| Team Braconi Weekly - 5/15/20
Compliments of Team Braconi |
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Each week we bring you not only updates as to what's happening at TEAM BRACONI but also strive to be a source of information. Our mission is to add value to our clients (past, present, and future) so we appreciate any feedback that will help us bring you great content you will look forward to receiving. Enjoy! |
To Open, or Not to Open, that is the Question:
While the debate across the country rages on, and varying state and local governments set their own rules and guidelines for opening businesses back up or extending SIP orders, many people want to know what will happen to the real estate market and the economy as a whole.
Although there is no way to know for certain, this week we wanted to explore data that is available now that shed some positive light on numbers we initially anticipated to be far worse.
It's clear that the further businesses remain shuttered the larger the impact on our economy this pandemic will have. It's up to local and state governments to figure out what balance they want to strike for keeping their residence safe and keeping the economy from collapsing entirely, while maintaining civil liberties.
We are not here to be political. We do our best to unpack and provide data and statistic that is currently available while continuing to monitor the market so as to best guide our readers and clients decisions going forward. |
Unemployment Report: No Need to Be Terrified |
Last Friday, the Bureau of Labor Statistics (BLS) released its latest jobs report
. It revealed that the economic shutdown made necessary by COVID-19 caused the unemployment rate to jump to 14.7%. Many anticipate that next month the percentage could be even higher. These numbers represent the extreme hardship so many families are experiencing right now. That pain should not be understated.
However, the long-term toll the pandemic will cause should not be overstated either. There have been numerous headlines claiming the current disruption in the economy is akin to the Great Depression, and many of those articles are calling for total Armageddon. Some experts are stepping up to refute those claims.
In a Wall Street Journal (WSJ) article this past weekend, Josh Zumbrun, a national economics correspondent for the Journal explained: |
In analyzing the April data below, it came as no surprise that Units Sold numbers slid further down in each category. However, in the initial weeks of this pandemic many were, almost automatically, anticipating significant price decreases. However, over the past 6-8 weeks, we started to notice a trend that although many buyers had decided to put their search on hold, there were still many eager to find homes. In fact, those buyers were even more motivated and better prepared to make offers with pre-approvals in hand.
Moreover, we know that given the concern many potential sellers see in having their homes open to the public for showings during this time, a significant % of sellers, those who would have already been on the market under normal circumstances, have been putting it off--adding to an inventory shortage that already existed pre-covid. Couple that with still historically-low interest rates in the financial markets, the result has been aggressive buyers eager to secure homes in increasingly competitive low-inventory markets leading to multiple bid situations with many of which have resulted in over-asking offers. This has been especially visible in the Residential home market (Read:
A Surprising Shift to the ‘Burbs May Be on the Rise). [Check out NAR Chief Economist Lawrence Yun Gives Market Update and Forecast at Virtual Legislative Meetings in the article below for more insight as well.] |
Residential (BERGEN, ESSEX, HUDSON, MORRIS, PASSAIC, SOMERSET, UNION COUNTIES) |
Condo/Coop/Twnh (BERGEN, ESSEX, HUDSON, MORRIS, PASSAIC, SOMERSET, UNION COUNTIES)
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2-4 Family (BERGEN, ESSEX, HUDSON, MORRIS, PASSAIC, SOMERSET, UNION COUNTIES) |
Mortgage Rates Generally Hold Steady
May 14, 2020
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Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves. Although purchase applications reached a new low in mid-April, today purchase demand is only down ten percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet... |
NAR Chief Economist Lawrence Yun Gives Market Update and Forecast at Virtual Legislative Meetings |
8100 RIVER ROAD RESIDENCE 801 |
OFFERED AT: $899,000.00 THE WATERMARK
3 BR 3 BA
Sq FT: 1,982 +Private Patio Description:
Incredibly spacious and upgraded home in the prestigious Watermark. This home features nearly 2000 sq ft of space featuring a very open layout ideal for entertaining guests or family. In addition this home offers both North and South views running through the building with extensive outdoor space featured only on the third floor on both the South and North side of the community. Views are of both the Hudson River and Upper Manhattan. This home is fully upgraded and has hardwood flooring, designer cabinets, custom window treatments, lighting and much more. The amenities at the Watermark are second to none and include concierge service, 24 hour doorman, valet parking, indoor pool and spa, outdoor pool, social party rooms, business executive center, fitness center, guest suites, shuttle service to NY waterway ferry and is steps to the NJ transit bus stop. This home offers it all and is sure to exceed your expectations!
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For more photos click here: |
Should you have any further questions about this home, contact: Stephen@teambraconi.com |
TEAM BRACONI NEW AND UPCOMING LISTINGS
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MARQUIS on the Hudson in Edgewater
2 BR + Loft Townhome in highly sought after Marquis on the Hudson community. Easily convert loft into a 3rd BR. Offered at $899K HOBOKEN
Oversized one bedroom condo on Garden Street with an ideal mid-town Hoboken location. This home features an open layout, hardwood floors, updated kitchen, washer/dryer in unit, central air, and a balcony for that much needed outdoor space. Easily convertible to a two bedroom home!
EMERSON 3br/1.5 bath home on Randolph St
CITY PLACE in Edgewater
1 BR +Den south-facing, spacious condo with over 1100 sq ft of living space- INVESTMENT OPPORTUNITY ONLY, TENANT IN PLACE (may be avaible to view now, please contact alfredo@teambraconi.com for more info)
INDEPENDENCE HARBOR-Edgewater 315 Chase Court-1 BR 1 BA 505 Penn Court 2 BR 2 BA with direct city and river views
HUDSON POINTE-North Bergen 2 BR 2BA WATERMARK-North Bergen 2 BR 2BA GRANDVIEW II - West New York 2 BR 2 BA with Direct City and Hudson River views 1 BR 1 BA with Direct City and Hudson River views
HUDSON CLUB - West New York 1 BR 1 BA private balcony with City and Hudson River views 2 BR 2 BA coming soon but available for private showings now.
KINNELON HEIGHTS 55+ Community 2 BR 2 BA offered at $199,000
Please inquire if you have any further questions or interest in any of these new and upcoming properties: Alfredo@teambraconi.com |
TO SEARCH MORE ACTIVE TEAM BRACONI LISTINGS CLICK BELOW |
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NICK LARSON SALES ASSOCIATE |
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Q&A With Team Braconi
Q: Nick, what has been your favorite go-to Shelter In Place (SIP) meal?
A: My favorite shelter in place meal would have to be homemade sauce & meatballs... Not only because I love to eat them, but making everything from scratch can be a fun and time consuming distraction.
Q: What about your favorite SIP show (or book)?
A: My favorite shelter in place show and all around favorite show are one in the same, as I recently binge watched Billions all the way up to the current episode, which kicked off the start of the new season two weeks ago.
Q: cocktail of choice during SIP?
A: As the saying goes, "If it ain't broke, don't fix it" I will forever be a Tito's & Club Soda guy... Shelter in place or not.
Q: Besides honing your real estate skills, what else have you been doing to keep busy during SIP?
A: Outside of real estate, I have been spending a good chunk of time getting outside (socially distanced of course) and getting various tasks done. There was some power washing done, a deck was stained, so all in all the shelter in place has forced me to get done some tasks that had previously been put on the back burner for far too long. Q: Where did your interest in real estate start?
A: I think my interest in real estate probably started at a fairly young age, though I just never knew it until later in life. As a child I would always admire large homes and things like fancy theatre rooms and giant garages. So when I finally landed a business management internship at Sotheby's International Realty in college, it was no surprise that real estate brokerage jumped off the page as something I wanted to pursue.
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Nick Larson was born and raised in Northern New Jersey, and as such he has cultivated an exceptional knowledge and insight into the local markets as well as surrounding areas. When working with a realtor, you deserve to have someone in your corner who you can count on to be professional, diligent & trustworthy. With Nick, Team Braconi & Prominent Properties Sotheby's International Realty, that is exactly what you will get. Whether it's New Jersey or NYC we are here to fulfill any and all of your real estate needs. Nick would love the opportunity to show you all that our team has to offer. |
N.J. Legislators Pass $100 Million COVID-19 Rent Relief Bill |
I'm a new Text block ready for your content. |
By Chris Fry-May 15, 2020 Help could soon be on the way for tenants struggling to pay their landlords amid coronavirus job losses, as a fully approved relief bill will now head to Governor Murphy’s desk for possible signature. Last month, New Jersey’s State Senate unanimously advanced the 2020 New Jersey Emergency Rental Assistance Program. The purpose of the endeavor was to create a fund of $100 million to assist residential tenants who have experienced financial setbacks in satisfying their rental obligations. |
Photo: Jean-Marie Guyon/Getty Images |
13 Best Indoor Plants and How to Care for Them
Brighten up your space with the best house plants that are low maintenance (aka, hard to kill). |
Growing tired of a lifeless interior? Or maybe your room’s a blank canvas ready for its first dash of color. The best indoor plants
can add just the right amount of intrigue—they’re free-form and organic yet clean and sculptural; they delight with their unpredictability yet reassure with their steady presence. And their life span, thankfully, is much longer than that of cut flowers. But when considering plants in a room’s design, there are a few things to take into account. Architectural Digest caught up with horticulturist Dennis Schrader from Landcraft Environments in Mattituck, New York, to get the dirt.
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All materials, unless otherwise noted, were taken from the Internet and are assumed to be in the public domain. Should there be any dispute or concern as to the original source of any photos, articles, text, charts, graphs or otherwise, please contact us immediately and we will remove it as soon as possible. |
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| Prominent Properties Sotheby's International Realty 804 Franklin Ave
Franklin Lakes NJ 07417 201-485-8615 stephen.braconi@sothebysrealty.com www.braconirealestate.com/ |
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