Mile Square Real Estate

I am proud to say I recently earned my Certified Distressed Property Expert (CDPE)designation. I am not alone, at the RE/MAX International convention in Las Vegas on March 3, RE/MAX Chairman and Co-founder Dave Liniger announced the corporation’s plans of having 7,500 RE/MAX Agents earn the Certified Distressed Property Expert (CDPE) designation this year.

“The CDPE designation is one of the most important and timely educational products I have seen in over 40 years in the real estate business,” said Liniger. “I will do whatever it takes to get as many agents as possible through this course so they can help homeowners, the economy and our country.”

The Distressed Property Institute, based in Boca Raton, Fl. and launched in January 2008, offers the Certified Distressed Property Expert (CDPE) designation after comprehensive on-site or online training on how to handle short sales. The institute was founded by dynamic real estate veteran Alex Charfen.

“The fact that a global real estate powerhouse like RE/MAX has committed to training its agents on short sales demonstrates that this is a market all Realtors® must understand,” Charfen said. “Realtors® are in a position to help people avoid foreclosure. They can be a great catalyst for the recovery of this housing crisis.”

Nationally, only 12 percent of short sales are approved. Among CDPE designated Realtors®, more than 80 percent of short sales are approved. According to the National Association of Realtors®, more than 45 percent of existing home sales in the fourth quarter of 2008 were foreclosures and short sales. In a short sale transaction, homeowners sell their property for less than the mortgage amount, but avoid the foreclosure process.

The CDPE designation has been endorsed by many major U.S. brokerages.
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

Labels: CDPE, Dertified Distressed Property Expert, Foreclosure, Hoboken Real Estate, Hudson County real estate, Jersey City real estate, Short Sale

Posted by Andy at 4/24/2009 02:14:00 PM | Permalink | Comments

With mortgage rates at historic lows, CNBC talks to Susan Wachter of Wharton Business School and Howard Glaser, a mortgage industry consultant, about whether there will be a springtime recovery in the housing market. Wachter said the economy still needs to turn around before the housing market really improves. Glaser said the money the federal government has been pumping into the system has gotten stuck at the level of the major banks and isn't trickling down to consumers.

Labels: Hoboken Real Estate, Hudson County real estate, Jersey City real estate, Mortgage rates

Posted by Andy at 3/25/2009 09:00:00 PM | Permalink | Comments

Since the Federal Stimulus bill was passed a lot of people have been asking about the new first time home buyer tax credit so here is a short synopsis:

For homes purchased in 2009 a first time home buyer will receive a tax credit up to $8000. (if the home was purchased in 2008 that credit is $7500)

There are certain criteria which have to be met in order for a first-time home buyer to qualify. The main criteria are:

1) The home must be your primary residence.
2) You have not owned a main home within the last 3 years.
3) You purchased the property after April 8, 2008 and before December 1, 2009.
4) Your adjusted gross income is less than $75,000 (if you file jointly the adjusted gross income cannot exceed $150,000). As your adjusted gross income exceeds $75,000 ($150,000 for joint filers) the amount of credit you receive decreases until it is phased out entirely at $95,000 ($170,000 for joint filers).

The 2009 credit differs from the 2008 credit in the fact that it DOES NOT need to be repaid under most circumstances. The 2008 credit has to be repaid over a 15 year period.

This information is for general purposes only. Please speak to your tax consultant to see if you are eligible for this tax credit.

Labels: Federal first time home buyer tax credit, First time home buyer, Hoboken Real Estate, Hudson County real estate, Jersey City real estate

Posted by Andy at 3/11/2009 10:38:00 PM | Permalink | Comments

Mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended November 28 soared a record 112.1 percent to 857.7, the highest reading since the week ended March 21 when it reached 965.9.

Potential borrowers were lured by enticing mortgage rates, which dropped dramatically after the Federal Reserve unveiled a plan last week to buy up to $500 billion of mortgage securities backed by government-sponsored enterprises, Fannie Mae, Freddie Mac, and Ginnie Mae. The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Consumers who were previously on the fence to refinance or purchase a home are in a position to take advantage of the decline in rates.

In the Hudson county area rates for a 30 year fixed mortgage are currently around 5.5%.

Labels: Hoboken real estate market, Hudson County real estate, Jersey City real estate, Mortgage rates

Posted by Andy at 12/03/2008 11:28:00 PM | Permalink | Comments

The Federal Reserve attempted to end price declines in the housing market on Tuesday with two new programs aimed at making it easier for consumers to obtain loans for homes, cars and on credit cards.

Under the new mortgage program, the Fed will buy up to $100 billion of debt issued by government-sponsored mortgage enterprises Fannie Mae, Freddie Mac and the Federal Home Loan Banks. It will also buy up to $500 billion of mortgage securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae. The Fed said that the actions were taken "to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally."

Fannie Mae's current-coupon 30-year mortgage-backed security, which is tightly correlated on a spread basis to Freddie Mac's weekly survey of consumer mortgage rates, has fallen 38 basis points on the day, which means that the 30-year mortgage rates are likely to fall a similar amount. If they do, it would bring the average rate to 5.66%, its lowest since January when the average 30-year mortgage rate was 5.48% (the 2008 average is 6.11%). In Hudson County rates were as low as 5.50% as of Tuesday morning.

Labels: Hoboken Condo, Hoboken Real Estate, Hoboken real estate market, Hudson County condo, Hudson County real estate, Jersey City condo, Jersey City real estate, Mortgage rates

Posted by Andy at 11/25/2008 01:04:00 PM | Permalink | Comments

77 Hudson St - This September developer K. Hovnanian opened the sales center for their 42 story, 420 unit condominium tower. The projects one, two, and three bedroom homes are priced from the $500,000s to $3,000,000. A four alarm fire that struck the building in early October is not expected to delay the project.

Trump Plaza Jersey City - The 50 and 55 story buildings of Trump Plaza Jersey City will be New Jersey's tallest residential buildings. With 74 percent of the first tower's 445 units sold as of early September, sales at the second tower are slate to begin in early 2008.

For more information on these, or any other projects, Contact us

Labels: 77 Hudson St, Hudson County condo, Hudson County real estate, Jersey City real estate, Trump Plaza Jersey City

Posted by Andy at 11/16/2007 10:16:00 AM | Permalink | Comments

Condos get Hudson's top dollar

Who says the real estate market is cooling off?

It's still red-hot on the Hudson County waterfront, where a high-roller has purchased two condos on the top two floors of a Jersey City development at a whopping price tag of just more than $6 million. It's believed to be the highest price paid for a condo in the city's history.

Even if sold separately, either likely would have fetched more than $2.3 million, the previous record for a condo sold in Jersey City.

The unnamed buyer reportedly plans to merge them into a lavish two-story penthouse at the top of the 49-story building. Once completed, the two-story penthouse will measure 4,188 square feet. That translates to roughly $1,400 a square foot.

The purchase was made at K. Hovnanian's 77 Hudson St. development. The developer announced the sale last week but refused to divulge any details about the buyer - only about the development itself.

"The sophisticated design, hotel-quality amenities, luxury materials and finishes at 77 Hudson are exactly what buyers are seeking," said Tom Graham, of K. Hovnanian Homes, in a press release boasting about the sale.

Gershon Adjaye, a broker who deals with high-end real estate in Hudson County for Keller-Williams, said the price per square foot is on the high end in the county - but it's still a steal compared to prices in the New York City market.

"The truth is the square foot price is still much less expensive than penthouse condos in New York, which don't offer the same views," said Adjaye, who is not associated with the sale.

K. Hovnanian Homes opened 77 Hudson St. for VIP sales two weeks ago, with more than 300 appointments set for the initial sales release of condos.

Approximately 50 percent of the 100 residences released already have been sold, ranging in price from the upper $400,000s to $6.07 million. Thirty percent of sales have been broker generated.

"The waterfront is an extension of the New York market, and that is still very strong," said Jersey City Housing and Economic Development Corporation Acting Director Bob Antonicello, who defined the waterfront as everything east of Marin Boulevard. "The waterfront has now become separate part of the city, with very little linkage to the rest of the city."

The previous record of $2.3 million was the price of a penthouse condo sold at the Beacon, the site of the old Jersey City Medical Center.

HIGH-ROLLER HIGH-RISE
Monday, August 20, 2007
By JARRETT RENSHAW
JOURNAL STAFF WRITER

For addtional information on 77 Hudson St contact MileSquareRealty.com

Labels: 77 Hudson St, Hudson County condo, Hudson County real estate, Jersey City condo, Jersey City real estate

Posted by Andy at 8/22/2007 02:22:00 PM | Permalink | Comments