Hoboken Real Estate News

The 4 Big Problems Sellers Must Face When Selling a Hoboken Condo

Lori Turoff (Robert DeRuggiero Realtors) — Mon, 16 Jun 2008 16:49:53 -0500

1. You Have Only 3 Minutes

Let's say you list your Hoboken condo for sale and, thanks to excellent marketing, have a showing appointment for a potential buyer to come to see it. You've got their attention and they are in the door. How long do you think the average buyer spends in each property? Five minutes? Maybe 10 to 15 if they really take their time? To think that you have 5 minutes to convince a buyer to buy your condo is generous. Most buyers walk in, take a quick look around and make a snap decision in the first 3 minutes whether or not they like the property enough to buy it. This decision is a gut reaction and can be very subjective. If they don't immediately get a good feeling about your condo in the first few minutes, trust me, they are ready to move onto the next.

Your condo must make an outstanding impression in the buyer's mind immediately. That means you need "wow factor". Wow factor is what happens when someone opens your front door, steps inside and, literally, says "wow". Selling real estate successfully is all about first impressions. There are many different ways to make "wow" happen depending on your particular property. An exceptional realtor should present your property in such a way that potential buyers walk in and can picture themselves living there. Unfortunately, many realtors have no clue how to do this and some sellers don't use a realtor thinking they can do it better on their own. We've all seen photos on-line of condos for sale taken with the laundry piled on the closet floor and the toilet seat raised in the bathroom. Many people just don't get what it takes to make a property shine. The most important steps include decluttering, depersonalizing, modernizing and creating an immediate focal point that draws the buyer's attention to the defined attributes of your particular condo. Spending all day, almost every day seeing other condos that are for sale certainly gives you an edge in knowing what must be done.

When a buyer walks through your condo and has an internal dialogue that sounds like: "well, if we change the paint color and redo the floors, then put the couch over here to make this room flow better, we could eat over there, and maybe build a small closet against this wall" forget it, it's over. When a buyer focuses on what is wrong with your condo instead of what is right you have lost the sale. The buyer must be so taken with everything right about the property and can picture living there so easily that they never even notice any potential flaws or drawbacks.

2. Your Taste Doesn't Matter - Selling a Condo in Hoboken is a Numbers Game

You might have spent years agonizing over every little detail in your home to get it just the way you like it. The problem is, nobody cares what you like. To sell your condo you need to consider what most condo buyers will like. Of course, you can't get inside every buyer's head but you can shoot for the most popular choices that are most likely to appeal to the greatest number of potential Hoboken condo buyers. For example, if you're selling a 2 bedroom condo in Hoboken, remember that Hoboken is full of young couples with babies and they almost always want a washer/dryer in their home to wash the baby's onesies. If you are selling a 1 bedroom condo in Hoboken, chances are high that your buyer is a young, single professional who commutes to work in the city. Most guys want a want a place to put a really big flat screen and most girls like a huge closet with adequate shoe and purse storage. Did you think about that when you set up your furniture or organized your closets for showings? Is the first-time Hoboken buyer going to walk in and immediately see the perfect wall opposite the couch for the plasma TV or "ooh and aah" over the little shoe storage boxes build into the closet? You may love the purple walls in the bedroom but do you think more buyers will prefer purple or cream? Even if you never needed or wanted these features what matters now is what your potential buyer likes and wants. The more potential buyers you can appeal to, the more likely one will take action an offer and the more offers you get, the more likely you are to sell.

3. There Stiff Competition in the Hoboken Condo Market - Go See For Yourself

The inventory of Hoboken condos for sale is on the rise. You are not the only game in town, no matter your location or price. Today's condo buyers have choices. Let's imagine that you own a condo in 100+ year old, 10 unit, walk-ups building on Park or Willow or even Hudson. These long, narrow, two-to-a-floor condos are abundant in Hoboken. Does yours stand out from the others? Have you actually seen the others that are for sale? If not, why not? The potential buyer of your condo will probably see all of them before deciding on which to make an offer. The same applies to newer construction units like MetroHomes or Fields construction buildings. These units are not inherently that different from one another. They tend to be located in similar areas. Your condo, at whatever price it is offered, must be one of the best available in that particular price range. Hoboken buyers are smart, sophisticated and willing to shop around. Your condo unit must be perceived by the buyers as the best deal in town. If it's not, your condo is simply not going to sell in today's market at the price you are asking.

4. Hoboken is a Buyers Market - If your Condo is Overpriced it Will Not Sell

This problem relates back to the other three.

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Should We Close The Door on Open Houses?

Lori Turoff (Robert DeRuggiero Realtors) — Thu, 29 May 2008 14:20:47 -0500

Open Houses Don't Sell Condos

There is a myth in the real estate business. It's one that's been around for a long time. It's especially entrenched in urban areas like here in Hoboken. Sellers put their Hoboken condo on the market and think that their agent should hold an open house every weekend until the property sells. They believe that a buyer is going to walk through the door, fall in love with the property and pull out their checkbook. Selling a condo at an open house is a rare event. There are people who make a recreational activity out of visiting weekend open houses. It's something for them to do after brunch - to check out their neighbors' condos and pick up some decorating ideas and renovation tips. The vast majority of visitors to open houses are not in the market to buy a condo in Hoboken. So should agents be firm and tell the sellers to get real and stop holding them? Probably not.

Buyers Want to Window Shop

There is no doubt that today's buyers start their search on the internet, especially young, smart, sophisticated Hoboken buyers. Nonetheless, pictures and even video only go so far. There is nothing like the real thing, baby. Being able to walk into a property at ones leisure is a nice opportunity for a buyer to window shop without feeling obligated to an agent, without having to make an appointment in advance and without the fear of pressure from a possibly pushy realtor. Going to open houses is a great way for a buyer early in the buying process to test the waters.

Sellers Want to Know

An open house lets your agent get an idea of what the browsing public thinks of your place. Now, most people have some social grace. They are not going to walk in and say "what an awful property". If your agent is perceptive and can read body language and make people feel at ease they should be able to get a pretty good idea of what most people like and don't like about the unit. A good agent will communicate that information back to the seller so changes can be made where possible. It also adds credibility to what the agent may have been trying to tell the seller from the start. If the fuschia curtains just don't work in the living room it may help to convince a stubborn seller when the seller hears it more than once.

Even The Most Committed, Serious Buyers Want Some Freedom & Flexibility

Some buyers are actively engaged in the house hunt and have been working with an agent. In Hoboken most agents know each other and work together frequently. If a buyer wants to go out looking at properties and the buyer's agent can't accompany them it is common for the buyer to go to open houses on the weekend alone. When they are asked to 'sign in' they let the host know that they are already working with a certain realtor. That relationship is (and should be) honored by the hosting agent. This gives the buyer a way to go out looking at his convenience without having to have his agent there while still being loyal to his agent. If the buyer sees something he likes, he will typically go back with his agent to see it again. He then has the assistance of his agent should he decide to move forward. But a buyer, even if working with the best realtor in town, can just stroll into an open house on a whim.

Open Houses Can Even Be Good For the Agent

CONTINUE READING AT: hobokenrealestatenews.com

Hoboken Condo For Sale - Comes With Its Own Transients

Lori Turoff (Robert DeRuggiero Realtors) — Thu, 29 May 2008 14:17:41 -0500

They've Got To Be Kidding!

I saw an interesting Hoboken condo property yesterday. A 10 unit building was gut renovated and all the units were for sale, a few already under contract. The building was your typical Hoboken 5 story walk-up with the staircase in the center and a 'right' and 'left' unit on each side of the building. If you've ever seen them, you know that these units can be very long and narrow. The location wasn't bad - the 300 block of Grand Street. That's between 3rd and 4th Streets, on Grand. Remember that for later.

We went into one of the units listed as a 2 bedroom, 1 1/2 bath for $439,000. The unit was 670 square feet - pretty small for a two bedroom. In fact, just knowing the square footage makes you wonder how two bedrooms could possibly fit. Most two bedrooms in Hoboken condos are closer to 1000 square feet.

Two Bedrooms and No Living Room

Squeezing two bedrooms into 670 square feet takes a bit of doing. If you design an open kitchen with a 2 seat breakfast bar, the area on the far side of the breakfast bar is your "living room". A very tiny living room but you could theoretically fit an Ikea love seat and coffee table into the space. Forget about having a real sofa. Given the space (or lack thereof) what would make more sense would be to treat the second bedroom as the living room. Perhaps even remove the wall between the 'living area' and bedroom or open it up with pocket or French doors. But then you've got a $439,000 one bedroom. At least you'd have a reasonably sized living room.

Whatever You Do, Don't Open the Kitchen Drawers

Let's consider the kitchen. It has about 6 cabinets total, 3 uppers and 3 lowers. My favorite was the cabinet between the sink and refrigerator. In order to open one of the few the drawers, you must first open the refrigerator door. That's right - you must open the refrigerator door - all the way - in order to open the drawer. Otherwise the drawer just hits the refrigerator, eventually denting the stainless steel. The corner cabinet beneath the drawer was essentially wasted space since the door only opens about a third of the way. Since corner base cabinets are where one would store things not used very frequently - like big pots, the door's inability to open renders the whole cabinet sort of useless.

What Does That Glossy Brochure Say?

There were very fancy, clearly expensive brochures in the condo. The very first page touted "attention to detail". Inside it, I was stunned to see the "Neighborhood" section with a full page photo (the only full page photo in the brochure) of the Elysian Cafe. I guess if you consider all of Hoboken your neighborhood the Elysian is in the neighborhood of 3rd and Grand Streets. The Elyisian is uptown at 10th and Washington Streets. Not exactly the same neighborhood as 3rd and Grand. Nice try, though.

My Condo Comes With a Transient?

Even more unbelievably was the page of the brochure that listed the condos' features. Among them was "glass transients and doors". Someone doesn't know the difference between a transom and a transient. A transom is the horizontal glass window often found above doors in Hoboken properties with high ceilings. They would be opened up at night in the old days to allow air to circulate through the long, narrow apartments. A transient is something fleeting, like my respect for the intelligence of the people who wrote this brochure. The property is listed with one of the largest brokerages in the US. Don't they have proofreaders?

Given the obvious lack of attention paid to quality in both the design of the units and the promotional materials used to sell them, buyers' interest in buying these Hoboken condos are going to be pretty transient, as well!

One Hoboken Real Estate Agent May Be Enough

Lori Turoff (Robert DeRuggiero Realtors) — Thu, 29 May 2008 14:14:04 -0500

With a Multiple Listing Service for Hoboken Real Estate, Everybody Wins

I had an interesting phone conversation this morning with a potential buyer of a Hoboken condo. He wanted to see condo properties in both Hoboken and Manhattan. I was explaining the difference between how real estate brokerages work in Hoboken (and New Jersey in general), where there is a multiple listing service (MLS), vs. Manhattan, where there is not.

If you are a Hoboken condo buyer and find a nice property on-line, say at trulia.com or notice a "for sale" sign on a building while walking down the street, chances are pretty good that the property is listed on the MLS. The agency that listed the condo has agreed to cooperate with every other agency in town to allow all agents to show that property. The more times a condo is shown to buyers, the more likely it is to be sold and at a higher price which is better for the seller. The sales commission agreed upon by the seller and the listing agent, typically 5% in Hoboken, is divided 50/50 between the listing agent and the agent that finds a buyer for the condo. If you're a buyer and have developed a good working relationship with a particular agent, he or she can show you the place you found on line as well as any other property on the MLS. The buyer wins because the agent gets to know the buyer's likes and dislikes, doesn't waste the buyer's time showing inappropriate properties, and by being loyal to that agent, he or she works that much harder to find the perfect property. After all, agents don't make a penny working with the buyer unless the buyer actually buys a condo.

Agents Don't "Compete" For the Buyer

At this point my caller objected. He said he would not work with a single agent because that would not be in his best interest. If all the different agents are competing with one another, he explained to me, he would pay less for his condo. Huh? I pointed out that if he were to buy a condo directly from the listing agent he would still pay the full commission. The entire commission would go to the listing agency. Listing agents don't give up half the commission when they sell their own listings! Furthermore, I explained, the listing agent represents the seller. It is often debated whether it is a conflict of interest for a listing agent to also represent a buyer (called dual agency). How can a seller's agent work for the buyer and act as a fiduciary of the seller with an obligation to obtain the highest possible price for the seller's property? He still didn't get it. If he didn't want to work with a single agent and instead went to every agent in town telling them he wants them "to compete for him." Outstanding agents with knowledge and skill are in high demand and don't have the time or patience to deal with a "high maintenance" buyer who thinks he's going to outsmart the world. This buyer may only outsmart himself winding up with an novice agent, and will end up paying the same commission anyway. The really good Hoboken agents often have more business than they can handle.

The Commission is Just "Wrapped Up" in The Sales Price

My caller may have thought that, as a buyer, he had some ability to change the commission to be paid. Maybe he erroneously thought that the seller pays the listing agent only half the agreed upon fee for selling the condo herself or that the fee varies depending on which agent he uses to find the condo - wrong again. The commission is set no matter who sells the home. Sometimes, a seller and listing agent do agree when listing the property that if it is sold "in-house" that is, by the listing agency, the fee might be 4% instead of 5%. That has to be disclosed in the listing information which every agent can see. Which agent finds the property for you has no effect on the sales price. With one exception.

An Agent's Negotiating Skills Do Matter

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When "Final and Best" is Neither

Lori Turoff (Robert DeRuggiero Realtors) — Wed, 14 May 2008 01:27:51 -0500

Beware When Buying a Condo in Hoboken - Final Doesn't Always Mean Final

The Hoboken condo and real estate market is still reasonably strong and a surprising number of Hoboken condos and brownstones elicit multiple offers. When this happens, the listing agent can handle them in two basic ways:

Competing bids
"Final and Best"

Competing Bids Can Cause Chaos or Worse

With competing bids, the buyers bid against each other until the seller accepts one offer and says "stop - no more showings, no more offers". Very often the seller will play one buyer against the other to keep outbidding each other to get the highest price. This strategy backfires when both buyers get frustrated and walk away. Occasionally a seller will accept one buyer's offer, sign contracts and begin attorney review with that buyer. Then an even higher offer comes in, possibly even after the the end of attorney review when the sales contract is supposedly binding, and the seller will dump the first buyer or try to get the first buyer to top the bid again. This results in hard feelings, a disgruntled first buyer and may even end in a law suit.

The idea behind "Final and Best" is for the seller to be as fair as possible to everyone. The listing agent tells the buyers' agents that each buyer should present their "Final and Best" by a certain deadline. The seller will then select which offer is most attractive and move forward with that buyer. "Final and Best" is supposed to avoid tangled mess of multiple bidders trying to out bid each other. It is often presented to the buyers as a way to "level the playing field".

As They Say in Latin, Caveat Emptor - Buyer Beware!

Even when the seller's agent says they are doing "Final and Best" in the end, it's often entirely meaningless. Well how can that be, you may wonder? Here is a comon scenario:

Seller has multiple buyers interested in the property
Seller's agent informs all buyers that they have until 5pm tomorrow to submit their "Final and Best" offer.
3 buyers (Buyer A, B, & C) submit bids in different amounts and with different terms (closing date, amount of downpayment, etc.)
Seller chooses Buyer B. Buyers A and C are informed of seller's decision.
Seller and Buyer B sign contracts, hire attorneys and begin the attorney review process. They may complete attorney review. Buyer B may have even paid a significant deposit to Seller.
Buyer A reappears raises Buyer B's offer by $50,000.
Seller is greedy, can't resist the dough, and tells Buyer B to take a walk.
Buyer B is furious, having now set his heart on the property, decided where to put the furniture and what color to paint the walls. Buyer B has also hired an attorney to the tune of $1,000 or so.
Buyer B's agent calls seller's agent and reads her the riot act.
Seller's agent says "sorry - I'm obligated by law to present all offers to the seller and seller can do whatever".
Buyer B is left to move on to the next property or take legal action. As I recall from my days as a lawyer, property is unique and specific performance may be an appropriate remedy, i.e., seller may be forced by the court to sell to the Buyer B on the original terms. Of course, few buyers bother to incur the cost of a lawsuit but it is a possibility.

So much for "Final and Best". Now, of course, there are some sellers with a sense of fairness that actually superceeds their greed. Upon having committed to a buyer, they will not entertain any further offers, even if higher than the accepted one. Buyers should remember, though, that just because the seller represents that they are doing Final and Best, it may be neither.

When is a Deal a Deal?

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Hoboken Condo Sales - April Results are In and They are Good

Lori Turoff (Robert DeRuggiero Realtors) — Wed, 07 May 2008 09:01:02 -0500

Hoboken Condos Lure Buyers in April

April was a pretty good month for Hoboken condo sales. The end of month numbers are in and Hoboken condo sales remain fairly strong. I know, there are stories in the press every day about the collapse of the housing market and we all have witnessed prices skyrocket at the gas pump and grocery store. While our country has some significant economic woes that are likely to get worse before they get better but, for various reasons, people want to live in Hoboken and continue to be willing to pay top dollar for Hoboken real estate.

Average Sales Price of Hoboken Condos is Up 8%

April sales figures represent a 8% increase in average sales price for a Hoboken condos compared to last month. The average price of condo is now just over $560,000. That's 5% over the same period last year but 3% less than April 2006.

Price per Square Foot Down Slightly

Last month the average price per square foot for a Hoboken condo was $520 and in April it was $517. Of course, that is just an average and the real number varies depending on the usual factors - location, condition, and promotion. The mix of units sold each month also has an impact on this figure. Smaller units tend to sell for more per square foot than large ones. So if more large units sell in a given month it may tend to pull down the average. This may have been the case here since the average size jumped from 1000 square feet in March to 1087 in April.

Hoboken Property Is Selling Briskly - 72 Days on Market is Average

The standard measure of sales activity is "days on market". This number dropped from 90 days in March to 72 days in April. Of course, the nice weather has an impact on how many buyers are willing to go out condo shopping. We are in the midst of prime selling season.

Here is a Chart View of Monthly Hoboken Condo Sales To Date:

So How Much is My Condo Worth?

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Going "Green" in Hoboken, One Step At A Time

Lori Turoff (Robert DeRuggiero Realtors) — Mon, 28 Apr 2008 16:21:04 -0500

Granite Counters May No Longer Help Sell Your Condo

We just celebrated the 30th anniversary of Earth Day, now expanded into Earth Week. On April 22, 1970, the first Earth Day, I happened to be on a family trip to Washington D.C. and on the mall where the first Earth Day event was taking place. I can still remember listening to a young Ralph Nader speak about the need to protect the environment. Thirty years have gone by and our environmental problems have become so much worse. Maybe it's time for us to start taking our part in the problem more seriously. So here is my contribution for Earth Week 2008 (a tiny bit late). There has been a lot of focus on 'green buildings' lately, like the new Garden Street Lofts in Hoboken, which also happen to be some of the highest priced Hoboken condos ever. Yet every day I hear buyers ask "does that condo have granite counters and stainless steel appliances in the kitchen?" and "are the bathrooms all tiled?" Many sellers think that putting new granite counters in the kitchen or replacing the carpets with hardwood floors is an easy, inexpensive way to upgrade their condo before selling. Granite, marble and most other stone is not green! Stones like marble, granite, slate, sandstone and limestone come from quarries. They are dug out of the earth from quarries which leave behind a huge, permanent, ugly gouge in the mountainside that disfigures the landscape for years and years. Stone quarrying causes all sorts of destruction to natural habitats, noise pollution, air pollution and water contamination from waste. We've all learned what damage has been done to our forests by over harvesting of trees. Now hardwoods are "FSC" certified (they come only from forests that are sustainable).

Why Not Recycled Paper or Glass For Your Next Kitchen or Bath?

Today there are hundreds of green products you can consider when renovating your condo. From recycled paper counter tops to reclaimed hardwood and even tile floors, the choices are affordable and attractive. There are many websites like the GreenHomeGuide where you can find advice and descriptions of these new options. Many of us, myself included, thought that if you wanted an upscale, luxurious finish granite, marble and stone were the way to go. Now we know better and have the information to make an intelligent, responsible choice. So before you begin selecting granite colors or looking at hardwood floors, explore the new options. Here are just a few to start:

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The Weekly Wednesday Wrap Up - Hoboken Condos Sales Activity and Inventory

Lori Turoff (Robert DeRuggiero Realtors) — Sat, 26 Apr 2008 08:56:54 -0500

Hoboken Real Estate - As Of April 23rd

Studio & One Bedroom Condos: Total Active: 181 Under Contract (Dabo'd):83 Sold (Deals Closed) This Week: 6 Average Sold Price: $408,500 New Listings This Week: 21 Two Bedroom Condos: Total Active: 290 Under Contract: 89 Sold: 9 Average Sold Price: $545,988 New Listings: 22 Three Bedroom Condos or Bigger Total Active: 55 Under Contract: 13 Sold: 1 Average Sold Price: $485,000 New Listings: 7

Where Are Hoboken Condo Sales & Inventory Headed?

Since I started tracking these figures back in early February there have been significant increases in the number of condos for sale in Hoboken in every size category. Studio and one bedroom condo inventory is up 43%. Two bedroom condo inventory is up 32% and three bedroom and larger condo inventory is up over 41%. Sales have not, however, increased proportionally. That means that inventory of Hoboken condos is building up.

How Does Hoboken Condo Inventory Build Up Affect Prices?

Basic laws of supply and demand would seem to indicate that when we have an increase in supply without a corresponding increase in demand, prices will drop until equilibrium is achieved. The month of April is almost over and the end of month Hoboken condo sales figures will be posted here promtly.

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hobokenrealestatenews.com

The 10 Worst Things About Hoboken Real Estate Agents

Lori Turoff (Robert DeRuggiero Realtors) — Sat, 26 Apr 2008 08:49:33 -0500

Realtors Everywhere Have a Really Bad Rep - Often for Good Reason

Having been both a lawyer and a realtor, I can't say which field is the brunt of more jokes. There is often a basis in truth for the ridicule but it is not always deserved. Like lawyers, some Hoboken realtors are just wonderful, others not. Like most things in life, though, the skill and competency of realtors falls on a bell curve. Most fall somewhere in the middle. So how do you, the Hoboken home owner or Hoboken condo buyer choose? What should you look for or avoid? Here are ten very crucial factors to help you sort out the good Hoboken real estate agents from the bad.

1. Realtors With No Experience In Real Estate

Sounds obvious, no? Yet there are plenty of Hoboken realtors out there who have never owned a home, never purchased an investment property, never been a landlord, never managed a property, never sold a condo. Without experience in real estate, a real estate agent may not understand what it is like to be in your position as a buyer or seller. An agent who has bought, sold and owned property is better able to anticipate the pitfalls of buying or selling, to advise you on what to look for or what to avoid. An agent who has redone a kitchen, for example, can tell you that you need to ask about plumbing connections, building permits and delivery times for cabinets and appliances. An agent who has sold a house probably knows that the closing date may be pushed back several times for no apparent reason. Just as it is said that the best surgeon is the one who has done a particular type of surgery many times over, the more times an agent has bought and sold, renovated and repaired, and shopped the market, the better at it he or she are likely to be when working for you. So choose a realtor who has real-world experience, preferably with a similar type transaction to yours.

2. Realtors Who Don't Really Know the Neighborhood

It's often said that the three most important things in real estate are location, location and location. One of those surely applies to the location of your realtor. If you are considering buying a condo in Hoboken, use a realtor who lives in Hoboken. I mean, come on, what does a real estate agent from Secaucus really know about Hoboken? Many smart buyers will rent in a given location before deciding to buy to get to know the neighborhood! Just the other day, I overheard an agent telling a tenant about the location of a rental property in Hoboken. He was badly mispronouncing the name of Elysian Park. Now anyone who lives in Hoboken knows that Elysian Park is one of Hoboken's nicest. A property located on Elysian Park is very desirable. This guy didn't even know what Elysian Park was, never mind why you might want to live near it. Is that really who you want working for you? Plenty of real estate agents have tried working in Hoboken perceiving it as a money making market. You're much better served by one who really believes in the community and has made it home. That agent has a vested interest in your continued satisfaction (since they will be a neighbor) and in the continued improvement of Hoboken.

3. Realtors with No Real Relevant Education

Buying or selling a half million dollar plus condo in Hoboken? That's a pretty sizable transaction for most of us. To succeed, you'll probably seek out financial advice regarding both a mortgage and tax consequences of your purchase or sale, a home inspection, legal representation. For all those issues, you try to find the best advisor possible. While some people think real estate agents are just tour guides, and some may be, the good ones can be very valuable. What is your agent's background? Did you google him? Does she have a college education and previous work experience in the financial sector or in a field relevant to real estate? Or did he take a 3 month night course to get a license with no relevant work experience or relevant education? Realtors often have to work with the lawyers and mortgage people to keep a transaction on track. Don't you want to use someone who will actually understand the issues? There are organizations that offer all sorts of "certification" classes for agents, at hefty fees. The content of the class, however, often seem designed more to make money for the offeror than to teach anything relevant or timely. The latest trend is agents professing to offer "professional home staging" services. In some cases you can pay about $1,000 and in three weeks, you are certified as an expert. Be wary - the substance of many of these designations is not as comprehensive as you might think.

4. Real Estate Agents Who Can't Write An Error Free Craigslist Ad

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Hoboken Condo Market Shows Ever So Slight Signs of Slowing

Lori Turoff (Robert DeRuggiero Realtors) — Thu, 03 Apr 2008 14:08:45 -0500

The March Numbers Are In for Hoboken Condos Sales

Since the start of 2008, the typical measures of market activity in the Hoboken condo market have shown signs of a slow down but they have been very slight. The average sales price of a Hoboken condo in March was $538,722, down for the third month in a row. Price per square foot, however, was $522, up from last month but not quite back to January's level. The average list price fell for three consecutive months. That number does not reflect prices changes. It is the list price at the time the property actually sold. There may have been price reductions from the original list price on many properties as sellers realize they can no longer count on a 15 to 25% increase from the most recent sales prices of similar units in their buildings. Here is the chart:

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Weekly Wednesday Wrap Up With an Absorption Rate Footer

Lori Turoff (Robert DeRuggiero Realtors) — Wed, 19 Mar 2008 18:16:43 -0500

Hoboken Real Estate - As Of Wednesday, March 19th:

And you think you're having problems selling???

Studio & One Bedroom Condos:

Total Active: 163 Under Contract (Dabo'd): 62

Sold (Deals Closed) This Week: 5 Average Sold Price: $413,000

New Listings This Week:12

Two Bedroom Condos:

READ THE REST AT hobokenrealestatenews.com

So What Do The Real Estate Activity Numbers Tell Us?

There is more inventory on the market, but just a little. The number of properties selling has been holding steady. So we have a very slight, gradual build up of inventory. What would be very informative to know is how many properties for sale have had to reduce the asking price? Unfortunately, our MLS rules don't allow us to track that figure accurately. Unlike many other places in the U.S., here in Hudson County, if an owner wants to drop a price and hide it from the public, all they have to do is withdraw the listing then relist it at the new price. Moreover, the number of days on the market resets to zero. A bit misleading, no? In many other places, the MLS rules require that once a property is withdrawn, it may not be re-listed for three full months. No monkeying around! Overall, we are fortunate. The Hoboken real estate market is still comparatively strong and healthy. It will be interesting to see the March end numbers in a few weeks. Stay tuned.

Absorption Rate is Good Indicator of 2 Important Facts: Size Matters & We're in a Buyers, Market

Here is a look at the absorption rate of Hoboken condos by unit size. Based on the above inventory numbers, and looking at sales by unit size for the past month, we have the following supply of inventory on hand:

Studio & 1 Bedrooms - it will take about 30 weeks to sell all the "for sale" units at today's sales rate

2 Bedrooms - it will take about 31 weeks to sell all the "for sale" units at today's sales rate

3 Bedroom & bigger - it will take about 43 weeks to sell all the "for sale" units at today's rate.

Anything over 5 months, or 20 weeks is considered a buyers' market. So not only are we in a buyers' market, the bigger your unit, the longer it will likely take to sell.

Remember - the Wednesday wrap up figures represent only properties listed and sold on the Hudson County multiple listing service. They do NOT include new construction sold directly by developers such as Toll Brothers.

Compare to last week. Compare to March 12th and inventory. Compare to March 5th. Compare to Feb. 27th. Compare to Feb. 20th. Compare to Feb. 13th.

7 Biggest Mistakes of Hoboken Condo Buyers

Lori Turoff (Robert DeRuggiero Realtors) — Mon, 17 Mar 2008 18:11:56 -0500

1. Location Location Location

Location has been, and always will be, one of the most important factors in any real estate deal. From the time Hoboken was settled, the place to be was on the waterfront. That hasn't changed. If you're buying a condo in a marginal part of Hoboken, no matter how nice the particular unit, you're still getting marginal property. In an uncertain economic environment, buying a Hoboken condo in the most desirable part of town, Hudson Street, Bloomfield Street, Garden Streets, Hudson Tea or the Shipyard, is your best hedge against a potential downturn. So with all the inventory currently on the market why are you even considering Jackson or Harrison?

2. A Few Thousand Dollars Over 30 Years is Not Worth Much

Buyers get all hung up over a few thousand dollars. They will be negotiating with a seller on a half-million dollar condo and walk-away from the place of their dreams because they are a few thousand dollars apart. Even for $3,000, we're talking about less than 1% of the purchase price. Moreover, when you add that $3,000 onto a 30 year mortgage and amortize it, the difference in the monthly payment is negligible.

3. Know What You Can Afford

Many buyers start the house hunt without ever speaking with a financial advisor, bank or mortgage lender. They have no real idea of their budget, how much they will need to put down in cash, or how large a mortgage they can manage. They either look at condos that don't meet their needs, not realizing that they could afford to spend more or they look at condos beyond their means and then are dissatisfied when they take a step down to those within their budget. Know your numbers before you start looking!

READ THE REST AT: hobokenrealestatenews.com

The Little Known Danger of Small Hoboken Condos

Lori Turoff (Robert DeRuggiero Realtors) — Thu, 13 Mar 2008 13:51:23 -0500

Would You Buy a Condo in A Building With Only 3 Units?

If so, you better keep reading. Hoboken has very few coops. Most units in Hoboken are condos. A condo building is run by the condo association. The condo association is made up of the unit owners. Each unit owner has a vote. Sometimes, that vote is proportional in relation to the size of the unit owned. Other times, it is 1 vote per unit. So what's the problem with that, you ask?

Hoboken has many older 3 and 4 story homes that have been converted into 3 and 4 unit condos. Let's say you're about to purchase a unit in one of these 3 unit buildings. You would own 24% of the total square footage of the building, your upstairs neighbor owns 24% and the family downstairs in the duplex has 52% of the total. So your vote is worth 24%, the upstairs vote is worth 24% and guess who controls the building? Or the same owner owns two floors and now the third floor unit is for sale. Each condo unit gets one vote. Again, your soon to be neighbor makes all the decisions.

Why Should You Care?

Living in a condo building requires cooperation among unit owners. It also requires decisions to be made that effect everyone. Think about who decides how much the reserve fund should be, whether special assessments will be imposed or whether maintenance fees ought to be increased, and if pets are allowed. When one unit owner has a controlling interest, all these decisions can be made by that owner. What if you prefer to live in a well maintained, clean building but your neighbor could care less? If they decide how the condo fees are spent they may not be willing to repair the roof, paint the common areas, clean the hallways or install new lightings. Owning property requires maintenance and upkeep. Improving property costs money. If you're not on the same page as the neighbor with the controlling vote, you have no recourse except to make improvements and repairs at your own expense. Or you may have a really difficult time selling when your building looks like a money pit.

READ THE REST AT: hobokenrealestatenews.com

The Weekly Wednesday Wrap-Up: Hoboken Condo and Homes Sales Activity

Lori Turoff (Robert DeRuggiero Realtors) — Wed, 12 Mar 2008 18:09:24 -0500

Hoboken Real Estate - As Of Wednesday, March 12th:

Studio & One Bedroom Condos:

Total Active: 148 Under Contract (Dabo'd): 60

Sold (Deals Closed) This Week: 8 Average Sold Price: $436,873

New Listings This Week: 24

Two Bedroom Condos:

Total Active: 249 Under Contract:98

Sold: 5 Average Sold Price: $664,200

New Listings:60

Three Bedroom Condos or Bigger

Total Active: 44 Under Contract:10

Sold: 0

New Listings:2

One Family Houses

READ THE REST AT: hobokenrealestatenews.com

Sign, Sign, Everywhere a Sign

Lori Turoff (Robert DeRuggiero Realtors) — Wed, 12 Mar 2008 18:05:40 -0500

Hoboken Streets Are Over Run with Signs - It's Time For a Change

Every Saturday and Sunday morning, you can watch as Hoboken realtors scurry around town, putting out sandwich board signs on street corners all over Hoboken to advertise their open houses. These signs are supposed to direct people to the open house but there is no evidence that this is at all effective. Worse, when it is windy, the signs often end up in the street instead of on the corner. Cars drive over them, people have to walk around them, and to say the least, they can be very unsightly.

According to most realtors, these signs are a necessary part of doing business.

READ THE REST AT: hobokenrealestatenews.com

Sign, Sign, Everywhere a Sign

Lori Turoff (Robert DeRuggiero Realtors) — Wed, 12 Mar 2008 18:03:57 -0500

Hoboken Streets Are Over Run with Signs - It's Time For a Change

According to most realtors, these signs are a necessary part of doing business. Yet in today's internet world, that's just nonsense. All of the open house information is readily found on-line at sights like craigslist, realtor.com and more, and it's typically in the Hoboken Reporter classified section. For anyone who really cares, finding where the open houses are being held is pretty simple. The one thing the signs seem to do is make the seller feel all warm and fuzzy. So as long as one agency does it, the sellers will pressure every agent to do it. How do we get it to stop? Don't let anyone do it! Or at leatst make them do it in a better way.

What's the Alternative? Kiosks!

Why not have the city install a central kiosk or two, in high traffic locations that don't block the sidewalk, where each agency can rent ad space? In fact, the city could use the revenue improve the streetscape of Hoboken. Let City Hall fill some pot holes or plant some trees. The City has an interest in keeping the streets clear for pedestrians and ensuring the safety of its drivers. Keeping these signs out of the way and out of the street and having them placed in designated areas would surely further that purpose. It would also make Hoboken look a whole lot nicer.

Maybe even a little bit Parisian?

The 3 Most Important Reasons to Pay Condo Maintenance

Lori Turoff (Robert DeRuggiero Realtors) — Tue, 11 Mar 2008 16:37:03 -0500

Where Does My Maintenance Fee Money Go?

This is a common question I'm asked when working with buyers searching for a new Hoboken condo, especially when they are first time home buyers. Almost every condo association has the right to and requires the unit owners to pay a monthy fee, the maintenance fee. These fees typically range from $100 to $250 for smaller units and can be as high as $300 to $600 or more for units that are larger, or in more luxurious condo buildings like the Shipyard or Maxwell Place. So what is the fee, what determines how large it should be and where does the money go? Here are the three main uses of these very necessary funds:

1. Maintenance of the common areas of the building & grounds

2. To build up a reserve fund for future capital account item repairs

3. To the management company that manages the condo.

Condo Lobbies Cannot Be Left in the Dark

You pay to heat and light your own unit but someone has to pay the utility bills for the common areas. The lobby and hallways of any condo building need tlights and heat. Your condo maintenance fee pays the gas and electric bill. Some condo buildings in Hoboken even have a heated garage. Other regular maintenace items may include cleaning the hallways, taking out the trash and recycling, servicing the elevators, shoveling snow, landscaping, pool care, the doorman's salary, and more. The fancier the building, like the Shipyard, the more it costs for things like pools, health clubs and elevators, security systems and doormen.

READ THE REST AT: HobokenRealEstateNews.com

Why Some Sellers Need To Do A Home Inspection Before Listing Their Home

Lori Turoff (Robert DeRuggiero Realtors) — Sat, 08 Mar 2008 13:19:40 -0600

Was Your Hoboken Home or Condo Built in the 1800s?

It is widely assumed that a buyer does a home inspection once the property is under contract. Or at least when their offer has been accepted. Usually, that is correct. Many Hoboken buildings (and condos), however, were built in the late 1800s. That's not a typo. Most of our brownstones and row houses are over 100 years old. Many have been converted to condos after having been rental units for a long time. In that case, there may be an advantage for the seller to have the condo unit or house inspected before putting it on the market for sale.

What's In It For The Seller? Knowledge & Power

The seller can learn if there are any potential problems with the property. If there are, repairs can be made before the unit is listed. The buyer is going to do his own inspection and will discover these problems anyway. What do you think happens then? The buyer asks the seller to make repairs or adjust the sales price with a credit. Then the lawyers may have to get involved. It may hold up the deal. It may even give the buyer a way out of the contract and the deal may fall apart.

Nobody Wants Surprises During Negotiations

READ THE REST AT: hobokenrealestatenews.com

The Wednesday Weekly Wrap Up - Hoboken Condos and Homes Sales Activity

Lori Turoff (Robert DeRuggiero Realtors) — Thu, 06 Mar 2008 12:18:17 -0600

Hoboken Real Estate - As Of Wednesday, March 5th:

Studio & One Bedroom Condos:

Total Active: 137 Under Contract (Dabo'd): 58

Sold (Deals Closed) This Week: 5 Average Sold Price: $425,199

New Listings This Week: 19

Two Bedroom Condos:

Total Active: 210

READ THE REST AT: hobokenrealestatenews.com

A Hoboken Luxury Condo Home for A-Rod

Lori Turoff (Robert DeRuggiero Realtors) — Mon, 03 Mar 2008 14:17:53 -0600

A-Rod to Join Eli Manning at Hudson Tea?

The NY Daily News reported that that NY Yankee, Alex Rodriguez, has just closed on a $2 Million deal at the Hudson Tea building. According to earlier rumors, however, A-Rod supposedly was under contract for two penthouse units at 1025 Maxwell Lane. That is the completed building at Maxwell Place (another Toll Brothers luxury development). The top floor of Maxwell Place has extra high ceilings and his units, which were to be combined into one, face due east with a panoramic view of the Manhattan skyline.

Maxwell Place or Hudson Tea?

Either the Daily News got it wrong or

READ THE REST HERE: hobokenrealestatenews.com

Where NOT to Learn About The Real Estate Market

Lori Turoff (Robert DeRuggiero Realtors) — Tue, 26 Feb 2008 11:17:55 -0600

There is no Wall Street In Hoboken

There was a recent article in the NY Daily News by Peter Siris, the "Guerilla Investor" to which I take exception. In the interest of full disclosure I will tell you that I know Peter because many years ago, I worked for his wife. I am sure he doesn't remember me. Peter wrote about the difference between investing in stocks and real estate and, for an intelligent guy, he really got it wrong here. He starts out by saying that "there are big differences between investing in stocks and buying and selling in real estate" and then completely ignores his own statement. Peter's argument, as I understand it, is that real estate is riskier than stocks because margin requirements force an investor to maintain a greater equity stake in stock purchases. Housing prices may continue to drop and a large number of homes may be worth less than their equity. (I take it he means that the mortgage obligation on these properties will be greater than the market value of the property). According to Peter, that my precipitate a crisis.

You Can't Live In Your Stock Portfolio

There is a primary, fundamental difference that Peter ignores.

READ THE REST HERE: hobokenrealestatenews.com

Hoboken vs. Jersey City - A Look At Absorption Rate

Lori Turoff (Robert DeRuggiero Realtors) — Mon, 18 Feb 2008 12:52:59 -0600

Absorption Rate of Condo Sales

A quick and dirty way to understand what's going on in any given real estate market is to look at absorption rate. It is essentially a number that tells you how many months it will take to sell out the current inventory on the market (assuming it is calculated on a monthly basis). Absorption rate is especially informative when comparing surrounding areas to each other. For example, Hoboken and Jersey City.

Hoboken Condos:

Looking at the 1 year period from January 31, 2007 through January 31, 2008 there were 650 sales of Hoboken condos on the MLS. Divided by 12 equals about 54.17 sales per month. As of the end of January, there were 321 active condos in Hoboken. So at 54 a month, it would take 5.9 months to sell out.

Downtown Jersey City:

During the same period there were 473 sales of downtown JC condos. That's about 39.4 per month. At the end of last month there were 303 active properties. So there is about a 7.7 month supply of condo inventory in downtown JC. Again, that does not include any new construction. So it's 5.9 vs. 7.7. That, together with an understanding of where the most new construction is happening, may help you decide where to put your money if you're buying and what to expect if you are trying to sell your condo.

Read about the Hoboken and Jersey City markets at: hobokenrealestatenews.com

Garden Street Condo - Combine 2 Floors for a Brownstone Duplex

Lori Turoff (Robert DeRuggiero Realtors) — Mon, 18 Feb 2008 12:43:23 -0600

Lori Turoff | Robert DeRuggiero Realtors | info@hobokensbest.com | 201 993 9500

901 Garden Street #1, Hoboken, NJ

OPEN HOUSE Saturday 2/2 from 1 - 4pm

2 Bdrm Condo

offered at $534,901

Year Built	1892
Sq Footage	850
Bedrooms	2
Bathrooms	1 full, 0 partial
Floors	1
Parking	None
Lot Size	Unspecified
HOA/Maint	$250 per month

DESCRIPTION

Entire parlor level of 25 ft. wide corner building. Large windows on all 3 exposures, high ceilings, original HWF w/mahogany inlay. Renovated open kitchen w/ break bar, ss appliances, LG bottom-freezer refrig., Bosch d/w, KitchenAid convection range, under mount sink w/disposal & granite counters. Recessed lighting. W/D in unit. French doors to master BR. Tiled bath w/ granite vanity. Private, walled backyard w/separate entrance from street. Large storage space in bsmt. Create an amazing home - combine the first and second floors (both for sale) with a spiral staircase and turn upper level kitchen into a spa bath suite. Enjoy almost 1800 sq ft of combined living space in this 20 foot wide home.

see additional photos below

PROPERTY FEATURES

Central heat	High/Vaulted ceiling	Hardwood floor
Living room	Dining room	Dishwasher
Refrigerator	Stove/Oven	Microwave
Granite countertop	Stainless steel appliances	Basement
Washer	Dryer	Yard

COMMUNITY FEATURES

Storage space(s)

OTHER SPECIAL FEATURES

Private brick-walled garden

ADDITIONAL PHOTOS

Seller contact info:

Lori Turoff

Robert DeRuggiero Realtors

info@hobokensbest.com

201 993 9500

For sale by agent/broker

Equal Opportunity Housing

Posted: Jan 29, 2008, 12:44pm PST

Garden Street Condo with Private Back Yard

Lori Turoff (Robert DeRuggiero Realtors) — Mon, 18 Feb 2008 12:41:44 -0600

Lori Turoff | Robert DeRuggiero Realtors | info@hobokensbest.com | 201 993 9500

901 Garden Street #2, Hoboken, NJ

OPEN HOUSE - Sunday Jan. 27 from 1 to 4pm

2 Bdrm Condo

offered at $524,901

Year Built	1892
Sq Footage	900
Bedrooms	2
Bathrooms	2 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	Unspecified
HOA/Maint	$250 per month

DESCRIPTION

Spacious and light-filled corner unit with 9 large windows on 3 exposures. High ceilings and hardwood floors throughout. 2 full baths. Large storage space in basement.Can easily be combined with parlor level unit to make a large family home. Rental parking available at 916 Garden.

see additional photos below

PROPERTY FEATURES

Central heat	High/Vaulted ceiling	Hardwood floor
Living room	Refrigerator	Stove/Oven

COMMUNITY FEATURES

Storage space(s)

OTHER SPECIAL FEATURES

Can Combine w/ Unit 1 for Duplex Home

ADDITIONAL PHOTOS

Seller contact info:

Lori Turoff

Robert DeRuggiero Realtors

info@hobokensbest.com

201 993 9500

For sale by agent/broker

Equal Opportunity Housing

Posted: Jan 23, 2008, 4:06pm PST