Light at the End of the Tunnel

Many folks in the Hoboken area, whether directly or indirectly, are tied to real estate. The Real Estate Gorge in the greatest little city seemingly has long since ended yet the bellyache still lingers. So, the question is, when will we be all better?

Well, nowadays, it depends on who you ask. The doctor in this scenario, the US Government and their partner, the Federal Reserve, have prescribed many different antidotes to cure what ails you. They’ve lowered interest rates, given us rebate checks, loosened Federal lending limits and loaned millions upon millions to banks in order to loosen up lending. Now, the question becomes, “Why don’t I feel better?” i.e.” why hasn’t the real estate market improved?

The answer is…hang on, help is on its way. We want it all. We want it now. We don’t want any consequences. Unfortunately, in life, as in economics, there is never a quick fix. The good news is, all the economic stimulus, like a planted seed, is starting to take root. You reap what you sow and all that. At the same time, the real estate market, buyers and sellers alike, are well caught up on the reality of the situation, and prices are adjusting accordingly.

Remember, “its always darkest before the dawn” and even though it appears that the economy, housing and the stock market are out of control, help is on the way, we simply need to be patient and let the medicine kick in. Light at the end of the tunnel? Existing home sales in May actually increased.

Hoboken's Own: Pia Zadora

Yowza! Yowza! Yowza! I loved Pia Zadora. So you can imagine my glee when I discovered she was from Hoboken. You've come a long way baby. A long way from hoboken. A long way to Pickfair. A long way to the legendary mansion that was once owned by silent film legends Douglas Fairbanks and Mary Pickford. The legendary mansion that once saw the likes of Albert Einstein, Helen Keller, H.G. Wells, Amelia Earhart, F. Scott Fitzgerald, Joan Crawford, and Sir Arthur Conan Doyle. The legendary mansion you tore down to the ground. I don't care. If doesn't happen in Hoboken, it ain't happening.

Hoboken Weathering the Market

First, you should know: I'm stealing this whole thing from the New York Times. Hoboken was booming. Boom or bust? Not really. The greatest little city is showing that it can hold its own in a down market, too. Average sales prices are still increasing for downtown condominiums. Developers say that their new buildings are still selling out. The Web service Streeteasy.com reports that waterfront properties continue to command premium prices. Hoboken’s west side, a former industrial area that was nearly unimaginable as a neighborhood only five or six years ago, is completely viable. Buildings at both the Hudson Tea and Maxwell Place complexes are approaching completion. Both developments have had steady sales, with Maxwell Place now about 95 percent sold. New high-end developments keep springing up. The Vesta Group, a developer of boutique condo buildings in TriBeCa and Chelsea in Manhattan, has just begun marketing a 16-unit project on Observer Highway on Hoboken’s south side. And now, the one amenity that Hoboken has been sorely lacking is in the works. A movie theater. Hooray! Hooray movie theater. Last week, Tarragon, in partnership with Clearview Cinemas, broke ground on a five-screen theater.

Funny, You Don't Look Hobokenish

If doesn't happen in Hoboken, it ain't happening.

Put On Your Flood Pants

Friends, Hobokeners, countrymen, lend me your ears. Or at least your sump pumps. The weathermen are predicting heavy rain again today. And you know what that means. In the greatest little city, that means flooding. The National Weather Service has announced rain storms that started this morning could lead to potentially dangerous flash flooding. Damaging winds, large hail and lightning are also in today's forecast. Yikes! But maybe we need not fear this time around. This time around storm water catch basins around the Hoboken Housing Authority that in the past have been filled to the brim with mud, leaves and other debris, have been cleaned out. This time around maybe we won't end up like the Boss. This time around, maybe we won't get lost in the flood.

Buy Real Estate? In This Market? Really?

Absotively, posolutely!

First things first. It’s pretty much ALWAYS a good time to real-estate. But know this all you would-be Mort Zuckerman's out there. There are two BEST times to buy real estate:

1. When REAL ESTATE is on sale:

This means that prices are weak, or you can buy the property at a real discount. This does not mean when a property is listed at an inflated price then discounted later. It does mean when a property is listed at fair market value, you are able to negotiate for maybe a fairer market value. Fairer to you. Or maybe the property needs some work. Handyman's special as they say. Then you can buy it and ‘tweak’ it. You know, renovate it. Change its use. Or add value some other way.

2. When MONEY is on sale:

Historically, interest rates have hovered around 8%. They have been much lower for the past few years … but, remember when they hit 15%? When interest rates drop below 6% money is ON SALE! This means that you can afford a much larger mortgage payment. This means rents can even be higher than your mortgage payment.

Usually, property prices and interest rates work in opposite directions. Money is cheap, real estate prices go sky high. Money is expensive, real estate costs drop. Right about now, maybe for the first time in living memory, BOTH real estate and money are both ON SALE! Yowza! Yowza! Yowza! The big double whammy. Take advantage. Take advantage now! Do your
research. Do your due diligence. But, take advantage. And don't forget, tell 'em Mr. Dynamite sent ya!

Hoboken: City of Firsts

Shirley Covan says, "First things first, second things never." I don't even know what that means. But it seems to fit.

- Hoboken was the site of first brewery in the U.S.

- The zipper was invented at Hoboken's Automatic Hook & Eye Co.

- The first-ever organized game of baseball was played in Hoboken in 1846.

- Soft-serve ice cream was “accidentally” invented in Hoboken.

- The first automated parking garage in the U.S. is in Hoboken.

- The first centrally air-conditioned public space in the U.S. was Hoboken Terminal.

- The first Oreo cookie was sold in Hoboken.

- Hoboken Academy is believed to be the first kindergarten in the U.S.

-The first Blimpies was started by students from Stevens Institute of Technology, with its first "sub base" on Hoboken's Washington Street.

-The Clock Towers located on 300 Adams Street was the first conversion of industrial space to residential use, a practice known today as adaptive reuse.

-The first electrified train was driven by Thomas Edison from Hoboken's DL&W Terminal to Montclair, New Jersey.

-The first yacht club in America was situated in Hoboken

Well there you have it.