2019 Aug 7th

The July Hoboken Condo Sales Results

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2019 Aug 2nd

My Dad Is An Expert in Hoboken Real Estate

Selling to young, first-time buyers is always a challenge.  Even more so when they get their parents involved.  For some reason, the parents tend to think that because they bought a home in the suburbs 30-something years ago, when the lending and sales environments were completely different than today, they are real estate experts.  They have little to no interest in seeing actual market analysis, comps or listening to what my decades of experience has taught.  They know it all – these condos are overpriced and not worth buying. They too often dissuade their children from buying when they should be encouraging and helping them!

Real estate is a long game and buying when young to build equity and grow your wealth is simply a safe and smart move.  My only regret when my parents helped me buy my first apartment (for $200k, now worth $1.2mil) is that I didn’t buy the pricier corner unit on a higher floor – or buy both.  Mom and Dad may think they have your best interest at heart but they are often dead wrong in their guidance.  Buying when you are young and just starting out in your career is one of the smartest things you can do, for multiple reasons.

Young professionals in Hoboken and the surrounding area often earn a six-figure salary.  The mortgage interest deduction is a fantastic tax write-off.  Why not put those hard-earned dollars towards your own net worth rather than give them to Uncle Sam?  Then there is the exclusion of capital gains on the sale of your primary residence.  Buy a starter home, trade up, don’t pay any tax on the gain.  Rinse and repeat.  What other investment gives you tax-free gains?  Sure, the tax code may change again but you’re still buying and holding for the long term.  Many people have become quite wealthy either through appreciation of real estate assets or by accumulating investment properties that generate a reliable income stream – especially in neighborhoods like Hoboken and Jersey City!  I read that Millennials don’t like to own or commit to anything physical.  The stream and share and rent.  While there may be freedom in not having ties to physical property it does come at a cost.  Lost opportunity is a cost.  Higher taxes are a cost.  At a minimum, make an informed decision.  Sit down and crunch some numbers.  Do the analysis and work to make smart move.  Don’t let your parents’ or your own fear control your decision making.  Buying young, often before you have to worry about supporting a family, is the smart way to invest in your future.

 

Posted by Lori Turoff | Currently 16 Comments »

2019 Jul 31st

The Hoboken Weekly Wednesday Wrap Up for the Week Ending July 31

Week ending July 31, 2019

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  •  259 active Hoboken listings
  •  240 Condo & Co-op listings
  • 19 Single-family and Multi-family  

This Week’s Residential Property Sales & Activity:

Studio & 1-Bedroom Properties

8 New

3 Pending.

5 Sold

2-Bedroom Properties

10 New

6 Pending

11 sold

3-Bedroom & larger Properties

4 New

2 Pending

  • 1034 Garden #1, listed 7/24 for $2mil.
  • 1125 Maxwell 708, listed 6/6 for $1.9mil.

5 Sold

  • 620 Monroe #4, listed 5/22 for $909k, sold for $909k.
  • 107 Willow Terrace, listed 5/14 for $1.1mil, sold for $1.1mil.
  • 150 14th 301, listed 2/28 for $1.25mil sold for $1.23mil.
  • 1450 Wash 210, listed 4/29 for $1.4mil, sold for $1.365mil.
  • 1024 Adams 500, listed 7/30 for $1.8mil, sold for $1.8mil.

The information provided in this private transmission is only for the personal, non-commercial use of you, the consumer.  It may not be reproduced or distributed in any manner.  It may not be used for any purpose other than to identify prospective properties you the consumers may be interested in purchasing or renting.

Sales numbers rounded up for convenience.  Information is deemed to be reliable but not guaranteed.

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