2016 Jul 27th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of  July 27th, 2016

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As of July 27, 2016:

  • 196 active Hoboken listings
  • 164 Condo & Co-op listings, compared to 162 last week
  • 20 Single-family listings, compared to 18 last week
  • 12 Multi-family listings, compared to 11 last week

This Week’s Residential Property Sales & Activity:

  • 10 DABOs (Deposit Accepted By Owner and Under Contract) vs 14 last week
  • 29 Sold vs 22 last week
  • 28 New listings vs. 21 last week
  • 12 Price changes vs. 13 last week
  • 4 expired listings vs. 2 last week

Studio & 1-Bedroom Properties

29 Active listings

7 New listings

4 Price changes

4 DABOs

  • 1011 Park Ave., 5R listed Jun 24 for $350K;
  • 72 Park Ave., 4D listed Jul 13 for $410K;
  • 117 Clinton St., 2RN listed Jul 14 for $442K;
  • 1025 Maxwell Ln., 1209 listed Jul 8 for $840K;

6 Sold

  • 86 Monroe St., 3R listed April 28 for $409K; reduced May 9 to $395K; sold for $385K;
  • 159 Newark St., 2C listed May 8 for $430K; reduced April 6 to $420K; sold for $417K;
  • 812 Grand St., 509 listed April 13 for $500K; sold for $510K;
  • 1500 Hudson St., 4O listed May 20 for $539K; sold for $551K;
  • 1500 Washington St., 8M listed April 12 for $600K; sold for $585K;
  • 82 Clinton St., 5F listed April 12 for $699K; sold for $708K;

2-Bedroom Properties

86 Active listings

12 New listings

5 Price changes

5 DABOs

  • 400 Jefferson St., 1A listed May 19 for $349K;
  • 233 Grand St.,  4L listed Jul 11 for $419K;
  • 606 Park Ave., 4 listed Jul 5 for $675K;
  • 508 1st St., 5E listed Jul 12 for $919K;
  • 1500 Hudson St., 7U listed Jul 14 for $1.030M;
18 Sold
  • 401 Monroe St., 4R listed April 7 for $369K; sold for $357K;
  • 817 Park Ave., 9 listed Mar 15 for $399K; sold for $404K;
  • 1011 Willow Ave., 2 listed May 11 for $550K; sold for $556K;
  • 508 Grand St., 1L listed May 12 for $540K; increased Jun 19 to $575K; sold for $580K;
  • 133 Park Ave., “top”, listed April 26 for $675K; reduced May 23 to $650K; sold for $643K;
  • 1107 Washington St., 1 listed Feb 1 for $749K; reduced May 27 to $729K; sold for $694K;
  • 82 Clinton St., 5F listed April 12 for $699K; sold for $708K;
  • 536 Grand St., 502 listed April 14 for $750K; sold for $733K;
  • 800 Jackson St., 707 listed April 29 for $749K; sold for $745K;
  • 1115 Willow AVe., 5004 listed May 17 for $749K; sold for $749K;
  • 700 1st St., 12P listed Mar 1 for $756K; reduced Mar 28 to $749K; sold for $755K;
  • 1100 Adams St., 317 listed Mar 1 for $825K; reduced Mar 9 to $800K; reduced Mar 23 to $780K; sold for $779K;
  • 510 Park Ave., 3 listed May 11 for $800K; sold for $806K;
  • 601 Observer Hghwy., 303 listed Mar 8 for $840K; sold for $840K;
  • 82 Clinton St., 2C listed April 19 for $949K; sold for $955K;
  • 1450 Washington St., 1005 listed April 28 for $999K; sold for $980K;
  • 1025 Maxwell Ln., 214 listed April 14 for $1.20M; sold for $1.20M;
  • 1125 Maxwell Ln., 813 listed April 29 for $1.750M; sold for $1.750M;

3-Bedroom & Larger Properties

49 Active listings

9 New listings

3 Price changes

12 Multi-Family Active listings

20 Single-Family Active listings

1 DABO

  • 702 Garden St., listed Jul 21 for $1.525M;

5 Sold

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Posted by Nathan Turoff | Currently No Comments »

2016 Jul 26th

Why You Should Use a Local Hoboken Attorney for Your Hoboken Real Estate Transaction

Both buyers and sellers often ask for a recommendation of real estate attorneys to handle their home purchase or sales contract and closing. There are some important differences among real estate lawyers that buyers and sellers should be aware of when choosing an attorney to represent them in a Hoboken real estate transaction? Here are some of the first questions that you as a buyer or seller should ask:

Communication – Is the lawyer is easily to reach by phone and email?

Availability – Is he or she available during the time frame of the transaction to properly handle the matter and not too busy with other work or going on vacation?

Cost – What does the attorney charge to handle a real estate closing? It’s your money, you have the right to know.

Chemistry – Does the personality of the potential lawyer “click” with yours? You’re going to be dealing with each other for the next few months so you should feel comfortable with him or her.

Hoboken experience – What portion of this attorney’s business is made up of Hoboken real estate closings?  Hopefully, a majority.

Using a Hoboken lawyer is extremely important because of several factors.  They are likely to know and have worked with the other attorney in the transaction.  They have seen their riders before and the other attorney knows what to expect from them.  They are used to how things are done in Hoboken and they tend to move the process along quickly.  Saving a few bucks by using your neighbors uncle is just plain foolish.

I’m an attorney and spent a number of years practicing law on Wall Street and in corporate America. As such, I’m pretty familiar with the usual criteria by which attorneys are often judged – good credentials (top law school, editor of the law review, clerkship, prestigious firm), lots of relevant transactional experience, adequate support staff, fees charged for services, and general customer/client service. While those things may be important, there is another critical component to the success of your real estate transaction that is often overlooked.

Your attorney should keep your realtor in the loop. In my experience, many lawyers don’t seem to want to deal with their client’s real estate agent. Everyone should be working towards a common goal – to get the deal closed. Common sense would suggest that the attorney copy the agent on communications that relate to the deal. Unfortunately, that is often not the case. When that happens, the agents don’t know if problems are developing. Often it comes to the attention of the agent when it’s too late to fix. Remember, the attorney gets paid no matter what. Only the agents don’t make a penny unless the deal closes. So when you are interviewing lawyers ask them more than where they went to law school and if they are familiar with Hoboken real estate deals. Find out if they make it a practice to personally take calls from your real estate agent and generally keep them up to date on the status of your deal.

Here’s an example of what I’m talking about which comes from an actual experience. The buyers do a home inspection and give the report to their lawyer. They ask that the central air that’s not working properly to be repaired. The seller doesn’t want to do it and wants to give the buyers a credit for the cost of the repair instead. Through the lawyers, both buyer and seller are stubborn and won’t compromise. It escalates to the point where the buyers are ready to walk away. The lawyers never bother to let the realtors know that there is a problem and the buyer and seller tell their respective agents that the lawyers are handling the inspection issues. More often than you would imagine, had the agents known of the problem they would spend the time it takes discussing with each other possible compromise solutions to proprose to the parties. Then the agent would each get their side to give in a little and they work it out and buyer and seller come to an agreement. Of course, this takes a little of back and forth and a lot of time. The realtors, however, are the ones with the monetary motivation to take the time and make the effort to resolve the problem before it kills the deal.

When you are looking for a lawyer to represent you, you might be wise to ask them about their willingness to include your realtor in the correspondence and to take his or her calls and not pass them off to the paralegal or secretary. Believe me, if it wasn’t important the realtor wouldn’t be calling. Remember, you are the client and if you request that your attorney keep your agent in the loop as the deal progresses, there is little reason for them not to do so. It is in your best interest to keep things on track.

Posted by Lori Turoff | Currently No Comments »

2016 Jul 23rd

The Hoboken & Downtown JC Open House Google Map for Saturday, July 23rd & Sunday, July 24th, 2016

The Original and Best Open House Google Map!

Courtesy of the Turoff Realty Team

No need to register! No form to fill out!

Just click on the map below to see every Open House in Hoboken this weekend:

hoboken-open-house

Click HERE to see the Downtown Jersey City Open House Map

When you look at the maps, place markers are color coded:

  • Studios & 1BRs are red
  • 2BRs are green
  • 3BRs & Bigger are yellow
  • New listings are marked with a Push Pin icon (in the same color scheme.)

Click the “Address”, “Price” “Bed” or “Details” columns to sort the list of open houses in ascending or descending order.

Click on the location marker for:

Posted by Nathan Turoff | Currently No Comments »

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