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Insights from Jim Weichert
The beginning of a new year is always a time to reflect and consider goals and opportunities for the year ahead. As we begin 2012, there are many reasons for encouragement when it comes to the economy and real estate. If recent economic and real estate trends are any indication, 2012 will be a year when good things can happen not only for potential homebuyers and sellers, but for the country as a whole. For example:
- Existing-home sales rose again in November, and remain at levels above those of a year ago. What’s more, pending home sales also continued to gain in November, reaching the highest level in 19 months, an indication that there will be more future sales.
- In November, sales of new single-family houses rose 1.6 percent from October and were 9.8 percent above November 2010. Additionally, housing starts surged to a one-and-a-half year high in November, and permits for future construction were the highest since March 2010.
- In a sign that the overall economy is strengthening, U.S. employment has grown solidly for the past six months, generating 100,000 jobs or more in each month for the first time since April 2006.
- The Conference Board’s Index of Leading Economic Indicators showed two months of solid gains, signaling that the economy was gaining momentum and the risks of a recession were receding, and its Consumer Confidence Index improved to levels seen in April 2011.
Basking Ridge Market Activity
Two closings so far this year:
- 2 Commonwealth Drive, 2 bedroom Fairfax model in Spring Ridge, listed for $248,000 and sold for $232,500.
- 72 Gerard Avenue, 4 bedroom bi-level, listed for $549,000 and sold for $540,000 in only 36 days.
Eleven new listings – one condo, two townhouses, a bi-level and seven colonials. Many of these homes were listed last year, came off the market for the holidays and are now back on the market.
There have been five contract sales since the first of the year – actually, only four. 11 Archgate Road was logged into the MLS once it was already under contract (it is scheduled to close at the end of the month).
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| 220 Woods End | Colonial | Prince Edward Pointe | $1,100,000 | $1,040,000 | |
| 46 Hansom Road | Colonial | Liberty Ridge | $649,000 | $625,000 | |
| 83 Childs Road | Ranch | $799,000 | $777,500 | ||
| 27 Liberty Ridge Road | Colonial | Liberty Ridge | $789,000 | $756,000 | |
| 14 Revere Drive | Colonial | Liberty Ridge | $799,000 | $736,000 | |
| 46 Vanderveer Drive | Colonial | Revere Hill | $1,029,000 | $965,000 | |
| 25 Tall Timber Lane | Colonial | River’s Edge Estates | $2,975,000 | $2,504,000 | |
| 75 Hardscrabble Road | Colonial | Franklin Corners | $850,000 | $805,000 | |
| 17 Roe Lane | Colonial | Gatehouse | $819,000 | $790,000 | |
| 60 Canterbury Way | Colonial | Canterbury Estates | $1,395,000 | $1,329,500 | |
| 4 Revere Drive | Colonial | Liberty Ridge | $719,000 | $673,500 | |
| 129 Woodman Lane | Colonial | Beacon Manor | $1,495,000 | $1,425,000 |
| 10 Springfield Lane | Townhouse | Amherst Mews | $900,000 | $885,000 | |
| 115 Countryside Drive | Condo | Countryside | $325,000 | $320,000 | |
| 107 Irving Place | Condo | Society Hill | $229,900 | $215,000 | |
| 4 Village Drive | Townhouse | Lord Stirling Village | $324,900 | $326,000 | |
| 194 Patriot Hill Drive | Townhouse | Patriot Hill | $599,000 | $580,000 | |
| 2 Benedict Crescent | Townhouse | Amherst Mews | $789,000 | $751,000 | |
| 45 Village Drive | Townhouse | Lord Stirling Village | $350,000 | $315,000 | |
| 440 Penns Way | Townhouse | Society Hill | $310,000 | $277,000 |
Twelve closed sales in Basking Ridge since I last posted a market update on 11/16/11:
- 340 Penns Way closed for $215,000 – Society Hill
- 147 Jamestown Road closed for $232,500 – Spring Ridge
- 58 Alexandria closed for $273,500 – Spring Ridge
- 141 Village Drive closed for $$355,000 – Lord Stirling Village
- 65 S. Alward Ave closed for $549,900 – my listing! multiple offers!
- 215 Patriot Hill Drive closed for $557,500 – Patriot Hill in the Hills
- 117 Goltra Drive closed for $592,000
- 23 Forest Trail closed for $573,000
- 128 Patriot Hill Drive closed for $630,000 – Patriot Hill in the Hills
- 68 LibertyRidge Road closed for $764,000 – Liberty Ridge in the Hills
- 37 Chimney Ash Farm Road closed for $770,000
- 267 English Place is closing TODAY! – my listing!
There were 10 new listings in this time period and there were 13 contract sales – not bad for the last two weeks of November, traditionally the end of the Fall market. I am still very busy – writing a contract today, I have a listing appointment this week and another appointment with move-up buyers on Sunday. My partner Gerry is also out with clients this week…Maybe the Fall market will carry us right through to Spring!
59 Commonwealth Drive
A one bedroom Baxter model in Spring Ridge with an updated kitchen and an updated bathroom. This unit features both a basement and a garage. Open Sunday from 1-4.
86 Childs Road
A four bedroom center hall colonial on three wonderful acres. Home features an updated kitchen, finished basement with media room and a terrific sun room. Open Sunday from 12-4.
Just Listed – a wonderfully updated one bedroom condo in Spring Ridge. This unit features garage and basement. Updated kitchen and updated bathroom – both done beautifully. Why rent when you can buy this gorgeous unit for $219,000?
Take a look:
Closings since October 22nd:
- 93 Atlas Road – List Price: $535,000 / Sale Price: $500,000
- 302 English Place – List Price: $215,900 / Sale Price: $197,000
- 2 Landau Road – List Price: $734,800 / Sale Price: $715,000
- 93 Countryside Drive – List Price: $189,900 / Sale Price: $178,000
- 41 Roberts Circle – List Price: $479,000 / Sale Price: $450,000
- 7 Quincy Road – List Price: $425,000 / Sale Price: $425,000
- 67 S Alward Avenue – List Price: $554,000 / Sale Price: $515,000
- 67 Vanderveer Drive – List Price: $1,069,900 / Sale Price: $1,060,000
- 56 Aspen Drive – List Price: $339,900 / Sale Price: $327,500
- 42 Baldwin Court – List Price: $159,600 / Sale Price: $159,600
- 16 Lindbergh Lane – List Price: $239,000 / Sale Price: $210,000
Click here for a list of additional homes that have sold in Basking Ridge.
258 Alexandria Way, Basking Ridge
Spring Ridge Duplex – Greenbriar model – 3 bedrooms, 2.1 baths and a finished basement.
Sold for $432,000
The price on 267 English Place in Society Hill Basking Ridge is getting better and better! Now being offered at $284,900 – this two bedroom end unit has been updated with a new kitchen, new bathrooms, floors, and more.
Open this Sunday from 1:00 – 4:00. Come take a look!
Sign up for new listing alerts in Basking Ridge or take a look at what sold each month for the last two years – a great way to get an idea of Basking Ridge home values.
There have been fourteen contract sales in Basking Ridge since 9/1/11 – at prices across the range from $200,000 up to $1,300,000. Of the 178 properties showing available, eight are starred as being in attorney review and I know that there are at least two others with offers being negotiated. I am working multiple offers on one of my listings, just received an offer on another one and I am expecting an offer on a third before the end of the week. Despite this activity, the absorption rate here in town has crept up significantly – reaching almost 12 months. That is CrAzY – and I think it is a false high as I am aware of several properties that are under contract that are not accurately reported in the MLS. This is being done to protect sellers in a buyers market full of uncertainty when it comes to things like appraisals and re-negotiations after inspections.
Obviously though, people are still buying homes in Basking Ridge – there have been 22 closings since September 1st:
85 Manor Drive, sale price: $975,000
22 Royal Oak Drive, sale price: $1,480,000
23 Mayflower Drive, sale price: $490,000
37 Emily Road, sale price: $1,750,000
19 Hancock Court, sale price: $499,000
222 Patriot Hill Drive, sale price: $615,000
21 Sentry Court, sale price: $1,232,500
128 Constitution Way, sale price: $468,000
35 Old Farm Road, sale price: $1,215,000
22 Dexter Drive North, sale price: $537,500
12 Van Dorn Road, sale price: $650,000
78 Carlisle Road, sale price: $610,000
55 Kinnan Way, sale price: $865,000
1 Potomac Drive, sale price: $210,000
184 Spencer Road, sale price: $475,000
257 Penns Way, sale price: $275,000
72 Liberty Ridge Road, sale price: $712,000
23 Ramapo Drive, sale price: $1,042,000
26 Hickory Drive, sale price: $855,000
18 Hadley Court, sale price: $660,000
142 Irving Place, sale price: $225,000
21 Knollcroft Road, sale price: $474,900
Great houses when listed at great prices will absolutely sell. And – in my opinion – every house is a great house! Seriously, there is a buyer out there for every house. You just need an experienced agent to help you market the property, find the buyer and navigate the rough waters of the current market! As these 22 new Basking Ridge homeowners can attest: it can be done!
Helpful Links
Get a free Market Analysis of your Basking Ridge Home
Search New Basking Ridge Single Family Home Listings
Search New Basking Ridge Condo and Townhouse Listings
Review what has sold in Basking Ridge – broken out by month
Sign up for email alerts – Basking Ridge Homes for Sale
Facebook.com/BaskingRidgeRealEstate
Five closed sales in Basking Ridge this past week:
- 1 Potomac Drive in Spring Ridge – listed for $225,000 sold for $210,000
- 18 Hadley Court in Amherst Mews – listed for $699,000 sold for $660,000
- 33 Vanderveer Drive in Revere Hill – listed for $$819,999 sold for $805,000
- 22 Royal Oak Drive, a Bocina built colonial – listed for $1,575,000 sold for $1,480,000
- 37 Emily Road, another Bocina built colonial – listed for $1,825,000 sold for $1,750,000
Considering a move into or out of Basking Ridge? Consider calling Jennifer Blanchard – she IS Basking Ridge Real Estate!