2011 Nov 26th

The Hoboken & Downtown JC Open House Google Map for 11/26 and 11/27

Some Interesting Recent Real Estate News

For all of the new HREN readers who are visiting the site for the first time because of the article in this Sunday’s NY Times… Welcome! We hope you enjoy it.  Please tell your friends.

According to the National Association of Realtors (“NAR”) data, existing home sales are up and prices are down.  Here is a chart of October home sales, nationwide.  NAR’s chief economist said the market has been fairly steady but at a lower than desired level. “Home sales have been stuck in a narrow range despite several improving factors that generally lead to higher home sales such as job creation, rising rents and high affordability conditions. Many people who are attempting to buy homes are thwarted in the process,” Lawrence Yun said.  What struck me was the statistic that 33% of  contracts failed due to a combination of an inability of buyers to get financing, appraisal issues, inspection issues and buyers being laid-off.  I’ve seen problems in Hoboken with deals falling apart but not as great as one third of all deals.  My guess would have been closer to a 10% contract failure rate in this area.  The November Hoboken condo sales results we will be posted in a few weeks.

In other news, the Hoboken City Council has been ordered by a court to reconsider a variance application for a proposed 12-story tower developer Kane Properties wants to construct on Observer highway.  Residents of the Skyline objected to the variance on the ground that it would block their City views.  The decision was not based on that objection but on the fact that the developer did not qualify for the variance.  Look out people, major development is coming to that part of town where NJ Transit owns 52 acres.

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Just click on the map below to see every Open House in Hoboken snd downtown Jersey City this weekend as compiled from the Midweek and Hoboken Reporter, the MLS, every Realtor website and email and Craigslist courtesy of the Turoff Realty Team.

You can now click the “Address”, “Price” “Bed” or “Details” columns to sort them in ascending or decending order.

No need to register! No silly form to fill out!  Just click on this map:

hoboken-open-house

Click to see the Downtown Jersey City Open House Map

Click on the location marker bubble to see:

Place markers on the map are color coded:

  • Studios & 1BRs for Hoboken are red
  • Studios & 1BRs for Downtown Jersey City are fuschia
  • 2BRs for Hoboken are green
  • 2BRs for Downtown Jersey City are turquoise
  • 3BRs & Bigger for Hoboken are yellow
  • 3BRs & Bigger for Downtown Jersey City are purple

New listings are marked with a Push Pin icon (in the same color scheme.)

Who Represents Whom?

Did you know that the agent hosting an open house represents the Seller? The hosting agent has a fiduciary duty to the seller to get that seller the highest possible price for that property.  If the host says “oh, it’s not my listing, I’m not the seller’s agent” they are just flat-out wrong. The listing agreement a seller signs is between the seller and the brokerage company (Century 21, Coldwell, Remax, etc.). EVERY agent from that firm is the seller’s agent! So protect your interests. You’re making one of the biggest financial decisions of your life.

Do you think it might be a conflict of interest for that same person to then represent you? Many people think so. In fact, in many states (other than NJ) it is illegal for the same agent to represent the seller and also work with the buyer. If you do wonder into an open house, you might want to tell them that you have your own agent (even if you don’t yet) and if you like it, go back to see the property again at a later date with someone who is working for you instead of the seller.

Think you Will Get a Deal On New Construction by Going Straight to the Toll Bros. Sales Office?

Interested in new construction – like Maxwell Place or Hudson Tea? Before you walk into the Toll Brothers Sales Office know what you are getting in to! Once you talk to the sales office – even casually – they WILL NOT compensate your agent if you go back with an agent. Of course, you should go back with an agent because:

1. The sales office works NOT for you but for the developer!  They are Toll Brother’s agent – not yours!

2. Despite what you may have heard or come to believe, Toll Brothers is NOT going to cut you a deal if you work with them without an agent.


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  1. Steve

    The article mentions the SkyLine building, not the SkyClub, which is on Harrison.

  2. Lori

    I don’t know what you’re talking about. It clearly says the SkyClub, 700 1st Street, which is the building my buyers looked at. We never went to the Skyline and it’s not mentioned anywhere.

  3. Craig

    You guys are talking about two different articles within this post. Lori, Steve is taking about the article you posted in which the Hoboken City Counsel was ordered to reconsider a developer’s variance. You stated in your recap here that residents of the SkyClub objected to the variance on the ground that it would block their City views. Steve is correct that it was the residents of the Skyline that objected, not the SkyClub. It’s a minor error.

  4. Lori

    Ah – that makes much more sense. I couldn’t figure out how the SkyLine residents could complain when their building was so far back from Observer.

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