Hoboken/Downtown Jersey City Real Estate Market Blog: March 2010

Friday, March 26, 2010

Downtown Jersey City Sales Update - March 26, 2010

Things have really started to stabilize in the downtown Jersey City area over the last few weeks. We've had some strong sales with a $519 sq. ft. sale at The Shore and a respectable $435/sq. ft. sale at 296 Grand-which showed very well and had excellent finishes.

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 Sales Update - March 26, 2010

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

Things Are Heating Up! Hoboken/Downtown Jersey City Pending Sales Update - March 26, 2010

Pending sales (DABOs) are up again this week for Hoboken and increased these week by 3.1% for downtown Jersey City. The market is definitely heating up!

Pending Sales for Hoboken March 26, 2010:

191 dabos vs. 181 last week (5.5% increase)

Pending Sales for downtown Jersey City March 26, 2010:

101 dabos vs. 98 last week (3.1% 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

Hoboken/Downtown Jersey City Absorption Rate Update - 3/26/10

Hoboken Absorption Rate Update 3/26/2010:

53.19 weeks vs. 55.7 weeks last week (4.7% increase)

Downtown Jersey City Absorption Rate Update 3/26/2010:

63.43 weeks vs. 58.99 weeks last week (7.53% 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.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Anyone Have $100,000? The Hoboken YMCA Needs Your Help

I'm sure that you've all heard but our Hoboken Y has been closed down recently due to lack of funds. The sad part is that the board member are about 8 weeks away from receiving a large tax credit that will allow them to fully renovate and run the Y.

Does anyone have $100,000 they can loan to the Y? If for some reason the tax credit doesn't go through the building will be sold (which is worth over $8,000,000) and all creditors will be paid back.

Oh, I forgot to tell you that if the Y closes the 25 men who live there will have no place to live and will probably be sleeping on a doorstep near you.

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

Well, I've just started broker school....

I'm happy to report that I started broker school this past Wednesday. It's been extremely interesting, even though I have to be there by 9 a.m. every day.

I've learned a lot in the last few days and here's an interesting tidbit of information that I wanted share with you because this comes up a lot in discussion with other realtors.

There's always been a lot of talk about whether or not landlords can discriminate against prospective tenants. The answer is yes they can disciminate against prospective tenants on the basis of age, religious beliefs, familial status and sexual orientation but they CANNOT discriminate against race when they are renting the apartment themselves.

HOWEVER, a landlord cannot disciminate against anything except age when their property is listed with a licensed realtor. Period. Paragraph. End of story.

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, March 19, 2010

Downtown Jersey City Sales Update - March 19, 2010

Hoboken Sales Update - March 19, 2010

Hoboken/Downtown Jersey City Pending Sales Update - March 19, 2010

Pending Sales for Hoboken March 19, 2010:

181 dabos vs. 173 last week (4.6% increase)

Pending Sales for downtown Jersey City March 19, 2010:

98 dabos vs. 99 last week (1.2% 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.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Hoboken/Downtown Jersey City Absorption Rate Update - March 19, 2010

Hoboken Absorption Rate Update 3/19/2010:

55.7 weeks vs. 54 weeks last week (3.15% increase)

Downtown Jersey City Absorption Rate Update 3/19/2010:

58.99 weeks vs. 61 weeks last week (3.3% 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

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Friday, March 12, 2010

Downtown Jersey City Sales Update - March 12, 2010

There's a decent amount of inventory at Dixon Mills and they've been selling the complex for a few years now. What are your thoughts on this building?

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 Sales Update - March 12, 2010

Interesting story attached to the single family home that just sold on Newark and Garden. When it first went on the market at $1,650,000 the seller/builder refused to budge on the price. So what happens, he ends up selling for $1,355,000 a whopping $295,000 below asking.....

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 - March 12, 2010

This week both Hoboken and downtown Jersey City experienced 8.8% increases in pending sales (sales under contract). This is a great indicator that the market is continuing to gain steam.

I was actually involved in a bidding war last week on a property in Hoboken and that hasn't happened in awhile. My buyers went $20,000 OVER asking and they LOST.

Pending Sales for Hoboken March 12, 2010:

173 dabos vs. 159 last week (8.8% increase)

Pending Sales for downtown Jersey City March 12, 2010:

99 dabos vs. 91 last week (8.8% 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.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Hoboken/Downtown Jersey City Absorption Rate Update - March 12, 2010

Hoboken Absorption Rate Update 3/12/2010:

54 weeks vs. 49.26 weeks last week (8.8% increase)

Downtown Jersey City Absorption Rate Update 3/12/2010:

61 weeks vs. 72 weeks last week (18% 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.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Wednesday, March 10, 2010

Refinance Your Home?

On March 1st, the US government extended the Home Affordable Refinance Program designed to help up to 5 million homeowners, but so far less than 200,000 have used the program to refinance. This offers a rare opportunity for citizens to claim government aid to refinance their mortgages.

Many Americans mistakenly think they are not eligible, and are surprised to find that they can make their mortgage much cheaper, or save their house from foreclosure. If you are a homeowner and you haven't recently looked into refinancing, you may be surprised at how much you can save.

Call your mortgage professional today!

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

Making an Offer - Cash is King

One of my buyers recently lost out on a bidding war even though they were the highest bidder and were very qualified.

They could actually afford properties $100,000 more expensive as was stated on their pre-approval letter.

Why did this happen?

The other offer was a full cash offer.

No mortgages to worry about, no appraisals, no mortgage contingencies for the seller to worry about.

..Interesting

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

Severe Weather Conditions Effecting Sales

There was a recent report by NAR stating that pending home sales has been effected by the recent severe weather conditions we've all been experiencing.

Let's bring on the warm weather!

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, March 5, 2010

Prices Have Changed/Downtown Jersey City Sales Update - March 5, 2010

Just as a reference point, 149 Essex sold recently for $413/sq. ft. There was a comparable unit that sold in the same building in 2007 for $567/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.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Hoboken Sales Update - March 5, 2010

83 Grand in Hoboken closed for $445/sq. ft. which is a LARGE drop from the $531/sq. ft. these units were selling for about 3 years ago. 838 Park closed at $493/sq. ft. this week. Units on Park were closing in the $575-$600 sq. ft. range three years ago.

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 - March 5, 2010

We had a moderate increase of(2.5%) for Hoboken this week and a 6.21% decrease for downtown Jersey City. I find the downtown Jersey City has been struggling to define itself over the last several months.

Pending Sales for Hoboken March 5, 2010:

159 dabos vs. 155 last week (2.5% increase)

Pending Sales for downtown Jersey City March 5, 2010:

91 dabos vs. 96 last week (6.21% 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.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Abosrption Rate Update - March 5, 2010

We've seen nice decreases in the absorption rates for both Hoboken and downtown Jersey City as we've now exited the 2009 doldrums and activity has normalized.

A decrease in active listings in Hoboken (548 this week vs. 568 last week), coupled with an increase in closed sales over the rolling 30 day period used to calculate the absorption rate (52 sales vs. 50 sales) contributed to Hoboken's 7.3% decrease.

Downtown Jersey City had a decrease in active listings this week (405 vs. 433 last week) while sales for the 30 day rolling period remained the same.

Hoboken Absorption Rate Update 3/5/2010:

45.67 weeks vs. 49.26 weeks last week (7.3% decrease)

Downtown Jersey City Absorption Rate Update 3/5/2010:

67.5 weeks vs. 72 weeks last week (6.25% 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

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com