Friday, November 27, 2009

Home Resales Up 10.1% in October



Home buyers last month snapped up previously owned properties at the fastest pace in more than two years, a Realtors group said Monday.

Home resales increased 10.1% to a seasonally adjusted annual rate of 6.1 million units in October from a downward-revised pace of 5.54 million in September, according to the National Assn. of Realtors in Washington. The October figure was up 23.5% from the seasonally adjusted annual rate of 4.94 million units a year earlier. The last time the sales pace was that swift was in February 2007.

The buying was motivated by low interest rates, a credit for first-time buyers and cheap housing, the association said. The national median home price -- the point at which half the homes sold for more and half for less -- was $173,100 in October, down 1% from September and off 7.1% from October of last year. Whether the stabilization of the housing market will continue remains a subject of debate among housing analysts and economists.

More exciting news that the market is starting to stabilize and grow. This combined with a greater than expected decrease in jobless claims may be the light at the end of tunnel.

Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
Hoboken, NJ
201-606-5957
info@hobokenjerseycity.com
www.hobokenjerseycity.com

Hoboken/Downtown Jersey City Stats Update, November, 2009


We've seen a very slight increase in inventory rates in Hoboken over the last two months and a decrease in inventories in downtown Jersey City over the same period.

Pending sales for both Hoboken and downtown Jersey City continue to increase as the market recovers.

Please click on the link below if you cannnot see the chart.




Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjersey.com

Downtown Jersey City Sales Update 11/27/09


Please click on the link below if you can't view the spreadsheet.



The properties in the Newport area continue with strongs sales this week. 65 2nd Street (The Portofino) posted at $495 sq. ft. sale while 20 Newport Parkway (The Shore) posted strong sales at $551 and $571 sq. ft. Greater deals can be found outside of the Newport area with 476 Monmouth selling at a below average $349 sq. ft.


Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjersey.com

Hobken Sales Update 11/27/09


Please click on the link below if you can't read this spreadsheet:



84 Jefferson at $320 sq. ft. for a 3105 sq. ft. 3 BR/2.5 BA was a great deal this week. I've seen this unit it was very nice. 319 Park at $568/sq. ft. for a 3BR/2BA proves that people will pay more to be in a better location.

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjersey.com

Hoboken/Jersey City Pending Sales Update 11/27/09



Although pending sales have been increasing over the past weeks, the recent decline this week is due to the start of the holiday season. We'll see this figure start to trend down until the end of the year as many people don't enter into transactions this time of the year.


Pending Sales for Hoboken 11/27/09:

150 dabos vs. 166 last week (9.64% decrease)


Pending Sales for downtown Jersey City 11/27/09:

99 dabos vs. 107 last week (7.48% decrease)


Information provided by:

Kevin Dowd
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
201-606-5957
info@hobokenjerseycity.com
Search MLS listings for free at www.hobokenjerseycity.com

Hoboken/Downtown Jersey City Absorption Rate Update 11/27/09


Hoboken inventory decreased by a modest 1.23% as sales activity continues to increase. Downtown Jersey City saw a strong decrease of 20.18%. Many times a decrease of this size is caused by a new building closing a numbers of properties all at the same time. However, this was not the case this week. It's simply a matter of inventory decreasing and sales continuing to rise.


Hoboken Absorption Rate Update 11/27/09:

34.54 weeks vs. 34.97 weeks last week (1.23% decrease)


Downtown Jersey City Absorption Rate Update 11/27/09:

37.46 weeks vs. 46.93 weeks last week (20.18% decrease)


Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjersey.com

Monday, November 23, 2009

Resales Rise 10.1% in October. Biggest Gain in 10 Years.


In another sign that the housing marketing is entering into a recovery/growth phase, resales rose 10.1% in October. This increase is the largest in 10 years and is an indicator that the bottom has hit and the market is trying to recover and grow.

Many of my buyers have been who have been on the fence have decided that now is the time to buy while prices are still low.

1180 sq. ft. within walking distance to the Hoboken PATH with parking for 545k?
1170 sq. ft at The Portofino (65 2nd Street) with great views for 570K?

These prices are super low....time to jump in!

Information provided by:

Kevin Dowd
Prudential Castle Point Realty
201-606-5957
info@hobokenjerseycity.com
www.hobokenjerseycity.com

Friday, November 20, 2009

Downtown Jersey City Sales Update 11/20/09



Please click on the link below if you can't view the spreadsheet.



There was a great deal at 291 4th Street at $353/sq. ft. and 98 Bright St. sold at $377 sq. ft. and it included a very nice deed backyard. I do find that the better deals in downtown Jersey City are in the converted brownstones/apartment buildings and can be $25-$50/sq.ft. less than the buildings down by the water.


Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjersey.com

Hoboken Sales Update 11/20/09



Please click on the link below if you can't read this spreadsheet:



Great values again in Hoboken this week. 350 7th sold for a very competitive $436/ sq. ft. and was an amazing unit. 114 Bloomfield also is a great downtown unit, 5 minute walk to the PATH and sold for $414/sq. ft.

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjersey.com

Hoboken/Jersey City Pending Sales Update 11/20/09


Another weekly increase in the number of properties under contract for both Hoboken and downtown Jersey City. This reflects the increase in activity that I've seen in these areas over the last several weeks.

Pending Sales for Hoboken 11/20/09:

166 dabos vs. 163 last week (1.8% increase)


Pending Sales for downtown Jersey City 11/20/09:

107 dabos vs. 105 last week (1.9% increase)


Information provided by:

Kevin Dowd
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
201-606-5957
info@hobokenjerseycity.com
Search MLS listings for free at www.hobokenjerseycity.com

Hoboken/Downtown Jersey City Absorption Rate Update 11/20/09



We've had moderate changes this week to the absoroption rates for Hoboken and downtown Jersey City. Now that we are nearing the end of November, we'll be able to create a montly total for both areas and we'll be able to see how those figures compare with October's average for Hoboken and downtown Jersey City of 35.03 weeks and 46.62 weeks, respectively.


Hoboken Absorption Rate Update 11/20/09:

34.97 weeks vs. 32.87 weeks last week (6.1% decrease)


Downtown Jersey City Absorption Rate Update 11/20/09:

46.93 weeks vs. 45.60 weeks last week (2.9% increase)


Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjersey.com

Thursday, November 19, 2009

Downtown Jersey City, 2009 vs. 2008


I also did some research regarding downtown Jersey City. I must say that the results were surprising. An overall price decrease of 4.85% proves that these buildings are still desirable, especially those units buildings with city views.

Please click on the link below if you can't see the chart.



Remember this is the average for the building, with smaller units typically selling at a higher per sq. ft. price. But, the numbers don't lie and I feel that an average for a building must include all sized units.

Information provided by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjersey.com

Hoboken Price Changes, 2009 vs. 2008


A lot of my readers have been asking how much real estate prices have changed in Hoboken over the past year. I've compiled a chart of a few of the larger buildings in Hoboken to give you an idea of how things have changed over the last 12 months.

Please click on the link below if you can't read this chart.




Overall, 12.06% isn't bad at all. There are a lot of other areas in the country that are down double, even triple where we are. The 19.9% decline at Maxwell Place isn't surprising because I thought they were a little overpriced when they first came on the market. The price drop of 6.6% for 1300 Grand also isn't surprising due to the high desirability of The Upper Grand Complex. The combination of the 9 ft ceilings, cement construction and nice finishes make these a good buy.

Information compiled by:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjersey.com

Friday, November 13, 2009

Home Prices Expected to Rise 4% for 2010



Home prices are expected to grow modestly next year and sales will keep rising as the housing market continues to recover from the worst downturn since the Great Depression, the National Association of Realtors said Friday.

Home resales are projected to total 5.7 million next year, up from an estimated 5 million this year. Prices will climb 4 percent after a projected decline of 13 percent this year, according to Lawrence Yun, chief economist for the trade association.

"Going into 2010, I anticipate that prices will also begin stabilizing or begin to modestly improve," Yun told the audience at the association's annual conference and expo in San Diego.

The housing market's rebound has been aided by an aggressive federal intervention to lower mortgage rates and bring more buyers into the market. Home resales rose in September to the highest level in more than two years, something Yun said shows buyers are eager to get back into the market.


A federal tax credit of up to $8,000 for first-time homebuyers has helped stoke sales this year. The incentive was set to expire at the end of this month, but the NAR and other housing groups successfully lobbied to get the credit extended.

Now buyers can claim the credit if they sign a contract by April 30 and close the deal by the end of June. Lawmakers also expanded the program to include a $6,500 credit for existing homeowners who have lived in their current residence for at least five years.

Yun estimated that the tax credit brought in between 350,000 to 400,000 buyers this year and projected that its extension will continue to lift the market by 15 percent and prices by as much as 5 percent.

However, some housing analysts say the NAR is optimistic, arguing the tax credit has already enticed many buyers who otherwise would have waited until next.

But Yun supports his case by pointing to data from 2000, prior to the housing boom, when 11 million renters had the income necessary to buy a median-priced home. This year, he said, there are 16 million renters in that position.

"This clearly shows that there's potential pent-up demand that could be tapped," he said.

While home sales have improved this year, the recovery has been skewed, favoring homes priced under $100,000.

Yun also said home values have fallen further than they climbed during the boom years, even in markets that didn't see huge price swings, like Greenville, S.C.

"Even though they had no bubble, they're experiencing price declines," Yun said. "Prices are overcorrecting."

Information Provided By:

Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjersey.com

Downtown Jersey City Sales Update 11/13/09



Information provided by:

Kevin Dowd
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
201-606-5957
info@hobokenjerseycity.com

There were several well priced units that sold this week in downtown Jersey City. 229 Brunswick was an absolute steal at $192,000 ($315/sq. ft.) as was 291 4th Street at $565,000 ($353 sq. ft.) It is typical that non-highrise buildings in downtown Jersey City do sell at lower than the city average due to the fact that many of these properties are further away from the PATH. If you like brownstone style living or prefer to live in a smaller building (less than 4 units ) these condos are a great buy.


Please click on the link below if you cannot view this update.

Hoboken Real Estate Sales Update 11/13/09



Information provided by:

Kevin Dowd
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
201-606-5957
info@hobokenjerseycity.com

Sales this week remained around the $500-$525 sq. ft. range as Hoboken continues to stabilize in this market. We have seen downward pricing shifts at several local properties that have caused bidding wars which hopefully means that prices have finally adjusted to a point where buyers feel they are undervalued.

I have had several requests to show some comparisons of local buildings which I post on Tuesday.


If you can't read this update please click on the link below.

Hoboken/Downtown Jersey City Pending Sales Update 11/13/09



Information provided by:

Kevin Dowd
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
201-606-5957
info@hobokenjerseycity.com

Pending Sales for Hoboken 11/13/09:

163 dabos vs. 160 last week (1.88% increase)


Pending Sales for downtown Jersey City 11/13/09:

105 dabos vs. 110 last week (4.55% decrease)

Hoboken/Downtown Jersey City Absorption Rate Update 11/13/09



Information provided by:

Kevin Dowd
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
201-606-5957
info@hobokenjerseycity.com

Hoboken Absorption Rate Update 11/06/09:

32.87 weeks vs. 41.59 weeks last week (20.97% decrease)


Downtown Jersey City Absorption Rate Update 11/06/09:

45.60 weeks vs. 33.15 weeks last week (37.56% increase)

Wednesday, November 11, 2009

77 Hudson - Downtown Jersey City Luxury Living



I stopped by 77 Hudson to view several properties with one of my buyers. The building is spectacular with an expansive lobby with 22 ft. ceilings. Finishes are top-notch and the city and river views are TREMENDOUS. Prices range from high 300s for a 650 sq. ft. studio to over well into the seven figures. Definitely worth a close look if you're looking for high-end luxury in downtown Jersey City.

Tuesday, November 10, 2009




On Friday, President Obama signed into law an extension and expansion of the home buyer tax credit.

A tax credit of $8,000 currently exists for first-time homebuyers who will close on a home by November 30, 2009. This credit was set to expire on December 1, but because of a continued weak economy and the efforts of Realtors, it will now remain in effect through the end of June 2010. To qualify, buyers must sign a contract before April 30, 2010 and close on the property by June 30, 2010. This opens up several new possibilities for buyers and sellers for the upcoming winter and spring seasons. It continues to be a buyer’s market even though the housing market has improved significantly since October 2008.

Additionally and perhaps of even greater consequence, the signed law offers a new $6,500 tax credit for current homeowners looking to buy up. This new credit is intended to reach those who have patiently waited for the right time to buy. Those who have used their home as their primary residence for five consecutive years our of the last eight can claim the credit. They must also close by the end of June, 2010. Coupled with the extension of the first-time home buyers’ credit, this additional provision should boost the real estate market in ways beneficial to buyers, sellers, and the real estate industry.

Congress substantially increased the income limits on the tax breaks as well. Individuals earning less than $125,000 will now be eligible (currently $75,000), and married couples with income less than $225,000 who file jointly are eligible (up from $150,000). One item to note, the tax credit can only be used to purchase homes that cost less than $800,000.

Home Sales Increase...Average Transaction Price Continues to Decrease



A real estate group says home prices fell in eight out of every 10 U.S. cities in the third quarter of this year as heavily discounted distressed sales made up 30 percent of all deals.

But home sales continued their climb, with quarterly sales outpacing the second quarter and the previous year's figures, the National Association of Realtors said Tuesday.

The median sales prices of existing homes declined in 123 out of 153 metropolitan areas compared with the same period a year ago. Prices rose in the other 30 cities.

The national median price clocked in at $177,900, or 11 percent below the third quarter last year.

Prices in Fort Myers, Fla., plunging 40 percent to $98,000 from a year ago, the worst in the nation. Las Vegas saw its median price tumble almost 35 percent to $138,500 year-over-year.

The largest price gain, by contrast, was in Cumberland, Md., where prices jumped 19 percent to $122,100. Davenport, Iowa, followed with an increase of 14 percent to $115,600.

In future posts, I'll compare sales to several popular Hoboken and downtown Jersey City condos to last year's levels.

Friday, November 6, 2009

Downtown Jersey City Real Estate Sales Update 11/06/09


Here is the weekly sales update for downtown Jersey City.

We had a great 1BR buy at 476 Monmouth at $424/sq.ft. and an amazing 2BR short sale buy at 49 Coles for $265/sq. ft.

Hoboken Real Estate Sales Update 11/06/09


Here is the weekly sales update for Hoboken.
There were great 2 bedroom buys at 10th and Willow for $387/sq. ft., 84 Jefferson at $412/sq. ft. and 70 Adams at $417/sq. ft.

Hoboken/Downtown Jersey City Pending Sales Update 11/06/09


Pending Sales for Hoboken 11/06/09:

160 dabos vs. 158 last week (1.25% decrease)

Pending Sales for downtown Jersey City 11/06/09:

110 dabos vs. 106 last week (3.77% increase)

Hoboken/Downtown Jersey City Absorption Rate Update 11/06/09



Hoboken Absorption Rate Update 11/06/09:

41.59 weeks vs. 37.80 weeks last week (23.25% increase)


Downtown Jersey City Absorption Rate Update 11/06/09:

33.15 weeks vs. 25.90 weeks last week (27.99% increase)

Thursday, November 5, 2009

Hoboken-Amazing Deal at Grand St. and Newark


Just wanted to keep you posted as to what is probably one of the best deals in Hoboken right now. There is a 1200+ sq. ft. 2BR/2BA condo on Grand St and Newark for under $550,000. These unit was recently on the market for over $615,000. This is an AMAZING buy and it includes parking and outdoor space. Email me for more details. MLS guidelines prevent me from giving specifics on the unit in a public forum like my blog.

Tuesday, November 3, 2009

Is The Real Estate Market Starting to Stabilize in Hoboken and Downtown Jersey City?


If you look at the latest Case-Shiller home price index numbers, which showed prices up in seventeen of the twenty markets it tracks and the fourth straight month of gains, you'd have to say: wow, how things have changed!

Even the gloomiest of the major indexes is now documenting month after month that housing not only bottomed out earlier this year, but is steadily racking up price gains.

Sales around the country were 9.2 percent higher than they were during September of 2008 -- pushed this year by first-time home purchasers looking to nail down contracts to qualify for the $8,000 tax credit that's scheduled to end in less than four weeks.

Still more good news: Inventories of unsold homes fell just about everywhere, averaging about an eight month supply in September, down from a 9 month supply in August. A six to seven month supply is considered a balanced market … so we're almost there. We averaged 8 1/2 month supply for Hoboken and about 11 1/2 months for downtown Jersey City for October, just to put things in perspective.

So absolutely, there's a lot of positive news out there this week.

But not all the news has been good. As we've said here at Realty Times before, the marketplace is complex -- and the arrows usually don't ALL point in one direction.

And that is certainly true this week: New home sales dropped unexpectedly by more than three and a half percent in September. And consumer confidence dropped for the second straight month, according to the Conference Board, mainly because of fears about continuing job losses.

Both of those are troubling developments, no question, and the unemployment situation is obviously a major drag on the economy and housing.

But, as the reports on prices, mortgage rates, GDP and existing home sales show -- there's plenty of action out there, and the housing recovery is well underway -- even if it sputters here and there.

Monday, November 2, 2009

Tax Credit Extension


Senators agreed to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.


The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

This is great news for all of you looking to buy in the Hoboken and downtown Jersey City areas.