The beginning of a new year is always a time to reflect and consider goals and opportunities for the year ahead. As we begin 2012, there are many reasons for encouragement when it comes to the economy and real estate. If recent economic and real estate trends are any indication, 2012 will be a year when good things can happen not only for potential homebuyers and sellers, but for the country as a whole. For example:

• Existing-home sales rose again in November, and remain at levels above those of a year ago. What’s more, pending home sales also continued to gain in November, reaching the highest level in 19 months, an indication that there will be more future sales.
• In November, sales of new single-family houses rose 1.6 percent from October and were 9.8 percent above November 2010. Additionally, housing starts surged to a one-and-a-half year high in November, and permits for future construction were the highest since March 2010.
• In a sign that the overall economy is strengthening, U.S. employment has grown solidly for the past six months, generating 100,000 jobs or more in each month for the first time since April 2006.
• The Conference Board’s Index of Leading Economic Indicators showed two months of solid gains, signaling that the economy was gaining momentum and the risks of a recession were receding, and its Consumer Confidence Index improved to levels seen in April 2011.

Basking Ridge Market Activity

Two closings so far this year:

• 2 Commonwealth Drive, 2 bedroom Fairfax model in Spring Ridge, listed for $248,000 and sold for $232,500.
• 72 Gerard Avenue, 4 bedroom bi-level, listed for $549,000 and sold for $540,000 in only 36 days.

Eleven new listings – one condo, two townhouses, a bi-level and seven colonials.  Many of these homes were listed last year, came off the market for the holidays and are now back on the market.

There have been five contract sales since the first of the year – actually, only four.  11 Archgate Road was logged into the MLS once it was already under contract (it is scheduled to close at the end of the month).

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Basking Ridge Home Value; Basking Ridge Townhouses for Sale; Basking Ridge Condos for Sale; Basking Ridge Homes for Sale; Contact Jennifer Blanchard; Get Basking Ridge Listing alerts in email

Wonderfully private – your own backyard oasis featuring an inground pool and a newly renovated kitchen! Beautifully situated on 3 magnificent acres and convenient to everything! Generously sized living and dining rooms. Finished lower level is walkout – offering a separate entrance, perfect for a home office or aupair suite. Every room has terrific views. The breakfast room opens to a tiered deck ringed with evergreens. This home is a perfect luxury townhome alternative…live here as it is or consider expanding as there is plenty of space and lots of potential!

Four bedrooms (3 bedroom septic), three full baths, two car garage, almost three acres, in-ground pool…and more!

Offered at $825,000 – SOLD for $777,500

There have been several sales in this community over the last 12 months:

• 65 Addison Drive – 4 bedrooms, 2.1 baths on almost an acre - sold for $780,000
• 11 Penwood Road – 5 bedrooms, 2.2 baths – sold for $760,000
• 3 Penwood Road – 5 bedrooms, 3.1 baths – sold for $839,000

Given the size difference and location difference of these properties, 11 Archgate Road has been fairly priced at $94,000 lower than the average value of these closed sales in the neighborhood.

At $699,000, 11 Archgate Road is an excellent value in Basking Ridge!

If you haven’t seen it yet, call your agent or contact me and I will make an appointment for you to preview it.  You never know, this could be your next home in Basking Ridge!

Three bedroom ranch on almost half an acre!

Then check out this charming three bedroom ranch on almost half an acre at the end of a private lane close to town.  This home offers an updated kitchen, a renovated master bathroom, a finished room in the basement perfect for the kids or an office, a wall of windows overlooking a huge deck in the living room.  Two full bathrooms, a huge two car garage and a yard that is perfect for so many things….parties, soccer games, swing sets, gardening!

www.65SAlwardAve.com

www.65SouthAlwardAvenue.com

A few years ago, I wrote about selling your home in the summer months - now I have some additional tips for you:

Summertime means barbecues, outdoor fun and lots of sunshine, flowers and greenery. The commonality among all of those rites of summer is that they draw attention to a home’s landscaping and outdoor spaces. Homeowners who are selling their home in the summer months should make an effort to highlight their home’s usable outdoor space.

In addition, sellers with their home on the market during the summer should keep these considerations in mind:

• “Stage” your backyard so that buyers can envision themselves relaxing and entertaining there. Power wash your deck or patio as well as your outdoor furniture, replace worn-out cushions and make sure to have a few simple outdoor accessories.
• A fully landscaped yard will save buyers time and money. Ensure your front and back yards appear maintained by trimming overgrown trees and shrubs, and making sure your lawn is manicured regularly.
• Inside, keep your home cool for showings and Open Houses. Setting the air conditioner to a comfortable level, or using fans and opening windows to let in a cool breeze, will help buyers focus on your home and not how warm they are.
• Guard against heat-related smells by emptying all garbage cans and fully cleaning your home before any showings, focusing specifically on bathrooms, laundry rooms and kitchens

These tips will help ensure that as potential buyers are considering their options, your home will outshine the competition!

Good Luck and have a safe and happy Fourth of July!

Moving sale at 11 Archgate Road in Basking Ridge

Friday, 6/24 from 9am – 2pm and Saturday, 6/25 from 9am – 12pm. Priced to Sell. Loads of kids toys, clothes, games and books. Household items, furniture, storage, etc. Too much to list. Take Lyons Road to 11 Archgate Road.

Featured Open Houses

22 Lyons Place from 1:00-5:00 on Sunday, 6/26.  The list price on this home was just reduced from $519,000 – a great opportunity for a first time home buyer or someone looking to renovate, remodel or build on what is almost an exact acre in the heart of Basking Ridge.

258 Alexandria Way from 1:00-4:00 on Suday, 6/26.  This open house is still tentative – watch the internet for confirmation.  A Greenbriar model in Spring Ridge, this unit features a newly finished basement, newer windows, hardwood floors, new carpet and a gas stove.

Loan limits

On September 30, the cost of a mortgage could rise significantly as Congress is consiering lowering the mortgage loan limits for FHA and GSEs. Currently, in Somerset County the FHA loan limit is $729,750 but it is proposed to be reduced to $625,500.  This will add a hurdle for even well qualified buyers by reducing affordability.  This is not something we need now, not as our markets are just starting to level off. The real estate community is working hard to keep mortgages affordable – campaigning to keep the current loan limits.

Basking Ridge Real Estate – information for you

If you are considering moving into or out of Basking Ridge, this might be the best time to do so!  Get your house on the market and SOLD before the loan limits change.  Summer typically is a slow time, however, the last few offers I have written were presented in competitive bid situations – there ARE buyers out there and I can help you find them for your Basking Ridge home.

Search homes for sale in Basking Ridge or get your home’s value in today’s Basking Ridge market.

During July of 2011, the Bernards Township Engineering Department will complete road reconstruction on Allen Street, Dayton Street, Lee Place, and Hillside Terrace (from Allen Street to Dayton Street). The Department will also mill and pave Owens Court and Emily Road.

When:

Construction is scheduled on weekdays between the hours of 8:00 am and 5:00 pm. No construction will occur on July 4. Construction is weather dependant and all dates and times are subject to change without notice.

What:

Some construction activities such as milling, road reconstruction, and paving necessitate road closures. During this time, vehicular access will be restricted and parking is prohibited. Residents should plan for alternate parking or travel arrangements during construction hours. Emergency vehicle access will be maintained at all times. The roads will be reopened at the end of each day.

Should any resident have a medical condition which may be affected by restricting access to their driveway, please contact us as soon as possible with the appropriate information so we can accommodate your needs.

Should you have any questions or concerns, please feel free to contact us at (908) 204-3018 and press 5 for the Engineering Department.

Addressing a vital public safety and public health issue, National Prescription Drug Take-Back Day gives the public another opportunity to prevent pill abuse and theft by ridding their homes of potentially dangerous expired, unused, and unwanted prescription drugs. The service is free and anonymous, no questions asked. “The overwhelming public response to DEA’s first nationwide Take-Back event last fall not only rid homes of potentially harmful prescription drugs, but was an unprecedented opportunity to educate everyone about the growing prescription drug abuse problem,” said DEA Administrator Michele Leonhart.

The public can turn in unused prescription medications at the Bernards Township Police Headquarters, 1 Collyer Lane, Basking Ridge NJ on April 30 between 10 p.m. and 2 p.m.