Author Archive
Bernards Township Smoke Detector requirements
June 10th, 2010 | 
Author: Amanda said I haven’ t been blogging lately – and she’s RIGHT! I’ve been swamped which is a really good thing, right?! Tonight the Girls on The Run group from the YMCA is running in the Flag Day 5k at the Y on Mt. Airy Road – and I am joining my daughter to run! The girls have been working really hard and are very exciteded (and a little nervous) to be running in a REAL road race!
This morning I passed the Township Fire inspection for one of my listings that is scheduled to close next week. While I always make sure my sellers know what is needed for this inspection and I often schedule it for them, it is good to know what is required – because most people are totally surprised when I tell them.
You need to have a smoke detector on every level of the home; you need a carbon monoxide detector on every level where there is a bedroom and it needs to be within 10 feet of the bedroom door. You also need a fire extinguisher hung in the kitchen. Email me and I will send you the document from the Bernards Township code enforcement department.
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Is it the RIGHT house?
I just answered a question on Trulia Voices:
The question was: How much “wiggle room” do you typically have on an asking price?…I am looking at a NJ home asking $320,000 which seems pretty accurate according to my realtor. But it’s in a flood zone and had water just 3 years ago according to the owners disclosure. Whereas the comps are not in a flood zone, but lack some of the upgrades (partially finished basement, all appliances included, hardwood floors). My mortgage pre-approval is only for $300k. Should I not even be considering this home or is it possible that there is enough room to play with?
My answer was this, “you won’t know how much wiggle room there is until you make an offer. The list price is only half the game (if that, given that we are still essentially in a buyers market even if we are recovering). Figure out the value to YOU, put it in writing and start a discussion.”
I also added this, “If I may add my $.02 though…. reading between the lines of your question – this probably isn’t the right house for you. I just have a hunch, I always counsel my buyers in this way – if you have doubts, move on….”
I honestly believe in the “you will know when it is right” line of thinking. You feel it, you just do. If you walk into a house and you don’t “feel it”, it’s probably not the right house. If you have to post on the internet to ask if a house is worth it, then it’s probably not the right house. If you make an offer and it is accepted and you have second thoughts and start hoping it will fall apart – then it’s probably not the right house.
If you make an offer and it is accepted and you are so excited that you can’t sleep and you ask your agent a million questions to make sure you do everything right so nothing goes wrong and messes up the deal…if you have jitters and alternate between being so excited and wanting to throw up, then it’s probably the RIGHT HOUSE!
Just ask Scott and Kathy – - they know the difference!!
I’m more than happy to help you find the right house; start your search in Basking Ridge by visiting my website to see what has sold recently or to sign up for listing alerts.
Featured Open Houses
Today’s open houses in Basking Ridge will be hosted between 1:00 and 5:00 at 43 Village Drive in Lord Stirling Village and 50 Church Street in Basking Ridge.
Both properties have recently been repositioned in the market, providing excellent value for the discerning value. 43 Village Drive is being offered at $358,900 – a price much lower than the last sale and a definitely bargain for someone who likes fresh paint and gleaming hardwood floors! 50 Church Street is being offered at $479,999 – where else can you buy over three quarters of an acre backing to farmland with an adorable home featuring a wrap-around front porch, a huge shed a detached garage and a walk up attic?
Come out today and talk to me and Carol about why it’s a great time to buy a home!
Sales in June and Home Sale Contingencies
There were seven closings here in Basking Ridge during the first week of June:
47 Baldwin Court, Society Hill condo, List price $265,000, Sale Price $256,000
8 Countryside Drive, Countryside Manor townhouse, List price $349,900, Sale price $335,000
30 Peachtree Road, Homestead Village, List price $649,000, Sale price $588,000
146 Patriot Hill Drive, townhouse, List price $649,000, Sale price $630,000
7 Goltra Drive, List price $705,000, Sale price $680,000
323 Old Army Road, List price $1,100,000, Sale price $1,250,000
42 Old Farm Road, List price $1,395,000, Sale price $1,300,000
There have been 38 contract sales in the last 30 days and there are currently 231 homes available in Basking Ridge. This calculates to an inventory level of six months which is a relatively balanced market.
I am finding that home sale contingencies are becoming more popular; in fact, I have been involved in several recently. Each deal is structured a little differently, but essentially allows for the same thing: a purchaser who intends to use the proceeds from the sale of their home to complete their purchase. This is a classic problem for most move-up buyers and many downsizers. As we have worked our way through this challenging market, more sellers are willing to consider contracts that are contingent upon the sale of the purhcasers current residence. However, a property is considered to be Under Contract when Attorney Review has been completed per the attorneys involved, and the real estate commission requires that this status be fully disclsosed to all parties viewing the property. In the past, this meant that the listing status had to be changed to UC (under contract) and the listing was removed from the public eye – essentially defeating the purpose of the “continue to show” clause. The MLS has created a new status to accomodate this scenario. It is called “US” and instead of UC for under contract. This new status does NOT remove the listing from third party sites – it still stays active and can easily be shown until all contingencies are met.
In other news – don’t miss the Liberty Corner Fire Company’s 8th Annual Comedy Night on Saturday evening, June 5, 2010 in the ballroom of the firehouse at 95 Church Street at 8:00 (wine and beer bar opens at 7:00). Tickets can be purchased at the door for $45 – attendees must be 21 or older.
Bernards Township – Full Day Kindergarten Saved!
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.
No New Tax on Home Sales
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.
Mid-month Check-up
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.
Basking Ridge Real Estate – it’s a little crazy out there!
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!
Basking Ridge – upcoming events
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.
April Closings in Basking Ridge
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.