Archive for September, 2009

If you follow my site, you know that I post monthly closed sales.  One thing I also do is categorize and analyze the data.  One thing I haven’t done is figured out how to graphically display it in a meaningful way.  So each month, I capture the data, I look at it and draw some conclusions in my mind – maybe I share them with Carl as we watch television (I always seem to be watching televsion with my laptop in my lap), but it doesn’t go much further than that.  Well, except that all the data in my head helps me do my job better!  Anyway, I thought I would share this month’s stats.

Break down by Townhouse community:

The few things I find worthy of comment: we had the exact same number of closed sales in September, 2008.  The average sale price of a single family home that closed in September, 2009 exceeded $1,000,000 – that was very surprising to me given that inventory in that price range has been high and sales have been slow.  At first glance, average over all sale price also looks high to me. 

Soon, I will work on the best way to post this information each month…. if you have any ideas for me, please let me know!

If you are thinking of buying a home in Basking Ridge,  view Condo and Townhouses for sale or check out the single family home listings.  Thinking of selling?  I can help you understand the value of your Basking Ridge Home.

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09/19/2009 – 09/26/2009

The following 6 properties went under contract this past week in Basking Ridge:

3152 Valley Road, Single Family Home, listed for $489,000
16 Cannon Court, Hamilton Ridge Townhouse, listed for $525,499
118 S. Fairview Drive, Single Family Home, listed for $679,000
10 Fieldstone Drive, Single Family Home, listed for $799,900
150 Bernard Drive, Single Family Home, listed for $1,078,500
30 Royal Oak Drive, Single Family Home, listed for $1,999,000

There are an additional 12 properties that are working through attorney review which means they have accepted offers and lawyers are working through the contract details.  There are only 199 properties currently for sale in Basking Ridge – this is the first time we have dipped below 200 in quite some time!

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year.

New to the Basking Ridge market are the following properties:

144 Woodward Lane, Society Hill Condo, $282,00
266 Penns Way, Society Hill Townhouse, $349,999
72 Sycamore Court, The Cedars Townhouse, $369,900
62 Church Street, Single Family Home, $425,000
49 Peachtree Road, Single Family Home, $449,900,
16 Mayflower Drive, Hamilton Crest Townhouse, $479,000
29 Sunset Lane, Single Family Home, $525,000
32 Wedgewood Drive, Single Family Home, $699,900 (relist)
18 Benedict Crescent, Amherst Mews Townhouse, $699,900 (relist)
158 Morristown Road, Single Family Home, $724,000
35 Galloping Hill Road, Single Family Home, $789,900 (relist)
14 Stoneview Court, Single Family Home, $997,900
26 Haas Road, Single Family Home, $1,150,000 (relist)
340 Mountain Road, Single Family Home, $1,749,000
1129 Woodman Lane, Single Family Home, $1,875,000 (relist)

As of this evening there a total of 199 listings showing active in Basking Ridge in the MLS. With 34 going under contract in the last 30 days, Basking Ridge market absorption is 5.9 months; holding steady at just under 6 months – a very balanced market.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to search homes for sale in Basking Ridge and surrounding areas.

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New Price New Price New Price New Price New Price New Price New Price New PriceNew Price New Price

92 Dorchester Drive

This property has so much to offer; two bedrooms AND a loft.  This is the best value for the money when compared with other two bedroom units and looking at the available square footage.  The multi-room finished basement offers space for an office.  This location on Dorchester Drive is perfect as there is lots of extra parking and the back yard is very private and more “yard-like” than some of the other Hamilton locations.  Contact me for an appointment today or come to the open house this Sunday, 9/27, between 1:00 and 5:00.

To search homes for sale in Basking Ridge, click here and get access to homes for sale in all areas covered by the Garden State MLS.

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You are invited to a free Home Buyer Seminar this Saturday, September 26th at 11:00 in my office at 22 Henry Street in Basking Ridge.

I will be there along with other real estate professionals, including my broker, our mortgage representative, a real estate attorney and a certified public accountant.  We’ll address local market conditions and buyer incentives, including the Federal Tax Credit as well as current mortgage products.  We will also be spending some time on short sales and foreclosures and we will be available to answer any questions you may have.
 
First time buyers hoping to secure the tax credit – please be aware that you need to get started soon in order to meet the closing deadline.  It takes time to find, negotiate and move your transaction to a successful close.  The closing deadline for the tax credit is on or before November 30, 2009.  Believe it or not, that is right around the corner!! In fact, most banks have already set deadlines for mortgages to be registered to ensure processing in time for the deadline to be met. If you want to get ahead of the game, click here to search homes for sale in all areas covered by the Garden State MLS.

Space may be limited, so please RSVP today by calling me directly at 908-432-0318 or emailing me at jenniferblanchard@weichert.com. Please let me know how many will attend and if you have can stay after the seminar or come back on Sunday to get started!

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Hamilton Crest Townhouse – three bedroom floor plan – two bedrooms and a loft. Finished basement.  92 Dorchester Drive; open Sunday, 1:00-5:00.

If you are thinking about buying or selling a home, contact me today for all of your Basking Ridge real estate needs or visit my website to search homes for sale in Basking Ridge and surrounding areas.

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9/12-9/18/09

The following 7 properties went under contract this past week in Basking Ridge – that’s three more than the week before!  Maybe my prediction will prove true!

156 Irving Place, Society Hill Condo, listed for $241,000
186 English Place, Society Hill Condo, listed for $259,000
2406 Privet Way, The Cedars Condo, listed for $269,000
406 Penns Way, Society Hill Townhouse, listed for $365,900 (my sale!)
324 Alexandria Way, Spring Ridge Duplex, listed for $479,900
25 Dryden Road, Single Family Home, listed for $574,500
130 Culberson Road, Single Family Home, listed for $1,100,000

There are an additional 12 properties that are working through attorney review which means they have accepted offers and lawyers are working through the contract details.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year.

New to the Basking Ridge market are the following 8 properties:

367 Potomac Drive, Spring Ridge Condo, $252,500
49 Queen Anne Drive, Single Family Home, $597,900
26 Huntington Road, Single Family Home in the Hills, $629,900
297 Lyons Road, Single Family Home, $719,000
71 Riverside Drive, Single Family Home, $799,000
20 Stacy Lane, Single Family Home, $829,000
124 Church Street, Single Family Home, $939,000
89 Morristown Road, Single Family Home – New Construction, $1,150,000

As of this morning there a total of 200 listings showing active in Basking Ridge in the MLS. With 35 going under contract in the last 30 days, Basking Ridge market absorption is 5.7 months -not much different from last week, which again, makes sense given the season.  It doesn’t always make sense to look at this metric every week; it’s the trends that are most important.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to search homes for sale in Basking Ridge and surrounding areas.

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Good News! Basking Ridge Real Estate

The economy continues to show signs of stabilization. In fact, Federal Reserve Chairman Ben Bernanke announced this week that the recession is probably over and that the economy is likely growing at this point. Famed investor Warren Buffet also said the economy appears to have leveled off.

In addition, the number of newly laid off workers applying for unemployment benefits has declined in three of the last four weeks. Consumers also seem to be more comfortable spending money. The government reported that retail sales rose 2.7 percent in August, the most in more than three years.

The positive news also extends to the real estate industry:

• Rates on 30-year fixed mortgages are at their lowest level since the end of May, making homes more affordable.
• Housing construction rose in August to the highest level in nine months, and applications for building permits — an indicator of future activity — rose 2.7 percent. Regionally, construction rose 23.8 percent in the Northeast.
• The National Association of Home Builders’ housing market index rose in September, reflecting growing optimism in the industry.

The market seems to be moving in the right direction — up.

If you are thinking of buying or selling your home, please contact me for information about today’s market.  Or visit my website for more information about what is for sale in Basking Ridge, NJ and other surrounding areas.  No obligation, Just information!

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Welcome back to School!  September is always a very busy time of the year – but in the Real Estate World, it really takes a few weeks to ramp up again from the slow summer months.

The following 4 properties went under contract this past week in Basking Ridge. Again, I’m not surprised that there hasn’t been more activity given the time of the year.  I do predict a little bit of an upswing this month; we’ll see if I’m on target.

119 Potomac Drive, Spring Ridge Condo, $249,000, DOM 54
287 Penns Way, Society Hill Townhouse, $298,900,DOM 355
75 Dorchester Drive, Hamilton Crest Townhouse, $539,000, DOM 139
3 Heritage Court, Single Family Home, $1,399,000, DOM 30 (was a relist)

There are an additional 11 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 real estate website for more information on what has sold each month over the past year.

New to the Basking Ridge market are the following 14 properties:

233  Arrowood Way, The Cedars Townhouse, $369,900
8 Brookside Ave, Single Family home, $455,000
31 Cannon Court, Hamilton Ridge Townhouse, $464,900
4 Paine Court, Hamilton Woods Townhouse, $497,000
14 Cedar Street, Single Family Home, $649,000 relist
25 Alder Lane, Single Family Home – The Hills, $649,999
21 Harrison Brood Drive, Single Family home, $699,900 relist
8 Austin Drive, Amherst Mews Townhouse, $719,900
71 Riverside Drive, Single Family Home, $799,000
115 South Alward Ave, Single Family Home, $799,000
84 Queen Anne Drive, Single Family Home – new construction, $1,249,000
28 Fawn Lane, Single Family Home, $1,450,000 relist
164 Liberty Corner Road, Single Family Home, $1,499,000 relist
30 Royal Oak Drive, Single Family Home, $1,999,000

As of this morning there a total of 204 listings showing active in Basking Ridge in the MLS. With 35 going under contract in the last 30 days, Basking Ridge market absorption is 5.8 months -not much different from last week, which again, makes sense given the season.  It doesn’t always make sense to look at this metric every week; it’s the trends that are most important.

Please contact me if you would like more information about what is for sale in Basking Ridge or visit my Basking Ridge website to sign up for listing alerts in and around Basking Ridge.

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The $8,000 tax credit for first-time buyers passed by Congress earlier this year has created an excellent opportunity for those wishing to capitalize on today’s affordable housing market. Yet, with the average real estate transaction taking 45-60 days to complete, buyers wishing to claim the $8,000 tax credit should be under contract to purchase a home within the next three weeks in order to make the Nov. 30 deadline.

If you are interested in taking advantage of this large financial incentive, here are some steps to take to get the ball rolling on a home purchase:

• Engage an expert. If you have not done so already, speak with a real estate sales professional familiar with the area in which you would like to purchase a home. He or she can help you with your home search and all of the details necessary to complete your purchase.
• Visit open houses. Check the Sunday real estate section and browse online to map out a few Open Houses to visit this weekend. This allows you to easily see a variety of homes in your price range, and viewing homes in person can help you narrow down the options.
• Attend a homebuyers seminar. Register for Weichert’s “Know When Opportunity is Knocking” seminar taking place in many Weichert offices on Saturday, Sept. 26 at 11:00 a.m. The seminar is designed to educate first-time buyers about the $8,000 tax credit and the other benefits of buying a home in the current market.  Contact me to reserve a seat at this great seminar.

Email me for more information on the benefits of owning a home or click here to search what is for sale in and around Basking Ridge.

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The Hills communities in Basking Ridge (and Bedminster) are located at the crossroads of Route 287, Route 78, and Route 202-206 in spectacular Somerset County, New Jersey.  Situated at the southeast corner of Bernards Township and officially considered Liberty Corner, The Hills offers a wide range of living options including single family homes and townhouses at several price points (condos are in Bedminster). It is a beautiful and fun-filled place to live offering terrific recreational amenities including a clubhouse, pools, tennis courts, basketball, walking paths, playgrounds, a gym and shopping located right in the community!

Community features:

Beacon Crest – Allen Rd. to Beacon Crest Dr. – Single Family homes priced from the high $900,000’s to just over $1,000,000.

Beacon Manor – Allen Rd. to Meadow Lane – Single family homes on larger lots, priced starting in the high $1,000,000’s to the mid $2,000,000’s.

Independence Hill – Allen Rd. to Independence Dr. – Prices are in the $1,000,000 range, higher for golf course views.

Lafayette Watch – Allen Rd. to Wellington Rd. – Pult build single family homes with prices starting in the high $800,000’s up to about $1,000,000 depending on the model and location relative to the golf course.

Patriot Ridge- Allen Rd. to Sentinel Dr. – Toll Bros. built single family homes with prices starting in the $800,000’s and go to just over $1,000,000 depending upon the model of the home as well as location.

Revere Hill – Allen Rd. to Tartan or Vanderveer Drive - Single family homes priced from the low $800,000’s to the low $1,000,000’s depending on location relative to the golf course.

Gatehouse - This community straddles Basking Ridge and Bedminster and offers single family homes with basements and models with first floor master bedrooms.  Priced from $800,000 through the $900,000’s.

Carlisle - This community straddles Basking Ridge and Bedminster and offers single family homes – some with basements.  Priced from the mid-$500,000’s to just over $800,000 depending on features such as basement and size of the yard.

Amherst Mews -  Schley Mt. Rd to Allen Rd. to Amherst Mews – large, upscale townhomes located on the golf course; priced from the mid $600,000’s to just over $1,000,000

Patriot Hill – Schley Mt. Rd. becomes Allen Rd. to Patriot Hill Dr. – Toll Brothers build two – four bedroom townhouses priced from the high $500,000’s to the mid $600,000’s.

Patriot Mews – Schley Mt. Rd becomes Allen Rd. to Liberty Ridge Rd. – Pulte build carriage houses with basements, priced between $700,000 and $800,000.

The Hamiltons – Schley Mt. Rd becomes Allen Rd. to Townsend Rd. or to Hansom Road to Signal Point or to Federal Drive – Two and three bedroom townhomes some with basements built by Toll Bros.  Priced from the low $400,ooo’s to the mid $500,000’s

If you are thinking about buying or selling a home in the hills, contact me today for all of your Basking Ridge real estate needs or visit my website to search what is currently for sale in and around Basking Ridge, NJ.

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