MAKING THE MOVES: December 2008

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

Merry Christmas

Published Dec 25, 2008 by Judy Marciano.

Wishing everyone a happy, healthy holiday and a wonderful New Year.

what a difference a year makes..Hoboken condo inventory

Published Dec 20, 2008 by Judy Marciano.

From a sellers market to a buyers market and despite what you read in the papers, there is still is a market, but the conditions have changed. Having good credit and at least a 10% deposit are a minimum criteria for a buyer. And sellers are now realizing that their hopes and needs cannot dictate the price a buyer is willing to pay for real estate. A year ago and prior, the sellers were able to get the extra premium based on the common belief that prices would continue to go up. So the seller could simply refuse to negotiate on their listing price and in fact, would often be able to dictate a purchase price above the asking price. Of course, it is exactly the opposite at the present time. People are truly negotiating now, no longer is it a one sided transaction. But if you start with the right price, you will definitely get more showings which is essential in this market in order to capture a buyer. Not only will a wrong price generate less showings & you can't sell it if they don't go to see it, but the fewer showings that they might get will probably end up with a buyer expecting a much lower price anyway.This year everyone has to re-strategize, both buyers and sellers. Everyone continues to speculate but no one really knows what is going to happen or when things will happen. But we do know that if you are selling, you need to price realistically from the start with a strong possibility of further negotiating and it taking longer to sell (plan accordingly for both). And if you are buying, you need to realize that getting financing is not as easy as it used to be. Be prepared in advance, consult with several mortgage brokers to find out what you can comfortably afford each month taking into consideration how much you can put down on a property along with closing costs. Understand that you can negotiate but not all sellers are desperate to sell. But also understand, it's better to be a buyer this year than last year.

2008 Hoboken condo inventory (as of 12/20/08)
514 active listings
83 under contract

2007 Hoboken condo inventory (as of 12/19/07 - see my blog post of last year for details)
372 active listings
160 under contract

information compiled from Hudson County MLS on 12.20.08, information deemed reliable but not guaranteed.

Fannie Mae to Let Renters Stay in Foreclosed Homes - NYTimes.com

Published Dec 15, 2008 by Judy Marciano.

Click on below link to read article

Fannie Mae to Let Renters Stay in Foreclosed Homes - NYTimes.com

Hoboken rental inventory

Published Dec 12, 2008 by Judy Marciano.

In the past, not too many Hoboken rentals were listed in the Hudson County MLS. They were mostly listed by individual offices & some offices would work with other offices or some would keep them exclusively within their own office. Well, this has definitely changed. I went on the MLS this morning and found 87 active listings for Hoboken rentals. Keep in mind, this is not a complete total, there are still many other rentals available that are not listed on the MLS.

87 active rental listings
median price = $2,950
low = $1,297
high = $5,990

studio = 7 units
median price = $1700
low = $1,375
high = $2,500

one bedroom = 27 units
median price = $2,500
low = $1,297
high = $5,000

two bedroom = 45 units
median price = $3,000
low = $2,100
high = $5,990

three bedroom = 4 units
median price = $3,775
low = $3,500
high = $4,000

four bedroom = 4 units
median price = $4,997
low = $4,900
high = $5,500

information compiled on 12.12.08 from Hudson County MLS, information deemed reliable but not guaranteed.

Union City - embroidery & condo's

Published Dec 1, 2008 by Judy Marciano.

I went on a listing appointment the other day in Union City (commercial property) and was kind of disappointed when I saw the building from the outside. But when I walked inside, I was really impressed by what I saw...an embroidery factory in full operation. Prior to being a realtor I worked in the fashion industry (garment center) and shouldn't have been so impressed by this but it was impressive to see. There was one man operating all these machines as he gave us a tour of the building at the same time. From the mid-1800's to the early 1900's, many immigrants came to Union City and an embroidery industry was founded. This along with many low-paying embroidery jobs helped to establish Union City as the self-styled "embroidery capital of the world". Hence, the name for the new condo building (15-story, 151 unit building) in Union City, "The Thread". How things have changed...with this being said I decided to do a quick recap of condo inventory in Union City (see below for results, very different from Hoboken pricing).

studio's = 6 units/ median price = $160,500

one bedroom = 81 units / median price = $229,000

two bedroom = 121 units / median price = $329,000

three bedroom = 22 units / median price = $399,000

four bedroom = 2 units / median price = $757,000

prices at The Thread range from $300,000's to the $800,000's for the one to three bedroom units. http://www.threaduc.com/about_home.php

information compiled from the Hudson County MLS, information deemed reliable but not guaranteed.

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