6 Things to Know About the First Time Home Buyer Credit 1. Eight grand, new buyers: This credit is equivalent to 10 percent of the purchase price of the home–although it’s capped at $8,000–and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid. 2. First time buyers defined: For the purpose of this legislation, a “first-time home buyer” is someone who hasn’t owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you’ve owned a vacation home–but not a principal residence–within the past three years, you would still qualify for the credit. 3. 2009 buyers only: Only those who purchase a ho... 03/06/2009

Weekly statistics 2/22/09- /01/09 Another million dollar listing received an accepted offer last week.  The $1,060,000 priced condo at newly constructed “Arthur’s Court”, 78 Jackson St, is now under contract.  A total of  7 condos received firm accepted offers last week. As of today, there are 111 Hoboken condos pending to close.  These are the buyers making a commitment in this market! Here are the folks that took advantage of the opportunities last week….. FIRM ACCEPTED OFFERS: 1 BEDROOM 3 condos  received an accepted offer  Click Here to View Listings These averaged 72 days on market. 2 BEDROOMS 3 condos had accepted offers  Click Here to View Listings Average days on market for this group was 61. 3-4 BEDROOMS: 1 condo had an accepted offer which was the 2018 square foot 3 bedroom, ... 03/05/2009

Always keep in mind if you buy too much house you will be drained financially. Be honest with yourself about what you spend and what you can afford for a home. Simply take a look at the number of home foreclosures nationwide this week to give you the incentive to find your comfort zone of monthly repayment. Before you decide how much you can afford in monthly mortgage payments, calculate your expenses. The following itemized list could help organize your thoughts. Sometimes you don’t realize how many financial obligations you have until you see them on paper. ·       Loans - car, student, etc. ·       Insurance - home, car, life, etc. ·       Credit Cards ·       Utilities ·       Property Taxes (based on cost of the home you are interested in, or your own home — for questions, call yo... 02/26/2009

President Barack Obama signed the stimulus package into law last week and readied a new $75 billion foreclosure rescue for legions of Americans who are in danger of losing their homes. Obama focused on the $787 billion stimulus plan, an ambitious package of federal spending and tax cuts designed to revive the economy and save millions of jobs. The $75 billion foreclosure rescue will be a big part of recovery to help stem foreclosures — in Arizona, one of the states hardest hit by the mortgage defaults that are at the center of the nation’s economic woes. Obama is expected to detail how the administration plans to prod the mortgage industry to do more in modifying the terms of home loans so borrowers have lower monthly payments. More than 2.3 million homeowners coast-to-coast faced forec... 02/26/2009

There are 9 condos listed as "short sales" in our MLS. Here they are: Click Here to View Listings Any offers are subject to bank approval. What is a short sale? While Short Sales were virtually unheard of only a few years ago, now the majority of banks and lenders are negotiating and closing these deals. They allow a homeowner with a legitimate hardship to sell their property for less than the balance of their mortgages and avoid foreclosure. Why buy a short sale? Buyers persue short sale properties in the hopes of obtaining a good deal however be aware that these deals generally take longer to complete and are subject to the banks approval. The issue is that the banks want the right type of deal with exactly the right paperwork and most agents are completely unaware of what the banks ... 02/22/2009

  Don’t ignore the phone calls and letters from your lender. This is the best way to end up forced to vacate your home by law enforcement. Take this matter very seriously and work to resolve the problem very quickly. Please keep track of all correspondence you receive for future reference. Do not vacate your home. You may not qualify for foreclosure help if the house is vacant. If your home is proved vacant, it can be easily seized. Contact me to discuss what the best foreclosure solutions are for you. As a CDPE, I will negotiate on your behalf with the mortgage company to get your loan back in good standing. I understand the system, the foreclosure laws, and the steps necessary to help you keep your home. I will be your advocate by walking you through the process. Following are several... 02/20/2009

Ideally situated at Hoboken’s thriving north end, just minutes away from Manhattan, Hudson Tea, former grounds of the Lipton Tea Company, offers all that both cities have to offer—including beautiful, lush parks, popular restaurants, cultural activities, and abundant shopping. The Hudson Tea Buildings have been a landmark in Hoboken for over a century. Constructed in the early 1900’s, by Sir Thomas Lipton, the purpose of the building was to serve as the headquarters for the Lipton Tea Corporation. Today, the building provides its residents with a unique loft experience. The layouts include 22′ x 14′ living rooms, 10′ x 12′ picture windows, one foot thick concrete floors and amazing 13′ beamed ceilings. After being converted from rentals to condominiums in 2005, The Hudson Tea Buildings... 02/20/2009

 It’s been a “stimulating” week.  Hopefully one of these 30 properties that had their prices reduced last week will stimulate you! STUDIO None in this category 1 BEDROOM A fantastic mix of 14 homes here with newer construction including parking to gracious old world charm. Click Here to View Listings  2 BEDROOM  11 condos here beginning with a 933 square foot 2 bed / 1 bath condo at 12th & Washington St offered at $414,900. There’s also a nice 1012 square foot 2 bedroom, 2 bathroom with deeded parking at The Westfield condo elevator building reduced to $510,000.  Click Here to View Listings  3-4 BEDROOM How about a gorgeous 2430 square foot 3 bedroom, 2.5 bathroom duplex condo at the fantastic Metropolitan Grand now listed at $1,299,000.  Click Here to View Listings 1-4 FAMILY HOMES Th... 02/19/2009

  Weekly statistics 2/08/09- 2/15/09 Wow, a condo listed at $1,320,000 received an accepted offer last week.  Additionally, another unit listed at $789,000 received an accepted offer bringing last weeks total to 8 units.  An increase to the previous weeks 6 units.  Average days on market for these homes were 83. As of today, there are 117 Hoboken condos pending to close.  These are the buyers making a commitment in this market! Here are the folks that took advantage of the opportunities last week….. Firm accepted offers: 1 BEDROOM 4 condo  received an accepted offer Click Here to View Listings These averaged 59 days on market. 2 BEDROOMS 3 condos had accepted offers Click Here to View Listings Average days on market for this group was 71. 3-4 BEDROOMS: 1 condo had an accepted offer. A n... 02/16/2009

What is a Certified Distressed Property Expert (CDPE)? A property can become distressed for many reasons but the most common reason is a foreclosure. Any situation that has caused a property owner to have difficulty making mortgage payments is said to be in a distressed state; basically, any property which has foreclosure looming can be defined as a distressed property.   A Certified Distressed Property Expert (CDPE) is not only a designation earned by a licensed Real Estate Agent and REALTOR but it is also an acronym that says the person displaying it has gone through extensive training to successfully mitigate a foreclosure. This can be done by negotiating mortgage terms, helping to negotiate a refinance, or the most likely outcome, helping to sell the property. If the value of the pr... 02/12/2009

Take advantage of these recent price reductions to find the best home at the best value!  Condos, single & multiple family homes..all in Hoboken! This past week the Hoboken market had 27 properties lower their prices.  The “A” homes, those in the best condition and or location, generally sell the quickest.   Follow the value….not the herd!   STUDIO None in this category 1 BEDROOM This list of 5 homes starts off with a lovely home at 9th & Park offered now at $329,000. Click Here to View Listings 2 BEDROOM 17 homes here starting off with a 686 square foot 2 bed / 1 bath condo at 6th & Park offered at $329,000. There’s also a 1024 square foot 2 bed / 2 bath, terrace and parking listed now at $479,000.  Take a look at them all. Click Here to View Listings 3-4 BEDROOM We have 3 homes here.... 02/11/2009

Weekly statistics 2/01/09- 2/08/09 We had 6 firm accepted offers last week in the Hoboken condo market, tracking at about the same weekly pace since the start of the new year.  Highest asking price was $788,888.  Average asking price was $556,314.  Average days on market was 104 As of today, there are 114 Hoboken condos pending to close.  These are the buyers making a commitment in this market! Here are the folks that took advantage of the opportunities last week….. Firm accepted offers: 1 BEDROOM 1 condo  received an accepted offer Click Here to View Listings 118 days on market. 2 BEDROOMS 4 condos had accepted offers Click Here to View Listings Average days on market for this group was 100. 3-4 BEDROOMS: 1 condo had an accepted offer.  A small 1024 sqft 3 bedroom on Washington St lis... 02/10/2009

Before you take the big step of buying your first home, consider the following. The first rule about applying for a mortgage is simple: the bigger your down payment is, the lower your monthly payments will be, and the less interest you will pay during the life of your mortgage. Also, if you make a down payment of 20 percent or more, you’ll avoid paying private mortgage insurance (PMI), a premium added to protect the lender in the case of mortgages that are considered higher risk. Your mortgage is likely to be your single biggest expense. Some say you shouldn’t spend more than two-and-a-half times your yearly income. Others will say that no more than 35 percent of your monthly income should go to living expenses, including your mortgage and utilities. Just make sure you create a budget ... 02/06/2009

Situated on the Hudson River waterfront and just minutes from Manhattan, Maxwell Place’s ideal location gives residents the ultimate opportunity to indulge in a luxurious lifestyle and makes Maxwell Place such an incredible place to live. Walk along the scenic streets of Hoboken, past striking brownstones and quaint shops, and you’ll get an immediate sense of this urban village’s charm that comes from its historical background and vibrant culture. Hoboken’s bustling vitality permeates from the boutiques, galleries, restaurants, bars and unique places that line Washington Street. With all there is to see, do, and experience in Hoboken, you’ll never be at a loss for fun, entertainment, intrigue, and excitement. With the Manhattan ferry just steps from your door and the PATH nearby, getti... 02/06/2009

Lots of reductions this past week as 46 properties had their prices lowered. Affordability is way up with prices down and interest rates at very attractive levels. Take advantage of todays buys to find the best home at the best value! STUDIO One studio reduced and now listed at $279,000 Click Here to View Listings 1 BEDROOM There are 14 price reductions starting at just $279,000 Click Here to View Listings 2 BEDROOM 25 condos were reduced last week.  Nicely renovated Washington St 2 bed / 1 bath starts the list at $409,900 Click Here to View Listings 3-4 BEDROOM 3 condos were reduced starting at $799,000 Click Here to View Listings 1-4 FAMILY HOMES None reduced last week These are last weeks price reductions.  To search the entire MLS log onto http://www.InvestHoboken.com  and go to Br... 02/04/2009

A big thank you to all of you who recommended real estate and bankruptcy attorneys to me. It's very helpful. //  It looks like we will shortly discover what the Obama administration has in mind for the housing/mortgage markets. We have heard about 4% mortgages, fed funds for loan modifications, bankruptcy courts modifying loans, and other initiatives. It is clear there is no self-evident, single, or perfect set of solutions - but any reasonably coherent program will be better than nothing. - Paul    Analysis: Affordability index highest since 1973 Both the S&P/Case-Shiller® 20-city composite index, which registered an 18% annual decline through November, and the NAR sales data, down 15% in December from a year ago, indicate sharply lower house prices across many U.S. metropolitan areas... 02/01/2009

  Research the Home Buying Process   This will allow you to act confidently and feel like you are making the correct decisions. There is a lot of home buying terminology that you will need to learn, so be sure pick up as much information as possible to help you in your transaction. Get a Copy of your Credit Report You can get copies from all three credit bureaus at once by going to www.AnnualCreditReport.com. Mortgage lenders will review your credit very thoroughly, so be sure to correct any possible errors. Fix Any Credit Errors Immediately If you find an error on your credit report, go to the company’s website where the report came from (TransUnion, Equifax or Experian) to contest it. It can take time to clean up an erroneous credit report, so don’t waste any time. Check Your Debt-To... 01/30/2009

Do you love to read–to browse shelves of the latest fiction or non-fiction,  enjoy classic literature or pick up a new magazine? Do you enjoy the many resources–new bestsellers, children’s books, research materials, Internet access, books-on-tape, CDs and DVDs–that the Hoboken Public Library provides? Do you think it’s important to make the Hoboken Public Library the best it can be?

If so, you need to know more about the Friends! The Friends are a group of volunteers dedicated to supporting and expanding what the Library offers to children and adults. We do this by publicizing the Library’s programs and raising funds for the Library’s special needs. In past years the money Friends of the Hoboken Liibrary raised has enabled the Library to purchase new books, magazine subscriptions, com... 01/29/2009

Weekly statistics 1/18/09- 1/25/09 The Hoboken condo market continued with a sluggish sales pace last week with only 7 firm accepted offers, none with an asking price above $549,900.  Average asking price was $424,082.  News came out today that existing home sales unexpectedly rose 6.5 percent in December to an annual rate of 4.74 million units, as the median home sales price plunged 15.3 percent to $175,400 from $207,000 a year ago. The decline is the largest year-over-year drop in records going back to 1968. According to the National Association of REALTORS, in home sales, buyers took advantage of dramatically lower prices, especially in distressed markets like California, Florida and Nevada, where foreclosures have swamped the market. “Buyers will continue to have an edge over selle... 01/26/2009

Happy Friday, hope you’ve had a great week! 25 new condo listings and (3) 1-4 Family homes hit our Multiple Listing Service (MLS) in the last week. Take a look at them all! STUDIO CONDO One studio at 2nd and Bloomfield St is now being offered at $282,000.  Great location. Click Here to View Listings  1 BEDROOM CONDOS  8 new listings starting $389K Click Here to View Listings 2 BEDROOM CONDOS 13 new listings starting at $499K Click Here to View Listings 3 BEDROOM CONDOS 2 new listings in this category.  A very nice 3 bedroom at the Huntington Condominiums is offered at $899Kand another in the luxurious Hudson Tea building is at $1,149,000 Click Here to View Listings 4 BEDROOM CONDOS Really a 1865 square foot 2 bedroom + 2 den and 2.5 bath condo in the premium waterfront building, Maxwel... 01/23/2009