Archive for the ‘Basking Ridge Real Estate Information’ Category

Ten sales in Basking Ridge since January 15th:

223 Alexandria Way – this was a bank approved short sale – sold for $170,000

436 Penns Way – $280,000

38 Roberts Circle – $480,000

11 E. Ash Street – $815,000

82 Dorchester Drive – $408,000

180 Patriot Hill Drive – $590,000

162 Alexandria Way – this was a foreclosure – sold for $230,000

40 Sentinel Drive – $1,056,000

17 Berta Place – sold over asking at $801,000

11 Archgate Road – $690,000

 Are you considering a move into or out of Basking Ridge?  Make us your Basking Ridge Real Estate resource!

Basking Ridge House for sale – a traditional colonial in a traditional neighborhood

Four bedrooms, almost a full acre, walk to Rebel Hill Park, Liberty Corner School district.  Hardwood floors on both levels, an awesome family room expansion that features a wet bar, lots of windows and a slider to the deck.   The Mount Airy Estates neighborhood is a great place to live – convenient to everything in town – both highways (without being right on top of them), Lyons train station, Riverwalk…

This property will be hosted open on Sunday, February 12th, but you can certainly contact me prior to that if you’d like to see it.

Click here to reach me via email

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Is it not the right house for you?  Search other Basking Ridge homes for sale.

Considering a move?  Need to know the value of your Basking Ridge home?

Still planning – review past Basking Ridge Sales.

According to Remodeling magazine’s 2011-2012 “Cost vs. Value Report,” replacement projects perform better in resale value than other types of remodeling projects. In fact, seven out of the top 10 projects were siding-, window- and door- replacement projects. 

The good news for cost-conscious homeowners is that investing in your home in a way that pays off at resale doesn’t have to cost a lot. The high value of most replacements can be contributed to the relatively low cost of these projects. What’s more, the majority of replacement projects immediately improve curb appeal, making the home more attractive to buyers.

Based on interviews with real estate professionals throughout the country, the Remodeling report found that the top project is fiber-cement siding, which typically recoups 78 percent of costs. Fiber-cement siding has been in the No.1 spot for six of the seven years since it was added to the report.

Moving up two spots in the rankings is the minor kitchen remodel, now coming in at fourth place at 72 percent. Considered an “interior replacement” project, this is the least expensive way to give an existing kitchen a complete facelift. It is typically done by adding new cabinet door and drawer fronts and hardware, new countertops and new appliances.

The right remodeling project, when done well, also has the potential to make for a quicker sale and reduce negotiations with buyers over perceived shortcomings.  I have highlighted this sentence because I think it is very important to point out that renovations and repairs may NOT directly increase the sale price but rather will have an impact on time on market and quality of the negotiation.

If you are thinking of perhaps putting your house on the market, please feel free to give us a call, and we would be happy to meet with you and answer any questions you might have about getting your house or townhouse ready to sell. Also, feel free to go to our Basking-Ridge-Real-Estate website for more valuable information about buying and selling in Basking Ridge.

11 Archgate Road closed yesterday – list price was $699,000, sale price $690,000!

Also closed this week was 15 Frohlin Drive in Bridgewater; sale price $310,000.

For information on how to get YOUR home sold, you can visit Basking Ridge Real Estate or Bedminster Real Estate and follow the link for a free home value report.

According to the National Association of Realtors (NAR), existing-home sales rose 5 percent in December and were 3.6 percent higher than in December 2010. This is the third consecutive month that existing-home sales have improved.

Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

Total housing inventory at the end of December dropped 9.2 percent to a 6.2-month supply at the current sales pace. Available inventory has trended down since setting a record in July 2007, and is at the lowest level since March 2005.

“The inventory supply suggests many markets will see prices stabilize or grow moderately in the near future,” Yun said.

Regionally, existing-home sales in the Northeast jumped 10.7 percent in December and are 3.3 percent above a year ago.

I did  a quick comparison of December sales in Basking Ridge each year since I started selling Real estate (2002 through 2011) according to the MLS:

Year/Sales

2002/26
2003/26
2004/25
2005/28
2006/27
2007/14
2008/15
2009/22
2010/16
2011/29

Sales in Basking Ridge in December, 2011 were way up over December 2009.  I’m not sure what this data tells us – but it’s kind of interesting to look at.  This sort of post always makes me think about the fact that sometimes we need to reconsider why we are buying real estate… everyone needs a place to live.  Real estate as an investment is only one way to look at things.  To own real estate as a way to have a vested interest in your own home is another.  Something to think about….

Basking Ridge Real Estate – Questions and Answers

Submit questions here, I will do my best to answer them here on the blog or via email.

Q. How do I go about buying a foreclosure?

A. Realtors often only have access to foreclosures once they have been fully foreclosed and are owned by the bank. These are actually easy sales – they are listed in the MLS, they are typically offered at or under market value and you have an opportunity to inspect them (though you won’t get much from the seller in way of repairs, these are typically as-is sales).

You can also buy a foreclosure at auction – this is a little trickier – you have to watch the sheriff sale website or the newspaper for the schedule, often you have to bid without seeing the property, you may have to assume a lien (tax or otherwise), and you need to have 10% in cash on the day of the auction (or something similar … I have only been to one sheriff sale and it was more of an informational experience than anything else…) You wouldn’t need a Realtor for this type of purchase except maybe to act as an advisor or consultant.

Another option is to purchase a short sale. If you have the time to wait around for an approval these can be really good deals. They can be a real pain in the tush to get through, but as I said, they are often a really good deal.

Foreclosures and short sales are often in poor condition – the owners didn’t have money to pay the mortgage, they weren’t paying for repairs or upkeep either – again, if you can get a deal, that may not matter.

Let’s consider this too: in spite of the economy and the nose-dive the real estate industry took over the last five or six years, I still believe it’s a good long  term investment.  There are some really good deals out there that aren’t short sales or foreclosures.  You can get a two bedroom two bath condo with garage and basement for around $225,000 in Basking Ridge.  Search here for all available townhouses and condos in Basking Ridge, or here to see single family homes for sale in Basking Ridge.

Is this for an investment? You need to do the math – to see if it makes sense – knowing what you can get for rent, what the mortgage payment would be, maintenance… etc. And the fact that you’d be a land-lord, you’d want it to be conveniently located. There is a lot to think about.

There was only one closing this week in Basking Ridge: 38 Roberts Circle, a town house in Maple Run sold for $480,000.  The market must be getting better because I never would have guessed that this unit would have sold for so much!  I’m very happy for that seller.  There are several other units in that development that have been for sale recently, I’m quite sure we’ll see some of them returning to the market this spring.  Hopefully they will have better luck this season!

Basking Ridge absorption rate is 6.2 months – there are only 132 properties available.  In my network – both socially and professionally, I know of at least six homes getting ready to list…  I’m hopeful that this will be a great selling season for both buyers and sellers!

Surrounding areas:

In Bedminster there were three closings this week: 77 Sage Court, a condo in the Mayfield section, closed for $189,000; 19 Eton Court a townhouse in Stone Run II sold for $363,500 (Judi and I sold this one!), 200 Old Farm Road a cape cod off of Lamington Road sold OVER ASKING for $801,000.   Absorption rate in Bedminster is just under seven months – with 83 properties available, 25 under $300,000, and interest rates under 4%, it’s a great time to buy!

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Basking Ridge Home Value; Basking Ridge Townhouses for Sale; Basking Ridge Condos for Sale; Basking Ridge Homes for Sale; Contact Jennifer Blanchard; Get Basking Ridge Listing alerts in email

31 Shepard Way, Basking Ridge

This spacious expanded ranch offers 5 bedrooms and 3 1/2 baths, with hardwood floors throughout. Updated kitchen with cherry cabinets and a beautiful wood burning fireplace with a stone surround. Just a great way to create a warm and cozy home! Finished basement with wet bar is great for entertaining! The park like setting is at the end of the cul-de-sac for a very private, peaceful and relaxing atmosphere. This home offers great value in a wonderful town with Top Rated Schools. Near major highways and shopping. A must see to really appreciate.

Call Jennifer Blanchard, your Weichert Sales Associate, for more information.  

Open House scheduled for next Sunday, 1/29 at 1:00 pm.

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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Basking Ridge Home Value; Basking Ridge Townhouses for Sale; Basking Ridge Condos for Sale; Basking Ridge Homes for Sale; Contact Jennifer Blanchard; Get Basking Ridge Listing alerts in email

I had a client ask how high over the top of their price range should they be looking when searching for a home.  If their range tops out in the $700,000s is it worth it to look into the mid-$800,000s?

My opinion is this: If you don’t want to go over $800 then looking up to $850 might be frustrating … Here in Basking Ridge most properties close between 94% and 96% of list price at time of sale. Many properties are not priced right and will sell for less than that – but not necessarily before the seller adjusts the price. As much as we want it to be, it is not a science… by knowing the inventory and using my network, I can help you determine a good offer that takes motivation and market value into account.

The other point that many people – buyers and sellers alike – lost sight of is that an offer should be relative to market value NOT list price.  This is a tough one and sometimes you have to test the market (as a seller) or test the seller (as a buyer).

It’s more art than science…

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Basking Ridge Home Value; Basking Ridge Townhouses for Sale; Basking Ridge Condos for Sale; Basking Ridge Homes for Sale; Contact Jennifer Blanchard; Get Basking Ridge Listing alerts in email