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Ten sales in Basking Ridge since January 15th:

223 Alexandria Way – this was a bank approved short sale – sold for $170,000

436 Penns Way – $280,000

38 Roberts Circle – $480,000

11 E. Ash Street – $815,000

82 Dorchester Drive – $408,000

180 Patriot Hill Drive – $590,000

162 Alexandria Way – this was a foreclosure – sold for $230,000

40 Sentinel Drive – $1,056,000

17 Berta Place – sold over asking at $801,000

11 Archgate Road – $690,000

 Are you considering a move into or out of Basking Ridge?  Make us your Basking Ridge Real Estate resource!

Basking Ridge House for sale – a traditional colonial in a traditional neighborhood

Four bedrooms, almost a full acre, walk to Rebel Hill Park, Liberty Corner School district.  Hardwood floors on both levels, an awesome family room expansion that features a wet bar, lots of windows and a slider to the deck.   The Mount Airy Estates neighborhood is a great place to live – convenient to everything in town – both highways (without being right on top of them), Lyons train station, Riverwalk…

This property will be hosted open on Sunday, February 12th, but you can certainly contact me prior to that if you’d like to see it.

Click here to reach me via email

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Is it not the right house for you?  Search other Basking Ridge homes for sale.

Considering a move?  Need to know the value of your Basking Ridge home?

Still planning – review past Basking Ridge Sales.

According to Remodeling magazine’s 2011-2012 “Cost vs. Value Report,” replacement projects perform better in resale value than other types of remodeling projects. In fact, seven out of the top 10 projects were siding-, window- and door- replacement projects. 

The good news for cost-conscious homeowners is that investing in your home in a way that pays off at resale doesn’t have to cost a lot. The high value of most replacements can be contributed to the relatively low cost of these projects. What’s more, the majority of replacement projects immediately improve curb appeal, making the home more attractive to buyers.

Based on interviews with real estate professionals throughout the country, the Remodeling report found that the top project is fiber-cement siding, which typically recoups 78 percent of costs. Fiber-cement siding has been in the No.1 spot for six of the seven years since it was added to the report.

Moving up two spots in the rankings is the minor kitchen remodel, now coming in at fourth place at 72 percent. Considered an “interior replacement” project, this is the least expensive way to give an existing kitchen a complete facelift. It is typically done by adding new cabinet door and drawer fronts and hardware, new countertops and new appliances.

The right remodeling project, when done well, also has the potential to make for a quicker sale and reduce negotiations with buyers over perceived shortcomings.  I have highlighted this sentence because I think it is very important to point out that renovations and repairs may NOT directly increase the sale price but rather will have an impact on time on market and quality of the negotiation.

If you are thinking of perhaps putting your house on the market, please feel free to give us a call, and we would be happy to meet with you and answer any questions you might have about getting your house or townhouse ready to sell. Also, feel free to go to our Basking-Ridge-Real-Estate website for more valuable information about buying and selling in Basking Ridge.

11 Archgate Road closed yesterday – list price was $699,000, sale price $690,000!

Also closed this week was 15 Frohlin Drive in Bridgewater; sale price $310,000.

For information on how to get YOUR home sold, you can visit Basking Ridge Real Estate or Bedminster Real Estate and follow the link for a free home value report.

According to the National Association of Realtors (NAR), existing-home sales rose 5 percent in December and were 3.6 percent higher than in December 2010. This is the third consecutive month that existing-home sales have improved.

Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

Total housing inventory at the end of December dropped 9.2 percent to a 6.2-month supply at the current sales pace. Available inventory has trended down since setting a record in July 2007, and is at the lowest level since March 2005.

“The inventory supply suggests many markets will see prices stabilize or grow moderately in the near future,” Yun said.

Regionally, existing-home sales in the Northeast jumped 10.7 percent in December and are 3.3 percent above a year ago.

I did  a quick comparison of December sales in Basking Ridge each year since I started selling Real estate (2002 through 2011) according to the MLS:

Year/Sales

2002/26
2003/26
2004/25
2005/28
2006/27
2007/14
2008/15
2009/22
2010/16
2011/29

Sales in Basking Ridge in December, 2011 were way up over December 2009.  I’m not sure what this data tells us – but it’s kind of interesting to look at.  This sort of post always makes me think about the fact that sometimes we need to reconsider why we are buying real estate… everyone needs a place to live.  Real estate as an investment is only one way to look at things.  To own real estate as a way to have a vested interest in your own home is another.  Something to think about….

According to the National Association of Realtors, in December existing home sales rose for THREE consecutive months in a row from where they were a year ago.  The latest monthly sales data shows a 5% rise in sales of existing home sales.  You can read the full article from the National Association of Realtors by clicking here.

If you are looking to buy or sell in Basking Ridge, check out Basking Ridge Real Estate today!

Basking Ridge Real Estate – Questions and Answers

Submit questions here, I will do my best to answer them here on the blog or via email.

Q. How do I go about buying a foreclosure?

A. Realtors often only have access to foreclosures once they have been fully foreclosed and are owned by the bank. These are actually easy sales – they are listed in the MLS, they are typically offered at or under market value and you have an opportunity to inspect them (though you won’t get much from the seller in way of repairs, these are typically as-is sales).

You can also buy a foreclosure at auction – this is a little trickier – you have to watch the sheriff sale website or the newspaper for the schedule, often you have to bid without seeing the property, you may have to assume a lien (tax or otherwise), and you need to have 10% in cash on the day of the auction (or something similar … I have only been to one sheriff sale and it was more of an informational experience than anything else…) You wouldn’t need a Realtor for this type of purchase except maybe to act as an advisor or consultant.

Another option is to purchase a short sale. If you have the time to wait around for an approval these can be really good deals. They can be a real pain in the tush to get through, but as I said, they are often a really good deal.

Foreclosures and short sales are often in poor condition – the owners didn’t have money to pay the mortgage, they weren’t paying for repairs or upkeep either – again, if you can get a deal, that may not matter.

Let’s consider this too: in spite of the economy and the nose-dive the real estate industry took over the last five or six years, I still believe it’s a good long  term investment.  There are some really good deals out there that aren’t short sales or foreclosures.  You can get a two bedroom two bath condo with garage and basement for around $225,000 in Basking Ridge.  Search here for all available townhouses and condos in Basking Ridge, or here to see single family homes for sale in Basking Ridge.

Is this for an investment? You need to do the math – to see if it makes sense – knowing what you can get for rent, what the mortgage payment would be, maintenance… etc. And the fact that you’d be a land-lord, you’d want it to be conveniently located. There is a lot to think about.

There was only one closing this week in Basking Ridge: 38 Roberts Circle, a town house in Maple Run sold for $480,000.  The market must be getting better because I never would have guessed that this unit would have sold for so much!  I’m very happy for that seller.  There are several other units in that development that have been for sale recently, I’m quite sure we’ll see some of them returning to the market this spring.  Hopefully they will have better luck this season!

Basking Ridge absorption rate is 6.2 months – there are only 132 properties available.  In my network – both socially and professionally, I know of at least six homes getting ready to list…  I’m hopeful that this will be a great selling season for both buyers and sellers!

Surrounding areas:

In Bedminster there were three closings this week: 77 Sage Court, a condo in the Mayfield section, closed for $189,000; 19 Eton Court a townhouse in Stone Run II sold for $363,500 (Judi and I sold this one!), 200 Old Farm Road a cape cod off of Lamington Road sold OVER ASKING for $801,000.   Absorption rate in Bedminster is just under seven months – with 83 properties available, 25 under $300,000, and interest rates under 4%, it’s a great time to buy!

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Basking Ridge Home Value; Basking Ridge Townhouses for Sale; Basking Ridge Condos for Sale; Basking Ridge Homes for Sale; Contact Jennifer Blanchard; Get Basking Ridge Listing alerts in email

The Bernards Township Health Department, located at 262 South Finley Avenue and servicing Basking Ridge, Bernardsville, Chester, Long Hill Mendham and Peapack-Gladstone, is offering radon kits for $10.00.  January is Radon Action Month.  Radon is a clear, odorless gas that occurs naturally in soil.  There is only one known health effect – and that is the risk of developing lung cancer.  This is very scary, especially because radon is very common in our area.

It is always recommend that a buyer test for this gas during their home inspection.  If the levels of Radon are greater than 4.0 picocuries the seller of the house has an obligation to remediate.

The remediation process involves installing a fan in the attic that is attached to a pipe that pulls air from below the foundation and sends it out over the roof-line.  These systems are essentially fool-proof and bring the levels in to acceptable range – I’ve never seen that not happen.

Once the levels are down, the risks are gone!

On a lighter note – the headline on the article in the Bernardsville News says, “Radon KIDS available in Bernards”.  I just thought that was funny.  Especially because the last time they ran this article was in 2010 and they didn’t get it right then either!  ”Free Radon Kits available in Basking Ridge”

Have any questions about the real estate transaction process?  I am happy to help, click here to contact me directly.

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31 Shepard Way, Basking Ridge

This spacious expanded ranch offers 5 bedrooms and 3 1/2 baths, with hardwood floors throughout. Updated kitchen with cherry cabinets and a beautiful wood burning fireplace with a stone surround. Just a great way to create a warm and cozy home! Finished basement with wet bar is great for entertaining! The park like setting is at the end of the cul-de-sac for a very private, peaceful and relaxing atmosphere. This home offers great value in a wonderful town with Top Rated Schools. Near major highways and shopping. A must see to really appreciate.

Call Jennifer Blanchard, your Weichert Sales Associate, for more information.  

Open House scheduled for next Sunday, 1/29 at 1:00 pm.