Thursday, April 30, 2015

New Listings in Hoboken for the Week Ending 04-29-2015....plus key weekly results


Hoboken Real Estate Donna Antonucci
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There are 149  active 'for-sale' listings in Hoboken,  38 went under contract and  18 uniits sold. There are 22 new listings in the last 7 days.  Here is what is new in the last 10 days.


If you would like to see all available listings go to my search engine at a new, short URL: www.vrealia.com



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Information Provided by Donna Antonucci
Weichert Realtors
201-240-6832

donna@donnaantonucci.com
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201.891-6900(O)

Monday, April 27, 2015

Construction to Begin on Complete Streets Redesign of Observer Highway




Courtesy of the City of Hoboken....
Beginning on or about Monday, May 4th, construction will begin on the Observer Highway complete streets redesign project. The improvements along Observer Highway will include new synchronized traffic signals and dedicated left turn lanes that will create a more organized, efficient, and safer driving experience. Between 2010 and 2012, there were an average of 37 crashes per year along Observer Highway. The new design will reduce traffic delays and prevent collisions. Along with these essential changes, the Observer Highway and Vezzetti Way corridor will be converted to a more pedestrian-friendly street with new, redesigned crosswalk signals and other pedestrian safety improvements as well as a two-way protected bike lane.
“I am very proud that this project, fully-funded through grants, will create an attractive and safe gateway into Hoboken for drivers, pedestrians, bicyclists, and public transit riders of all ages and abilities,” said Mayor Dawn Zimmer. “While the main purpose of this project is to make the street safer, it will also have the benefit of reducing traffic delays along one of our busiest corridors.”
The project, which will also include a redesign of a portion of Newark Street later this year, costs $2.7 million and is completely funded by grants. The majority of the funding was secured by Senator Robert Menendez through a $2 million Congressional earmark for Observer Highway and a $240,000 earmark for Newark Street. Hoboken was fortunate to have access to these funds as cities across the United States are now no longer afforded Congressional earmarks.

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“Having too often been stuck in traffic myself on Observer Highway, I know what these much-needed upgrades will mean to such a vital corridor in and out of Hoboken. Complete streets accommodate the needs of all roadway users—not just drivers—and this project will help improve the quality of life for residents, make the city more welcoming for visitors and help local businesses grow,” said U.S. Senator Bob Menendez. “That’s why I fought for and secured $2,240,000 in federal funding for the project. A redesigned Observer Highway will make Hoboken’s infrastructure work better for drivers, transit riders, pedestrians, and cyclists.”
The combined Observer Highway and Newark Street project is being managed by Hudson County.
“We are excited to undertake what truly will be a transformation of the most prominent county roadway in Hoboken,” said Hudson County Executive Tom DeGise. “The thoughtful input of Mayor Zimmer, Freeholder Anthony Romano and city residents has produced a design that will work better for drivers, bikers and pedestrians. Thanks to our legislative delegation in Washington, led by Sen. Bob Menendez, for securing the needed federal funding for us to move forward with this project.”
Frequently Asked Questions
How long will the project take and when will it begin?
Work is expected to last approximately 6 months on Observer Highway and will take place weekdays from 8am to 6pm. It is expected to begin on Monday, April 27th, 2015.
What impact to traffic will there be during construction?
All efforts are being taken to minimize traffic disruptions. Police traffic directors will be on hand, and the roadway and sidewalks will remain open to cars at all times. Minimal work will be done on the roadway before 9am and after 4pm to minimize any travel delays during rush hour. Some night work may take place during the milling and paving phases of construction in order to minimize traffic disruptions.
Will Observer Highway be repaved as a part of the project?
Yes. The project will include the complete milling and paving of Observer Highway from Hudson Street to the firehouse just west of the Henderson Street intersection.
Will any new traffic signals be installed along Observer Highway?
New traffic signals will be installed at Bloomfield Street and Park Avenue. The outdated signals at Henderson Street, Willow Avenue, and Washington Street will be replaced with modern signals. The timing of all signals will be coordinated to improve traffic conditions.
How will Observer Highway change?
Observer Highway will continue to be a two-way road. It currently has two travel lanes in each direction. The new street will have one travel lane in each direction plus dedicated left turn lanes so that turning cars do not slow down through traffic. New traffic signals will be synchronized to allow traffic to move smoothly and reduce backups.
How will the completed project impact traffic?
A detailed traffic analysis has been conducted indicating that travel times will be improved as a result of the roadway redesign. The creation of dedicated left turn lanes will remove turning vehicles from through traffic, reducing backups and rear-end crashes and improving the efficiency and capacity of the roadway.
The addition of traffic signals at Park Avenue and Bloomfield Street will aid vehicular movement in and out of the City. The timing on all signals will be optimized and coordinated to increase the flow of traffic, particularly during peak hours. With the new roadway configuration and synchronized signal timing, corridor travel times are expected to improve during rush hour.
By optimizing signal timing, increasing left turn queuing capacity, and removing stopped vehicles from through traffic, average wait times at Observer Highway/Henderson Street are estimated to be reduced by 78% during the morning peak and by 59% during the evening peak.
What pedestrian safety improvements will there be?
Pedestrian safety along Observer Highway will be improved through traffic signals with pedestrian countdown timers, a pedestrian walkway on the south side of the street, new concrete pedestrian islands, new ADA curb ramps, replacing select curbs and sidewalks, high visibility crosswalks, and parked cars on either side of the roadway acting as a buffer between traffic and pedestrians. A new sidewalk will be added on the north side of the intersection with Henderson Street, providing safe haven for pedestrians walking on the south side of Newark Street. All pavement markings will be striped in long-lasting, highly reflective thermoplastic which will increase visibility of crosswalks in all conditions and reduce the need for annual restriping of faded paint-based markings. The new configuration will make it significantly easier and safer to walk along or cross Observer Highway.
Will there be improvements for bicyclists? 
Yes. Bicycle safety will be enhanced through the creation of a two-way protected bike lane. The protected bike lane will terminate at the easternmost end of Observer Highway near the bus entrance for Hoboken Terminal. A bicycle parking area will be established at the eastern end of Observer Highway to accommodate cyclists riding to Hoboken Terminal. In conjunction with NJ Transit, a protected path will be created along the bus entrance to create a safe entrance for pedestrians from Observer Highway into Hoboken Terminal and the southwestern PATH entrance.
How will parking be affected?
Currently, there are two parking lanes along Vezzetti Way south of Observer Highway. Under the new configuration there will continue to be two parking lanes. One parking lane will be on the north side of Observer Highway and the other parking lane will be on the south side of Observer Highway. During construction, parking along Vezzetti Way will be limited due to the contractor’s construction operations.
Is anything being done about the flooding in the parking area on Vezzetti Way?
As part of the project, drainage improvements will be made to eliminate existing issues that result in pooling of water on the roadway.
How was this plan developed?
The project was planned through a series of community meetings in 2010, 2011, and 2012 and incorporates the goals and recommendations of Hoboken’s Master Plan, Complete Streets Policy, and Bicycle/Pedestrian Master Plan.

Information Provided by Donna Antonucci
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Monday, April 20, 2015

Q1 2015 Review for Monthly Unit Home Sales for Jersey City, NJ

 
We closed 145 condos in Hoboken last quarter. 65 in Jan, 31 in Feb and  49 in Mar period. Jan recorded highest sales during last quarter.  This is a significant difference.

We ended Q1 with 96 active listings. 
 Although as prices go up, hopefully more will be willing to sell.  

Winters are the less preferred period to shift the home however Market recorded average 48 properties sold during this first quarter




Take a look at the volume graph above.  During last quarter, one bedroom recorded highest sales in jersey city area however You can see the Two bedrooms also have significant share in sales for Q1 which is typical for Jersey city. Two bedroom is the most versatile for Jersey city'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.


Above graph shows monthly units sold by month. Numbers are between 31 to 65 unit during last quarter and market is ready for more properties expected to come in the market during this spring season.



The above chart shows the total sales volume in $ and the trend of the average price of property during Q1 2015. Sales Volume was highest in the month of January. February recorded decrease in total sales volume and high in average price per unit sold however in March, prices and volume is back to its trend. This makes April the best time for investors to buy properties at low prices. 

Here is a chart for home sales from January to March 2015.




and here is average price per sq ft in Q1 2015. 



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201.333.4443 (O)

Monday, April 13, 2015

Q1 2015 Review for Monthly Unit Home Sales for Hoboken, NJ

 
We closed 160 condos in Hoboken last quarter. 62 in Jan, 37 in Feb and  61 in Mar period. Jan recorded highest with 62 properties sold during last quarter. 

We ended Q1 with 150 active listings. Although as prices go up, hopefully more will be willing to sell.  

Winters are the less preferred period to shift the home however Market recorded average 53 properties sold during this first quarter





Take a look at the volume graph above.  You can see the Two bedrooms have the highest sales in average for Q1 which is typical for Hoboken.  The two bedroom is the most versatile 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.



Above graph shows monthly units sold by month. Average 53 properties sold during last quarter and market is ready for more properties expected to come in the market during this spring season.



The above chart shows the total sales volume in $ and the trend of the average price of property during Q1 2015. Sales Volume was highest in the month of January. Feb recorded low sales but market is back to its numbers. This makes April the best time for investors to buy properties at low prices. 

Here is a chart for home sales from January to March 2015.






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Monday, April 6, 2015

Q1 2015 Review - Hoboken Real Estate Review - Where is the Market Going?


Springs are here so as the Hoboken's first quarter Review. There were 160 closings during Q1 2015. This includes condos and 1-4 families sales. 

I like to look at price per square foot by contract date. The price per square foot by contract date is a more accurate depiction of pricing because it's the contract date where the buyer and the seller have come together and agreed on a price of a specific property. It takes 4 to 8 weeks to close depending on whether it's a cash deal and how unique the property is. That is, a 1-4 family, generally, takes more due diligence than a condo.

There are a variety of reasons why a closing may take longer than this. One typical reason why the time from contract to closing takes longer than this 6-8 week period is because the unit goes under contract in pre-construction. A property sold in pre-construction can remain under contract for 6-8 months or even more. Because the decision point to buy and the agreed upon price were made so far in advance of the closing, the price is not necessarily a reflection of pricing at that time of the closing.





As shown in above chart, The price per square foot for a 3 bedroom condo started from $668 in the month of January and gone highest in Feb at $688 and lowest in Mar at $633. The average 2 bedroom over the period was 1,134 square feet sold at the average Price Per Square Foot (PPSQFT) of $624. In January, the average 2 bedroom went for $686,882, $751,555 in February, and $678,261 in March. Quarter high for 2 Bedroom was at $751,555 in March.

Although small numbers, 3 bedroom category is huge in demand among customers.  I have several clients looking for 3 bedrooms and I can tell you it's very difficult. Listings are going at highest and best within days of hitting the market like no other segment.  There just is not enough 3 bedrooms as more and more people want to stay in this area instead of taking on a long commute from the burbs. 

I also want to point out, that the durations shown here is the contract date minus the listing date, however, most agents put in the date that attorney review closes, not the date the initial contract is signed by both parties.  That is, these durations are about 7 days to 2 weeks longer than when the offer is accepted by the sellers.  In NJ, we have attorney review.  After an offer is accepted by the seller, ie he countersigns the contract, the deal goes into attorney review.  It can take the attorneys 7 days to 2 weeks to review the contract and complete an addendum signed by both the seller and the buyer.  It's at this point the deal is binding for both parties and it is this date that goes in the MLS.  I am pointing this out because even these durations are deceptively long in relation to how quickly listings are no longer available.  Prospects often don't want to see properties where an offer was already accepted and very often, if the property is Tenant occupied, the owner stops the showings.

We started this quarter at 150 houses for sales in January listings in  Hoboken remain same to 150.  Average 53 properties sold per month during this period.    


Pricing is very very important and it's critical to sellers to get an agent who can price your property correctly.  Once you introduce your property to the market place as  New to the Market, you can re-announce it.  It's like the premier of a movie.  You can't re-premier it.  You can only create that excitement, that frenetic emotional buying once.

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3 and 4 bedrooms are too low in terms of units to determine any meaningful trend here but there is enough volume in the one and 2 bedrooms in terms of number of closings.  The duration measures the time the listing went up to the time the unit went under contract.   Duration for 2 bedrooms went from 49 days, to 38 days, to 44 days during January to March quarter.  

The duration for 1 bedrooms went from 33, 17 to 46, which is really less from same period of last year. This also indicates the good market conditions for both buyer and seller.

Here is the price per square foot chart that shows the price changes during first quarter.



All and all the market needs listings.  If you are ready to move and you have waiting for a good time to list, this is it.   



The average absorption rate during Q1 2015 was 1.63 months with highest of 2.34 and lowest of 1.25 for Hoboken, NJ. The absorption rate is a number that describes how many months it will take to see off the current inventory at the current rate of sales.



62  properties were sold in January which constituted the most for the Quarter in a given month.The number also including properties other than condos/coops sold during this period.

All and all the market needs listings.  If you are ready to move and you have waiting for a good time to list, this is it. 


Stay tune for more articles...

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