Posts Tagged ‘basking ridge market activity’

There are nine homes making their way through attorney review and with 167 properties available, current market absorption is at 6.9 months for the township.  Breakdown of market absorption by price range:

• under $300,000: 2.25 months
• $300,000-$500,000: 14 months
• $500,000-$700,000: 6.3 months
• $700,000-$900,000: 7.7 months
• $900,000-$1,300,000: 5.7 months
• over $1.300,000 – there have been no sales in this price range since January 4th when 28 Fawn Lane went under contract and then closed for $1,375,000 after almost a year on the market and almost a 20% price reduction from it’s original list price of $1,799,000.

I am working on market analyses for two properties that I believe will list in the low to mid $500,000′s; so I have also calculated market absorption for $450,000-$550,000.  That comes out to about 10 months.  I am not sure how to explain the lag in that middle-range price point. My educated guess, looking at sales activity, is that first time buyers are choosing lower priced condos and townhouses and people moving up from there are choosing homes in the $500,000-$700,000 range.  Leaving the $300,000-$500,000 range to be a little sluggish.

As a seller in that price range, my recommendation is to price the property as attractively as possible  in order to be the next to sell.  Buyers are looking for VALUE – you want to be the property that offers the most in that price range: either your are the biggest house, or the most udpated house, or something that makes you stand out.  Work with your Realtor to understand your competition and price accordingly.

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The following properties closed this past week in Basking Ridge:

125 Alexandria Way, Spring Ridge Condo, list price $249,900, sale price $250,000
119 Alexandria Way, Spring Ridge Condo, list price $264,900, sale price $250,000
4 Richmond Drive, Patriot Mews Town House, list price $675,000, sale price $645,000
28 Fawn Lane, Single Family Home, list price $1,450,000, sale price $1,375,000

There were 17 new listings this week; there are 5 properties working through attorney review which means that offers have been accepted and contracts are being finalized.  Market Absorption in Basking Ridge is currently at 6.5 months which is a very balanced market.  This time last year, market absorption was strongly favoring buyers at 13 months of inventory!

If you are considering a move into or out of Basking Ridge, this is certainly a good time to be in the market – whether you are buying, selling or both!  Contact me directly for more information on what is currently for sale in Basking Ridge.  I can also help in other areas – Bernardsville, Bridgewater, Bedminster and beyond!

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11/07/2009 – 11/13/2009

Only 2 properties went under contract this past week in Basking Ridge.

There are an additional 10 properties that are working through attorney review which means they have accepted offers and lawyers are working through the contract details.  I think it is interesting that although there were NINE properties in attorney review this time last week – that only two have made it to contract.  I wonder why attorney review is taking so long on some properties.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate site for more information on what has sold by month over the past year.

As of this morning there a total of 164 listings showing active in Basking Ridge in the MLS. With 23 going under contract in the last 30 days, Basking Ridge market absorption is 7 months.  A normal fluctuation.

Visit my Basking Ridge website to search homes for sale in Basking Ridge and surrounding areas.

If you are thinking of moving, I can provide a free market analysis of your home’s value  in today’s market.

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8/29/09-9/4/09

The following 4 properties went under contract this past week in Basking Ridge. A little bit of a dip which makes complete sense given the end of the summer season!

37 Woodward Lane, Sociey Hill Townhouse, $304,900, DOM 56
7 Tysley Street, Single Family Home, SHORT SALE, $439,000, DOM 212
36 Hill Top Road, Single Family Home, $450,000, DOM 14
1 Richmond Drive, Patriot Mews Townhouse, $675,000, DOM 196

There are an additional 15 properties that are working through attorney review.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year.

New to the Basking Ridge market are the following 10 properties:

107 Potomac Drive, $219,900, Spring Ridge Condo
25 Baldwin Court, $239,500, Society Hill Condo
156 Irving Place, $241,000, Society Hill Townhouse
58 Commonwealth Drive, $274,900, Spring Ridge Condo
193 Irving Place, $329,000, Society Hill Condo
129 Village Drive, $383,000, Lord Stirling Village Townhouse
16 Fairbanks Lane, $548,000, The Barons Townhouse – one floor living
43 Cannon Court, $699,000, Hamilton Ridge Townhouse – completely updated
2 Hartley Lane, $799,999, Single Family Home in the Hills
19 Morrison Street, $920,000, Single Family Home

As of this morning there a total of 203 listings showing active in Basking Ridge in the MLS. With 41 going under contract in the last 30 days, Basking Ridge market absorption is 4.95 months -not much different from last week, which again, makes sense given the season.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to sign up for listing alerts in and around Basking Ridge.

Have a wonderful Labor Day weekend, the weather is supposed to be gorgeous!

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I have been analyzing the Basking Ridge market for a listing appointment that my partner and I are going on this evening.  Look what I found:

Market Absorption = Available Homes/UC Homes (last 30 days)

in a given town or price range

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As of today, there are 205 homes available in Basking Ridge

Since 07/31/2009, 40 homes have gone under contract

Township Market Absorption = 5.12 months

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There are 34 homes available between $600,000 and $800,000

 Since 07/31/2009, 10 homes have gone under contract in that price range

 Price Range Market Absorption = 3.4 months

Visit my Basking Ridge website for information on what has sold and what is still available in Basking Ridge or surrounding areas serviced by the Garden State MLS.   I look forward to hearing from you!

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8/22/09-8/28/09

The following 9 properties went under contract this past week in Basking Ridge. The market is holding steady – there were also 9 contract sales the week before this one!

49 Smithfield Court, Spring Ridge Condo, $236,000, DOM 21
215 Alexandria Way, Spring Ridge Condo, $259,500, DOM 103
72 Commonwealth Drive, Spring Ridge Condo, $284,000, DOM 23
72 Jamestown Road, Spring Ridge Condo, $285,000, DOM 43
11 Dayton Street, Single Family Home, $369,000, DOM 102
23 Lindburgh Lane, Single Family Home, $439,900, DOM 31
12 Hancock, Patriot Hill Townhouse, $659,000, DOM 70
15 Lenape Court, Single Family Home, $734,900, DOM 84
71 Autumn Drive, Single Family Home, $1,135,000, DOM 16

There are an additional 15 properties that are working through attorney review.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year.

New to the Basking Ridge market are the following 9 properties:

104 Jamestown Rd, $215,000, Spring Ridge Condo
224 Arrowood Way, $360,000, The Cedars Townhouse
519 Lyons Road, $472,000, Single Family Home (relisted)
10 Melbourne Way, $750,000, Single Family Home (relisted)
220 N Maple Ave, $829,000, Single Family Home
15 Brentwood Court, $1,249,000, Single Family Home
22 Colonial Drive, $1,379,000, Single Family Home
11 Parkwood Lane, $1,989,900, Single Family Home
83 Emerald Valley Lane, $2,689,000, Single Family Home (relisted, new construction)

As of this morning there a total of 205 listings showing active in Basking Ridge in the MLS. With 42 going under contract in the last 30 days, Basking Ridge market absorption is 4.8 months (another decrease from last week which was 6.0 months).

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to sign up for listing alerts in and around Basking Ridge.

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The new price on this stunning 1900 Hamilton Crest model with a versatile loft is too good to be true! 

………. $497,000 ………

Upgraded kitchen with patio access – private back yard!  At the end of a cul-de-sac it’s location in the development affords ample guest parking. Hardwood floors throughout the first floor, corian counters, ceramic tile in the kitchen.  Finished basement offering space for an office or a guest.  The Hamilton Crest community (spotlight blog post for the Hamilton developments to follow) is a premier town house community in Basking Ridge, close to school, shopping and the Hills recreation center. 

Contact me for more information on the benefits of owning a home; I can also tell you about the first time home buyer credit or set you up for listing alerts.  If you are thinking about selling a home, contact me today for all of your Basking Ridge real estate needs or visit my website to search homes for sale in and around Basking Ridge, NJ.

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I just returned from a wonderful vacation week at the Jersey Shore.  The weather couldn’t have been better – it didn’t start to rain until we were leaving the island!

Anyway, I am not ready to return to work – but having neglected my blog for over a week, I thought I would pop on and post about a price reduction at one of my listings: www.160MountAiryRoad.com was reduced to $317,500 while I was away.  If ever there was a better time to take advantage of the First Time Home Buyer tax credit – this is the property with which to do it!

Other activity on my listings while I was away – www.309EnglishPlace.com has gone under contract and www.787OldFarmRoad.com has worked through the inspection issues and is almost ready to close!

Contact me for more information on any Basking Ridge properties or to answer other real estate related questions.

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8/8/09-8/14/09

The following 5 properties went under contract this past week in Basking Ridge:

197 Alexandria Way listed for $269,000, DOM 69
226 Lyons Road listed for $639,000, DOM 42
28 Gold Blvd listed for $719,000, DOM 52
111 Woods End listed for $949,000, DOM 152
148 Childs Road listed for $1,725,000, DOM 211

There are an additional 19 properties that are working through attorney review.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year.

New to the Basking Ridge market are the following 11 properties (note that many of these have been available for quite some time but have been relisted):

453 Penns Way listed For $325,000
51 E Oak Street listed for $465,000
24 Fairbanks Lane listed for $500,000
15 Lexington Road listed for $550,000
93 Alder Lane listed for $688,000
71 Autumn Dr listed for $1,135,000
38 Gerard Ave listed for $1,295,000
3 Heritage Court listed for $1,399,000
11 Rockridge Ct listed for $1,590,000
8 Rockridge Ct listed for $1,990,000
40 Colts Glen Ln listed for $3,475,000

As of this evening, there are a total of 221 listings showing active in Basking Ridge in the MLS. With 34 going under contract in the last 30 days, Basking Ridge market absorption is 6.5 months (up from last week which was 6.14 months).

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to sign up for listing alerts in and around Basking Ridge.

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