An "informed but informal" place to find real estate information

reality tv comes to Hoboken for law & real estate

Published Mar 29, 2006 by Judy Marciano.



Thought I'd share something fun that happened today in Hoboken with my husband. He was selected by a new reality show to be the attorney for roommates arguing over design changes to their apartment. Prior to the filming today, he had to send appearance releases to the show. See below for the letter he sent to regarding the releases.




Re: Appearance Release and Location Release for "What's Your Sign Design"

Dear Sir:

Everyone is so excited at our office. We all got haircuts and lost 18 lbs, except I gained 5 lbs with all the left over food lying around. Everyone is requiring a microdeformer lens so everyone is 10 lbs. thinner on the screen.

Now, I know you only asked me to be on the show but I can not contain my staff. I have included an appearance release for each one of my hard working legal eagles, so that if by chance your camera man happens to move the camera away from me, and you want to include my staff in the program, you have all the releases necessary. Last but not least, my companion, Roxy the dog, is shampooed, looking spiffy clean.

PS
My office staff wanted to put together a song and dance routine but I told them that was a little overboard.

Hope you enjoyed the above letter and a big shout out to my wonderful husband who I'm sure made this lots of fun for everyone involved.

save the swallows

Published Mar 26, 2006 by Judy Marciano.


The NJ Meadowlands Commission has plans to install 500 tree swallow nest boxes in the Meadowlands in an attempt to keep the little metallic blue and white birds in the area. Last week, about 20 boxes were installed along the shoreline at the Mill Creek Marsh in Secaucus (see picture). Every year they add more boxes. Tree swallows thrive in wetlands. A lack of suitable nest sites can limit the population of the tree swallows. As the Meadowlands area becomes more developed, there has been a decline in the places that the swallows live. And we need them to help balance the ecosystem by eating swarms of mosquitoes and midges (gnat type bugs) that come to the wetlands as it gets warmer. I fully support and appreciate the time being dedicated to keeping these birds in the area, as I very much dislike bugs of any type, especially mosquitoes. For more information about the environment, go to http://www.meadowlands.state.nj.us/ec/index.cfm

flood insurance, why do I need it?

Published by Judy Marciano.


Of the many questionable costs that a homeowner has to pay, I am frequently asked by buyers in Hoboken or Jersey City, "why do I have to pay flood insurance?" In addition to regular home owners insurance, lenders will often require that borrowers purchase additional flood insurance in order to secure a mortgage. The reason for this goes beyond the actual property that you are purchasing in Hudson County. Flood insurance is required by federally regulated or insured lending institutions before they offer loans. It doesn't only apply to people who live in high risk areas.

If banks wouldn't lend money to people buying property in areas of the nation that have a history for flooding, such as places in high flood zoned areas like the Mississippi River, New Orleans or Florida, it would have a major effect on the overall national economy. Places near vibrant waterfront areas wouldn't be able to have development because the private insurance market would not cover the risk of these natural disasters. To counter this problem, the Federal Government stepped into the insurance market in 1968 to establish a national policy which divides flood risks into different levels. Congress created the National Flood Insurance Program (NFIP) in response to the rising cost of taxpayer funded disaster relief for flood victims and the increasing amount of damage caused by flood. The Federal Emergency Management Agency (FEMA) manages the flood program. The Army Corps of Engineers has prepared maps that identify specific flood-prone areas throughout the country. You can go onto the FEMA site if you'd like to see a flood hazard map of your area, http://www.fema.gov/nfip/

So its not that the banks are only concerned about actual flooding in this area, the government insists on spreading the risks on all of us who have mortgages that are somehow connected to the federal system in order to not place this burden solely on the high risk areas.

Going forward, every now and then I will continue to go over the different expenses that will occur when buying or selling property to give you a better understanding as to what the costs will be and the reasons behind them.

million dollar condo's in Hoboken

Published by Judy Marciano.


How many condo's are currently on the market in Hoboken for over a million dollars and what do you get for this price?

total available units = 15
of the 15 available:
2 = one bedrooms
8 = two bedrooms
3 = three bedrooms
2 = four bedrooms

all have at least 2 bathrooms









smallest is 1464 sq ft and largest is 7000 sq ft with the average size approx 1997 sq ft
of the 15 units available, the average price is $1,271,876

other details:
9 include parking, the others have it available for an additional cost
6 have a view of NYC
2 are on the waterfront in The Constitution (uptown)
2 are in the Sky Club (downtown)
2 are in the Cast Iron building (mid-town)

information compiled on 3.24.06 from the Hudson County Multiple Listing Service, information deemed reliable but not guaranteed.


Manhattan Avenue in Union City

Published Mar 24, 2006 by Judy Marciano.




















Went to a brokers open house yesterday to preview a new condo listing on Manhattan Avenue in Union City. (these pictures were taken from this part of Manhattan Ave).
Currently on the Hudson County MLS there are 26 condo/coop listed on this Street. 14 of the 26 are located in the Doric (these are coops). The price range of these 14 units is anywhere from $239,000 to $389,000. The overall average price of the 26 units is $548,698.



information compiled from the Hudson County Multiple Listing Service on 3.24.06. information deemed reliable but not guaranteed.

Hoboken residential inventory

Published Mar 17, 2006 by Judy Marciano.



















Active listings for condo's, one family and multi family properties:

Condo's

1-bedroom
total units = 138
average price = $415,635

2-bedroom
total units = 233
average price = $634,438

3-bedroom
total units = 32
average price = $803,813

4-bedroom
total units = 5
average price = $1,006,350

One family and multiple families:

one family = 7
average price = $1,510,571

two family = 7
average price = $1,557,571
(the average is high as one of the 7 properties is listed for $3,200,000)

three family = 9
average price = $1,238,100

four family = 7
average price = $1,528,428

information compiled on 3.18.06 from The Hudson County Multiple Listing Service. information deemed reliable but not guaranteed.

estimated time frame for residential closing

Published Mar 10, 2006 by Judy Marciano.

Week 1
contract and attorney review period (good chance this will be more than one week)
Week 2
home inspection
Week 3
notify seller of home inspection results
Week 4 - 6
wait for mortgage loan approval
Week 6 - 8
Buyer receives mortgage loan approval, buyer's attorney sends title work to mortgage lender for review
Week 8 - 10
Mortgage lender approves title work and schedules closing. Buyer obtains hazard/liability insurance. Buyer does final walk-through inspection

Closing.

Hoboken condo inventory

Published Mar 8, 2006 by Judy Marciano.


















1-bedroom
units = 128
average price = $419,054

2-bedroom
units = 227
average price = $635,274

3-bedroom
units = 28
average price = $786,855

4-bedroom
units = 4
average price = $1,115,687

Keep in mind there is a wide range of variables that the above average prices - ie. location, size, # bathrooms, parking ,central air, elevator, old vs new, w/d in unit, yard or terrace, etc, etc.

information compiled on 3.7.06 from the Hudson County Multiple Listing Service, information deemed reliable but not guaranteed.

Meadowlands Exposition Center, Secaucus

Published Mar 5, 2006 by Judy Marciano.
















Highlights from today's, All-Breed Dog Show.

pictures from todays parade in Hoboken

Published Mar 4, 2006 by Judy Marciano.




weekend happenings in Hudson County

Published by Judy Marciano.

Hoboken:
The Saint Patricks parade is scheduled for Saturday, March 4th at 1:00.
Its a crazy day in Hoboken as lots of people will be celebrating all day long.
http://www.saintpatricksdayparade.com/hoboken/hoboken.htm

Secaucus:
Saturday and Sunday, March 4th & 5th
all breed dog show
Meadowlands Exposition Center
201-223-1000
http://www.mecexpo.com/events.html
This is how we got our dog, Roxy, a Chinese Crested Powderpuff. After doing our own extensive research on different breeds, we attended this dog show to see the actual dogs and talk to the breeders.

fun facts

Published by Judy Marciano.



On March 6th, 1912, the first Oreo cookie was sold in a grocery store in Hoboken.

Over the years, consumers of Oreos have entered into a great debate over how to eat the cookies. Some claim that 35 percent of Oreo cookie eaters twist their cookies apart before eating them, 30 percent dunk them in milk, and 10 percent nibble them.

Test yourself...
http://www.angelfire.com/ga/sweetgeorgiapeach/oreo.html

supply drives demand

Published Mar 2, 2006 by Judy Marciano.




one theory of real estate prices...

It would seem natural to assume that the theory of supply and demand applies equally to real estate, where the more you have of something, the less the demand is and prices decrease. However, over the course of the the last few years, prices in Hoboken have increased even as the supply has increased dramatically. It's clear that the more concentrated an area gets with residential housing, the more valuable the housing becomes (ie.NYC). The best example in Hoboken is the Upper Grand, The Shipyard, Sky Club and Tea Building. As hundreds upon hundreds of units became available, the more expensive they became and demand continues.

old or new, what's the difference?

Published Mar 1, 2006 by Judy Marciano.


As new condo units continue to increase in the Hudson County real estate market, buyers wonder as to the differences between purchasing a new or older property.
To start, buildings have reputations like people and sometimes “all that is gold does not glitter”. I am not going to name names but there are groups of people who are not happy with their brand new units in a mega development for reasons such as “cheap construction”, hearing your neighbors too clearly, high maintenance costs, etc.. On the other hand, the newer units tend to have more of the amenities that people value in today’s market such as more than 1 bathroom, central air, granite countertops, stainless steel appliances, w.d in unit, etc. Yet, due to the way new units are assessed and taxed, you can easily pay $3000/$4000 a year more for taxes for a new place vs an older place with the same square footage. Since the city is not allowed to increase the assessment because of an increase in a selling price, you are protected from what is called a “spot assessment”. The only way an assessment can be increased is if there is a city wide re-evaluation.
A lot of the “buzz” dealing with new construction projects is from all the insiders that made quick money with the “flip” and they couldn’t be more thrilled with the property because they made a lot of money but as an end buyer paying top dollar to live in the unit, you will be looking at it much differently. You want to live in a solid building that will be well maintained.
This is where the reputation of a building comes into play. With an older building, you can casually ask the neighbors how they like the place and you can see the condition of the place after it’s been lived in for a few years. You can get a sense of the buildings financial stability by reviewing the budgets. This is only a start to get you thinking. I will re-visit this issue to talk more about different kinds of properties to look for and other factors to become aware of during your search.
Overall, however, as a buyer, never let your heart overtake your mind, while there may only be one true love for every person (ie. the way my husband feels about me), there is always another place……

About me

  • I'm Judy Marciano
  • From Hoboken, NJ, United States
  • Thanks for checking out my blog. I am a full time licensed NJ real estate agent in Hoboken at Empire Realty Group. As I go thru Hudson County each day, often I stop to take a picture. Feel free to contact me for any real estate assistance at jmarciano@empiregroup.com
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