The time to buy is NOW If you have less than 15% towards a down payment for a Hoboken Condo!
Since the government assumed control of Fannie Mae and Freddie Mac, lenders will be implementing rules slated to take effect at Fannie Mae in 2009 that mandate 15% for down payments. This will make it harder for home buyers, especially first time home buyers in Hoboken, to secure a property. In this buyer's market where property values that are in line with prices in 2005 and favorable mortgage rates of less than 6% (for exceptional credit), it would be wise to try to buy a home with the down payment that you have right if it's less than 15%, since there are only three months left to 2009.
Please let me know if you need anymore info regarding the new mortgage regulations or to see which property will fit you best.
The slower housing market is for the most part to blame on the uncertainties of the overall economy, mortgage woes, the elections, and job security.
Although all these subjective justifications are concerning; there is a big argument that one can raise regarding asking price versus selling price.
I truly believe that if asking prices were more in line with selling prices that the market would be less slow, and buyers’ confidence would become higher, thus fueling another turning point in our Hoboken condo market. With another turning point I’m referring back to the other good news that the existing homes sales rose by three percent last month compared to July.
First there are quite a few of condos in Hoboken that are on the market just to feel out if renting it would not be the better alternative, or just to see how much I could get for my property kind of attitude. Most of these Hoboken condos, in my opinion, are not realistically priced, because there isn’t an actual motivation for the seller to adjust the price of the property, since the seller “really doesn’t have to sell”. This in turn gives a buyer the false sense that there is so much choice in the current market.
If sellers that really don’t want to sell or need to sell would stay off the Hoboken condo market it would benefit current seller and buyers instantly and the “would be sellers in dreamland” subsequently.
Selling Price versus Asking Price obviously makes a big difference in terms of DOM (Days on Market). Hoboken Condos that actually have sold have been on the market for an average of 71 days (Based on Year to Date Sold Hoboken Condos). Contrast this with Condos that are currently on the on the active market that have an average DOM of 90 days.
Selling your property fast doesn't necessarilly mean that you've left money on the closing table; on the contrary, pricing your condo right from the getgo, thus benefitting from the momentum a property new to the market has, prevents most seller from chasing the market down and losing more money along that slide.
Let me know how I can help you sell your property for the highest price in the shortest amount of time.
I had a buyer in South Orange asking for an opinion about the NW area in Hoboken and this was my response to her.
Please let me know if you are a resident of the NW area of Hoboken why YOU like to live there or the reason if you dis-like living there?
Dear JNR,
I believe that the NW section of Hoboken is a great area to be, especially after the Upper Grand condos have created a neighborhood there and expanded the NW of Hoboken even further. It seems that the area is being enhanced even further as there is a movie theater planned on 14th and Adams/ Grand and also a strip mall which should attract some nice shops to service that area of Hoboken. Transportation-wise there is the light rail on 9th Street against the Palisade and on 14th and Willow there's easy access into Manhattan via bus and if you have a car it's easy to get into the Tunnel to Manhattan or on Route 495 to connect with the rest of the highways. In terms of buying a property to invest; It will be really hard to predict the future of home values 5 years from now, however, historically and generally, 5 years has been enough of a time to create some sort of an appreciation. I believe that the next 5 years should do the same, even though my gut feeling is that it's not going to be around the same growth as we have enjoyed in the last 5 Years. Personally, I think that "Anywhere" in Hoboken is a great place to be, the city is small enough for you to still be close to the many amenities the city has to offer regardless of where you are. That said, the places closer to Hoboken's waterfront are in general more desirable, thus more expensive. So this all depends on your comfort level with the different areas within Hoboken and of course on the budget that you're looking in. Please let me know if I can help you with some examples of properties in the different areas within Hoboken.
Best Regards,
Anoir
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Your Hoboken Property Expert...........Experience you can bank on! ___________________________________________________________________________________________________________________________________________________________
If you've enjoyed the 2008 Beijing Olympics as much as I have then you've probably noticed this one guy named... Michael Phelps! I've always liked the swimming discipline at the Olympics, but I'm sure you can agree that this time it was better than ever. Well the reason why I mentioned Michael Phelps in a Hoboken Condo Blog, is because of the great swimming facilities at Hoboken's own Stevens Institute of Technology.
Michael Phelps actually inspired me right after the 2004 Olympics in Sydney to attend the swimming facilities at SIT on Castle Point in Hoboken, so I can tell you first hand that its great fun even for a novice swimmer like me. It was great! Swimming a few laps under the instruction of some great trainers.
Michael Phelps started his swimming career at age 7 in Baltimore, Maryland, so I assume to make it to the Olympics and win it, you've got to start early?! Well you're in luck! Stevens Aquatics Program has a nice schedule that can accommodate children of all ages and that includes our Hoboken Seniors ; ). One can literally start at the age of 6 Months young (obviously, parent involvement is required) and take it as far as you can possibly swim.
The groups are cleverly named from Water Tykes (2 - 4yrs) to Sand Sharks (8 - 12yrs). So I'm sure there is another Michael Phelps in Hoboken, because as amazing as this guy is, he seems grounded enough to not think that nobody can beat his record. Just like when Michael Johnson's seemingly unbeatable world record on the 200 meters, was put in the shades by another youngster Usain Bolt.
So head over to the swimming pool in Hoboken's Stevens Institute of Technology on Castle Point. The best way of getting there would be past the field on 8th Street and Castle Point Terrace off Hudson Street.
Please click here for the Stevens Aquatics Brochure for schedules and fees.
This particular section is a daily update of everything that's happening to our Hoboken Condo that either come new to the Hoboken condo market (Active), get under contract (DABO) or are finally closed (SOLD). If you have a Hoboken Condo you can't afford to miss this information, because if you follow this you'll be able to know exactly what's going on with your Hoboken Condo.
If you notice that as many Hoboken Condos actually went under contract as that came to the market one can say that we had a nice and balanced day today, which is a healthy sign amidst all the uncertainties of other market that have an influence on the Real Estate market in general, such as Mortgage Rates that are on the rise and the financial markets that are still dealing with their own uncertainties. In all Hoboken is proving so far that it's holding it's own!
Please don't hesitate to contact me, if you have any questions regarding where your own unit stands within the Hoboken Condo market.
I'd welcome any comments or views in regards to how your individual experience is in either buying or selling a condo in Hoboken.
This particular section is a daily update of everything that's happening to our Hoboken Condo that either come new to the Hoboken condo market (Active), get under contract (DABO) or are finally closed (SOLD). If you have a Hoboken Condo you can't afford to miss this information, because if you follow this you'll be able to know exactly what's going on with your Hoboken Condo.
If you notice that as many Hoboken Condos actually went under contract as that came to the market one can say that we had a nice and balanced day today, which is a healthy sign amidst all the uncertainties of other market that have an influence on the Real Estate market in general, such as Mortgage Rates that are on the rise and the financial markets that are still dealing with their own uncertainties. In all Hoboken is proving so far that it's holding it's own!
Please don't hesitate to contact me, if you have any questions regarding where your own unit stands within the Hoboken Condo market.
I'd welcome any comments or views in regards to how your individual experience is in either buying or selling a condo in Hoboken.
Below are some opportunities for renters to become Condo owners in Hoboken, these 10 are all condos in Hoboken under $300,000: (one of them is even a 2 bedroom Condo!!)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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