Hoboken Condos with FHA Approval Including Adams Square

What exactly is the FHA and what does it do?
FHA stands for the Federal Housing Administration, which is a government agency that provides mortgage insurance for loans that are granted by FHA-approved lenders. This insurance protects lenders against any losses they might incur if a home owner defaults on their mortgage. As a result, FHA will pay a certain claim amount to the lender should the home owner default on the loan, creating less of a risk for the lender. Of course, these loans must meet certain FHA requirements in order to qualify.

How does it work in a condo building with multiple owners?
Similar to a regular FHA loan, FHA Condominium Loans also encourage lenders to offer mortgages to condo buyers who have a non-traditional form of ownership. This type of ownership is considered unique due to separate owners jointly owning the condo buildings common areas and amenities. FHA’s Section 234(c) program is for potential condo buyers looking for a 30 year loan to buy in an approved FHA condo building.

What condo buildings are FHA approved in Hoboken?
There are several to choose from in Hoboken including Adams Square. Adams Square is a hot new Hoboken property located in a quiet historic neighborhood just across the river from Manhattan and just minutes from fine dining, shopping and night life. It is conveniently located just minutes from the PATH, bus and ferry services. Adams Square is a historic building with towering Gothic architecture which has been newly renovated with modern amenities. Residents are indulged by open spaces, plenty of upgrades and spacious balconies with breathtaking views of Manhattan.

• Stainless steel appliances including a Bosch microwave, dishwasher and range
• Kitchen-Aid refrigerator
• Kashmir granite counter tops with tile backsplash
• Stainless steel sink with Kohler faucet
• Under-cabinet task lighting
• White Carrera marble vanity tops
• Solid hardwood floors
• High ceilings and over-sized windows

Residents of Adams Square also have a state of the art fitness facility and health center, private courtyard with a beautifully landscaped garden, bike storage, gorgeous exterior entrance, lobby with marble inlay and assigned parking for most homes.

In addition to Adams Square, other FHA approved condo buildings in Hoboken are:

• 405 FOURTH STREET CONDOMINIUM
• 531 GARDEN STREET CONDOMINIUM
• 60 MADISON ST. CONDOMINIUM
• CLINTON MILLS CONDOMINIUM
• JEFFERSON TRUST CONDOMINIUM
• METRO STOP CONDOMINIUM
• THE 110 BLOOMFIELD STREET
• VESTA HOBOKEN CONDOMINIUM

For a complete list of FHA approved condos in New Jersey, please visit entp.hud.gov.

To get more information on an FHA approved condo buildings, call Sean T Shallis of Weichert Realtors and The Shallis Group immediately… For questions with regards to “How are the FHA Guidelines going to effect either buying or selling your home?”, my direct line is 201-427-1032.

Jersey City: 13th Best Place to Raise Kids

New Jersey can now boast about more than just being the state with the most expensive zip code. Two cities are on the top 100 list of best places to raise kids. Jersey City has been dubbed the 13th best place to raise kids according to a recent MSNBC.com article. Coming from the editors of Children’s Health, they evaluated various factors such as: crime rates, education, local economy, housing, culture and health such as air quality and obesity rates. The list consists of 100 cities with Burlington Vermont coming in at number one and Newark making the list at number 42.

So what is it about Jersey City that makes it come in at number 13? Teenage driving is far less of a concern in Jersey City than in a suburb reducing one of the number one causes of death for teenagers. Culture is at your front door with local museums, galleries and, of course, New York city a quick commute across the Hudson River. For parents that work in Manhattan, it is a short commute into the city without the cost of inflation that goes along with a Manhattan zip code.

Excellent property prices can be found on luxury properties up for sale in Jersey City especially when compared to similar properties across the way in New York City. For example, a 2/bd 3/ba waterfront luxury condo in The Pier House with incredible views of the Hudson and almost 1700 square feet with all the upgrades can be found for $677k. The Saffron Condo complex, which is set for it’s grand opening in December, is auctioning off 9 to 15 units November 8 with prices starting at $175k and $250k. After the auction, prices will start at $200k to $500k. Alternatively you can also do a property search for Jersey City Condos for sale as well as property searches for other areas in Hudson County.

To become a resident of the ‘Top 13 best place to raise kids’, call the experienced Realtor for Jersey City: Sean Shallis of The Shallis Group at 201-427-1032 to assist you with your Jersey City real estate needs.

Jersey City Condo Auction: Saffron Condos

Up for auction will be 9 to 15 units in the Saffron condo complex in Jersey City a month prior to its grand opening. The Saffron is a soon-to-be 76 unit condominium complex in downtown Jersey City with a contemporary design, low monthly association fees and a 5 year tax abatement. The complex consists of two five-story buildings located at 217 Newark Avenue. The Saffron condos are move-in ready with a 2% discount to the highest bid if it closes in 15 days. Up for auction are two floor plans: a 1 bedroom with a suggested starting price of $175,000 and a 2 bedroom suggested to start at $250,000. So what do you get for your money?

Property features include:

Once the grand opening starts on December 12, prices will jump for the remaining 53 two bedroom units and the 2 three bedroom units to the high $400,000 to low $500,000. As for the 21 remaining one bedroom units, prices will range from the high $200,000 to the low $300,000, which is a significant jump from the starting price at auction.

When and Where?
So where do you sign up? The auction will be held November 8 at the Westin Jersey City Newport (479 Washington Blvd). Registration starts at 11am with the auction starting at noon. There will also be prior viewing opportunities on October 11, 17-18, 24-25, 31 and November 1 and 7 from 11am to 2pm.

With all the incentives and property features, these units will go fast.  For more information about upcoming condo auctions in Jersey City and Hoboken, call Sean Shallis at The Shallis Group at 201-427-1032 to assist you with your buying needs.

Short Sales in Jersey City: Is a short sale right for you?

Weehawken, NJ Real Estate Question

I’m thinking of buying at Aristocrat Condos, 48th Street, Weehawken. Is this a good buy?

It has 16 units, 15 were sold out in an auction in April. One unit (1 bed, 1 1/2 bath) available to buy because the bidder who won the auction couldn’t get a mortgage. Is this property a good/safe buy? Will it appreciate in 5 yrs? Will it rent out easily?

The Aristocrat Condo Building in Weehawken, New Jersey

Great question

I disagree with comments such as, “Nothing is safe”. If you’ve ever read anything from Warren Buffet on investing, he repeatedly says, “investing blindly or without knowledge is gambling… I’m not in the gambling business.”

Here are a couple of quick points to consider:

1. If fifteen out of sixteen sold at auction, obviously there is demand for these particular units.
2. It also depends on the acquisition price relative to the sold comps (other sold units).
3. Here is a question for you to consider: “Are you buying as an investment or primary residence? Are you looking for a home or a deal or both?” Its important to know if the acquisition is purely investment.

It’s all in the numbers

1. Figure two ways out before getting into the deal. “If I had to sell today, what is the property worth?” Then, take that number and minus 10%.
2. What is your ROI (Return on Investment)? Understand that in real estate you can still be profitable with a flat gross monthly income and expense. How you ask? The tax benefits for owning real estate are incredible. Talk to your accountant about a Real Estate Holding Company.
3. Do I want and or need to be a landlord?
4. Can I generate an equal or better ROI with less stress and effort on a more passive investment (maybe buying tax liens)?

Here is a great website to help you with this: mortgage-investments.com.

Another scenario:

Buying for me.
1. Does it suit your needs and desires? We all need to live somewhere. At one point in my life, I had a two bench seat car I lived in for three weeks. Now, I’m very blessed to live in Port Liberte in Jersey City on the Hudson with my family.
2. Can you buy the unit at a value similar to the others sold recently? For example, if it’s a one bedroom, look at all the one bedrooms that sold. Then, divide the sold price by the sqf. Get a multiple and then use that to determine if it’s a value of not.

Lastly, is now a great time to buy? YES! Go to my recent blog post in regard to my 90 day market review of Hudson County. for a detailed response to this question.

For a personal evaluation and more information on West New York, please feel free to call me immediately at 201-427-1032.

Adams Square in Hoboken, New Jersey

These are the latest properties available in this building.

Let me know if you would like to schedule a showing: