Chicken Little and today's real estate market

“What’s market performance got to do with it?”


How many times did you hear that the market was going to crash? Probably too many times to actually remember, but you did hear it many times, correct?
If you are like most people you may have heard it from the media again, and again and again. Actually a year ago, it was all the rage! Everyone was like Chicken Little and we all felt smart stating something that the media drummed into our psyche. Of course the media provides an invaluable service to the public, but it has its motive well defined, to generate headlines that sell.

Now, we all feel a ‘little chicken’ to state the truth…that the market is actually performing the way that it should. A Darwinian twist on the real estate game, “survival of the fittest” in more ways than one. How many times have you heard this? Although you may not have heard this one, ad naseum, you may want to consider accepting this simple truth. What’s even more intriguing is the fact that the ‘great information highway’ delivers news (taken as advice by the public) that summarizes the performance of a national market, not a market summary of our market. Yet, we willingly accept the reality painted by the media as our own. And it doesn’t accurately reflect our distinct reality, more and more people are learning to understand this to be true.

Will the real reality please stand up?

Hudson County continues to perform nearly as briskly today as it did a year ago.
“Really?” you ask.
Yup, really.
When you think about it. It is so easy to be duped into acquiring a herd mentality. Especially when it concerns a subject that everyone perceives to be true, when in fact, it is not.
Consider the following, it’s quite an eye opener and you may find yourself wanting to know even more detailed information. (You can look forward to it in another post, soon.)
During the month of August 2006 there were 1453 listings processed in Hudson County, or a little over a hundred listings per month.
How many listings do you think were processed in August 2007?

Remember, the “bubble has busted” (yes, in some areas far removed from our county)

The reality is that in the month of August 2007, there was a grand total of 1433…a difference of 20. Does 20 constitute a bubble bust? Not hardly.

Now you may be asking yourself “yeah, Grant, but I’m more concerned with how many of those listings actually sold, don’t tell me they all did”

If you would like to continue reading this informative article, "click here".

Journal Square gets $36.2 million vote of confidence!

August 30,2007
Grant Hardeway

For the past year and a half most of us have been waiting to see just what would be taking place in the Journal Square redevelopment.
Harwood Properties the developers who showed their enthusiasm by plunking down a sizeable amount of money to acquire the the 1.5 acre site, $400 million project; has now sold a 66% interest in the project to Multi-Employer Property (MEPT).

It makes you wonder, with all of the turmoil occurring in housing industry at the present how this deal is going to come about. Don't worry! MEPT has deep pockets, 6.2 billion in assets- and plans to self finance to project.

But wait, it gets even better. There is a third party involved in this new development.
Becker & Becker the architctural,planning, preservation and development firm that worked on the Octagon, a 500 apartment redevelopment on New York's Roosevelt Island.

This is great news if you have not noticed. All of us may be a little skeptical-however we should bear in mind that the New York Metro area has seen a 1.7 increase in sales price since the market flattened out in the last quarter of 2006. And, most importantly the Hudson County area has seen an increase of 3% in overall sales prices.

Also, the project which includes two towers (north and south) and which is going before the planning board on Sept.25 is rumored to include a hotel component as well as 150,000 square feet of commercial space. This is surely to give a great boost to the employment and sales which are much needed in the Hudson County area.

This comes as welcomed news, especially with the forecast from the Federal Reserve Bank of Philadelphia's report that New Jersey's projected economic growth is a mere 0.7% through next March.

Journal Square continues to climb in popularity!

Remember when you were in High School? What crazy days those were, some people like me have trouble remembering all of the "good times", but there is no shortage of memories involving the sacred cow of those youthful days..."POPULARITY".

Popularity is a barometer for success or failure. Think about it for a moment, whole political campaigns are based on a candidates popularity.

"What's all that got to do with Real Estate, Grant?" You must be asking...well, Alot!
Keep in mind that we are experiencing a crucial moment in the real estate market at this time. It is not neccessarily a slow down...it is a metamorphosis. In order to guage your success as an investor it is crucial to know where the money is going now, and why.
Why is an area popular or unpopular and what are the factors that create this popularity?

Jersey City continues to gain popularity for a number of vital reasons, reasons that you will deem important to your decision to invest in the Journal Square area! It could be that you are wondering...

"What are some of these reasons?"

1. Jersey City is considered the state's "Destination City" it is the state's financial engine, in fact... The New Jersey Business and Industry Association found the city accounted for 90 percent of new jobs produced by the state’s urban centers!

2. 18 million square feet of office space and growing, makes Jersey City the 12th largest downtown in the United States. Hey, keep in mind that in 1980 Jersey City only possessed a mere 1 million square feet...total of office space!

3. Journal Square, perhaps one of the most important projects in the city’s redevelopment. Why? It is the geographical heart of the metropolis, and offers even more opportunity to continue the already rampant regrowth of the city.

With such popularity amongst the investment circles, it is certainly clear to see how your investment will fare in the near future. Jersey City's metamorphosis on the "Gold Coast" is rapidly transforming the whole of the city. There are now plans to construct a continuation of the Bergen Light Rail in the Marion Section west of Journal Square!

As more and more investors from a variety of philosphies and backgrounds continue to invest in the city's future. Journal Square's popularity continues to rise!

Annotation of Find a superstar real-estate agent - Selling Your House - MSN Real Estate

Click here to view an annotation of Find a superstar real-estate agent - Selling Your House - MSN Real Estate

Model of Urban Future?

For the past 4 years I have been asked by friends and colleagues one question...why I chose to invest in Jersey City. It is one question that has always provoked laughter, because I thought that it was "apparent". Seemingly it was not, because if it had been so obvious they would not have been compelled to ask the question, right? Wrong. I guess I suffered from a lack of understanding, and they a lack of vision, that I thought everyone possessed.
Luckily for me, a friend that also invested in Jersey City told me about an article that he had read in the USA today that will shed light on my reason for parking my monopoly money on this area.USA Today could not have said it any better. The truth of the matter is... Journal Square is a mere 2 Path stops from WTC, just what do you think is going to occur when all of the office space that will go up in the former WTC site is erected and leased?

It is my opinion that those looking for a economically feasible apartment will also look to Jersey City as a means to finding housing. Housing that is not only affordable but accessible as well.

And, it is no secret that the market is not the same as it was 2-3 years ago. Which means that by investing now, you might expect to reap the rewards of the cylical nature of the real estate market. But hey, that's just my opinion. It seems that my opinion is based in sound ideas. Now, instead of being asked what made me chose to invest in Jersey City, I am being asked why did'nt I invest more...

607 80th - Google Search

607 80th - Google Search

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Never overlook a home inspection!

One of the largest mistakes made in real estate is the purchase of a home before it has passed a proper and certified inspection. There are more reasons for this than can reasonably be explained in such a short time so, the main reasons will be discussed here. Perhaps the foundational reason for having an inspection conducted before a home purchase is safety. You as the new owner should know about every safety concern dealing with the home in question. This ranges from everything from the base of the foundation to the tip of the roof and everything in between. You would not choose to live in an unsafe home and this is the time to find out how safe the home is. A good inspector will check every aspect of the home, the most important aspects being the strength of the foundation and the structural integrity of the home itself.




Inspectors also check to verify that the inner workings of the home are in proper working order. This refers to the electrical wiring, the plumbing system and all the related functionality that is associated with it. They can check to see if wiring is properly grounded and septic tanks (if any) are in working order. Also they should spend some time checking the roof for leaks and strength. A thorough inspector can also check the yard and grounds for any drainage problems that may or may have occurred. This can directly affect the foundations of your home as proper drainage is essential. One of the most important things that an inspector can check for is mold so make sure you hire an inspector that is educated and knowledgeable on the topic of mold in the home. Its a regular thing that mold is overlooked or mistaken for mildew. The two are certainly different and mold can have negative effects on the health of the residents of the home. This is particularly evident in those with a compromised immune system or allergies and conditions such as emphysema.




You can never be too careful in having your new home inspected. It is worth the time and effort to find an inspector who will treat your home as if it is their own. Get educated on the inspection process and don't settle for anything but the best.

Florida - Paradise Lost: House Auction: Marketing Gimmick or Sign of Things to Come?

Florida - Paradise Lost: House Auction: Marketing Gimmick or Sign of Things to Come?

I Just Love Testimonials!!

Back in August I directed a client( I detest that word,I prefer "friend") to this condo. We had been waiting for something just like to come on the market,and we had the time be prepared. We went over the comps, we established exactly what it was he would be expecting in a home/investment. I enjoyed working with such a diligent person. I encouraged questions, and he took full advantage of the advice that I had given him.
The day this one hit the market we were there, and the offer was made. We negotiated aggessively and...VOILA!
Another happy client. If you're interested in reading his testimonial, click on the Keller-Williams listings album!
Oh, I almost let this slip by, in the future we'll be interviewing a good friend of mine. Some of you may know him he's Hudson County's own self annointed "CONDO KING"
We'll pick his brain to see what he has to say!
Until then stay tuned for more power-packed content.
And keep those testimonials coming!

The Evergrowing JC Skyline

The Jersey City skyline seems to be competing with it's neighbor to the east of the Hudson.

For years we've been watching the Jersey City side of the river morphing and stretching.

But, what about the changes continuing west of the river's edge?

Last year we witnessed the conversion of the old Medical Center.

Impressive as it was...we knew it was inevitable.

Now it seems that even more developments are occurring in the Journal Square area.

"Could it be a result of the two 52 story towers being built at the JSQ site?"

The rumors about the American Can Company seem to be developing into a worthy story after all. They have the site up, but no information is being released at the moment. We are all excited to see what will be offered.

The new project is called Canco Lofts

Your CMA must be competitive!

When preparing for the sale of your home, one of the most useful tools in the repertoire of the real estate agent is the CMA. A comparative market analysis. This is the best way to approximate the selling price of your home, and is dependant on several factors. A typical CMA will begin by looking at homes that have been sold in your area in the past months. Many aspects of these sales are carefully evaluated such as the closing price, improvements that were made, number of rooms, bathrooms, square footage and property size. Also considered are comparable homes that are currently listed in your area. In doing this, it allows your agent to price your home competitively in the market so that it will garner the attention that it deserves. In pricing your home it is always a good idea to defer to someone who is not emotionally attached to the home in question. The value that you associate with your home is based in a worth that cannot be easily translated into a number. You have years of memories and history in your home that to you is no doubt, priceless. A good agent will realize this fact, but will also be able to look at your home with a sense of detachment that you will not be able to achieve. One of the major downfalls of homes priced by the owners is that they are priced too high. Homes that are priced out of their appropriate market tend to sell much slower than homes that have been priced correctly. Remember, it is vital to utilize the services of a professional Realtor in order to ensure that your home is properly priced so that it can sell quickly and without issue.

Discount Brokers don't follow through!

Discount real estate broker Foxtons pulls out of mid-Hudson
Local agents called to meeting, laid off
var isoPubDate = 'January 11, 2007'

By Michael LevensohnTimes Herald-Record January 11, 2007
Foxtons has moved out of the mid-Hudson.
The discount real estate company laid off between 20 and 30 agents Saturday and has stopped taking new listings in Orange, Ulster, Sullivan, Rockland and Putnam counties.
The company plans to concentrate its efforts on its "most favorable market areas," including New York City, southern Westchester County and most of New Jersey, according to a statement yesterday afternoon.
Foxtons will maintain its current listings in the mid-Hudson, according to the statement. It wasn't immediately clear who would service those listings.
"I feel bad for all those people who have their homes listed and don't know where their agent is," said one of the laid-off agents, who asked not to be named.
Roughly two dozen agents were summoned to an office meeting Saturday morning where they were asked to turn in their cell phones, laptops and company cars, according to the unnamed agent and other sources aware of the meeting.
"They had arranged to have a cab service there, and that's what took everybody home," the agent said.
Foxtons built what local following it had on its cut-rate commissions and its promise to leave more money in sellers' pockets.
But the company's level of service left something to be desired, customers and agents with other firms said.
In the end, the company's low commissions might have been its undoing, because there wasn't enough money to attract buyers' agents.
"The bottom line, if there are five bi-levels on the market and they're all priced at the same price, the majority of the working real estate agents are going to look for the best incentive," said Chris Scibelli, broker/owner of Keller Williams Realty's Orange County operations.
Scibelli acknowledged that Realtors aren't supposed to shop for commissions, then added, "what happens in practice is a lot different than what happens in theory."
As if to prove Scibelli's point, Foxtons is recommending that sellers increase their commissions to 4 percent from 3 percent, and offer the additional money to buyers' agents.
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Why Did 262 Clendenny sell so quickly?

One of the most rewarding of my activities is connecting my friends with a home that really and truly fits their financial needs and personal expectations.
Someone once told me that "the best way to help others is by having a reliable network." And even though the first thing that may come to your mind is a television commercial depicting a network of people assisting one client. That's exactly what the old guy who gave me that advice meant.
When I connected my friend with 262 Clendenny in Jersey City's W.Bergen neighborhood, I knew that he would instantly see the value in this condominium. Not only was the condo renovated in a way that would've impressed the H.G.T.V. network, it was priced to sell!
Also, it might be interesting to note that this property was renovated by Marcus-Steven Acquisitions ( click on their link!) www.Marcus-Stephen.com
With the market in the flux that we are now experiencing it pays dividends going with a plan that not only nets you the property that you are looking to acquire, but allows you the freedom of leveraging your efforts and time with a property already suited to your wants and needs.

Investing In Rental Properties

For many years the act of investing in rental properties has been making people rich. Real estate investment is a booming business and owning rental properties is the safest way of increasing your equity and wealth. However, it can be a daunting task to be a landlord so you should ask yourself if you have what it takes. Will you be able to remove tenants that are truant in their payments or are misusing the home? It can be a hard thing to do, but it is necessary.Now the question arises of finding a good home to invest in. The best way to go about this is by starting with some research. The first thing you should think about is what kind of renters you are looking for. This will be dependant on the area you choose to buy in, and the price that you can expect in rent. Finding a home with many bedrooms and washrooms will be perfect because it will be attractive to renters. Also if you are looking for long-term renters, proximity to schools and amenities is a must. Once you have found a good rental property, spend a bit of time and money on it. Put some new paint on the walls and upgrade the floors. If there is carpet on the floors it might be a good idea to change it to a laminate floor as it is easier to keep clean and harder to damage permanently. Laminate will also hold up to high traffic better than a carpet floor. If the appliances are outdated, replace them with newer models, this will make your home easier to market to the rental community. try to create an environment that you yourself would feel comfortable living in, your renters will appreciate it.

Thinking of going FSBO?...Think again!

In recent years there has been a rise in the rate of homes sold by the owner. This is usually done in order to save money on realtor commissions. But does this actually happen? Typically there is a commission of anywhere between 5-7% or thereabouts for an agent to sell a home. The question is, do you really save that 5-7% or is that money simply spent elsewhere. Most of the time it is indeed spent elsewhere. Here is why.A realtor has a number of functions when it comes to the selling process.Most of these are primarily dealing with the process of marketing your home to the local real estate sector. It is this process where an average FSBO seller will utilize that "saved" commission, and more to attempt to get market coverage for their home. One must also take into account the fact that in this day, time is money. Not too many people have the time that is required to market and sell a home properly. Another aspect of the sales process that is difficult for the average home owner to achieve is the level of networking that a realtor does in order to gain notoriety for a particular listing. Your agent has access to a number of resources that are of critical importance in selling your home quickly. One of these is the CMA, an analysis of homes that have sold recently in your area. This cross section of the market is utilized to gauge the appropriate selling price for your home. An improperly priced home can either languish on the market as it is priced out of the market, or sell immediately for less than it is actually worth. Agents also have an established web presence that is vital in the marketing of a home. Many prospective buyers spend months searching for a home online before making any offers or contacting an owner or agent. In fact much of the time, the buyer knows precisely what they want before the viewing process starts. An agents ability to market a home on a large scale is one of the biggest assets they can offer, in tandem with a vast knowledge of the local market and an established network of professional sales people, a realtor really does offer your home the best possible chance of selling quickly and for the most profit.

Interviewing a real estate attorney

Hiring a real estate attorney is one of the most significant decisions to consider when getting started with real estate investments. The right attorney would keep you on track and would reduce your liability in your real estate investments. Do not start investing in real estate market until your paper work is state-specific. It is as well significant of keeping knowledge about the latest court decisions regarding real estate. Once you select two or three real estate investment attorney from a list you could get from www.law.com, if you are hiring a real estate attorney remember he should be a winner, or at least won the majority of the time.Questions to ask a potential Attorney?What experience do you have in real estate investing?First you need to ask him, what is the knowledge he have in the real estate investing? The attorney needs to be open to and understand real estate market and creative real estate investing. This is very significant in making your actual final decision in real estate investment. The real estate attorney needs to be attentive to your requirements; he should let you discuss your method of investing then responds in a forthright manner.How much of your perform is in real estate? Depending on your market size it must be at least 40% to 60%. In smaller markets there will be less want for an attorney to dedicate all their practice to real estate. Five years of real estate law experience will be the minimum satisfactory.Do you have other real estate investors as clients? If so, ask if you could contact them for further references.What are your fees? The size of the law firm is not a significant factor except larger firms regularly charge even more as of their slide and are not as accessible to you as a smaller firm. The price the attorney charges are not as significant as how well he works for you, with you and gets your job done. The old saying you get what you pay for applies here.Do you work with any other real estate professionals? The attorney needs to be recommended and refer you to few other professionals as well such as CPAs, mortgage Brokers, (for refinances), etc. These are a few things to look for before investing in real estate investing.

Increasing your home's value

The property market is very unpredictable nowadays – sales are slowerand buyers more demanding. It can therefore be difficult to make aprofit on selling your home unless you think carefully about how tomake it more marketable. Increasing the living space is always the bestway to add value to property, for example by building an extension orconservatory or converting a loft or basement, but this can involvemajor work and a large outlay. For those who can’t afford to make suchbig changes, simply renovating or redecorating can make a difference,and it needn’t be expensive. In fact, you should be wary of splashingout too much money on cosmetic changes as the increase in propertyvalue that they will achieve is normally quite limited. Having saidthis, if you spend wisely, you can make your home more marketable andincrease your profit when you sell.The key selling features of most houses are the bathroom(s) andkitchen, and updating them can make a house much more attractive tohomebuyers.A bathroom is no longer a functional room – it’s now a place of luxury,a sanctuary within the home where we can relax from our busy lives.People are looking for stylish design and luxury features – heatedtowel rails, whirlpool baths, multi-jet showers, fitted furniture, andsink vanity units. You don’t always need a large room to achieve this –there are many clever space-saving options available, such as combinedfurniture and suite units, wall-mounted towel rails, a shower over thebath or corner sinks and toilets. An it needn’t cost the earth either –DIY stores have a wide range of bathroom furniture, suites, fixturesand fittings. Always play it safe though – neutral white is the bestoption, as it can be co-ordinated with any colour of décor tosuit all tastes.Ensuite toilets are very attractive to homebuyers and will add value to a home, aslong as they’re in a good location in the bedroom and don’t detract toomuch from the bedroom space.The same is true of kitchens – people want style, luxury and space.Kitchen design is very important and there are many modern ways ofmaximising what room you have. New fitted kitchens can be veryexpensive though, especially if you’re having all the work done by aprofessional company, so you may not recoup the value in the short term.A major turn-off for homebuyers is a home with no central heating as itcan require a great deal of work and expense – installing a boiler,laying pipes and fitting radiators. However, if you have the work doneyourself before putting your house up for sale, you’ll increase themarketability of your property and you’re certain to make your moneyback when you sell.Replacing windows can make a big difference too. Aside from the factthat old window frames can make a property look unsightly, they makenot provide effective insulation. New windows can reduce heating billsdramatically and can be easier to maintain, particularly the uPVCvariety. Beware of fitting uPVC windows in period properties though –they can look cheap and out of place. New double glazing units on allyour windows shouldn’t cost more than a few thousand pounds.Even just a lick of paint and a few new soft furnishings can make theworld of difference to freshen up a room and make it look moreattractive. Redecorating isn’t expensive and it’s easy to do yourself.Choose fairly subtle or neutral colours to try to appeal to most tastes.Here are some useful tips to consider whatever work you decide to carry out on your home:
Do a cost-benefit analysis – is it worthwhile? Are you likely tomake your money back?
Hire a plumber, electrician or joiner for some of the trickerparts – or at least consult someone for advice. They may be able toprovide you with useful guidance on how to carry out the work.
Before you start, always work out a budget and decide where youwill get the money from to finance the work.
Don’t bite off more than you can chew – only do as much work asyou can afford in terms of both time and money.Biography:Author: Benedict Rohan

211 Webster- Jersey City Heights

When a buddy of mine called me up and asked me about helping him to rehab a condo that he had just bought I was a little reluctant.
My wife is constantly asking me to do things around the house and I spend the whole day trying to find the most diplomatic means to getting out of hanging a picture!

So this was a project that I really did'nt have too much interest in. But now looking at the pictures of the kitchen, we're really proud of our work. Here's the rub. Even though those renovations that every body talks about are a royal pain in the butt, they really and truly fetch returns. The average buyer out there thinks just like you and me, do you think that they really want to spend their days sweating, and with sawdust stuck to them? Nope! They want to walk right in and enjoy the fruits of someone else's labor. Want to view the area? Click on this link in order to see!
http://local.live.com/?v=2&sp=Point.qsqvyj8twm9y_211%2520Webster%2520Ave%252c%2520Jersey%2520City%252c%2520NJ%252007307%252c%2520United%2520States___

The new Journal Square...

Can you afford not to invest in Journal Square?
Grant Hardeway
Keller-Williams Realty
8901 Kennedy blvd.
North Bergen,NJ

I remember the day I drove into Jersey City looking for an apartment with a few friends. It was on a rainy october day eleven years ago. Coming from Texas I was to say the least shocked by the appearance of the square itself. So much hustle and bustle. To my mind that equaled confusion and chaos. To my friends it looked dangerous and desolate. Needless to say we had heard bad things about Jersey City.
However years later and after having invested in the Journal Square area I am even more shocked at the return on my investement today then I was at my first visit, who would've known the potential that the square possessed back then?
In the mid 90's anyone with a little bit of vision could've invested in a two bedroom condominium in the "Square" for as little as $30,000.00 Today however, those same units with comparable square footage are commanding as much as 10 times as much!

Major Hubs of Transportation always attract new development

In 1996 my friends and I were flight attendants looking for a cheap apartment with transportation that could get us into Newark. Journal Square enabled us to get back and forth with minimal effort, and we were always willing to zoom into the city at a moment's notice.
In fact, the members of our group who chose not to live in JC spent more time at our place than their own out in Rahway!