Archive for July, 2009

This 326-acre complex is bordered by over 100 acres of undisturbed open space.  Spring Ridge is a community is comprised mostly of two and three bedroom condos, but there are a handful of duplexes as well as single family homes.  The condo buildings are typically three stories – ground, first and
second floor units.  The ground floor units are the one bedroom models and these don’t typically feature basement storage though they do have a large pantry in the kitchen.  The second floor units often feature cathedral ceilings and sometimes have sky lights.  There are at least eight different models:

1. The Ardsley (one bedroom, one bath)
2. The Baxter (one large bedroom, one bath)
3. The Chesterfield (one bedroom, a den and one bath). The one bedroom units are listing and selling between $199,000 and $250,000.
4. The Drexel I and the Drexel II (two floor plans, both featuring two bedrooms and one bath). The Drexel models are listing and selling between $200,000 and $270,000.
5. The Essex I and the Essex II (two floor plans, both featuring two bedrooms and two baths). The Essex models are listing and selling between $240,000 and $290,000.
6. The Fairfax (two bedrooms, a den and two baths). These models are listing and selling between $320,000 and $325,000.
7. The Greenbriar (1/2 duplex with three bedrooms including a first floor master, attached garage and a basement)  The duplexes are listing and selling between $450,000 and $550,000 and they rent for approximately $2500/month.
8. The Hamilton (1/2 duplex with three bedrooms including a first floor master, attached garage and a basement)
9. Single family homes (Three bedrooms, two and a half baths, one car garage and basements – very similar to he 1/2 duplexes, but are detached, fee simple homes)  These homes are listing and selling in the low to mid $500,000′s)

The kitchens in most of the models are a decent size and all are considered to be eat-in.  All but a few of the models boast a large basement storage area as well as a detached garage. 

This Basking Ridge community features a swimming pool, a club house, tennis courts and a playground.  There are no dogs allowed in the complex. Believe it or not, even in today’s real estate market, we are seeing multiple offers in this development. Prices (and sellers’ expectations) have already adjusted!

Search the townhouse market on my website, or keep up to date with notification of new listings.  Check back regularly to see what has sold in Basking Ridge.  This development offers a perfect opportunity for buyers who are eligible for the first time home buyer tax credit!

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Common things found during home inspections

Okay, the house is SOLD!  You have made it through attorney review, the buyers have applied for their mortgage and they have hired an inspector.  What do you do now?  I advise that you NOT be at home during the inspection.  You might think you can help, but you really can’t.  The inspector has seen tons of homes, and probably knows where everything is!  The buyers and their agent will be uncomfortable if you are there.  If you want me to be there, I certainly can – but my presence also sometimes gives the buyer a bad vibe.  Rest assured that Iwill be in touch with the buyer’s agent soon after the inspection is over.  I can typically get a preview of how it went.  We won’t hear anything official until the report comes out. And, their requests may be different than what their agent tells me.  SO, it’s a bit of “hurry up and wait”…

You can be prepared though, the following is a list of items commonly found during home inspections; especially in homes built more than 10 or 15 years ago.  These things are easily remediated – it’s not a bad idea to run through the list and nip some in the bud if you can!

1. Improperly ventilated attics; sometimes “mold” or condensation is evident. 
2. Bathroom exhaust fans ventilated into attics – the need to go outside
3. Windows: broken window seals, windows that don’t open, windows that don’t stay open
4. Furnace: have your furnace or boiler serviced prior to listing the house
5. Central air: during cooler months a central a/c unit cannot be run.  A buyer may request that money be held in escrow until such time that the system can be tested.  Alternatively, a buyer may request records that the unit has been serviced. Have the unit serviced prior to listing the house.  The compressor should be level, on a concrete slab and away from the house
6. GFI outlets – in older homes these outlets aren’t always present.  2005 building codes state that these must be present in kitchens, bathrooms and laundry rooms.  Some buyers will ask that you do that – if your home was built prior to 2005 you are not obligated to do this, but it’s an easy, inexpensive fix. And it will make things safer for you too!
7. Other electric issues: reversed polarity; issues with the electric box outside – often weather related, older outlets should be converted to three prong
8. Permits for any work that has been done; if the township requires a permit, the buyer is going to want to know that the permits were done
9. Any possible water issues such as loose tiles in the shower, or loose toilets
10. Doors from garage to living area should be fire-rated
11. Radon – radon levels must be under 4.0 picocuries.  Buyers will have this tested; if it is over 4.0, you have an obligation to remediate
12. Termites and other wood destroying insects.  Buyers will inspect for these pests and any associated damage.  If present, you have an obligation to remediate and repair any existing damage especially if structural

In Basking Ridge, carbon monoxide detectors are required on every level where there is a bedroom.  Smoke detectors are required on every level including the basement and a fire extinguisher must be mounted in the kitchen.

This is a short list of things that come up frequently during home inspections, please contact me if you have any questions.  If you are thinking of selling, I am happy to provide an estimate of your homes value in today’s market.

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I missed reporting weekly sales last week because of the holiday weekend, so this post will cover what has sold so far this month in Basking Ridge.

6 properties have gone under contract so far this month in Basking Ridge.  That means offers were negotiated, attorney review was completed and inspections are underway on the following properties:

92 Jamestown Road was listed for $199,900 (multiple offers!)
69 Smithfield Court was listed for $264,000
430 Penns Way was listed for $290,000
46 Liberty Ridge Road was listed for $739,000
58 Bernard Drive was listed for $1,150,000
14 Green Mountain Drive was listed for $1,299,000  

There are an additional 15 properties that are working through attorney review.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website for more information on what has sold by month.

New to the Basking Ridge market (since the last time I posted new listings) are the following 28 properties (note that some of these have been available for quite some time but have been relisted):

73 Smithfield Court listed for $235,000
350 Potomac Drive listed for $245,000
169 Alexandria Way listed for $247,500
119 Alexandria WAY listed for $269,900
309 English Place listed for $289,000 (my listing!)
37 Woodward Lane listed for $304,900
2602 Hemlock Place listed for $320,000
9 Potomac Drive listed for $324,000
36 Chestnut Court listed for $355,000
23 Village Drive listed for $385,000
16 Prescott Court listed for $437,000
108 Constitution Way listed for $465,000
37 Cannon Court listed for $469,999
30 Mayflower Drive listed for $474,000
4 Carswell Court listed for $527,000
3257 Valley Road listed for $600,000
25 Patriot Hill Drive listed for $612,000
226 Lyons Road listed for $659,000
56 Dryden Road listed for $675,000
3 Barton Way listed for $849,000
301 Mountain Road listed for $874,900
20 Shannon Hill Road listed for $965,000
120 Mountain Road listed for $1,075,000
345 Martinsville Road listed for $1,195,000
94 South Stone Hedge Drive listed for $1,299,000
108 Minebrook Road listed for $1,750,000
316 Alexandria Way listed for $460,000 (Under Contract in a day!)
85 Independence Drive listed for $1,140,000 (Under Contract in a day!)

As of this evening, there are a total of 254 listings showing active in the MLS.

Please call me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to sign up for listing alerts in and around Basking Ridge.

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When researching data for a client who is looking at a possible short sale in Long Hill Township, I reviewed listings available, under contract and sold in the last 12 months, in both Long Hill and Basking Ridge.  The raw data, along with some percentage calculations follows.  While I make an attempt to come to some conclusion, please feel free to comment – I will certainly take your comments into consideration when doing my analysis and I look forward to some dialog!!

Long Hill Township
Available properties: 65, 5 disclosed as either short sales or bank-owned (8% distress properties).
Properties closed or under contract in the last 12 months: 77, 3 disclosed as either short sales or bank-owned (4% sold distressed properties)  Current market absorbtion is 16 months.

Basking Ridge (Bernards Township)
Available properties: 256, 11 disclosed as either short sales or bank-owned (4% distress properties).
Properties closed or under contract in the last 12 months: 389, 8 disclosed as either short sales or bank-owned (2% sold distressed properties)  Current market absorbtion is 7.5 months.

Further analysis of the data looks like this:

In Long Hill Township, all of the sold sales closed under $300,000 and all of the available distressed properties are listed well over $300,000 going as high as $799,000. The closed distressed sales sold between 94 and 117% of list price.

In Basking Ridge, the price range of the sold properties varied as follows:

2 under $300,000
3 between $300,000 and $400,000
1 between $400,000 and $500,000
1 between $900,000 and $1,000,000
1 over $1,000,000

With sale prices between 90 and 101% of list price.  Available properties in Basking Ridge that are disclosed as distress sales range in price from $228,400 through $699,900.

Please share your comments!

If you are considering purchasing a property that is disclosed as a short sale or a bank owned property, please take a look at this article that highlights some benefits and possible pitfalls.  Sign up for listing alerts or call me for more information.

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Please call me for more information on this new Basking Ridge town house listing in Society Hill:

309 English Place

This home will be hosted open this weekend on Sunday from 1:00-5:00.  The first time home buyer tax credit expires on November 30, 2009; there is plenty of time to purchase this town house and still qualify for the credit!  Contact me for more information!

More photos – check out the updates!!

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Family Fun Night is coming up

On Wednesday, 7/8, the Recreation Department’s summer camp staff will be providing an evening of family fun at Harry Dunham Park. This year’s events will include family actvities, relays, an interactive DJ and carnival games.  The  townships’ first responders (Basking Ridge Fire Company, Liberty Corner First Aid Squad and Liberty Corner Fire Company) will be selling hamburgers, hotdogs, sausage and pepper sandwiches, soda, chips, water and italian ices.  When the sun goes down, there will be a showing of “Madagascar: Escape 2 Africa” so bring a blanket and the bug spray!

For questions or more information, contact me at JenniferBlanchard@Weichert.com.  Look for me there - I will probably be somewhere around the Liberty Corner Fire trucks!

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I’ve been thinking about the closed sales we saw reported in June and how I found it hard to explain that even though we feel the market is improving, why are closed sales down from this time last year – even though they are way up this month over last month.  (Refer to this post: June Sales).  I decided I’m not going to try to explain it – BUT – I did take a look at contract sales – - the number of homes that went under contract in Basking Ridge in June of 2009, compared to the number that went under contract in June of 2008.  Now THERE’S a difference: in June of 2009, we saw 51 homes go to contract, covering a price range from $199,900 through $1,850,000 (with 13 over $1,000,000 and 18 under $500,000).  Compare that to June of 2008 which saw only 30 homes go under contract, covering a price range from $230,000 to $2,204,000 (with only 8 over $1,000,000 and 6 under $500,000).

This observation tells me a few things: more people are out there buying homes this year than there were last year!  Consumer confidence is increasing – people are seeing value – and acting on it!  However, there is a discrepency between closed sales and contract sales that needs to be explained.  I know that I am working  very hard trying to keep deals together – transactions are stalling because of mortgage issues (including funky appraisals) and inspection issues.  Inventory is still high, buyers have choices and they are still in the driver’s seat.  So, while we are starting to see the light at the end of the tunnel, we aren’t at the station yet!

Contact me for more information about the Basking Ridge Market – and have a safe and happy 4th!

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787 Old Farm Road, Bridgewater - a terrific ranch in a great location.  Almost an acre and  half – great schools – excellent potential.  Many upgrades including the heating system; central air conditioning and electrical service; new high efficiency windows 2006 and a 10 year young septic system!

Contact me today for an appointment or to sign up for listing alerts.

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One of the primary reasons that I work for Weichert, Realtors is that I believe that Jim Weichert is a very smart man.  I love that there are only two levels of management between my broker and Jim; I have found that when Jim predicts the market, he is never wrong!  He is 100% involved in what is going on – in the market, in our regions, and to some degree at the local level.  For more information on what is going on in Basking Ridge in particular, please visit www.Basking-Ridge-Real-Estate.com; for a prediction of what’s to come for the real estate market in general, read on – a promising article from Jim Weichert.

The following press release was distributed today on behalf of Jim Weichert, who expresses his conviction that the housing market is in recovery mode:

HOUSING RECOVERY UNDER WAY ACCORDING TO INDUSTRY PIONEER

Weichert, Realtors president and founder sees increases in sales and Web traffic as evidence of a stabilizing housing market

MORRIS PLAINS, N.J., July 1, 2009 — For the past few months, economists have been studying facts and figures to determine when the struggling real estate market will finally begin to recover. Based on his review of the current market, and in particular, the leads and sales figures for his company in June, Weichert, Realtors president and founder James M. Weichert is convinced the housing sector has entered the recovery mode.

“Each week, additional signs emerge that point to a stronger housing market. Our recent company performance is particularly encouraging,” said Weichert in an internal message to his company’s 18,000 sales associates. “I am optimistic that we have seen the worst. From here on out, we are in recovery mode.”

Weichert reported that June was the company’s best month in terms of revenue units in 22 months. In the month of June, Weichert.com also attracted more than 1.5 million unique visitors, its highest total ever. The previous high was set in August of 2005. The Top 25 real estate Web site also saw its highest daily average of visits in June, generating more than 116,000 visits per day.

The company also reported that the average attendance at its open houses was up more than 18 percent in June from the previous year. In fact, average attendance has been outpacing the previous year every week since the beginning of May.

“The strong increase in sales we saw in June is a positive sign that the market is moving in the right direction. More importantly, the interest that we are seeing at our open houses, through our Web site and in our sales offices tells me the pipeline is there for a slow but steady recovery,” added Weichert.

While Weichert has a positive outlook, he still believes additional measures are needed to ensure a return to a healthy and balanced real estate market.

Said Weichert, “Right now, the market is being fueled by an increase in sales of popularly priced homes as a result of the tax credit for first-time buyers. But to keep the housing recovery going and to also stimulate the overall economy, I still believe the best approach is for the government to take similar action to get the repeat buyer market moving again.”

Last week, Weichert released the results of a survey of more than 500 visitors to Weichert.com that found that expanding the current $8,000 tax credit to repeat buyers would provide additional motivation to buy for 80 percent of current homeowners. If the tax credit was increased to $15,000, as proposed in one bill, the number of existing homeowners motivated to buy would grow to 94 percent.

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June, 2009 sales summary will be posted soon on the home page over at www.Basking-Ridge-Real-Estate.com.

In looking at closed sales in Basking Ridge for the month of June there are several remarkable points to make.  We heard this morning that this past June was the best month for Weichert, Realtors in the last 22 months – that’s pretty incredible.  In Basking Ridge, we can definitely see that the number of closed sales was way up from May (25 in May, 36 in June); however, in June of 2008, there were 52 sales in Basking Ridge compared to only 36 this year – that is a significant difference, and I’m surprised to see that last June was stronger than this June for Basking Ridge.  Interestingly enough – and not surprising, is the fact that the average sale price as significantly lower than it was during this month last year, $638k this year (based on 36 sales) and $750k last year (based on 52 sales).

The segment of the market that remained the same is in The Hills – there were 14 closed sales in The Hills this past month and 15 this time last year.  Where I do see a significant increase in the number of sales is of single family homes NOT in The Hills – last year this time saw only 15 sales of homes not in The Hills, while there were 25 closed sales last month of single family homes that are not in The Hills.

Given the current economic climate and the national attention that has been focused on the real estate market, I think it is more notable to comment on the difference between last month and this month, instead of the difference between last year and this year for a single month.  Please check out my July 2^nd blog entry for Jim Weichert’s perspective on the recovery of the housing market.

This month has seen much press about the $8,000 tax credit for first time home buyers – you are actually eligible if you have not had an ownership interest in any property in the last three years!  An improvement to this credit has been proposed: stay tuned for information on whether the credit will be increased to $15,000 and the income limits removed.  Now THAT would be exciting!!

Contact me for more information on what’s going on in the Basking Ridge Real Estate Market!

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