Saturday, March 7, 2015

Jersey City Hoboken Real Estate Market Recap -- week ended 3/6/15

In Jersey City, several units from the Dixon Mills complex are new to the market. With the development of the Liberty Harbor area, the area around these buildings, which used to be the western fringe of downtown, should become even more rapidly gentrified. Dixon Mills runs a shuttle to Grove St. PATH.

In Hoboken, in addition to a very nice three bedroom on Washington, there are quite a few interesting investment units around $400K that are fresh to the market. Since millennials as a group are postponing the purchase of their first home, smaller condos can oftentimes become decent income properties, especially after factoring in the tax benefits of investing in real estate. Want to know more about how Real Estate can help diversify your portfolio? Email me at

Otherwise it is more of the same story. A few interesting properties come to market each week, get a dozen viewings, and go to a best and final offer scenario. How can a buyer put in a strong offer to get their dream home? Call me and we can discuss the strategies that can help get you the edge in this competitive market.

Saturday, February 28, 2015

Jersey City Hoboken Real Estate Market Recap 2-27-15

Great news.The parking garage at 700 Grove is finally open after being damaged by Hurricane Sandy. This means that the time to get into 700 Grove, and nearby Zephyr Lofts (recently FHA approved), two buildings which remain deep-value, is now!

The Hoboken and Jersey City market remains super tight and ultra competitive, with low inventory forcing almost every desirable home to a multiple bidding situation. But a quick commute to Manhattan and prices still below outer boroughs such as Brooklyn mean buyers can still find a great lifestyle at a good value relative to neighboring areas.

Friday, February 20, 2015

Jersey City and Hoboken Real Estate Market Recap: Feb 20, 2015

For families looking for a single family, I would highly recommend 208 5th St. Listed at $1.269MM, this "20 foot wide home with four stories of living across from Church Square park" could be a very beautiful 4 bedroom, 2.5 bath (plus a bonus finished basement) single family. I toured it with an investor client thinking it was a tear down/gut, and I was surprised to find it is currently habitable (someone lives there now). Sadly, according to the listing agent, only investors had seen the home so far. It needs work... quite a lot of it, but someone can own it and make it their own, spectacular home. In past several months, this is one of the best condition homes I have seen in this price point, under $1.3M. For buyers who need some help with renovations, I can guide you through the process, from zoning and architect recommendations, to contractors and designers. (Sqft clarification: the 3 floors above ground add up to 2100 sqft. The basement is finished, but post-Sandy, it is not supposed to be marketed as sale-able. However, because of that loss, owners have been able to apply for a variance to build another level (typically with set backs), which works as an option, with option value).

In condo news, three units came to the market at 415 Newark this week. This building stands to partially lose NYC views once the Hoboken Railyards redevelopment project gets underway and an up to 13 story residential building springs up across Observer Highway. Still, for the amenities, they are very reasonably priced compared to the competition.

In Jersey City, prices continue to hit new highs, especially in Paulus Hook, where non waterfront units are approaching $700/sqft. One such unit, which refused to rent for a month or so, was put up for sale and went into contract within the week (the listing agent is my colleague, and I recommended the owner update the appliances, the only change they made apart from the staging). Potential sellers: This goes to prove, the sale market is HOT, rental market not necessarily so, and small updates can result in big payouts. Do you really want to be a small landlord?

700 Grove has two minor price changes. After nearly 2.5 years, their parking garage is expected to reopen on Monday evening. Some lenders still will not finance the building. However, expect to see more listings in the building come to market.

Hoboken snapshot

Jersey City 07302 snapshot

Jersey City 07310 snapshot

Friday, February 6, 2015

Real Estate Weekly Recap: Feb 6, 2015

The 07030 and 07302 zipcodes remain HOT HOT HOT, with properties going under contract in record time. Buyers need to prepare themselves for tough competition and be ready to bid right away.

For first time homebuyers, there is a little studio at the Sky Club being offered as a foreclosure. It is currently first look Fannie Mae HomePath (available to owner occupants), and priced at a significant discount to another studio in the building. It would make a nice investment property as well, once the first look period expires.

Hoboken Weekly Activity Report

Jersey City (Downtown) Weekly Market Report

Jersey City (Newport) Weekly Market Report

The Amazing $354/sqft Waterfront Short Sale Condo in Shore Club Newport

A blink of the eye and the amazing $354/sqft waterfront condo in Shore Club Newport was under contract. Listed at $449,900, this 1270 sqft unit was priced way way too low (comparable sales were $850,000-$900,000), and it was a short sale.
Image courtesy: MLS Listing

The listing drew a near frenzy of activity, with over a dozen all-cash offers in place in less than 24 hours. The unit is now listed as “Under Contract.”

This listing came with the following caveat: “Subject to 3rd party approval Price may increase up to $150,000.00 to satisfy Multi Liens Buyer must be patient and understanding of the situation.”

As I do with any financially distressed property, I did a quick lien search and found that the sellers not only had mortgaged the property, but they had also unpaid property taxes (tax certificates had been sold to several parties), unpaid condo association dues, and to top it off, a lien from the IRS. I then added up all the liens, as well as any expected penalties from the delinquencies, which is some instances can be severe.

From a short sale buyer's standpoint, it is important to understand and calculate what you would be on the hook for.

It is also extremely important to evaluate whether a short sale would go through. The first step in this to to estimate if the bank indeed agrees that the seller has financial hardship is in unable to pay them back in full. The second step is to determine what selling price, below market value, would be acceptable to them. These steps need to be repeated for all the junior lien holders as well.

A majority of short sales fail because banks cannot agree on price and terms. In instances such as this, a debtor who is ABOVE the mortgage company, in this case IRS, the property tax lien holders (in reverse chronological order), and South Shore Condo Association, can each initiate a foreclosure process based on their available timeline, and in essence wipe out the junior lienholders, including the banks.

Will this short sale go through? Will one of the people who put in their offers yesterday win the lottery? Or will a wild card event like a foreclosure upset the apple cart?

Are you interested in buying a short sale or foreclosure? Talk to me, I am a Short Sale Foreclosure Resource certified Realtor, who can guide you in the process and maybe land you a deal of a life time.

Friday, January 30, 2015

Weekly Real Estate Market Update: Week ended Jan 30, 2015

#Blizzardof2015 and #SuperBowl were probably to blame for the slower than usual week in Hoboken and Jersey City real estate.

In Hoboken, the top news in real estate was the listing of the extraordinary mansion at 925 Hudson St. Hoboken, priced at $4.6 million (click on the link for photos). At over 6500 square feet, the top reason the owners are moving out may not be a bigger space. So was education the reason for the move (the child goes to 3rd grade next year)?

If you have not checked out the free seminar discussing real estate in the top school districts, please do visit The event will be held on Feb 28, from 3-5 pm. Registration for the free tickets opens soon, and space will be limited.

In Jersey City, a new 2 bedroom unit has come to market at Trump West. Remember: Trump's views are at risk across the board, as 5 new skyscrapers have been approved to surround it from all sides. 2 bedrooms have been a tough sell, the two others have been on the market for 4+ months, but this new unit is priced considerably lower. Once pricing gets to be at par with non-view luxury units in Jersey City, this building could become really attractive for buyers looking for the amazing luxury amenities Trump has to offer.

In other news, Zephyr Lofts, a full service luxury building at the border of Hoboken/Jersey City, was FHA-approved today. With all its legal troubles behind it, monthly HOA fees on the decline for 3 years, and the Hoboken Rail Yards project expected to rejuvenate the area in the coming years, this building is one of the best bangs for the buck for buyers looking for an edgy, true loft space. And now, with the FHA approval, financing the purchases will be super easy. Note: The building is not directly handicapped accessible (unless you enter from the 700 Grove side). A 1000 sqft 2 bedroom one bath is on the market, and a 1 bed/1 bath hit the MLS today. Click on the link for more info and contact me to arrange a showing:

Hoboken weekly highlights:

Jersey City weekly highlights: