sachs Group that new U.S. home sales may jump 30 percent next year, has brought new optimism that the market is improving. Goldman Sachs Group has come to this conclusion because of continuing low interest rates and a very good probability that Congress will extend the first-time home buyer tax credit.

Supporters of the first-time home buyer tax credit say that it has helped stabilize the housing market. The credit applies to sales as of January 2009, and is good for 10% of the price of a home or up to $8,000. Since the tax credit is scheduled to expire on November 30, now is the time to purchase your first home.

For more valuable information please go to I Want to Buy my Home at the Bottom.

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Here are the final sales figures for August 2009 compiled using the Hudson County Multiple Listing Service.

The Hoboken condo market picked up steam and showed solid gains in August across all categories when compared to July 2009 stats. Total units sold improved by 15% (60 vs 69 units). Average prices rose 3.6 % ($478,431 vs $495,882) and median prices were up 10.7%, ($469,950 vs $475,000). The largest gain was in pending contracts. In August, there were 69 contracts signed, a 50% gain from the 46 contracts signed in July.

While these month over month gains are encouraging for our local market, they are still mostly down from the August 2008 figures. The exception was an increase in pending contracts, another sign that buyers may be getting off of the fence and into the market.

Here are the comparisons:

	August 2008	August 2009	Comparison:
Units Sold:	73	69	-5.4%
Avg. Price:	$534,422	$495,882	-7.2%
Median Price:	$521,500	$475,000	-8.9%
Pending:	67	80	+19.4%

August 2009 Sold Condominiums:

High Low Average Median Total Price Listing Count List Price: $949,000 $289,000 $520,514 $499,000 $35,915,499 60 Sold Price: $870,000 $270,000 $495,882 $475,000 $34,215,900 DOM: 479 4 125 73

Studio: none sold

1 bedroom: 23 sold.

Average asking price: $398,113

Average selling price: $382,865 (-3.8% of asking price)

Average days on Market: 70

2 bedroom: 40 sold

Average asking price: $563,327

Average selling price: $533,925 (-5.2% of asking price)

Average days on Market: 153

3 bedroom: 5 sold

Average asking price: $655,360

Average selling price: $638,900 (-3.0% of asking price)

Average days on Market: 180

4 bedroom: 1 unit sold

Asking price: $949,000

Selling price: $870,000 (-8.3% of asking price)

Days on market: 25

August 2009 – Pending Contracts. These are the deals that were consummated during the month and represents the current buying activity.

Pending Condos: 80

High Low Average Median Total Price Listing Count List Price: $1,259,000 $239,000 $490,452 $451,950 $39,236,195 80 Sold Price: pending pending pending pending pending DOM: 523 3 104 85

Studio: 1 contract

Asking price was $499,900 and days on market was 94.

1 bedroom: 31 contracts

Average asking price: $372,462

Median price: 379,900

Average days on Market: 91

Median days on the market: 70

2 bedroom: 41 contracts

Average asking price: $519,299

Median price: $515,000

Average days on Market: 103

Median days on the market: 104

3 bedroom: 6 contracts

Average asking price: $858,275

Median price: $800,825

Average days on market: 170

Median days on market: 104

4 bedroom: 1 contract pending

Asking price was $749,000. Days on market was 135

Best,

Eddie

I hope you find this info useful.

As always, don’t hesitate to contact me with any specific questions.

Your resource for Hoboken area real estate news, advice, best buys and more!: www.HobokenRealEstateBlog.com

If you would like specific information tailored to your Hoboken condo, email us direct at info@InvestHoboken.com

Search entire Hoboken MLS at www.InvestHoboken.com Then click browse Hoboken Listings

The Federal Deposit Insurance Corp. (FDIC) is encouraging companiesthat buy failed banks with troubled home loans to extend temporary help to people who have lost their jobs and can’t pay their mortgage bills.

Under the FDIC’s recommendations, borrowers’ monthly payments would be reduced for at least six months. The aid would apply to borrowers who have lost their jobs or those who have faced a drop in salary.

“With more Americans suffering through unemployment or cuts in their paychecks, we believe it is crucial to offer a helping hand to avoid unnecessary and costly foreclosures,” FDIC Chairman Sheila Bair said in a statement Friday.

The plan would apply to buyers of deposits and assets of failed institutions that sign loss-sharing agreements with the FDIC.

The agency in recent months has signed about 50 such agreements with those banks, under which it has agreed to take on most of the risk on about $80 billion in loans and other assets.

If you are facing unemployment and you are worried about the possibility of falling behind in your home payments, contact Eddie Perez Broker-REALTOR, CDPE, to find out all the benefits and options to prevent foreclosure. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. He can be reached at eddie@InvestHoboken.com or 201-344-2886.