About Hoboken's Downtown

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

Overall, Hoboken condominiums showed a decline when compared with the same period last year. There were declines in total units sold, total contracts signed, average selling price, median selling price and total sales dollar volume.

I’m certainly not surprised by these figures as we’re still facing challenges from the local supply / demand dynamics, a more challenging lending environment, national / world economic uncertainties as well as local uncertainties just to name a few!

The good news is that the overwhelming number of sales are traditional and new construction, not distressed properties. We haven’t seen a significant short sale or foreclosure market in Hoboken. In fact as of this writing, I could find only 5 short sales out of 529 active condominiums being marketed in the MLS.

We’re not immune to the possibility of our market being affected more from distressed property sales, however at this point we seem to be only marginally impacted. We’ll keep a close eye on this because if they become more prevalent, it will have a negative impact to our community. Additionally, buying and selling strategies will have to be adjusted.

But for now, check out the stats:

	July 2008	July 2009	Comparison:
Units Sold:	92	60	-35%
Avg. Price:	$511,639	$478,431	-6.5%
Median Price:	$490,750	$469,950	-4.2%
Pending:	69	46	-33.3%

July 2009 Sold Condominiums:

High Low Average Median Total Price Listing Count List Price: $999,999 $294,500 $503,575 $481,500 $30,214,506 60 Sold Price: $865,000 $280,000 $478,431 $496,950 $28,705,905 DOM: 447 4 86 59

Studio: none sold

1 bedroom: 17 sold.

Average asking price: $384,982

Average selling price: $365,734 (-5.0% of asking price)

Average days on Market: 75

2 bedroom: 38 sold

Average asking price: $526,602

Average selling price: $502,600 (-4.5% of asking price)

Average days on Market: 86

3 bedroom: 5 sold

Average asking price: $731,779

Average selling price: $677,920 (-7.4% of asking price)

Average days on Market: 128

4 bedroom: None sold

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

Pending Condos: 46

High Low Average Median Total Price Listing Count List Price: $949,000 $272,900 $501,132 $494,000 $23,052,098 46 Sold Price: pending pending pending pending pending DOM: 477 10 114 79

1 bedroom: 17 contracts

Average asking price: $389,452

Average days on Market: 72

2 bedroom: 20 contracts

Average asking price: $504,785

Average days on Market: 151

3 bedroom: 8 contracts

Average asking price: $673,337

Average days on Market: 119

4 bedroom: 1 contract pending

Asking price was $949,000. Days on market was 25

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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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Edward (Eddie) Perez

Desperate homeowners across the country are finding that getting a short sale approved can take six months or longer, and in many cases, these deals collapse due to a variety of complications. Knowing how to approach a short sale will increase your chance of success.

A short sale occurs when a mortgage holder agrees to accept less than the balance due on a home because of a financial hardship. Many homeowners owe more than their home’s value and are facing foreclosure, so they’re racing against the clock to get a short sale approved.

Following is a list of important details to remember if you would like to purchase a short sale property:

Short Sale Tips For Buyers

1. Be patient and flexible with the settlement date, short sales can take from 45 to 60 days or more.
2. Have an alternate plan in place in case the short sale is never approved.
3. Homes in better condition are more likely to receive Federal Housing Administration appraisal approval.
4. Agents need to consistently communicate with buyers, sellers and the lender in a short sale to make sure everyone can come to an agreement on the terms.
5. Work closely with lawyers who have good access and relations with the lender in order to expedite a short sale, especially the title transfer and the release of any liens on the property. The last thing a first-time buyer needs is to deal with the unpaid debts of the previous owner.
6. Make sure to get an inspection. Homeowners who have been struggling to pay their bills are likely to have deferred important maintenance on their home. While adding a fresh coat of paint is a minor job for first-time homeowners, repairing the roof or replacing the furnace are expensive propositions that may be a budget breaker for the household. A home inspector can evaluate the systems and appliances and provide an estimate of when things might need to be replaced.
7. Pay careful attention to the details of the contract. When the sellers are in financial distress, there is a greater likelihood of items being removed from the home or damage occurring during their move.

If you have the right team in place including your real estate attorney and a Certified Distressed Property Expert certified REALTOR®, increases your chances of purchasing a short sale property. To really get a good idea of what a CDPE can do for you click on the following link What Is a Certified Distressed Property Expert (CDPE)? To find out all the benefits and options of purchasing a short sale, contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE. Their market includes Hoboken, Jersey City, Weehawken and Union City. They can be reached at 201-344 -2886 or ateddie@InvestHoboken.com.

Luxury homebuilder Toll Brothers Inc. gave investors new optimism about the housing market recovery, stating it posted the first annual increase in signed contracts for new homes in four years.

Toll said that new home contracts rose 3 percent from the third fiscal quarter last year, and the number was up 44 percent from the second fiscal quarter this year. Demand was so robust the company has been able to scale back the incentives it offered to get buyers in the door.

“The mood has changed,” said Robert Toll, chairman and CEO, of the Horsham, Pa.-based company. “Our traffic still stinks … but those people coming in are more serious.”

Only 9 percent of buyers backed out — the lowest cancellation rate in three years.

The trend impressed investors, who drove the builder’s stock up more than 14 percent. Shares added $2.94 to close at $23.42.

Toll sold 792 homes, generating $461.3 million in revenue for the three months ended July 31. Revenue was down 42 percent from the same period last year because home prices have declined and Toll has fewer communities around the country.

Several markets highlighted that were showing signs of recovery: the New York suburbs, Jersey City, Raleigh, N.C., Washington D.C., as well as some areas of Virginia, Connecticut, Florida, Delaware and northern California.

Toll’s results are an added confirmation that a broad but slow recovery of the housing market is under way. Other major builders — including D.R. Horton Inc., Pulte Homes Inc. and Centex Corp. — all recently reported better earnings for the first half of the year.

Toll Brothers will release final quarterly results on Aug. 27, and analysts surveyed by Thomson Reuters expect a loss of 32 cents a share on revenue of $377.1 million. And despite the upbeat report, the company said there remain too many uncertainties in the market to offer earnings guidance.

For more information about toll brothers properties please go to The Incredible Hudson Tea Building.

If you would like assistance finding the home of your dreams, please contact Eddie Perez at (201) 344-2886, www.Investhoboken.

The Federal Housing Administration was created during the Great Depression, to make home financing available to many Americans. The FHA insures certain loans made by private lending institutions.

The FHA program is “government-backed financing”. By having government insurance backing a loan, private lenders are more willing to offer mortgages to borrowers they normally wouldn’t qualify. The lender is assured they will get their money back on the loan, even if the homeowner defaults and stops making payments.

In the past, the FHA program was focused on helping buyers in the purchase of a home. Now the program is being opened up to homeowners who want to refinance.

The goal of this new program is to help struggling homeowners who have adjustable-rate mortgages (ARMs) convert to fixed rates. It’s also created to lower their mortgage rates.

Homebuyers need to pick loan programs based on their credit history. 
Because of an influx of new home loans creating more financing options, many 
people are buying or refinancing homes with poor credit. Even with low 
credit scores, bankruptcy, self-employment, or loss of job will not 
prevent some from qualifying for a mortgage loan.

For more great information go to How to Get a Home Inspection.

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

This is a reminder for would-be first-time homebuyers that to take advantage of the $8,000 tax credit. You need to close by November 30 of this year. That means home buyers need to make offers quickly to get the break. Mortgage lenders these days are not quick with approving loans.

Generally, buyers are given 30 days to get their financing, but in some cases the time has been lengthened to 45 days.

What it means for buyers is that you’re really starting to press up against the deadline. If you have to close by November 30 and it takes 45 days to get a loan, you need to start looking for a home by mid-October.

Since it’s already August, you have less than 90 days to find your new home.

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

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.