Recent Market Developments

Friends and Clients,

If you are looking to sell your home, then three recent developments make this spring a unique moment to do so quickly and at a top price.

First, mortgage rates have stabilized.

From a low of 3.41% last July, the 30-year fixed mortgage rate spiked up after the election and reached a high of 4.31% in December.

However, rates have stabilized over the past few months, and despite the increase, they are still near historical lows.

Second, jobs are up.

The U.S. Bureau of Labor Statistics reports 235,000 new jobs in February and 2.3 million over the past year. This reflects continuing growth in consumer and business confidence over recent months.

Third, housing inventory is at a record low.

February saw a 17.9% year-over-year drop in the number of homes on the market. This is the 100th consecutive month of year-over-year declines, going back to October 2008.

So what do these three developments mean for you?

First, if you’re looking to sell your house, they mean you will be able to do so quickly.

Demand for homes is strong and will continue to get even stronger due to the growth in jobs and the low and stable mortgage rates.

The statistics bear this out: homes sold within an average 68 days this February compared to 75 days in February 2016.

Second, it means you can expect to sell your home at a top price.

Because of strong demand and low inventory, prices continue to increase. On a national level, home prices rose 6% year-over-year in February. This agrees with what I’ve been seeing around Austin as well.

In short, this spring is a fantastic time to sell your home if you’ve been considering it for a while. Contact the Hudson Gold Team today! Enjoy your weekend 🙂

Housing Inventory and What Spring Means For the Market

Housing inventory hit a new low in the first quarter of 2017, bottoming out from the early days of the recovery from the recession, according to Trulia’s recently released quarterly Inventory and Price Watch. Homeowners have not been in a hurry to trade up, adding to the inventory gridlock that ties up would-be “starter home” inventory from coming on to the market. To read more, visit RIS Media .

The Hudson County Division of Housing and Development is working to create a countywide registration of foreclosed and vacant properties. “This is for the health and safety of all residents in neighborhoods with foreclosed properties,” says Town Attorney Keri Ann Eglentowicz. To learn more about the announcement, visit Hudson Reporter or read more: Hudson Reporter – Tracking abandoned homes Council moves to join county wide program registering foreclosed properties

Proposed Towers | Credit: STUDIO V Design & Planning and Curtesy of Jersey Digs

Spring is finally here and it’s an EXCELLENT time to SELL! According to Clear Capital’s recently released Home Data Index (HDI) Market Report, the national median days on market is 43 days– down from an 85-day stretch in January 2012. Home price growth in the first quarter of 2017 was 0.9 percent, according to the report, with quarterly growth across regions between 0.8 percent and 1 percent. Give us a call here, at Hudson Gold, to discuss your opportunities and home value!

New Developments coming to Jersey City:

Local developer Silverman Building is looking to leave their mark on Jersey City’s skyline by constructing their first legitimate high-rise. The project, located at 331 Marin Boulevard just steps from the Grove Street PATH station, would be a mixed-use building that would top out at 41 stories.

A new mixed-use project is being proposed for 332-336 Newark Avenue, between 4th Street and 5th Street, in Jersey City’s Ward E. City records show that the company, 332 Newark Avenue Lofts, LLC, is planning a six-story building with 18 residential units and 1,030 square feet of retail space on the ground floor. In addition, four parking spaces are slated to be included on the ground floor, and there are plans for a 1,000 square foot green roof along with a 500 square foot common roof deck.

Plans have been posted for a new mixed-use transit-oriented complex at 808 Pavonia Avenue, a lot located in Ward C adjacent to the Loew’s Jersey Theatre, the PATH tracks, and several houses just off of Tonnelle Avenue. A website launched earlier this month, that provides comprehensive information on the project as it moves through the approval process, states that the new development “provides a restart for Journal Square to recreate the Square at the center for arts and entertainment…”

331 Marin Blvd, 332-336 Newark Avenue and 808 Pavonia Avenue are just a few of nearly 200 new projects planned for Jersey City. See all the upcoming projects on Jersey Digs’ recently updated Jersey City Development Map. 

Weekend Vibes:

And visit Jersey City Upfront to check out what’s happening in your neck of the woods, this weekend!

Consumer Confidence and To Rent? Or To Buy?

Existing home sales came in lower in February, but experts warn not to read too far into the drop. Experts predict that the combination of pent-up housing demand and historically high consumer confidence will increase existing home sales in the months ahead.

“Despite a monthly drop, existing sales remain above last year’s levels, due to a continually strengthening labor market and pent-up demand from both entry-level and trade-up buyers,” Quicken Loans Vice President Bill Banfield said. “Consumer confidence in the economy is also very high, which is a critical psychological element to consider as Millennials continue to enter their prime home-buying years.”

 

existing sales

(Source: Trulia)

However, the root cause for the decrease in home sales is inventory, which continues to plague the market. There are a lot of buyers on the market right now, but they are unable to find the homes they want, at the prices they can afford. “These affordability challenges are the result of inventory shortages, which leads to bidding wars, and rising mortgage rates, resulting in higher monthly payments,” says Senior Economist Joseph Kirchner of realtor.com . To read more, visit HousingWire.com .

Is it better to rent or buy? This is an on-going question in every adult’s mind, today. The New York Times posted an article this week, that enables you to plug in your monthly affordability, calculate and compare the results with a mortgage rate and home-upkeep.

In local news, President Donald Trump proposed a budget this week that eliminates New Starts, a key infrastructure program expected to be one of the largest funding sources for the tubes under the Hudson River. The first phase of the Gateway project, which includes the new tunnel and replacement of the troublesome Portal Bridge in New Jersey, was accepted into the New Starts pipeline last year but had not yet received a full funding commitment. Zeroing out funding for New Starts will interrupt both of these constructions. To read more, visit Politico.

And a new plan to transform a former fire station on Palisade Avenue into residences is moving forward! The local developer will go before the Zoning Board in the next few months to gain approvals for the project. To read more, visit Jersey Digs.

And here’s what’s happening in your neck of the woods this weekend! Check out Jersey City Upfront for details.

Trump’s Budget Outline, Mortgage Rates & Happy St. Patty’s Day!

The Trump Administration released a budget outline for the 2018 fiscal year, proposing $6.2 billion in cuts to the Department of Housing and Urban Development (HUD), or a 13.2 percent reduction. Funding for the agency would total $40.7 billion, with $35 billion allocated to rental assistance programs, $130 million to lead-based paint mitigation in low-income housing, and $4.5 million to low-income housing assistance.

The budget eliminates funding for Community Development Block Grants, which would save $3 billion. To read more about these cuts, visit RIS Media.

RIS Media

Mortgage rates again averaged higher this week, in wait of the Federal Reserve’s decision on the key interest rate, with the 30-year fixed mortgage rate rising nine points to 4.30 percent. The 15-year fixed mortgage rate, averaged 3.50 percent, and the 5-year Treasury-indexed hybrid adjustable mortgage rate averaged 3.28 percent. – This survey was quoted on RIS Media.

Ward F in Jersey City will be gaining a new mixed-use development. City records show that the proposal calls for a five-story building with 108 residential units atop 10,000 square feet of ground floor retail space. 10 of the units are slated to be designated as affordable housing, and 76 parking spaces are expected to be provided on the premises. To read more about these details, visit Jersey Digs.

Lastly, enjoy your St. Patrick’s Day in Zeppelin Hall’s Biergarten, at Cool Vine’s around the world tasting series or at the Midnight Market’s St. Patrick’s Day Edition. There’s always a lot happening in Jersey City! Check Jersey City Upfront’s Weekend Update for more ideas. Have fun and be safe!

Enjoy your weekend – Your Hudson Gold Family!

Real Estate Statistics & Investment Tips Plus Neighborhood News

Homeowners in Generation X are making a comeback after coming up in the housing crash, according to the National Association of REALTORS® (NAR) recently released Home Buyer and Seller Generational Trends study for 2017! According to a survey, Gen X homebuyers grew to 28%, but are behind millennial homebuyers at 34%, and baby boomers at 30%.
What hasn’t changed, however, is the need for a real estate professional! 90% of those surveyed worked with a real estate professional. To read more about the survey and these statistics, visit RIS Media.

Thinking of buying a second home? Deciding whether to purchase for  investment or leisure? Realtors Property Resource® (RPR®) provides investment analysis tools that help second-homebuyers make informed choices, especially when potential rental income is a decision factor. Check out the article, by RIS Media, for more informative tips.

Print House Condominiums in Jersey City Heights | Rendering Courtesy of Chartier Group and Jersey Digs 

New condominiums are coming to The Heights! The buildings at 83 Waverly Street and 163 Oakland Avenue will include eight condominiums, according to a post by Congress Street-based Chartier Redevelopment Group, which is behind the project. There will be two one-bedroom units, four two-bedroom units, and two three-bedroom units at the complex, ranging in cost from $449,000 to $675,000 and in size from 881 to 1,644 square feet. To learn more about this new development, visit Jersey Digs.

Lastly in your neighborhood news… Looking for something fun to do this weekend? ChicpeaJC has you covered, with Porta’s Friday Music Series, the opening of “Super Woman” art exhibit at ArtSpace in honor of Women’s History month and much, much more!

 

Have a safe and beautiful weekend! Enjoy the weather today and bundle up tomorrow – From your Hudson Gold Family!

Economy & Neighborhood News

Neighborhood News:

A series of seven informational sessions about the upcoming citywide property revaluation begins Saturday, March11th in City Hall. Because there hasn’t been a citywide reval in nearly 30 years, the average property in Jersey City is assessed at 27 percent of its market value.

Saturday’s meeting begins at 10 a.m. at City Hall, 280 Grove St. Mayor Fulop, whom originally canceled the reval in 2013, citing concerns for possibly under-assessed properties in Downtown Jersey City, is scheduled to appear. The other meetings are listed below.

Saturday, March 25, 10 a.m., Mary McLeod Bethune Life Center, 140 Martin Luther King Dr.

Tuesday, March 28, 7:30 p.m., Grace Church Van Vorst, 39 Erie St.

Monday, April 3, 7:30 p.m., CityLine Church, 1510 Kennedy Blvd.

Tuesday, April 4, 7:30 p.m., Hank Gallo Community Center at Lincoln Park

Monday, April 10, 7:30 p.m., School 28, 167 Hancock Ave.

Tuesday, April 11, 7:30 p.m., School 7, 222 Laidlaw Ave.

For more details, visit Jersey Digs or NJ.com

And according to Jersey City Upfront, Marco & Pepe has officially closed, but the new owners plan to open their doors as soon as possible. And NJ Monthly published a list of the top bars in New Jersey and FOUR of them are in Jersey City!

 

Economy:

After one full month under President Donald Trump, who pledged to rebuild the nation’s aging infrastructure, the year is off to a sizzling start for job creation. According to the ADP counts, January added 261,000 positions, a number that was revised upward from the originally reported 246,000. In addition to the construction and manufacturing positions, mining and natural resources also contributed 8,000 to the total. To learn more, visit CNBC.com .

 

Happy Hump Day! Enjoy your evening!

Policy Changes for Real Estate and More

In Real Estate news, RIS Media reports NAR’s list of suggested policy changes for FHA Loans, in 2017. According to their suggestions, they recommend the FHA reduce mortgage insurance premiums and reinstate cancellation of annual mortgage premiums for all borrowers that reach 78 percent LTV. The NAR also urges FHA to increase the allowable commercial space in a project and reduce the required percent of owner-occupants, in order to open up more condominiums to worthy buyers. Lastly, they recommend communities receive HUD housing and community development funding. HUD must take the necessary steps to ensure communities are addressing fair housing issues; however, communities should develop fair housing strategies on a local level. To read more about the NAR’s suggestions, read the article.

Spring is approaching and studies show that May 1- 15 is the best time to list your home! Homes listed within this two-week window, sell for 1 percent more than the average home for sale, and nine days sooner.

Amongst his varying other calls to action, Trump announced his plan to begin scaling back the Dodd-Frank Act, last week. The act affected real estate by enacting tighter standards on mortgage applications, banning risky loan products and requiring lenders to ensure that borrowers be repaid. In response, the number of loans processed monthly dropped from 165 to 33. Construction struggled, too. For years, builders and developers had trouble accessing capital from banks, and only recently had the loan volume ticked up. However,  even though Trump rapidly signed the order, calling the law a “disaster,” he still has a long way to go before dismantlement can become a reality, observers say. To read more, visit RIS Media.

New Jersey State House posted by Jersey Digs March 7, 2017

And lastly, in more real estate related news, State Assembly members are pushing for New Jersey to start collecting hotel taxes on short-term rentals across the state, however, each town would be given the authority to ban or restrict the rentals if they feel compelled to do so. The Assembly’s Tourism, Gaming and Arts Committee approved two bills last week, imposing the same taxes on short-term rentals that are currently collected on hotels and motels, and the other seeking to establish universal regulations for short-term rentals. However, New Jersey’s Senate would need to introduce and pass a complimentary bill before any changes take place, and be signed by Governor Christie. Peter Schottenfels, a press secretary for Airbnb, says the company favors the tax collection legislation, and noted that they already have voluntary collection agreements in place with Newark and Jersey City. To read more, visit Jersey Digs.

And check out this week’s events taking place in Jersey City: Marketplace JC and Jazz at Harborside, gelato-making classes at Bucket & Bay, the 2017 Chilli Cook-Off and much, much more! Visit Jersey City Upfront for details.

Home  New Jersey   New Jersey Might Tax Airbnb Rentals, Allow Towns To Decide On Bans

New Jersey Might Tax Airbnb Rentals, Allow Towns To Decide On Bans

0
new jersey airbnb laws
New Jersey State House

If State Assembly members have their way, New Jersey might soon start collecting hotel taxes on short-term rentals across the state, but would also allow towns the authority to ban or restrict the rentals if they feel compelled to do so.

Urby Rentals Hit the Market, New Developments and Weekend Events

Bergen-Lafayette is growing! With 424 Whiton breaking ground this week and a proposal for a 20-unit development at 323-325 Pine Street and a 55-unit at 342 Johnston Avenue, the upward trajectory of Bergen-Lafayette, particularly in terms of appreciation, seems to be continuing. The new building will rise six stories and bring 30 new rental units to the neighborhood, two of which will be dedicated to affordable housing. The property will be a mix of one – and two-bedrooms, plus a few units will have dens and large private terraces.

Harborside unveils new Jersey City-based artist’s sculpture.

And Harborside is really taking the cake in the news this week! With yesterday’s announcement of new restaurant pop-ups and retail plans, the development also unveiled a new sculpture hanging inside the atrium of the downtown Jersey City building. The nine-steel sculpture is designed by Jersey City-based artist, Robert Koch, and signifies the diverse cultures and ethnicities that exist across Jersey City. To read more about these developments, and evolving neighborhood culture, visit Jersey Digs.

Rentals at Jersey City’s luxury waterfront property, Urby, have finally hit the market! Starting at $2,000 for a studio, $2,300 for a 1-bedroom unit, and $3,400 for a 2-bedroom unit, the rental will also include a fully equipped gym with access to trainers from Base Gym, creative workshops and a communal kitchen which will host on-going pop-up dinners, tastings and chef demos. On the first floor, 9 Bar Cafe will be opening its newest location for residents and locals to conveniently grab their morning Joe’s! Contact the Hudson Gold team today, to learn more about these luxury rentals and visit Jersey City Upfront.

Spacious, luxury rental in Downtown Jersey City’s Urby now available! Check out that view <3

In art and culture news, a 3,000 foot art gallery will officially open its doors this evening, in the base of the Modera Lofts rental complex in the Powerhouse Arts District. Novado Art Gallery will showcase contemporary art, design, and ceramics created by local and international artists. The gallery’s first exhibition, “Identity,” features “Victorian-era inspired mixed media sculptures and will run until March 9th. Future exhibitions will be posted on the gallery’s website. To learn more, visit Jersey City Upfront.

Last, we can’t forget what’s happening in your neck of the woods, this weekend! JC Fridays is kicking off their season today, with live music and art galleries, The Fest for Beatles Fans, a music fest celebrating everything about The Beatles will run today through Sunday and come to Pole Position Raceway this Saturday from 1pm to 5pm to register for the upcoming Susan G. Komen Race for the Cure and Pole Position. We’re never bored in Jersey City, so learn more about these and more local events by visiting Jersey City Upfront.

For any real estate questions, leads or inquiries, feel free to reach out. The Hudson Gold Team is always working for you. Have a beautiful weekend!

New Developments in Hudson County & Weekend Events

Bayonne is becoming the new residential hotspot, now that city officials met last Friday to discuss furthering the proposed plans of a ferry route to Manhattan. The ferry terminal would be located at the Military Ocean Terminal Base’s southern coast, about a half mile east of the Harbor Pointe apartments, and would help with improving traffic, real estate values, and emergency readiness. To read more about the proposed plans, visit Jersey Digs.

The beautiful Harborside Terminal is planning more developments, with a proposed $75 million overhaul. The transformation has already been underway, with modern food and retail destinations, such as a food hallinternational food market, and various wine, beer, and whiskey festivals. To read more about these upcoming developments and current and continuously growing lunch options, visit Jersey City Upfront.

And last but not least – starting to feel the weekend vibes? If you’re staying in Jersey City, there’s a lot happening! Open Mics, Film Festivals, galleries, boutiques and photography workshops – Chicapea JC has you covered! Or if you feel the itch to venture outside of the JC bubble, but don’t want to stroll far, Hoboken has kicked off their first ever “Cocktail Week”! Running from February 27th through Sunday, March 12th, 22 Hoboken bars will be offering specialty cocktails, discounted cocktail menus, and exclusive events throughout the, not one, but two weeks. Check out the line up here!

Spring Is Here! – With Flowers, Puppies and Market Trends

Spring is here a month early and off to a booming start, with February expected to have the fastest-moving inventory in a decade. According to RIS Media, Homebuyers should take note: “This year is shaping up to be even more of a seller’s market than last year.”

And what’s better than puppies brought right to your door?! Liberty Humane Society is going mobile with their new outreach program, driving dogs, cats, kittens and puppies, from their facility near Liberty State Park into Jersey City neighborhoods. They feel that this will make it easier for potential adopters to spend more quality time with all of the animals in need of a new home. To read more about this new mobile-initiative, go to Jersey Digs.

Flowers, coffee and treats, you say?! Casa Mona, a beautiful new flower and home decor shop just opened at 277 Newark Avenue (between Monmouth and Third street) and will sell flowers, gifts, and other home decor items. To read more about this delightful new shop, co-owned by floral and interior designers Carlos Rivas and Antonio Vieira, visit Jersey City Upfront.

Have a wonderful day and Happy Hump Day! From your Hudson Gold Family.