2015 Apr 10th

The Hoboken & Downtown JC Open House Google Map for Saturday, April 11th & Sunday, April 12th, 2015

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:

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Posted by Nathan Turoff | Currently No Comments »

2015 Apr 10th

Hoboken Condo – Over 50% tenant occupied. Investors must have 30% down.

Here’s an interesting notation on the MLS listing for a property for sale at 920 Jefferson Street. Once a condo building has more than 50% investors, it no longer meets the Fannie Mae requirements. That means that the bank making the loan to the buyer can no longer sell the loan to Fannie. It severely limits a buyers options as to where to get a loan and it usually makes the interest rate the buyer must pay a bit higher. Allowing that many renters in a condo association therefore hurts the marketability and value of ALL the units in that condo association.

What can be done? Well, one building, the Constitution, amended its governing documents to prohibit sales of units to investors. If you buy at 2 Constitution, you better do so planning to live in your unit, at least initially. There is a possibility to rent after a set period of time, I believe two years, based on the number of rentals in the building at that time. They (smartly) just don’t want to go over that 50% limit. When I explain this to people who own in a condo building they sometimes say “you can’t do that”! Well, yes you can.

By it’s nature, condominium ownership means you are part of a group ownership situation.  The condo board is given the power to make rules which have an impact on all owners.  Changing the rules may require a vote by the board or it may require a vote by the unit owners, typically a majority of the unit owners.   Often restricting the number of rentals allowed at a given time may also requires an amendment to the Master Deed of the condominium. But in the long run limiting rentals helps maintain the value of the property.

A condo building full of renters often has more room-mate situations and the atmosphere more like a college dorm, especially in Hoboken.  It is never going to be the same as a building full of owner-occupiers. It’s just not their place and they are never going to care as much as the actual owners who live there would. Furthermore, when the market takes a downturn, investors will be much more likely to walk away from an underwater mortgage – after all, it’s not their home. Which is why banks don’t like too many renters in one building in the first place – increase risk of default. There are many, many condo buildings in Hoboken that are now on the cusp of the 50% limit. Pay attention people, too many renters in your building can haunt you down the line and come back to bite you in the wallet.

Posted by Lori Turoff | Currently 9 Comments »

2015 Apr 8th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of April 8th, 2015

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As of April 8th, 2015:

  • 150 active Hoboken listings
  • 133 Condo & Co-op listings, compared to 122 last week
  • 9 Single-family listings, compared to 7 last week
  • 8 Multi-family listings, compared to 8 last week

This Week’s Residential Property Sales & Activity:

  • 17 DABOs (Deposit Accepted By Owner and Under Contract) vs. 16 last week
  • 22 Sold vs 17 last week
  • 43 New listings vs. 37 last week
  • 7 Price changes vs. 6 last week
  • 1 expired listing vs. 6 last week

Studio & 1-Bedroom Properties

49 Active listings

20 New listings

2 Price changes

8 DABOs

  • 410 Jefferson St., 3R listed Mar 31 for $293K;
  • 1013 Park Ave., 5L listed Mar 17 for $359K;
  • 326 Monroe St., 5 listed Mar 30 for $420K;
  • 820 Hudson St., C-4 listed Mar 27 for $445K;
  • 659 1st St., 210 listed Mar 24 for $499K;
  • 1300 Grand St., 612 listed Mar 10 for $549K;
  • 1500 Washington St., 8K listed Mar 31 for $550K;
  • 1125 Maxwell Ln., 609 listed Feb 17 for $795K;

2 Sold

  • 713 Willow Ave., 2A listed Feb 4 for $349K; sold for $368K;
  • 535 Bloomfield St., 1S listed Jan 30 for $449K; sold for $482K;

2-Bedroom Properties

61 Active listings

14 New listings

3 Price changes

5 DABOs

  • 712 Willow Ave., 2B listed April 6 for $450K;
  • 550 2nd St., 1F listed Mar 25 for $460K;
  • 717 Willow Ave., 10 listed Mar 25 for $500K;
  • 1320 Bloomfield St., 5B listed Mar 31 for $615K;
  • 1025 Maxwell Ln., 414 listed Mar 17 for $1.250M;
16 Sold
  • 1114 Hudson St., 3 listed Jan 29 for $499K; sold for $515K;
  • 420 Jefferson St., 3F listed Oct 23 for $560K; sold for $543K;
  • 705 Park Ave., 2 listed Jan 16 for $549K; sold for $569K;
  • 1021 Grand St., 1H listed Jan 21 for $550K; sold for $582K;
  • 700 1st St., 3E listed Jan 21 for $599K; sold for $595K;
  • 536 Grand St., 507 listed Jan 14 for $599K; sold for $599K;
  • 700 1st St., 15A listed Dec 30 for $595K; sold for $610K;
  • 1108 Hudson St., 6B listed Jan 28 for $625K; sold for $656K;
  • 800 Jackson St., 409 listed Jan 8 for $699K; sold for $685K;
  • 325 Adams St., 3 listed Jan 15 for $699K; sold for $699K;
  • 109 Jackson St., 2B listed Jan 20 for $690K; sold for $715K;
  • 402 9th St., 4A listed Nov 17 for $749K; sold for $749K;
  • 601 Observer Hghwy., 505 listed Jan 5 for $759K; sold for $765K;
  • 1115-1117 Grand St., 2B listed Jan 13 for $735K; sold for $770K;
  • 1100 Adams St., 506 listed Jan 22 for $829K; sold for $865K;
  • 1100 Adams St., 212 listed Feb 11 for $943K; sold for $943K;

3-Bedroom & Larger Properties

23 Active listings

9 New listings

2 Price changes

8 Multi-Family Active listings

9 Single-Family Active listings

4 DABOs

  • 200 Jackson St., 1 listed Mar 20 for $900K;
  • 129 Jackson St., B listed Mar 11 for $1.099M; reduced Mar 25 t0 $1.069M;
  • 208 5th St., listed Feb 18 for $1.269M;
  • 1317 Garden St., listed Mar 25 for $1.995M;

4 Sold

Posted by Nathan Turoff | Currently 1 Comment »

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