Blog

Hoboken Real Estate Report & Local Investment Opportunity

UPDATE: 7/22/09

As the dust begins to settle in the Hoboken real estate market, investors are beginning to recirculate the listings and inventory looking for vulture plays.  We are looking at several real estate investment opportunity in Hoboken and find that there are couple of great opportunities for brownstones on the north end of town toward 14th St. and east of Garden St. 

Condo and apartment auctions are available also and if you have the cash to buy, believe me, this is an opportunity that you do not want to miss.  If you would like a list of our current condo auction opportunities, please let us know.  In most cases, developers will auction 8-10 units and guarantee the sale of at least 3 regardless of the prices. 

Again, as the market settles, there will be tremendous opportunities to buy investment property.  We have seen rental rates slightly decline and prices of inventory come down nearly 15%.  There are good deals out there.  Let New Jersey Real Estate Guys provide you with a few suggestions within your budget.  We are highly experienced in investment income numbers so if you would like a detailed breakdown of what your bottom line numbers should be, please give us a call.

As a Hoboken real estate professional, we fall victim of our own mantra of not sugarcoating the ugly side of the market.  Our website is intended to expose the reality and educate real estate buyers and sellers of what is really going on out there. 

So 2008 went out with a bang.  Due to the 3rd quarter of last years financial market crisis, prices and values continued to drop across the nation.  The crisis could not have come at a worse time.  Political parties were in transition at the White House, staggering unemployment data, additional foreclosures adding to market inventory, etc.  As many of you know, the housing crisis is one of the most concerning part of our declining economy and it doesn’t take a rocket scientist to realize that unless housing recovers, our economy will drag. 

Some good news for Hoboken real estate?  We have a very busy new president who is pursuing a massive housing stimulus plan.  This could include a grant for homeowners as a down payment and rediculously low interest rates on 30 year fixed mortgages rumored by some to be below 4%, even LOWER than what they are today.  I’ve huddled with a few well respected real estate owners and experts in the Gold Coast area and they have all said that if we are not at bottom today, we are extremely close to it.  A few signs point to this.  For one, foreclosures declined significantly in our market during the 4th quarter of 2008.  From October 2008 to November 2008, there was a 34% decline in foreclosures, eliminating many homes from our inventory.  Another positive sign was a dramatic increase in qualified applicants purchasing homes.

A good friend of mine with Apple Mortgage Corp. in the city who also services New Jersey said to me that just within his own portfolio, there was a 40% increase in qualified applicants in the 4th quarter of 2008 in comparison with the 3rd Quarter.  He does not expect that to be the average, but anything remotely close to that is great news.

So let’s look at the facts and what happened in a year in Hoboken, New Jersey Real Estate.  Let’s start with comparing the 4th Quarter of 2007 to the 4th Quarter in 2008.  Please CLICK HERE to download the Hoboken Real Estate Statistics Report.

 

 

 

 

 

Popularity: 1% [?]