Market Conditions in 07302>Question Details

Downtown Mom…, Home Seller in Jersey City, NJ

I own a 2bedroom/1 1/2 bath about 1400 square feet in the viilage section of downtown jersey city that i am thinking of selling.

Asked by Downtown Mommy, Jersey City, NJ Sun Apr 25, 2010

Everything is update (both baths, kitchen, ), has high ceilings , lots of storage & light, but only shared outdoor space & no parking. Having basically missed the tax credit rush, I am thinking of just holding tight & waiting until next spring. What's my outlook of getting 410,000 next spring? Any hope?

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Jose Martinez
Coldwell Banker Home Loans Hoboken
201-494-1973
0 votes Thank Flag Link Fri Oct 19, 2012
Did you place your unit on the market for sale? I have recently placed someone in Union and the absorption rate is really low with days on the market under 60 days. Please let me know if you are still considering selling. I am unable to tell you if 410=k is going to work without seeing it but we do have an increase in activity since mid september. The interest rates are the really motivatin factor. Bank Of America posted yesterday a 30 yr fixed at 4.92 and a 5/1 arm at 2.875... I think the mortgage rates are thhe driving factor right now, both you and your end buyer can take advantage of the mortgage rates

Desi Daniels
Weichert Realtors
201-286-5742
0 votes Thank Flag Link Thu Oct 14, 2010
Hello Downtown Mom,
You are asking one of the best questions on this site. And no one who advises you has the right answer. That is because none of us own crystal balls that actually look into the future and predict the market.
If the market were to drop an additional 12 per cent in the next 12 months, that would mean your home could devalue by $25,000 by springtime. Right now is the best time to buy on the market. Interest rates are incredibly low, prices are extremely good and there is real quality inventory out there. Your home sounds like a really good deal.
I just ran a fast search for you. Two or more bedroom condos that are between 1350-1550 square feet and are active on the market in Downtown Jersey City average $651,000 today. I would have to see your home but be careful not to underprice too.
Best of luck to you.

Bruce Levitt
120 Newark Avenue
Jersey City, NJ 07302
201-435-0720
973-710-2293 cell phone
0 votes Thank Flag Link Sat Sep 25, 2010
Hi Downtown mommy,

NO one holds a crystal ball but here are some of the latest stats:

if one compares an average sale price in d/t Jersey City in June-August 2010 to June - August 2009, we are up 6%. If one comapres the same for March-August 2010 to March - August 2009, we are up 3%; and if one compares the same for January-August 2010 to january August 2009, the prices are flat. Based on this statistic, the prices are cautiosly turning upwards so, I'd say, there is hope. Of course, it would be helpful if interest rates stayed low for a while.

BTW, are you zoned to P.S.5 or P.S. 3? They are not as crowded as P.S. 37 or P.S.16 and children who are "zoned" to P.S.5 and P.S. 3 have a good chance of getting in them and attending a neighborhood school rather then being bussed away to far aways school. Parents who are looking to buy a condo or a house are starting to pay attention to school zoning in Jersey City. This may be favorable to your selling process.
Lastly, my agency just listed a beautiful 1202 sf condo in the village section for 424,900. no parking or outdoor space. we expect to sell it quickly. why don't you stop by the next open house?

Naturally, I would be only happy to give you a detailed market value analysis of your condo if I get a chance to see it.

Sincerely,

Natalia Chebalina
Weichert Realtors
273 Grove st.
Jerrsey City nj
cell: 917 566 8050
nchebalina@gmail.com
0 votes Thank Flag Link Sat Sep 25, 2010
Hello DT Mommy,
When selling your home in market conditions such as we are in today, a selling needs to put himself/herself in the buyer's side of the transaction, reasons to buy in today's market. Here are a few reasons why many buyers are seeking to buy now: #1: You'll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you'll get a tax break on capital gains–if any–when you sell. #2: Selling prices are favorable, #3: Mortgages are cheap. You can get a 30-year loan for around 4.3%. What's not to like?
I would be happy to decide the market in greater detail and to discuss your reasons and need to sell.
Victoria Felix
Halliburton Homes
973-615-5994
0 votes Thank Flag Link Thu Sep 23, 2010
Do you have outdoor space by chance? With a buyer today considering the area...Don't be afraid of the tax credit buyer incentive coming to an end many of my buyers put the breaks on realizing they'd rather negotitate 8k than be rushed at the end of the season.. If you have price your unit well against the comps it will sell

Let me know if you have addiitonal questions

Desi Daniels
Weichert Realtors - Downtwon JC
0 votes Thank Flag Link Thu May 13, 2010
Thanks for the responses. Everyone had something good to say ( even though it may not have been what I wanted to hear:) I am glad to hear there is more interest in our neighborhood. It is great & a shorter walk to the PATH then people think. But I do agree that the inventory both resale & especially new construction is a problem for us here in the Village. Are there any new develpoments planned for this section? how would I find out? I see one on 3rd & Newark but it looks fairly small. Any thoughts?

To the one realtor who talked about trading up or down- that is the whole problem - we do want to move to the burbs & trade up but if we sell our condo for less then 410,000ish we would be eating up quite a bit of our orginal down payment. Leaving us with not much to put down. Surprisingly, in Union County, where we are looking, things are moving super quick. My realtor there says things are going at higher prices then asking ( sometimes/right house) Would you still advise the same?
Thanks Again & have a great day:)
0 votes Thank Flag Link Mon Apr 26, 2010
Hi Downtown Mommy,

I haven't seen your home so I can’t speak to it in detail. The Village neighborhood is going through some really exciting changes that should help you if you decide to sell next year. I represent the sellers of the newest condo project in The Village, called The Wave http://(www.LiveInTheWave.com). We are seeing a huge amount of interest, not only in our condos but in the overall area. Crescent Court and 369 5th Street both are doing very well. As Walter said it is very difficult to predict what will happen in the future, yet you do have some encouraging indicators that make me very confident that the market will be better next year than it is this year (our market right now is actually very good). Since the 2nd Quarter of 2009 our market has increased in number of sales pretty steadily over that period and last quarter was the first time in a long time that prices increased county wide. Feel free to check out market information on my quarterly report: http://www.TheDanielsReport.com.

I would be more than happy to take a look at your place and give you a market analysis if you are intersed so you can get baseline to compare against over the next 12 months.

Take care.

Jamie

***************
The Daniels Team - Weichert, Realtors
Cell: 646.425.3578 - Fax: 973.482.4252
http://www.NNJRE.com
Web Reference: http://www.NNJRE.com
0 votes Thank Flag Link Sun Apr 25, 2010
Hi Downtown Mommy,

The question is really what you intend to do with the proceeds. If what you are planning to do is moving, and you will be upgrading to staying in the same level of housing, you are not going to gain anything if the market goes up, because you will also have to pay more for the replacement home you will be going for.

The only situation in which you would be gaining from a market upswing is if you were downgrading, because you would pocket the difference.

So even though it would seem logical to wait with selling until your property is worth more it may not be so for you, as you may be neglecting to take the other part of the equation, the ensuing purchase, into account.

I would be happy to meet with you, in my capacity of Residential Real Estate Consultant, to find out together what is important to you in the sale or purchase of your home.This would not be of any cost to you of course.I do not charge for advice and consultation, I derive my living from transactions.

Also feel free to you a tool I have published for easy analysis of Hudson County property values and neighborhood stats. Feel free to visit: http://HudsonCountyRecords.com

Amos Elroy, SFR (Short-Sale Specialist Certified)
Residential Real Estate Investment Consultant
Lic. Realtor Associate
EXIT On The Hudson Realty
(888) 462-6573 / (888) HOB-NJRE
FAX (888) 462-6573
Office 201-437-0411

http://www.HobNJRE.com

Twitter: HobNJRE
0 votes Thank Flag Link Sun Apr 25, 2010
I'm on my phone so this has to be a short answer. The short answer is: yes. The only thing that messes with that is if interest rates climb substantially. Climbing interest rates tend to depress housing prices. I don't think I would be too concerned about missing the tax credit. Most of the buyers that I have right now don't seem to be concerned about it. They're all going to miss it by a few weeks because it's almost impossible to get in contract for April 30 at this late date, but they really don't seem very concerned about it. please contact me if I can be of any further assistance.

David Leonard
Weichert Realtors
718-915-2855
DavidLeonard@me.com
0 votes Thank Flag Link Sun Apr 25, 2010
Franny,

It's impossible to tell what the outlook for the downtown Jersey City real estate market will be for spring 2011. Downtown Jersey City still has a large amount of supply in it with both re-sale and new construction. Several of the Crescent Court condos in the Village section are still available for sale. To give you an idea of the downtown Jersey City condo market, here are the sales stats from March 2010. I will have April's stats out next week once the month ends.

http://blog.livingonthehudson.com/2010/04/11/jersey-city-con…

Without seeing your condo and comparing it to other units that are available, under contract, and recently sold it is hard to say what the unit is worth today. I'll be happy to speak with you further if you wish. You can reach me at 201-694-8946.

Please let me know if you have any additional questions, I'll be happy to assist.

Sincerely,

--
Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ
201-694-8946 Mobile
http://www.livingonthehudson.com
0 votes Thank Flag Link Sun Apr 25, 2010
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