Basking Ridge Real Estate

Basking Ridge preps for a strong Fall Market

Jennifer Blanchard — Mon, 23 Aug 2010 01:20:11 +0000

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!

Tweet This Post

Data Analysis – Basking Ridge Patch – Price it Right

Jennifer Blanchard — Thu, 05 Aug 2010 20:31:46 +0000

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.

Tweet This Post

Going Green in Basking Ridge

Jennifer Blanchard — Wed, 04 Aug 2010 15:31:27 +0000

As people become more conscious of the environment and aim to reduce their carbon footprint, there is a new premium on products and features that promote energy efficiency. Real estate is no exception, and today’s homeowners are taking steps to “go green” as a way to cut costs and to make their home more desirable to buyers.

According to the U.S. Department of Energy, going green can cut your bills by up to 25 percent. You can achieve these savings by jumping on one or more of the following green home trends:

Choose environmentally friendly LED lighting, which gives off the same light as regular bulbs, but lasts 50 times longer.
Low flush toilets use one or two gallons of water per flush, compared to three to five gallons for a typical toilet.
Purchase appliances marked with the ENERGY STAR label. This designation means that they meet the strict energy-efficiency guidelines set by the Environmental Protection Agency and the U.S. Department of Energy.

These few small things can help you save money, protect the environment and make your home more attractive when you decide to sell it.

In other news – open house traffic has seen a change since this time last year. Homebuyers seem to be responding to the attractive home prices and historically low interest rates that make the current housing market one of the most affordable in decades. For the weekend of July 31 – August 1, attendance at Weichert Open Houses was up 6 percent compared to the same weekend in 2009. In addition, the average number of attendees at each Weichert Open House was 17 percent greater than last year. The bottome line is that…..

…..Buyers are out there!

So, if you are considering a move into or out of Basking Ridge, NJ, please don’t hesitate to contact me directly so we can talk about the market here in town.

Tweet This Post

Mold – Yuck!

Jennifer Blanchard — Tue, 03 Aug 2010 18:08:40 +0000

The inspection part of any real estate transaction can be very stressful. It is hard enough for many sellers to have people traipsing through their homes, then (especially in today’s market), negotiating a price which is probably lower than they wanted and finally, having a home inpsector examine every nook and cranny and producing what is most often a very lengthy report. There are several inspection issue which as a seller you really need to remediate – regardless of cost, because if you don’t do it for this buyer, you will have to do it for the next buyer. Structural issues and hazardous situations fall into this category.

So does Mold. I have run up against this three times in recent months. Mold sneaks up on you, all three of my clients who had mold had no idea that it was in their home. In two of the homes it was in the attic, in the third it was in the basement. I have become very close with Dan from NJ Mold! He has told me that every house in NJ should have a dehumidifier in it – period, end of discussion. If you don’t have one, go get one! They make them bucketless now! You can have it drain right into the slop sink or the sump pump pit (but NOT in your sewer drain – that’s against the rules!).

If you have a question about a home inspection issue, feel free to contact me directly and I will see what I can do!

Tweet This Post

July Closings in Basking Ridge

Jennifer Blanchard — Sat, 31 Jul 2010 02:00:06 +0000

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!

Tweet This Post

Basking Ridge Family Fun Night

Jennifer Blanchard — Thu, 15 Jul 2010 13:41:55 +0000

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.

Tweet This Post

Resale Value

Jennifer Blanchard — Thu, 08 Jul 2010 14:34:55 +0000

I just answered a question on Trulia and it was awarded “Best Answer” status!

Q. How would investing in landscape/hardscape compare in resale value to fireplace, room addition, remodeled bath, remodeled kitchen or 2nd bath?

A. Keep in line with the community especially if you expect to move soon or are simply doing the work for resale. Remember too, that this is your HOME, not just an investment. If you have the money and expect to use the addition or the beautiful patio or the fireplace, then there is a value to the benefit of the enjoyment of whatever it is you decide to do. If you end up selling and expect to recover every dollar you put into the renovation, then you will be disappointed. Check out the cost vs value report for renovations and improvements on realtor.com for some realistic guidelines and have your expectations set correctly.

I honestly believe that many people have lost sight of the American Dream – so many people look at their home solely as an investment rather than a safe haven. I’ve seen people pass over a home that they love and purchase the one down the street because they felt they could get a better deal. I’ve heard people say, “I liked that one better, but I can get a better deal on this one” – and really, we aren’t even talking about that big a difference. I could understand that statement if it was, “I like that one better, but the other one is more affordable”… but that’s not what I’m hearing. Isn’t there value that can be associated with finding that perfect house? The one where you can feel at home? Raise your kids, or take that much needed break from the outside world? Think about it… your home is your castle!

If you are consdering a move into or out of Basking Ridge, I can help. Do you need an estimate of your home’s value in today’s market? Be notified of new listings in and around Basking Ridge. Or track last month’s Basking Ridge sales.

I look forward to helping you find your dream home – and to helping you get the best value for the home you love, as opposed to getting the home you don’t love because you feel it’s a good value.

Tweet This Post

Concerts in the Park – Tuesdays at 7:00

Jennifer Blanchard — Tue, 06 Jul 2010 19:39:44 +0000

Tuesday night concert series – Pleasant Valley Park – tonight at 7:00 – Raritan Valley Symphonic Band

Next week – Jimmy & the Parrots – I will be there!

July 20th – 52nd Street Band

July 27th – Beatlemania Again

I love Bernards Township Parks and Recreation summer events!

Tweet This Post

Real Estate Programs Extended

Jennifer Blanchard — Tue, 06 Jul 2010 18:12:24 +0000

On Friday, July 2, President Obama signed two important pieces of legislation into law to help homebuyers.

The first one extends the closing deadline for the homebuyer tax credit until September 30, 2010, for any transactions that had ratified contracts in place as of April 30, 2010, but did not close by the June 30, 2010, deadline. The legislation creates a seamless extension, and therefore, there will be no gap between June 30 and the date the President signed the bill into law.

Due to the high volume of home sale transactions that needed to be closed by June 30, there were up to 180,000 homebuyers who were eligible for the tax credit, but were unable to close before the deadline. The extension will enable the majority of these home sales to close, and for the buyers to receive the tax credit.

In addition, the National Flood Insurance Program, which provides flood insurance to homeowners in participating communities in flood-prone areas who could not otherwise obtain coverage due to cost or ineligibility, was also extended until September 30, 2010. As a result, buyers in these areas can now obtain mortgages and transactions can move forward. This bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension.

In local news – 20 Old Coach Road closed last week for $850,000. There were 39 closings during the last 10 days of June, 34 of these were under $800,000 and therefore likely qualified for the tax credit. There were 20 contract sales – proving (to me anyway) that the market in Basking Ridge is still moving! Inventory levels are under 5 months – a relatively balanced market. If you are considering a move into or out of Basking Ridge, I’m happy to help. Start with a search for available townhouse or condos or single family homes - you can search by price range.

Tweet This Post

Two recent closings

Jennifer Blanchard — Sat, 26 Jun 2010 12:23:39 +0000

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.

Tweet This Post