hey Agmo

My apology for not reading all your posts before repsponding...

FHA Loans are actually very easy to get in a building that is FHA approved ! Its actually one of the best ways to buy a new home !

As one of the leading FHA experts in the area with over 20 years plus industry experience...We''ve help hundreds of customers successfully navigate the FHA process.

Read more about FHA and FHA Approved building here!

http://blog.theshallisgroup.com/hoboken-condos-with-fha-appr…

As i explained in the last comment .. If you'd like to get all your questions answered and get started on buying a home before the New Year .. Call Me Immediately ...for a personal and confidential conversation !

My direct number is 201-427-1032 or 201-988-1393

Sean T. Shallis
Broker/Sales Associate
Senior Real Estate Strategist
Weichert Realtors and The Shallis Group
1 Newark St, Hoboken, N.J. 07030
Office: 201-656-8488
Direct: 201-427-1032
Cell: 201-988-1393
Fax: 201-427-1022
sean@theshallisgroup.com http://www.theshallisgroup.com

hi Amgo

As you get closer to the path most of the buildings are 4 story brownstones that were converted to condo buildings.. Remember in years past the town was built around the waterfront trade and docks...Parking only became a required over the last 10-15 years when a developer leveled a building and rebuilt a new structure in its place !

Premiums...
Parking ,,between 15-30K resell figure 15K and as much as 30K for a spot in new construction
Elevator.. buildings 4 stories or less its not required.. or if the building was an exsisting structure...figure
between 2-5% depending on the other amenities
New vs old....relative to the specific building...the more critical issues/ relationship in this case is the taxes..
dependiong on when they were assessed the number can vary quite a bit

Here is a link to one of my most recent blog post in regard to the credit...

http://blog.theshallisgroup.com/homebuyer-tax-credit-passes-…

As to waiting....

The real estate market in general is showing signs of stabilization...Wall Street and banks are starting to recover slowly but surely, Oil is on the rise and ten year TBILLS are starting to come back in favor ..

In my professional opinion we should start to see real estate prices stay flat for 6-10 mths,,The credit has been extended until April 2010 ... and last and most importantly .. Interest rates.. remember if your financing any of the aquistion you'll be paying interest on the borrowed money. in the first 3-5 years 80-90% of the payments will go directly to interest on the loan. In a short term investment (most people only own for 3-5 in urban communities) the interest rate is critical.

'I don't get it Sean ?"

As the economy begins to recover and the goverment stops subsidizing large corp...especially banks ... The fed and ultimately the banks will have no alternative then to increase interest rates !

NOW IS THE TIME TO BUY !... YES NOW IS THE TIME TO BUY !

BTW ... if your looking for a 2 bedrooms 2 baths, with parking, elevator and gym in the heart of hoboken under 450K .. Best part is that you can buy it with as little as 3.5% (fha approved) down payment. Even better if you qualify your "Uncle Sam" is going to give you back a big chunk of your downpayment back as a thanks for buying!

'Ok Sean.. I'll bite "

501 Adams St,Unit 5A, Hoboken NJ ..2 Bedroom 2 bath .. $437,202!

http://www.theshallisgroup.idxco.com/idx/4388/details.php?id…

If you truly ready to buy I can help you understand the benefits of buying NOW ...Call me Immediately ...my direct number is ..201-427-10232..

Sean T. Shallis
Broker/Sales Associate
Senior Real Estate Strategist
Weichert Realtors and The Shallis Group
1 Newark St, Hoboken, N.J. 07030
Office: 201-656-8488
Direct: 201-427-1032
Cell: 201-988-1393
Fax: 201-427-1022
sean@theshallisgroup.com http://www.theshallisgroup.com

Karina,

Thanks a lot for asking. I am aware of the new tax credit and have researched the details. I never thought about FHA loans since I heard it takes more time to get it.

Hello Tao how are you? I just wanted to follow up with you. Are you aware of all of the new changes that have been made regarding the tax credit and FHA lending guidelines? Would you like me to provide you with some information regarding this?

Please let me know, I'd be happy to help you however I can.

Thank you

Best,
Karina Anillo
RE/MAX Gold Coast Realty
(201) 795-5200 xt 332
(201) 355-6171
E karina@hobokenproperties.com
W http://www.myhobokenproperties.com

Hi Tao, in addition to seeking valuable real estate information here, which I commend you on, make sure that you are interviewing up to 3 agents to work with closely on the possible purchase of a home for you. It is important that you choose to have a professional working with you, one that you are comfortable with, can communicate with you clearly, and has your best interests at heart.

For some more insight on the tax credit visit my blog http://www.lavidasquared.com and read a little more on it.

Buying a home is a big decision isn't it? You are doing all of the right things by looking for information from different resources. Feel free to reach me if you'd like to set up an initial buyer consultation and I'd be happy to help you however I can.

HA, the comment with the "historic" in it made me laugh out loud at work.

Hi Guys,

Thanks a bunch for the answers. I did not know about this FHA policy change. So on one hand, they are tightening the lending practice , on the other hand, they are pumping in huge amount of money and doing whatever they can to draw in potential buyers ( like using 8K stimulus as down payment) ? I feel the government will do anything to pump up housing market, tightening lending practice does not sound helpful..

Where could I find a good overview of this policy change?

Michael, if I want to buy a 2/3 bedroom condo, is that counted as "2 and 3 family homes"?

Thanks a lot

Tao

Hi Tao,
Andres and Sean had great answers. I would like to add condo mortgages will be harder to get based on the FHA new stricter lending practices starting Oct 1. I don't think the 15k home buyer credit will be for single units but for 2 and 3 family homes. So, I think the market now looks good to buy. For mortgage information email me at michaelm@fifcorp.com

Tao,

1) Most of the homes near the PATH are historic row houses that were built before cars were even thought of. These homes can not be modified as new curb cuts for driveways are not allowed on the historic street unless the lot is more then 50' wide. With that in mind deeded parking near the PATH is often quite difficult to find. You will typically only find it new buildings. When parking is available you can expect to pay a $30,000 premium for it.

2) Again, buildings near the PATH are mostly historic so you will not find many elevator building. The premium for an elevator varies greatly. Typically a home loses $10,000 in value past the 2nd floor when you are looking at a walk-up. The reverse applies for elevator buildings, past the 3rd or 4th floor you can gain $5,000-$10,000 in value depending on the light and view.

3) There is not much of a premium between a brand new building and one that is 2 or 3 years old if the finishes are comparable and the home is well maintained. Location and building construction will play a role but 2 or 3 years will not really matter much.

4) No one knows what will happen with the $15K tax credit being proposed. It may, or may not, pass. If it does pass it likely will not be passed until after the $8K credit expires at the end of November. If you are eligible for the $8K credit my opinion is that one in the hand is worth two in the bush. Why risk giving up what is already available? If you are not eligible for the $8K credit and can wait until December it may not be a bad idea to wait and see if a new incentive get passed.

I hope this helps. Please do not hesitate to contact me with any additional questions.

Andres Garcia
Sales Associate, CDPE
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Andres@MileSquareRealty.com
http://www.MileSquareRealty.com

Hello Tao,

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 1st 2009, Truth and Lending Policy July 30th 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.

Here are a set of our recent articles on the home buyer credit http://blog.theshallisgroup.com/?s=fha

For a free and confidential discussion on the Hoboken condo market feel free to give me a call today on 201 988 1393