Hoboken Real Estate: Great new property under 500K

Hoboken’s Questionable Rent Control Ordinance

Investigation into Hoboken Rent Control and Property Values

The Liberty Board of Realtors has recently been investigating Hoboken’s rent control laws and their enforcement. This comes in part due to a recent court decision that has ruled this ordinance and its enforcement ‘unreasonable’ in this particular case. Although this case has been brought to the spotlight, it is evident that this might not be an isolated incident and problems may be more wide spread. The Liberty Board of Realtors believes that the Hoboken rent control ordinance as it is currently written could have a negative effect on property values and tenant rights.

Due to these concerns, Liberty Board of Realtors states, “the Board will be filing applications for grant monies from both NAR and NJAR to undertake an educational campaign for the citizens of Hoboken alerting them to our concerns. If granted, the Board will be able to undertake a multi-media educational campaign for at least 18 months.”

The Liberty Board of Realtors has offered their assistance to the Hoboken City Council in an effort to ensure that a revised Rent Control Ordinance will be fair for all property owners and their tenants. To read the Liberty Board of Realtors letter to the Hoboken City Council, please visit libertybrd.org.

To view the court’s decision and see full details of the case, please visit libertybrd.org.

Sean Shallis is #1 of 19,000 Weichert Realtors sales associates nationwide and is the leading expert in Hudson, Morris, Essex and Union Counties. Please call Sean Shallis directly at 201-427-1032 for a personal consultation.

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.

How to Choose the Best Realtor for You

Buying or selling a home can be one of the biggest financial transactions you face. It is just as important to do your research on picking a realtor as it is in picking a home. Whether it is a buying or selling transaction, you must first make a list of your needs. Then interview at least three realtors to be confident in which one will represent you and your needs the best.

Do Your Homework
Word of mouth is of course one way to find a realtor. Most people know someone who’s used a realtor recently and can get their input or recommendations. However, you still must do your homework. Even if your friend had a successful transaction and his expectations were met, you have to make sure yours will be too. Every buying and selling situation is different. For example, if you are interested in buying a short sale or foreclosure, some realtors are very experienced in the process and some try to avoid it like the plague. Your friend might have been buying a property and you might need to put yours up for a short sale. In each case, a different set of needs must be met.

When Selling a Property
Ask each agent what they intend to do for you. These days selling a house is no longer as systematic as setting up signs and holding open houses. Make sure your realtor is internet savvy. The 2008 NAR Profile of Home Buyers and Sellers reported that 87% of all home buyers searched for a home online prior to contacting a realtor. It is not enough just to have your home listed on the agent’s web site. As a seller, it is important to find out on what web sites the realtor’s MLS listings are placed in order to assure maximum exposure.

Other information to find out is whether your realtor will show your home personally or will there be an assistant or no representative at all. Will the realtor be out of town such as on vacation when the house initially goes on the market. This is the most crucial time to have your realtor’s full attention. Ask the realtor to go through the house and give you advice on how it can best be staged. Although open houses are not as much of a priority as they once were, it is important to find out if your realtor plans to hold any and how important they are to you.

When Buying a Property
Does the agent have experience and knowledge of the area in which you wish to live? They should be well acquainted with the market in that location as well as the comp sales in the neighborhood. Make sure they are able to devote the time to look for a property that meets your needs as opposed to only showing you the homes you find on the internet. They also must do their homework in finding out any association fees, maintenance fees, estimated property tax, outstanding liens and any other costs that could affect your decision. Start with a structured approach, use a home buyers wishlist, which will help you decide what properties suit your needs.

A Senior Real Estate Strategist
Experienced and professional real estate support is essential in today’s unpredictable market. I have specialized in premium properties in Hudson County and the New York Metro area for over 10 years. My insight and expertise have also been featured in prestigious media outlets including The Wall Street Journal, The New York Times, Bloomberg Radio, Bloomberg International News Service, AOL.com, The Record and The Jersey Journal. More importantly, I grew up in the area and am also a resident.

Weichert Realtors and The Shallis Group
Weichert Realtors and The Shallis Group, specializes in luxury living in the hottest New York Metro area communities including the prestigious New Jersey waterfront area. With access to numerous condominium, townhome, commercial, residential, land development, single family, multi-family, and other real estate listings for sale, The Shallis Group is the premier agent for the metro area real estate and was awarded #1 in the region among all Weichert Sales Associates in June 2009!

If you are looking for experience and professionalism in a New Jersey realtor, please contact Sean T Shallis today for a personal consultation on your buying or selling needs at 201-427-1032. If you are looking for real estate elsewhere, please see the real estate directory at real-estate-blogs.com.

Hoboken Condo Market: Market Summary and Forecast

Market Summary and Forecast for the Hudson County, Specifically Hoboken, Condo Market:

The following forecast is based upon evaluating the statistical data and traffic patterns of properties both in our inventory and throughout Hoboken and Hudson County Markets. In addition, we’ve informally surveyed and collected supporting data in our day to day course of business with cooperating agents, vendors, wholesalers and retail customers.

Influencing Factors in the Hoboken Market
In my professional opinion, I feel the Hoboken Condo market is going to continue to trend downward over the next two quarters between 3-5% over all. This number may increase as a result of the FHA policy changes on Oct 1^st 2009, Truth and Lending Policy July 30^th 2009, banks and financial institutions reluctance to accept ‘short sales and or a Deed-in-Lieu’ and the staggering 700,000 foreclosures being held off the market by banks and financial institutions. It should be noted that many of the larger financial institutions have been following the newly revised Truth and Lending Policy guidelines for over six months now. Though we are not exactly sure how the changes mentioned above will effect the market over-all, our informal research and the opinions of market professionals anticipate “growing pains” at best.

The Market’s Future
We realize the real estate market isn’t going to zero…In my professional opinion, we see the Hudson County and Hoboken real estate market stabilizing in Q1 and Q2 of 2010 and begin to show moderate signs of recovery in Q1 of 2011. One determining factor in making this analysis is the following: we estimate more than 40% of the condo buyers in Hoboken work in the financial markets. Contrary to other real estate markets, we typically see a moderate increase in buyer traffic beginning in Q3 and Q4, year after year. In short, these same buyers are basing their acquisitions less on emotions or the needs of a growing family and more on year-end and/or performance bonuses from their jobs. Our estimated recovery time lines are in direct correlation with the predictions of economic and Wall Street experts. As the stock and equities markets recover and trading activity increases so will the young professionals buying power with the renewal of year-end and/or compensation bonuses.

In closing, we truly honor and appreciate your confidence in Weichert Realtors and The Shallis Group. We are committed to continuing to out-perform both the market average and similar competing properties with higher execution prices. Please call Sean TShallis directly at 201-427-1032 for a personal consultation.