Questions? Free free to contact me, Walter Burns or leave a comment below.

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5 Easy Tips for Hoboken Real Estate Sellers

1. Gather your Master Deed. The buyer will request to review this during the attorney review period. You should have received the Master Deed when you purchased. It’s a 1+ inch thick document which contains the public offering statement and floor plans when the condo conversion took place. The master deed also contains the bi-laws and rules for the condo association. If you do not have a master deed or cannot locate it, check with your management company. If your building is self-managed, ask a neighbor. Someone should have a copy.
2. Gather the financial statements of your condo association. The buyer’s attorney is going to review them during the attorney review period along with the budget for the condo association. The management company will have these as well. No management company? Someone in the association should act as the Treasurer.
3. Get a copy of the condo association master insurance policy and master flood policy (if necessary). The buyer’s mortgage company is going to request this policy to review. If your building is in a FEMA flood plain, the condo association is going to need to have the required flood insurance. Your management company should have this policy on file as well.
4. Give your Realtor the contact name and phone # for your management company or condo association president. The buyer’s mortgage company is going to require a condo questionnaire. This document contains about 20 questions regarding the condo association (percentage of owners vs. tenants, pending litigation, etc).
5. Make sure your taxes and monthly maintenance fees are paid. The buyer is going to conduct a title search against your Hoboken condo and the condo association. Making sure all the bills are paid ensure that there should be no liens against the unit or condo association. This will avoid any last minute delays before the closing takes place.

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Current Hoboken Rental Inventory

Currently there are 124 Hoboken rental properites in the Hudson County Multiple Listing Service. They range from a studio on 5th and Monroe for $1,250 to a 2 bedroom, 2 bath at the W Hotel for $9,900 per month.

Hoboken Sales turn into Hoboken Rentals

Want to live at Maxwell Place? Can’t decide if you want to buy or rent? Well, there is one condo available at Maxwell Place that offers you both options. You could buy this 2 bedroom, 2 bath, 1518 sq.ft. unit for $899,000 or rent it for $5,400 per month.

A Maxwell Place condo listed for $1,474,990. It spent 70 days on the market before the seller rented it in May for $5,000 per month.

Another perfect example of a sales to rental scenario is a building located at 1300 Park Avenue. I walk by this building everyday on my way home. The building started out this past February as 2 and 3 bedroom condos ranging from $480,000 to $549,000. Last week I was walking by and saw a bunch of “For Rent” signs in front of the building. Now the condos are no longer for sale and the available rentals range from $2,750 to $3,150.

UPDATE 7/1/09: I walked by 1300 Park Avenue in Hoboken tonight and saw a sign on 1300 Park Avenue that says the condos will now be auctioned off in the near future.

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]]> http://blog.livingonthehudson.com/2009/05/14/hoboken-sellers-landlords/feed/ 5 http://blog.livingonthehudson.com/2009/05/10/hoboken-real-estate-sellers/ http://blog.livingonthehudson.com/2009/05/10/hoboken-real-estate-sellers/#comments Sun, 10 May 2009 15:50:03 +0000 Walter Burns http://blog.livingonthehudson.com/?p=144

The Hudson Tea Building in Hoboken

If you are having trouble selling a home or condo in the Hoboken real estate market, you are not alone. Currently there are 637 available properties for sale in Hoboken.  With this many choices, how do you get the buyers to see your home over the competition? Here are a few quick tips that can help you get more showings from Hoboken buyers and ultimately have your property go from being available to being sold.

1. Have your agent install a lockbox at your property. This saves the showing agents time in picking up keys from real estate offices and allows them more time with the buyer.
2. Know your competition. For example, if you live in a large condominium building like Maxwell Place, the Hudson Tea Building, or the Skyclub, there could be anywhere from 15-30 re-sale condos on the market at any given time. Know how your neighbors are priced. You may need to adjust the price of your home to stay competitive.
3. Think like a buyer. If you were shopping for a property right now, would you buy your home? Try to be as objective as possible given what else may be for sale in the market.
4. Make your home available for showings as often as you can. If you are strict about the showing schedule of your property, chances are buyers are going to pass on it and choose to see one of the many other homes for sale in the market.
5. If you have a tenant in the property, try to get them to work with you on showings and keeping the property as neat as possible.
6. Curbside appeal matters more and more now. Make sure the exterior and common areas are clean and in good shape.
7. Throw out the garbage inside your home. I know this sounds simple,  but I cannot tell you how many homes I have taken a buyer to that had a pile of garbage in the kitchen or had a garbage odor in the house. First impressions are everything.
8. “But I’m not a neat freak!” Start to become one.  Try to make your house as neat and clean as possible for showings. Again, first impressions are everything.
9. Have your agent update you weekly on what has sold and what is available for sale in the Hoboken real estate market. Properties come on and off the market everyday. Know what’s out there.
10. Minimize your personal photos. The goal is to get the buyer to look at your house and not your wedding photos.

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