Wednesday, December 30, 2009

Downtown Jersey City Update 12/25/09




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.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Hoboken Sales Update 12/25/09



It was a very solid sales week in Hoboken. No real bargains out there.

Please click on the link below if you can't 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.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Hoboken/Downtown Jersey City Pending Sales Update - 12/25/09


Pending Sales for Hoboken 12/18/09:

122 dabos vs. 128 last week (4.7% decrease)


Pending Sales for downtown Jersey City 12/18/09:

101 dabos vs. 97 last week (4.12% 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.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Absorption Rate Update - 12/25/09




The absoroption rate measures how much inventory is on the market in an area. A healthy market has consistent absoroption rates in the 16 to 24 week range. Guess what, we're right in that range in Hoboken right now. The numbers will show if this rate continues.

The absorption rate for downtown Jersey City seems to be up and down each week. I think part of this is due to the fact downtown Jersey City is a more diverse area in terms of real estate inventory.

The increase in absorption rates for both Hoboken and downtown Jersey City this week is because of Christmas. Most people don't want to move on or around the holidays.



Hoboken Absorption Rate Update 12/25/09:

32 weeks vs. 25.85 weeks last week (23.79% increase)


Downtown Jersey City Absorption Rate Update 12/25/09:

53.99 weeks vs. 47.13 weeks last week (14.56% increase)


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.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Tuesday, December 22, 2009

Home Sales Surge 7.4% - Largest Monthly Gain in 3 Years, Prices Likely to Rise




November's sales rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million, from a downwardly revised pace of 6.09 million in October, the Realtors group said. It was the highest level since February 2007. Sales had been expected to rise to an annual pace of 6.25 million, according to economists surveyed by Thomson Reuters.

Sales are now up 46 percent from the bottom in January, but down 10 percent from the peak more than four years ago. The inventory of unsold homes on the market fell about 1 percent to 3.5 million. That's a healthy 6.5 month supply at the current sales pace, the lowest level in three years.

The median sales price was $172,600, down 4.3 percent from a year earlier, and up 0.2 percent from October.

With supplies at their lowest levels in 3 years and demand high, you can expect sale prices to increase if this trend continues.

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.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Friday, December 18, 2009

Downtown Jersey City Sales Update 12/18/09



There was a great sale at The Sugar House for $667/sq. ft. this week. The sq. ft. price is high, but about average for this ultra-luxury building.




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.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Hoboken Sales Update 12/18/09



We had really good sales this week in Hoboken. There was a good deal at 452 2nd and $364/sq.ft.


Please click on the link below if you can't 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.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Hoboken/Downtown Jersey City Pending Sales Update 12/18/09


Pending Sales for Hoboken 12/18/09:

128 dabos vs. 137 last week (6.6% decrease)


Pending Sales for downtown Jersey City 12/18/09:

97 dabos vs. 100 last week (3% 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.hobokenjerseycity.com

Has the market stabilized?

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info



The absoroption rate measures how much inventory is on the market in an area. A healthy market has consistent absoroption rates in the 16 to 24 week range. Guess what guys, we're right there in Hoboken right now. The numbers will show if this rate continues.

I've have definitely seen activity pick up, even during the holiday season. I just put a 2BR condo on the market down by the Hoboken PATH and we've already had several showings. This definitely didn't happen last year at this time.

The absorption rate for downtown Jersey City seems to be up and down each week. I think part of this is due to the fact downtown Jersey City is a more diverse area in terms of real estate inventory.

We'll see next week what the December numbers show.



Hoboken Absorption Rate Update 12/18/09:

25.85 weeks vs. 31.20 weeks last week (17.4% decrease)


Downtown Jersey City Absorption Rate Update 12/18/09:

47.13 weeks vs. 45.84 weeks last week (2.8% increase)


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.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Wednesday, December 16, 2009

New Home Construction Up 8.9%



Construction of new homes, helped by better weather, rebounded in November following a setback in the previous month.
The gain is a hopeful sign that the nationwide housing recovery is continuing, a development viewed as critical to lifting the overall economy out of recession.

The Commerce Department says construction of new homes and apartments rose 8.9 percent in November to a seasonally adjusted annual rate of 574,000 units. The gain represented strength in all areas of the country although the increase was slightly lower than economists had expected.

Applications for new building permits were also up, rising 6 percent to an annual rate of 584,000 units, a stronger showing than economists predicted.

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.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Updates on Extended Tax Credit


Many of my Hoboken and downtown Jersey City buyers have been asking about the extended tax credit.

Who Qualifies for the Extended Credit?

First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.


How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by two additional factors:

The price of the home.
The buyer's income.
Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

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.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Pending Home Sales Rise for Nine Months in a Row



Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.



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.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Friday, December 11, 2009

Downtown Jersey City Sales Update 12/11/09


We had a very strong sale at 15 Warren St. at $648 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.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Hoboken Sales Update 12/11/09



We had some especially good sales in the 3BR market this past week with 2 units selling for an average of $395/sq.ft. The 1BR market maintains its strength this week with a average per sq. ft. price of $562.00.



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.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Hoboken/Downtown Jersey City Pending Sales Update 12/13/09


Pending Sales for Hoboken 12/13/09:

137 dabos vs. 143 last week (4.2% decrease)


Pending Sales for downtown Jersey City 12/13/09:

100 dabos vs. 98 last week (2.04% 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.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Hoboken/Downtown Jersey City Absorption Rate Update 12/11/09


Hoboken Absorption Rate Update 12/11/09:

31.20 weeks vs. 35.35 weeks last week (11.74% decrease)


Downtown Jersey City Absorption Rate Update 12/11/09:

45.84 weeks vs. 43.44 weeks last week (5.52% increase)

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.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Thursday, December 10, 2009

Looking At Properties Over The Holiday Season


Many buyers ask me my thoughts on buying a property of the holiday season. As a buyer, it's probably one of the best times of the year to make offers on properties and here's why...there isn't a lot of activity. Sellers typically get a little anxious over the holiday season and are more willing to negotiate while showing activity is low on their home.

So I say, get out there and start looking over the holiday season if you're ready to buy!


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.hobokenjerseycity.com

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Saturday, December 5, 2009

Remember to Tell Your Agent If You Have Pets


Just a reminder. I took a very nice couple out for some first showings this afternoon and I forgot to ask them if they had any pets...and they never mentioned that they had a dog. I took them to a great building in Journal Square, but it wasn't pet friendly.

Information provided by:

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

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Friday, December 4, 2009

Downtown Jersey City Sales Update 12/04/09


It was a light week this week for sales in downtown Jersey City.



Information provided by:

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

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Hoboken Sales Update 12/04/09



Just to show you how things have changed over the last year. 78 Jackson was on the market in April '08 for $784,000 ($520/sq. ft.). It just closed for $639,000 ($424 sq. ft.).

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



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

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Hoboken/Downtown Jersey City Pending Sales Update 12/04/09


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 12/04/09:

143 dabos vs. 150 last week (-4.7% decrease)


Pending Sales for downtown Jersey City 12/04/09:

98 dabos vs. 99 last week (-1.1% decrease)


Information provided by:

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

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Hoboken/Downtown Jersey City Absorption Rate Update 12/04/09


The Hoboken absorption rate this week increased by a modest 2.35% as the market continues to stablize in this area. In contrast, the absorption rate in downtown Jersey City increased by 15.96% this week. The downtown Jersey City market still seems to be struggling to find its equilibrium. Could it be that prices were too high there to begin with and people are looking to Hoboken for better values?

I do feel there is a strong value in some of the downtown Jersey City condos like The Portofino, Mandalay, The A and Washington Commons for those who absolutely have to have a NYC view and cannot afford the prices of some of the newer Hoboken waterfront properties like Maxwell Place and The W.

Hoboken Absorption Rate Update 12/04/09:

35.35 weeks vs. 34.54 weeks last week (2.35% increase)


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

43.44 weeks vs. 37.46 weeks last week (15.96% increase)


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

Get up-to-the-minute market reports:

www.hobokenpropertyvalues.info
www.jerseycitypropertyvalues.info

Wednesday, December 2, 2009

Hoboken Needs More Downtown Listings!

If you have a downtown Hoboken listing and have been thinking about putting it on the market, now is the time! The inventory of marketable downtown condos is very low right now and there are LOTS of buyers still looking over the holiday season.


Information provided by:

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

Sign up for FREE market updates:
www.hobokenpropertyvalues.info