Wednesday, November 30, 2011

Weekly Updates - Open House and New Listings Map for JC Downtown & Hoboken by HobokenRealestateMonitor.com 12/04/2011




We will be checking Craig's list, realtor sites, the MLS again later in the week so check back.

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

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



Wednesday, November 23, 2011

Weekly Updates - Open House and New Listings Map for JC Downtown & Hoboken by HobokenRealestateMonitor.com 11/27/2011




We will be checking Craig's list, realtor sites, the MLS again later in the week so check back.

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

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



Monday, November 21, 2011

Gobble Gobble, It's Thanksgiving!...Gobble Gobble






Happy Thanksgiving from Hoboken Real Estate Monitor.com

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


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



Wednesday, November 16, 2011

Weekly Updates - Open House and New Listings Map for JC Downtown & Hoboken by HobokenRealestateMonitor.com 11/20/2011




We will be checking Craig's list, realtor sites, the MLS again later in the week so check back.

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

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



Thursday, November 10, 2011

Weekly Updates - Open House and New Listings Map for JC Downtown & Hoboken by HobokenRealestateMonitor.com 11/13/2011




We will be checking Craig's list, realtor sites, the MLS again later in the week so check back.

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

hhttp://www.hobokenrealestatemonitor.com/

http://www.donnaantonucci.com/



Wednesday, November 9, 2011

Rent Control Referendum Fails.... Amendment Changes Passed Unanimously in April Go Into Effect



Just in case any of you missed what was going on... back in April the City Council unanimously passed an Ordinance the amended Hoboken's Rent Control Ordinance to add better controls and limits to rent control disputes back in April.  A group of long term Tenants challenged it by getting enough petition signatures within the requisite time from when the amendments passed to put the question to a public vote by way of referendum.

The question on the ballot was asking 'do you wish to reverse the April changes'?  The public answered with a resounding "NO".


The changes in April in a nutshell were as follows:

The amendment reset the base year from which rent increases were calculated from 1981 to 1985 based on the belief that the amendment that went into effect in 1981 lacked an adequate registration process opening up the Ordinance for lack of clarity on what was the proper base rent - ie  if someone didn't properly record the 1981 rent, how could it be enforced?

The amendment in April also required Landlords to provide a disclosure, disclosing that Hoboken has a rent control Ordinance giving the Tenant 2 years to investigate and file a claim of non-legal rent.  That is, the Landlord has to inform the Tenant that rent control exists and the Tenant has 2 years to put in a claim that they were over charged.  In the event the Tenant does not act in that period, he/she can file a claim and have the rent rolled back to the proper amount but cannot collect overpayments.

The way the original Ordinance was written the word "Tenant" was not limited to who was in the apartment at the time the claim was made but included all Tenants back to the point where a proper rent was documented and charged.  For example, if a Tenant files a claim of overpayment and he was in the apartment for let's say, 13 months but a legal rent has not been charged or documented for 10 years spanning 5 Tenants, under the old Ordinance, the current Tenant was entitled to collect over payments not just for 13 months but 10 years and 5 Tenants back.  The amendment changes put in in April that will now be implemented prevent this win fall for Tenants and protect Landlords who may have unwittingly bought a property not knowing that rents have not been charged properly.

Part of the rationale was that a courts case involving the rent control ordinance showed that the city, at times, failed to keep proper records even though the Landlord could evidence in court that proper papers were filed.  There really was no sure fire way of being able to determine prior to purchase that proper rents were being charged.  These amendments attempt to amicably resolve the conflict created by poor city record keeping yet giving Tenants some recourse to act in a reasonable timeframe.

It also allows a landlord to use alternate proof other than having registered annual rents with the city, to prove the rental history.  Previously, you were suppose to fill out a form where you stated what rents your are charging.  If a Tenant moved out and the landlord were to move in and move out again the landlord could have raised the rent by 25% based on the vacancy decontrol rules.  Many landlords did not file this paperwork but increased the rent.  Because they had not filed the vacancy decontrol paperwork, the city would not give them credit for having lived in the unit and landlords were found to charged too much rent even though they had lived in the unit and had they only filed the form the rent charged would have been legal.  Landlord's can now use alternate proof such as fully executed leases. 

Keep original Lease copies.

I always tell my clients you want original lease copies at the end of the lease process.  I know people have scanners and fax machines and you can use that to receive a lease from a new Tenant in order to stop showing the property but in the end you want to make sure all parties have a fully executed lease copy.  This is a good reason why.  You need to hold onto your originals until you sell the property.

As soon as the new amendment is codified, I will update my rent control section on the lower right of the home page with the new ordinance.

Here are some prior articles on rent control.

As usual, information here is deemed reliable but not guaranteed.  Please consult an attorney on the interpretation of the law and all legal matters.



Proposed Rent Control Changes (Article posted prior to April 2011 Amendment)







Information provided by
Donna Antonucci
201-240-6832

donna@donnaantonucci.com


www.hobokenrealestatemonitor.com

Monday, November 7, 2011

Staging Can Make Such a Difference in Presenting Your Home for Sale...




Here is a brief video that shows you just how much staging can make a difference. Instead of seeing a dimly lit room or worse, clutter, they see how the room can be set up once they move in.



Information provided by Donna Antonucci
Prudential Castle Point Realty
donnaantonucci@gmail.com

201-240-6832


www.hobokenrealestatemonitor.com


Thursday, November 3, 2011

Weekly Updates - Open House and New Listings Map for JC Downtown & Hoboken by HobokenRealestateMonitor.com 11/06/2011




We will be checking Craig's list, realtor sites, the MLS again later in the week so check back.

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

hhttp://www.hobokenrealestatemonitor.com/

http://www.donnaantonucci.com/



Tuesday, November 1, 2011

Why Do Some Tax Appeals Fail? . . . . . .



April 1st Filing Deadline to Appeal Your Property Taxes . . .

Want to appeal your taxes on your own and all you need are the right comparables sales?  The deadline for filing is April 1st ie the paperwork has to be received by the county by April 1st. 
 

The  number one reason why a tax appeal fails is because the applicant does  not have comparable sales that demonstrate the current value of the  subject.  It's not enough to find a unit that is the same size in the  same town that is at a lower price point.  In a walking town, like  Hoboken, proximity is extremely important as is condition, building  style and amenity.  The comps are at the core of proving your home is  over assessed and therefore warrants a reduction. 

To win a tax appeal you have to prove your home is not worth what it was the last time it was assessed.  Every time a home is sold, the assessed value is readjusted based on the sale price.  The assessed value is a function of the market value.

One of the most common errors in making a tax appeal is using the wrong comparable sales.  The comp has to be dated within a specific time period, has to be similar in features both in terms of the building and the unit, space and of course, location, location, location.  In a walking town like Hoboken, blocks matter. It takes about an hour to pull the comps and make defendable adjustments for differences.  It's important that you understand these judgments so that you can make your case to the assessor.

Unless you go to the County Recorder's office and look up closings manually, most public closing databases are 6 months old and even if you had easy access, other than the lot size or square footage the tax record in not going to have any photos or description.  How can you tell it's the correct comp?  How can you prove it to the Tax Assessor?

The comps have to be dated after October 1 for the April 1st deadline to file in a given year.  This year it could be quite a challenge.  As you may recall from my "2010 Year in Review" article, volume was way down in Q3 and Q4.  If your home is somewhat unique in size and amenity, it will make it even tougher to find good comps.  You have to widen the scope of the search and make adjustments for differences.  Real Estate is incredibly localized and real estate agents generally know the market better than appraisers.  On average, it takes about an hour to find the right comps, evaluate and provide a rationale for differences and and assign values to those differences.

I am not an attorney and do not offer legal advice but what I can do is provide access to the tax appeal forms, the government provided instructions and access to comparable sales so that you can apply for the appeal yourself.  I did it myself in 2009 and saved over $1,100.

Attorneys typically charge 1/3 of your savings which can be substantial depending on the size of your home and the decrease in value.  Attorneys can represent you at the appeal but often times still ask you to find your own comparable sales.  Appraisers charge $350 - $450 and may go with you to the appeal not as your representative but as an expert on property valuation.

Last year, I represented myself and won an approximate $1,100 reduction of my property taxes and my place is small -  585 square feet on Washington and 10th in Hoboken!  If I hired an attorney that would have cost me $363 and potentially another $350 - 450 for the appraiser.  I would have been left with only about $290 in savings - frankly not worth the time to bother.

Don't be afraid to represent yourself.  The instructions are self evident.  It's a simple 1 page form.  I will be happy to go over the form with you and show you where you can find pertinent data elements on your tax record to complete it.  See below for the form and instructions.



I charge $100 for comparable sales.  


I accept cash or Paypal only.  Please call 201-240-6832 or email me at donnaantonucci@gmail.com today, to make an appointment. 


The deadline for submitting your tax appeal form to the County Clerk is April 1st, 2012 and the comparable sales must be dated before October 1, 2011.

Here is the form and the instructions:
Tax Appeal Form        

       

       

       

       

       

           



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

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