About Hoboken's Hudson Tea

Meanwhile, the National Association of Realtors said its index of pending home sales rose 3.2 percent to 84.6 in March, the second monthly increase after it hit a record low in January. The pending sales index also is 1.1 percent above last year’s levels. Typically, there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future home sales.

To top it off, as of todays close, the S&P 500 is now in positive territory for ‘09.

Weekly statistics 4/26/09- 5/03/09

13 condos went into contract last week, an increase from the 10 units from the last report.

14 condos closed last week. 9 closings the previous report.

As of today, there are a total of 132 Hoboken properties pending to close (131 last week).

Here are the deals of last week…..

Firm accepted offers:

Studio & 1 bedroom

5 units received accepted offers (4 last report) Click Here to View Listings

These averaged 48 days on market

2 bedrooms

7 condos had accepted offers (6 last report) Click Here to View Listings

Average days on market for this group was 107.

3-4 bedrooms:

1 accepted offer (0 last report) Click Here to View Listings

This is a new construction unit.

Sold Condos:

Studios & 1 bedroom:

3 properties closed. (5 last report) Click Here to View Listings Average listing price was $401,000 and selling price was $380,833 (-5.02% of listing price) Averaged 69 days on market

2 bedrooms:

9 units sold. (4 last report) Click Here to View Listings Average listing price was $556,530. Average selling price was $530,722 (-4.63% of listing price). Averaged 43 days on market.

3 - 4 bedrooms:

2 units closed (0 last report) Click Here to View Listings Average listing price was $757,388. Average selling price was $732,500 (-3.28% of listing price). Averaged 80 days on market.

Active for sale market:

As of today there are 555 Hoboken condos actively listed for sale in our MLS which is down from last weeks high of 578 units. Average asking price is $584,248 ($588,726 last week) and median price is $529,000 ($529,000 last week). Days on market average 98 (103 last week).

Search entire Hoboken condo market at http://InvestHoboken.com then click on Browse Hoboken Listings

We welcome your specific questions. Email us at info@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Edward (Eddie) Perez

Another million dollar listing received an accepted offer last week. The $1,060,000 priced condo at newly constructed “Arthur’s Court”, 78 Jackson St, is now under contract. A total of 7 condos received firm accepted offers last week.

As of today, there are 111 Hoboken condos pending to close. These are the buyers making a commitment in this market!

Here are the folks that took advantage of the opportunities last week…..

FIRM ACCEPTED OFFERS:

1 BEDROOM

3 condos received an accepted offer Click Here to View Listings

These averaged 72 days on market.

2 BEDROOMS

3 condos had accepted offers Click Here to View Listings

Average days on market for this group was 61.

3-4 BEDROOMS:

1 condo had an accepted offer which was the 2018 square foot 3 bedroom, 2 bath unit at Arthur’s Court. Listed at $1,060,000. Click Here to View Listings Days on market was at 303 however this was under construction so the days on market that buyers may have had access to view was most likely quite a bit less.

SOLD CONDOS:

5 condos closed last week. Average asking price: $591,266. Average days on market: 83

STUDIOS:

No closings

1 bedroom:

2 condos sold. Click Here to View Listings Average listing price was $404,450. Average selling price was $386,500

(-4.4% of listing price) Average days on the market was 114.

2 BEDROOMS:

2 units sold. Click Here to View Listings Average listing price was $544,450. Average selling price was $526,250 (-3.3% of listing price). Average days on market was 96

3 - 4 BEDROOMS:

1 unit closed. A 3 bedroom + den, 2 bathroom unit with 2111 square feet and parking sold for $372.76 per square foot.

Listing price was $824,900. Selling price was $786,901, (-4.6% of listing price), Days on market was 57.

ACTIVE FOR SALE MARKET:

As of today there are 529 Hoboken condos actively listed for sale in our MLS. They have an average asking price of $632,905 and a median price of $535,000. Average days on market sits at 105.

Search entire Hoboken condo market at http://InvestHoboken.com then click on Browse Hoboken Listings

I welcome your specific questions. Email me at eddie@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Eddie

Don’t ignore the phone calls and letters from your lender. This is the best way to end up forced to vacate your home by law enforcement. Take this matter very seriously and work to resolve the problem very quickly. Please keep track of all correspondence you receive for future reference. Do not vacate your home. You may not qualify for foreclosure help if the house is vacant. If your home is proved vacant, it can be easily seized.

Contact me to discuss what the best foreclosure solutions are for you. As a CDPE, I will negotiate on your behalf with the mortgage company to get your loan back in good standing. I understand the system, the foreclosure laws, and the steps necessary to help you keep your home. I will be your advocate by walking you through the process.

Following are several options that I will explore:

Reinstatement – You will need to pay the mortgage company all of the back payments to bring your mortgage up to date. This option is seldom attainable. With late fees and attorney fees addedon top of your back payments, the amount is often much more than people are able to come up with.

Workout - I can negotiate with your mortgage company to bring your loan back in good standing. There are many options available to us to get a work out approved. Some examples are as follows:

Forbearance - I will be able to arrange a payment plan based on your financial situation. This is mostly used in the instance of a tragedy or temporary loss of employment.

Loan Modification - I may be able to adjust the terms of the loan to meet your financial situation.

Partial Claim - You may qualify to have the repayment amount applied to the end of the current loan and resume normal payments.

Refinance - I have established knowledge of very reputable lenders who can give loans on mortgages that are in foreclosure if there is enough equity available.

Sell Your Home - You may simply sell your home before the foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at the desired sale price and this is not an option. I may be able to negotiate a Short Sale on your behalf with your Mortgage Company. In this instance the mortgage company may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process.

Deed-in-lieu of Foreclosure - We can arrange for you to simply give the home back to the mortgage company and walk away with a clean slate.

Bankruptcy – I only recommend this as a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure. You will still need to come up with a permanent repayment solution to get your house payments up to date. I can put you in touch with an attorney to file the necessary paperwork.

Foreclosure - You may elect to allow the home to be entered into mortgage foreclosure. The mortgage company will take your home and all of your equity. If there is no equity there is a chance they may come after you to pay the shortage or deficiency. There are many foreclosure prevention options available to you. One solution does not fit all and that is why you need to take the time to learn about your options. Allow me to help you keep or sell your home to stop a potential foreclosure. Contact Eddie Perez at (201) 344-2886,www.investhoboken.com.

22 properties had their prices reduced last week. Better prices + better interest rates = great values for you!

Take a look….

1 BEDROOM

There are 6 price reductions starting at just $398,000

Click Here to View Listings

2 BEDROOM

13 condos were reduced last week. Selection starts with an uptown 2 bed / 2 bath at $384,400.

Click Here to View Listings

3-4 BEDROOM

2 condos were reduced starting at $564,777

Click Here to View Listings

1-4 FAMILY HOMES

A one family home at 1117 Garden St was just reduced by $100K to $1,099,000.

Click Here to View Listings

These are last weeks price reductions. To search the entire MLS log onto

http://www.InvestHoboken.com and go to Browse Hoboken Listings.

Eddie