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.

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47 Baldwin Court, Society Hill condo, List price $265,000, Sale Price $256,000
8 Countryside Drive, Countryside Manor townhouse, List price $349,900, Sale price $335,000
30 Peachtree Road, Homestead Village, List price $649,000, Sale price $588,000
146 Patriot Hill Drive, townhouse, List price $649,000, Sale price $630,000
7 Goltra Drive, List price $705,000, Sale price $680,000
323 Old Army Road, List price $1,100,000, Sale price $1,250,000
42 Old Farm Road, List price $1,395,000, Sale price $1,300,000

There have been 38 contract sales in the last 30 days and there are currently 231 homes available in Basking Ridge.  This calculates to an inventory level of six months which is a relatively balanced market.

I am finding that home sale contingencies are becoming more popular; in fact, I have been involved in several recently.  Each deal is structured a little differently, but essentially allows for the same thing:  a purchaser who intends to use the proceeds from the sale of their home to complete their purchase.  This is a classic problem for most move-up buyers and many downsizers.  As we have worked our way through this challenging market, more sellers are willing to consider contracts that are contingent upon the sale of the purhcasers current residence.  However, a property is considered to be Under Contract when Attorney Review has been completed per the attorneys involved, and the real estate commission requires that this status be fully disclsosed to all parties viewing the property.  In the past, this meant that the listing status had to be changed to UC (under contract) and the listing was removed from the public eye – essentially defeating the purpose of the “continue to show” clause.  The MLS has created a new status to accomodate this scenario.  It is called “US” and instead of UC for under contract.  This new status does NOT remove the listing from third party sites – it still stays active and can easily be shown until all contingencies are met.

In other news – don’t miss the Liberty Corner Fire Company’s 8th Annual Comedy Night on Saturday evening, June 5, 2010 in the ballroom of the firehouse at 95 Church Street at 8:00 (wine and beer bar opens at 7:00).  Tickets can be purchased at the door for $45 – attendees must be 21 or older.

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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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My client’s lender entered an incorrect code on the paperwork and all the loan documents arrived at the attorney’s office on letterhead from a bank different from the bank that wired the money!  It all had to go back and be redone – and then there was trouble with the email so the package didn’t arrive, the seller’s attorney was waiting, the seller lived in NYC and needed to get on a train.  Tensions were mounting!

Alas – all documents were finally faxed by 4:30, the seller arrived at 4:45 and we were all on our way by 5:15.  First time home buyers with house keys in their hands and smiles on their faces!

Phew!

Please allow me to help you be as happy as my latest new homeowners are today!  Visit my website to search homes for sale in Basking Ridge or in Bedminster; contact me directly if you are interested in any other areas – i can help there too!

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