Thursday, January 26, 2012

Weekly Updates - Open House and New Listings Map for JC Downtown & Hoboken by HobokenRealestateMonitor.com 01/25/2012











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, January 25, 2012

Weekly stats for Hoboken - 1/25/2012


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.
Hoboken Stats Public PDF
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

www.hobokenrealestatemonitor.com
donna@donnaantonucci.com




Tuesday, January 24, 2012

Update: 1600 Park, Hudson Cove and Harboside Park




The city presented its latest conceptual design for the soccer field at 1600 Park to about 60 interested citizens, officials and stakeholders in the basement of City Hall on Monday night. 
The field—originally scheduled to open in the Fall of 2011—will be opened this year, Mayor Dawn Zimmer said. The city will start the bidding process this spring to find a company to start renovating the park, located at 16th and Park Avenue. 
"It'd be ideal to have it in the Fall," said Director of Health and Human Services Leo Pellegrini, in time for the start of the season of the city's recreational leagues. 
Zimmer said that the soccer field at Sinatra Park will also see construction this year. The contract to hire a construction firm for that field will be on the city council's agenda at the first meeting in February. 
Several drawings were presented on Monday night by landscape architect John Imbiano, of the firm Imbiano and Quigley, which was hired by the city for this project. Citizens expressed some of their wishes—a dog run, enough restrooms—and provided feedback to the drawings. 
One of the initial problems at the park was contamination of the soil there, which would have had to be solved by raising the soccer field and surround it with a seven-foot-wall. This option raised concerns from parents (who found it unsafe) as well as members of the stakeholder committee (who didn't find it aesthetically pleasing). 
"The stakeholders went to the mayor and said 'stop,'" said Jim Vance, who represents the Fund for a Better Waterfront on the stakeholder group. After that, Vance continued, Imbiano helped create a new design.
The contaminated soil will be moved from the soccer field site, said Director of Community Development Brandy Forbes. She could not say on Monday with what the soil was contaminated. 
The new park will be paid for with a Green Acres grant, Forbes said also. The city has $1.7 million to construct the soccer field at 1600 Park and $1 million to renovate the Hoboken Cove. 
Another reason the opening of 1600 Park was delayed last year, was the lack of a traffic signal at the intersection of 16th Street and Park Avenue. The park will still not open without it, city directors said. The city and the county are currently in the process of coordinating the placement of the traffic light before the park opens. 
Information Provided by:
Donna Antonucci
201-240-6832

Sunday, January 22, 2012

Introducing The Monitor Listings Search Engine from Hoboken Real Estate Monitor.com

I am very proud to present The Monitor Listings Search Engine..... Fueled by the Hudson County MLS and augmented with data from Hoboken Real Estate Monitor.com, it's the most comprehensive real estate database in Hudson County.

www.search.hobokenrealestatemonitor.com/map/   Here is the link to the map directly.  Bookmark it!

By watching when listings come on the MLS feed and tracking price changes, my engine offers price history information which is not available on sites like Trulia, Zillow, etc.  Understand the mind set of the seller.  Are they ready to sell?  Have they tested the market and reconciled with what their place is worth in today's market vs what they hoped to get for their place?  We also calculate the number of days on market.

Click to Enlarge....
See lower left for price history.  Notice days on Market, Taxes and HOA are included in our listing details.

I also offer tax information.  Trulia and Zillow do not provide tax information.  My info is augmented with the latest tax information on a property.  Also included is Home Owners Association dues information.  This may or may not be provided on Trulia and Zillow  -  only if it's manually updated by the agent or owner.  Is it accurate on Trulia and Zillow?  Trulia and Zillow has no way of validating any of the information entered by agents or owners. It does not come across from the MLS feed.  Understand the real costs for a given property.  What will your monthly payment be exactly?  Does it fit your budget?

The new tool allows you to sign up for alerts.  Whenever a new property comes on the market that meets your search criteria, an email alert will be sent to you.  You can save your favorite properties and multiple searches.



Search using the outline tools..... Are there certain streets and neighborhoods you are interested in and you don't want listings outside that area?  Do you want a certain area that cuts across zip codes and towns?  Use the mapping tool to outline the specific area of interest.  You will only get listings within that area and you can have alerts set up based on that area of interest.



Also on the map view, colored icons differentiate between different types of listings.  Each week we'll update the map to show which units are having open houses, which are new to the market.  Open houses will be marked with the now familiar balloon icon colored by the number of bedrooms or property type.


Are you planning on a day of house hunting?  Search the open houses by day, print flyers and a summary sheet to guide your day of shopping.

New listings are differentiated with it's own "house" icon so you can quickly find what is new to the market.  All other active listings are identified with circles colored by the number of bedrooms.

The search engine covers both sales and rentals.  To isolate rentals from sales, put in an appropriate price range and hit enter or use your mouse to click on the search icon.

Your results can be viewed as icons on the map or in list view.  Click on the icon on the map or the individual property on the list view to get to property details.

List View of Search Results

If a property is not listed with the MLS, it will be indicated as such.  Understand that agents who are members of the Multiple Listing Service agree to data quality standards.   Our dues and listings fees support an administration that polices our listings and fines are levied on agents who are found breaking these rules.  We have to have pictures that are from the unit and no other.  The square footage has to come from a reliable source like the tax records.  We must change the status of a listing within 24 hours of closing so you are not looking at a listing that is no longer available and so on.  All this means that data coming from an MLS listing is more reliable than a for sale by owner or an agent who is independently uploading a listing to Trulia, Zillow, Craigslist, etc.  Any non-MLS listings on my search engine are clearly marked so you know what you are dealing with....caveat emptier.

This is only phase one.  We are diligently working on more exciting features, so stay tuned.  Please sign up and feel free to send what ever feedback you have about what you like and don't like.  I love hearing from my readers.

Thanks so much.
Donna

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

donna@donnaantonucci.com
www.hobokenrealestatemonitor.com


Friday, January 20, 2012

Weekly Updates - Open House and New Listings Map for JC Downtown & Hoboken by HobokenRealestateMonitor.com 01/18/2012




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, January 19, 2012

Weekly stats for Hoboken - 1/18/2012


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. Hoboken Stats Public PDF
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

www.hobokenrealestatemonitor.com
donna@donnaantonucci.com




Friday, January 13, 2012

Weekly stats for Hoboken - 1/13/2012


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. Hoboken Stats Public PDF
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 the member only view of the weeks statistics with active MLS links.Hoboken Stats 1-11-2012 Private Format 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

www.hobokenrealestatemonitor.com
donna@donnaantonucci.com




Tuesday, January 10, 2012

Consumer borrowing surges as economy improves




Courtesy of Business Week, by MARTIN CRUTSINGER


WASHINGTON

Americans are feeling confident enough in the economy to go back to a time-honored tradition -- taking on a little extra debt.

Consumer borrowing surged in November by $20.4 billion, the Federal Reserve said Monday. It was the third straight increase and the largest monthly gain in a decade.

The jump in borrowing was largely because people took out more loans to buy cars and swiped their credit cards frequently to purchase holiday gifts.

In November, total consumer borrowing rose to seasonally adjusted $2.48 trillion. That's nearly at pre-recession levels and up from a post-recession low point of $2.39 billion reached in September 2010. Borrowing had tumbled for more than two years during and immediately after the recession.
Since then, consumers have increased their borrowing in 13 of the past 14 months. Americans are taking on more debt after seeing the unemployment rate drop and the economy improve, albeit modestly. Many are also leaning on their credit cards and loans to make up for wages that haven't kept pace with inflation this year.

Holiday sales were solid in November, and the U.S. auto industry had its two best sales months for the year in November and December. The Fed's credit report appeared to reflect those sales.
The category that measures credit card debt rose in November by $5.6 billion, the most since March 2008. The gauge that tracks auto loans and student loans increased $14.8 billion, nearly matching July's gain that was the biggest since February 2005.

Sung Won Sohn, an economics professor at the Martin Smith School of Business at California State University, said many consumers were likely persuaded by incentives that retailers and auto dealers offered to boost sales.

Still, Paul Edelstein, director of financial economics at IHS Global Insight, expressed concern that consumers may have relied on their credit cards to finance holiday purchases.

The rise in borrowing comes as many consumers are seeing little to no growth in their paychecks. Inflation-adjusted, after-tax incomes shrank by nearly 2 percent in the July-September period.
To make up the difference, many consumers have reduced the amount they save. The savings rate fell in November to 3.5 percent -- the lowest level since the recession began. The savings rate jumped in 2008 to 5 percent and stayed above that level until early last year.

Sohn said he expects the savings rate to level off near November's level. He also said the increase in consumer demand should prompt businesses to hire more workers. Those gains would allow consumers to finance their spending with rising incomes.

In December, employers added 200,000 jobs and the unemployment rate fell to 8.5 percent, the government said Friday. It was the sixth month in a row that the economy had added at least 100,000 jobs, the longest streak since 2006. And the unemployment rate dropped to its lowest level in nearly three years.

With more jobs and better pay, consumers could step up spending even further. That could lead more companies to add workers, which ultimately drives more spending and more hiring. Economists call that a virtuous cycle.

Still, a recession in Europe could dampen demand for U.S. exports and weaken financial markets.
The Federal Reserve's borrowing report covers auto loans, student loans and credit cards. It excludes mortgages, home equity loans and other loans tied to real estate.

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

donna@donnaantonucci.com

www.hobokenrealestatemonitor.com


Why do Tax Appeals Fail? How can you appeal your taxes successfully?








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.   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 last year 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.

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 donna@donnaantonucci.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 prior to October 1, 2011.  There is no advantage in waiting for the deadline.  In fact, if you submit your appeal early, you will be higher up in the line to meet with the assessor.

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/





Monday, January 9, 2012

Year 2011 Market Analysis Report for Monthly Home Prices per square feet




Take a look at the volume graph above.  You can see the one bed room has the highest price per square feet on average.  One bedroom volume is considerably lower than 2 bedroom volume so one or two outlier transactions in a month can skew the results.  I like to look at 2 bedroom PPSQFT numbers because the transaction volume is the highest.  To understand how the PPSQFT is changing, the best thing to do is a regression analysis to run a line averaging out the change in PPSQT.  Or, we can look at absorption rate.  Going forward our weekly stats will look at this.

Absorption rate is the measurement of current active listings in the market divided by the number of listings sold in the last week.

A simpler way to express this is to say the number of weeks that the market will need for the foreseeable future.  As you can see in the table in week 1 of 2011, the market needed 189 weeks to sell all the active listings.  By the end of 2011 that was down to 13 weeks - unheard of.  When the inventory is so low, it puts pressure on prices which could explain the uptick in the PPSQFT for 2 bedrooms - the bedroom group that has enough transactions to be statistically significant.

We have 24 new listings in Hoboken since the beginning of the year.  By day 9 last year, we had nearly double that.  If inventory levels continue to ride at this low level prices will bid up.

On the start of year 2011 Price per square was normal but March, April and June 2011 are having highest prices per square feet for one bedroom. Prices of one bed room homes are declined considerably May through August 2011.  In Last quarter there was a mix trend for PPSQ.  Because I look at sales based on contract date, we'll report December sale PPSQFT in the Q1 report. 

This year, Prices per square for 2 bedroom units are almost equal to 1 bedroom on average. Year 2011 started with low price for 2 bedroom units and then in mid of the year (March, April and may) prices per square feet for 2 bedroom units were on peak. After that there was a down fall in prices of 2 bed room units. Which then started to grow steadily in the months of September. There is a huge increase in PPSQ in October and November 2011. November 2011 was highest PPSQ for 2 bedroom units on average. 

Price per square feet for 3 bedrooms swings during year 2011. There are so many ups and downs in prices.  This is due to the relatively low volume in terms of units.  Location within town, amenity and finish level differences in a small sample set can create these kinds of swings.  The months of May and June had the highest prices per square feet for 3 bedroom units. October and November were lowest PPSQ for 3 bedrooms on average.

Here is a chart for month to month price per square feet for home sales from Jan 2011 to December 2011


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

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


Friday, January 6, 2012

Jersey City Downtown Weekly Updated Stats Report With New & Active Listing Details 01/06/2012



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. 

JC Stats Public PDF

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

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


Thursday, January 5, 2012

Hoboken Weekly Updates - Real estate Stats Report With New & Active Listing Details 01/05/2012



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 the member only view of the weeks statistics with active MLS links.

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?

Weekly Stats Public 2009

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

donnaantonucci@gmail.com

http://www.hobokenrealestatemonitor.com/

http:www.donnaantonucci.com




Wednesday, January 4, 2012

2011 Year Review for Monthly Home Sales


Volume was much lower in 2011 as compared to 2010.  We closed 678 condos in Hoboken last year vs 742 the year before.  This is a significant difference. 


We ended the  year with less than 300 active listings. Which is highly unusual. The year before we had over 500 active listings on the Hoboken market.  Again, I believe it's because those who bought in 2006, 2007 and 2008 are underwater and are holding out.  Many cannot get a mortgage for their next purchase so they are staying put.

However, this constriction in supply could mean increase in prices for those that go on the market at an appropriate price.  Will those who refuse to let go of 2008 pricing find themselves in a deeper hole?  Or, will the constriction in supply bid up prices enough for them to move forward with their sale?


Take a look at the volume graph above.  You can see the Two bed rooms have the highest sales in average for 2011 which is typical for Hobken.  The two bedroom is the most versitile for Hoboken's audience. A two bed is good for roommates, that young professional that wants a home office, a newly married couple and for the couple with their first child.

From the beginning of the year 2 bedroom sales were too high. Q2 and Q3 was highest sales month for 2 bedroom units. Q4 was lowest 2 bedroom sales for 2011.

In 2011, Sales of 1 bedroom units were almost half of 2 bedroom units on average. There was a quick start of the year. Q2 and Q3 were highest sales period. Q4 was lowest 2 bedroom sales for 2011.

Home sales for 3 bedrooms were lowest for 2011. There was a normal start of year for 3 bedroom home sales. Q1 to Q3 there was almost same trend of sales. In Q4 There was a decline in sales.

Here is a chart for home sales from Jan 2011 to December 2011





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

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


Weekly Updates - Open House and New Listings Map for JC Downtown & Hoboken by HobokenRealestateMonitor.com 01/04/2012




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, January 3, 2012

2011 Year in Review - What do the numbers say about the direction of the market?

Here is the break down of last year's real estate market in Hoboken.  Real estate is extremely localized and each market behaves differently.  Hoboken continues to do better relative to other areas in Hudson County.  In fact, it has had the least amount of decline in the state but it is not insulated from our sluggish economy.

The story for 2011 is one of less volume.  We had 678 condo sales through the MLS last year down from 2010 where we had 742.  Why was 2011 poorer than 2010?  Available listings were also down month over month last year.  We ended the year with 292 active listings where at the end of 2010 we had just over 500.

I believe the volume is down because there are so many home owners who bought during the peak years of 2006, 2007 and 2008 who cannot sell.  They can't sell because the mortgage + selling costs equal more than what they can get for their property today.

The cycle in Hoboken for many is they come here when they are single, meet, marry have kids and run out of space.  Either they get a bigger place in Hoboken and hold out on the burbs or they move to the suburbs where they can get a bigger space with a backyard for their money.  Many of these people who are ready to sell bought during those peak years and can't sell now.  Or, they can't qualify for a mortgage under the new stringent underwriting criteria.

Also what's interesting is the time from listing to contract is also down overall vs. last year.  It's an average of 67 days vs a little over 72 for last year.  I believe this is because those who did not buy in 2006, 2007, 2008 are pricing their properties correctly for today's market and it's hastening the process.

You may have heard that in real estate prices are sticky.  People are reluctant to take a loss and would prefer to hold rather than sell at a loss.  I think that's what's happening here.  In 2009 and 2010 more people were attempting to sell their property at the price they wanted for it rather than what it was worth and as a result the home was staying on the market longer.  I think the spread between what a home was purchased for in 2006, 2007 and 2008 and today's prices has widened and sellers can no longer hope to make up that gap.  So, instead of listing and sitting they are just sitting.

The market will move on without them.  In a transient locale such as Hoboken, those that bought prior to 2006 and after 2008 will continue to buy and sell and it will take a very long time to reach that peak pricing again.  Some experts say 10 years.  Can they wait 10 years?  Or will they have to take a loss to move on?

Anecdotally, listings are up, at least for me.  I am seeing more investors enter the market to buy condos for investment purposes - to rent them out.  This is typically an excellent sign for the supposed bottom of the market.  The rental market is hot and investors are starting to see the right relationship between purchase prices and rents.

When tracking results by month, I use contract date.  The date a home goes under contract is when the buyer and seller have come together on the price.

It's a better reflection of the market then tracking by sold date. We only review properties that sold so there will be a lag in our reporting but in the end I think it's a more accurate depiction of what's going on.



According to 2011 Yearly Market Analysis, in first quarter home sale was normal. Year took a slow start. January was lowest home sales month in first quarter and March was highest home sales month. 

2 bedroom unit homes sales were on first place in the whole quarter. In the whole first quarter 1 bedroom unit homes were having highest price per square feet and average discount. 2 bedroom units were on second place. 




Now look at the second quarter of 2011. 2nd quarter had the highest homes sale of year.
Second quarter 2 bed units got highest sales and 1 bed room unit got highest average discount. Average price per square feet was a little high in second quarter. Average homes price were having mix trend in second quarter.






In 3rd Quarter there was a little decline in sales but overall there were enough sales. Q3 was on 2nd number as compare to home sales. Third quarter 2 bed units got highest sales and there is a mix trend for average discount.



Quarter 4th was lowest and slowest homes sales period. There was some units that went under contract in October but in November transaction volume slowed for the holidays as usual.  Well, it slowed a little more than usual.   One thing is very important in this quarter. Surprisingly, There was huge discount on all property, almost highest of the year.

In my next installment you will see the unit and sales volume that will also show you that 2011 was a tough year for sellers.

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

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





JC Downtown Real Estate Absorption Rate


Many people have opinions on the state of the housing market, but the easiest way to understand current and future conditions is to monitor the movements in the real estate absorption rate. Mathematically, this is the measurement of Current Active listing in the market divided by the number of listings sold in last week.

A simpler way to express the definition of the real estate absorption rate is to say it is the number of weeks that the market will need for the foreseeable future. So how do we put this into perspective. Consider this: The typical home seller would like to move within two to four months of placing their home on the market, so over time, we have developed expectations in real estate and have defined situations as follows:

  •     Sellers Market: 1-40 Weeks supply of homes
  •     Neutral Market: 40 to 50 Weeks supply of homes
  •     Buyers Market: More than 50 Weeks supply of homes

 
As Shown in table, Week 1 to week 23 Inventory was high and sales was low. That was Buyers Market Period.  

 
In the real estate graph above, Current active listings is measured in Blue, Weekly sales in red, and the green vertical bars show the real estate absorption rate. In the simplest sense, this means if nobody puts another home on the market ever again, we still have enough for sale to satisfy all buyers for the next year! That is a lot, and I suspect more will be hitting the market over the next year.

2011 Year in Review - Downtown JC 1-4 Family Sales




Click the image to Enlarge

The average length of time it took to sell a 1-4 family home in Downtown JC was 82 days with a discount off of original list price of 9.75%.  Notice the correlation between length of time to sell and discount off original price.  If you price it for today's market it will sell.  If not, it will sit there until you do.

Click here to down load the spreadsheet.

JC - 1-4 Family Sales 2011