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258 Alexandria Way, Basking Ridge
Spring Ridge Duplex – Greenbriar model – 3 bedrooms, 2.1 baths and a finished basement.
Sold for $432,000
There have been fourteen contract sales in Basking Ridge since 9/1/11 – at prices across the range from $200,000 up to $1,300,000. Of the 178 properties showing available, eight are starred as being in attorney review and I know that there are at least two others with offers being negotiated. I am working multiple offers on one of my listings, just received an offer on another one and I am expecting an offer on a third before the end of the week. Despite this activity, the absorption rate here in town has crept up significantly – reaching almost 12 months. That is CrAzY – and I think it is a false high as I am aware of several properties that are under contract that are not accurately reported in the MLS. This is being done to protect sellers in a buyers market full of uncertainty when it comes to things like appraisals and re-negotiations after inspections.
Obviously though, people are still buying homes in Basking Ridge – there have been 22 closings since September 1st:
85 Manor Drive, sale price: $975,000
22 Royal Oak Drive, sale price: $1,480,000
23 Mayflower Drive, sale price: $490,000
37 Emily Road, sale price: $1,750,000
19 Hancock Court, sale price: $499,000
222 Patriot Hill Drive, sale price: $615,000
21 Sentry Court, sale price: $1,232,500
128 Constitution Way, sale price: $468,000
35 Old Farm Road, sale price: $1,215,000
22 Dexter Drive North, sale price: $537,500
12 Van Dorn Road, sale price: $650,000
78 Carlisle Road, sale price: $610,000
55 Kinnan Way, sale price: $865,000
1 Potomac Drive, sale price: $210,000
184 Spencer Road, sale price: $475,000
257 Penns Way, sale price: $275,000
72 Liberty Ridge Road, sale price: $712,000
23 Ramapo Drive, sale price: $1,042,000
26 Hickory Drive, sale price: $855,000
18 Hadley Court, sale price: $660,000
142 Irving Place, sale price: $225,000
21 Knollcroft Road, sale price: $474,900
Great houses when listed at great prices will absolutely sell. And – in my opinion – every house is a great house! Seriously, there is a buyer out there for every house. You just need an experienced agent to help you market the property, find the buyer and navigate the rough waters of the current market! As these 22 new Basking Ridge homeowners can attest: it can be done!
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Get a free Market Analysis of your Basking Ridge Home
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Review what has sold in Basking Ridge – broken out by month
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Five closed sales in Basking Ridge this past week:
- 1 Potomac Drive in Spring Ridge – listed for $225,000 sold for $210,000
- 18 Hadley Court in Amherst Mews – listed for $699,000 sold for $660,000
- 33 Vanderveer Drive in Revere Hill – listed for $$819,999 sold for $805,000
- 22 Royal Oak Drive, a Bocina built colonial – listed for $1,575,000 sold for $1,480,000
- 37 Emily Road, another Bocina built colonial – listed for $1,825,000 sold for $1,750,000
Considering a move into or out of Basking Ridge? Consider calling Jennifer Blanchard – she IS Basking Ridge Real Estate!
The following properties have closed in the last month:
110 Jamestown Rd
257 Mount Prospect Rd
5 Hansom Rd
55 Mount Airy Rd
20 Raleigh Ct
40 Meeker Rd
42 Mayflower Dr
55 E Oak St
44 Beechwood Rd
29 Vanderveer Dr
25 Stacy Ln
38 Hansom Rd
6 Magnolia Path
84 Huntington Rd
14 Village Drive - **my listing**
210 Potomac Dr
39 N Dexter Dr - **my sale**
10 Prescott Ct
397 Penns Way
72 Victoria Dr – **my listing**
If you are considering a move to Basking Ridge, I am happy to help. Access my website to search homes for sale in Basking Ridge or homes for sale in Bedminster or you can contact me for access to other towns. My team and I support all of Somerset County and beyond!
Closed sales in Basking Ridge in June:
- 149 Potomac Drive – $205,000
- 3090 Valley Road – $360,000
- 52 Battalian Drive – $480,000
- 9 Aberdeen Place – $795,000
- 10 Pin Oak Court – $865,000
In addition to these closed sales, there have been five contract sales (between $400,000 and $2.5M) all scheduled to close before August, 15th.
If you are considering a move to Basking Ridge, the market is definitely moving – so check out what’s for sale, get a pre-approval letter and let’s get moving!
Four new happy home-owners in Basking Ridge!
- 119 Smithfield Court – Spring Ridge condo – listed for $209,000, sold for $204,000 in 53 days
- 3265 Valley Road - SHORT SALE – listed for $220,000, sold for $188,000
- 97 Aspen Drive – The Ridge townhouse – listed for $339,000, sold for $335,000 in less than two weeks!
- 2 Riggs Court – Maple Run townhouse – listed for $439,900, sold for $435,000 in 22 days!
With the exception of the short sale, all of these properties sold quickly within 2-3% of their list price. Right Pricing is what this market is all about! For more sales data, visit Basking Ridge Real Estate.
If you would like a free market analysis for your Basking Ridge home, I am happy to provide it. We can get together for a few minutes to walk through the house and then I will send you a report. Whether you are ready now, next month or three years from now, I’m happy to meet you and become your real estate resource!
27 contract sales since March 1st – TWENTY-SEVEN – who says the buyers aren’t out there? Four of these sales were under $200,000 (who would have thought we’d have inventory that low in Basking Ridge? See, you can get a one bedroom condo here in town!). Six of these sales were between $200,000 and $400,000; seven between $400,000 and $500,000. There were eight sales between $600,000 and $1m and two over $1m. Maybe you are ready to buy the next Basking Ridge home? Search homes for sale in Basking Ridge. This same time period last year saw 24 contract sales – not much different…
There have been thirteen closed sales in town since March 1st; including my listing at 36 Kensington Road which closed for $820,000 last Friday.
There have been SIXTY-FOUR new listings in Basking Ridge since March 1st, EIGHT of which are already in attorney review or under contract (with another one being negotiated, so that’s really nine!). This time last year, there had been only forty-three new listings (two of which are STILL available!).
Market Absorption is 5.6 months across all price points. Contact me if you’d like that information to be broken down by price point or specific community.
I will be listing a four bedroom, 2.5 bath colonial on an acre in the next month or two. List price $700,000; please call me if you are interested in a pre-market preview.
Four closed sales in Basking Ridge this week
- 287 English Place, Society Hill condo, list price: $249,900, sale price: $236,500
- 79 Spencer Road, Single family home, list price: $549,000, sale price: $505,000
- 25 Marilyn Street, Single family home, list price $629,900, sale price: $577,000
- 189 W Oak Street, Single family home, list price $749,000, sale price: $715,000
Current inventory is 138 properties, absorption rate is 5.75 months.
Township residents received their notices of property tax assessment for 2011 at the end of January. Neither the multiple listing system or the Vital Services website have been updated yet so I am reaching out to some past customers for their numbers. Stay tuned for a blog post featuring some examples. Of the handful of people I have already spoken to 2011 assessments are higher than the 2010 assessments. Land assessments went down and building assessments when up. I am not sure if the townhouses are any different, once I have more data I will post it.
25 Marilyn Street, Basking Ridge
Another one SOLD here in town! This four bedroom bi-level home set on almost an acre closed today for $577,000.
You too can be a happy homeowner! Search for what’s available in Basking Ridge or see what your home’s value is in today’s market.
A shout out to my partner, Gerry Light for helping to make it happen!