Hoboken Condo Sales Results – The January Numbers
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
If the Saints can Win the Superbowl Anything is Possible
Call me an optimist, although that is not at all my nature, but today I received an email from a mortgage company with some fairly good news. I’ve reposted it below. Granted, one can find statistics to prove anything. Nonetheless, it seems a little encouraging. Closer to home, our Hoboken real estate market numbers are not too terrible either. Now, I’m not making any predictions – just stating what I see. From my day-to-day experience in the market I can absolutely say it’s pretty busy out there. My buyers even lost out in a bidding war (unfortunately). Sure, there are properties selling for low prices but not all of them.
Here are the results. Judge for yourselves.
Here are the comparisons to past year’s condo sales results:
Here is the economic report I received:
The Institute for Supply Management reported that the monthly index of manufacturing activity rose to 58.4 in January after reaching 54.9 in December. It was the sixth straight month of expansion and the fastest pace of growth since August 2004. A reading above 50 signals expansion.
The Commerce Department reported that total construction spending fell 1.2% in December after a downwardly revised 1.2% decline in November. Economists had expected a decrease of 0.5%.
The U.S. non-manufacturing sector rose to 50.5 in January from a downwardly revised 49.8 in December. A reading above 50 signals expansion. Economists had anticipated a reading of 51.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 1% in December. Compared to a year ago, pending home sales are up 11%.
The U.S. non-manufacturing sector rose to 50.5 in January from a downwardly revised 49.8 in December. A reading above 50 signals expansion. Economists had anticipated a reading of 51.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending January 29 rose 21% to 620.7. Purchase volume increased 10.3% to 237.8. Refinancing applications jumped 26.3% to 2,854.8.
The Commerce Department reported that factory orders rose 1% in December. That was double the 0.5% increase economists had anticipated. It was the fourth straight gain and follows a revised 1% increase in November.
The Labor Department reported that productivity rose at an annual rate of 6.2% in the fourth quarter, following a revised third-quarter gain of 7.2%. Labor costs fell at an annual rate of 4.4%. The unemployment rate fell to 9.7% in January from 10% in December. Employers cut 20,000 jobs in January, far fewer than the 150,000 jobs lost in December. The four-week average for continuing jobless claims fell 51,250 to 4.618 million.
Upcoming on the economic calendar are reports on wholesale trade on February 9, retail sales on February 11 and consumer sentiment on February 12.
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Who Dat Say They Want to See The Superbowl Weekend Open House Google Map? Who Dat? Who Dat?
Categories: For Buyers, For Sellers, Open House Google Map
Every Open House in Hoboken 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’ll notice that in recognition of Superbowl Sunday, many realtors have scheduled their open houses for Saturday this week. Unfortunately, Saturday’s forecast calls for about 6″ of snow, so be sure to call in advance to make sure the OH you want to see has not been cancelled. Good luck!
When you look at the map, placemarkers are color coded:
- Studio & 1BRs are red
- 2BRs are green
- 3BR & Bigger are yellow
New listings are marked with a “New Listing” icon.
Click on the location marker for:
- open house date
- time
- unit size
- asking price
- down arrows indicate price reductions
- link to the MLS listing
Want to know which open houses are on Saturday and which only Sunday? Click on “tools” at the top of the list and enter the word “sat” or “sun” (without the quotes) into the search box.
Did you know that the agent hosting an open house is the Seller’s agent? Whether it is the actual listing agent or any other agent from the same company, that person legally represents the sellers. Not only that, the hosting agent – by law – has a fiduciary duty to the seller to get that seller the highest possible price for that property. 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.
Did you know that when you go to an open house you can see the property at the open house on your own and, if you like it, go back to it with your own agent? You can! So if you see something you like at an open house you might want to consider finding your own agent who does not work for the seller. Just because you walk into an open house does not mean that the hosting (seller’s) agent gets to “claim” you as his or her customer – even if you “sign in”. You are the consumer. You are spending your hard earned money on what is probably the biggest investment you will make in your life. Don’t you think you should be able to work with whom you choose?
Questions? Text us at 201 993 9500.
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What’s the Newest Way for Hoboken Buyers to Save Money?
Categories: About Realtors, For Buyers, Hoboken Condos
Buyer Rebates Become Legal in NJ
The New Jersey Legislature recently passed a law that will allow buyers to get part of the sales commision on the purchase of a home rebated back to them. Of course, the local agents are up in arms without even really knowing what this means or what affect it might have on their business. Why are people so afraid of change? What is really does is allow brokerage firms with a different (and innovative) business model to enter the local Hoboken real estate market.
Take a look at these companies and the way they do business:
Zip Realty link -
Condo Domain link (warning – the site plays music) – 
Redfin link -
What this new law really means is that some or all of these companies are coming to Hoboken. In fact, right on the CondoDomain site, it says “coming to Hoboken” and a bunch of other places. They are all expanding and Redfin has raised over $30 million in venture capital.
I’ve also heard lots of agents saying look at Foxtons – they tried to cut commissions and failed. This is nothing like Foxtons. This new way of doing business recognizes consumers willingness and desire to search for homes on the internet. Have you not heard a traditional agent make the pitch in a listing presentation that 86% of buyers start their search on the internet so we are going to aggressively market your home for sale on line? Perhaps this added competition in the brokerage marketplace will be good for the consumer? These companies work with both buyers and sellers. I’d be very interested to hear what you all think about this.
Is a Rebate Taxable Income?
Local brokers have been exclaiming that buyers will have to pay taxes on the rebates making them far less attractive, yet the IRS has already ruled that rebates are NOT taxable income.
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