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Market Activity
As I had predicted we are seeing an increase in new listings – finally, given that the weather has been better! There have been 20 new listings here in Basking Ridge since April 1st and five contract sales in the same time period. Absorption rate – an indicator of market activity - has fallen under 4 months to 3.8 months of inventory (179 total listings and 47 contract sales in the last 30 days. Basking Ridge is inching into a seller’s market! But – given buyer activity and conversations I am still having with buyers and sellers, it’s the odd transaction here in town where the seller has the upper hand.
This week’s open houses
My listings being held open on Sunday, 4/10 between 1:00 and 5:00:
384 Penns Way, Basking Ridge
Dani will be there from 1:00-5:00
This is a 250 model – two bedrooms and two and a half baths. It is a short sale, so you must have a little patience – but there is a potential for a great deal!
100 Old Army Road, Bernardsville
Gabby will be there between 1:00 and 4:00
This 1955 colonial has a traditional floorplan, an updated kitchen and an au pair suite!
For more information on the market in Basking Ridge, visit Basking Ridge Real Estate today!
This four, possibly five, bedroom vintage colonial with many original features has recently bumped it’s price down to $445,000.
Huge vintage colonial for sale
This special property needs some work – I won’t misrepresent that fact. But it’s on a huge lot, it’s a big house and with a little love and a lot of elbow grease, it can be fantastic once again!
460 Stony Brook Drive, Bridgewater
My partner Judi and I just closed on this wonderful four bedroom split level home on almost an acre. Holding true to what I always say about price adjustments – our clients made their offer in mid December, this property had had a price adjustment on December 1st! Sale price was $460,000, list price was $465,000 (original list price had been $499,900).
Listed for $349,000 and sold in under a month for $332,500
Darling two bedroom Victorian
Greetings friends – I know I’ve been quiet – but it’s not because I’ve not been busy. I’m working on getting two listings under contract, getting some of my current listings repositioned in the market and I’ve been adding listings to my current inventory! Gerry and Judi have also been busy with several buyer clients who are looking to take advantage of these unbelievably low interest rates.
We also added a new baby to our family…. we adopted Rex on Saturday, so I will admit that I did take some time off this weekend and enjoyed some wonderful family time!
Adopted from Home For Good Dog Rescue
Halloween is coming up, so I will not be hosting an open house this Sunday – but next week 36 Kensington Road and 347 Lyons Road will most likely be hosted open. And on Monday, I will be listing 51 Liberty Road in Bernardsville for $419,000 and 204 Alexandria Way in Spring Ridge, Basking Ridge for $267,000.
Take a minute to enjoy these photos from my newest Bernardsville listing – www.19OrchardStreet.com; this is a darling vintage victorian complete with wrap-around front porch!
This three to five bedroom cape has had so many updates over the last six years – it’s perfect! It offers three bedrooms upstairs with a full bath. There are two rooms downstairs that are currently used as a family room and a play room; they can be bedrooms or not – depending upon your needs. The front room – currently a dining room – features a wood burning fire place and could easily be a formal living room. A large fenced yard is hard to find in this part of town. Contact me for all the details.
It is a great time to buy! If you are looking at your first home purchase or to move up from a condo, this might be the perfect house. Not interested in Bernardsville? That’s okay, there are lots of homes for sale in Basking Ridge too!
I had another closing this past week – on Friday. A few things to remember for your next closing: if at all possible, don’t schedule it on a Friday afternoon. Don’t schedule it on the last day of your rate lock and don’t schedule it on the last business day of the month. And whatever you do, don’t schedule it on a day that meets all three put together – especially if you are first time home buyers who are already a little anxious about the whole process!
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!
Well, it’s been about three days into the first work week of the year! I already have one deal out of attorney review, I’ve had a new buyer client out looking (he found me via my website and I’ve gotten two phone calls from Basking Ridge homeowners who are ready to put their homes on the market (look for two new condo listings in the next few weeks)! It’s going to be a good year! I really believe that – though I will admit that it is a relative statement…relative to your position in the market – are you buying or selling and what is your motivation?
I do not expect that sale prices are to start climbing. I don’t think they are going to drop much (if any) though so this might be the time to start getting serious about your Basking Ridge home search!
If you are thinking of selling, you really need to trust your Realtor® and do your homework when setting your list price and keeping your expectations in check when negotiating. Of course, I can help with that! If you are curious about the value of your home, visit Basking Ridge Real Estate to review historic sales data and to request information about the value of your Basking Ridge home.
I hope we can get acquainted soon! Remember, I always have time for referrals as well; maybe you know somebody who is considering a move. Though my home base is Basking Ridge, I do lots of business in the surrounding areas (Bedminster, Long Hill, Bernardsville, etc.) and what I don’t cover myself, I can call in my favors!
I am working on a market analysis for a listing appointment scheduled for Wednesday night. The property is a lovely expanded bi-level with over 3000 square feet of living space. Updated bathrooms and a kitchen with a very recent face lift – I am looking forward to getting it on the market! Here is some of the analysis I have done so far.
Bernardsville, NJ Market Snapshot
5 properties under contract since 10/30/2009
88 properties available (as of 11/30)
Overall Market Absorption: 17.6 months
Adjusted Market Absorption: eliminating luxury properties (over $1M): 39 available, 5 under contract = 7.8 months of inventory – not such a bad outlook.
What’s available?
- 15% of the inventory is listed under $500,000 (13/3=4.3 months)
- 30% of the inventory is listed between $500,000 and $1,000,000 (27/2=13.5 months)
- 55% of the inventory is listed over $1M (can’t calculate)
Properties Comparable to this new listing:
Sold:
| 8 | Columbia Drive | 4 | 3.1 | Colonial | $580,000 |
| 64 | Mt. Harmony | 4 | 3.1 | Colonial | $630,000 |
| 145 | Mount Airy Road | 4 | 2.1 | Colonial | $670,000 |
| 27 | Sycamore Hill Rd | 4 | 2.1 | Split Level | $600,000 |
| 25 | Old Army Rd | 4 | 2.1 | Colonial | $620,000 |
| 19 | Columbia Dr | 4 | 2.1 | Colonial | $677,000 |
| 26 | Childs Road | 4 | 2.1 | Colonial | $745,000 |
| 21 | Burrows Ave | 3 | 2.1 | Colonial | $589,000 |
| 67 | Dayton Cres | 4 | 4.1 | Colonial | $625,000 |
Stay tuned for more information about the property and it’s list price!!