Archive for the ‘Basking Ridge Townhouses’ Category

Only three properties closed here in town in the last week:

• 31 Countryside Drive – a one bedroom condo – listed for $197,000 closed for $1888,000
• 266 Potomac Drive – a two bedroom condo in Spring Ridge – listed for $248,500 sold for $232,500
• 3 Witherspoon Lane – a three bedroom town house in Amherst Mews listed for $849,000 closed for $825,000.

Several mortgage reps that I work with have published weekend specials – including a 30 Year fixed FHA at 5% (must have credit scores of at least 660). 

If you are considering a move into or out of Basking Ridge, please contact me and so I can help get you started. Or click here to search homes for sale in Basking Ridge.

Is it summer yet?

The sun is out today – it might be cold, but let’s think ahead a few weeks…there is no better time than now to prepare for a season full of outdoor entertaining. An outdoor kitchen is one of the hottest trends in backyard living. Ranging from a simple barbecue island to a full kitchen with specialty appliances that allow homeowners to do all the food preparation outside, there are a variety of ways to create your own outdoor gathering spot.

Here are some things to consider when planning an outdoor kitchen:

• It is very important to choose appliances that are designed for outdoor use. For example, outdoor refrigerators need to maintain consistent temperatures in an unstable environment, and also need to be weatherproof so they hold up to the elements.
• It is equally important to ensure that there is adequate ventilation for appliances. For example, built-in refrigerators are front-vented so they require little to no clearance on the top, sides, and rear of the unit, but freestanding models require at least one inch of ventilation on all sides.
• Don’t forget to factor in additional costs for adding electrical outlets, and running a water supply line or a drain system.
• The safest bet is to select a licensed and insured installer. Not only will they be aware of any do’s and don’ts, you will also have peace of mind knowing that you are working with professionals who will stand behind their work if something goes wrong.

Looking for something fun to do tonight?

The William Annin School production of Disney’s Camp Rock is this weekend.  I understand that there are still tickets available at the door!

353 Penns Way in Basking Ridge will be held open

Sunday, 2/13 from 12:00 – 4:00

Three bedrooms, largest model in Society Hill

Start your search for Basking Ridge Townhouses and enjoy up to date information direct to your desktop!  Stay tuned for information about our upcoming home buyer seminars; contact me if you’d like to be notified of the next session.

Closed Sales

Fourteen new happy homeowners in Basking Ridge this month (addresses in bold closed since the last Basking Ridge Real Estate update):

441 King Georoge Road: $639000/$620000
20 Stacy Lane: $749000/$720000
203 Alexandria Way: $224900/$215000
15 Tamarisk Court: $1089000/$999000
23 Hadley Court: $834900/$815000
3287 Valley Road: $699990/$687500
378 Grist Mill Drive: $1085000/$999000
217 Irving Place: $244900/$230000
109 Woodward Lane: $319000/$295750
347 Lyons Road: $769000/$725000
75 N Maple Ave: $525000/$500000
196 Irving Place: $299900/$298000
23 S Dexter Drive: $595000/$575000
14 Rockridge Court: $1899999/$1845000

There were seven new listings here in town and only one contract sale.  Search available homes and townhomes for sale in Basking Ridge.

Absorption Rates

There are currently 139 active listings in Basking Ridge and there were 12 sales in the last month which is a market absorption rate of almost 12.  Inventory levels above 5 or 6 months indicate a clear buyer’s market.  When Basking Ridge absportion rates are that high, I like to break it down and look at price point or type of housing:

Condos/Townhouses:  63 available, 4 sold last 30 days = inventory of 16 months

Single Family homes: 76 available, 8 sold last 30 days = inventory of 9.5 months

under $500,000: 63 available, 5 sold last 30 days = inventory of 12.6 months

$500,000-$800,000: 31 available, 6 sold last 30 days = inventory of 5.2 months

$800,000-$1,000,000: 12 available, 1 sale last 30 days = inventory of 12 months

$1,000,000-$2,000,000: 25 available, no sales last 30 days

$2,000,000 and over: 8 available, no sales last 30 days

Remember inventory levels do not predict how long it will take to sell a given house.  They help us determine how much activity there is in a given market at a given price point and allow us to plan accordingly when marketing a home for sale.

If you are considering a move into or out of Basking Ridge, it pays to plan ahead.  Start here to search homes for sale in Basking Ridge, or here to understand the value of your current home.  My team and I focus on Basking Ridge but are well prepared to discuss other areas as well: Bedminster, Bernardsville, New Providence, Berkeley Heights – most of Somerset and Union counties as well as parts of Hunterdon and Morris!

This darling, updated condo took awhile to sell, but once it did the whole process went very smoothly!

First floor, two bedrooms, two baths - totally updated

Listed for $249,000, sold for $245,000

The following home sales closed this past week:

159 Jamestown Road, Spring Ridge, 2 beds, 2 baths, listed at $263,000, sold for $245,000

307 Penns Way, Society Hill, 3 beds, 2.1 baths, listed at $325,000, sold for $310,000

75 Aspen Drive, The Ridge, 3 beds, 3 baths, listed at $429,999, sold for $405,000

6 Chelsea Court, 4 beds, 4.1 baths, custom colonial, listed at $1,575,000, sold for $1,320,000

There were four new listings this week – one townhouse in The Ridge listed for $344,900 and three colonials listed between $1,100,000 and $1,900,000.

There were seven contract sales (who says things are slow?) – three townhouses, one condo, two colonials and one ranch, listed between $244,900 and $999,000.

Market absorption in Basking Ridge has fallen below 6 months – there were 27 contract sales in the past thirty days and there are currently 156 available properties.  I do expect the market to slow considerably between Thanksgiving and the winter holidays – but I also think that low interest rates will continue to fuel sales through the end of the year.

Considering a move into or out of Basking Ridge?  Start your search for townhouses or single family homes for sale at the most comprehensive website where you can also analyze recent sales in Basking Ridge.

You heard it here first!  353 Penns Way in Basking Ridge will be on the market later tonight with photos available tomorrow afternoon.  This model 600 unit (the largest three bedroom with a sun room) is being offered at $310,000.

Stay tuned for open house schedules or contact me directly to schedule an appointment.

Three bedrooms, largest model in Society Hill

Did you know that Society Hill in Basking Ridge has two associations?  Bernards I and Bernards II.

Woodward Lane, Baldwin Court and English Place make up Bernards I.

I have a listing in Bernards II (www.210IrvingPlace.com) which encompasses Irving Place and Penns Way.

Bernards II is NOT approved for FHA loans while Bernards I does qualify.  In order a buyer to qualify for an FHA loan, the condo community must be approved.

If you live in Bernards II and are thinking of selling anytime soon – call your association and encourage them to look into obtaining approval for FHA buyers.  At this price point many of the potential buyers are hoping to use this financing option.  In the past, FHA loans had somewhat of a negative connotation.  I do not believe that this is true any longer – especially with the tightening of qualification requirements.

If you are hoping to qualify for an FHA loan, make sure that the community you wish to buy into is qualified.  You can do this at the HUD website, you just need the zip code and the name of the community.

On a happier note – at the end of last month, Society Hill Bernards II had a ribbon cutting ceremony for the opening of a new playground on Irving Place!

Are you considering a Basking Ridge townhouse or condo?  There are many currently on the market and with inventory levels high, you might get a really good deal!

There were three closed sales and three contract sales in Basking Ridge this week:

Closed sales included:

Contract sales included one town house in The Cedars which had been listed for $280,000, one bi-level in the Cedar Hill school section which had been listed for $649,900 and one colonial in the Mt. Airy Estates section which had been listed for $825,000.

There were five new listings – four of which are townhouses or condos in Spring Ridge (2), The Ridge and Hamilton Crest.  The other is a single family home in the Oak Street school section which is a ranch listed for $429,000.

Inventory levels in Basking Ridge have climbed up over 9 months – this is one of the biggest jumps we’ve had in a while.  We had been hovering between 5 and 6 months.  I’m not concerned… yet.

Contact me directly for information on any of these properties or transactions, I’m happy to help.  I’ve been on several listing appointments since the beginning of September – some of these considering listing before the end of the year, but some are preparing for spring.  I continue to anticipate that Basking Ridge will remain strong in terms of existing home sales – even if prices continue to come down a bit.  Price it right and it will sell!

This new to me listing was just reduced to $312,000!  It will be hosted open Saturday, 1:00-4:00 and on Sunday, 1:00-5:00.  Check out www.41WoodwardLane.com for more information.

Now that Ridge High is NUMBER TWO in the state (according to Newsweek Magazine) – how can you not want to move here?  Visit my website for more information on Basking Ridge Real Estate.