Another boom month and an incredible first quarter for 2015. The average sales price for Q1 over $631,000. Average price per square foot for the Q1 is $623. There are some very happy sellers in Hoboken and some very frustrated buyers. Here are the March numbers:
Here’s what the 3 month moving average looks like:
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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:
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:
- open house date
- unit size
- asking price
- link to all the info found on the MLS and more (from ourHobokensBestHomes.com IDX feed.)
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I’ve written about this before but it continues to be a subject of much misunderstanding so here is a refresher on Attorney Review.
When you buy real estate in Hoboken, be it a condo or a house, there is a particular order of events that typically take place. Basically, you get your pre-qualification letter from a mortgage broker or bank, find your dream home, make an offer in contract form if you have a decent realtor and, after negotiation (or more likely, these days, a final and best scenario) the seller accepts your offer. Wait! Agents aren’t lawyers! (well, I am but I think I’m the only one in Hoboken). True – but the NJ Association of Realtors provides a standard-form sales contract that realtors routinely use as the starting point for your deal. As part of a settlement agreement in the NJ courts, in order to avoid the unlicensed practice of law, the NJ Association of Realtors agreed to use this standard contract along with the “Attorney Review” provision. The realtors can start the process but the lawyers do the real legal work.
Attorney review is a ‘time-out’ period of a minimum 3 business days required by New Jersey law. During this time your lawyer performs “due diligence”. The 3 day clock begins ticking when the parties have fully executed contracts. The respective attorneys will review and make changes to the sales contract by sending riders back and forth. It’s very important for you and your realtor to be copied on these riders so everyone knows what is going on. Remember, it’s your money being spent. You need to agree to these changes, too.
The attorneys can agree to shorten the 3 business day period. They can also agree to lengthen it but if they do not – it automatically ends at the end of 3 business days and the contract becomes binding. If there are outstanding riders review does not end until the parties come to an agreement.
The attorney review period gives you (and the seller) a chance to “sleep” on your decision. If at any time during attorney review you change your mind you can simply walk away. No reason or explanation necessary. You get your $1,000 good faith deposit back – no questions asked. It’s similar to when you join a health club and the papers say that you have 24 hours to change your mind and can get your money back.
Remember, though, that the seller can also change his or her mind during attorney review. At the height of the market or on a hot property many buyers would go into attorney review thinking they’d bought a new condo. In the meantime, the seller would get a higher offer and cancel the contract with the first buyer. So buyer beware – until attorney review is over, the sales contract is not legally binding. Both parties should be prepared for the worst, even if it means 3 (or more) sleepless nights while waiting for attorney review to end.
When hiring a real estate lawyer, you would be wise to ask about schedule and availability. It would be a shame to lose the condo of your dreams because your attorney was too busy to get to your sales contract before the seller changed his mind.
So find a lawyer who has the time to focus on your deal. Don’t make any irrevocable plans until attorney review ends. And most importantly, insist that your lawyer keep you and your realtor informed of what is taking place during the attorney review period.
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