Archive for May, 2010

As reported over at the Basking Ridge Patch, several things that had been up for cuts have been saved by the implementation of other – hopefully less impacting – eliminations.  Many people with younger children are very relieved that full day kindergarten has been saved, the third and fourth grade strings program has been spared and each of the elementary schools are going to be able to keep their assistant principals.  Don’t forget that Forbes has named Bernards Township schools to the list of “The Best Schools for Your Housing Buck“; many were concerned that this year’s defeat of the school budget would impact our position as a phenomenal school district.  I don’t think we have to worry about that. 

I also want to point out that existing-home sales rose again in April with buyers motivated by the tax credit, improving consumer confidence and favorable affordability conditions, according to the National Association of Realtors (NAR).  Sales of existing single-family homes, townhomes, condominiums and co-ops increased 7.6 percent in April, and are 22.8 percent higher than the pace in April 2009. In the Northeast, existing-home sales surged 21.1 percent and are 41.6 percent higher than a year ago. The median price in the Northeast was up 2.1 percent from April 2009.

If you are considering a move into or out of Basking Ridge, this is a great time to do it.  Affordability is at an all time high thanks to stabilized prices and low interest rates.  And our unsold inventory is shrinking – this helps sellers as less inventory leads to a bigger buyer pool for each property.  Search Basking Ridge houses and townhouses for sale on my website.

Contrary to reports and newspaper articles circulating widely on the Internet, there is not a 4 percent sales tax or transfer tax on the sale of a home included in the recently signed health care reform bill.

This myth has been invalidated by the National Association of Realtors (NAR) and other experts who are knowledgeable about what is included in the heath care reform bill.

NAR is working to spread the word that there is no truth to this rumor. To read their statement, please click here.

There have been 18 closed sales here in town since May 1st (hey, that’s a closing a day!):

327 Potomac Drive $219,000/$217,000
17 Potomac Drive $245,000/$230,000
66 Sycamore Court $378,800/$365,500
12 Valley View Drive $449,000/$430,000
34 Dexter Drive N $478,900/$452,500
3 Fairbanks Lane $479,000/$465,000
318 Alexandria Way $489,900/$475,500
30 Roberts Circle $519,000/$495,000
8 Hancock Court $625,000/$600,000
189 Spencer Road $655,000/$630,000
71 Huntington Road $789,000/$729,000
10 Birch Drive $799,000/$750,000
50 Alder Lane $799,900/$765,000
63 Ramapo Drive $979,000/$955,000
88 Manchester Drive $1,000,000/$1,052,222
21 Wellington Drive $1,111,000/$1,085,000
11 Rockridge Road $1,499,000/$1,405,000
32 Oak Hill Drive $1,849,000/$1,750,000 

Market absorption – a way to measure inventory levels  – is currently at 4.4 months which is determined by considering 235 available properties and 54 sales in the last thirty days.  On paper, this is a clear sellers market.  I say on paper, becuase in reality, we are still in a buyer’s market.  Though, I will admit that there have been several multiple offer situations here in town.  Which means if you are serious about a house and you know there is competition, you need to come in strong.  You can always re-evaluate the contract when the appraisal comes in (just make sure your attorney is aware of that and writes the contract to account for appraisal discrepencies).

I submitted an offer on a property over the weekend; we were told that there was so much activity that the seller was planning to wait until after the open house to respond to our offer. We were not at full price.  On Sunday night, I recieved a call giving me two hours to come back with our highest and best offer and notification that there were two FULL price offers on the table.  This is a million dollar property – so, yes, there are buyers out there and they are paying the mansion tax!

Buyer’s market or Seller’s market – here in Basking Ridge it’s a little hard to tell.  But I am pretty good at analyzing each situation and responding to the market.  So if you have any questions, please don’t hesitate to call me; maybe I can help.

When I first decided to get into the business, the agent who sold me my home said, “don’t even tell me you want to be an agent because ‘you love to look at houses’, because that gets old real fast!” She was right, it does – but luckily that’s not why I decided to become a Realtor.  I love the challenges the business presents – from winning the business to solving the problems, to strategically negotiating the best deals for both my seller and buyer clients.  It is definitely fun to be involved in a really big part of someone’s world – buying and selling homes often goes hand in hand with many of life’s big changes: retirement, marriage, new babies – it’s all very exciting!                                       

And it can be very Stressful!

Over the last few months, I have been part of several. very. stressful. transactions.  If you are in the middle of a dicey sale or a stressful purchase remember that you are not alone.  Really – all the agents, attorneys and home inspectors are talking about it – every deal has had some sort of hiccup along the way.  If you are reading this and feeling lucky that your deal went smoothly, then hats off to you and your agent and all the other parties involved because the easy deals have been few and far between. 

This isn’t a post to moan or complain about my job – I really do love it – I just want to remind you to keep your eye on the ball…at the end of the day you will be in your new home starting a new chapter in your life.  Just remember the sellers don’t come with the house and you will be gone before the buyers move in!

Contact me if you have questions about the transaction process, I can help!

Charter Day, Saturday, 5/15 – my kids are SO excited for this day!  We are singing, we will be watching friends perform on the main stage; listening to the Battle of the Bands and we’ll have artwork featured at the “Slice of Life” art show.  The Basking Ridge Weichert office will have a table set up – stop by to see which listings we are featuring and plan your Sunday open house tour!   Other events throughout the day include the announcement of the winners of the 250th anniversary essay contest, and amusement rides and attractions for the children at the Oak Street School. 

Don’t miss what promises to be a terrifc day – the weather is forecasted to be great too!

LCFC Spaghetti Dinner, Saturday, 5/22 – Spaghetti Dinners are back at the Liberty Corner Fire House! Join us for spaghetti with meatballs, Italian bread, salad, beverage, coffee and dessert. Prices are $10 for adults, $8.00 for seniors, $6 for children 5-12, and children under 5 are free. Takeout is also available for $10 each. Proceeds benefit the Liberty Corner Fire Company.  At the Firehouse, located at 95 Church St in Basking Ridge at 5:00pm

If you are considering a move into or out of the area, take a look at what is currently for sale in Basking Ridge or view recent sales in Basking Ridge to get an idea of the values of homes in town.  Don’t hesitate to contact me directly for more information about these events or about our town.

Townhouses and condos:

Address, Development/List Price/Sale Price

92 Potomac Drive/Spring Ridge/$240,000/$220,000
90 Jamestown Road, Sprng Ridge/$254,900/$252,450
13 Witherspoon Lane, Amherst Mews/$830,000/$807,000
16 Fairbanks Lane, The Barons/$539,000/$520,000
215 Alexandria Way, Spring Ridge/$250,000/$236,000
102 Woodward Lane, Society Hill/$259,000/$247,000
1 N Dexter Drive, The Barons/$499,900/$450,000
3 Charleston Court, The Hamiltons/$489,000/$465,000
93 Sycamore Court, The Cedars/$380,000/$375,000
126 Alexandria Way, Spring Ridge/$247,000/$240,000
22 Hancock Court, The Hamiltons/$584,900/$570,000
265 Penns Way, Society Hill/$320,000/$309,000
35 Cannon Court, The Hamiltons/$539,000/$525,000
15 Commonwealth Drive, Spring Ridge/$259,000/$246,000
89 Smithfield Court, Spring Ridge/$242,900/$228,000
333 Penns Way, Society Hill/$325,000/$312,500
21 Prescott Court, The Hamiltons/$469,999/$471,000

Search available townhomes and condos in Basking Ridge

Single Family Homes:

Address/List Price/Sale Price

489 King George Road/$650,000/$625,000
234 Irving Place/$245,000/$240,000
9 Caldwell Court/$1,299,000/$1,258,500
31 Ridge Street/$499,000/$450,000
33 Summit Drive/$1,030,000/$990,000
117 Fieldstone Drive/$750,000/$732,500
27 Shepard Way/$619,000/$625,000
21 Martinsville Road/$719,900/$650,000
10 Butternut Lane/$1,800,000/$1,625,000
47 Addison Drive/$849,900/$829,000
32 Berkeley Circle/$829,900/$820,000
29 Alder Lane/$579,900/$581,000
47 Clairvaux Court/$1,425,000/$1,360,000
29 Penwood Road/$780,000/$780,000

Search available single family homes in Basking Ridge.

Mark your calendars for our next Market Seminar which will be held on Saturday, May 22nd.  Stay tuned for more details.

As you know, the Bernards Township school budget was defeated. The Township Committee is now reviewing the budget and will let the School Board know the dollar amount that will need to be cut. If you have any feelings concerning the budget, it is suggested that you email the Committee to voice your concerns and opinions. 

Their address is: townshipcommittee@bernards.org

Last week I wrote an article for Basking Ridge Patch about the expiration of the tax credit.  I think we are all a little anxious about what might happen next.  You can tell from my article that I am remain very optimistic, and this was supported on Sunday evening when the agent who hosted my open house at 50 Church Street in Liberty Corner called to tell me that there had been THIRTEEN intersted parties at the open house that afternoon.  I honestly don’t think that the market will come to a screeching halt becasuse the tax credit is over.  There are many people who didn’t let the tax credit drive their choice of home as well as people who just weren’t ready yet. 

I’ve been very busy myself keeping deals together (and I don’t think half of them are with buyers or sellers who qualify for the credit).  I have several listings in various stages of the transaction process and have been working through home sale contingency issues as well as inpsection issues.  Last week I had two closings and I have another at the end of this week. 

One thing I’ve noticed recently is that deals are taking longer to get to closing and many of them aren’t getting there smoothly.  While the process is the same for every deal, each one has it’s unique issues: home sale contingencies, back-up offers, inspection issues, appraisal issues – I have encountered each of these at least once this year.  While it seems like torture when you are going through it – try to remember, that usually these issues get resolved one way or another. 

If you are ready to make a move, contact me so I can help. Not ready just yet, get started by viewing what’s for sale in Basking Ridge.