Thursday, November 25, 2010

Market Stats from Hoboken Real Estate Monitor.com

Did you know that when you sign up for the private view of Hoboken Real Estate Monitor's Weekly statistics you get links by quadrant to all the new and  active listings for the week. They are the Hudson county Multiple Listing Service listings used by realtors which have more information than what's available on typical property search sites.

Sign up today by clicking on any of the links & submitting your email address.  An auto-email will be sent to you with a link to the private view of the statistics. Be sure to sign up for weekly updates and get the stats and the private view of the map each week.

Click here for this weeks statistics.

Use the weekly statistics to track the market.  Bid on your new home with confidence!

See the price per square foot by neighborhood, by the number of bedrooms.  What have units sold for?  What are they listed for today?

Information Provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/



Weekly Stats Public 2009  

 

Monday, November 22, 2010

Gobble, gobble - Happy Thanksgiving!







In early autumn of 1621, the 53 surviving Pilgrims celebrated their successful harvest, as was the English custom.  During this time, "many of the Indians coming... amongst the rest their great king Massasoit, with some ninety men."



That 1621 celebration is remembered as the "First Thanksgiving in Plymouth."  


Happy Thanksgiving from Hoboken Real Estate Monitor!

Donna

Information Provided by Donna Antonucci

Prudential Castle Point Realty
201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/



Thursday, November 18, 2010

This Weeks Stats from Hoboken Real Estate Monitor.com

Did you know that when you sign up for the private view of Hoboken Real Estate Monitor's Weekly statistics you get links by quadrant to all the new and  active listings for the week. They are the Hudson county Multiple Listing Service listings used by realtors which have more information than what's available on typical property search sites.

Sign up today by clicking on any of the links & submitting your email address.  An auto-email will be sent to you with a link to the private view of the statistics. Be sure to sign up for weekly updates and get the stats and the private view of the map each week.

Click here for this weeks statistics.

Use the weekly statistics to track the market.  Bid on your new home with confidence!

See the price per square foot by neighborhood, by the number of bedrooms.  What have units sold for?  What are they listed for today?

Information Provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/



Weekly Stats Public 2009  

 

Wednesday, November 17, 2010

The Open House and New Listings Map from the Hoboken Real Estate Monitor.com


We now have listings for For Sale by Owner and Non-Internet listings in the private view of the map.  Sign up today and get the most complete, easy to use open house and new listings map covering both Hoboken and downtown Jersey City. If you get a listing on the private view that lacks a link look on the right for the For Sale By Owner and Non-Internet Listings icon.  We will be integrating this over the next week or so.


Hoboken Real Estate Monitor's Open House Map


Walk around Hoboken on a Saturday or Sunday afternoon, looking at real estate. Get an idea of what your dollar can buy, in what part of town, with what amenity level. The map is refreshed through Thursday afternoon so be sure to stop by again before your weekend search. Sort by price, number of bedrooms or day of week! By subscribing, you will be able to not only get the basics - price, number of bedrooms, and street location but will get the unit number, and the full Multiple Listing Service listing with photos, square footage and more. . . .

Provided by Donna Antonucci

Prudential Castle Point Realty

201-240-6832

donnaantonucci@gmail.com

http://www.hobokenrealestatemonitor.com/

http://www.hobokenrealestatevalue.com/

http://www.donnaantonucci.com/

Tuesday, November 16, 2010

NYCs new Taxi Designs - Which one do you like?




The sedan is out, the van is in. Three mini-van like automobiles are finalists for the city's next official taxi design. Car makers Ford, Nissan and Karsan USA have all made the cut.

New York city's iconic taxi cab is about to get a makeover, as the city prepares to select a new taxi design.

The Cooper Hewitt Design Museum's Paul Herzan thinks the designs are an improvement over what's on the road now.

"My guess is that you see sliding doors and you think mom-van, and I don't think so necessarily. I think they look pretty futuristic," Herzan said.



Only the design by Karsan is fully wheelchair accessible. It also has a clear roof for sky gazing. Nissan expects their entry to soon be fully electric. The Ford taxi looks roomy, and may appeal to the taxi industry which has relied on the manufacturer for decades.
But some industry insiders have expressed concern about in the move to select just one model for all drivers.



Today's fleet of cabs is made up of 16 vehicle models from nine different manufacturers. The mainstay, Ford's Crown Victoria, was recently discontinued.



Taxi and Limousine Commissioner David Yassky said durability is key.  "Our vehicles drive significantly more miles than even taxis used in other big cities and weather conditions that are more exacting. New York City, unlike other big cities, has both quite cold and days and quite hot days."
The TLC will be airing public service announcements with Commissioner Yassky, inviting New Yorkers to weigh in -- chiefly on monitors in the back of yellow cabs.



"We're working on designing the taxi of tomorrow and we want your help making the right choices. Here's an example: everyone wants to help the environment, but smaller cars have less leg room.

Which is more important to you?"

In the PSA, Yassky offers the enticement of being entered in a drawing to win free taxi trips for a year if participants fill out a 13-question survey about what cab features are most important to them.
The winning automaker will be announced early next year and officials expect the new vehicle to begin hitting the streets by the fall of 2014.

Information Provided by Donna Antonucci

Prudential Castle Point Realty
201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/




Friday, November 12, 2010

The answer to the problem of the American car is not under its hood.





Today's cars are costly, dangerous, and an ecological nightmare. Transportation generates more than a quarter of U.S. greenhouse gases, according to the Environmental Protection Agency. A portion of that comes from moving freight around but more than 20% is personal transportation. Our vehicle emissions are a major climate change contributor, but what comes out of the tailpipe is only a fraction of the total climate impact of driving a car, and the climate impact is in turn only a part of the environmental and social damage cars cause. Improving mileage will not fix these problems.



The best car-related innovation we have is not to improve the car but to eliminate the need to drive it everywhere we go. In the U.S,, we need to stop sprawl and build well-designed compact communities. The land-use patterns in our communities dictate not only how much we drive, but how sustainable we can be on all sorts of fronts. And sprawled-out land uses generate enormous amounts of automotive greenhouse gases. A recent major study, Growing Cooler, published by Smart Growth America, a coalition of national, state, and local organizations that addresses urban planning, makes the point clearly: If 60% of new developments were even modestly more compact, we'd emit 85 million fewer metric tons of tailpipe [car emissions] CO2 each year by 2030—as much as would be saved by raising the national mileage standards to 32 mpg.



So we know that density reduces driving. We know we're capable of building really dense new neighborhoods with plenty of open space, welcoming public places, thriving neighborhood retail, and a tangible sense of place. Just look at Vancouver, which has redeveloped its downtown core into a dense mix of retail, jobs, and housing. Not only is the result one of the most liveable cities in North America, but 40% of all downtown Vancouver households are car-free.

Overhauling the American City



We're also capable of using good design, infill development (new, denser development in vacant or underused lots), and infrastructure investments to transform existing medium-low density neighborhoods into walkable compact communities. Creating communities dense enough to save those 85 million metric tons of tailpipe emissions is (politics aside) easy. It is within our power to go much farther: to build whole metropolitan regions where the vast majority of residents live in communities that eliminate the need for daily driving, and make it possible for many people to live without private cars altogether.



Generally, we think of cars as things which are quickly replaced and buildings as things which rarely change. That will not be the case over the next few decades. Because of population growth, the ongoing development churn in cities with buildings being remodeled or replaced, citywide infrastructure projects and changing tastes, half of the American-built environment will be rebuilt between now and 2030. Done right, that new construction could enable a complete overhaul of the American city.



This is especially true since we don't need to change every home to transform a neighborhood. Many cities prevent denser development through bad building codes. But many inner-ring suburban neighborhoods, for instance, could become terrific places simply by allowing infill development. Strip-mall arterials could be converted to walkable mixed-use streets. This transition can happen in a few years.

We Can't Wait For Changing Auto Design

In comparison, it takes at least 16 years to replace 90% of our automotive fleet, and since it takes years to move a car design from prototype to production, it looks likely that the cars most people in the U.S. have available to drive in 2030 will not be all that different from the more efficient cars today. I'm optimistic that at least some radically engineered, nontoxic, fully recyclable electric cars will be on the road by then, but it's extremely unlikely that (barring massive government intervention) they'll be anything like the norm. We should not wait for automobile design to fix this problem.
 
Read more after the jump. . . .

Information Provided by Donna Antonucci

Prudential Castle Point Realty
201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/






Have fun, save money and help the planet at the same time by embrasing the American scooter revolution.


Have fun, save money and help the planet at the same time by embrasing the American scooter revolution.


  
In Rome, police are stationed around the inner city to keep cars out. Motor scooters, on the other hand, are waved in enthusiastically. The Italians certainly know how to keep an overcrowded city running.

  
Now there are signs that Americans are learning the same lesson.

Scooters, scooters everywhere

If you think there are more scooters around Sydney every time you look, you're right. Not too many years ago, there were perhaps four importers of scooters in America, and three of those also sold motorcycles. Today, 18 companies bring in scooters from more than half a dozen countries, and their products range from buzzy little 50 cc two-strokes to rolling wardrobes with capacities of more than half a litre.
Something like a hundred different models compete in our market.

What is happening is very simple: New Yorkers are becoming aware that there is another way to get around their city. What's better than a large, expensive car, which can be difficult and expensive to park or crowded and sometimes inconvenient public transport?
Cheap to buy, incredibly cheap to run, simple to park and easy to love

The answer is a scooter. Cheap to buy, incredibly cheap to run, they are simple to park and easy to love. The scooter is the ideal form of transport for any city - but especially one like New York, with its narrow streets and heavy traffic. Things are not so congested in regional centres and the suburbs, so scooters are not catching on there nearly as quickly.

  

These minuscule two-wheelers can make a real difference to traffic density. In New York today where the only deliveries made by scooter are pizzas. In continental cities like Rome, the butcher, baker and, for all I know, the candlestick-maker all deliver goods and services by this convenient method. And of course scooters make going to work, to school and to the movies simpler and faster.



Apart from being economical and easy to ride (almost all are automatic), the new breed of scooters are also very clean. Aprilia's SR50 DiTech uses clean-burning technology from Australia's Orbital Engine Company that reduces exhaust emissions by 80 per cent.



I am practising what I preach at the moment by riding a 150 cc scooter that's so convenient I may never go back to a motorcycle. Lots of storage space, combined with nippy performance that allows me to keep up with traffic, makes a scooter ideal for commuting and even shopping trips.

What's available

The father of the motor scooter was Enrico Piaggio. With the family aircraft factory destroyed by bombs during WWII, Enrico knew he had to find something people wanted and that his skilled metalworkers could make. The solution was a small, convenient motorised vehicle, and aircraft engineer Corradino D'Ascanio designed the Vespa scooter for him.



The first batch of 15 Vespas, powered by 98 cc two-stroke engines, left the factory in April 1946. Ten years later, a million had been built and eventually Vespas would be made all over the world.



Other manufacturers caught the scooter bug. There have been some truly disastrous versions of the concept, but today millions of scooters roll off assembly lines in Italy, Taiwan (where there are said to be more scooters than people), Korea, Japan and elsewhere. They all have their advantages.



Scooters today are as different as butterflies, though they tend to have a few basics in common. Most have two wheels (though the Honda Stream has three), a more or less enclosing body to keep some rain and most road dirt off (the Benelli Adiva even has a roof) and a small engine (though Suzuki will soon offer a 650 cc scooter).



Although they have many advantages, scooters tend to trade on their looks. The Malaguti Yesterday says it all with its name; it is a rolling evocation of past elegance. On the other hand, Gilera's Ice has styling as futuristic as the latest Star Trek accessory. Even machines made in the east will often have been drafted by famous Italian designers.

Practicalities

Probably the biggest drawback to riding a scooter is the need to have a motorcycle licence. There are places in the US where you can buzz about on one as long as it has an engine smaller than 50 cc, but not NJ or NY.  Keep in mind, though, that it is in your interest to learn as much as possible about staying alive in traffic. The training required for a motorcycle licence will help.



Scooters have many advantages. I have already listed some of them and you can add reliability (in most cases) and modest maintenance requirements.

Drawbacks

Most scooters have very small engines - sub-50 cc single-cylinder two strokes are almost standard. This inevitably sometimes makes them slower than the traffic around them. That can be a big problem, since one of the most effective survival mechanisms for the rider of any two-wheeled vehicle is to stay ahead of the traffic. With a scooter, you will have to think well ahead and plan your moves carefully.



Something else that's usually small is the diameter of the wheels. This means that scooters suffer from the effects of potholes and rough road surfaces much more than motorcycles or cars. There are exceptions, like Piaggio's Liberty and Italjet's Torpedo, but most scooters will teach their rider to be very aware of the quality of the road.



You don't need a garage for a scooter, but it will pay you well to invest in a good lock and chain or security cable. It is almost ridiculously easy to lift a scooter into the back of a utility and drive it away.

What to buy?

The range is huge, so look for a conveniently-located scooter shop and see what they sell and recommend. After all, you will want them to service and otherwise look after your baby.



A scooter should be fun, so buy something that tickles your fancy, but don't forget that carrying the groceries home will require storage space - not all models have this - and any regular journeys on the motorway definitely call for something larger than a 50. Take a look at a 150 or a 250 cc machine.



Apart from that, the choice is yours. A classic look with modern technology? Try the Vespa ET4. Something with a bit of performance? The Italjet Formula could be the one for you. And that Aprilia DiTech is definitely the latest and most hi-tech.



Have fun!

Cheap motoring

Scooters are relatively cheap. You can be mobile for as little as $4,000 or you can go for the big end of the market with something like a quarter-litre Piaggio X9. There is plenty in between. Running costs can be very low; registration and insurance vary, but they are significantly below the cost of anything else on the road. Fuel, if you use the scooter only as a city runabout, can cost less than a dollar a week. Resale values should be reasonable, going by the prices that old Vespas and Lambrettas fetch.



TIPS for SAFE scooting


  • Get your licence. 
  • Be visible. Turn your headlights on and wear a bright jacket to help other drivers see you.
  • Protect your head. Always wear a helmet that meets the Australian Standard. Ask your dealer for advice.
  •  Drive defensively. Remember: other road-users may not always see you. 
  •  Never ride a scooter under the influence of drugs or alcohol.
Information Provided by Donna Antonucci

Prudential Castle Point Realty
201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/



Thursday, November 11, 2010

Stats for the Week from Hoboken Real Estate Monitor.com

Did you know that when you sign up for the private view of Hoboken Real Estate Monitor's Weekly statistics you get links by quadrant to all the new and  active listings for the week. They are the Hudson county Multiple Listing Service listings used by realtors which have more information than what's available on typical property search sites.

Sign up today by clicking on any of the links & submitting your email address.  An auto-email will be sent to you with a link to the private view of the statistics. Be sure to sign up for weekly updates and get the stats and the private view of the map each week.

Click here for this weeks statistics.

Use the weekly statistics to track the market.  Bid on your new home with confidence!

See the price per square foot by neighborhood, by the number of bedrooms.  What have units sold for?  What are they listed for today?

Information Provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/



Weekly Stats Public 2009  

 

Wednesday, November 10, 2010

Plan your weekend with the Open House & New Listings Map from Hoboken Real Estate Monitor.com.




We now have listings for For Sale by Owner and Non-Internet listings in the private view of the map.  Sign up today and get the most complete, easy to use open house and new listings map covering both Hoboken and downtown Jersey City. If you get a listing on the private view that lacks a link look on the right for the For Sale By Owner and Non-Internet Listings icon.  We will be integrating this over the next week or so.

Hoboken Real Estate Monitor's Open House Map


Walk around Hoboken on a Saturday or Sunday afternoon, looking at real estate. Get an idea of what your dollar can buy, in what part of town, with what amenity level. The map is refreshed through Thursday afternoon so be sure to stop by again before your weekend search. Sort by price, number of bedrooms or day of week! By subscribing, you will be able to not only get the basics - price, number of bedrooms, and street location but will get the unit number, and the full Multiple Listing Service listing with photos, square footage and more. . . .

Provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832

donnaantonucci@gmail.com

http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/
http://www.donnaantonucci.com/

Tuesday, November 9, 2010

What Can a Basement Tell you About the Condo Financials - Update



Remember this article........

This past week I had a client who wanted to see a unit in the building that inspired this article - the unit that had really poor condo financials and a basement full of junk.  I took him and while we were standing in the unit I explained, in person, about what I found while in attorney review, a year earlier with another client..... the condo association has no reserves and many of the common area elements are in dire need of repair.

What was interesting was how the price has dropped and what happened with the association in general.  When I showed the unit last year, it was listed at $320,000.  The comp analysis I did at the time came up with $305,000 not accounting for the state of the Association.  The property is now listed for $249,000 and is a short sale.  The property will likely sell for about $215,000 because it's a short sale.  Is $85,000 enough to take the risk of what common elements will have to be repaired for which there will have to be an assessment to all owners (some of whom are defaulting on their home owners' association fees)?

I understand that one of the units in the building sold last year but that individual owner had to pay to do something to the roof to get it past the inspection because the association had no money to do it and he wanted out. 

I would bet good money that the purchaser of the unit that sold last year and the eventual buyer of the unit that is on the market now, is an investor/developer who is going to try to buy all of the units on the cheap, make the needed repairs to both the units and the building and then resell the units at market.  That's exactly who should buy this unit.  Someone who has the expertise to assess how much it will really cost to renovate this building.  The buyer is going to make a bet.... can I buy the units cheap enough to fund the common area repairs, update the units a little and sell at a profit? 

The inspection that was done last year by my client's inspector as part of attorney review was a former builder.  He inspected the building but even he would have had to go well beyond an inspection to cost out the damage to all of the common elements.  He would have had to pull things up and look below the roofing material go back and cost things out.  For my retail client this was just not what he wanted to get involved in.

The lesson here is if you buy a condo you still have to stay involved enough to make sure the building is being managed well.  This building got to this state after years of neglect.  I am sure the owners all felt it was someone else's job to take care of the building and it's not.  When you buy a condo, it is your responsibility.

Many like to blame the property manager.  No.  It's the Board.  The property manager can only do what he is authorized to do and it's not going to include the one off, special project to repair the roof, replace common area plumbing or re-pointing.  That direction must come from the owners.

The building had 8 units and a total of 4 either have or are in the process of foreclosure.  These folks lost the equity in their unit and their credit because of their own lack of involvement.

Hire a good property manger, watch the books whether you are on the Board or not, run for a Board spot, make sure your building is keeping up with both ongoing maintenance and capital projects.

Here is the original article . . . .


As a realtor, I get to go see many buildings, how people decorate, how they live.  One thing that I think has been really interesting is what a basement often says about the building (yes, when you are in real estate these odd things interest you).  I have found anecdotaly, there seems to be a correlation between what the basement looks like and the financial standing of the Condo Association.

Here is a basement where clearly unwanted belongings were left to die.  Some of them, like the table look rather "kitchy" but left unwanted in the basement it takes up space, creates a hazard and makes it difficult to see issues with the plumbing and other fixtures in the basement.




Often, residents leave items like this in the basement because they do not want to incur the expense or inconvenience of having them carted or selling the item.  Clutter like this doesn't happen overnight.  The Board should really have had it cleaned up but often times, especially in smaller condos, there really isn't anyone at the helm.

Owners often want to blame the property manager but really the Board runs the building.  Typically when an Association is first established, they hire a property manager who is given direction via the contract between the Association and the Property Manager.  A good contract will outline what the property manager is responsible for doing, e.g., collecting, depositing and accounting for monthly maintenance fees, seeing that the building is cleaned weekly, taking care of emergency repairs to common areas, etc.  A property manager cannot just decide by itself to spend Association resources unless it's set up in advance.  A board member needs to notice something like this, meet with the board and set policy authorizing the property manager to discard abandoned items, only allow specific items for basement storage or what ever policy the Board sees fit for common area usage.

Here is a sign from a well managed condo that stipulates just what can be left in the basement.  Look how neat it is otherwise.






How does this relate to finances?  A cluttered, messy basement is a visible sign that the Association/Board is not engaged in managing the building.

Provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832
donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/



Monday, November 8, 2010

How to Save Energy and the Economy




This op-ed article by Attorney-at-Law Cary Lowe is adapted from a report entitled “Saving the Environment; Saving the Economy.”

Cary Lowe is a land use attorney and planning consultant. This article is adapted from an article that originally appeared in the San Diego Union-Tribune, making the case that with the right policies and focus on older residences and commercial buildings, we can reduce global warming, energy demand, and water use while creating jobs and generating revenues. The full report on which the article is based may be obtained from the author at carylowe@cox.net.

California is under mandates to reduce greenhouse gas emissions, increase energy efficiency and reduce water demand. At the same time, the state economy is struggling—particularly the construction industry, which has seen a 75 percent drop in building permits and 400,000 jobs lost.

With the right focus, we can simultaneously save both the environment and the economy. The answer lies in our older residential and commercial buildings. California currently has approximately 13.4 million homes and about a half a million commercial buildings. Most were not subject to any energy or water efficiency requirements when constructed.

Homes built in the last few years use 25 percent less energy and account for nearly 25 percent less greenhouse gas emissions than ones built as recently as 1990. Retrofitting homes built before 2006 to current efficiency standards would similarly slash their energy use and emissions, without even taking into account potential gains from converting to sustainable energy sources. Adherence to the state’s new Green Building Standards Code would result in a 35 percent reduction in the carbon footprint of commercial buildings.


Simply retrofitting a typical existing single-family home with new heating and air conditioning systems and improved insulation, at a cost of no more than $10,000, depending on the age of the structure, would reduce greenhouse gas emissions for that home by about one-third. Rebates and other incentives could cut the actual cost to homeowners in half.

Retrofitting would produce immediate benefits. Reducing annual electrical consumption by one-third for the average household, which uses about 5,900 kWh per year, would cut their annual cost for electricity by about $375. A household currently using 10,000 kWh annually would save about $940 per year from a similar percentage reduction.

Read more after the jump.

Provided by Donna Antonucci
Prudential Castle Point Realty

201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/
http://www.donnaantonucci.com/





Hoboken was the First Home of the New York Yacht Club - 1845

Many think of Baseball, Frank Sinatra and Submarines when they think of Hoboken's "Firsts" but it is also the first home of the country's oldest yacht club - the New York Yacht Club.

 

John Cox Stevens started the New York Yacht Club in 1845 and his Father Col. John Stevens was the original owner and builder of the Stevens mansion which eventually was gifted to create the Steven's Institute.  

 

John Cox Steven's passion was sailing.  He is best known for sponsoring the America - the first America's Cup Boat (It was called the New Guineas Cup by Queen Victoria but after NYYC won it and continued to win it for the next 150 years it became known as the America's Cup.)


Enjoy a brief history about the first Yacht Club in the US:


George M. Isdale Jr., commodore of the New York Yacht Club (NYYC), announced on December 18th, 1999, that the first clubhouse, built in 1845, has arrived at Newport, RI. The building, described in historical records as "a little edifice in the gingerbread style of the period," is situated on the club's Harbour Court property.



        The first Clubhouse -- also known as "Station 10" -- finds a new home
in Newport 
Dan Nerney photos 

The clubhouse, about 47 feet by 21, was designed by Alexander Jackson Davis. It was originally located across the Hudson River from Manhattan in Elysian Fields, in Hoboken, NJ. This was on property owned by Commodore John Cox Stevens, founder of the NYYC. The first meeting took place there on July 15, 1845, less than a year after the club's beginnings. From there, the yacht America departed for England in 1851 where it won a trophy that came to be called the America's Cup. The building served the membership until 1868, when the club relocated to Staten Island. The Hoboken property is now the Stevens Institute of Technology, endowed by the Stevens family. Since 1901, the NYYC has had its headquarters on Manhattan's West 44th Street.
 
In 1904, the original clubhouse, home to the New Jersey YC for a time, was about to be demolished when NYYC Commodore Frederick G. Bourne had it moved to Glen Cove, Long Island. It was then called "



Arriving by barge in Newport, RI

For the architecturally distinctive if diminutive clubhouse, more than 160 years old, Newport is its fifth home. "This is an important piece of our history, and we are pleased to get it back," said Commodore Isdale. "Three days after this club was founded, in 1844, the membership cruised from New York to Newport in the first Annual Cruise. Our Harbour Court facility there seems an appropriate place for our first clubhouse."
 


In Hoboken, NJ, on the "North" now Hudson River.

This location is on the sloping edge of what is now Elysian Park near 10th Street not far from where the replica sits at the edge of what is now Maxwell Park.

Commented Revell Carr, president and director of Mystic Seaport, "The support of the New York Yacht Club members over the years has helped create the Mystic Seaport of today. We are saddened to see this exceptional building leave the Museum, but it presents an opportunity to use this space to serve our visitors better."



One of the clubhouse's first official functions in Newport was to host a party to honor and to thank Mystic. As a symbol of the ongoing friendship, Mystic Seaport will maintain two display cases in the clubhouse, depicting its history.

Said Vice Commodore Charles A. Dana III, who organized the move, "Mystic Seaport has been an incredible host to our first clubhouse. New York Yacht Club and Mystic members Rudolph J. Schaefer III and Russell S. Reynolds Jr. personified that stewardship. The clubhouse's move to Newport owes special thanks to L. Scott Frantz and Daniel K. Thorne, also members of both organizations."

Note: Stations were places where NYYC members could congregate and provision their yachts. Beginning in 1893, they eventually stretched from New York City, to which some members commuted by steam yacht, and Long Island Sound to Martha’s Vineyard. Eventually 11 were established. Station 6, for example, was in Newport, RI. It is now the Mooring’s Restaurant. The first clubhouse, the subject of this article, was barged from Elysian Fields in Hoboken, NJ to Glen Cove, New York, where it became Station 10. It was the last one to be closed in 1948, when it was barged to Mystic Seaport. It continues to be called “Station 10” -- as well as the club’s first clubhouse -- at the NYYC’s Harbour Court. 

Provided by Donna Antonucci
Prudential Castle Point Realty

201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/
http://www.donnaantonucci.com/







Thursday, November 4, 2010

Understand Hoboken's Rent Control Ordinance before Buying an Investment Property

Donna antonucci

Rent Control is a hot topic these days, especially since the city is the defendant in a class action law suit by a group of Landlords over the administration of the rent control ordinance.

I want to provide some basic information that as a buyer you should be aware of. I am not an attorney. Please consult your attorney when it comes to these matters. Hopefully, this article will give you an idea of what you should ask when buying an investment property.

Hoboken has a rent control ordinance:

Rent Control Ordinance

Rent Control Ordinance



When buying a property as an investment or even if you are buying it to live in you should consider what rent you are allowed to charge. In very basic terms, Hoboken's rent control ordinance says that all Landlords must register rents they charge with the city each year. They are allowed to increase the base rent based on the Consumer Price Index (CPI) schedule that can be obtained from the Hoboken Rent Leveling Board via an Open Public Records Act Request (OPRA) form.

OPRA Form


Read More on How Rents can Be Maintained after the jump.

Provided by Donna Antonucci 
Prudential Castle Point Realty
201-240-6832
donnaantonucci@gmail.com

http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/
http://www.donnaantonucci.com/




How rents can be increased:


CPI Schedule - Rents can be increased annually by a specific schedule by adding the CPI percentage to the rent. Again, consult the Ordinance and the CPI schedule.

Vacancy Decontrol - The rent can also be increased by 25% for something called vacancy decontrol. That's when the owner or Tenant who was occupying the unit, moves out and rents the property. This 25% increase can only be done once in any 3 year period.

Other reasons for increasing the rent that require application are:

Tax Surcharge - A tax increase can be passed onto the Tenants. It's basically the difference between the base year annual property tax and the current property tax amount divided by 12. See the Ordinance document above for the calculation. An application is required in order to be able to pass this added expense onto the Tenant.

Capital Improvements - You have to appeal to the Board and demonstrate that you have made an improvement and then the board may grant you the right to increase the rent. You have to demonstrate what you did and how much you spent to improve the property and the Board grants the increase in rent. The amount granted is subjective and is based on how much utility the improvement provides to Tenant.

Hardship - I have many clients who had to move out of Hoboken and could not sell their apartment for an amount that would payoff their mortgage. Many don't have the cash to pay the difference and have opted to rent. In this scenario, the Landlord can make an appeal based on hardship. The concept is that the owner is entitled to a positive return.

Here is the Hardship Application form.


A hardship application assumes the buyer bought the property using "prudent judgement". This basically means the owner cannot buy a rental property knowing that the rents were not at market and expect to raise the rents based on a hardship appeal. When a property has below market rents, the property is typically worth less then it would otherwise.

Sometimes, buyers buy a property on speculation of property value increases rather than from an income producing point of view.  At times, this means the sale price is at a level where the legal rents don't generate a profit. When a buyer does this knowingly, they cannot make a hardship claim.

However, if a buyer buys a property to live in it and has to move out and rent it, and discovers that the legal rent for the unit is below market, i.e., has a negative return, he/she can make a hardship appeal. They bought at the prevailing value, as a owner occupied unit using prudent judgement and then tried to rent it.

In the Ordinance, the reasonable rate of return is defined as 6% above the passbook savings rate available in Hoboken. Since banks are offering a savings account interest rate of about 1% these days, you can count of 7% but the bottom line is the return has to be positive.

Other ways of maintaining the rent:

In these poor economic times, I have seen rents go down. Many Landlord's want to maintain the legal rent at 2006 and 2007 levels. I have seen this accomplished by keeping the rent constant or even increased based on the CPI index and then using rental rebates to bring the effective rent down to current market levels. This way when the market bounces back, the owner will have the right to adjust the rent upwards very quickly in lieu of being constrained by a dip in the base rent + CPI increases.

I have also seen a similar application using a discount on parking. For example, if an apartment in 2007 garnered $2,500 in rent + $200 in parking. I have seen the Landlord offer the same apartment in 2009 for $2,500 and provide the parking for free. Parking, if not part of the same parcel along with the apartment is not subject to the Ordinance. Makes sense.... parking is a luxury.

Again, I am not a lawyer.  Just because I have seen this done, doesn't mean it's legal.  I believe these structures are but always consult your attorney. 

Caveat Emptor. . .

Ask the seller for a legal rent calculation whether you intend to occupy the unit or not. This has to be requested during the attorney review period. If you buy a property with below market rents and you live in it, remember the CPI for each year you lived in it + the vacancy decontrol of 25%.

If you are the first buyer after a property was converted from a rental building to condominium, make sure you apply for a capital improvement rent increase. You cannot go back and put in for it after a period of time. You have to evidence the improvement and often the improvements were made by the Sponsor of the conversion. You need the bills and description of what was done to the property by the Sponsor to win a capital improvement appeal.

If you do this when you first move in, you will get the CPI increases on top of the Capital Improvement increase plus the vacancy de-control when you leave to rent it.

The same applies if you buy the place and then renovate it yourself. Save your receipts and make the appeal right away.

This process also takes time so it's easier if you do it while you are living in it rather than waiting until the point you decide to rent out your unit.

The same with tax surcharge case. Put in for it right when your taxes have increased. Don't wait until you are about to rent the unit. It takes time and you might find yourself in a position where you have to rent the unit for less that it's worth and less than you would have been allowed just because you are about to have a vacancy. (When faced with a month or two of vacancy while you make a tax surcharge appeal, the vacancy may be worth more money, at least in the short term, than waiting for the appeal and the ability to increase the rent).

Talk to a LOCAL real estate attorney who is familiar with the Ordinance and the class action suit. Be informed when you buy.

I also recommend that you hire a real estate agent using a Buyer's Agency agreement. This is not a popular form of hiring an agent here in Hudson County. Some of the resistance is just because it's not customary here. Or, many buyers are afraid of making a commitment to a particular agent for a typical 6 month contract period. But when you hire an agent using a Buyer's Agency agreement, the agent has a greater responsibility to forewarn you of these things.

Under a Transaction Broker arrangement, they are only being hired to assist you with completing a Contract of Sale and providing access to potential properties. There is an underlying assumption you are doing your own due diligence. A Buyer's Agency Agreement often results in higher insurance premium costs to the agent as well as more research and due diligence. An agent cannot take on the added time and expense without a commitment from the buyer that he/she will guarantee he/she will use his services.

Here is the Consumer Information Statement that describes the difference between a seller's agent, buyer's agent, transaction broker and a dual disclosed broker.

Here is the Consumer Information Stmt

Information Provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/


Donna Antonucci Hoboken Real Estate






Donna Antonucci Hoboken Real Estate




Donna Antonucci


Donna Antonucci





This Week's Statistical Review from Hoboken Real Estate Monitor.com

Did you know that when you sign up for the private view of Hoboken Real Estate Monitor's Weekly statistics you get links by quadrant to all the new and  active listings for the week. They are the Hudson county Multiple Listing Service listings used by realtors which have more information than what's available on typical property search sites.

Sign up today by clicking on any of the links & submitting your email address.  An auto-email will be sent to you with a link to the private view of the statistics. Be sure to sign up for weekly updates and get the stats and the private view of the map each week.

Click here for this weeks statistics.

Use the weekly statistics to track the market.  Bid on your new home with confidence!

See the price per square foot by neighborhood, by the number of bedrooms.  What have units sold for?  What are they listed for today?

Information Provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/



Weekly Stats Public 2009  

 

Wednesday, November 3, 2010

Plan your weekend with the Open House & New Listings Map from Hoboken Real Estate Monitor.com.


We now have listings for For Sale by Owner and Non-Internet listings in the private view of the map.  Sign up today and get the most complete, easy to use open house and new listings map covering both Hoboken and downtown Jersey City. If you get a listing on the private view that lacks a link look on the right for the For Sale By Owner and Non-Internet Listings icon.  We will be integrating this over the next week or so.


Hoboken Real Estate Monitor's Open House Map


Walk around Hoboken on a Saturday or Sunday afternoon, looking at real estate. Get an idea of what your dollar can buy, in what part of town, with what amenity level. The map is refreshed through Thursday afternoon so be sure to stop by again before your weekend search. Sort by price, number of bedrooms or day of week! By subscribing, you will be able to not only get the basics - price, number of bedrooms, and street location but will get the unit number, and the full Multiple Listing Service listing with photos, square footage and more. . . .





Provided by Donna Antonucci

Prudential Castle Point Realty

201-240-6832

donnaantonucci@gmail.com

http://www.hobokenrealestatemonitor.com/

http://www.hobokenrealestatevalue.com/

http://www.donnaantonucci.com/







Tuesday, November 2, 2010

Election Day..... Everybody to the Polls


Today's the Mid-term elections.  Politicians make decisions that effect taxes, taxes effect real estate values.  Please participate and spread the word. 

Monday, November 1, 2010

Home prices fell 0.2% in August, according to the Case-Shiller home price.

What we saw in Hoboken in the Q3 analysis, is confirmed as a nationwide trend:  

 
The 2% drop is the first in the index after four straight monthly gains as demand spiked by the homebuyer tax credit that expired at the end of April.


Prices fell in 15 of the 20 metropolitan areas tracked by Case-Shiller in August compared with July. Annualized price growth slowed to 1.7% from 3.2% in July.



Chicago, Detroit, Las Vegas, New York and Washington, D.C. were the only five cities that recorded small improvements in home prices over July.
David Blitzer, chairman of the index committee at Standard & Poor’s, called the report “disappointing.”
“At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers’ tax credits,” Blitzer said in a comment that accompanied the report.

Economists are concerned that there may be additional downward pressure on prices as demand slows in cooler months.

The expiration of the tax credit combined with the cooler temperatures may create “a downside double-whammy for prices,” Josh Shapiro, chief U.S. economist at MFR Inc, wrote in a research note.

FHFA report

In a separate report, U.S. house prices rose 0.4% on a seasonally adjusted basis from July to August, the Federal Housing Finance Agency said Tuesday. 

The positive tone of the report was muted because declines in July and June were deeper than previously estimated.

Paul Dales, economist at Capital Economics in Toronto, said in an interview that the Case-Shiller and FHFA data often move in different directions on a monthly basis but are telling the same story on a longer term.

For the 12 months ending in August, home prices fell 2.4%, up from a 3.4% decline in July, the FHFA said in its monthly house price index. The Case Shiller is also trending lower on an annual basis.
“Both are pointing down consistent with softening in the housing markets,” Dales aid.

The FHFA index is calculated using purchase prices of houses with mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.

Case-Shiller is a 3-month moving average. It is based on repeat sales of the same properties.

 
On a year-over-year basis, 12 of the 20 metropolitan areas posted negative growth rates, according to Case-Shiller. Seventeen of the regions showed a deceleration in growth rates.

Only Charlotte, Cleveland and Las Vegas saw improvement in year-over-year growth rates.

Here’s a list of the 20 cities in the Case-Shiller index, with percentage changes over the past year:


  • San Francisco, up 7.8%
  • San Diego, up 6.9%
  • Los Angeles, up 5.4%
  • Washington, up 4.8%
  • Minneapolis, up 2.9%
  • Boston, up 1.5%
  • Phoenix, up 0.4%
  • New York, up 0.1%
  • Detroit, down 0.1%
  • Cleveland, down 0.4%
  • Miami, down 1.0%
  • Denver, down 1.2%
  • Dallas, down 1.7%
  • Atlanta, down 2.0%
  • Portland, down 2.3%
  • Seattle, down 2.4%
  • Chicago, down 2.9%
  • Charlotte, down 3.4%
  • Tampa, down 4.1%
  • Las Vegas, down 4.5%


Information Provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832

donnaantonucci@gmail.com
http://www.hobokenrealestatemonitor.com/
http://www.hobokenrealestatevalue.com/