Monday, February 28, 2011

New Jersey Has Fewer Foreclosures Given its Population Density than other States



Just so there is no question, NJ is the sliver between Ohio and NY.  The largest light blue section is "all other states" combined.  You can see that FL and California were hit the hardest, followed by Illinois which is a state largely dependent on the automotive industry.  Given NJs population density this is reasonable.  NY state is much less densely populated yet they have more foreclosures.


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

donnaantonucci@gmail.com

www.hobokenrealestatemontior.com
www.donnaantonucci.com
www.hobokenrealestatevalue.com 








Friday, February 25, 2011

Weekly JC Downtown Market Stats from Hoboken Real Estate Monitor



Downtown Jersey City Weekly statistics from Hoboken Real Estate Monitor.


Hoboken's Weekly Statistics will continue to be posted on Thursday mornings.  Downtown JC stats will be posted on Fridays.   In addition to posting them, the latest version will be available through the Weekly Statistics Icon on the right vertical nav bar. 


Here is the link to the Downtown Jersey City statistics:


Downtown JC Stats


The statistics contain links to the listings that compiled the price per square foot so you can see exactly what amenity and finish level are included.  They contain live links to all Active, Under Contract and Sold listings.

Each week the new listings for the week will be in separate links by neighborhood so you can quickly see what came on the market in a given week.  

The Downtown Jersey City Statistics are broken down  at the neighborhood level:
  • Newport/Pavonia
  • Hamilton Square
  • Harsmis Cove
  • Powerhouse District
  • Van Vorst Park
  • Liberty Harbor
  • Harborside
  • Paulus Hook
  • Western Edge

The first rule in real estate is location, location, location.  By breaking down the downtown areas into neighborhoods, you get a much finer understanding of the price per square in the specific area where you are looking .

If you use price per square foot as a measure, it really tells you which areas are more sought after than others.  The more desirable - convenient to public transportation, restaurants and shops, etc. - the higher the price per square foot.  Likewise, if you are willing to go to an up and coming area v an established neighborhood, you can get more space for your money. 


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

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


Thursday, February 24, 2011

Arthur Antonucci, CPA Masters in Tax ..... Anyone need an accountant? It's tax season.



My brother, Arthur, is a CPA and has a masters in Tax.  He has over 25 years experience in personal tax, small business and corporate returns.  He also offers strategic tax planning to minimize future tax liability.  Looking for some help with your return?  Call or email today...

Arthur Antonucci, CPA, Masters of Taxation
arthurantonucci@comcast.net
908-295-8535

Hoboken Real Estate Monitor's Weekly Statistics . . . . . . .




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/
http:www.donnaantonucci.com






Wednesday, February 23, 2011

Hoboken, Downtown JC 's Weekly New listing and Open House map from Hoboken Real Estate Monitor.com


We will be checking Craig's list, realtor sites, the MLS again later in the week but don't expect any open houses this week.

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/







Monday, February 21, 2011

Mortgage Interest Deduction Limitation Included in President’s Budget Proposal

As part of President Obama’s Fiscal Year (FY) 2012 budget proposal submitted to Congress on February 14, 2011, the ability for individuals making over $200,000 per year and couples making more than $250,000 per year to deduct their mortgage interest has been limited. The proposal calls for taxpayers in the 33 percent and 35 percent tax brackets to be limited in deducting their mortgage interest payments down to those at the 28 percent rate or below. The President’s budget proposal is now before Congress. 

 

The NATIONAL ASSOCIATION OF REALTORS® (NAR) will be analyzing this proposal and working with the Congress to fight for the continued ability for mortgage interest to be fully deducted by all homeowners who currently have the ability to do so. Stay tuned for additional information as this proposal is debated in Congress.




FHA Mortgage Interest Premium Hike, 28% Deduction Cap

The fiscal year 2012 budget that the Obama administration released on February 14th, would pare back most housing and community development programs, including jobs-rich community development block grants, implement a planned hike in the annual FHA mortgage insurance premium, and even take a third stab at a twice-rejected proposal to trim the value of itemized deductions, including the mortgage interest deduction, available to upper-income households.

These are all important matters that will bear watching as lawmakers take up their budget resolution and decide which proposals to keep and which ones to scrap or modify. But one thing the budget doesn’t do is propose reducing the value of MID by changing it into a credit. That change to MID was one of the recommendations of the president’s bipartisan deficit reduction commission, which released its final report in December.

In fact, the deficit commission very much got short shrift in the budget proposal. Its signature recommendations, including scaling back entitlements by raising the age of Social Security beneficiaries, among other things, were left out, leaving those high-profile decisions for another day.

To be sure, the president’s budget wields a sharp knife when it comes to cuts. It proposes cuts to 200 programs, including the majority of the programs administered by the U.S. Department of Housing and Urban Development, which saw its budget cut by almost 3 percent. Most of the budget savings across the spectrum of government programs come from a five-year freeze on discretionary domestic spending (largely everything except military and entitlements), which is estimated to produce $400 million in savings.

Importantly, a part of the budget savings would come from the administration’s proposal to trim the value of itemized deductions for higher-income households. Individuals earning at least $200,000 and couples earning $250,000 could still take all their deductions, including MID, but the value of the deductions would be capped at 28 percent instead of 35 percent. NAR will be watching closely to see how lawmakers, which rejected the proposal in the president’s first two budget proposals, respond this year.


From the standpoint of residential real estate, one of the provisions having a key impact is the 25 basis-point increase in the annual mortgage insurance premium (MIP) on FHA-backed loans, which the administration already has the authority to implement. That hike will raise the premium to 1.15 percent from 0.9 percent of the loan amount, and is expected to generate $2 billion in funds for the agency, which will help it ensure the soundness of its actuarial position, but the other side of that gain is reduced volume in FHA lending. HUD Secretary Shaun Donovan in a conference call on Wednesday said he expects lending volume on FHA loans to drop to $218 billion. “That is substantially below the volumes which we’ve done this past year,” he said.

Overall, HUD programs would be funded at $41.7 billion, about $1 billion less than what the agency received last year. The most striking cut is to CDBG, which is popular among states and localities because it makes available to them a significant amount of money that they can use for projects largely of their choosing. The program would drop by 7.5 percent, or about $300 million. Public housing and many assisted housing programs, both for development and operations, would also see significant shrinkage.

The administration’s release of its budget proposal is just the first step in a multi-step process that in years past has taken much of the year to complete. Already Congress has scheduled hearings. Once the House and Senate Budget Committees put forward their resolutions for setting spending parameters (which might end up bearing little resemblance to what the administration has proposed), the appropriations committees will write the legislation to flesh out the actual spending bills, and the tax writing committees will work on their side of the legislation. The deadline for all this action is the end of the fiscal year, Sept. 30. But it’s not uncommon for Congress to let that deadline slip.

Read a summary of the budget for yourself. 


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

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

Friday, February 18, 2011

Hoboken Real Estate Monitor's Weekly JC Downtown Statistics



Downtown Jersey City Weekly statistics from Hoboken Real Estate Monitor.


Hoboken's Weekly Statistics will continue to be posted on Thursday mornings.  Downtown JC stats will be posted on Fridays.   In addition to posting them, the latest version will be available through the Weekly Statistics Icon on the right vertical nav bar. 


Here is the link to the Downtown Jersey City statistics:


Downtown JC Stats


The statistics contain links to the listings that compiled the price per square foot so you can see exactly what amenity and finish level are included.  They contain live links to all Active, Under Contract and Sold listings.

Each week the new listings for the week will be in separate links by neighborhood so you can quickly see what came on the market in a given week.  

The Downtown Jersey City Statistics are broken down  at the neighborhood level:
  • Newport/Pavonia
  • Hamilton Square
  • Harsmis Cove
  • Powerhouse District
  • Van Vorst Park
  • Liberty Harbor
  • Harborside
  • Paulus Hook
  • Western Edge
The first rule in real estate is location, location, location.  By breaking down the downtown areas into neighborhoods, you get a much finer understanding of the price per square in the specific area where you are looking .

If you use price per square foot as a measure, it really tells you which areas are more sought after than others.  The more desirable - convenient to public transportation, restaurants and shops, etc. - the higher the price per square foot.  Likewise, if you are willing to go to an up and coming area v an established neighborhood, you can get more space for your money. 






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

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






Thursday, February 17, 2011

The Weekly Hoboken Statistics from Hoboken Real Estate Monitor





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/
http:www.donnaantonucci.com





Wednesday, February 16, 2011

Hoboken Real Estate Monitor.com's Weekly Open House & New Listing maps for Hoboken, Downtown JC



We will be checking Craig's list, realtor sites, the MLS again later in the week but don't expect any open houses this week.

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, February 15, 2011

Hot of the press... The proposed Rent Control Ordinance




Well here you have it... Landlords and Tenants you want to look at this one.

The proposed rent control ordinance is up for introduction at this week's City Council meeting.

The big change???  Landlords will have to supply a disclosure to Tenants stating what the legal rent is.  The disclosure to be provided by the Rent Control Board.

Tenants have a limitation of 2 years from the date of the disclosure to make a claim of overpayment.

Landlords can use past leases and statements as proof of vacancies to substantiate vacancy decontrol increases.

Here it is for you to read for yourselves.




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/








Proposed Rent Control Ordinance 2_11                                                            


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


donnaantonucci@gmail.com

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

The 2011 Housing Market Outlook: Unsettled, Underwater and Unsold

Given the importance of the housing market to the nation's balance sheet, it's no surprise that many observers are looking for any evidence that prices on family homes have finally bottomed out. For those watchers, Nov. 2 had a bit of good news: The National Association of Realtors reported that its index of sales agreements for previously occupied homes rose 10.4 % in October.

But that positive statistic must be placed in a longer-term context of declining prices, bulging inventories of unsold homes and ongoing legal improprieties in the nation's foreclosure machinery. And against that background, the NAR's news doesn't feel all that impressive.

The rise in sales agreements is also clouded by reports that new-home sales fell 8.1% in October to a seasonally adjusted annual pace of only 283,000, a near-record low, while existing-home sales declined 2.2% to an annual rate of about 4 million. In the third quarter, home sales tumbled 25% to a 4.16 million seasonally adjusted annual pace from the previous three months, a rate that was 21% below the 5.28 million clip of 2009's third quarter.

Some real estate analysts foresee another three years of price declines as the massive inventory of underwater and foreclosed homes is slowly sold off, and we need look no further than the basics of supply and demand to understand why: Analysts estimate that as many as 12 million more properties will be put up for sale over the next few years. If about 4 million homes are sold annually, then it would take three years to clear the backlog.

Homeowners in a Money-Losing Position


The so-called "shadow inventory" of unsold homes -- bank-owned properties that are being held out of the market by lenders -- is also rising. Though banks have sold around 700,000 foreclosures in the past nine months, that is down 25% from last year's sales. Analysts from Morgan Stanley estimate that the number of bank-owned and foreclosure-bound homes that have yet to hit the market is close to 8 million.

In light of this imbalance between supply and demand, some real estate observers expect house prices to fall another 8% from current levels.

Nearly one-quarter of all U.S. homeowners with a mortgage -- 11 million borrowers -- owed more than their homes were worth as of June 30, according to real estate analytics firm CoreLogic. Another 2.4 million borrowers had less than 5% equity in their houses and would likely lose money on a sale after paying broker fees and closing costs.

Given the millions of homes in the foreclosure pipeline, it's little wonder that prices are falling in most markets. Demand for foreclosed properties fell off a cliff in the third quarter, providing more evidence that housing appears to entering a second leg down after prices and sales recovered in 2009 and early 2010.

Home Equity Still Way Down

According to the Federal Reserve's most recent Flow of Funds Report, homeowners' equity is down about $6 trillion from the 2006 top in real estate prices. While the recovery in home valuations boosted homeowners' equity from a low of $6 trillion up to $7 trillion, homeowners' equity as a percentage of home values is still down from a high near 60% to 40%. Since one-third of American homes are owned free and clear, most of that equity resides in homes that are unencumbered by mortgages.

Home mortgage debt has slipped modestly from $10.5 trillion to $10.15 trillion, largely as a result of lenders' write-downs in short sales -- where homes are sold for less than the mortgage owed and the bank accepts the loss -- and foreclosure auctions.

So, while the recent recovery in sales and prices has lifted homeowners' equity somewhat, households have still lost $6 trillion in equity, and one-quarter have no equity at all and owe more on their mortgages than their homes are worth. Household mortgage debt is still close to the levels reached at the peak of the housing bubble.

Foreclosure Woes and Tightening Standards Cloud the Market

Though lenders insist they have restarted foreclosure proceedings with more careful attention to due process, a host of legal actions are calling that claim into question.


In one recent case, U.S. Bankruptcy Court Judge Judith H. Wizmur rejected a foreclosure claim on the home of John T. Kemp of New Jersey, ruling that his mortgage company had failed to deliver the note to the trustee as required when it sold the mortgage. That may leave the new trustee, Bank of New York Mellon, with no standing to foreclose, and the ruling casts doubt on the legality of many, many other foreclosures.

Other legal battles have erupted over short sales as the primary mortgage holders have been stymied by lenders holding second mortgages who refuse to sign off on sales that give them little of the proceeds.

Meanwhile, real estate attorneys are poring over thousands of records, scanning for serious errors which could negate foreclosure claims by lenders, while holders of mortgage-backed securities are pushing banks to buy back improperly transferred mortgages.

Modifications Are Working Only Half the Time


The market of possible buyers has shrunk as well. As the Federal Housing Administration has guaranteed more mortgages in recent years, the default rate on FHA loans has skyrocketed. In an attempt to stem this rising tide of foreclosures, lenders have raised their minimum credit score on FHA-insured loans to 640 from 620. That will exclude about 6 million people from the pool of potential homebuyers, according to FICO, which created the formula for the ratings.

With over 9% of prime mortgages now in default, it's especially troubling to industry observers that the loan modification programs designed to save households from future defaults are experiencing redefault rates of 50%, meaning half of the households that receive mortgage modifications end up defaulting again within a year.

Add all these factors up, and it seems likely that the housing market will remain unsettled in 2011.


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

donnaantonucci@gmail.com

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



Monday, February 14, 2011

The New York Metro area leads the country in Bedbugs (Great!) What do you do if you find out there are bedbugs in your building?

Donna Antonucci


I loved the picture above of two Hollister models that were forced to spend the day on the street while the store was fumigated for bedbugs.  Thank God it was July and not February!  I figured if we were going to talk about bedbugs this is a much more appealing picture than what the little critters look like.

I decided to write on this topic because I heard about a unit that had to be pulled off the market because of a bed bug infestation.  I was horrified and glad I had not taken anyone there.

Here is a "heat" chart of bedbug reports across the nation as reported by the Bedbug Registry.  You can see that the most heavily covered area centers around NYC.  NYC is our largest entry point into the country and given its high density living, it's a great breeding ground for bedbugs.  With Hoboken and Jersey City just across the river and connected by public transportation, we need to be careful that we don't end up with the same level of problem here as in NYC.  I say "level" because bedbugs are already in Hoboken and JC. 




The question is what do you do if bedbugs are found in your building?


NYC started a Bedbug Commission last April and working with the National Center for Healthy Housing (NCHH), they came up with a variety of recommendations.

The first thing you have to do is alert everyone in the building. Giving everyone the heads up will allow them to look for bedbugs in his/her unit and will alert them to stay away from the infested unit until the issue is resolved.  

Understand the various treatments:  Chemical, Chyro-Chemical and Heat treatment.  Chemical is the most common.  It's also the cheapest.  It may take repeated visits to eradicate an infestation. Chryo-Chemical is where a chemical freezing process is used.  Its cost and efficacy is somewhere in the middle.  Heat is where heaters are brought in to raise the temperature of a unit to above 130 degrees for 4 plus hours.  The bugs cannot survive at this temperature.  It is the most expensive and is more commonly used in large commercial buildings who cannot necessarily rely on Tenants to diligently report incidents of bedbugs, nor do they want the liability that comes with the chemical treatment. 

There is a bit of controversy over what is the right way to go.  Some feel the chemicals are really toxic but even the chemical treatment can be anywhere from $600 to $1,000 for the average size unit. Heat treatment can be $2,000 to $3,000 per treatment although one treatment may be enough.  Heat is touted as the safest in terms of health and the most fool proof.

Both the NYC Bedbug Commission and the NCHH agree that treatment alone is not enough.  The residents play a very big role in eradicating the infestation.  They have to be prepared for treatment so that whatever treatment plan is used, it has a chance of working.  

Highly infected items such as box springs, mattresses and couches have to be discarded but they also have to be discarded properly.  They have to be wrapped securely in plastic and taken out in a manner so that the problem is not moved to the hall and perhaps other units in the building.  One of the NYC Bedbug Commission recommendations was to encourage small businesses to offer bedbug treatment preparation services.  The Commission feels that people and the risk of spreading the problem further are better off to bring professionals in who know exactly what to, how to do it properly and to ensure all the steps are followed. 

Discarded items should not be put out at the curb but should be carted to a dump where they won't infect someone walking by.  In NYC it's illegal (and gross) to rummage and I can't imagine picking through a pile that contain an old mattress but people do it. 

Residents should also wash all of their fabrics at 140 degrees or greater.  If they use a common laundry, it's advisable they take the laundry off site to a vendor that can insure that the machines operate at the required temperature. 

The apartment has to be de-cluttered.  It's best to pack up your belongings in tupperware and put it offsite.  It allows the exterminator to get in around effective areas.  The containers can be easily inspected and the outside treated for larvae.  Most of your possession may have to stay offsite to the end of the entire treatment process which could be as long as 45 days.

Here is a chart that shows where bedbugs like to hang out:

The treatment, no matter which one is chosen will often include high powered vacuuming by the vendor which is why de-cluttering, washing and moving disinfected items offsite and discarded highly infected items are important.

Residents will also have instructions for after the treatment such as enclosing a new mattress in a specific type of mattress cover to prevent any future mattress infestation.  


Blood hounds Making sure any plan worked.


It's also a good idea to bring in a blood hound after a treatment has been performed (at least 30 days after any chemical treatment so the dog is not made ill by any of the chemicals, some say 45 days).  Bedbugs put off a specific smell and blood hounds can be trained to detect them.  They can detect the presence of bedbugs long before the situation gets out of hand. 

The plan should start with a qualified exterminator WHO OFFERS MORE THAN ONE TYPE OF TREATMENT.  I say this because if a vendor only offers one type that's the only solution he will recommend.

After the vendor is selected and he sees the unit - how bad it is, how cluttered it is -  a written plan should be created.  The process should start with a meeting between the vendor, the owner, the Tenants and the property manager representing the condo association if it's in a condo building  to make sure the Tenants and the Owner know what has to happen before the vendor shows up.

In NYC and NJ, the Owner is responsible for the eradication of bedbugs.  I don't really agree with this on principal.  Assuming an outbreak isn't detected at the beginning of a new lease, it's much more likely that the Tenants brought in the bedbugs than if the bedbugs were there from a previous Tenant and Landlord did not provide an un-infested apartment.   In the apartment in Hoboken where bedbugs were detected, the Tenants have been living there for over 15 years.  They had recently done some international travel.  The problem surged in Europe and other places first and it's easy for a bedbug to hitch a ride in your luggage. 

I think a decision was made by lawmakers that many Tenants don't have the money necessarily to address this issue, it's already an epidemic so the state threw the responsibility onto the Landlord.  Most condo associations make the Landlord responsible for his/her Tenants.  If the property is a rental in a condo building, it's advisable that the association is involved because once the problem moves to the hall or another unit, the association can be held accountable for damages.   If the association determines that the problem was contained to a specific unit, then spread to the hallway and other units due to the lack of action of the landlord, the association can hold the Landlord accountable for the costs and loss of property for allowing it to spread.  This is a gray area and would have to play out in case law in court.  The association would have to show that the issue was contained to a specific unit and then spread out from there ie circumstantial evidence.  Again another good reason to get a blood hound - you can establish where the bugs were and weren't as of a specific point in time. 

Net, net early detection and a proactive stance is what you need to fight this problem.  It's expensive but if you don't do anything about it or you try to do a lesser treatment, it could easily cost more in the end.  The bedbug extermination business is relatively new and these companies are developing new treatments to deal with the issue as it continues to escalate.  Often new technology is expensive because it's scarce.  The chemicals are expensive and the heat machines are a huge investment for any vendor.  So, fight the bedbug head on and don't let the problem linger.

Here are some helpful links if you want to see what the NCHH and NYC Bedbug Commission have to say about the issue and more details on how to deal with the problem.  

National Center for Healthy Housing Report

NYC Bedbug Commission Report

NYC Bedbug Guide

Information provided by Donna Antonucci
Prudential Castle Point Realty

201-240-6832

donnaantonucci@gmail.com

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

Friday, February 11, 2011

JC Downtown Statistics from Hoboken Real Estate Monitor.....



Downtown Jersey City Weekly statistics from Hoboken Real Estate Monitor.


Hoboken's Weekly Statistics will continue to be posted on Thursday mornings.  Downtown JC stats will be posted on Fridays.   In addition to posting them, the latest version will be available through the Weekly Statistics Icon on the right vertical nav bar. 


Here is the link to the Downtown Jersey City statistics:


Downtown JC Stats


The statistics contain links to the listings that compiled the price per square foot so you can see exactly what amenity and finish level are included.  They contain live links to all Active, Under Contract and Sold listings.

Each week the new listings for the week will be in separate links by neighborhood so you can quickly see what came on the market in a given week.  

The Downtown Jersey City Statistics are broken down  at the neighborhood level:
  • Newport/Pavonia
  • Hamilton Square
  • Harsmis Cove
  • Powerhouse District
  • Van Vorst Park
  • Liberty Harbor
  • Harborside
  • Paulus Hook
  • Western Edge





The first rule in real estate is location, location, location.  By breaking down the downtown areas into neighborhoods, you get a much finer understanding of the price per square in the specific area where you are looking .

If you use price per square foot as a measure, it really tells you which areas are more sought after than others.  The more desirable - convenient to public transportation, restaurants and shops, etc. - the higher the price per square foot.  Likewise, if you are willing to go to an up and coming area v an established neighborhood, you can get more space for your money. 





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

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





Thursday, February 10, 2011

Hoboken Statistics from Hoboken Real Estate Monitor





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/
http:www.donnaantonucci.com




Wednesday, February 9, 2011

Weekly Open House & New Listing maps for Hoboken, Downtown JC from Hoboken Real Estate Monitor.com



We will be checking Craig's list, realtor sites, the MLS again later in the week but don't expect any open houses this week.

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, February 8, 2011

Garden of Eden in the Concrete Jungle..... A Great Example of A Green Roof






Fukuoka City, in Japan, consists of concrete, steel, asphalt, and very little dirt. Tree’s set apart in pretty little rows along the sidewalks. Not exactly a garden spot. So how do you get a little more greenery in your city life? You go to the rooftops.


It’s called a Green Roof, and not only does it add a touch of beauty in hard environment but it actually will provide the means to help preserve your environment. A green roof is a roof of a building that is partially or completely covered with vegetation and soil, or a growing medium, planted over a waterproofing membrane. This does not refer to roofs which are merely colored green, as with green roof shingles. It may also include additional layers such as a root barrier and drainage and irrigation systems. Also known as “living roofs,” green roofs serve several purposes for a building, such as absorbing rainwater, providing insulation, creating a habitat for wildlife, and helping to lower urban air temperatures.

Green rooftops are now becoming a hip-thing of the present, growing in urban cities worldwide. It makes complete sense. According to Science American, “Ground cover, shrubs and other flora planted across a building’s roof can reduce storm water runoff, easing the burden on local sewers and water treatment systems. And the vegetation can keep the roof cooler in summer, lowering interior air-conditioning costs and therefore peak demand on area power plants.”

Of course Europe has been doing the green-roof-thing for more than a decade (actually they have done it consistently since the beginning of construction when you consider England's Thatched Roofs - have you seen one they are quite beautiful) and according to Science American, “Tokyo now requires that at least 20 percent of any new roof on medium and large buildings be cultivated. Chicago is the U.S. leader. Most installations are made on newly constructed buildings, but retrofits are rising.”Modern green roofs, which are made of a system of manufactured layers deliberately placed over roof to support growing vegetation, are relatively new phenomenon. However green roofs, or sod roofs, have been around for centuries in Northern Scandinavia. The modern “trend” started when green roofs were developed in Germany in the 1960’s, and since spread to many countries. Green roofs are becoming increasingly popular in the United States for the economic factors, reduced energy output, and insulation.

One of the largest expanses of extensive green roof to be found in the United States, at Ford Motor Company in Dearborn Michigan, where 450,000 sq. ft. of assembly plant roofs are covered with sedum and other plants. Millennium Park in Chicago is a 24.5 acre green roof build on top of the Millennium Park Garage. Other well known examples of green roofs include Chicago’s City Hall, and the Gap Headquarters in San Bruno, Ca. The Ballard Library in Seattle has over 18,000 plants to help with insulation and reduce run off. Recently, the American Society of Landscape Architects retrofitted their existing headquarters building in Washington, D.C. with a green roof.

California Academy of Sciences Building in San Francisco

The new California Academy of Sciences building in San Francisco's Golden Gate Park has a green roof that provides 2.5 acres of native vegetation designed as a habitat for indigenous species, including the threatened Bay Checkerspot butterfly. According to the Academy's fact sheet on the building, the building consumes 30-35% less energy than required by code.

Container gardens on roofs, where plants are maintained in pots, are not general considered to be true green roofs, although this is an area of debate. Rooftop ponds are another form of green roofs which are used to treat greywater. Green roofs are also referred to as eco-roof, oikosteges, vegetated roofs, and living roofs. Some other examples of ‘green roof’ refers to a form of green technology, such as a cool roof, a roof with solar thermal collectors or photovoltaic modules.
A properly designed and installed green roof system can cost 5 to 10 dollars per sq. ft. The cost depends on what kind of roof it is, the structure of the building, and what plants can grow on the material that is on top of the roof. 


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

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





Monday, February 7, 2011

Is the unit you are considering in a Steel and Concrete or Wood Frame Building? What could this mean for your investment and comfort?


There are dozens of reasons why steel and concrete buildings are more popular with buyers: better value, strength and durability, sound protection, style and flexibility, energy efficiency and environmental sustainability. 

This long list explains the increasing demand from builders and buyers alike. Steel and concrete construction can create buildings in an unlimited variety of styles and designs. This is one of many factors that make these materials the most desirable for home building.

Steel and concrete offer an unparalleled durability and stability to home construction. The materials last longer than any other and have an incomparable strength in withstanding fire and severe weather. They are naturally water-resistant, non-combustible, resistant to wear and tear, rot and insects.

These factors contribute to buildings that are built to last and hold their value costing the association less over the long term.

Both steel and concrete are fire- and heat-resistant, giving these homes added protection. Even if a steel and concrete home does catch on fire, the damage does not seriously affect the structure, making repair a simpler and more cost-effective task. Maintenance costs, in general, on steel and concrete buildings are a lot less. Without the shrinkage seen in timber-framed homes, there are fewer repairs required as the building ages.

Steel and concrete homes are quieter: compared to timber-framed homes, up to 75 percent quieter.*

Concrete floors provide the perfect sound-dampening. To reinforce concrete’s natural insulating qualities even further, concrete floors tend to be thicker not withstanding the insulating and sound blocking nature of concrete. In addition, walls built using steel studs and double-layered drywall offer extra sound protection.





Steel and concrete also provide insulation from the elements, slowing down the passage of heat and cold. This means concrete buildings stay warmer in the winter and cooler in the summer, reducing heating and air conditioning bills and conserving energy. With environmental concerns on the rise, steel and concrete homeowners benefit from materials that are not only energy efficient, but environmentally sustainable as well.

Steel production and processing is environmentally friendly, and steel itself is recyclable. Concrete, unlike what is required for the production of wood — vast amounts of land, a limited natural resource and a production process that takes a heavy toll on the environment — is an ecologically wise choice. It comes from a mix of the earth’s most common and abundant raw minerals, uses recycled materials such as scrap tires and fly ash, and requires no preservatives, coatings or sealants, as wood does.

Not all buildings in Hoboken and Jersey City, old or new, are made with steel and concrete construction.  You should ask your agent as part of your due diligence about what type of construction was used to build the building where you are considering buying.  


Steel and concrete buildings usually trade at a higher price per square foot than wood frame buildings.  In my opinion, they don't trade enough above wood frame buildings because many buyers don't think about it, don't understand what it means in terms of comfort and long term cost and as such don't put a premium on those buildings.  I would say that only about 15% of my customers pro-actively ask me about the construction of a building.  It's this lack of valuing the difference between wood frame and concrete and steel construction that is holding down the price per square foot of concrete and steel construction.  And by the way, it's this lack of consumer awareness that drives developers to use cheaper materials.  If developers are not going to sustain their margin when going to the more expensive material, they will stick with the cheaper stuff. 

Whether I am working as a Transaction Broker or a Buyer's agent, I like to pro-actively tell my clients about the building as well as the unit.  Unfortunately, however, people don't necessarily understand the significance of buying in a wood frame building vs concrete until after they have bought and moved in.  It's when they are lying in bed and can hear their neighbors sneeze that they realize, "oh this is what she meant".

It's ok to buy in a wood frame building but just know what you are getting.  I, personally, would like the building code for new construction to change here in Hoboken to insist that new buildings be built with steel and concrete frames.

Anecdotally, of the new construction in town, i.e., less than 10 years old, there is a higher turn over rate and a higher ratio of Tenants to Owner Occupants in new wood frame construction.  The insight is that steel and concrete is better as a long term home rather than a transient place to live.  Again, that might be what you are going for - a place to occupy for a few years and then when you move to the burbs you expect to rent  - fine.  Again, Caveat Emptor - know what you are buying.

*The Concrete Centre, Camberly, UK

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

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



 

Friday, February 4, 2011

JC Downtown Statistics from Hoboken Real Estate Monitor




Downtown Jersey City Weekly statistics from Hoboken Real Estate Monitor.


Hoboken's Weekly Statistics will continue to be posted on Thursday mornings.  Downtown JC stats will be posted on Fridays.   In addition to posting them, the latest version will be available through the Weekly Statistics Icon on the right vertical nav bar. 


Here is the link to the Downtown Jersey City statistics:


Downtown JC Stats


The statistics contain links to the listings that compiled the price per square foot so you can see exactly what amenity and finish level are included.  They contain live links to all Active, Under Contract and Sold listings.

Each week the new listings for the week will be in separate links by neighborhood so you can quickly see what came on the market in a given week.  

The Downtown Jersey City Statistics are broken down  at the neighborhood level:
  • Newport/Pavonia
  • Hamilton Square
  • Harsmis Cove
  • Powerhouse District
  • Van Vorst Park
  • Liberty Harbor
  • Harborside
  • Paulus Hook
  • Western Edge




The first rule in real estate is location, location, location.  By breaking down the downtown areas into neighborhoods, you get a much finer understanding of the price per square in the specific area where you are looking .

If you use price per square foot as a measure, it really tells you which areas are more sought after than others.  The more desirable - convenient to public transportation, restaurants and shops, etc. - the higher the price per square foot.  Likewise, if you are willing to go to an up and coming area v an established neighborhood, you can get more space for your money. 




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

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




Thursday, February 3, 2011

The Weekly Market Stats from Hoboken Real Estate Monitor





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/
http:www.donnaantonucci.com



Wednesday, February 2, 2011

Weekly Open House & New Listing maps from Hoboken Real Estate Monitor.com for Hoboken, Downtown JC




We will be checking Craig's list, realtor sites, the MLS again later in the week but don't expect any open houses this week.

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, February 1, 2011

Mortgage Rates Tick up slightly Last Week - How much is that in monthly payment?



Last week, the average 30 year fixed rate mortgage across the country was 4.84%. According to this survey from Bankrate Monitor (all of us Monitor's are friends), that's up 4.8%. Why such a an odd uptick? Mortgage banks usually adjust rates in basis points. 100 basis points equals 1%. So 1 basis point is .001 in interest rate. A 4.8% increase in rates to reach 4.84% is equal to 25 basis points.

What is the impact on monthly payment of a 25 basis point increase?   (that's a quarter of 1%)

Well, let's look at the impact to $100,000 in loan amount.  Then you can figure out how many $100,000 in mortgage balance you and extrapolate out the impact to your home purchase.

The week before last the average rate on 30 year fixed rate mortgage was 4.59%.  The principal and interest payment on $100,000 at that rate over 30 years is $527.09 per month.  At last week's rate of 4.84%, that payment would be $512.05 or a difference of $15.04.

Now let's say you are contemplating buyers a $535,000 condo here is Hoboken.  You are putting down 20% or $107,000 and will have a mortgage of $428,000.  That's 4.28 $100,000s.  So, multiply $512.05 X 4.28 to get a monthly principal and interest payment of $2191.16.  Had you gotten the mortgage the week before you would have saved 4.28 X 15.04 or $64.37 per month.

Interest rates are still good.  Holding everything constant, if interest rates go up, home prices will go down.  Everything else never stays constant however.  If the job market picks up and consumer confidence starts to gain momentum, buyers will flood the market given how low current prices are.  Because of all of the foreclosures (which by the way are peaking now - Q1 and Q2 and will continue through the year) and shadow inventory, many more units will become available.

A matter of proportion will determine how home prices and the cost of financing will pan out in terms of monthly cost.

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

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