July 2010 was no different.  Thirty-five families moved into their “new-to-them” homes this past month.  Follows is a list of those transactions including address, List Price and final Sale Price:

236 Potomac Drive, Spring Ridge  $199,000/$196,500
331 Penns Way, Society Hill  $259,000/$255,000
239 English Place, Society Hill  $259,900/$259,900
197 Alexandria Way, Spring Ridge  $267,000/$257,000
108 Village Drive, Lord Stirling  $324,900/$314,000
80 Village Drive, Lord Stirling  $352,000/$340,000
76 Liberty Corner Rd  $395,000/$320,000
112 Galloping Hill Road  $430,000/$430,000
120 Constitution Way, The Hamiltons  $469,000/$445,000
51 Arbor Circle, The Cedars  $475,000/$460,000
41 Harrison Brook Dr  $499,000/$475,000
5 Clark Court, The Hamiltons  $505,000//$480,000  105
71 Dorchester Drive, The Hamiltons  $514,900/$507,000
16 Goltra Dr  $549,900/$537,000
88 Lyons Road  $599,000/$575,275
301 Mountain Road  $698,000/$651,500
15 Alder Lane, The Hills  $729,000/$715,000
56 Dickinson Road, Amherst Mews  $769,900/$760,000
1 Springfield Lane, Amherst Mews  $774,900//$755,000
47 Fairview Drive South  $784,500/$784,500
18 Whitetail Lane, The Hills  $839,000/$795,000
7 Barton Way, Amherst Mews  $840,000/$826,000
3 Barton Way, Amherst Mews  $849,900/$800,000
5 Johnston Circle, The Hills  $859,000/$820,000
44 Kinnan Way  $899,000/$890,000
14 Grove Road  $919,000/$929,000
52 Sentinel Drive, The Hills  $995,000/$1,024,999
8 Culberson Road  $999,999/$958,000
85 Governor Drive  $1,065,000/$1,060,000
52 Deer Creek Drive  $1,100,000/$1,020,000
26 Deer Creek Drive $1,199,000/$1,045,000
8 Rachel Court, Prince Edward Point  $1,239,000/$1,251,188
3 Deer Ridge Road  $1,499,000/$1,390,000
70 Morgan Lane  $1,739,000/$1,575,000
66 Emerald Valley Lane, new construction  $2,275,000/$2,175,000

Although the blog has been quiet, I have been quite busy as has the industry – we have had resolution on a few issues including the extension of the tax credit, some changes to flood insurance requirements and the defeat of a state bill that would require a tax on seasonal rentals.  As for me, I have been working with Gerry and Judy on several rental transactions, two new listings (one in Bernardsville and one in Basking Ridge), and many closings (I have three next week and I had two this past week).  I am working with a lovely young couple hoping to find their first home in Basking Ridge, I am managing my current listings and negotiating inspection issues for a current seller.  I just haven’t been blogging – because when I’m not working, I’m spending time with my kids and I will say that this has probably been one of my best summers yet!  I’m sad for it to end – so we won’t talk about that yet.

If you are wondering if now is the time to buy, there is no doubt in my mind that there are some great deals out there.  So take a look at the website to search Homes for Sale in Basking Ridge or make an inquiry to find the value of your home.  I’m happy to help!

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Contact me directly for more information or a tour of the townhouse.

Spectacular View

Gleaming Pergo Floors
 

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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!

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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.

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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.

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NAR Chief Economist Lawrence Yun is encouraged to see a broad recovery in home sales. Two important trends he notes are that “sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running.”

In addition, the Commerce Department announced that sales of new homes surged 27 percent last month, well exceeding expectations. In fact, March was the strongest month since last July, and saw the largest monthly increase in 47 years.

It is clearly a great time to purchase a home, and there is still a small window of opportunityto take advantage not only of the boisterous market, but also a federal homebuyer tax credit. In order to claim the $8,000 tax credit for first-time buyers or the $6,500 tax credit for repeat buyers, one needs to enter a binding contract to purchase a home by April 30, and close the transaction by June 30.

There have been 47 contract sales in Basking Ridge since April 1st (compared to 30 for the same time period last year).  The following properties have closed so far this month:

92  POTOMAC DR  $240,000/$220,000, Spring Ridge
234  IRVING PL  $245,000/$240,000, Spring Ridge
215  ALEXANDRIA WAY  $250,000/$236,000, Spring Ridge
90  JAMESTOWN RD  $254,900/$252,450, Spring Ridge
3  CHARLESTON CT  $489,000/$465,000, The Hamiltons
31  RIDGE ST  $499,000/$450,000, Single Family
16  FAIRBANKS LN  $539,000/$520,000, The Barons
27  SHEPARD WAY  $619,000/$625,000, Single Family
489  KING GEORGE RD  $650,000/$625,000, Single Family
21  MARTINSVILLE RD  $719,900/$650,000, Single Family
117  FIELDSTONE DR  $750,000/$732,500, Single Family
13  WITHERSPOON LN  $830,000/$807,000, Amherst Mews
47  ADDISON DR  $849,900/$829,000, Single Family
33  SUMMIT DR  $1,030,000/$990,000, Single Family
9  CALDWELL CT  $1,299,000/$1,258,500, Single Family – The Hills
10  BUTTERNUT LN  $1,800,000/$1,625,000, Single Family

There were 81 new listings this month (compared to 60 for the same time period last year).  And there are 80 properties expected to close between now and the end of June. 

If you are considering a move into or out of Basking Ridge, now might be the time to do it!  Please contact me for information on the value of your home or to receive notification of new listings – condos, town homes or single family properties!

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For more information on any of these properties, please contact me directly or search for more Basking Ridge homes for sale. You can also review closed sales in Basking Ridge.

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There were 7 contract sales.

Market Absorption in Basking Ridge is currently 7 months; there are 161 available properties and there have been 23 contract sales in the last 30 days. 

A word from Weichert about the home buyer credit and how it is impacting the market:

“The real estate market continues to show improvement as mortgage rates remain at historic lows and consumers respond to the tax credits for first-time and repeat buyers. In fact, the National Association of Realtors (NAR) just announced that its Pending Home Sales Index rose 1 percent from November.

A forward-looking indicator based on contracts signed in December, the index is now 10 percent above December 2008. What’s more, December activity was the fifth highest monthly tally in two years. A sale is listed as pending when the contract has been signed but the transaction has not yet closed. Because sales usually are finalized within one or two months of signing the contract, this improvement should result in higher home sales in the coming months.

According to Lawrence Yun, NAR chief economist, existing home sales are projected to rise to around 5.6 million in 2010, an 8.5 percent increase over 2009. As sales rise and inventory levels decline, housing wealth for many middle class families will stabilize.”

To get started on your home search visit my website to view all homes for sale in Basking Ridge.  I can also help you get an idea of the value of your Basking Ridge home.

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If you are considering a move into or out of Basking Ridge, don’t miss the Basking Ridge Real Estate website – it  is full of information on recent sales and new listings.

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There are an additional three properties working through attorney review; interestingly enough there is one at each price point: a condo listed for $240,000, a move-up single family home listed for $649,000 and a luxury property listed at $1,299,900.

The following properties closed during the same time frame:

3 Commonwealth Drive, Spring Ridge Condo, sale price $240,000
193 Irving Place, Society Hill townhouse, sale price $299,9999

If you are considering a move into or out of Basking Ridge, please contact me for a buyer consultation or a market analysis of your current Basking Ridge home.  Visit my site to search Basking Ridge Real homes for sale – whether you are looking for a condo, a single family home or a luxury property.  I’m happy to help!

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