2012 Feb 28th

Homes Are Selling Like Hot Cakes in Hoboken!

hotcakesI’ve said it before but I am going to keep repeating myself – well priced Hoboken condos in good locations are in great demand. So great, in fact, that there have been multiple offers on 5 out of the last 5 units on which my buyers have made offers.  There just isn’t enough inventory out there, and hungry buyers are competing for nice, new listings.  Our last listing had 3 offers and went under contract in 6 days.  Despite what you might read in the national media, the housing market in Hoboken is unlike the rest of the country and the bidding wars are back!

If you are a Hoboken condo buyer in competing for a desirable unit, here is what you need to know.

I had an interesting (I’m being kind) experience with a buyer recently.  He bid on a really nice, new listing and bid too low, despite my advice to the contrary.  In fact, the buyer was angry that I told him he needed to bid higher, but I was just telling him what I thought was necessary if he wanted to reach an agreement.  He did not offer enough, and someone else got it.

The same buyer then decided to make an offer on another property he had seen with me.  This time, he was the only bidder and after some negotiation, his offer was accepted.  He then changed his mind and wouldn’t sign the contract.  Sort of embarrassing for me but he has that right.

He  then made an offer on a third unit which was also a new listing.  The property was listed on Friday and by Monday there were multiple offers.  The listing agent told me the property was going to go for over asking, implying that they already had a full price offer.  If the seller wants the other bidders to know this, the seller’s agent will tell us.  When I informed my buyer that he would have to go over asking to win the bid, he (wrongly and insultingly) accused me of working for the seller and a bunch of other nasty things.  Believe it or not, he actually won that bidding war but then, again, refused to sign the contract.  Needless to say, I told him to take a hike.  Working with unprincipled people damages my reputation, and I’ve worked too hard for too long to allow that to happen.

The lesson here is twofold. When your agent tells you something but it’s not what you want to hear, it does not mean they are being pushy or that they work for the seller.  It is my role to provide buyers with truthful information in order that they can make informed decisions.  I’m going to tell it like I see it.  Secondly, I’m seeing the market really heat up. Inventory has been close to 200 for months.  That is one third what is was after the mortgage debacle of 2008.  If a nice property hits the MLS, you better be the first one to pull the trigger.  There will be a line of others right behind you who want the same condo!

One last thought for sellers.  I emphasized the adjectives “nice”, “well priced” and “good location” several times above.  Not every new listing results in a bidding war.  Delusional sellers who think they can get what they paid in 2006 plus a profit are, well, delusional.  The key to selling your place quickly and for the most money is to price it right, right from the start.

Posted by Lori Turoff | Currently 21 Comments »

2011 Feb 10th

JC Weekly Thurs. Wrap-Up – JC Condo Sales & Activity – Week of Feb. 10th

Downtown Jersey City Condos Sales & Activity – Week of February 10th, 2011

HobokenRealEstateNews recognizes that our readership extends beyond our fair city’s one mile boundries. Hoboken buyers are often interested in what their money will buy in the downtown Jersey City market, just as Jersey City sellers often wish to reach out to affluent Hoboken buyers (and vice versa.) As such, we now publish the Jersey City Weekly Thursday Wrap-Up (WTWU) and we’ve expanded our popular Hoboken Open House Google Map to include downtown JC as well.

Tax Appeals

I’m still happy to send you comps if you are appealing your own taxes. Keep in mind that the City has a 15% margin of error. If your assessment does not multiply out to at least 15% over the current market value of your property, you are not likely to be successful in an appeal. The “upper limit” multiplier for Hoboken is .3407. To see where you are at, take your assessed value and divide by .3407. For example, if your assessed value is 175,000, the result would be $513,648. Your property value must be less than $513k to win.

Here is this week’s condo sales report:

Disclaimer: The data relating to real estate transactions on this web site comes in part from the Hudson County MLS. While some of these listings are, in fact, our listings they are not ALL our listings nor do we hold them out as such. Century 21 Listings are identified with “C21” after the address. Other listings are from the MLS and are identified with “MLS” after the address. Information is deemed reliable but not guaranteed.

Studio & 1 Bedroom Downtown Jersey City Condos:

2 new listing

1 Dabo

1 Sold

2 price reductions

133 Total Active 1BRs

Two Bedroom Downtown Jersey City Condos:

2 new listings

2 Dabos

1 sold

1 Price Reduction

147 Total Active 2BRs

Three Bedroom and Larger Downtown Jersey City Condos:

no new listings

no DABOs

no sales

no price reductions

22 Total Active 3BRs

Hoboken and Downtown Jersey City Condo Open Houses

If you are in the market for a Hoboken or Downtown Jersey City condo, our Hoboken Open House Google Map is your best source for locating every open house. It is the single, most complete listing available and we were the first ones to do it. We compile the information by hand from all possible sources to provide you with all the information you need in one spot. It’s posted on Friday every week.

Want to Receive New Listings & Price Reductions Daily?

If you would like to be emailed the new listings and price reductions each weekday in either 1br, 2br or 3br categories (Hoboken only) just email us at [email protected] letting us know which size(s) you would like and we’ll add you to the daily email list.

For more information you can always contact us at 201 993 9500.

Thanks for reading and, as always, we welcome your comments!

Posted by Lori Turoff | Currently Comments Off on JC Weekly Thurs. Wrap-Up – JC Condo Sales & Activity – Week of Feb. 10th

2011 Jan 12th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of January 12th

Hoboken Condos Sales & Activity – Week of January 12th, 2011

weekly wednesday wrapupHappy snow day faithful readers.  Lori is at the Real Estate Connect Conference in NYC all this week, so it’s Howie here covering.   After all that snow and foul weather, I thought you might all enjoy a Wrap-Up Pin-Up to warm up your spirits.

Here is this week’s condo sales report:

Disclaimer: The data relating to real estate transactions on this web site comes in part from the Hudson County MLS. While some of these listings are, in fact, our listings they are not ALL our listings nor do we hold them out as such. Century 21 Listings are identified with “C21” after the address. Other listings are from the MLS and are identified with “MLS” after the address. Information is deemed reliable but not guaranteed.

Studio & 1 Bedroom Hoboken Condos:

3 new listing

2 Dabo

5 Sold

3 price reductions

127 Total Active 1BRs

Two Bedroom Hoboken Condos:

12 new listings

1 Dabo

4 sold

9 price reductions

183 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

1 new listing

0 Dabos

0 Sold

1 price reduction

39 Total Active 3BRs

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your best source for locating every open house in Hoboken. It is the single, most complete listing available and we were the first ones to do it. We compile the information by hand from all possible sources to provide you with all the information you need in one spot. It’s posted on Friday every week.

Want to Receive New Listings & Price Reductions Daily?

If you would like to be emailed the new listings and price reductions each weekday in either 1br, 2br or 3br categories just email us at [email protected] letting us know which size(s) you would like and we’ll add you to the daily email list.

For more information you can always contact us at 201 993 9500.

Thanks for reading and, as always, we welcome your comments!

Posted by Lori Turoff | Currently 1 Comment »

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