Archive for the ‘Basking Ridge Real Estate Information’ Category
Basking Ridge preps for a strong Fall Market
August 22nd, 2010 | 
Author: Okay, maybe I am exaggerating, but let me tell you…I was away last week and while I was gone I received several inquiries from potential buyers and sellers, as well as messages from people I haven’t heard from in quite some time. It’s a good thing I have a great team who stayed behind in Basking Ridge while I was at the beach. We had three requests for market values on Basking Ridge homes, two past house-hunters back to look at more homes, one past potential seller called for an update and hopes to list in October. I had an offer accepted on a listing, one offer made on a short sale property, one new buyer ready to go out and look at condos (already planning second visits and talking to a mortgage rep), and a listing that had previously not had many showings had at least four this past week. No kidding – all of these things happened during the week of August 14th. I also have three listings getting ready to come on the market right around Labor Day (an in-town colonial with a pool, a Prince Edward Point colonial also with a pool and a cute cape in Bernardsville).
I thought August was supposed to be quiet in the real estate market. I hope this is a sign of an upcoming busy fall market!
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Data Analysis – Basking Ridge Patch – Price it Right
My most recent article on Basking Ridge Patch talks about proper pricing. In the article, I refer to some data analysis that I did yesterday. Looking at a small sample of sales (Basking Ridge closings in July, 2010), I manually adjusted the days on market to reflect the time it took from a price adjustment to accepted offer. I was very happy with the results because they totally support what I always say, “if the property is priced correctly, it should sell within the first 30-40 days”. If it isn’t priced correctly, you can recover with a price adjustment – but use the input from showing activity to help you get it priced right. Because homes that are well priced will attract the right buyers – the buyers who recognize the value and are ready to make a move. Opposed to the buyers who are looking for a deal and want to low ball fifteen houses until they find a seller who will take any offer.
Here is the data (I hope it pastes in a readable format):
| Address | Original List Price | % SP to OLP | Last List Price | DOM (current listing) | Sale Price | % SP to LLP | comments | approx adj’d DOM | |
| 85 | Governor Dr | $1,065,000 | 100% | $1,065,000 | 6 | $1,060,000 | 100% | priced right – sold fast! (multiple offers) | 6 |
| 52 | Sentinel Dr | $995,000 | 103% | $995,000 | 8 | $1,024,999 | 103% | price right – sold fast! | 8 |
| 118 | Fairview Dr S | $629,000 | 100% | $629,000 | 9 | $629,000 | 100% | attorney review within 10 days | 9 |
| 76 | Liberty Corner Rd | $469,900 | 68% | $395,000 | 13 | $320,000 | 81% | contract under two weeks | 14 |
| 8 | Rachel Ct | $1,239,000 | 101% | $1,239,000 | 14 | $1,251,188 | 101% | priced right – sold fast! | 14 |
| 15 | Alder Ln | $729,000 | 98% | $729,000 | 17 | $715,000 | 98% | priced right – sold fast! (multiple offers) | 11 |
| 331 | Penns Way | $259,000 | 98% | $259,000 | 24 | $255,000 | 98% | attorney review within 10 days | 10 |
| 47 | Fairview Drive South | $784,500 | 100% | $784,500 | 24 | $784,500 | 100% | priced right – sold fast! | 24 |
| 18 | Whitetail Ln | $839,000 | 95% | $839,000 | 25 | $795,000 | 95% | no price adjustment | 25 |
| 171 | Smoke Rise Rd | $739,000 | 100% | $739,000 | 26 | $741,000 | 100% | attorney review within 10 days | 10 |
| 80 | Village Dr | $375,000 | 91% | $352,000 | 40 | $340,000 | 97% | price change 5/14, contract 6/23 | 40 |
| 51 | Arbor Cir | $489,000 | 94% | $475,000 | 41 | $460,000 | 97% | price change 4/27, contract 5/27 | 30 |
| 14 | Grove Rd | $919,000 | 101% | $919,000 | 41 | $929,000 | 101% | attorney review within 30 days | 30 |
| 44 | Kinnan Way | $899,000 | 99% | $899,000 | 42 | $890,000 | 99% | no price adjustment | 42 |
| 120 | Constitution Way | $469,000 | 95% | $469,000 | 45 | $445,000 | 95% | no price adjustment | 45 |
| 66 | Emerald Valley Ln | $2,485,000 | 88% | $2,275,000 | 63 | $2,175,000 | 96% | new construction | 63 |
| 5 | Johnston Cir | $874,900 | 94% | $859,000 | 64 | $820,000 | 95% | price change 4/22, attorney review 5/21 | 30 |
| 3 | Deer Ridge Rd | $1,799,000 | 77% | $1,499,000 | 64 | $1,390,000 | 93% | price change 4/20, attorney review 5/21 | 30 |
| 52 | Deer Creek Drive | $1,100,000 | 93% | $1,100,000 | 68 | $1,020,000 | 93% | no price adjustment | 52 |
| 1 | Springfield Ln | $774,900 | 97% | $774,900 | 69 | $755,000 | 97% | no price adjustment | 69 |
| 71 | Dorchester Dr | $539,900 | 94% | $514,900 | 77 | $507,000 | 98% | price change 5/13, contract 5/21 | 7 |
| 197 | Alexandria Way | $282,000 | 91% | $267,000 | 78 | $257,000 | 96% | price change 3/22, contract 5/2 | 40 |
| 41 | Harrison Brook Dr | $599,000 | 79% | $499,000 | 79 | $475,000 | 95% | price change 5/18, attorney review 7/4 | 45 |
| 56 | Dickinson Rd | $800,000 | 95% | $769,900 | 81 | $760,000 | 99% | price chage 6/7, contract 6/23 | 16 |
| 239 | English Pl | $269,900 | 96% | $259,900 | 85 | $259,900 | 100% | price change, 4/22, attorney review 6/5 | 37 |
| 108 | Village Dr | $364,900 | 86% | $324,900 | 87 | $314,000 | 97% | price change 5/27, contract 6/4 | 7 |
| 5 | Clark Ct | $518,000 | 93% | $505,000 | 105 | $480,000 | 95% | price change 6/7, contract 6/17 | 10 |
| 236 | Potomac Dr | $209,900 | 94% | $199,000 | 108 | $196,500 | 99% | price change 6/22, contract 6/30 | 8 |
| 301 | Mountain Rd | $874,900 | 74% | $698,000 | 118 | $651,500 | 93% | price chage 2/13, attorney review 3/3 | 20 |
| 7 | Barton Way | $840,000 | 98% | $840,000 | 125 | $826,000 | 98% | no price adjustment | 125 |
| 88 | Lyons Road | $679,000 | 85% | $599,000 | 129 | $575,275 | 96% | price change 6/6, attorney review 6/16 | 10 |
| 16 | Goltra Dr | $649,900 | 83% | $549,900 | 149 | $537,000 | 98% | price change 4/20, attorney review 6/4 | 45 |
| 8 | Culberson Rd | $1,150,000 | 83% | $999,999 | 162 | $958,000 | 96% | price change 4/23, attorney review 6/16 | 55 |
| 3 | Barton Way | $849,900 | 94% | $849,900 | 13 | $800,000 | 94% | listed several times – no price adjustment | 300 |
| 112 | Galloping Hill Road | $512,000 | 84% | $430,000 | 351 | $430,000 | 100% | data not available – short sale | - |
| 26 | Deer Creek Road | $1,499,000 | 70% | $1,199,000 | 374 | $1,045,000 | 87% | price change 10/2, contract 5/11 | 180 |
| 70 | Morgan Lane | $1,849,000 | 85% | $1,739,000 | 395 | $1,575,000 | 91% | price change 2/1, attorney review 5/14 | 90 |
| avearage SP to OLP: | 91% | average SP to LP: | 97% | ||||||
| average days on market: | 87 | adjusted average days on market: | 43 | ||||||
Attention buyers – there isn’t a seller out there who will simply take any offer just to get the house sold! But, a good buyers agent can certainly help you get the best deal possible. Start with a search of single family homes available in Basking Ridge. Search condos in Basking Ridge.
July Closings in Basking Ridge
I simply cannot believe that it is the LAST Friday in July already! The summer is half over – wow. But, let’s not pine over the lost days of summer just yet! While this may not be the busiest time for most Realtors because many people are away and looking for their dream home isn’t really a priority, all of those spring sales typically close during the summer months.
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!
Basking Ridge Family Fun Night
Free Admission
Residents of the community are invited to join Bernards Township Parks and Recreation for the best night of the summer! The Rec camp staff will be providing an evening of family fun at Harry Dunham Park. This year’s event will include family activities, relays, an interactive DJ, and carnival games.
The Basking Ridge and Liberty Corner Fire Companies will be selling italian ices and the night is topped off with the showing of “Charlotte’s Web” (G) at 8:45PM, so bring a blanket to enjoy the film outdoors under the stars!
My kids are thrilled for this activity – and will be attending with dad as I will be out showing houses!! It’s a really great time to consider buying a house as interest rates are as low as they’ve been since 1971! An interest rate under 5% really does a lot for buying power. So, if you are considering a move into or out of Basking Ridge, please contact me today for more information.
Two recent closings
Both of these properties received quite a bit of attention when I first listed them so I thought I would post their closing information.
161 Thackeray Drive listed on 5/27 for $499,000 had several offers and closed on 6/16 for $490,000 – this transaction was relatively smooth although we ecountered several inspection issues which required additonal negotiations.
32 Coppergate Drive listed on 2/15 for $549,000 had several offers and closed on 6/23 for $528,000. This property had two inspections – relatively painless negotiations in that regard, but the buyer changed mortgage companies at some point during the deal and the closing was delayed by over a week because the second mortgage company over-promised and under-delivered!
I wish I could post pictures, but wordpress is acting up and I can’t access my media library.
Tomorrow’s featured open house is at 36 Kensington Road – from 1:00-5:00 – a beautiful center hall colonial with a great yard and a perfect kitchen.
If you are considering a move into or out of Basking Ridge, visit my website to track what sells in town or to search properties for sale. I can also help determine the value of your current Basking Ridge home.
June Closings so far
We expected there to be lots of closings in June as a June 30th closing date had to be met to qualify for the tax credit. However, there is talk now of extending that deadline - not to qualify, but to get closed if you already have qualified. I will definitely post again when we get that information sorted out.
30 Peachtree Road LP:$649,000 SP:$588,000 Homestead Village
47 Huntington Rd LP:$699,000 SP:$675,000 Carlisle
41 Mayflower Drive LP:$529,900 SP:$518,000 Hamilton Crest
82 Queen Anne Dr LP:$1,270,000 SP:$1,210,000
194 Jamestown Rd LP:$294,900 SP:$290,000 Society Hill
47 Baldwin Court LP:$265,000 SP:$256,000 Society Hill
41 Smithfield Court LP:$245,000 SP:$230,000 Spring Ridge
253 Penns Way LP:$319,900 SP:$315,000 Society Hill
21 Harrison Brook Dr LP:$645,000 SP:$610,000
62 Alder Lane LP:$748,800 SP:$727,000 Carlisle
140 Bayberry Row LP:$375,000 SP:$366,000 The Cedars
8 Countryside Dr LP:$349,900 SP:$335,000 Countryside
6 Washington Ave LP:$805,000 SP:$782,500
323 Old Army Road LP:$1,100,000 SP:$1,250,000
20 Pitney Court LP:$1,199,000 SP:$1,180,000
281 Douglas Road LP:$685,000 SP:$660,000
149 Jamestown Rd LP:$247,500 SP:$235,000 Spring Ridge
161 Thackeray Dr LP:$499,000 SP:$490,000
246 Penns Way LP:$310,000 SP:$295,000
42 Old Farm Road LP:$1,395,000 SP:$1,300,000
146 Patriot Hill Dr LP:$649,000 SP:$630,000 Hills/Basking Ridge
400 S Maple Ave LP:$439,000 SP:$430,000
76 Vanderveer Dr LP:$1,175,000 SP:$1,165,000 Revere Hill
162 Patriot Hill Dr LP:$615,000 SP:$600,000 Patriot Hill
105 Landau Road LP:$815,000 SP:$815,000 Carlisle
8 Gold Blvd LP:$775,000 SP:$756,500
7 Goltra Drive LP:$705,000 SP:$680,000
21 Raleigh Court LP:$514,000 SP:$520,000 Hamilton Crest
139 Jamestown Rd LP:$219,900 SP:$212,500 Spring Ridge
For more information on any of these fine Basking Ridge homes, visit www.Basking-Ridge-Real-Estate.com and use the contact Jennifer link to inquire.
New Listing Preview….
Sought-after community in Basking Ridge; a Liberty Corner School community; a traditional five bedroom center hall colonial with a kitchen that is to die for!
Will be listed on Monday, and there will be an open house next Sunday, June 27th from 1:00 to 5:00.
Interior photos, and maybe a video, will follow before the end of the weekend. If you register for listing alerts, you will receive notification when this comes on the market!
Update: I wanted to add photos of the gorgeous kitchen, but WordPress isn’t cooperating with me; I promise to do so as soon as it’s working again. Have a Happy Father’s Day!
Home Buyer Seminar – Sellers Welcome!
Do you have questions about today’s real estate market?
Email me now to reserve a seat at our upcoming “Real Estate Market Update” Seminar
This month’s seminar is scheduled for Saturday, June 19th at 11am.
Can’t make it? That’s okay, you can still get started by searching available homes in Basking Ridge. I can also send you listing alerts – monitor the market directly from your inbox!
Price reduced on 43 Village Drive
43 Village Drive has been reduced to $349,990 – Great LOCATION and PRICE for this must-see end-unit which features new carpet and gleaming new Pergo in the living room and dining room. This model features a private patio and unique built-ins in the master bedroom and book cases in the den. A must-see that is currently the BEST two bedroom value in town.
Contact me directly for more information or a tour of the townhouse.
Spectacular View
Gleaming Pergo Floors
Bernards Township Smoke Detector requirements
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.