A Hoboken Realtor Blog
I found a link to this blog by a Hoboken realtor on Curbed.com. Ordinarily realtor blogs are pretty useless and are almost entirely devoid of content that does not portray the local market as the best area on the planet to buy a house. However, this blog, aside from advertising specific properties, does have some interesting sales data derived from the Hoboken MLS, therefore it is probably worth an occasional look for readers interested in Hudson County real estate.
(If I was a realtor with a blog though I would -1. Avoid the use of more than one exclamation point per month. 2. Allow for reader comments. 3. Consider buying advertising on a popular housing bubble blog such as this one.)
little_silvered (Guest Blogger)
shorebubble.blogspot.com
(If I was a realtor with a blog though I would -1. Avoid the use of more than one exclamation point per month. 2. Allow for reader comments. 3. Consider buying advertising on a popular housing bubble blog such as this one.)
little_silvered (Guest Blogger)
shorebubble.blogspot.com
13 Comments:
One interesting set of stats was the sales in Hoboken 2005 compared to the inventory in Hudson MLS. That seems to indicate 1 to 2 month inventory. Of course, a lot of condos in Hoboken don't make it to the MLS at all and this probably doesn't include new construction.
Yet all of this seems to indicate a pretty low inventory. Much as we might like to think otherwise, it may be that Hoboken or Jersey City have not slowed down ..
According to the Realtor.com site there are 372 properties for sale in Hoboken.
This is up from about 320 two months ago.
http://tinyurl.com/bpo2f
Whether these numbers are accurate is another story.
njgal wrote: I reiterate that I am GLAD I lost my spring bidding war - I probably would have backed out anyway. What a mistake that would have been.
That's called "sour grapes"
no, not sour grapes, it is saved by the bell.
You cannot find "a 650k 4 bed, 2.5 bath house with basement, attic, living room, dining room and big ass kitchen" in Hoboken.
Either you choose a town to live in and buy what you can afford because it is where you want to be, or you find a place you can afford in a town that is acceptable.
Dumping on what you can't afford is sour grapes.
Betting that prices will go down significantly is just that, a gamble, and possibly offset by higher interest rates. Bottom line, if you need to buy a place, you get into the market at whatever level it's at. If you're just a speculator, that's a different game.
I think I saw this conversation on the Kannekt boards. You can easily tell see how much over priced most Hoboken condos are by comparing the prices in the Constitution and the rents for near exactly the same apartments in the Indpendence.
Two bedrooms in the Indepence rent for $3000 per month. Two bedrooms in the constitution sell for $800,000.
Using a 30 year mortgage, 20% down and an interest rate of 6.5%, the monthly principal and interest payment is $4045.00, or $3005.00 tax adjusted (assuming 30% tax rate). The property taxes are roughly $833 per month or $583 tax adjustedand the maintenance is roughly $500 per month.
So, on a tax adjusted basis, it costs you $4088.00 to live in the Constitution compared to $3000 to rent in the Independence.
You better hope for some serious appreciation.
ngal.
you are young and you can wait. How about me and my husband we both make six figures. We moved here to Westchester a few years ago. Sticker shock did not buy. We can afford buying a million dollar place with our hard earn money but it is a big gamble that things will go downhill. By the time things get corrected we will be retired already and move out of here. All our furniture and antiques etc are in storage. What is the suggestion of level headed people out there. Not buy and leave to the kid who really will not appreciate the antiques in the warehouse but garage sale them or buy and enjoy ourselves knowing the price will go down and we will be screwed.
It's called the want it now mentality. And fools want to sign up for slavery now.
Man, Real Estate has turned into such a national obsession. Its unbelievable. Its no longer a house to live, but rather a house where you stay for a few years and flip. Its a herd mentality. You get blind and stupid. Such a linear way of thinking by most people! The road signs are out there. Its not going hold on forever. The fed is determined to prick this nasty bubble and will keep raising rates until the 10 year treasury goes up till 5.5% - 6%
"The fed is determined to prick this nasty bubble and will keep raising rates until the 10 year treasury goes up till 5.5% - 6%"
I would have to agree. When one of the FED governors, for example, starts (ahem) Yellen about a bubble, you know it's on their radar.
And what's the first rule of investing boys and girls?
"Don't fight the FED."
I wanted to let njgal know that that property that sold for $775,000 was originally listed for $829,000 not $819,000 and this original listing price is mentioned in my post about that sale. You can see it on the November 14th posting. And it did close for $775,000, this can be verified in the NJ tax records. I agree that price drops should be discussed but a few months ago, we didn't have them, this has started to happen only recently.
It looks like prices are dropping or stagnating in almost every market. Inventory is rising and rates dipped last week, but are on the way back up. I think we are all in for a year of high inventory and stagnant home prices.
RJ Willson
www.4mysales.com
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