About Hoboken's Downtown

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.

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

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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.

Consumers and businesses went on a big-ticket spending spree in July,sending home, car and equipment sales soaring by the largest amount in years.

The sales, detailed in two recent government reports confirmed a subtle but shift in confidence about the economy. New home sales jumped almost 10 percent from June, while orders for long-lasting goods like appliances, planes and computers rose nearly 5 percent in July, the third increase in the past four months.

It remains unclear whether the growth can be sustained. Though the increases in housing sales and manufacturing last month were dramatic, they came from extraordinarily low levels and were fueled by temporary government programs like Cash for Clunkers and tax credits for home sales.

Most economists now agree the recession that began in December 2007 has ended or is ending. Some say the economy is poised to grow strongly in the July-September quarter, but will probably show weaker growth after government stimulus spending tapers off.

Sales of new homes surged to a seasonally adjusted pace of 433,000 in July from 395,000 in June, the Commerce Department said, providing another sign the housing market is bouncing back from the historic bottom reached early this year. Driven by falling prices, the fourth-straight monthly increase was greater than expected.

While sales are still off nearly 70 percent from the incredible peak four years ago, they are still up more than 30 percent from the bottom in January — a big relief after a long decline.

The improved outlook could help further boost the economy. As home sales rise, builders will gradually need to hire more workers to pour foundations and pave roads, reversing the trend that saw 1.4 million industry jobs shed since the recession began.

Much like Cash for Clunkers, homebuyers are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000, for first-time owners. Home sales must be completed by the end of November for buyers to qualify.

For condo improvement tips go to How to Make the Space in Your Condo Feel Larger or Inexpensive Ways to Increase Your Condo’s Value.

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.