Archive for April, 2010

This house is absolutely the cutest house in town, everyone says so, and it could be yours!  50 Church Street in Liberty Corner is a terrific house – and at $499,000 it’s an excellent value. 

The wrap-around porch is like another room in the spring and summer time.  The 20×40 shed offers so much extra space!

 The walk-up attic could be finished for a fourth bedroom, a master suite, a playroom or an office.   The back yard is to die for – very deep, backing to preserved farm land: it’s private!

It has a beautiful deck, a family room addition and a sizable formal dining room which has access to the porch.

The current owners are gardeners – they have cared for this property like no other and if you buy it now you could be enjoying fresh cherries from your tree by summer!

At $499,000 this is a GREAT value!

Three bedrooms, one and a half baths, basement, living room, dining room, kitchen and family room.  Located close to schools, shopping and public transportation.

Visit www.50ChurchStreetLibertyCorner.com for more photos of the interior of this fine home.

Contact me today for an appointment and this house could be yours before summer!

This past week was fabulous for real estate sales. According to the National Association of Realtors (NAR), sales of existing homes rose 6.8 percent in March and were 16.1 percent above the sales pace in March 2009.

NAR Chief Economist Lawrence Yun is encouraged to see a broad recovery in home sales. Two important trends he notes are that “sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running.”

In addition, the Commerce Department announced that sales of new homes surged 27 percent last month, well exceeding expectations. In fact, March was the strongest month since last July, and saw the largest monthly increase in 47 years.

It is clearly a great time to purchase a home, and there is still a small window of opportunityto take advantage not only of the boisterous market, but also a federal homebuyer tax credit. In order to claim the $8,000 tax credit for first-time buyers or the $6,500 tax credit for repeat buyers, one needs to enter a binding contract to purchase a home by April 30, and close the transaction by June 30.

There have been 47 contract sales in Basking Ridge since April 1st (compared to 30 for the same time period last year).  The following properties have closed so far this month:

92  POTOMAC DR  $240,000/$220,000, Spring Ridge
234  IRVING PL  $245,000/$240,000, Spring Ridge
215  ALEXANDRIA WAY  $250,000/$236,000, Spring Ridge
90  JAMESTOWN RD  $254,900/$252,450, Spring Ridge
3  CHARLESTON CT  $489,000/$465,000, The Hamiltons
31  RIDGE ST  $499,000/$450,000, Single Family
16  FAIRBANKS LN  $539,000/$520,000, The Barons
27  SHEPARD WAY  $619,000/$625,000, Single Family
489  KING GEORGE RD  $650,000/$625,000, Single Family
21  MARTINSVILLE RD  $719,900/$650,000, Single Family
117  FIELDSTONE DR  $750,000/$732,500, Single Family
13  WITHERSPOON LN  $830,000/$807,000, Amherst Mews
47  ADDISON DR  $849,900/$829,000, Single Family
33  SUMMIT DR  $1,030,000/$990,000, Single Family
9  CALDWELL CT  $1,299,000/$1,258,500, Single Family – The Hills
10  BUTTERNUT LN  $1,800,000/$1,625,000, Single Family

There were 81 new listings this month (compared to 60 for the same time period last year).  And there are 80 properties expected to close between now and the end of June. 

If you are considering a move into or out of Basking Ridge, now might be the time to do it!  Please contact me for information on the value of your home or to receive notification of new listings – condos, town homes or single family properties!

Please visit the following open houses today:

57 Dogwood Terrace, Millington – $839,900

50 Church Street, Liberty Corner – $499,000

1502 Bayley Court, Bridgewater - $409,000

If your attorney is quick, you can make an offer today or tomorrow and still be under contract by Friday – in time to qualify for the First Time or Repeat Buyer tax credit!

Are you thinking about making a move into or out of Basking Ridge, Bedminster or Bernardsville?  I’m happy to help. Contact me today for information about properties available in any of these towns or the surrounding areas.  I’m also happy to help you understand the value of your home in today’s market.  Feel free to follow any of these links for more information.

Have a great Sunday!

I will be running in the Rutgers CGI United Half Marathon this weekend, but many of my listings will be held open in the afternoon, hosted by my colleagues.

Please come visit one of the following properties:

38 Harcourt Lane: 1:00-5:00

32 Coppergate Drive: 1:00-4:00

If you are considering a move into or out of Basking Ridge, it’s a great time to do so! Contact me for more information about any of these homes. I can also send you information about new listings in and around Basking Ridge or you can search yourself for townhouses or single family homes.

Yup, the topic has come up yet again.  And again.  I am mentoring a new agent in the office - she wrote her first contract not too long ago.  During attorney review, her buyer asked that the seller remove the decommissioned underground storage tank. ALL buyers ask for this to be done – it’s a no-brainer.  But, because of the nature of this particular negotiation, and the perceived discount that this seller gave this buyer, both parties dug their feet in and the deal fell apart.  The seller was still getting used to the idea of selling their home for less than they had anticipated and wasn’t prepared to spend additional money to get the house sold.  The second scenario has a happier ending – a potential buyer for one of my listings presented an offer for one of my listings and offered to let the seller leave the tank in the ground as long as they could get insurance.  I had already prepped my seller client that they would probably have to pull the tank, so when we found a buyer that wasn’t concerned about it, we were thrilled.  Then along came the attorney… and the calls to the insurance companies… and while you can get insurance, it is not without stipulations.  After lots of discussions and a good night’s sleep, my seller clients agreed to have the tank removed.  I’ve written about this before and I updated it this morning on my Bernardsville blog.  Follow the links for more information about this popular topic.

If you are considering a move into or out of Basking Ridge, please allow me to send you listing notifications of properties as they come on the market.  Also feel free to review closed sales in Basking Ridge.

According to the National Association of Realtors, the Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent from January. The index remains 17.3 percent higher than it was in February 2009.

“The rise in buyer contract activity may signal the early stages of a second surge of home sales this spring,” said Lawrence Yun, NAR chief economist. “Anecdotally, we’re hearing about a rise of activity in recent weeks with ongoing reports of multiple offers in more markets, so the March data could demonstrate additional improvement from buyers responding to the tax credit.”

 Here in Basking Ridge, there have been nine contract sales since April 1st, and 21 new listings (price range $238,000 to $1,600,000).  Four properties have closed so far this month:

92 POTOMAC DR, Spring Ridge condo listed for $240,000, sold for $220,000
234 IRVING PL, Society Hill listed for $245,000, sold for$240,000
489 KING GEORGE RD, single family, listed for $650,000, sold for $625,000
9 CALDWELL CT, The Hills, listed for $1,299,000, sold for $1,258,500

Do you have questions about today’s real estate market?  Email me now to reserve a seat at our upcoming “Real Estate Market Update” Seminar on Saturday, April 10th at 11am. We will have an attorney, a mortgage rep and my broker on hand to answer questions about the market, the process and the tax credit.

I offer you FOUR great reasons to buy now.

Buying a home is one of the biggest decisions an individual can make, so it is understandable that someone considering a home purchase may take their time to avoid rushing into such a large financial commitment. However, several factors might leave prospective homebuyers who don’t purchase a property now wishing they had taken action sooner.

According to James M. Weichert, president and founder of Weichert, Realtors, these are three reasons why those who are not under contract to purchase a new home by April 30 might regret it:

1. No money from Uncle Sam. First-time buyers who aren’t under contract by April 30 will leave the $8,000 tax credit that is available to them on the table. Repeat buyers will miss out on the opportunity to collect up to $6,500 from the government.
2. Interest rates might rise. The government will soon put an end to its efforts to keep mortgage rates at historic lows, and it is expected that rates will rise. When they do, monthly mortgage payments will be higher for those who wait.
3. Homes may be less affordable. Home price affordability is at its most optimal level in decades. Those who wait to buy will likely pay more for the home they purchase than what that same home would cost now, meaning not only a higher price, but less appreciation.
4. 50 Church Street in Liberty Corner was just reduced to $499,000!  This fantastic Craftsman colonial sits on over 3/4′s of an acre backing to English Farm. Vintage features: wrap around porch, pine floors, chestnut trim, pocket door, other features include gas fireplace, new roof, deck Family room addition, thermopane windows, walk-up attic, greenhouse, 12×20 shed with electricity and cable. All this inside a white picket fence (with pet fence as well)! Easy access to rte 287 and 78, shopping and public transportation. Don’t miss the opportunity to own a piece of history in the heart of Liberty Corner!