Archive for August, 2010
Basking Ridge preps for a strong Fall Market
August 22nd, 2010 | 
Author: Okay, maybe I am exaggerating, but let me tell you…I was away last week and while I was gone I received several inquiries from potential buyers and sellers, as well as messages from people I haven’t heard from in quite some time. It’s a good thing I have a great team who stayed behind in Basking Ridge while I was at the beach. We had three requests for market values on Basking Ridge homes, two past house-hunters back to look at more homes, one past potential seller called for an update and hopes to list in October. I had an offer accepted on a listing, one offer made on a short sale property, one new buyer ready to go out and look at condos (already planning second visits and talking to a mortgage rep), and a listing that had previously not had many showings had at least four this past week. No kidding – all of these things happened during the week of August 14th. I also have three listings getting ready to come on the market right around Labor Day (an in-town colonial with a pool, a Prince Edward Point colonial also with a pool and a cute cape in Bernardsville).
I thought August was supposed to be quiet in the real estate market. I hope this is a sign of an upcoming busy fall market!
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Data Analysis – Basking Ridge Patch – Price it Right
My most recent article on Basking Ridge Patch talks about proper pricing. In the article, I refer to some data analysis that I did yesterday. Looking at a small sample of sales (Basking Ridge closings in July, 2010), I manually adjusted the days on market to reflect the time it took from a price adjustment to accepted offer. I was very happy with the results because they totally support what I always say, “if the property is priced correctly, it should sell within the first 30-40 days”. If it isn’t priced correctly, you can recover with a price adjustment – but use the input from showing activity to help you get it priced right. Because homes that are well priced will attract the right buyers – the buyers who recognize the value and are ready to make a move. Opposed to the buyers who are looking for a deal and want to low ball fifteen houses until they find a seller who will take any offer.
Here is the data (I hope it pastes in a readable format):
| Address | Original List Price | % SP to OLP | Last List Price | DOM (current listing) | Sale Price | % SP to LLP | comments | approx adj’d DOM | |
| 85 | Governor Dr | $1,065,000 | 100% | $1,065,000 | 6 | $1,060,000 | 100% | priced right – sold fast! (multiple offers) | 6 |
| 52 | Sentinel Dr | $995,000 | 103% | $995,000 | 8 | $1,024,999 | 103% | price right – sold fast! | 8 |
| 118 | Fairview Dr S | $629,000 | 100% | $629,000 | 9 | $629,000 | 100% | attorney review within 10 days | 9 |
| 76 | Liberty Corner Rd | $469,900 | 68% | $395,000 | 13 | $320,000 | 81% | contract under two weeks | 14 |
| 8 | Rachel Ct | $1,239,000 | 101% | $1,239,000 | 14 | $1,251,188 | 101% | priced right – sold fast! | 14 |
| 15 | Alder Ln | $729,000 | 98% | $729,000 | 17 | $715,000 | 98% | priced right – sold fast! (multiple offers) | 11 |
| 331 | Penns Way | $259,000 | 98% | $259,000 | 24 | $255,000 | 98% | attorney review within 10 days | 10 |
| 47 | Fairview Drive South | $784,500 | 100% | $784,500 | 24 | $784,500 | 100% | priced right – sold fast! | 24 |
| 18 | Whitetail Ln | $839,000 | 95% | $839,000 | 25 | $795,000 | 95% | no price adjustment | 25 |
| 171 | Smoke Rise Rd | $739,000 | 100% | $739,000 | 26 | $741,000 | 100% | attorney review within 10 days | 10 |
| 80 | Village Dr | $375,000 | 91% | $352,000 | 40 | $340,000 | 97% | price change 5/14, contract 6/23 | 40 |
| 51 | Arbor Cir | $489,000 | 94% | $475,000 | 41 | $460,000 | 97% | price change 4/27, contract 5/27 | 30 |
| 14 | Grove Rd | $919,000 | 101% | $919,000 | 41 | $929,000 | 101% | attorney review within 30 days | 30 |
| 44 | Kinnan Way | $899,000 | 99% | $899,000 | 42 | $890,000 | 99% | no price adjustment | 42 |
| 120 | Constitution Way | $469,000 | 95% | $469,000 | 45 | $445,000 | 95% | no price adjustment | 45 |
| 66 | Emerald Valley Ln | $2,485,000 | 88% | $2,275,000 | 63 | $2,175,000 | 96% | new construction | 63 |
| 5 | Johnston Cir | $874,900 | 94% | $859,000 | 64 | $820,000 | 95% | price change 4/22, attorney review 5/21 | 30 |
| 3 | Deer Ridge Rd | $1,799,000 | 77% | $1,499,000 | 64 | $1,390,000 | 93% | price change 4/20, attorney review 5/21 | 30 |
| 52 | Deer Creek Drive | $1,100,000 | 93% | $1,100,000 | 68 | $1,020,000 | 93% | no price adjustment | 52 |
| 1 | Springfield Ln | $774,900 | 97% | $774,900 | 69 | $755,000 | 97% | no price adjustment | 69 |
| 71 | Dorchester Dr | $539,900 | 94% | $514,900 | 77 | $507,000 | 98% | price change 5/13, contract 5/21 | 7 |
| 197 | Alexandria Way | $282,000 | 91% | $267,000 | 78 | $257,000 | 96% | price change 3/22, contract 5/2 | 40 |
| 41 | Harrison Brook Dr | $599,000 | 79% | $499,000 | 79 | $475,000 | 95% | price change 5/18, attorney review 7/4 | 45 |
| 56 | Dickinson Rd | $800,000 | 95% | $769,900 | 81 | $760,000 | 99% | price chage 6/7, contract 6/23 | 16 |
| 239 | English Pl | $269,900 | 96% | $259,900 | 85 | $259,900 | 100% | price change, 4/22, attorney review 6/5 | 37 |
| 108 | Village Dr | $364,900 | 86% | $324,900 | 87 | $314,000 | 97% | price change 5/27, contract 6/4 | 7 |
| 5 | Clark Ct | $518,000 | 93% | $505,000 | 105 | $480,000 | 95% | price change 6/7, contract 6/17 | 10 |
| 236 | Potomac Dr | $209,900 | 94% | $199,000 | 108 | $196,500 | 99% | price change 6/22, contract 6/30 | 8 |
| 301 | Mountain Rd | $874,900 | 74% | $698,000 | 118 | $651,500 | 93% | price chage 2/13, attorney review 3/3 | 20 |
| 7 | Barton Way | $840,000 | 98% | $840,000 | 125 | $826,000 | 98% | no price adjustment | 125 |
| 88 | Lyons Road | $679,000 | 85% | $599,000 | 129 | $575,275 | 96% | price change 6/6, attorney review 6/16 | 10 |
| 16 | Goltra Dr | $649,900 | 83% | $549,900 | 149 | $537,000 | 98% | price change 4/20, attorney review 6/4 | 45 |
| 8 | Culberson Rd | $1,150,000 | 83% | $999,999 | 162 | $958,000 | 96% | price change 4/23, attorney review 6/16 | 55 |
| 3 | Barton Way | $849,900 | 94% | $849,900 | 13 | $800,000 | 94% | listed several times – no price adjustment | 300 |
| 112 | Galloping Hill Road | $512,000 | 84% | $430,000 | 351 | $430,000 | 100% | data not available – short sale | - |
| 26 | Deer Creek Road | $1,499,000 | 70% | $1,199,000 | 374 | $1,045,000 | 87% | price change 10/2, contract 5/11 | 180 |
| 70 | Morgan Lane | $1,849,000 | 85% | $1,739,000 | 395 | $1,575,000 | 91% | price change 2/1, attorney review 5/14 | 90 |
| avearage SP to OLP: | 91% | average SP to LP: | 97% | ||||||
| average days on market: | 87 | adjusted average days on market: | 43 | ||||||
Attention buyers – there isn’t a seller out there who will simply take any offer just to get the house sold! But, a good buyers agent can certainly help you get the best deal possible. Start with a search of single family homes available in Basking Ridge. Search condos in Basking Ridge.
Going Green in Basking Ridge
As people become more conscious of the environment and aim to reduce their carbon footprint, there is a new premium on products and features that promote energy efficiency. Real estate is no exception, and today’s homeowners are taking steps to “go green” as a way to cut costs and to make their home more desirable to buyers.- Choose environmentally friendly LED lighting, which gives off the same light as regular bulbs, but lasts 50 times longer.
- Low flush toilets use one or two gallons of water per flush, compared to three to five gallons for a typical toilet.
- Purchase appliances marked with the ENERGY STAR label. This designation means that they meet the strict energy-efficiency guidelines set by the Environmental Protection Agency and the U.S. Department of Energy.
So, if you are considering a move into or out of Basking Ridge, NJ, please don’t hesitate to contact me directly so we can talk about the market here in town.
Mold – Yuck!
The inspection part of any real estate transaction can be very stressful. It is hard enough for many sellers to have people traipsing through their homes, then (especially in today’s market), negotiating a price which is probably lower than they wanted and finally, having a home inpsector examine every nook and cranny and producing what is most often a very lengthy report. There are several inspection issue which as a seller you really need to remediate – regardless of cost, because if you don’t do it for this buyer, you will have to do it for the next buyer. Structural issues and hazardous situations fall into this category.
So does Mold. I have run up against this three times in recent months. Mold sneaks up on you, all three of my clients who had mold had no idea that it was in their home. In two of the homes it was in the attic, in the third it was in the basement. I have become very close with Dan from NJ Mold! He has told me that every house in NJ should have a dehumidifier in it – period, end of discussion. If you don’t have one, go get one! They make them bucketless now! You can have it drain right into the slop sink or the sump pump pit (but NOT in your sewer drain – that’s against the rules!).
If you have a question about a home inspection issue, feel free to contact me directly and I will see what I can do!