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

the contract is signed, now what?

Published Feb 28, 2006 by Judy Marciano.


I've been working with a few different buyers recently who now have accepted offers. I thought it would be beneficial to some of my first time buyers, to give a brief overview of what happens next in the process:

After you have a signed contract, what's next?

“Attorney review”, which is the time period that allows the parties to review the contract with an attorney and make any additional provisions to the contract (3 business days but typically extended to include any necessary changes in initial contract). The attorney will prepare a rider with these changes and after the newly added terms are accepted, the attorney has to sign off on the final rider and inform all parties that the attorney review period is concluded.

ok, after attorney review and before the actual closing, what are some of the buyer's responsibilities?

1. Hire an inspector – you should do this immediately following attorney review. Usually you have 10 days to get this accomplished and the results are sent to the seller’s attorney. If any repairs are necessary as a result of the inspection, you might get a credit at closing to fix them or the seller will repair the defect.

2. Getting a mortgage and all related mortgage costs – this varies by each mortgage company; I suggest you shop around and learn about your options. This is the most time consuming part of the transaction and your biggest closing expenses will be in this area. Consult with the mortgage broker you choose to determine in advance what you will be expected to pay at closing.

3. Title insurance, title searches and survey – you are required to purchase title insurance for your property (an insurance policy that covers your ownership interest and the mortgage interest of your lender).Your attorney will order the title insurance in conjunction with the title searches. This search will show you if there are any unpaid tax liens and provide you with a copy of the recorded deed. A survey will disclose any encroachments that do not appear in a title search.

4. Insurance – some mortgage companies require you to purchase a one year homeowners’s insurance policy.

5. Attorney fees – paid at closing

Very important…..after attorney review your biggest responsibility is to keep tract of the inspection contingency date and the mortgage contingency date since you will waive your right to an inspection or a mortgage if you do not perform them within the time allotted within the attorney review letter.

Obviously I did not cover every detail thats involved but you should have a general understanding of what is required prior to closing on your purchase. Try to be patient, its not always a smooth process, but that is why you use professionals such as your attorney and your realtor.

One family in Weehawken

Published Feb 26, 2006 by Judy Marciano.

one family market activity in Weehawken

Active MLS listings:
units = 11
ave price = $1,002,800
median price = $769,000
(of the 11 units available, the highest price is $2,850,000)

Sold listings from 1/1/05 thru 12/31/05:
units = 18
ave price = $767,933
median price = $534,450

There are currently 4 one family homes under contract.







information compiled on 2.25.06 from The Hudson County Multiple Listing Service. information deemed reliable but not guaranteed.

one,two,three & four families in Hoboken

Published Feb 22, 2006 by Judy Marciano.



















Multi=family and single family active listings in Hoboken:

1-family
units = 4
ave price = $1,531,750
(of the 4 available units, one is at $2,500,000)

2-family
units = 6
ave price = $1,634,000
(the highest price of the 6 units is $3,200,000)

3-family
units = 8
ave price = $1,205,862
(the highest price of the 8 units is $2,100,000)

4-family
units = 5
ave price = $1,600,000
(the highest price of the 5 units is $2,200,000)



information compiled on 2.22.06 from the Hudson County Multiple Listing Service, information deemed reliable but not guaranteed.

Active condo listings in Hoboken

Published by Judy Marciano.


Active condo listings in Hoboken

one bedrooms:
units = 127
ave price = $415,444

two bedrooms:
units = 225
ave price = $631,995

three bedrooms:
units = 28
ave price = $776,321

four bedrooms:
units = 6
ave price = $1,109,458




information compiled from the Hudson County Multiple Listing Service on 2.22.06, information herein deemed reliable but not guaranteed.

girls fight back

Published Feb 20, 2006 by Judy Marciano.

I am the program chair for tomorrows Rotary meeting (my first time doing this as a new member). So I asked what type of speaker they look for and I was told "any subject that you think might be interesting". I immediately thought of Erin Weed, founder of Girls Fight Back, who I have always admired. Definitely interesting and definitely something that all of us in the community should know more about. A big thank you to Erin for agreeing to speak, check out her website to learn more about her & her worthwhile organization:

http://www.girlsfightback.com/
http://www.erinweed.com./

search for 2 br condo over 1400 sq ft in Hoboken

Published Feb 17, 2006 by Judy Marciano.


Working on a search for a 2 br/2ba with parking in Hoboken. See below for some of the results,

CRITERIA FOR SEARCH:
# bedrooms = 2+
# bathrooms = 1.5 or 2
approx sq ft = over 1400
location = preferably near Path Train
parking = must include one parking space
price range = $600,000 to $825,000

RESULTS:
total count = 27 units
parking = only 19 of the 27 units
location = only 10 of the 27 units were downtown




Overall price range:
high: $825,000
low: $624,000 (this was for a 3 bedroom that consisted of 1415 sq ft)
ave: $728,751
median: $729,000

information compiled on 2.17.06 from Hudson County Multiple Listing Service, information deemed reliable but not guaranteed.

A Dog's Life

Published by Judy Marciano.



Roxy, my Chinese Crested Powderpuff dog, was in the New York Post yesterday in an article called "NY's cutest dogs". She was the only dog from Hoboken featured in the photo's.
(she's the one with the glasses)

Kim's Mediatronics, Jersey City

Published Feb 15, 2006 by Judy Marciano.


I became a new member today of a video place at 88 Pavonia Ave. in Newport (next to the Path Station) in Jersey City. It's called Kim's Mediatronics . This is not your typical video shop. They have a 50-seat screening facility on the premise. They sell high-end consumer electronics as well as books and CD's. They have a cafe/juice bar in the store. And there is a pleasant, well-informed staff ready to help you with every thing. If you haven't already discovered Kim's, its definitely a place to explore and experience!!

As for some of the residential real estate in the area there is Porofino (recent condo conversion), the James Monroe building, the Shore Club (new development) and Trump Plaza Jersey City (new, very initial stage).

City Limits - where are they?

Published Feb 14, 2006 by Judy Marciano.

If you are driving from Secaucus to Hoboken, you can take Secaucus Road to Paterson Plank Road to get there. You will go thru Jersey City & Union City and if you want a landmark to determine when Jersey City ends and Union City begins, you can refer to "City Limits". This is when Jersey City becomes Union City. And as you continue on Paterson Plank Road, it will take you to Hoboken. On your way, you will see the construction start for "The Cliffs", the latest new condo development on the border of Hoboken and Jersey City.

Union City borders on the south by Jersey City and on the north by West New York & North Bergen, on the west by North Bergen and on the east by Weehawken. (Union City is the result of a merge of West Hoboken and Union Hill).


investing - more than a line on a spread sheet

Published Feb 11, 2006 by Judy Marciano.


The process for purchasing investment property such as a multi family home is different than buying a residential unit to live in. First of all, your realtor can't prepare a contract for any multiple family building that is more than 4 units. The initial offer to purchase contract must be written by an attorney. Attorney review rules don't apply, since the original contract is already written by the attorney directly, what you have instead is a contract negotiation by the lawyers. One of the reasons that the rules in buying a multiple family are so different is that you have tenants.

The rights of tenants are very important in many ways, especially in regard to the NJ multiple dwelling rules which regard safety laws and inspections, referred to as a "green card" which is applicable for places of 3 units and above.In many ways, with today's laws, you become a partner with your tenants. They have legal rights and if you don't live in the building, the tenant has the right to continually renew their lease unless rules and regulations of the lease are broken. And if you buy a place that includes commercial tenants, environmental rules come into effect.

Getting a mortgage & insurance will be more complicated and more expensive. Your closing costs will be higher, ie., appraisal, inspection, insurance, bank and attorney fees. Typically a 30% downpayment is required when its above 4 units. And the interest rates & overall bank charges for obtaining a mortgage will be different than the standard residential rates & charges.

If a place is your own personal residence you can deduct the interest payments against your personal income and taxes but if its not a personal residence you can't deduct it against personal income, only income from the building. But you will get the benefit of depreciation if its an investment property. I suggest you speak to a financial expert to get direction in this area. My accountant who is also a CPA has recently started a blog with some postings regarding real estate, definitely check it out http://www.hobokencpa.blogspot.com/ (his name is Tony Cunningham, and I love his reference under his profile "if your in a jam, call Cunningham").

It used to be that your primary concern in buying investment property was cash flow. In today's market with current prices, this doesn't always exist. The trend in some areas of Hudson County is to find a place that offers the potential of condo conversion. There used to be formulas that dictated what a fair price would be based on the cash flow of the building, todays buyers also look at formulas related to condo conversions.

Some other questions to consider when buying investment properties:
* Is there separate utilities or will you be responsible for the entire building, ie., heat/hotwater
* What type of heat, gas or oil?
* Are the windows in working order so that heat and air conditioning doesn't escape thus increasing your utility bills.
* What type of lease do the tenants have., ie. annual, month to month?
* Are there disabled or elderly tennants in the building?
* How long have the tenants been in the building, do they tend to stay long or do the tenants change frequently?
* How old is the roof?
* Does the building have a green card?
* Is the building subject to rent control (this is dependent upon the rules of each individual city) .
* What is the overall condition of the building, ie. hallways, basement, outside areas both front and back of the building?

You have to be even more aware of the overall condition of a property since you don't share expenses like with a condo. As the owner, you will be responsible for the upkeep and maintenance of the building. In addition to your fixed expenses, you will need some reserves for anything unexpected that may arise.

Be very careful when buying a muti-family dwelling because you are taking on the responsibility to provide one of the essential needs for your tenants, that is, safe and decent housing. You will quickly come to realize that your tenants are much more than a line item of a spread sheet.

exploring another city in Hudson County - North Bergen

Published Feb 10, 2006 by Judy Marciano.



NJ Transit is opening 2 new stations on the Hudson-Bergen Light Rail this month. Service is expected to start on February 25th at the Bergenline Avenue Station in Union City and at the Tonnelle Avenue Station in North Bergen (which I happened to drive by today during my real estate travels). The station in North Bergen will also include a 730 car park and ride.

And since I was already in the area, I had to stop by one of my personal favorites, Di Palma's on Kennedy Boulevard at 88th Street, definitely worth the drive (or a ride on the light rail when it opens). Sometimes you have to venture out of Hoboken and Jersey City to explore places in the other 10 cities of Hudson County.

Sixth Street Embankment, Jersey City

Published Feb 7, 2006 by Judy Marciano.



The Sixth Street Embankment , a former Conrail railroad embankment, is a stone elevated structure which runs along 6th Street in downtown Jersey City. It has been approved by Jersey City City Council as a historic landmark destination which will now prevent developer Steve Hyman (who had purchased it for $3 million) from his plans of building many 2 family homes there. It is now planned as open space or a park due to the efforts of advocates for open space in Jersey City. The section north of the Embankment is Hamilton Park and the section south is referred to as Harsimus Cove. A hundred years ago, the residents of the brick rowhouses across the street from the Embankment had to deal with the constant sound of the steam locomotives going by carrying produce and live cattle from the Pennsylvania Railroad. Times have really changed, now these same homes are being sold in some cases for over $800,000 (I've shown a few of these recently to potential buyers).

Dueling grounds in Weehawken

Published Feb 6, 2006 by Judy Marciano.


Stopped to take a picture of the grounds where Alexander Hamilton and Aaron Burr dueled.
Somewhere below this site on a wooded ledge above the Hudson River (the exact location has been obscured by over 200 years of development) is where the duels took place. This picture was taken in Weehawken where Hamilton Avenue meets Boulevard East.

checking up on the "piles" in Hoboken

Published Feb 5, 2006 by Judy Marciano.

I was at ShopRite again this morning and couldn't resist stopping to take a few more photo's at the construction site as I checked out their progress from the other day. A few blocks down,at 723 Jefferson Street, I was meeting some clients for breakfast at The Cup Joint . There was a thirty minute wait, so we went to the Spa diner instead at 74 Hudson Street for a quick breakfast.

Crime is down in Hoboken

Published by Judy Marciano.

A big thank you to the men and women of the Hoboken Police department and all those in the law enforcement community for keeping us safer.
Overall crime in Hoboken is on a downward trend. Violent crime for 2005 went down by 19.1 percent; non-violent down by 4.5 percent.


Hamilton Park, Jersey City

Published by Judy Marciano.

Looked at properties yesterday in Hamilton Park, one of the historic downtown neighborhoods of Jersey City. The park is surrounded on three sides by brownstones from the Victorian era. It is named after Alexander Hamilton, the nation’s first secretary of the treasury, under President Washington. (Alexander Hamilton lost his life as a result of a dual fought in nearby Weehawken with Aaron Burr, President Jefferson’s first vice president).












another day in Jersey City

Published Feb 3, 2006 by Judy Marciano.


If you want to buy a single family or multi-family but can't find what you are looking for in Hoboken, the next step in the surrounding area would be Weehawken or Jersey City. While the homes in Weehawken are beautiful, especially the ones on the Boulevard East with breathtaking views of NYC,clients sometimes prefer more of a "neighborhood" atmosphere. There is also less commuting options to NYC (no path train). So another option for a more urban atmosphere would be Jersey City - the Heights, Hamilton Park, Van Vorst Park or Paulus Hook. Paulus Hook is wonderful, close to the waterfront; train, bus or ferry to NYC and a good selection of restaurants & shops nearby. These reasons plus others make this a desireable place to live yet the supply is limited and prices tend to be higher than other parts of Jersey City. This narrows the search down to Hamilton Park and Van Vorst Park neighborhoods. There is more to choose from in Hamilton Park vs Van Vorst, and a wider range of price points. Today's search will bring me to a 4-family on Varick Street listed for $899,900 - can't wait to see this one as that street is so pretty & and prices are usually much higher. We are also looking at a 3-family on 4th Street for $980,000; a 2-family on Erie Street for $875,000 and some new construction on Montgomery Street and 4th Street.
We've seen two properties near the Embankment, one was on 6th Street, a 3-family for $949,000 and the other was on 3rd Street (off of Erie) for $799,000. Although these prices sound high, these type of properties (multi-family in good condition) in this price range are very difficult to find in Hoboken which has an even more limited supply at higher prices. You get a much better selection of condo's in Hoboken in a variety of prices. So the search continues, looking forward to another day in JC.

Watching the "piles"

Published Feb 2, 2006 by Judy Marciano.




In between appointments today, I stopped to watch some new construction across the street from the ShopRite in Hoboken. I find it fascinating to listen & watch this initial phase of building a building.

It is only an illusion that the bigger buildings of Hoboken are sitting on the ground. In fact, most of the bigger buildings of Hoboken are held up by an intricate system of structural support that all depends upon “piles” being hammered down deep into the bedrock where the sifting sands of time and dirt cannot affect the structural integrity of a building. In simple terms, what you see in these photo’s is the first step in laying down a building. Watching the progress of new construction in Hoboken, begins with the “piles”.

Building of the day - Hoboken Car Wash

Published by Judy Marciano.






























The new car wash in Hoboken at 425 Newark Street has arrived!

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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