2016 Apr 20th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of  April 20th, 2016

Good day, HREN readers!

Here is this week’s Wrap Up.  While you are at your computer, if you would take a moment to go to our Facebook page and “like” us you’ll have a source for even more great real estate related news.

If you’d like to see any properties this weekend or are curious to know what your current property might sell for in this crazy market – the Turoff Team is ready to help you!  Just give us a call at 201 993 9500 or email: TuroffTeam at gmail.com  (we write it like that to avoid robots but you know you need to use the @ sign).  It would be our pleasure to share our knowledge with you one-on-one.

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As of April 20,  2016:

  • 180 active Hoboken listings
  • 158 Condo & Co-op listings, compared to 161 last week
  • 12 Single-family listings, compared to 12 last week
  • 10 Multi-family listings, compared to 10 last week

This Week’s Residential Property Sales & Activity:

  • 18 DABOs (Deposit Accepted By Owner and Under Contract) vs 23 last week
  • 12 Sold vs 15 last week
  • 36 New listings vs. 43 last week
  • 4 Price changes vs. 16 last week
  • 0 expired listings vs. 0 last week

Studio & 1-Bedroom Properties

39 Active listings

5 New listings

1 Price change

4 DABOs

  • 516 Adams St., 1F listed April 8 for $420K;
  • 109 Jackson St., 3F listed April 6 for $459K;
  • 300 Newark St., 2A listed April 7 for $495K;
  • 812 Grand St., 509 listed April 13 for $500K;

2 Sold

  • 1325 Adams St., 402 listed Jan 12 for $525K; sold for $525K;
  • 360 1st St., 7 listed Feb 2 for $525K; sold for $525K;

2-Bedroom Properties

76 Active listings

18 New listings

2 Price changes

7 DABOs

  • 80 Bloomfield St., 5A listed April 8 for $549K;
  • 316 Hudson St., 2A listed April 5 for $550K;
  • 253 10th St., 4R listed Feb 22 for $605K;
  • 501 Adams St., 3A listed April 5 for $645K;
  • 729 Madison St., 2B listed Mar 18 for $700K; reduced April 6 to $685K;
  • 700 1st St., 13D listed Feb 23 for $698K;
  • 427 Garden St., 2 listed Mar 29 for $799K;
9 Sold
  • 300 Park Ave,, 7 listed Feb 25 for $525K; sold for $545K;
  • 700 1st St., 3F listed Mar 2 for $659K; sold for $$670K;
  • 501 Monroe St., 3 listed Jan 22 for $740K; sold for $745K;
  • 215 Monroe St., 1 listed Feb 12 for $750K; sold for $750K;
  • 800 Jackson St., 908 listed Feb 10 for $750K; sold for $752K;
  • 510 Park Ave., 2 listed Nov 4 for $823K; sold for $805K;
  • 84 Jefferson St., 4B listed Nov 3 for $950K; reduced Dec 7 to $899K; reduced Feb 5 to $875K; sold for $855K;
  • 84 Willow Ave., 3B listed Jan 29 for $976K; sold for $961K;
  • 84 Willow Ave., 6B listed Jan 29 for $989K; sold for $995K;

3-Bedroom & Larger Properties

44 Active listings

13 New listings

1 Price change

10 Multi-Family Active listings

12 Single-Family Active listings

7 DABOs

  • 412 Washington St., 2C listed April 6 for $749K;
  • 821 Washington St., 3 listed Mar 23 for $795K; reduced April 6 to $775K;
  • 700 1st St., 14W listed Mar 25 for $814K;
  • 830 Monroe St., 2G listed April 8 for $1.165M;
  • 150 14th St., 503 listed Mar 10 for $1.325M; reduced Mar 31 to $1.299M;
  • 1125 Maxwell Ln., 822 listed April 13 for $1.80M;
  • 1206 Park Ave., listed Mar 11 for $1.850M;

1 Sold

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Posted by Nathan Turoff | Currently No Comments »

2016 Apr 19th

Pinching Pennies Can TORPEDO Your Hoboken Condo Purchase

When You’re Spending Over a Half Million on a Condo, Don’t Wreck Your Chances of Closing Trying to Save $1000 (or less)

Penny-pinchingAs a successful Realtor for over 12 years I’ve worked with hundreds of buyers and sellers.  Many of them are savvy, wealthy and prosperous business people who got that way by making sensible and frugal decisions.  They also, very often, have made the acquaintance of lawyers and lenders and they often want to leverage those relationships to save a few dollars when they decide to purchase a home.  Based upon my years of experience it is my opinion that this is often a HORRIBLE mistake.  I just last week negotiated the purchase of a million dollar apartment on behalf of a lovely young couple, but when they told me they were using an out-of-state lawyer I’d never heard of who does not even specialize in real estate transactions, I just wanted to scream!  If you analyzed every real estate transaction that fell apart, I believe you’d find a large majority failed due financing problems or bad advice from inexperienced lawyers.  (The third major culprit would be inspection items, but that’s the subject of another blog post.)

I can not recommend strongly enough that you use a local attorney, familiar with both the ins and outs of closing Hoboken real estate transactions, and equally familiar with the other players in the Hoboken real estate market.  There are many attorneys with whom we deal all the time who are smart and experienced, who keep me in the loop so that I can help resolve issues with the other agent before they become deal breaking problems, and who work well with each other so that minor issues that your cousin, the trial lawyer who is doing you a favor, would misinterpret as a deal breaker due to his unfamiliarity with the process.  Trust me when I tell you, I see it happen all the time.

The other recommendation I stand firmly behind is that you should use a local lender to obtain your mortgage.  This can be a conundrum for some people in the NYC finance area.  Our buyers often work for a major bank, so they believe they will obtain a preferred rate by using their own company.  The truth is that the promise of a great rate is enticing, but there are certain large, commercial banks with whom we have NEVER done a successful deal.  They make the borrower jump through a million hoops and in the end, the buyer needs to start the process all over again with a local lender.  You best bet?  Go straight to our preferred lender, Jennifer Curty of Wells Fargo.  Jen will give it to you straight and not waste your time.  If she can’t get the loan done for you. she’ll let you know right away and we’ll find help you find a portfolio lender that can.

Purchasing a home (especially your first) can become the foundation for a lifetime of financial security.  Don’t risk what might be one of the most important decisions of your whole life by trying to save a few dollars.  Go to the right people and sleep at night knowing that you’ve got the best professionals working on your behalf.

 

Posted by Lori Turoff | Currently 2 Comments »

2016 Apr 16th

The Hoboken & Downtown JC Open House Google Map for Saturday, April 16th & Sunday, April 17th, 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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