New Hoboken Luxury Development "The Artisan" Sells For Big Bucks

     Hoboken, one of the most exciting and visited nightlife spots in New Jersey, is drawing in more and more upscale renters constantly. Proximity to New York, popular bars and restaurants, city like atmosphere, and a great view of NYC just over the Hudson are all reasons why people want to live in Hoboken. Due to the high rent demand in Hoboken, the need for new upscale development was overdue. That need was realized by Argo Real Estate along with the help of Alpine Development when they teamed up in 2012. 

    

 The result was The Artisan; a 102,000 square-foot mixed use development that was financed by a $16 million loan. What exactly is The Artisan? Located at 1400 Clinton St & 1440 Grand St, The Artisan includes two separate four story apartment towers, joined by a two story base which houses retail space. Amenities of The Artisan include a lounge, fitness center, private courtyard, private parking, and a business bar for all to enjoy. The apartment began their availability in October 2013 and just five months later, the place was fully booked. 

     Five months! That is pretty crazy, however it portrays the true demand for upscale luxury rental living in Hoboken. In that five months, 59 total units were filled with 1 Bedrooms going for $2,500/month, 2 Bedrooms $3,300/month, and 4 Bedrooms $4,700/month. These prices near the lofty monthly rates of NYC itself, and they were snatched up in no time. 

This project was a huge success, once the news broke of the building being rented to full capacity, a Chicago real estate investment firm opened up the checkbook and bought it. 

     

     How much is this development worth? LeSalle Investment Management spent a hefty $33.5 Million to purchase The Artisan. LeSalle, a company that oversees $47.6 billion of public and private property equity and debt investments, is a leading global real estate investments manager. This is more proof, not that any was needed, that Hoboken is thriving and most likely will continue to develop towards the upscale lifestyle.

Change Of Address Scams

      When someone goes through the exciting process of buying a new home, one of the final steps to completing the move is to officially change your address. Now, after going through such an extensive home buying process, many people will quickly try and get the change of address done by going to the internet and searching what they should be doing. BE CAREFUL! There are scamming companies out there right now who will charge you anywhere around $17-$24 to process this request. Your local United States Post Office will process this request for $1, and if you have the time to stop by the post office they will process your change of address for no charge.

"Some people report they are charged a dollar at first [on these other sites], but then a short time later, there's another charge for additional services they did not knowingly purchase," says Miranda Perry with Scambook.com

There seems to be one site in particular that is drawing a lot of attention for this scam. There have been approximately 150 customer complaints filed with the Better Business Bureau about: Change-My-Address.com. This site advertises, “USPS(R) Change of Address Form. Fast & Secure Mail Forwarding.” Although a spokesperson for this company has come out and said that they state in several places on the website they are not affiliated with USPS, why go through all this hassle. Please save yourself any trouble and simply visit the USPS Website (CLICK HERE FOR THE OFFICIAL USPS "CHANGE OF ADDRESS" REQUEST FORM). Once you go there you can submit your request for $1 or to save any cost at all just visit your United States Post Office and fill out the change of address request free of charge.

ARMs Coming Back Into The Picture

   With the recent upswing in the mortgage rates, the option of an ARM is starting to be explored a lot more with current borrowers. The mortgage rates recently spiked, going from 3.5% in April to over 4.5% as of now in late July which is having a significant impact on peoples' buying power. I know that a few of my clients just recently had to lower their price range by 10 to 20 thousand in order to adjust to the rates. At the same time the 30-year fixed rates are experiencing this small surge, ARMs have been keeping fairly steady, fluctuating between 2.7% and 3.1%. Yes, those rates look very appealing right now; but at what cost? For those of you who do not know what an ARM is, I will explain. ARM stands for "adjustable rate mortgage" which means exactly what is says; the rate is not locked in for the length of the mortgage and periodically adjusts according to an index that reflects the cost of the lender to borrowing on the credit markets. This closer focus by borrowers on ARMs is starting to get some people nervous, but why?
     Well, ARMs are often accused of having a hand in causing the housing bubble. Their low rates and low initial payments are very appealing, HOWEVER that is not the whole picture. You are assuming a hefty risk when entering into an ARM and you need to be prepared for the future. Prior to the housing bubble many home buyers went with an ARM and once the higher reset payments went into effect many were forced to default on their loan. In recent years, fixed rate mortgages have reached record lows, staying steady at 3-3.5%. With rates like that in fixed rate mortgages, it didn't make sense to take on the risk of an ARM, but now with the recent spike, ARMs are back in the spotlight. Earlier this month, the share of ARM activity jumped to its highest level in 5 years (since July 2008, according to the mortgage bankers association.)
     ARMs are based off short term interest rates which are still seeing numbers near record lows. Although, economists are expecting to see an increase in these short term rates fairly soon. Borrowers choosing an ARM will be able to purchase a more expensive home then if they were to go with a fixed rate mortgage, but at what cost? If the monthly payments rise to much because of the variable interest rates, it would be like digging yourself into a hole that you eventually cannot climb out of. The purpose of me writing this is not to scare you away from ARMs as it may be the right choice for you. Just keep yourself informed and make sure you consult with a mortgage expert before jumping into something you may not completely understand.

C21 Adds New Search Option For Buyers' Convenience

     Not surprisingly, one of the most important factors for buyers is the quality of the school system they will be entering their children into. As a real estate agent I know first hand that one of the most popular questions from buyers with children is, "How is the school system" or "Which area has the best schools?" Seeing the significance this factor holds to a large amount of the buyer audience, Century 21 has just added a "Search by Schools" option on their website (century21.com). This option offers buyers a much more convenient method to search for a home location within specific school boundaries. 

“Selecting the right school is an important part of the decision to buy a home,” says Bev Thorne, Century 21 Real Estate LLC chief marketing officer. “We have now made the search easier by delivering data to consumers precisely as they want it.”

     Once buyers are on Century 21's website, they have the options of searching schools by location in a specific state, county, city, or even near a street address. The search options for the buyer go very in depth, including options such as student-teacher ratios, grade levels, public/private, or charter school types. Once the buyer has set all their search criteria, they can simply set a new listing alert and as soon as a new home pops up in their search area they will be notified. If you are a relocation buyer or simply do not know enough about the school systems to make a decision, Century 21 also provides a list of all the top rated schools right there so you do not have to wander the web for information you cannot always trust.