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Select Month September 2009  (4) June 2009  (4) May 2009  (1) April 2009  (2) March 2009  (2) February 2009  (4) January 2009  (11) December 2008  (17) November 2008  (18)

South Orange NJ Home Sales August 2009

The rate of home sales in South Orange NJ during the month of August was fairly moderate.  While other towns seemed to be busier homes in South Orange seemed to sit.  The month of September seems to be a different story though.  The buyers are out, the consensus seems to be that many of them are trying to lock in good home mortgage interest rates before they go up.  As of Friday 9-18-2009 I had 2 different mortgage brokers tell me they could get 30 year fixed rate mortgages at 4.75%.  Other buyers are trying to beat the deadline for taking advantage of the $8000 home buyer tax credit, which expires on December, 1 2009. 

September likely will show a much more lively South Orange NJ Real Estate market!!

South Orange has a lot to offer potential home buyers, and has been a natural favorite among home buyers who commute into NYC.  The New Jersey transit train  getting people to NYC Penn station in 35 minutes has quite a lot to do with that.  The upscale shops and abundant restaurants, and deli’s within walking distance of the train station also help as well as the brand new preforming arts center and movie theater located next to the South Orange NJ train station.

South Orange NJ Home Sales

1. 315  Scotland Rd.  $339,000LP  Ranch 2br 1ba $332,000SP  12DOM
2. 142  College Pl  $399,900LP  Colonial 4br 1.1ba $400,000SP  65DOM
3. 17 - 25  Church St  $450,000LP  MultiFlr 3br 2.1ba $430,000SP  70DOM
4. 18  BROOKWOOD RD  $530,000LP  Colonial 5br 3.2ba $520,000SP  48DOM
5. 181 Village Rd.  $629,000LP  Victrian 5br 2.1ba $610,000SP  8DOM
6. 70 CREST DR  $699,000LP  Colonial 4br 4.2ba $615,000SP  44DOM
7. 380 HILLSIDE PL  $719,000LP  Victrian 8br 3.1ba $685,000SP  43DOM
8. 22  FRANKLIN TER  $779,000LP  Colonial 5br 3.2ba $729,500SP  44DOM
9. 191 WYOMING AVE  $879,000LP  Colonial 5br 4ba $879,000SP  8DOM
10. 365  WARWICK AVE $888,888LP  Meditter 5br 2.2ba $860,000SP  126DOM

Thinking of buying or selling a home in South Orange NJ 07079?  A great Realtor can make a huge difference in how the who process goes.  One of the best ways to make sure you are getting a great Realtor is to make sure your Realtor is a full time Real Estate professional, and not someone who is off working at Macy’s during the day, or delivering the mail, and only availible to you after they work their regular job. 

James Boyer, Full time South Orange NJ Realtor at your service.

James Boyer
South Orange NJ Realtor
South Orange NJ Real Estate
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Uncategorized | 1 Comment »

Summit NJ Home Sale Statistics August 2009

August was a busy month for home sales and closings in Summit NJ 07901.  To be sure some of this was pent up demand from previous years, but some of it was also the $8000 home buyer tax credit (expiring December, 1 2009) and some of it was Summit home buyers racing to lock in fairly low mortgage interest rates as they have been rising as of late.

Summit NJ Home Sales

1. Summit City 4  CLARK ST $299,900LP  Ranch 3br 1ba $235,000SP  211DOM
2. Summit City 105  ORCHARD ST  $310,000LP  Ranch 3br 1ba $315,000SP  13DOM
3. Summit City 13  Ascot Way  $479,000LP  SplitLev 3br 1.1ba $425,000SP  45DOM
4. Summit City 62  Park Avenue  $479,900  HalfDupl 3 2.1 $440,000  135
5. Summit City 67-75  NEW ENGLAND AVE, 75F  $549,000  TwnEndUn 3 2 $539,000  258
6. Summit City 8  Stiles Road  $629,000  SplitLev 4 2.1 $605,000  33
7. Summit City 42  HARTLEY RD  $649,000  Colonial 4 2.1 $609,500  26
8. Summit City 33  STOCKTON RD  $649,000  SplitLev 4 2.1 $643,000  9
9. Summit City 95  Maple Street  $659,000  Colonial 3 2.1 $786,000  9
10. Summit City 212  WOODLAND AVENUE  $679,000  SplitLev 4 2 $680,000  27
11. Summit City 14  PRINCETON ST  $699,000  Colonial 4 2.1 $657,500  83
12. Summit City 51  ASHLAND RD  $745,000  Colonial 4 2 $715,000  19
13. Summit City 142  MAPLE STREET  $749,000  Colonial 4 1.1 $747,500  30
14. Summit City 17  Canoe Brook Parkway  $749,000  Colonial 4 2.1 $720,000  14
15. Summit City 31  Fairview Avenue  $765,000  Colonial 3 2.1 $765,000  8
16. Summit City 9  NORWOOD AVE  $799,900  Colonial 6 3.1 $800,000  111
17. Summit City 140  MAPLE ST  $839,000  Colonial 4 2.1 $885,000  13
18. Summit City 137  BLACKBURN RD  $895,000  Colonial 3 3.1 $850,000  16
19. Summit City 33  Glen Oaks Avenue  $895,000  CapeCod 3 3 $925,000  6
20. Summit City 26  Valley View Avenue  $925,000  Colonial 4 3.1 $941,000  83
21. Summit City 60  DALE DRIVE  $939,000  Custom 5 2.1 $900,000  18
22. Summit City 22  Colony Drive  $945,000  Colonial 4 2.1 $968,000  29
23. Summit City 47  Parkview Terrace  $949,000  Colonial 4 2.1 $949,000  47
24. Summit City 151  Canoe Brook Parkway  $975,000  Colonial 4 2.1 $925,000  79
25. Summit City 30  Shadyside Avenue  $1,065,000  Colonial 5 3.1 $1,066,000  111
26. Summit City 26  Windsor Road  $1,195,000  Colonial 4 2.1 $1,250,000  7
27. Summit City 72  Dale Drive  $1,485,000  Colonial 5 3.1 $1,485,000  8
28. Summit City 8  MANOR HILL ROAD  $1,695,000  Colonial 6 5.1 $1,695,000  7
29. Summit City 39  PORTLAND RD  $1,950,000  Colonial 4 3.2 $1,800,000  36
30. Summit City 27  Silver lake Drive  $2,100,000  Colonial 5 4.1 $2,000,000  147
31. Summit City 100  Fernwood Road  $2,125,000  Colonial 5 4.1 $1,853,000  103

So 31 home sale / transfers in the Summit NJ Real Estate market during the month of August. 

With the home buyer tax credit expiring December, 1 2009 if your thinking about purchasing a home, it would be a good idea to take advantage of the tax credit and get out there now and find that great home.  Too start your search, visit Morris Essex and Union County MLS Home Search .

James Boyer
Summit NJ Realtor
Summit NJ Real Estate Expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Summit | No Comments »

Morris Township NJ Home Sales Update August 2009

25 Homes Sold in Morris Township New Jersey

during the month of August 2009.  That is a very good number of homes to be sold.  To be sure, part of that is people taking advantage of the $8000 and part of those sales were people stepping in to lock in the lower mortgage interest rates.  As you may have noticed, mortgage interest rates have been going up over the past 3 or 4 months now.  For every 1% change in mortgage interest rates, there is a 9% change in payment for the same amount borrowed.

Morris Township NJ Home Sales

1. Morris Twp. 101  Village Dr  $329,000LP  OneFloor 2BR 2BA $310,000SP  58DOM
2. Morris Twp. 10B  Leva Dr  $368,500LP  MultiFlr 3BR 2.1BA $349,000SP  44DOM
3. Morris Twp. 14  WILDFLOWER  $394,500  TwnIntUn 3 2.1 $385,000  47
4. Morris Twp. 10  LAKE VALLEY RD  $419,000  CapeCod 3 2 $425,000  17
5. Morris Twp. 3  BARBERRY RD  $449,900  Colonial 3 2 $420,000  45
6. Morris Twp. 11  Molly Stark Drive  $449,900  SplitLev 3 3 $445,000  54
7. Morris Twp. 16  STEWART DRIVE  $465,000  Bi-Level 4 2.1 $435,000  23
8. Morris Twp. 16  WYNDMOOR DR  $469,000  Colonial 4 2.1 $435,000  14
9. Morris Twp. 4  ARBOR WAY  $524,900  Ranch 3 2 $500,000  46
10. Morris Twp. 31  fieldstone  $539,000  RanchExp 4 3 $465,000  123
11. Morris Twp. 19  ARBOR WAY  $549,000  Colonial 4 2.1 $535,000  62
12. Morris Twp. 1  Copperfield Way  $589,900  Colonial 4 2.1 $575,000  58
13. Morris Twp. 12  RALEIGH CT  $600,000  RanchExp 5 3.1 $580,000  78
14. Morris Twp. 19  LYNNFIELD DRIVE  $600,000  Colonial 4 2.1 $600,000  51
15. Morris Twp. 43  BUCKLEY HILL ROAD  $625,000  Contemp 4 2.1 $600,000  130
16. Morris Twp. 10   Fairchild Ave.  $649,000  Colonial 4 3.1 $644,500  44
17. Morris Twp. 108  Skyline  $659,000  Ranch 4 4.1 $635,000  85
18. Morris Twp. 29  Cromwell Drive  $669,800  SplitLev 4 3.1 $625,000  50
19. Morris Twp. 51  ROLLING HILL DR  $700,000  Colonial 4 3.1 $683,000  68
20. Morris Twp. 6  OLD GLEN RD  $745,000  Colonial 3 2.1 $735,000  20
21. Morris Twp. 11  Normandy Pkwy  $899,000  RanchExp 5 4 $900,000  213
22. Morris Twp. 31  LAURA LN  $949,000  Colonial 4 2.1 $925,000  52
23. Morris Twp. 93  SPRING BROOK RD  $959,000  Colonial 4 3.1 $910,000  141
24. Morris Twp. 12  Spencer Drive  $1,245,000  Colonial 5 4.1 $1,200,000  105
25. Morris Twp. 27  SPENCER DR  $1,249,900  Colonial 5 3.1 $1,180,000  126

Thinking that you may want to take advantage of the $8000 home buyer tax credit?  Time is running out, in order to take advantage of this huge tax credit you need to have closed on your home by December,1 2009.  Want to start looking for a Morris Township NJ home stop by the Morris Twp. NJ real estate web page.  There you will find every home listed for sale in the local MLS. 

Want to search a wider area?  Just stop by the New Jersey Real Estate web page where you can find every home for sale in Morris, Essex, Union, Passaic, Sumerset, Sussex, & Warren Counties.

James Boyer
Morris Township NJ Realtor
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Morristown | 2 Comments »

Morristown NJ Home Sales August 2009

The month of August was a fairly busy month for home sales here in Morristown New Jersey.  The number of closed homes does not really reflect how busy it really was actually.  The way this works is that the home sales that I report here are actually homes which went under contract back in June and July of this year, and then finally closed and transferred to their new owners during the month of August.

With the Home Buyer $8000 tax credit expiring on December 1 of 2009 there has been a scramble of sorts to take advantage.  The fact that mortgage interest rates have been creeping up all year is also forcing people to take a second look at locking in now verses waiting.  There seems to be a trend that when interest rates are falling people hold back and don’t do anything, thinking that they will wait and catch the bottom.  What usually happens though is that the bottom comes and goes, and then interest rates move higher and these same people are left to scramble to lock in rates and usually they lock in higher than if they would have moved forward to start with.

There are also those people who seem to think that it does not matter what mortgage interest rates do, because they think that home prices will continue to fall.  Well consider this, if mortgage interest rates go up 1% that would raise the payment on the same amount borrowed by 9%.  That mean that prices would have to come down about 9% in order for you to be able to afford the same home.  Is that likely to happen?  Not likely in the lower and mid-range priced homes.  The lower price range homes have been the hottest segment for the past 18 months now, and have not lost anything like 9% over that 18 month period.  For the past 4 to 6 months it has seemed that home prices have actually be very stable to possibly creeping up a little bit.

Morristown NJ 07960 Home Sales

1. Morristown 47 1/2  SUSSEX AVE  LP $178,695  Colonial 3br 2.1ba $160,000SP  52DOM
2. Morristown 320  South Street- 4F  LP $215,000  OneFloor 1br 1ba $205,000SP  49SOM
3. Morristown 320   South Street  $219,900  FirstFlr 1 1 $216,500  28
4. Morristown  6  Altamont Court - Unit 16  $244,900  OneFloor 1 1 $235,000  146
5. Morristown  12  CLINTON ST  $249,900  TwnIntUn 4 2 $245,000  70
6. Morristown  10  THOMPSON ST  $275,000  Colonial 3 1.1 $265,000  90
7. Morristown 111  Early Street  $399,900  Colonial 4 1.1 $375,000  164
8. Morristown  53  HILL ST  $424,000  TwnEndUn 3 3 $400,000  35
9. Morristown 12  CONDICT PLACE  $479,000  Colonial 4 2.1 $460,000  31
10. Morristown 23  OLMSTEAD RD  $485,000  Colonial 3 2 $461,600  25
11. Morristown 69 A  WETMORE AVENUE  $569,900  TwnEndUn 3 2.1 $525,000  24
12. Morristown 30  KING ST UNIT C  $749,000  TwnEndUn 3 2.1 $750,000 

To search for all Morristown NJ homes for sale.  Morristown NJ really is a nice walkable town, with much to offer most everyone.

James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Morristown | 1 Comment »

Chatham Boro Real Estate Sales May 2009

Chatham Boro New Jersey, the Chatham located around the Chatham Trainstation or New Jersey transit and the Chatham downtown. 

Chatham Boro Real Estate sales for May 2009 were relatively strong this year as many home sellers decided to price their homes to sell.  Of course the home buyers who were wanting into Chatham Boro were only so happy to snap up the great deals out there.  Contributing factors for Chatham Boro and other towns were that interest rates were inching higher and many people decided to get off the fence and lock in a great rate.  Another contributing factor was and still is the $8000 home buyer tax credit which expires December 1st 2009.

I currently have one Chatham Boro home under contract and 2 other home buyers who are looking for a home within walking distance of the Chatham Boro train station.

Chatham Boro Real Estate Sales May 2009

1. 84  Woodland Rd  $375,000LP  Bi-Level 4br 1.1ba $335,000SP  67DOM
2. 34  Minton Ave  $429,900LP  CapeCod 3br 2ba $395,000SP  12DOM
3. 104  CENTER AVE  $520,000LP  Colonial 3br 1ba $485,000SP  159DOM
4. 31  HEDGES AVE  $545,000LP  Colonial 4br 2ba $520,000SP  57DOM
5. 60  WATCHUNG AVE  $549,000LP  Colonial 3br 1.1ba $545,000SP  11DOM
6. 119  WESTON AVE  $559,000LP  SplitLev 3br 1.2ba $528,000SP  4DOM
7. 15  Vincent St $599,000LP  Colonial 3br 1.2ba $599,000SP  22DOM
8. 27 CHATHAM ST  $599,000LP  Colonial 3br 1.1ba $560,000SP  104DOM
9. 67  WASHINGTON AVE  $615,000LP  Colonial 3br 2ba $610,000SP  22DOM
10. 10  ELM PL  $619,000LP  Colonial 3br 1.1ba $605,000SP  8DOM
11. 21  TALLMADGE AVE  $629,000LP  Colonial 3br 1.1ba $665,000SP  9DOM
12. 70  HEDGES AVE  $699,999LP  Colonial 3br 3.1ba $650,000SP  37DOM
13. 63  HEDGES AVE  $799,900LP  Colonial 4br 2.1ba $799,000SP  38DOM

Want to find a great deal on Chatham Boro Real Estate, the place with all the homes currently listed for sale in Chatham is Chatham Boro Real Estate and MLS Search.

James Boyer
Chatham Boro Realtor
Chatham Boro Real Estate Expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Chatham | 1 Comment »

Madison NJ Real Estate Sales May 2009

The real estate market here in Madison NJ bucked the area sales trend in May of 2009.  While Chatham Boro and Township had 20 home sales, Florham Park had 7 home sales, Morris Township had 17 home sales, and Morristown had 17 home sales, Madison NJ had only 5 home sales.  Just 5 homes sales is not very much during a time period when it seemed like the home buyers were coming out of the wood work, trying to lock in low interest rates get that $8000 home buyer credit, and snatch up those good deals out there.

Madison NJ Real Estate Sales

1. 38  SOUTH ST  $359,900LP  Ranch 2br 1ba $250,000SP  227DOM
2. 37  ANTHONY DR  $410,000LP  CapeCod 2br 2ba $399,000SP  38DOM
3. 4  LEE AVE  $539,000LP  Colonial 3br 1.1ba $530,000SP  17DOM
4. 13  KENSINGTON RD  $572,375LP  CapeCod 4br 2ba $520,000SP  69DOM
5. 28  HILLCREST RD  $1,200,000LP  Colonial 4br 4.1ba $1,328,000SP  11DOM

38 South St. was a bank foreclosure an example of a truely great deal.  People crave these but here in Morris County there just are not that many of them.

4 Lee Ave. Located in the Knollwood section of Madison, was a very nice looking home which was priced right from the start.

28 Hillcrest Rd. was a good example of how hard it is to under price a home even in a buyers market.  Even with this price range the buyers stepped in and bid the price up.

Want to find the great deals in Madison NJ homes for sale?  Visit Madison NJ MLS Search.

James Boyer
Madison NJ Realtor
Madison NJ Real Estate Expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Madison | 3 Comments »

Morris Township Home Sales May 2009

May was a fairly busy month for home sales in Morris Township NJ.  17 homes sold and closed.  Considering what the public perception is about the local real estate markets, it is incredibly busy.  I find myself working with buyers at ever turn, and all of my listings have sold so far this year.  I do have another listing coming on the market in Morris Plains NJ in about a week though.

Morris Township home sales

1. 321 PITNEY PL  $249,000LP  OneFloor 2br 1ba $222,500SP 16DOM
2. 11 WHITE BIRCH RD  $388,000LP  Bi-Level 4br 2.1ba $350,000SP  56DOM
3. 16 SPRINGVIEW DRIVE  $399,000LP  Colonial 2br 1ba $390,000SP  37DOM
4. 14 WHITE BIRCH RD  $399,900LP  Ranch 3br 2ba $360,000SP  36DOM
5. 328  MADISON AVE  $424,900LP  Colonial 3br 2.2ba $400,000SP  76DOM
6. 8  Albert Avenue  $427,000LP  CapeCod 3br 1ba $400,000SP  40DOM
7. 19 TURTLE RD  $459,000LP SplitLev 3br 1.2ba $425,000SP  244DOM
8. 18  STEWART DR  $459,000LP  SplitLev 3br 1.2ba $425,000SP  244DOM
9. 42 HILLCREST AVE  $459,000LP  CapeCod 4br 2.1ba $430,000SP  118DOM
10. 31 N STAR DR  $474,892LP  Bi-Level 4br 2.1ba $435,000SP  320DOM
11. 48  BURNHAM PKY  $479,000LP  Bi-Level 5br 3ba $455,000SP  59DOM
12. 20  NORMANDY BLVD WEST  $499,000LP  SplitLev 3br 2.1ba $495,000SP  50DOM
13. 121 HILLCREST AVE  $499,900LP  Colonial 4br 2.1ba $470,500SP  55DOM
14. 62 CENTER AVE  $549,900LP  Colonial 4br 2.1ba $540,000SP  7DOM
15. 14  Pond Hill Road  $599,000LP  Ranch 3br 2.2ba $585,000SP  79DOM
16. 19  Glimpsewood Lane  $699,800LP  Colonial 5br 3.1ba $657,500SP  53DOM
17. 6  BEEKMAN PL  $950,000LP  Colonial 5br 2.1ba $925,000SP  44DOM

31 N Star Dr. ( located in the Butterworth neighborhood of Morris Township NJ) is a very good example of pricing a home right and it will sell.  When 31 N Star Dr. first came on the market it was priced at $549,900.  The seller was very stubborn (Keep in mind this home was not listed for sale with me) and refused to lower the price for the entire 180 days is was listed that time.  During this time I listed 28 N Star Dr. accross the street, a home that should have been of similar value and it rather quickly sold for $509,500.  The sellers at 31 stubbornly held on, and eventually sold their home after an additional listing period of 283 DOM.

19 Turtle Rd. ( located in the Convent Station neighborhood of Morris Township NJ, my home neighborhood) is yet another example of pricing a home right and it will sell.  This seller started off at $550,000 for a list price, and then finally lowered the price to $459,000 before selling for $425,000.  It is my guess that the seller likely could have gotten more if they had priced the home below $500,000 to start with, which is where the house should have been priced.  This pricing mistake made it possible for the eventual buyer to make an excellent investment and purchase this home with potential in a great Convent Station neighborhood which normally sells between $500,000 and $900,000.

Want to look at what is on the market now in Morris Township NJ.

James Boyer
Morris Township NJ Realtor
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Morristown | 2 Comments »

Morristown NJ Home Sales Report

May 2009 was a busy month for the web savvy Realtors of Morristown New Jersey.  From the list below 2 of the home sales in Morristown alone were my deals.  It is becoming more and more obvious just how important it is for home sellers to be working with a very web savvy Realtor as the number of home buyers spending most of their home search online approach 90%. 

So here I sit, having to have called Verizon Wireless to up my cell phone plan to unlimited since I burned through 800 of my 900 availible minutes in just the first 2 weeks of my month, and about 98% of that was real estate business.

What is driving home buyers to buy now?  Value, Low Interest Rates, and the $8000 home buyer credit which expires December 1, 2009.  It is as true today as it was 3 months ago that if a home is even a little over priced, the chances it will sell drop significantly.

The Morristown NJ Home Sales May 2009

1. 31  HILLAIRY AVE  $208,900LP  Colonial 3br 1ba $195,000SP  7DOM
2. 320  South Street - Unit 18N  $240,000LP  OneFloor 1br 1ba $228,000SP  37DOM
3. 7  PROSPECT ST UNIT 405  $300,000LP OneFloor 1br 1ba $290,000SP  202DOM
4. 8-C  DORADO DR  $339,000LP  TwnIntUn 2br 2.1ba $330,000SP  23DOM
5. 4-A  DORADO DR  $359,900LP  TwnEndUn 2br 2.1ba $347,000SP  3DOM
6. 202  Speedwell Ave  $389,500LP  Colonial 4br 2.1ba $365,000SP  273DOM
7. 98  Mills Street  $409,000LP  Colonial 3br 1.1ba $390,000SP  22DOM
8. 5  AMES PL  $415,000LP  Colonial 3br 1.1ba $390,000SP  82DOM
9. 37  VALLEY VIEW DR  $417,000LP  Colonial 3br 2ba $417,000SP  23DOM
10. 111 SUSSEX AVE  $419,999LP  CapeCod 4br 2.1ba $390,000SP  180DOM
11. 23  SAND HILL RD  $425,000LP  CapeCod 4br 2ba $429,000SP  28DOM
12. 22  SAND HILL RD  $435,000LP  CapeCod 4br 2ba $400,000SP  33DOM
13. 146  MILLS ST  $449,000LP  Colonial 3br 2.1ba $425,000SP  27DOM
14. 7  John Glenn Rd  $449,900LP  SplitLev 3br 2ba $422,500SP  15DOM
15. 15  ROSEMILT PL  $475,000LP  Bi-Level 4br 2.1ba $460,000SP  63DOM
16. 13 DOGWOOD RD  $479,900LP  SplitLev 4br 2ba $461,000SP  56DOM
17. 48 MILLER RD $1,200,000LP  Colonial 4br 4.1ba $1,125,000SP  296DOM

So that is the story of the Morristown NJ Real Estate market in May of 2009.  Thinking of taking advantage of the great deals out there, and that $8000 home buyer credit?  Stop by Morristown NJ home Listings.

James Boyer
Morristown NJ Realtor
Morristown NJ Real Estate Expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Morristown | No Comments »

Morris Township NJ Real Estate Sales Update

Another installment of the Morris Township NJ Real Estate update for April 2009.  This past month was a fairly good month for home sales.  2009 seems to be a year of building sales.  I mean by that, I think that as the year goes by the market will continue to get better and better.  May is already seeming to be a good month as well.

There is so much stimulus in the economy that I would not be surprised to see the economy seeming to be getting somewhat better by the end of summer.  In any event that are some smart home buyers out there looking to take advantage of the low interest rates as well as low home sales prices.  There are some wonderful deals on homes out there so why not.

Morris Township NJ Real Estate Sales Update

1. 210  PITNEY PL  $229,000LP  OneFloor 1br 1ba $224,000SP  40DOM
2. 1B Leva Drive  $325,000LP  OneFloor 2br 2ba $315,000SP  38DOM
3. 3  LANGDON LN  $339,000LP  CapeCod 3br 2ba $290,000SP  123DOM
4. 5  MILL RD  $359,000LP  Colonial 3br 1.1ba $328,750SP  132DOM
5. 33  WITHERSPOON CT  $359,900LP  MultiFlr 2br 2.1ba $350,000SP  35DOM
6. 16   SPRINGVIEW DRIVE  $399,000LP  Colonial 2br 1ba $390,000SP  37DOM
7. 11  MILL RD  $399,000LP  Colonial 3br 1.1ba $378,800SP  60DOM
8. 8  Egbert Hill Road  $429,000LP  Victrian 3br 1.1ba $415,000SP  37DOM
9. 28  NORTHBRIDGE PL  $475,000LP  TwnIntUn 3br 2.1ba $465,000SP  178DOM
10. 48  BURNHAM PKY  $479,000LP  Bi-Level 5br 3ba $455,000SP  59DOM
11. 60 Keats Way  $499,000LP  SeeRem 3br 2.1ba $465,000SP  196DOM
12. 108 SPRING BROOK RD  $499,900LP  Bi-Level 4br 2.1ba $490,000SP  208DOM
13. 19  Brookfield Way $500,000LP  SplitLev 3br 2.1ba $485,000SP  116DOM
14. 7  VALLEY VIEW ST  $519,000LP  Colonial 4br 2.1ba $530,000SP  52DOM
15. 30 STONEHENGE RD  $529,000LP  SplitLev 4br 3ba $520,000SP  2DOM
16. 166  LAKE RD  $599,999LP  Colonial 4br 2.2ba $576,000SP 201DOM
17. 34  Bradwahl Dr $699,900LP Colonial 4br 3.1ba $700,000SP  201DOM
18. 8  SPENCER DR  $1,295,000LP Colonial 6br 4.1ba $1,225,000SP  29DOM

Looking for Morris Township NJ homes for sale check out the Morris Township NJ Real Estate page of the main website.

James Boyer
Morris Township NJ Realtor
Morris Township NJ Real Estate Expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Morristown, Uncategorized | 2 Comments »

Madison NJ 07940 Home Sales March 2009

March was a bit of a up month for Madison New Jersey, well as far as home sales go anyway.  Not up as much as many would have liked though.  For the month Madison had a total of 11 home sales.  That compairs to 11 during the month of March 2008 though.

Currently there are 94 homes activly listed for sale in Madison which brings us to just under a 9 month supply of homes for sale.  Typically if there is more than a 6 month supply of homes for sale in a given town, it is considered to be a buyers market.  9 months supply of homes for sale for Madison is not that high of a number though compaired to some towns further West registering as much as 18 month supply just last month.

Madison NJ 07940 Home Sales March 2009

Madison 19  Alexander Ave $389,000LP 2br 1ba 1gr $350,000SP  22DOM
Madison 29  WALNUT ST $439,000LP 3br 1.1ba 1gr $425,000SP  8DOM
Madison 186  GREENWOOD AVE $439,900LP  4br 1.1ba 1gr $415,000SP  45dOM
Madison 69  SHADYLAWN DR $499,000LP 3br 2ba 1gr $487,500SP  13DOM
Madison 6  Oak Ct $529,000LP  3br 2ba 2gr $505,000SP 119DOM
Madison 57   Woodland Rd  $649,900LP 3br 1.1ba 1gr $626,000SP  153DOM
Madison 55  MAPLE AVE $699,000LP 3br 2.1ba 1gr $665,000SP  21DOM
Madison 21  PROSPECT PL $749,200LP 4br 2.2ba 1gr $751,200SP  241DOM
Madison 41  Broadview Ave $842,000LP 3br 2.1ba 2gr $780,000SP  28DOM
Madison 5  CARTERET CT $849,000LP 4br 2.1ba 2gr $815,000SP  147DOM
Madison 2  Harwood Dr $1,299,999LP 5br 4.1ba 2r $1,200,000SP  63DOM

There are some great home values to be had in Madison New Jersey, you just have to look for them a little bit.  A great place to start is at the Madison NJ Real Estate For Sale web page.

James Boyer
Madison NJ Realtor
Madison NJ Real Estate Expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Madison | No Comments »

Morristown NJ real estate sales March 2009

Happy April Fools Day. 

Not going to fool around in this Morristown NJ real estate update though.  Just going to give you the facts and a little commentary about what is going on, but first the facts.

Morristown NJ real estate sales for March

Morristown 14A Cobb Place $345,000LP HalfDupl 2BR 1.1BA $325,000SP 26DOM
Morristown 7 PROSPECT ST. $375,000LP OneFloor, 1BR 1BA $335,000SP 344DOM
Morristown 51 Taft Lane $439,000LP TwnIntUn, 2BR 2.1BA $415,000SP 27DOM
Morristown 14 TAFT LN $449,900LP TwnIntUn, 2BR 2.1BA $415,000SP 21DOM
Morristown 22 Franklin PL $519,000LP TwnEndUn 4BR 2BA $475,000SP 38DOM
Morristown 2 TIFFANY RD $549,900LP Colonial 4BR 2.1BA $535,000SP 184DOM

So there were 6 homes which sold in Morristown NJ 07960 during the month of March 2009.  Not a wonderful sign for the rest of the 2009 spring real estate market here in town.  To be sure there are some very good deals to be had in town, and if you are a seller who takes the right approach to selling your home from the start it can still happen and bring you a fair selling price.

Morristown NJ home sales commentary

7 Prospect St. was yet another of the Vail Commons new construction condos closing.  This is a semi luxury high rise style condominium building located just off of Morristown’s Speedwell Ave.  All in all a nice building.

51 Taft Ln. & 14 Taft Ln. are semi luxury town homes located in the Morris Place community just a short walk from the Morristown train station and Morristown’s desireable downtown.  The larger Morris Place town homes seem to currently be selling from 400K to about 420K now, and the smaller units at Morris Place seem to be selling more like 370K to 390K.

22 Franklin Pl. is a 1987 construction townhouse  / duplex located in the Franklin Corners neighborhood of Morristown, Just off South Street, walking distance to the train station, all of downtown Morristown, as well as to Morristown Memorial Hospital.

2 Tiffany Rd. Is a 1984 construction standard colonial located in Morristown’s Washington Headquarters neighborhood.  This home was first listed at $689,900 and finally sold after they reduced the price to$549,900.  This is the classic pricing mistake that home sellers are making, and it is costing them huge amounts in the current real estate environment.  In my opinion, if this home seller had just priced their home at $580,000 to start with, the home likely would have sold much sooner and for more money, but that is just my experienced opinion.

James Boyer
Morristown NJ Realtor
Morristown NJ Real Estate Expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Morristown | 2 Comments »

Chatham NJ Homes For Sale, The February 2009 Sold Report

February was yet another slow month for Chatham NJ homes for sale.  During the month there were 6 homes which sold and transferred to their new owners.  This compairs to 50 homes activly for sale in Chatham Boro and 96 homes activly for sale in Chatham Township as of March 4th 2009.  To be sure things are picking up, though at a somewhat slow pace.  As of today there are 14 homes under contract in the Chathams.

With the $8000 home buyer tax incentive for 2009 and all the other stimulus that is out there in the economy it is expected that things will continue to pick up through the year.  There are many financial analysts who are beginning to believe in a fairly strong economic recovery in late 2009 or early 2010.  I believe that this is a strong possibility as well.  The old adage of it is always darkest before the dawn has worked well in describing how the economy acts before, and I believe it will describe this economic cycle as well.

Chatham NJ Homes For Sale, The February 2009 Sold Report

Chatham Boro 1 LUM AVE  $399,800LP  Colonial 3br 2ba $355,000SP  63DOM
Chatham Boro 155 Hillside Ave. $485,000LP  Colonial 3br 1ba $472,000SP  89DOM
Chatham Boro 6  TAFT ST $539,900LP  CapeCod, 4br 2ba $518,500SP  72DOM
Chatham Boro 138  WASHINGTON AVE  $829,000LP  Colonial 3br 2.1ba $805,000SP  138DOM
Chatham Boro 15  WOODS LN  $1,575,000LP  Colonial 4br 3.1ba $1,485,000SP  134DOM
Chatham Twp. 114  SUNSET DR  $1,250,000LP  Colonial 5br 3.1ba $1,220,500SP  29DOM

Seems like at least for this period Chathm Boro got more of the attention from the home buyers than did Chatham Township.  This could be because of the proximity to the Chatham Train Station, but it could also have to do with pricing of the homes. 

Home buyers have been very careful about making sure they are getting good value in a home, and as such have been refusing to make offers on homes they consider to be over priced.  Lesson her, if you are a home seller, over pricing even by a little bit is deadly.  If you are a home buyer, there may be some really good deals to be had in homes that look to be a little over priced, you just have to try.  There is nothing wrong with writing a offer 15% below asking price on a home that has been on the market for 3 or more months!!  It could be just the wake up call the home seller needs.

Thinking of purchasing a home and taking advantage of the $8000 home buyer tax credit in 2009?  Stop by the Morris Essex & Union County MLS home search to find every home listed for sale with multiple pictures and a content rich details section.

James Boyer
Chatham NJ Realtor
Chatham NJ Real Estate Expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Cell

Category: Chatham | 6 Comments »

Morristown NJ Homes For Sale, The Feb 2009 Report

During the month of Feburary there were 7 homes which closed and transfered to their new owners.  7 homes, that is still kind of week.  This spring market seemed to go on hold for a while as everyone waited to see what the government was going to do with the stimulus plan, and with any sort of tax credits relating to New Jersey real estate.  Want to read more about the real estate home buyer tax credit for 2009?

During the last month my theiry about homes which are priced right and in good showing condition selling fast was proved again.  My listing at 4a Dorado Dr Convent Mews (a 2 bedroom 2.5 bath condo in Morristown New Jersey priced at $359,900) went under contract with 3 days on the market.  This goes to show that some homes are selling very close to their asking price and selling fast.  Morristown NJ home buyers take note, if you see a home that seems to be priced right which has been on the market less than a week, and you really want it, likely someone else is going to want it as well, and you better write a offer for it or someone else will get it.

Morristown NJ Homes For Sale, The Feb 2009 Report

These are the homes which closed and transferred to their new owners in Morristown New Jersey during February 2009.

Morristown 44  Ridgedale Ave $322,000LP  TwnEndUn 1br 1.1ba $315,000SP  33DOM
Morristown 26  JAMES ST $329,900LP  CapeCod, 2br 1ba $305,000SP  1DOM
Morristown 320  South St $350,000LP  TwnIntUn 2br 2.1ba $305,000SP  18DOM
Morristown 2 RONA RD  $390,000LP  TwnIntUn 2br 2.1ba $360,000SP  0DOM
Morristown 58  DOGWOOD RD  $445,000LP  SplitLev 4br 2ba $445,000SP  12DOM
Morristown 22  KNOLLWOOD RD  $448,500LP  SplitLev 5br 2ba $425,000SP  40DOM
Morristown 28  KING ST UNIT A  $595,000LP  TwnEndUn 3br 2.1ba $645,000SP  183DOM

You may notice that 28 King St sold for $50,000 more than the list price.  Keep in mind that this was new construction in the hart of Morristown, and I am told that the buyer for this home opted for lots of options and customization within their new home.  The other 3 new construction town homes at Kings Courtyard  located just a block from the Morristown train station as well as South Street and just a few blocks from the Morristown central green look like they will be just wonderful featuring 4 levels of very spacious living and 3 off street parking spaces each with one of them being a garage stall.

The Morristown NJ real estate market does seem to be picking up these last few weeks now.  It seems the home buyers are finally willing to come out and make offers on different homes.  Just today in-fact I wrote a offer on a mid-level home in Morristown that meets the criteria I talked about with my listing at Convent Mews above.

James Boyer
Morristown NJ Realtor
Morristown NJ real estate expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Cell

Category: Morristown | 3 Comments »

2009 Home Buyer $8000 Tax Credit

The IRS has put out 5405 Form as it pertains to the 2009 home buyer credit. The form is designed to help a Homebuyer through the process of filing for the Home Buyer Credit. 

You can claim the first time home buyer credit if you purchased a primary residence located in the United States between April 8, 2008, and December 1, 2009 and you or your spouse (if married) did not own any other home during a three year period ending on the date of the purchase.

2009 Home Buyer $8000 Tax Credit

You will not be able to claim the credit if you make more than $95k per year or $170k a year filing jointly.  Other reasons you may not be able to claim the home buyer credit include: non-resident with alien status, home owner as a result of a gift, home owner as a result of a family purchase.  There are also other exclusions as well.

For homes purchased in 2008: The credit will be an interest free loan that will have to be paid back over 15 installments starting in 2010.  If the home ceases to be your primary residence within the term of the loan (15 years), you will have to pay the loan off in full in the very same year.

For homes purchased in 2009: The repayment of the credit or loan will be waived so long as it remains your primary residence for 3 years begining on the day of the closing of your home.  If you sell or otherwise dispose of your home or it stops being your primary residence within the 3 year period, you will be forced to repay your home buyer credit that year.

The total amount of the home buyer credit is the lesser of $7500 ($8000 for homes purchased in 2009) or 10% of the purchase price of the home. You get the full amount if your income is less than $75k per year or $150k for married couples filing jointly according to the IRS.

New Jersey Home Buyers

With the average price of a first time home buyer home being well over $200,000 in most of New Jersey most any home for sale here will qualify for the entire credit. 

To begin your home search be sure to visit the Northern New Jersey Home Search tools located on another page of this website.

James Boyer
Morris Essex & Union County Realtor
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Morristown, Summit | 4 Comments »

Easier Home Purchase Mortgages for Morris County New Jersey??

Easier Home Purchase Mortgages for Morris County New Jersey??

 

WASHINGTON (Reuters) - The Federal Reserve Board on Tuesday put more pressure on banks to cut dividends as conditions deteriorate, and said it would discourage the use of federal rescue money to fund such payouts.

A New York-based source said earlier that the Fed has been urging banks “in increasingly strong language” to use the bailout money to issue new loans and bolster their reserves, not to pay dividends.

“This letter is a firm reminder that the Fed is going to be tightening the noose on banks,” said Mark Williams, a former Fed bank examiner who is now a finance professor at Boston University. “They are reminding banks that they are stewards of cash and have to use it in appropriate ways.”

Well it is about time.  It is my opinion that the large banks which have been getting large sums of money form the federal government should be using that money to make loans, not to pay dividends to their stock holders or to purchase  other banks and mortgage companies.

I personally have not recently had home buyers who could not get a home purchase mortgage, but then again many people go to their mortgage person to get a pre-approval letter before they even contact a New Jersey Realtor these days, so people who are turned down likely would not contact me.

In my opinion this is a great time to be getting a mortgage / purchasing a Morris County New Jersey home.  Unless you feel that you are extremely likely to lose your job or something, this is about as good a time as any in the last 20 years.

If you would like to take a look at what sort of home deals are out there now, stop by Morris Essex & Union County Real Estate and Homes For Sale.

Cheers,

James Boyer
Morris County Realtor
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Cell

 

Category: Chatham, Harding, Madison, Morristown | 1 Comment »

Chatham NJ Real Estate Update / January 2009

Another slow month in Chatham Boro and Chatham Township real estate markets.  Combined there were only 5 homes sold and closed in the 2 towns.  That is a very small number compaired to what would be the norm for a January.

With the stimulus plan about to be passed and a looming $15,000 tax credit said to be coming with the plan I believe that we are going to be seeing a pickup in activity once things become more clear.  Until then the Chatham NJ real estate market will have to make due with the home buyers who are already out there.

Chatham NJ Real Estate Update / January 2009

Chatham Boro 75  VAN DOREN AVE  $837,500LP  Colonial, 4br 2.1ba $838,000SP  14DOM     
Chatham Boro 15  AMHERST RD  $1,300,000  Colonial 4 2.1 $1,295,000  14      
Chatham Twp. 7  YARMOUTH ROAD  $639,000  CapeCod 4 2 $625,000  10      
Chatham Twp. 24   FAIRFAX TERRACE  $749,000  Colonial 3 2.1 $731,000  117      
Chatham Twp. 37  RUNNYMEDE RD  $949,000  Colonial 4 2.1 $960,000  18

Thinking of buying or selling a home in Chatham New Jersey or anyplace in Morris County, Union County or Essex County New Jersey?  Visit the Chatham NJ real estate and MLS search where you will find every home listed in the gsmls in all the towns in these 3 counties and many more towns from other counties as well.

James Boyer
Chatham NJ Realtor
Chatham NJ real estate specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Chatham | 1 Comment »

Morristown NJ Home Sales / January 2009

Well well, the number of homes sold and closed picked up a bit in January from December here in Morristown New Jersey.  December was a down right slow month for Morristown NJ home sales, but January was almost 100% better.

Morristown NJ Home Sales / January 2009

Morristown 88 WASHINGTON ST $292,500LP Colonial 3br 1.1ba $222,500SP  152DOM
Morristown 57 HILLAIRY AVE $320,000LP Ranch 3br 1ba $300,000SP  123DOM
Morristown 50B Ridgedale Ave $330,000LP  TwnIntUn 2br 1.1ba $310,000SP 108DOM
Morristown 32 Kenmuir $350,000LP Ranch 3br 1ba $310,000SP  42DOM
Morristown 62 WALKER AVE $434,900LP Colonial 3br 1.1ba $420,000SP 73DOM
Morristown 38 CHESTNUT ST $439,000LP  MultiFlr 3br 2.1ba $415,000SP  41DOM
Morristown 30 OGDEN PL $700,000LP  Contemp 4br 3.1ba $695,000SP  63DOM
Morristown 35 Community Pl $950,000LP  TwnIntUn 2br 2.2ba $900,000SP  32DOM
Morristown 330 SPEEDWELL AVE $2,950,000LP  Colonial 8br 4ba $1,875,000SP  1875DOM

With all the government stimulus coming, and a possible $15,000 home buyer tax credit coming very soon, I believe that the number of Morristown NJ home sales will be on the rise , and not just because it is spring market.

If you are thinking of buying or selling a home in Morris County?  Stop by Morris County homes for sale where you can find every home listed for sale in the gsmls.

James Boyer
Morris County Realtor
Morristown NJ Real Estate Specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Cell

Category: Morristown | 1 Comment »

Morris County New Jersey School Closings

I thought I would post this link to a nice web page that most all the schools in Morris County use to help get the information out about school closings and delays. 

Morris County School Closings

 

I still cannot understand why Morristown NJ public schools do not post their status on the website as well.  you can be assured that if all the towns around Morristown close their schools, especially places like Madison and Chatham, that Morristown will have closed their schools as well.

Morris County New Jersey School Closings

If you found this looking for school closing information for Morris County Schools you likely were not looking for Morris County NJ Real Estate information, but if you know anyone who may be thinking about buying or selling Morris County Real Estate send them to jboyerhomes.com the best, most informative Morris County NJ Real Estate website, which also has every home listed for sale in the Morris County MLS for you to see.

James Boyer
Morris County REALTOR
Morris County real estate specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Cell

I hope you find the link to Morris County School Closings useful.

Category: Chatham, Harding, Madison, Morristown | 1 Comment »

Liberty Greens Condominiums Morris Twp NJ 07960 Home Sales

Liberty Greens is one of the condo communities that looks much more like town homes than condos.  Situated just a short 5 minute walk from the Convent Train Station of New Jersey Transit’s Morristown Line, Liberty Greens has a prime location on Morris Twp’s east side within the Convent Station neighborhood. This prime location has attracted Morris County area home buyers who want the easy ability to use the NYC train without the hassle of worrying about parking or snow or …

Liberty Greens Condominiums Morris Twp NJ 07960 Home Sales

Just like everyplace else, home sales have slowed a bit as of late compaired to the 2007 real estate selling season.  In 2008 Liberty Greens had 7 condos sell for a average price of $479,500 and a median price of 470,000.  This compairs to the 2007 Liberty Greens condo sales which amounted to 10 sales at a average sales price of 526,950 and a median sales price of 515,500. 

Here are the actual condo sales for Liberty Greens in 2008:

Morris Twp. 9 Pilgrim Court $429,000LP 2br 2.1ba 1Gar $409,000SP  164DOM
Morris Twp. 15 Thomas Paine Rd $445,000 3br 2.1ba 1GAR $435,000SP  118DOM
Morris Twp. 21 Independence Ct $470,000LP 3br 2.1ba 1GAR $470,000SP  52DOM
Morris Twp. 7 Independence Ct $480,000LP 3br 2.1ba 1GAR $450,000SP  130DOM
Morris Twp. 17 PILGRIM CT $509,000LP 3br 2.1ba 1GAR $495,000SP 40DOM
Morris Twp. 3 INDEPENDENCE CT $510,000LP 3br 2.1ba 1GAR $482,500SP 36DOM
Morris Twp. 1 Pilgrim Ct $645,000LP 3br 2.1ba 1GAR $615,000SP 16DOM

Home prices have come down and so have interest rates, though for the past week or so the mortgage interest rates seem to have been going back up a bit.  Just goes to show that you cannot depend on Mortgage interest rates to stay down forever.  I believe that home prices will be staying around these levels for the remainder of 2009, but the risk is that mortgage rates could go up.  At any price point if interest rates went up 1% your mortgage payment if you locked in at that point would be 9% higher.

Thinking about buying a Liberty Greens condo or a home anyplace in Morris Essex Union Sommerset, or Sussex County?  Visit the home search tools at Morris County MLS Home Search.

James Boyer
Morris County REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Uncategorized | 2 Comments »

Real Estate Bubble in Northern New Jersey, the Summit NJ Stats Don’t Reflect It

There are a select few people who seem to think that New Jersey is experiencing the aftermath of a real estate bubble.  No matter what evidence is presented to them, they would rather stick their heads in the sand and ignore the facts.

Real Estate Bubble in Northern New Jersey, the Summit NJ Stats Don’t Reflect It

I thought I would bring you some interesting numbers from the Summit NJ real estate markets past.

Median sold price for a Summit New Jersey home 1999  $482,767
Median sold price for a Summit New Jersey home 2006  $825,362
Median sold price for a Summit New Jersey home 2008  $777,571

Average sold price for a Summit New Jersey home 1999 $540,667
Average sold price for a Summit New Jersey home 2006 $1,016,109
Average sold price for a Summit New Jersey home 2008 $965,898

The Summit NJ real estate market moved up on average about 88% from the 1999 market year to the 2006 market year (the commonly accepted peak year).  By 2008 the average Summit NJ home was selling for about 95% of what it was selling for in 2006.

If you look at the median Summit NJ home sales price it appreciated about 71% from 1999 through 2006, and in 2008 the median Summit NJ home sold for about 94.2% of what it sold for in 2006.

Those numbers hardly paint the picture of a New Jersey real estate bubble deflating.  The commonly accepted real estate bubble description includes real estate prices that doubled or tripled over the course of 3 or 4 years, and a deflating bubble likely at this point would have sold prices off 30% to 50%, clearly not what we are seeing here.

Some people will point out that foreclosures in New Jersey have doubled over the past year.  While I feel for those families who get foreclosed on, in most towns the actual foreclosure rate is still very low with bank owned homes (foreclosures) making up just 2% to 3% of the sold homes.  That number is way to low to have much effect on the overall market.  Push the market weight of foreclosures up to 30% or more and I agree they would have a big impact on home values in any town.

Here are a few questions from one of the people I referred to at the top of this post, with my answers.

These problems that face New Jersey right now:

Increasing foreclosures (in fact they doubled this past year) Still very low in most towns, making up less then 2% to 3% of the homes sold in most towns. Com pair that to other states where that number is more like 50% and higher. If you double the rate and push those numbers up to 4% to 6% there still is very little impact on the overall market of said town.
Increasing unemployment no real new news there, what is the rate now 7.5% that means better than 90% who want to work are working. In fact I am working with a new relocation client who got a new job here in Morris County. So it is still possible to get a job. Not denying that times are tuff, but you know what, lots of homes sold during that last several recessions, and they will in this one as well.
Sky high property taxes nothing has changed there, this is New Jersey, you want to change the property tax situation, run for office.
Record budget deficits and the state and municipal level OK So what, at the fed level much of that is now, an attempt to inflate us out of this situation, I for one believe that if they want to get the economy growing again and are willing to spend any amount to make that happen, it will happen sooner rather than later.
Low savings rate (read no down payment) Savings rate has actually been increasing over the past year, otherwise the savings rate has hovered close to 0 for the better part of a decade now. That is one thing the fed and treasury is trying to discourage in the short term. when trying to get out of a recession, the last thing you want people to do is save money.
Drastically lower stock portfolios (read no down payment) Anybody who has money invested in the stock market that they intended to use as a down payment on a home within the next 3 or 4 years should have their head examined. There are probably some very good deals in the stock market right now, but I know that I personally can make better investment returns in real estate more safely than I can in the stock market.
Oh yeah, and plenty of houses on the market that don’t seem to move. As I have said before, in almost any town in any market time frame, probably 20% of the homes listed are actually priced and conditioned to sell and they do sell. The rest are just listed and likely will not sell.

Look for signs that the economy is responding to all the stimulus being forced into it by the end of June 2009.  This year will be the end of the residential real estate downturn and currently is representing one of the best times to be a home buyer of the past 20 years.

James Boyer
Summit NJ REALTOR
Summit NJ real estate specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Summit | 3 Comments »

Hard Harding NJ Real Estate Statistics

I was having a conversation with a reporter for one of the news papers earlier today about what is going on in the Harding New Jersey Real Estate market.  There were all sorts of questions about statistics and how was the market doing in 2007 and how was it doing in 2008, and why was it doing this or that.  So I thought to myself, people can use statistics to say almost anything they want, but the statistics are still the statistics, so I am going to give you some raw statistics and then comment on them.

Hard Harding NJ Real Estate Statistics

2008 Harding NJ Real Estate Activity  29 Homes Sold
128     The average number of days to sell a Harding NJ Home
$2,068,399 Average List Price of Harding NJ Sold Homes
$1,903,392  Average Sold Price for a Harding NJ Home
$1,760,931  Median List Price of Harding NJ Sold Homes
$1,446,551  Median Sold Price for a Harding NJ Home
115 Total MLS Home Listings
87   Individual Listings
23   Individual Expired Listings - Average List $2,689,695 Median List -$1,795,000
11   Individual Withdrawn Listings - Average List $2,431,181 Median List - $1,675,000
2     Under Contracts that have not closed $2,500,000 and $1,075,000

2007 Harding NJ Real Estate Activity  59 Homes Sold
97       The average number of days to sell a Harding NJ home
$1,809,689 Average List price of Harding NJ Sold Homes
$1,874,491 Average sold price for a Harding NJ Home
$1,450,000 Median List price of Harding NJ Sold Homes
$1,350,000 Median sold price for a Harding NJ Home
132 Total MLS Home Listings
114 Individual Listings
41   Expired Listings - Average List $3,659,058 Median List - $2,495,000
23   Withdrawn Listings - Average List $2,240,891 Median List - $2,025,000

What I got out of all these Harding NJ real estate statistics is that things have slowed significantly for the number of homes that are actually selling in Harding.  Harding is basically a Luxury real estate oriented town off of the train line.  Home sizes and priced tend to be much considerably higher than in some of the other local towns of Morris County.

The deeper lesson here is, that there are way more Harding NJ homes listed for sale which have carried over into 2009 from 2008, many of these homes likely need a large price reduction in order for them to sell.  Basically a large number of Harding NJ homes are likely over priced for the current market.

I still subscribe to the real estate rule which states that at any given time in any given real estate market type only about 20 percent of the homes which are listed in the MLS are really for sale.  The other 80% are just listed, but not really in the condition or priced so that they would actually sell. 

I believe that the statistics shown above, even though they show a small price gain in 2008 over 2007 are hiding a actual large price decline for Harding NJ real estate.  There are just to many home owners in Harding who would like to sell, probably need to sell, but they are not even trying because they think the market will be better next year.  I am sorry to break it to you, but we continue to see actual value lost month after month.  At a minimum I believe that your average Harding NJ home is losing 1/2 percent per month.  Once the decline is over, I believe that will come later in 2009, most homes will likely see their values go sideways for quite a while.

Waiting for a better market to sell your Harding NJ Home

I believe that anyone who wishes to sell their Harding NJ home needs to get it on the market right now.  Waiting for a better market is costing you money.  Every month that goes by your home should probably be priced at least 1% lower than a likely buyer would pay for it today.  If you think you can wait out the market and get 2007 or 2006 prices, you may be able to do that, but consider it may take until 2015 or longer to actually get to those levels again.

The comentary after the statistics is my informed opinion only.

 James Boyer
Harding NJ Realtor
Harding NJ Real Estate Specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Harding | 1 Comment »

Relocating to Morristown New Jersey 07960

Morristown New Jersey is one of the most happening towns in all of Morris County.  The Morris County seat Morristown is home to a number of government and court buildings, but Morristown New Jersey is much more than that.  So I thought I would put together some information about the town.

Relocating to Morristown New Jersey 07960

Morristown is a town of about 19,000 people, surrounded by Morris Township which has an additional 22,000 people.  The median family income in Morristown was $66,419 as of the 2000 census.  Morristown has been one of the leading New Jersey towns in terms of implementing transit-oriented development.  Morristown was one of the first five “transit villages” designated in New Jersey in 2000. In 1999, Morristown changed its zoning code to designate the area around the train station as a “Transit Village Core” for mixed-use. The designation was at least partly responsible for a development frenzy that includes plans for several mixed-use condominium developments with asking prices ranging from $300,000 to over $1,000,000 per unit. These developments included Dehart Place, 40 Park Condominiums, Vail Mansion, and Vail Commons.  There is also a development under construction at the Morristown train station named Transit Village, though that development is slated to be all rentals.  As a town with New Jersey Transit rail service at the Morristown station, it has benefited from shortened commuting times to New York City due to the “Midtown Direct” train service New Jersey Transit instituted in the 1990s.

Morristown New Jersey Schools

The Morris School District is a regional public school district that serves the communities of Morristown and Morris Township (for grades K-12), along with students of Morris Plains in grades 9-12 only.  The Morris school district provides a supportive and challenging educational environment for a student population of approximately 4,700. Within the Morris school district there are three primary schools (K-2), three intermediate schools (3-5), one multi-age magnet school (K-5), one middle school (6-8), and one high school, Morristown High School.

Morristown NJ Private Schools

 Morristown NJ 07960 private schools include:

• The Red Oaks School - a Montessori school serving students from pre-school through grade six
• Assumption Roman Catholic grade school (K-8)
• The Peck School, a private day school which serves kindergarten through grade eight
• The Delbarton School, an all-boys Roman Catholic school serving grades seven through twelve
• The Morristown-Beard School, a private co-ed school serves grades 6 through 12
• Villa Walsh Academy, a private Catholic college preparatory school conducted by the Religious Teachers Filippini

• The Academy of Saint Elizabeth, the first secondary school for young women in the state

 

Morristown NJ 07960 History

Morristown was first settled in 1715 by residents of long island New York and New Haven Connecticut. 

George Washington and the Continental Army marched from the victories at Trenton and Princeton to encamp near Morristown from January to May 1777. Washington had his headquarters during that first encampment at Jacob Arnold’s Tavern located at the Morristown Green in the center of the town. Morristown was selected for its extremely strategic location (between Philadelphia and New York and near New England). It was also chosen for the skills and trades of the residents, local industries and natural resources to provide arms, and what was thought to be the ability of the community to provide enough food to support the army.

From December 1779 to June 1780 the Continental Army’s second encampment at Morristown was at Jockey Hollow. Then, Washington’s headquarters in Morristown was located at the Ford Mansion, a large mansion near what was then the ‘edge of town.’ Ford’s widow and children shared the house with Martha Washington and officers of the Continental Army.

The winter of 1780 was the worst winter of the Revolutionary War. The starvation was complicated by extreme inflation of money and lack of pay for the army. During Washington’s second stay, in March 1780, he declared St. Patrick’s Day a holiday to honor his many Irish troops.

Morristown NJ Homes

Many times when relocating to Morristown New Jersey people will talk of renting  a home before they purchase a home here.  Most of the time people relocating here find that after considering tax benefits of owning that renting a home in Morristown is more expensive than actually owning.

Morristown NJ Homes start about $275,000 for smaller homes needing updating and 1 & 2 bedroom condos sometimes are avalible under $300,000 but generally they tend to be $330,000 to $500,000.  Mid-range homes of 3 or more bedrooms tend to sell between $400,000 and $700,000.  Morristown is also home to many Luxury homes generally located in the most desirable area of town South of South Street.

Morristown has been home to a number of new construction condominium projects in the past few years, including Dehart Place 3500 sqft+ condos built more like row homes, Vail Mansion Luxury condos, Vail Commons High rise style condos several models currently availible as of January 15th 2009, and 40 Park Luxury condominiums located on the Morristown green downtown.  40 Park claims to be 50% sold out at this point.

Morristown NJ Relocation

If you may be relocating to Morristown New Jersey you are going to want look at the homes that are listed for sale in gsmls.  Check out the main website connected to the home search page for lots of great information about Morristown New Jersey 07960.

James Boyer
Morristown NJ Realtor
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Morristown | 1 Comment »

Real Estate Buyers’ Market, Morris County New Jersey

A buyers’ real estate market is what we are currently in here in New Jersey, but what are the New Jersey home buyers’ doing?

Real Estate Buyers’ Market, Morris County New Jersey

A Buyers’ Market Should Be Just That — a buyers’ market.  It is not a fence-sitting, waiting, loitering, delaying, dawdling, postponing, vacillating, hesitating, wavering, faltering, pausing, foot-shuffling, excuse market. (Shift, Gary Keller)

This statment hit home with me when I read it a few days ago.  It seems that many New Jersey home buyers are making the typical mistake.  These New Jersey home buyers seem to be trying to time the real estate market.  They are listening to the medias’ uninformed advice and continual negative news, not realizing that the media is always well behind the curve when things are changing.

Why is trying to time the market a mistake?  The first thing is, how will you decide that we have reached the bottom?  In reality you will only know we have reached a bottom once the New Jersey real estate markets have been moving up for a while.  It is quite possible we could see the best homes jerk up in value 7 or 8% when there is a realization that the time to buyer has already come.  If you are sitting back trying to time the real estate markets you certainly will not have a home picked out and will not be ready.

There is a old saying among stock market traders, Bulls make money, bears make money, but pigs get slaughtered.  Trying to time the New Jersey real estate market puts you in the possition of the pig.

If you are a New Jersey home buyer, now is the time.  Mortgage interest rates are at historic lows.  My good friend and trusted business partner, Bob Scarzella over at Countrywide Mortgage was quoting 4.675% 30 year fixed rate New Jersey home loan mortgages.  Home prices are at 2004 to 2005 levels depending on the town, as well as the price range of the home.

This is a wonderful time to be a move up buyer.  In many towns, homes in the 300K to 450K are only off 5% to 9% from their peak value, while homes in the 700K to 900K price range are off of their peak value buy as much as 20% or even more depending on the town.

New Jersey home buyers’

There are some truely great deals out there.  Between the low interest rates and the affordable prices, if you purchase your home now, you will be able to look back a few years from now and say to yourself, boy I am glad I when ahead and purchased my home. 

$7500 First time home buyer tax credit

There is even a $7500 first time home buyer tax credit availible if you close on your home before 7/1/2009.  e-mail me for details.

James Boyer
Morris County REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Uncategorized | 3 Comments »

Harding NJ Homes For Sale / What Sold In Dec 08

Harding NJ Home Sales

Harding New Jersey is one of those real estate markets which is small and hard to really pin down.  Many of the homes which sell in Harding NJ tend to be Luxury single family homes and in some cases Luxury condominiums.  In any event the number of homes sold in December of 08 was 2 which is exactly the same as in December 07.  Other towns around Harding have experenced fall offs from December of 07 though.

If you broaden things out a bit and look at the 12 months of 2008 vs 2007 you get a much better picture of what really has been going on.  The Harding NJ real estate market had 59 home listings sell in 2007 where as the Harding NJ real estate market had just 29 home listings sell.  That is almost a 50% drop off in actual sales.  During that time, both the median and average sale price increase.  Your thinking to your self, SAY WHAT!!  That is right both stats for Harding NJ home sales prices actually increased. 

How could prices of

Harding NJ Home Sales

be up for the year of 2008???

Here is how, there were 61 Harding NJ home listings withdrawn or expired from the market.  Many of these were withdrawn and re-listed of course, and many of the expired Harding NJ home listings were re-listed ether with their same Harding NJ REALTOR or with a different Harding NJ REALTOR. 

Ether way, most of these so called Harding NJ home sellers (the withdrawn & expired) were really not trying to sell their homes!!  You may chastise me and say yes they were, their homes were listed for sale in gsmls.  Yes they were listed in gsmls, but were they really priced to sell?  Or were these homes priced to sit?  I contend that they were priced to sit, the Harding NJ home seller was not motivated enough to price it so that the home would actually sell, so that is what actually happened, it did not sell. 

20% of Harding NJ homes for sale

priced to sell!!

In this real estate environment about 20% of the homes listed for sale in most towns are actually priced to sell, and 80% are priced to sit.  That is why you still see homes here and there getting full list price offers, and sometimes even bidding wars.  Just last month there was a home in Madison New Jersey which sold for $60,000 above asking price with just 7 days on the market.

What should would be

Harding NJ home buyers do??

In this environment it is important to do your home work, and to work with a Harding NJ REALTOR who does his home work.  A REALTOR who knows the market well, one who will be honest with you and tell you when he does not know something but will find out in a darn hurry, not one who shoots from the hip because he/she thinks they know everything. 

Many would be Harding NJ home buyers find themselves paralyzed by the thought that the market may go down further.  It is true, just like the stock market Harding NJ home prices could go down, but they could go up or sideways for that matter.  Just like with the stock market, most home buyers who are now waiting because they think the market may come down further, are trying to time the market.  Most investors who try to time the market wait to long and get a worse deal than if they would have just acted when the time was right for them.

The Harding NJ Home Sales

for December of 2008

Harding Twp. 8 Hemlock LN  $425,000LP Town home 2br 2.1ba $400,000SP  23DOM
Harding Twp. 4 Walnut LN  $459,900LP  Town home 2br 2.1ba $445,000SP  105DOM

As you can see, it was the lower end of the market which attracted buyers in December.  One of the Harding NJ Town homes sold after just 23 days for sale.  Just goes to show you that priced right Harding NJ homes sell.

James Boyer
Harding NJ REALTOR
Harding NJ Real Estate Specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

gsmls

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Madison NJ Home Sales December 08

Home sales in Madison New Jersey were a little slow this past month.  Not as slow as in some of the surrounding towns, but yet they were slower then in December of 2007.  For December of 2008 we had 11 home sales as compared to 14 back in the same month of 2007.  To be sure the credit crunch is playing a large role in the number of homes that sell or don’t sell in Madison New Jersey or any towns on the Midtown Direct train line or off of the Midtown Direct train line.

Madison NJ Home Sales December 08

Madison Boro 318 Main St Unit 24  $380,000LP TwnIntUn 1br 2ba $336,000SP  40DOM
Madison Boro 68  Rosedale Ave $437,000LP  CapeCod 3br 1ba $405,000SP  190DOM
Madison Boro 25 Kensington Rd  $450,000LP  CapeCod 3br 1ba $451,000SP  44DOM
Madison Boro 77 Valley Rd $459,000LP  CapeCod 3br 1.1ba $430,000SP  52DOM
Madison Boro 74 Ridgedale Ave $485,000LP  Colonial 2br 1.2ba $460,000SP  100DOM
Madison Boro 11 Valley Rd  $495,000LP  CapeCod 3br 2ba $555,000SP  7DOM
Madison Boro 15 Anthony Dr  $510,000LP  CapeCod 4br 2ba $500,000SP  22DOM
Madison Boro 42 Spring Garden Dr $615,000LP  SplitLev 4br 2.1ba $595,000SP  44DOM
Madison Boro 2 Pine Ave $675,000LP  Colonial 3br 2.1ba $670,000SP  20DOM
Madison Boro 8 Tracy Ln $719,000LP  Colonial 4br 2.1ba $719,000SP  12DOM
Madison Boro 55 Garfield Ave $1,175,000LP  Colonial 5br 3.1ba $999,999SP  49DOM

Commentary on Sold Madison NJ real estate

• 318 Main St. in the Rosewood townhome/Condo community. Sold as a Fixer Upper, needing significant updates and improvements.
• 68  Rosedale Ave. in the Knollwood neighborhood, average, the home seller over priced the home to start with, and held out to long.  190 days to sell in a declining market is just way to costly. Starting list price was $485,000 which was way to high for a dated home of this size in Madison New Jersey.
• 25 Kensington Rd. Dated, needing lots of updates.  Had newer windows but that is about it.  The seller and their Madison NJ REALTOR got the pricing of this home right from the start.
• 77 Valley Rd. Located in Madison New Jersey’s Knollwood neighborhood.  This home was in move in condition, looks like they did not quite get the pricing right but they were close.
• 74 Ridgedale Ave. Located in Madison’s Historic District, this home was updated, showed well, and the pricing was close to right.
• 11 Valley Rd. Located in Madison New Jersey’s Knollwood neighborhood.  This home was nice, showed well, and the pricing was perfect.  Looks like they actually had a bidding war on this home with a list price of $495,000 but a selling price of $555,000.  This one shows you that it is not possible to under price a home, the buyers will step in and bid it up.
•  15 Anthony Dr. Nice, updated Cape Cod priced well for a fast sale which got the Madison NJ home sellers the maximum return of capital.
•  42 Spring Garden Dr. Located in the Spring Garden neighborhood, this home was moderately updated, but staged very well.  The pricing on this home looks to have been close to perfect.
• 2 Pine Ave. Located in the Oak Knoll neighborhood this home had nice updates and was staged very well.  The pricing looks to have been good as well with the home selling within $5,000 of the list price in just 20 days.
• 8 Tracy Ln. Located in the Knollwood neighborhood.  This was a larger home with moderate updates but it showed well.  The pricing was perfect with the home selling for the origonal list price in just 12 days.
• 55 Garfield Ave. A large nice traditional home with nice updates, and very nice historic charm.  Located just blocks from the Madison NJ train station in a more traditional neighborhood, this home was likely a victim of the New Jersey Luxury tax which required home buyers to pay 1% tax on the entire purchase price for homes selling for 1 million dollars or more.  The home sold for $999,999 some $175,001 less then the list price.   

Just in case you did not pick up on it, I am telling you it is very important to price you home ahead of the market.  We are in a buyers real estate market, prices are still very slowly coming down.  In this environment it is very important to price your Madison New Jersey home properly from the start.  Just as important it is very important that you hire a Madison NJ REALTOR who can and will get your home exposed to the 85% of home buyers who are searching for Madison NJ homes for sale on the internet.  There are only a few Madison NJ REALTORS who can do this, and I am very proud to say that I am one of them.

James Boyer
Madison NJ REALTOR
Madison NJ real estate specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Madison NJ homes for sale | Madison NJ REALTOR | Madison NJ real estate | Madison NJ home sales

Category: Madison | 2 Comments »

Chatham NJ Home Sales December 08

December was a slower month for real estate sales in Chatham New Jersey than would be normal.  The slowness this December can be mostly attributed to the credit crunch which is now beginning to fade. 

This year there were 10 homes sold in Chatham Boro and Chatham Township as compaired to 14 in December of 2007.  The average sale price this year was $789,000 as compaired to $792,000 a year ago.  Not a significant difference at all.  The Chatham NJ real estate market seems to be fairly resilient and likely will be doing even better in 2009.

Chatham NJ Home Sales December 08

Chatham Boro 6  Sussex Avenue  $599,900LP  Colonial 3br 1.1ba $540,000SP  50DOM
Chatham Boro 25  CHATHAM ST  $925,000  Colonial 3 2.1 $865,000  78
Chatham Boro 47  Chandler Road  $1,825,000  Colonial 4 2.1 $1,650,000  65
Chatham Twp. 26E  Heritage Drive  $285,000  OneFloor 1 1 $275,000  81
Chatham Twp. 5F  Avon Court  $330,000  OneFloor 1 1.1 $315,000  6
Chatham Twp. 23B  Canterbury Rd  $348,000  TwnIntUn 2 1.1 $325,000  76
Chatham Twp. 47  Stonewyck Drive  $809,000  Colonial 4 2.1 $800,000  16
Chatham Twp. 38  DALE DR  $949,995  Custom 3 2.1 $912,500  144
Chatham Twp. 131  Noe Avenue  $1,110,000  Colonial 4 2.1 $999,999  155
Chatham Twp. 33  VAN HOUTON AVE  $1,259,000  Colonial 5 4.1 $1,210,000  53

Thinking of looking for Chatham NJ homes for sale stop by the number 1 local Chatham NJ real estate website, JBoyerHomes.com

James Boyer
Chatham NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Chatham | No Comments »

Summit NJ home sales December 08

Happy New Year Summit New Jersey.

Good ridden to 2008.  The last half of 2008 was not all that friendly for Summit NJ home sales.  In December there were only 13 homes sold as compaired to 20 Summit NJ homes sold in 2007.  To be sure the credit crunch had a lot to do with the decline in the number of homes sold and this only adds the the pent up demand which will eventually be released.

Summit NJ real estate will remain a desireable commodity into the future. 

There are just too many advantages built into the city that many of the surrounding towns don’t have.  Advantages such as top rated schools, a wonderful downtown, direct train service to NYC, proximity to the Short Hills mall, easy access to Interstate 78 and Hwy 24…

Summit NJ home sales December 08

Summit 67  RIVER RD  $310,000LP  FixrUppr 3br 2ba $280,000SP  53DOM
Summit 31  WEST END AVE  $524,900LP  Colonial 3br 1.1ba $485,000SP  42DOM
Summit 53  MADISON AVE  $589,900LP  Colonial 3br 1.1ba $589,900SP  16DOM
Summit 32  ASHLAND ROAD  $619,000LP  Tudor 3br 1.2ba $587,000SP  36DOM
Summit 145  Colonial Road  $685,000LP  Colonial 3br 1.1ba $685,000SP  5DOM
Summit 36  Madison Avenue  $689,000LP  Colonial 3br 2.1ba $600,000SP  70DOM
Summit 171  Ashland Road  $849,000LP  Colonial 4br 2.1ba $849,000SP  10DOM
Summit 23  WALDRON AVENUE  $849,000LP  Colonial 4br 3ba $840,000SP  19DOM
Summit 65  OAK RIDGE AVENUE  $1,195,000LP  Colonial 4br 2.1ba $1,025,000SP  18DOM
Summit  9  Sweetbriar Road  $1,220,000LP  Colonial 4br 2.1ba $1,085,000SP  161DOM
Summit 30  JOANNA WAY  $1,325,000LP  Colonial 5br 2.2ba $1,225,000SP  136DOM
Summit 58  Valley View Avenue  $1,495,000LP  Tudor 4br 3ba $1,436,300SP  78DOM
Summit 79  VALLEY VIEW AVE  $1,500,000LP  Colonial 4br 3ba $1,200,000SP  185DOM

To be sure homes are still selling in Summit New Jersey.  As long as the home is priced right, the home owner has taken the steps to make the home show well, and hired a Summit NJ Realtor who has the capability to reach the home buyers where they are searching, Summit NJ homes sell fairly fast and for good prices.

James Boyer
Summit NJ Realtor
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Summit NJ real estate | Summit NJ home sales | Summit NJ Realtor | Summit New Jersey

Category: Summit | 1 Comment »

Morristown NJ Home Sales December 2008

Happy New Year from wonderful and historic Morristown New Jersey 07960

Today we are going to talk about the the Morristown NJ Real Estate market as well as the December home sales for Morristown NJ.

December was yet another fairly slow month for home sales in Morristown, we had 5 home sales in December of 2008 as compaired to 9 home sales in December of 2007.  I would tend to bet that a good part of that slowdown is directly attributable to the mortgage credit crunch we had been experiencing since September.

There does seem to be a fair amount of pent up demand for housing in Morristown NJ, the only question is when will more of it begin to be released.

Morristown NJ Home Sales December 2008

Morristown 104  WESTERN AVE  $179,900LP  Colonial 3br 1ba $179,900SP  19DOM
Morristown  28  PHOENIX AVE  $199,900LP  Colonial 2br 2ba $216,000SP  47DOM
Morristown  54  Budd St  $299,000LP  Cottage 2br 1ba $285,000SP  28DOM
Morristown  11  LAKE RD  $309,000LP  Victorian 3br 3ba $300,000SP  140DOM
Morristown   7  Mackenzie Road  $500,000LP  Colonial 3br 2ba $460,000SP  152DOM

Interestingly 104 Western Ave Morristown was sold as a foreclosure bank owned property, needing a complete rehabilitation. 

28 Phoenix Ave Morristown was also sold as a foreclosure bank owned property, needing some rehabilitation.  This home actually was a 4 bedroom 3 bath home needing some rehabilitation, such as a kitchen, some drywall work, and lots of cosmetic improvement.

11 Lake Rd Morristown was sold as a short sale.  One of the few short sales that actually goes through to completion.  This home was fairly nice, only needing cosmetic improvements for the most part.

54 Budd St Morristown  was a Morristown NJ Flip.  It had been purchased in June of 2008 for $180,000 needing complete rehab.  After 4 months of rehab work, this home was re-listed and sold for $285,000.  Looks like the home flipper probably made a nice profit and goes to show you that even in the current real estate environment, Morristown NJ Real Estate can be a very good investment.

James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
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A Cold Afternoon At Lewis Morris County Park

Burrrrrr, it was cold this afternoon at the off leash dog park located at Lewis Morris County Park 270 Mendham Rd. Morris Township NJ 07960.  The wind was whipping and only a few brave dog owners were out making sure their dog would be nice and exercised for new years eve in Morristown New Jersey.

The Morris County off leash dog park is run by the parks commission with assistance from the Morris County Dog Owners Group.  The park is free to the public and open dawn to dusk every day.  It is a nice setting for friendly dogs and their owners.  Relevant websites are www.morrisparks.net and www.mcdog.org

Coming soon!  The central park of Morris County dog park located on the former Greystone property.

Happy New Year, from your Morris County Real Estate Specialist.

Written by James Boyer, Morris County REALTOR specializing in the Morristown NJ Real Estate market as well as the real estate markets in all the towns of Morris County New Jersey.

Thinking of buying or selling a home in Morris County, Check out James Boyer the most internet savvy marketer in the area.

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Home Tour in Madison, Chatham, Florham Park, & Summit New Jersey

December 30th of any year is not usually a busy day in the real estate business.  In this blog post I will detail my tour of homes, with my clients who are relocating to New Jersey.  They were in town for the day, and will be back in a few weeks, but that is normal for relocation clients.

Today I showed homes in 4 towns along the Midtown Direct train line.

Madison NJ homes for sale

Showed 2 homes in Madison New Jersey today.  Both were priced to sell, one in great condition, and one in ok condition.  The second one would be well served by putting a few cans of paint on the walls and a considerable de-cluttering effort.

Florham Park NJ Homes for sale

1 home showing in Florham Park, nice home I would say over priced considering the competition we looked at in Madison and Chatham.

Chatham NJ Homes for sale

Showed 3 homes in Chatham, 2 in Chatham Boro and 1 in Chatham Township.  2 of these homes were really great, and 1 was just ok, did not do anything for me or the home buyer.

Summit NJ Homes for sale

Showed 2 homes in Summit.  Once again, one of the homes was really nice and seeming to be priced well also.  The other home needs some updating and a price reduction.

All and all I continue to be impressed every time I show homes in Morris Essex and Union Counties of New Jersey.  This time, just like most of the times I am finding some very good deals out there.  Sure I still find homes where I have to think, what is this home owner thinking or even more so, what is this REALTOR thinking with such a listing price.  I would rather turn down a real estate listing than to over price it by 100K in this market.

With mortgage interest rates down so much and home prices down, now is a great time to purchase a Northern New Jersey home.

James Boyer
NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Madison NJ homes for sale | Chatham NJ homes for sale | Florham Park NJ home for sale | Summit NJ homes for sale

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New Jersey Home Buyers Doing More Research Online Than Ever!!

That is the result of a new article written by Peter L. Mosca titled Home Buyers Tracking Real Estate Markets, Spending More Time Online  over at Realty Times.

the Internet is the tool that savvy real estate consumers are using to make better business decisions. Even more good news: ultimately, those decisions lead them to the professionals who understand best the real estate market, so found the October comScore Media Metrics report. The report shows that visitors on Realtor.com and other local Real Estate Websites, for example, are spending more time and viewing more pages as they closely track the pulse of the real estate market in the midst of one of the most challenging housing markets in recent history.

 

New Jersey Home Buyers Doing More Research Online Than Ever!!

The internet usage trend for New Jersey home buyers has been going up every year for the past 10 years now.  The most recent statistics show that 84% of New Jersey home buyers are doing at least some of their research online.  More importantly some research is showing that better than 60% of New Jersey home buyers are doing nearly all of their home buying research online, and only contacting a local REALTOR once they are ready to buy.  Usually these home buyers contact a REALTOR who’s website they have found informative local information for the towns they have chosen homes they are interested in.

How do they find these local REALTORS?  These savvy New Jersey home buyers search just they same way that you or I would search for anything else online.  They go to places like the search engine Google, google.com and they do local searches such as Morristown NJ Real Estate when they are interested in living in and around Morristown New Jersey, or they might search Summit NJ Real Estate if they are interested in living in and around Summit New Jersey.  Other searches they may do are things like Morristown NJ homes for sale, or Chatham NJ homes for sale.

Thinking of buying or selling a home in or around one of the Midtown Direct New Jersey Transit train line towns, call on a REALTOR who specializes in these towns, has a website that specializes in these towns, and if you are a home seller, can get your home the marketing advantage needed to get your home sold faster and for more money.  That REALTOR is James Boyer and the website is www.jboyerhomes.com

James Boyer
New Jersey REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Morristown NJ Real Estate | Summit NJ Real Estate | Morristown NJ Homes For Sale | Chatham NJ Homes For Sale

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Coalition Saves Morristown NJ’s Historic Willow Hall mansion

Another Morristown New Jersey Historic Mansion to be saved from future development.

Coalition Saves Morristown NJ’s Historic Willow Hall mansion

From the Morris News Bee Morristown New Jersey’s local News Paper.

MORRISTOWN – Willow Hall, the 19th Century puddingstone house on Speedwell Avenue, will be spared development of any kind now that the Passaic River Coalition has purchased the building and is expected to use the house for its for for its own purposes.

The coalition last Tuesday Dec. 16, paid $1.875 million for the house and its eight acres of land that backs to Speedwell Lake, which is a manmade lake created from the Passaic River waters.

The price paid is far lower than the $2.9 million owner Fred Stradtman had been asking.

The group will partly be paying for the Morristown NJ Historic Mansion through state of New Jersey Green Acres funds and Historic Preservation grants.  

Mayor Donald Cresitello, who had wanted to see the house sold for development, said last Wednesday he is not happy with the sale because it means that as a tax-exempt organization, the Passaic River Coalition would not pay taxes on the property.

Cresitello said he did not mind the coalition purchasing the house but said he would have preferred the land surrounding the house be developed for condominium housing.

He also suggested he may ask the Town Council to buy the property out from under the coalition to create a park.

The house had all but been sold five months ago when buyer K&K Realtors had contracted to purchase the property, spare the house from the wrecking ball and build out condos on the rest of the site.

That deal fell through in September when an Appellate Court ruling overturned the zoning on the site and said only single-family housing may be built on the property.

That ruling came as a result of a suit filed by a citizen’s group, Friends of Historic Speedwell, which had worked to overturn the zoning.

It is understandable for the City of Morristown to be resistant to properties being taken off the property tax roles, but organizations which seek to preserve our historic properties should not have local governments seeking to undermine their possitions.

Morristown New Jersey is a town rooted in the history of the American Revolution as well as having a strong possition in New Jersey’s future.

James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct 

James Boyer REALTOR, specializing in Morristown NJ Real Estate and Morristown NJ Homes For Sale.  If you are thinking of buying a home in Morristown New Jersey, stop by the real estate website linked to in this paragraph.  There you will find every Morristown NJ home listed for sale in our MLS system.

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6 Months in Millburn NJ Real Estate Sales

First of all Merry Christmas and Happy holidays.  I hope that everyone is having a wonderful holiday season.  Looks like we managed to have a white holiday after all.

6 Months in Millburn NJ Real Estate Sales

Today I wanted to do a comparison of home sales in Millburn New Jersey.  Normally I would do a 12 month verses 12 month but for Millburn New Jersey that is more difficult because of the shear number of homes that actually sell in Millburn each year, so I thought I would do 6 month comparisons.  So today we are looking at home sale statistics for 6/25/2007 -12/25/2007 -vs- 6/25/2008 - 12/25/2008.

So here we go,

Millburn NJ home sales (6 month time periods)

146 Millburn NJ homes sold in 2008
171 Millburn NJ homes sold in 2007
14.8% Decline in the number of Millburn homes sold

Average Home List Price in Millburn New Jersey

$1,238,207 Average list price for Millburn NJ Real Estate 2008
$1,383,744 Average list price for Millburn NJ Real Estate 2007
10.6% Decline in the Average Millburn NJ List Prices

Average Home Sold Price in Millburn New Jersey

$1,186,854 Average sold price for Millburn NJ Real Estate 2008
$1,337,511 Average sold price for Millburn NJ Real Estate 2007
11.3% Decline in the Average Millburn NJ Sold Price.

Median Home Listing Price in Millburn New Jersey

$  975,000 Median listing price for a Millburn NJ Home in 2008
$1,050,000 Median listing price for a Millburn NJ Home in 2007
7.2% Decline in the Median Millburn NJ Home Listing Price.

Median Home Selling Price in Millburn New Jersey

$  955,000 Median Millburn NJ Home Listing Sold Price 2008
$1,062,000 Median Millburn NJ Home Listing Sold Price 2007
10.1% Decline in Median Millburn NJ Home Sold Price

The average and median home size remained the same for the comparison periods as well as the number of days on market remaining similar with that statistic being 58 days to sell a Millburn NJ home in 2008 -vs- 50 days for a Millburn NJ Home to sell in 2007.

When thinking about purchasing Millburn NJ Real Estate make sure that you are working with a good Real Estate Buyers Agent.  It is a common mistake to try to get the best deal on your next home but work with the listing agent.  The listing agent for the home has the responsibility to get the best possible deal for the home seller, is that what you really want?

James Boyer
Millburn NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

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Foreclosures, Mortgage Rate Cuts, and 2009 New Jersey Home Sales

 

Just watching CNBC talking about the latest housing numbers nationally.  The talking heads were in a argument about if this is a good time to buy a home. 

Foreclosures, Mortgage Rate Cuts, and 2009 New Jersey Home Sales

So what was their conclusion?  Markets where foreclosures have been a problem will continue to see price declines, markets where foreclosures have not been a big problem will see a flattening out of home prices.  Thankfully New Jersey falls into the category of home foreclosures not having been a big problem.

The Northern New Jersey Real Estate Market

There has been a lot of worry locally about what was likly to happen with the local real estate markets considering all the possible job losses connected to the NYC financial industry.  That is a valid concern, and some of the towns have more exposure than others.  Of the New Jersey towns that I sell real estate in the towns that seem to have more risk included Summit NJ, Millburn NJ, Maplewood NJ, and Chatham NJ, though it is really hard to say that they will get hurt as many of the people who lose jobs will likly land on their feet.

Getting a great deal on a Morris County Home

One thing that seems sure, is that Mortgage interest rates are not likly to get much cheaper than they are now.  There are several major home mortgage companies advertising 4.75% thirty year fixed rate mortgages for home purchases.  It is possible that mortgage interest rates could fall to 4.5% or even 4.25% but even those numbers are considered to be a long shot.  You may be saying to yourself, I will just wait and see if interest rates fall that low, but be advised that as soon as the Federal Reserve starts getting a strong smell of inflation they are going to pull rates back up.

Home prices have fallen in the area, Many towns along the Midtown Direct (Morristown Line) train line of New Jersey transit are down between 9% and 14% over the last year.  Prices do seem to be flattening out though, so looking for additional large price declines is probably a waist of time.

The best time to get a great deal on your next home?  When mortgage interest rates are down, and home prices are flat after a downturn, and when most people are not thinking about buying a home.  Even the CNBC talking heads are saying, if you can, now is the time to get a great deal on a home.  They actually said if you are a first time home buyer 2009 is your year.

Your New Jersey Midtown Direct REALTOR

James Boyer NJ REALTOR, I am a full time, full service professional REALTOR giving my clients top of the line service.  Specializing in Morristown NJ Real Estate, Madison NJ Real Estate, Chatham NJ Real Estate, Summit NJ Real Estate, and many of the surrounding towns.

 

Morristown NJ Real Estate | Madison NJ Real Estate | Chatham NJ Real Estate | Summit NJ Real Estate | New Jersey Midtown Direct REALTOR

Category: Chatham, Madison, Morristown, Summit | 1 Comment »

62 Madison Street Morristown, NJ 07960

A truly great home on Madison Street in Morristown New Jersey

62 Madison Street Morristown NJ 07960

 

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New Jersey Mortage Rates December 20th

My good friend Robert Scarzlla over at Countrywide Bank sent over this New Jersey Home Mortgage rate sheet which is effective December 20th 2008.

Mortgage rates for the purchase of New Jersey homes for sale are really getting attractive along with home prices of course.

Bob works out of the Morristown NJ Real Estate offices of RE/MAX Properties Unlimited.

 Countrywide Bank Rates
   Effective 12/20/08
   Robert Scarzella 
908-303-7714

Conforming Loan Amounts Up To $417,00
                                          0 Points  1 Point

30 Year Fixed                    4.875%  4.625%

15 Year Fixed                    4.750%  4.500%

5/1 ARM                           5.250%  5.000%

7/1 ARM Interest Only  5.750%  N/A

10/1 Arm Interest Only  5.875%  N/A

FHA 30 Year Fixed              5.375%  5.000%

Agency Jumbo Loan Amounts $417,000  to $625,500
                                         0 Points  1 Points

30 Year Fixed                  5.250%  5.000%

15 Year Fixed                    5.125%%  4.875%

5/1 ARM  Interest Only  5.500%  NA

30 Year FHA Jumbo          5.500%  5.000%

Rates are subject to change without notice due to market conditions   12/20/08

Thinking of buying a Morris Essex or Union County home, check out the Northern New Jersey MLS Home Search.

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New Jersey Real Estate Holds Value Better Than US Dollar

With the federal reserve banks of the world doing everything they can to re-inflate the world economies, they risk major consequences.  If they fail to stabilize the economies of there countries then governments such as the U.S.  government will be forced to default on treasuries which will make the U.S. dollar worthless.   That means if things go to hell the way some of the dooms Sayers proclaim it is an exceptionally bad idea to hold your savings in cash because it will be worthless.   Now if the federal reserve banks succeed  and pull us out of the bad recession we have ended up in, we will see high levels of inflation decreasing the real value of the dollar.  So, we are sitting in a very rare situation where both the upside and the downside say to make the same play.  The best move going forward is to be aggressive in purchasing and owning real assets.  Examples being: New Jersey real estate, commodities, companies holding ownership to real estate or rights to commodities.

This blog post was written by and inspired by a commenter on one of my other blogs.

I totally agree and have been thinking this way for a while now.  The way the government is bailing the banks out, and printing money like crazy the only result we can get is a high rate of inflation.  A high rate of inflation will see things like home rents going up 8% to 10% a year or more, and food clothing and most everything else going up at those kinds of rates as well.  With as much production capacity that is being taken out of the auto industry you will see autos in short supply as well and going up at the rate of inflation as well.

So what is the smart move for capital preservation or even growth going forward?  If you are reading this, you are likely a resident of New Jersey, so first thing you should do is make sure you own your own home.  Personally I would make sure you have as much of a mortgage on it as you can.  Why do I say that?  If you can get a New Jersey home mortgage below 5% and over time inflation is 8% or higher, you will be paying that mortgage off with ever cheaper money and your home likly will be going up in value at or near the rate of inflation.

So Buy a New Jersey Home

Buy Morristown NJ Real Estate

Prices are down now, Interest rates are down now, but they will not be in the future.

James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

New Jersey Property Listing Site Map

Category: Morristown | 1 Comment »

New Jersey Home Mortgage Interest Rates Falling

I am sure many of you have heard the news, that the Federal Reserve has lowered interest rates once again.  This time that basically came out and admitted that the housing slump is the root of the economic trouble in the country right now.  The Fed came out and said that they are going to do what ever it takes to stabilize real estate prices.

How are they going to do that?  Well they already lowered the rate that banks charge each other for over night loans to about 0% so they really cannot lower interest rates any more, or can they?  Yes they can actually!  They are going to start buying mortgage backed securities, the bundled mortgages that home buyers take out when the purchase New Jersey homes and homes across the county. 

What will that do though?  Just like with government and corporate bonds, the higher the price that a buyer is willing to pay the lower the interest rate.  If the Fed starts buying up a significant number of mortgage backed securities, the price for them will start going up and the banks will have lots more money to lend at competitive interest rates.

I know this is long and kind of boring but here is the good part.  The mortgage payment on a $400,000 mortgage at 5.25% is $2208.81but you take the interest rate down to 4.5% which is quite possible and that payment drops to $2026.74 a significant savings.

I have a feeling that there is going to be a fairly busy spring real estate market, how do I know?  I am currently working with more New Jersey home buyers here in December than in all of October and November combined.

Considering purchasing a Northern New Jersey home?  Check out the best online home search in the area, the Morris Essex and Union County MLS Real Estate Search.  There you can find every Morris Essex & Union County home listed for sale in the MLS.

James Boyer
NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

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Madison NJ Home Sales November 08

Five homes sold last month in Madison New Jersey for the month of November 2008.

November was a much slower month than it should have been in Madison NJ Real Estate.  The credit crunch and all the fear out there effectively took most of the real estate buyers to the side lines during the months of October and November and as a result very few Madison NJ home sales.

With all the action that the Federal Reserve and the US government are taking, you can be assured that very soon the Madison NJ Real Estate market will be appreciating again.

Madison NJ Real Estate Solds November 08

Madison Boro 318   MAIN ST Unit 24  $380,000LP  TwnIntUn 1br 2ba $336,000SP  40DOM
Madison Boro 24  HUNTER DR  $499,000LP  SplitLev 4br 3.3ba $500,000SP  4DOM
Madison Boro 34  DEAN ST  $549,000LP  Colonial 3br 1.1ba $540,000SP  197DOM
Madison Boro 28  KNOLLWOOD AVE  $549,900LP  Colonial 3br 1.1ba $500,000SP  203DOM
Madison Boro 15  GARFIELD AVE  $1,289,000LP  Colonial 4br 2.1ba $1,200,000SP  43DOM

You may notice that one of the Madison NJ homes sold in 4 days, that is a very good example of what happens even in this market when you price your home properly.

One of the homes sold in November was a Madison NJ Luxury home which just goes to show you that higher end luxury homes are still selling as well.

James Boyer
Madison NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Madison NJ Home Sales | Madison NJ Real Estate | Madison NJ Luxury Home | Madison NJ REALTOR

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To Stage Or Not To Stage Your Morris County Home

The old way of shopping for a Morris County home.

It used to be that the first time a home buyer looked at a home was in person, standing in the home.  The home may not have been picture perfect but a prospective home buyer could use their imagination and see the possibilities. 

The new way of shopping for a Morris County home.

Today, 84% of home buyers are seeing a home for the first time online.  They are making decisions on how a home meets their needs by the pictures they see only.  There is not much using of ones imagination to see the possibilities.

Showing your Morris County Home In The Best Possible Light.

It is very important when selling your Morris County home that the pictures to be used in its marketing be as good as possible.  That is why I always recommend staging your home, at least for the marketing pictures.  Think about it this way, if I show you a picture of a cluttered living room compaired to a elegantly staged living room with just the right amount of furniture, subconsciously you are going to like the staged living room much more.  that is how home buyers tend to make their choices about which homes they like the best and actually look at in person. 

Staged Morris County Homes Sell For More.

Morris County home buyers and home buyers around the world make value judgments by what they look at.  These home buyers just put more value in a home that is staged over one that is not.  I can point out to these home buyers that they can get a much better deal on a home that shows cluttered or needs paint, and minor updating, but for the most part home buyers don’t see things that way.

Staging To Sell Your Home.

Staging is about furnishings, fixtures, plantings, pictures, and paint. 

Think about how you felt the last time you watched a truly great movie, you did not want to run to the washroom, or be interrupted in any way and wished for more when it ended.  You want your home buyers to feel the same way when they are looking at your home. 

The first thing you need to do is drive by your home and ask yourself, if you were a home shopper would it grab you and say you have to see me?  Make sure your home shows well on the outside.  Nice well kept plantings, as well as fresh paint help so much.

On the inside, the entry way and first rooms that home buyers will enter should be spotlessly clean, have fresh paint, and be decluttered.  Your kitchen should have the countertops completly cleared of all appliances and other clutter so that it shows as clean and large as possible.  All other rooms, should be clean decluttered and freshly painted if possible.

Morris County Real Estate Buyers

When it comes to getting the best possible deal on your next home purchase, Let me help you find that get real estate deal.  I know the market well, I have purchased many homes personally which needed some updating, to full rehabilitation, so I know what is a good deal and what is not.  Let my experence guide you to your next home.

Morris County REALTOR

James Boyer Morris County REALTOR, RE/MAX Properties Unlimited, 973-539-6300 Office, 973-647-0253 Direct  Specializing in towns such as Chatham New Jersey, Morristown New Jersey and all of Morris County.

Morris County REALTOR | Morris County Real Estate | Chatham New Jersey | Morristown New Jersey | Staged Morris County Home | Morris County MLS Listings Site Map

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Harding NJ Home Sales November 08

There were 2 homes sold in Harding New Jersey during the month of November.  Both would qualify as Harding NJ Luxury Homes in reality, which happens to the be weakest market segment in most towns.  In reality the best preforming segment of the local real estate market is the lowest priced segment which happens to be dominated by first time home buyers.

Here are the Harding NJ Luxury Real Estate sales for the Month of November

TOWN        ADDRESS                      LP            STYLE    BRS BTH  GAR         SP        DOM
Harding 18  Anthony Wayne Rd  $1,375,000 Colonial  4   2.1     2   $1,200,000    54
Harding 547 TEMPE WICK RD      $1,999,000 Colonial  5   4.1     3   $1,750,000  314

Two home sales in all of Harding New Jersey is not really a encouraging number, but look for the market to slowly improve in 2009.

Remember the golden rules of selling your home.  Price your home aggressively (that means 2% - 4% below your active and recently closed competitions list price) and higher a marketing savvy local REALTOR.  Now is not the time to hire your best friends cousin just because it is easy to do.  Interview 2 or 3 local REALTORS who can reach the home buyers where they are searching, on the Internet. 

You may say to yourself, how do I figure out which REALTOR can effectively reach the home buyers for my Harding NJ home.  One of the best ways to determine who to interview would be to go to places on the internet such as google.com and yahoo.com and search Harding NJ Real Estate and Harding NJ REALTOR and Harding NJ Homes For Sale, or you can just visit my website at Harding NJ Home Sales as I already know that jboyerhomes.com ranks at or near the top of every one of those searches and gets better then 60% of the search traffic for those search terms.

James Boyer
Harding NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Harding NJ Real Estate | Harding NJ Homes For Sale | Harding NJ Home Sales |Harding NJ Luxury Real Estate

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Summit New Jersey Home Sales the November 08 Report

This is a little late coming but I wanted to put out for you the November report for the Summit New Jersey Home Sales. 

November of 08 was, no surprise, a difficult month for home sales in Summit New Jersey.  We had 13 homes sell and transfer to their new owners as compaired to 24 in November of 2007.  To be sure, not a good month at all.  My guess, and I think that it is a good one is that most if not all of that decline is attributable to the credit crunch as well as all the fears that the general public has when things like this happen.

To be sure, the credit crunch will not last for ever, in fact there are some very good signs out there that it has been easing as the US government does everything possible to stimulate the economy.  In fact the US government is working so hard to stimulate the economy that some say that once the economy does start growing again, we may end up with lots of inflation in the economy.

Here are the actual Summit NJ Home Sales for November 08

Summit  417  Morris Ave  $339,000LP  Townhome 2br 1ba $325,000SP  44DOM
Summit  76  New England  $365,000LP  Townhome 2br 1.1ba $340,000SP  108DOM
Summit  14  CHAPEL ST  $475,000LP  Colonial 4br 1.1ba $440,000SP  87DOM
Summit  14  PEARL ST  $499,000LP  Colonial 4br 1ba $490,000SP  135DOM
Summit  39  BRIANT PARKWAY  $569,900LP  CapeCod 3br 3ba $559,000SP  50DOM
Summit  7  ASCOT WAY  $725,000LP  SplitLev 4br 3ba $665,000SP 38DOM
Summit  128  BEEKMAN RD  $799,000LP  Ranch 4br 3ba $750,000SP  24DOM
Summit  153  Colonial Rd  $819,000LP  Colonial 3br 2.1ba $805,000SP  15DOM
Summit  130  TULIP ST  $934,000LP  Colonial 3br 2.2ba $923,500SP  19DOM
Summit  74  DRUID HILL RD  $950,000LP  Ranch 3br 2ba $850,000SP  77DOM
Summit  311  Summit Ave  $965,000LP  Colonial 4br 4ba $905,000SP  42DOM
Summit  11  Glendale Rd  $4,500,000LP  Colonial 6br 6.1ba $4,400,000SP  18DOM

To be sure, the Summit New Jersey Real Estate market will come back.  Will it be in 2009, well anything could happen, but I would bet that 2009 will be a better year than 2008 has been, and over all 2008 really has not been a horrible year in Summit NJ Real Estate.

James Boyer
Summit REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Summit NJ MLS Listings Site Map

Summit New Jersey Home Sales | Summit New Jersey Real Estate | Summit REALTOR | Summit NJ Real Estate

Category: Summit | 1 Comment »

Chatham New Jersey Home Sales November 08

Here is the November 08 Chatham New Jersey Home Sales Update.

November had 14 homes selling and transferring to their new owners in Chatham Boro and Chatham Township.

Chatham Boro 174  North Passaic Ave $409,900LP  CapeCod 2br 1ba $385,000SP  71DOM
Chatham Boro 132  CENTER AVE  $629,900LP  Colonial 3br 2ba $572,000SP  139DOM
Chatham Boro 40  W COLEMAN AVE  $747,500LP  Colonial 4br 2.1ba $710,000SP  157DOM
Chatham Boro 26  CHANDLER RD  $1,575,000LP  Colonial 4br 2.2ba $1,482,085SP  17DOM
Chatham Twp. 25D  Heritage Dr  $309,900LP  Condo 1br 1ba $291,500SP  77DOM
Chatham Twp. 10G  SENTINEL CT  $349,900LP  Condo 2br 1.1ba $320,000SP  38DOM
Chatham Twp. 14  Cedar Lane  $449,900LP  CapeCod 4br 2ba $437,500SP  42DOM
Chatham Twp. 12  LENAPE TRL  $729,000LP  Colonial 3br 1.1ba $700,000SP  62DOM
Chatham Twp. 21  Crestwood Dr  $849,000LP  RanchExp 4br 3ba $830,000SP  16DOM
Chatham Twp. 106  NOE AVE  $850,000LP  Bi-Level 4br 3ba $760,000SP  162DOM
Chatham Twp. 33  VAN HOUTON AVE  $1,259,000LP  Colonial 5br 4.1ba $1,210,000SP  53DOM
Chatham Twp. 357  Shunpike Rd  $1,745,000LP  Colonial 5br 4.1ba $1,625,000SP  183DOM
Chatham Twp. 41  Rolling Hill Dr  $2,150,000LP  Colonial 4br 3.2ba $2,216,180SP  5DOM
Chatham Twp. 4  Aberdeen Rd  $2,495,000LP  Colonial 5br 5.1ba $2,200,000SP  69DOM

All and all, not a great month but homes are still selling in Chatham New Jersey, financial crisis or no financial crisis.

To see all the homes currently for sale along with all the details about them, visit Chatham New Jersey Real Estate.

James Boyer
Chatham REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Chatham New Jersey Real Estate | Chatham New Jersey Home Sales | Chatham REALTOR

Chatham New Jersey MLS Listings Site Map

Category: Chatham | No Comments »

New Jersey Homes Buyers Becoming A Little More Active

After a very slow October and November for New Jersey real estate sales, the home buyers seem to be a little more active in December.  Most of the home buyers seem to be first time home buyers or relocation home buyers, but home buyers they are just the same.

Many of these home buyers talk of getting a great deal on a home, or getting a great mortgage rate, and being sure to get a 30 year fixed rate mortgage of course.  The fixed rate mortgage talk is for sure a reaction to all the sub-prime mortgage problems we have gone through.

The upper end of the market such as Short Hills Luxury real estate does not seem to be doing so well though.  Many of the people who can afford to purchase homes in such a price range, also tend to have exposure to the finance industry and are now in fear for their jobs.

The Summit NJ Real Estate market will likely find that it is in the same possition soon as the Morristown NJ Real Estate market which is seeing the low end of the market doing well but the upper end not seeing much of any activity.

All in all I do think that 2009 is going to be a better market than 2008 was.  2008 started off fairly good but quickly petered out and the the financial crisis hit and things really slowed down. 

New Jersey MLS property listings site map

James Boyer
New Jersey REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
9730647-0253 Direct

 

Short Hills Luxury Real Estate | Summit NJ Real Estate | Morristown NJ Real Estate | New Jersey Real Estate

Category: Morristown, Summit | No Comments »

Morristown NJ Home Sales November 2008

The month after the financial crisis hit was a bit of a slow month here in Morristown New Jersey.  In this article you will find the actual home sales with addresses so that you can make some apples to apples comparisons.  All in all the Morristown New Jersey Real Estate was very slow this last month, compaired to November of 2007.  For the same month in 2007 there were 17 home sales, as compaired to November of 2008 there were just 7 home sales.

Morristown NJ Home Sales

Morristown 229  Speedwell ave  $180,000lp  Colonial 3br 1ba $220,000sp  27 DOM
Morristown 320  South Street 4L  $239,000lp  OneFloor 1br 1ba $230,000sp  14 DOM
Morristown 6  ALTAMONT COURT APT 26  $239,900lp  OneFloor 1br 1ba $230,000sp  168DOM
Morristown 6  ALTAMONT CT APT 21  $249,900lp  OneFloor 3br 2ba $285,000sp  38DOM
Morristown 39  Taft Ln  $435,000lp  TwnEndUn 2br 2.ba1 $411,000sp  146DOM Morris Place Condos
Morristown 27  Taft Ln  $455,000lp  TwnEndUn 2br 2.1ba $435,000sp  37DOM Morris Place Condos
Morristown 60  Washington Avenue  $780,000lp  Colonial 4br 2.1ba $725,000 sp 180DOM Washington’s Hdqts

As you can see much of the action last month in the Morristown New Jersey Real Estate market was in the low to mid priced condos, of which Morristown had quite a number located in various locations.  This trend has been in place for all of 2008 actually.  First time home buyers have been fairly consistant in 2008, where as the move up home buyer at times seems to have disappeared.

There is fear in this market, and for those who can look past the fear, there are exceptional deals to be had in the Morristown NJ Home Market.  I personally have been looking at investment properties in and around Morristown, even getting out bid on one of the few foreclosures that was being marketed by the foreclosing banks.

If you would like to see all the homes which are currently listed for sale in our local MLS visit the Morris County MLS search.  You will not be disappointed, as most of the homes displayed will have multiple photos as well as floor plans so that you can better understand how the homes are laid out.

James Boyer
Morristown REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Morristown | 1 Comment »

Madison NJ Home Sales Over Time

Since the talk on the news these days is that home prices around the country on average are back to 2004 prices, I thought I would take a look at the trends in Madison NJ home prices over time.  The numbers have varied but I will spell them out here.

Madison NJ Home Sales Comparison 2003 -2008

Madison NJ Average & Median Home Sales Prices

 

	Median	Average
2003	$469000	$645464
2004	$545000	$691994
2005	$620000	$803626
2006	$656000	$835368
2007	$600000	$794717
2008	$615000	$757683

Number of Madison NJ Homes Sold
(Numbers are from 11/27 of a year to 11/27 of the next)
2008 — 137
2007 — 177
2006 — 178
2005 — 157
2004 — 195
2003 — 156

Madison NJ Homes Average Days to Sell
2008 – 55.3
2007 — 64.5
2006 — 59.1
2005 — 42.1
2004 — 44.0
2003 — 51.0

Madison NJ Homes Median Size Sold
2008 — 4 Bedroom 2.1 Bath 1 Car Garage
2007 — 4 Bedroom 2.1 Bath 1 Car Garage
2006 — 3 Bedroom 2.1 Bath 2 Car Garage
2005 — 4 Bedroom 2.1 Bath 1 Car Garage
2004 — 4 Bedroom 2.1 Bath 1 Car Garage
2003 — 3 Bedroom 2.1 Bath 1 Car Garage

Highest Priced Luxury Madison NJ Home Sold
2008 — $2,800,000
2007 — $5,100,000
2006 — $2,600,000
2005 — $2,890,000
2004 — $2,850,000
2003 — $3,000,000

Lowest Priced Madison NJ Home Sold
2008 — $260,000
2007 — $322,000
2006 — $300,000
2005 — $355,000
2004 — $269,000
2003 — $249,000

As you can see if you are looking at the average sold price for Madison NJ real estate we currently are at 2006 prices.  If you look at the median sold price for Madison NJ real estate we are at 2007 or 2005 prices.  I guess that means we are at 2007 prices though.  The thing that concerns me is that the number of homes sold in the past 12 months is significantly lower than any other year for the last six years.  The number of expired and re-listed homes is up significantly though.  In order to get the number of home sales up to the average level we have seen in the past six years I believe that Madison NJ home prices would have to be down another 10% to attract the Morris County home buyers and convince them to purchase.

I hope all my fellow Morris County residents had a wonderful and safe Thanksgiving and if you are going shopping this black Friday or for that matter all through out this holiday season, be safe and courteous.

James Boyer
Madison NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

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Millburn NJ Luxury Real Estate

Millburn NJ Luxury Real Estate comparison of 12 months ended November 1 2008 VS 12 months ended November 1 2007.

Millburn NJ 07041 and Short Hills NJ 07078 (a neighborhood in Millburn) is well known as an home to some of the nicest and classiest homes in Northern New Jersey.  I thought I would do a comparison of the Millburn NJ Luxury home sales the last 2 years.  I defined a Millburn NJ luxury home as a home costing a million dollars or more for this report.

Millburn NJ Luxury Real Estate Sales 07–149
Millburn NJ Luxury Real Estate Sales 08–123
Decline of –17.5%

Millburn NJ Luxury Real Estate Average List Price 07–$1,980,192
Millburn NJ Luxury Real Estate Average List Price 08–$1,943,128
Decline of –1.9%

Millburn NJ Luxury Real Estate Average Sold Price 07–$1,897,006
Millburn NJ Luxury Real Estate Average Sold Price 08–$1,849,833
Decline of–2.5%

Millburn NJ Luxury Home Sales Median List Price 07–$1,650,000
Millburn NJ Luxury Home Sales Median List Price 08–$1,599,000
Decline of –3.1%

Millburn NJ Luxury Home Sales Median Sold Price 07–$1,608,000
Millburn NJ Luxury Home Sales Median Sold Price 08–$1,517,500
Decline of –5.6%

Millburn NJ Luxury Home Sales Average Days To Sell 07–73.7
Millburn NJ Luxury Home Sales Average Days To Sell 08–51.9

Median size of a Millburn NJ Luxury home in both 2007 and 2008 was 5 bedrooms 4.1 bathrooms.

As you can see values for luxury homes in Millburn New Jersey are holding up better then mid priced family homes in many of the local towns.  Part of that is explained by home owners holding out for better prices in Millburn NJ.  The number of luxury homes sold in Millburn is off 17.5% and there are currently 57 luxury homes on the market in Millburn NJ with a average days on market of 93.1. 

Many of these home owners may think that they will get a considerably better price for their home come spring than they may have been offered over the past 93 days, but I think they are wrong.  These home sellers will be lucky to get similar prices in the spring as they could get over the past few months.

Thinking of shopping for a Millburn NJ Luxury Home, visit the best mls search in town.

James Boyer
Millburn NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Category: Uncategorized | No Comments »

Buying New Jersey Foreclosure Real Estate

Things to know when thinking about buying New Jersey foreclosure real estate.

1.       Bank owned homes (foreclosures) are always As Is, no warranty expressed or implied.  They will not accept any home inspection contingencies or make any repairs for you.  You can do a home inspection but it is for your own information, and it would be wise to do it fast and before you are locked into the deal.  In New Jersey we have the attorney review period so it is wise to get your informational home inspection done before coming out of attorney review.

2.       Bank owned homes (foreclosures) do not have disclosure statements.  The bank knows nothing about the home and will not make any representations about it.  I have made bids on homes which had 2 new heating systems 2 new central air conditioning systems and more bathrooms than the bank acknowledged.  All of these things made the home worth much more than it otherwise would have been, but the bank knew nothing about them.

3.       The bank will want to move quickly once you have made an acceptable offer.  Once you are under contract, expect for the foreclosure bank to want to close in 30 days or less.

4.       Banks are not dumb, acceptable offers on bank owned properties will make financial sense.  If the foreclosed home needs 50K worth of work and is priced at 200K in a neighborhood that sells for 350K they are not going to accept your offer for 125K.  If you are not making an offer within 10% of the asking price that chances they are going to accept your offer are very low.  On the flip side of that, many banks will lower the price on these REO (real estate owned) homes 5% every 30 days until they get acceptable offers.

5.       Many times foreclosure homes will sell above asking price.  I have experienced this first hand,  I bid on a home in Morristown New Jersey a few weeks ago at 200K.  Almost immediately I got a response from the real estate agent for the foreclosure telling me that they had 3 or 4 other offers and instructing me to come back within two days with my highest and best offer.  The foreclosure home got bid up 10% above the banks asking price.  The lesson here is, if the deal looks really good, others will notice as well and the home will likely sell fast and for more than the foreclosure banks asking price.

6.       The highest and best offer wins, if you make a offer on a foreclosure home but need to get financing, or you ask for the bank to help you with closing costs, but someone else offers a similar amount and will be paying cash and not asking the bank to help with closing costs the bank is going to pick the cash offer every time.  Another example is if you offer more but need to close in 90 days, but someone else will close in 30 days and both offers are acceptable to the bank, the bank will take the offer that is in 30 days.

7.       Mortgage Pre-Approval required.  Just like with making an offer on normal resale real estate you will need to have an up-to-date mortgage pre-approval completed to supply with your offer on bank owned property.  In many cases the Foreclosure Bank will require you to get a pre-approval through them.  This gives them much more insight into your ability to complete the transaction, and also allows them to make a little bit of money back on the loss they are likely taking on the real estate.

 

Thinking of investing in New Jersey real estate?  Visit the Morris County NJ home search, where you can find every home currently listed for sale in our local Multiple Listing Service (MLS).  There are many great deals to be had in this current real estate cycle, some of these great deals are foreclosures, and some of the great deals are just home owners who need to sell in order to move on with their lives.

Category: Uncategorized | 1 Comment »

Chatham NJ Condo Sales 07 vs 08

Lets take a look at the Chatham NJ Condo market.

In most peoples minds 2008 has been a really bad year in real estate.  Truth be told though prices are down accross the board, the numbers of homes selling is not really that different than in 2007.  I have been showing and selling lots of Condos in Morristown, Morris Twp, Madison, and Chatham over the past many months so I thought it would be interesting to see just what the condo market in Chatham is really doing.

So here are the comparative statistics for the first 10 months of 2007 vs the first 10 months of 2008

Chatham NJ Condo Sales 2007–24
Chatham NJ Condo Sales 2008–22

Chahtam NJ Condo Average List Price 07–$375,266
Chatham NJ Condo Average List Price 08–$329,000

Chatham NJ Condo Median List Price 07–$339,000
Chatham NJ Condo Median List Price 08–$315,000

Chatham NJ Condo Average Sold Price 07–$361,637
Chatham NJ Condo Average Sold Price 08–$319,109

Chatham NJ Condo Median Sold Price 07–$330,000
Chatham NJ Condo Median Sold Price 08–$308,000

Chatham NJ Condo Average Days to Sell 07–81.8
Chatham NJ Condo Average Days to Sell 08–53.9

Chatham NJ Condo Average Size 07–1.5br 1.3ba
Chatham NJ Condo Average Size 08–1.3br 1.1ba

As you can see, Condo prices in Chatham have fallen someplace between 8% and 15% but then again the average size of the condos that have been for sale and selling is smaller in 2008.  All of this is consistent with what I have been seeing in all segments of the markets.  Lower priced homes, condos, … are selling much better then the higher priced homes.  That sounds very simplistic, but what I am trying to say is that a non luxury 2 bedroom condo is likely to sell more easily than a higher priced luxury Chatham Condo.

Condo buyers, this is a great time to be in the market to buy a new home.  Keep in mind that the lower the price of the condo you are looking at, the more the demand.  I showed a condo in Morristown to a buyer today.  Their price range is under 300K but they need 2 bedrooms.  There is exactly 1 Condo in Morristown that matches that requirement.

Thinking about buying a condo in the area, visit the Morris County MLS home search.

Category: Chatham | No Comments »

Morristown NJ Condo Sales 08 vs 07

Morristown NJ is a hotbed of activity when it comes to condos.  There have been several successful new condo developments over the past few years.  There is currently another condo project under construction at the Morristown Green.  This new project is called 40 Park Condos and the builder is claiming 50% of the condos are already spoken for.

Condos in Morristown New Jersey range from the very affordable 1 and 2 bedroom types, too the somewhat more expensive high rise type condos such as those at Vail Commons, to the still affordable smaller condos at 40 Park, too the Luxury condos at Vail Mansion, DeHart Place, and 40 Park Condos.  The condos at Morris Place are also very nice existing condos, which normally have one or two availible on the resale market.

Here are the Morristown NJ Condo statistics 11 month of 2007 vs 2008

Morristown NJ Condo Sales 2007 — 55
Morristown NJ Condo Sales 2008 — 67

Morristown NJ Condo Average List Price 2007–$358,925
Morristown NJ Condo Average List Price 2008–$417,738

Morristown NJ Condo Average Sold Price 2007–$348,894
Morristown NJ Condo Average Sold Price 2008–$400,659

Morristown NJ Condo Median List Price 2007–$349,000
Morristown NJ Condo Median List Price 2008–$359,000

Morristown NJ Condo Median Sold Price 2007–$325,000
Morristown NJ Condo Median Sold Price 2008–$344,000

Morristown NJ Condo Average Days To Sell 2007–80.1
Morristown NJ Condo Average Days To Sell 2008–88.8

As you can tell, the condo market in Morristown New Jersey seems to be holding up fairly well.  Part of that is the new construction condos at Vail Commons and Vail Mansion being delivered to their buyers, but also many of the condos in Morristown tend to be price right for first time home buyers.  This price range just happens to be what is selling best in the current real estate market.

Category: Morristown | No Comments »

Home Sales Report Morris Township New Jersey

October 2008 Home Sales Report Morris Township New Jersey.

October of 2008 was not a banner month for sales of anything.  With the financial crisis home sales suffered as well as car sales, and even retail sales for such things a gasoline food and clothing were down quite a bit.  So how were the home sales in Morris Township New Jersey?  Actually not that bad, there were 17 home sales in Morris Township for the month as compaired to the same month of 2007 having 20 home sales. 

The perception of what is happening is not at all reflecting reality though.  Almost every day I talk to one neighbor or another here in the Convent Station section of Morris Township, and almost without fail I hear from them that nothing is selling, that this is not a good time to move.  When I tell them, that is not so, they just look at me with doubt.  Until I show them the numbers on paper, then they are shocked and usually ask, what about all the news reports.  The news reports are all well and good, but they are usually compiling data accross a wide area, if not the whole country.  Real estate markets are very local.  What is happening in one area is not so dependent on what is happening in another state.

The reality is, this is a great time to sell if you are going to be buying another home to live in.  This is especially true if you are moving to places where the real estate markets have been hit much harder than here in Northern New Jersey.  Those hard hit real estate markets are not hard to find since New Jersey has been effected to a much smaller degree than many other states.

Here are the actual Morris Township NJ Real Estate sales for October 2008:

Morris Twp. 403  Mt Kemble Ave  $355,000LP  Colonial 2br 2ba $324,000SP  56DOM
Morris Twp. 82  MILL RD  $369,999LP  CapeCod 3br 1.1ba $350,000SP  38DOM
Morris Twp. 14  CAROLINE FOSTER COURT  $396,900LP  TwnIntUn 2br 2.1ba $360,000SP  46DOM
Morris Twp. 27  TIMOTHY CT  $409,000LP  TwnIntUn 2br 2.1ba $396,000SP  51DOM
Morris Twp. 5  CAROLINE FOSTER COURT  $423,000LP  TwnIntUn 2br 2.1ba $400,000SP  38DOM
Morris Twp. 17  Irondale  $429,900LP  Colonial 4br 2.1ba $390,000SP  85DOM
Morris Twp. 57  WILDFLOWER LANE  $434,000LP  TwnIntUn 2br 2.1ba $412,000SP  30DOM
Morris Twp. 30  Midland Dr.  $449,000LP  Tudor,SeeRem 3br 1.1ba $445,000SP  90DOM
Morris Twp. 101  Lake Valley Rd.  $469,900LP  Ranch 3br 2ba $459,500SP  88DOM
Morris Twp. 71  Redner Road  $499,900LP  TwnIntUn 3br 2.1ba $465,000SP  46DOM
Morris Twp. 25  Raynor Road  $524,999LP  CapeCod 4br 2ba $495,000SP  94DOM
Morris Twp. 8  Sudberry Drive  $539,900LP  Colonial 4br 2.1ba $525,000LP  82DOM
Morris Twp. 15  CATALPA RD  $624,400LP  Ranch 4br 2.1ba $600,000SP  77DOM
Morris Twp. 15  HARWICH ROAD  $649,900LP  Colonial 4br 2.1ba $640,000SP  2DOM
Morris Twp. 8  ARBOR WAY  $674,900LP  RanchExp 3br 2ba $649,000SP  21DOM
Morris Twp. 3  VENTOSA DRIVE  $775,000LP  Colonial 4br 2.1ba $740,000SP  67DOM
Morris Twp. 10  WESTMINSTER PL  $1,590,000LP  Colonial 5br 4.1ba $1,590,000SP  1DOM

There is something I want to point out in this list of Morris Township NJ home sales.  There is not one home up there that had been on the market for 100 days or more.  In fact there are quite a number of homes which sold in less than 60 days on the market.  Why am I pointing that out?  It shows the importance of properly pricing your home.  If a home sold in less than 60 days, it is very unlikely the home owner had to do a price reduction, and it is much more likely the home sold within a few percentage points of the first listing price.

Want more information about Morris Township NJ Real Estate?  Thinking of buying or selling a home in Morris Township NJ or any of the surrounding towns?  Visit my Morris Township NJ MLS Search where you will find every home listed for sale in our local MLS.

Category: Uncategorized | No Comments »

Buying a Morristown NJ Foreclosure

Buying a Foreclosure for investment purposes in Morristown New Jersey.

A few weeks ago I included in a post how I was possitive enough on the Morristown NJ Real Estate market that I was in the process of trying to buy a home which was in foreclosure.  Today’s blog post is a short update on what has happened in this process.

First I want to say, buying a foreclosure can be a great investment, but just like with every investment there is a risk reward equation that one must take into account.  When you purchase a regular home (one that is not in foreclosure, but rather you are purchasing from the home owner) the amount of risk you are taking is very limited.  First, when you look at the home the power, water, heating, and cooling are usually all working and ready for you to inspect them.  Second, the current home owner is usually willing to allow you to bring in a qualified home inspection service to do a full home inspection to ensure that the home is in acceptable condition in order for you to proceed with your purchase.

When purchasing a foreclosure normally you get none of the above.  Normally the electricity, gas, water, heating, and cooling are all turned off and not availible for you to inspect for their function.  You cannot even tell if there are any current plumbing leeks.  Normally in the case of a foreclosure the bank will not accept any contingencies such as a home inspection, or mortgage contingency, or …

So on with my experence in trying to purchase the Morristown NJ Foreclosure.  As I was saying before, I did all of the background inspecting of this home, and made sure I was comfortable with making a offer.  I put together my offer on this home, and submitted it to the listing agent for the foreclosure.  As soon as I got the foreclosure listing agent on the phone he informed me that there were 2 offers on the home already, and another one coming in by the end of the day.  The next day, I get yet another call from the foreclosure listing agent to inform me that the bank was asking everyone to come back with their highest and best offer within 2 days.

So now I was in a bidding war for a home which was in foreclosure.  I ran my numbers, (I really did not need to do this as I already new the home was a scream of a deal) and adjusted my offer.  I knew that even with my adjusted offer, and the $50,000 in upgrades I planned to put into the house, that there was likely a $60,000 profit potential in the foreclosure house.

Two days after I submitted my revised offer I was informed that I was out bid. 

All I can say is WOW, I guess there are lots of people out looking for great deals just like I was.

If you are looking for a great Morristown NJ real estate investment stop on my the best home search in the area.

Category: Morristown | No Comments »

Best Financial and Real Estate Moves For Post 2008

What Are The Best Financial and Real Estate Moves For Post 2008

This post comes after lots of thought about the financial crisis we have been going through, the bail out of huge financial institutions and now the impending bail out of GM, Ford, and Chrysler.  From everything I have heard so far the United States government is spending more than a trillion dollars on all of these bail outs.  Will all of this work?  We don’t know yet, I am very hopeful that it will, but what is the likely outcome of all this?

The government is spending money that it does not have.  The government is printing lots of new money and forcing it into circulation.  What normally happens when the government does such things?  Inflation, that’s right INFLATION!!  Am I talking about 4% inflation, or 6% inflation, or even 8 - 10% inflation, at this point I don’t know, but it seems clear that in the near future we are going to see inflation much higher than we have been used to.

What happens when we see inflation at rates like 6 - 8%?  Normally we see things like food, gas, electricity, clothing, and all the other every day items you and I need day to day, going up in price 6 - 8% a year.  You also see building materials, and all the raw materials needed to keep the countries economy going, going up in price as well.  Eventually you see peoples wages going up at 6 - 8% as well.

What does this mean for the people of New Jersey?  It means if you are renting, you are likely to see your rents going up much faster than you have been used to.  Rent increases will likely match the rate of inflation which means year in and year out you could see your rent going up 6 - 8%.  What does that look like if you are paying $2,000 a month in rent?  After the first year your rent moves up to $2160 then the next year too $2330 then the next year too $2520.

Say you buy a home with a 30 year fixed rate mortgage and your mortgage payment is $2000 a month.  In the coming years, with rents going up 6% - 8% a year, your mortgage payment stays at $2000 year in and year out.  All the time you are paying off your mortgage with cheaper and cheaper money, because after all your money is losing 6% to 8% of its value every year in that situation.  Also in a situation such as this, your home is likely staying the same value or going up in value.

What will you see your financial investments doing?  If the 1970’s are any guide, you will likely have a great deal of difficulty investing your money and getting a return after taxes and inflation that means anything. 

So what is the likely best move for an economy that likely will be dealing with inflation problems for years to come?  Invest your money where you live.  A home will pay you back over time, many times over.  Not only will your payment for the mortgage remain the same over time, you will get a large tax deduction on the interest you pay, and likely over time your home will start appreciating close to the rate of inflation or at the rate of inflation.

All of this is my opinion of course, but if the 1970’s are any guide I think that this situation is more than likely.

James Boyer REALTOR, working the Morristown NJ Real Estate market as well as the Madison NJ Real Estate market, and the Chatham NJ Real Estate market, and the Summit NJ Real Estate.  Of course I work the real estate markets of all the surrounding towns as well.  If you are thinking of investing your money in a home that will keep your monthly mortgage payment the same no matter what, visit the New Jersey MLS Search where I am sure you will find some very good deals on New Jersey homes for sale.

Category: Chatham, Madison, Morristown, Summit | No Comments »

Condos In Morristown New Jersey

With all the rotten news in the New Jersey real estate markets you may be wondering if there is any segment of the Morristown NJ real estate market that is doing fairly well.

The answer to that question:

Condos In Morristown New Jersey

The market for condos in Morristown has been considerably stronger than any other segment of the Morristown NJ real estate market.  Why is that though?  I believe because of the experence I have had in working with quite a number of Morristown NJ home buyers during this real estate cycle, that the main reason is affordability.  The secondary reason is the growing desirability of Morristown New Jersey itself.

Morristown New Jersey is one of the few towns in Northern New Jersey which is experencing a revitalization of its downtown.  Unlike most towns in the area, the Morristown NJ downtown is busy 7 days a week, day and night.  During the week, downtown Morristown is busy with all the people who work downtown, but by evening and weekends, we have quite a few people who come out to the many resturants, pubs, and shops of downtown Morristown.

Some notible Morristown Condo Communities:

• 40 Park
• Dehart Place
• Vail Mansion
• Vail Commons
• Morris Place
• Convent Mews

To be fair, lower priced single family homes which are well priced and fairly up to date are selling very well also.  For this lower priced segment it is just a function of the market.  The people who are buying these homes tend to not have a home to sell, and also tend to be first time home buyers.

Thinking of starting your search for a condo in Morristown New Jersey?  Use the best Morristown NJ Home Search Tools Availible.

James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

 

Have a Morristown Condo To Sell?  Give me a call for the best home marketing package availible.

Category: Morristown | No Comments »

Home Sellers Are Out Of Touch

Home Sellers Are Out Of Touch With The Real Value Of Their Home, A MSNBC article spells out!!

According to the MSNBC article even today, most home sellers do not understand or have not accepted that home values have declined in most areas.  This is true for all of Northern New Jersey, including such desirable towns as Summit New Jersey which has seen a 16.8% decline in the median home sale price.  Millburn New Jersey which has had a 15.5% decline, and Chatham New Jersey down 3.4%.

(data from gsmls for the periods April, 1 2007 - November, 1 2007 -vs- April, 1 2008 - November, 1 2008)

I personally have been finding that there are a fair number of home sellers in the area who are out of touch with what home values have been doing over the past few years.  In fact I lost a home listing 2 doors down from my home, because I told them the real value their home was likly to sell for, while another REALTOR came in an just told them what they wanted to hear.  That number they wanted to hear happened to be $100,000 higher than what I and 5 other very experenced REALTORS in my office agreed the home would likely sell for.  This home owner fell for one of the oldest tricks, which is to shoot the home owner a high price, knowing that most home owners will equate the higher price with the skill of the REALTOR.  Sorry to disappoint, but anyone can quote a price, it does not make them skilled.

In case you missed it, I really dislike Morris County REALTOR’s who miss lead home sellers on listing price.

Pricing your home too high to begin with, is a major error and costs many home sellers tens of thousands of dollars.  Most home sellers still do not understand that the highest price they are going to get for their home is from a offer that is written in the first 2 or 3 weeks on the market.  That is when the interest is highest, and when the people who have fallen in love with the home write offers.  Price it too high, and you denture those that have fallen in love with the house, and they start waiting for a price reduction.  In the mean time they continue to shop for a home.  Guess what, they usually find something else that is at least the equal of your home, and write a offer on that.

As a home seller here in Northern New Jersey here is what you should experence if you list you home for the right price to start with.  In the busy spring and fall selling seasons you should get 15 to 30 showings within the first 2 weeks your home is on the market.  During the slower winter and summer home selling times those numbers will be closer to 7 to 14 showings in the first 2 weeks.  If your home is price right to start with you should have a offer which is within 3% of your asking price within 4 weeks of you home being listed for sale.  During the slower selling times that offer should be in your hand within 6 weeks of listing your home for sale.

Morris, Essex, and Union County New Jersey home sellers, do yourselves a favor, when interviewing area REALTORS to list your home for sale, do not hire the REALTOR who quotes you the highest list price.  That REALTOR is likely the least experenced, and least capable of getting your home sold for the best price possible.

If you would like me to do a real and truthful CMA (Competitive Market Analysis) for your home, I am happy to do so, just give me a call at 973-647-0253 or send me a message including some information about you home such as the address, any improvements you have made to it with the years you did them, and the general condition of your home.

Cheers,

James Boyer
New Jersey REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Specializing in Morris County Real Estate, Essex County Real Estate, Union County Real Estate, Somerset County Real Estate, and Sussex County Real Estate.

 

Category: Chatham, Summit | No Comments »

Morristown NJ Home Sales Volume

Morristown NJ Home Sales Volume

A comparison of the first 10 month of 2007 to the first 10 months of 2008

In doing research on various towns in Morris County, one of the things I have been looking at is the actual volume of home sales in a given town as compaired to the same period of 2007. 

For many of the towns I have been finding that the actual sales volume is down 10, 20, and in one case 55% but home prices have been holding up fairly well.  I thought I would put the numbers together for you for Morristown New Jersey so that you would have a more complete picture of what is going on.

The numbers below reflect home sales in the Morristown NJ Real Estate market for January, 1 2007 - November, 1 2007 -vs- January, 1 2008 -November, 1 2008.

Morristown NJ Real Estate sales volume 2007 — 146 homes sold
Morristown NJ Real Estate sales volume 2008 — 149 homes sold

Net Increase of 2%

Morristown NJ Real Estate average sales price 2007 — $448,156
Morristown NJ Real Estate average sales price 2008 — $414,504

Net decrease of — 7.5%

Morristown NJ Real Estate median sales price 2007 — $428,750
Morristown NJ Real Estate median sales price 2008 — $379,000

Net decrease of — 11.6%

Morristown NJ Real Estate Median Home Sold 2007 — 3 Bedroom 2.1 Bath
Morristown NJ Real Estate Median Home Sold 2008 — 2 Bedroom 1 Bath

 

The Morristown NJ home sales numbers seem to indicate that although sales volume is holding up well in the city of Morristown New Jersey, it is doing so on reduced prices.  This information is a good indication that very competitive home pricing is very important in ensuring that a home actually sells. 

The price drop in Morristown NJ homes is partly explained by the financial crisis we have been going though in this country, but also is partly explained by the fact that in general there have been smaller and lower priced homes sold in Morristown New Jersey.  On average the sold home in Morristown NJ seemed to have 1 fewer bedrooms and 1.1 fewer bathrooms in 2008 verses 2007. 

I strongly believe that at current prices many of the Morristown NJ homes for sale are very good deals.  I believe that so strongly that I have started doing the initial research in the process of purchasing a home which is a foreclosure with plans to fix it up and then sell it once the work upgrading it is completed. 

If you are thinking about New Jersey real estate as an investment, you should know that with proper selection, and proper managment, real estate can be one of the best short and long term investments you can make.  In my 5 years as a full time REALTOR I have personally purchased 6 homes as real estate investments, fixed them up, and then resold them in every case for a nice profit.  You can do it too, for help and guidance call Jim at 973-647-0253.

James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

I hope you have learned from and enjoyed this article about the current Morristown NJ Home Sales Volume, It is nice to have information looked at from a somewhat different angle.

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Summit NJ Home Sales October 2008

There were 17 homes sold in the Summit NJ Real Estate marketplace during the month of October.  This is down from 23 in the month of September.  If it were not for the credit crunch that hit the real estate mortgage companies, the number of homes sold in the month of October would probably have been equal to those sold in September. 

The current housing stock for sale in the Summit NJ Real Estate market  ranges from affordable homes under $400,000 too wonderful mid-priced colonial & victorian homes from $600,000 up to $1,000,000 and too large luxury mansions ranging from $1,000,000 too over $10,000,000.

The Summit NJ Real Estate Sold In October 2008

Summit 6  HENRY ST  $299,000LP  Colonial 3br 1ba $310,000SP  18DOM
Summit 28  Glenside Ave  $339,000LP  Colonial 3br 1.1ba $310,000SP  84DOM
Summit 68-86  New England Ave Unit 19  $345,000LP  TwnIntUn 2br 1ba $338,000SP  21DOM
Summit 412  Morris Ave  $379,900LP  Duplex 3br 1.1ba $385,000SP  71DOM
Summit 16  Harvey Dr  $439,000LP  Ranch 2br 1ba $436,600SP  8DOM
Summit 10  Euclid  $490,000LP  HighRise 2br 2ba $445,000SP  45DOM
Summit 25  Eggers Ct  $649,900LP  TwnIntUn 3br 3.1ba $649,900SP  10DOM
Summit  9  NORWOOD AVE  $668,000LP  Meditter 6br 3.1ba $575,000SP  51DOM
Summit 65  Eggers Ct  $799,900LP  TwnIntUn 3br 3.1ba $799,000SP  95DOM
Summit 145  CANOE BROOK PKY  $849,000LP  Tudor 4br 2.1ba $840,000SP  40DOM
Summit 15  Carleen Ct  $999,876LP  Colonial 4br 3.1ba $925,000SP  121DOM
Summit 28  Colony Dr  $1,095,000LP  Colonial 4br 2.1ba $1,050,000SP  45DOM
Summit  2  Wentworth Rd  $1,200,000LP  Contemp 4br 3.2ba $1,250,000SP  34DOM
Summit 25  Plymouth Rd  $1,295,000LP  Colonial 5br 3.1ba $1,325,000SP  78DOM
Summit  2  CREST ACRE CT  $1,975,000LP  Colonial 5br 4.1ba $1,900,000SP  56DOM
Summit 175  Beechwood  $2,395,000LP  Colonial 5br 3.1ba $2,310,000SP  103DOM

Summit New Jersey really is a great place to call home.  Normally Summit NJ Real Estate can only be had at a premium, but with today’s real estate environment there are some tremendous deals to be had for the savvy home shopper.

If you see yourself as wanting to be a savvy Summit NJ Real Estate shopper, stop by the Summit NJ MLS search, where you will find all the homes currently listed for sale in our local multiple listing service, availible for you to search.  Your source for Summit NJ homes for sale.

James Boyer
Summit NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Excellence in Summit NJ Real Estate services Guaranteed!!

Category: Summit | No Comments »

Harding NJ Real Estate Sales Volume

Harding NJ Real Estate Sales Volume

First 10 months of 2008 vs first 10 months of 2007.

I gathered this data about the Harding NJ real estate market while writing my last post about Harding NJ home sales so I thought I would put this out here for you to read as well.

Harding NJ Real Estate Sales Volume 2007 — 56 homes sold
Harding NJ Real Estate Sales Volume 2008 — 25 homes sold

Net reduction in home sales — 55.4%

 

Harding NJ Real Estate Average Sales Price 2007 — $1,929,071
Harding NJ Real Estate Average Sales Price 2008 — $2,056,135

Net increase in average sale price — 6.58%

Harding NJ Real Estate Median Sales Price 2007 — $1,375,000
Harding NJ Real Estate Median Sales Price 2008 — $1,587,500

Net increase in average sale price — 14.8%

Harding NJ Real Estate Median Home Sold 2007 — 4 Bedroom 3.1 Bath
Harding NJ Real Estate Median Home Sold 2008 — 5 Bedroom 3.1 Bath

Interesting statistics for the Harding NJ Real Estate market to be sure, but I do not believe for a second that homes have appreciated in Harding New Jersey in 2008.  The statistics say that they have, but the sales volume is way down, and the median home sold in 2008 is larger than that of 2007.  Do I think that the real estate market in Harding New Jersey is falling apart? No, but I think if you could compare the exact same home sold in 2007 to the exact same home in 2008 (This is impossible to do) you would see something on the order of a 10% to 14% drop in value.  I believe that if the homes which have been on the market in Harding New Jersey though 2008 had been priced 10% lower then they were, the sales volume in Harding would likely have been significantly higher.

Thinking of looking for a great deal on a Harding NJ home? visit the Harding NJ MLS Search Tools availible on the main website. 

This post brought to you by your Harding NJ REALTOR James Boyer

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Harding NJ Home Sales

Harding NJ Home Sales for the first 10 months of 2008 have amounted to 25 homes so far.  This compairs to 56 homes sold in Harding New Jersey by this time last year.  A considerable downturn in sales volume comparing the two 10 month periods.

The considerable drop off in sales volume is no surprise considering that the Harding NJ Real Estate market is much more expensive on average than many of the other markets such as the Morristown NJ Real Estate market and the Madison NJ Real Estate market.  Another reason for this, is during this real estate down turn Morris County home buyers have been favoring towns along the Midtown Direct Train Line of New Jersey Transit, Harding NJ, while only a few miles from one of these train stations, is not on the Midtown Direct train line, so it is harder for it’s residents to get parking permits at the train stations, as well as having a longer total commute time.

Harding NJ Home Sales First 10 Months 2008

Harding Twp. 5  SYCAMORE LN  $475,000LP  TwnIntUn 2br 2.1ba $455,000SP  94DOM
Harding Twp. 500  Mt.Kemble Ave.  $509,900LP  Colonial 3br 1ba $480,000SP  24DOM
Harding Twp. 1  Cedar Lane  $569,900LP  TwnEndUn 3br 2.2ba $560,000SP  160DOM
Harding Twp. 3  CYPRESS CIR  $595,000LP  TwnEndUn 3br 2.1ba $575,000SP  136DOM
Harding Twp. 59  Primrose Tr  $888,888LP  Ranch 3br 3.1ba $835,888SP  270DOM
Harding Twp. 27  Blackwell Ave  $949,000LP  Colonial 4br 2.1ba $920,000SP  31DOM
Harding Twp. 14  TIGER LILY LN  $1,095,000LP  Colonial 5br 3ba $980,000SP  78DOM
Harding Twp. 11  BAXTER FARM RD  $1,250,000LP  Colonial 4br 3.1ba $1,100,000SP  100DOM
Harding Twp. 43  Post House Rd  $1,300,000LP  Colonial 4br 3.2ba $1,290,000SP  75DOM
Harding Twp. 49  MEYERSVILLE RD  $1,500,000LP  CapeCod 4br 2ba $1,250,000SP  143DOM
Harding Twp. 22  GLENEAGLES DR  $1,699,000LP  Colonial 5br 4.1ba $1,587,500SP  119DOM
Harding Twp. 528  Tempe Wick Rd  $1,700,000LP  Colonial 6br 3.1ba $1,375,000SP  106DOM
Harding Twp. 87  MILLBROOK RD  $1,800,000LP  Colonial 4br 2.1ba $1,820,000SP  18DOM
Harding Twp. 45  GLEN ALPIN ROAD  $1,869,000LP  ExtrHous 5br 4.1ba $1,550,000SP  102DOM
Harding Twp. 8  BAILEYS MILL  $1,975,000LP  Custom 5br 4.2ba $1,750,000SP  67DOM
Harding Twp. 43  Glen Alpin Road  $2,149,000LP  Colonial 5br 4.1ba $2,000,000SP  45DOM
Harding Twp. 6  DEER RIDGE DRIVE  $2,300,000LP  Colonial 5br 4.2ba $2,000,000SP  262DOM
Harding Twp. 253  BLUE MILL RD(SPRING VLY)  $2,975,000LP  Colonial 4br 3ba $2,750,000SP  45DOM
Harding Twp. 19  Country Drive  $3,395,000LP  Colonial 5br 7.2ba $3,000,000SP  128DOM
Harding Twp. 28  Kennedy Lane  $3,395,000LP  Colonial 6br 7.1ba $3,325,000SP  13DOM
Harding Twp. 28  Morgan Drive  $3,495,000LP  SeeRem 6br 6.2ba $3,450,000SP  80DOM
Harding Twp. 33  KENNEDY LANE  $3,999,999LP  Colonial 5br 5.1ba $3,750,000SP  211DOM
Harding Twp. 75  Village Road  $4,390,000LP  Colonial 6br 6.2ba $3,925,000SP  476DOM
Harding Twp. 34  Fox Hunt Rd  $4,550,000LP  Colonial 5br 5.3ba $4,175,000SP  255DOM
Harding Twp. 79  Blue Mill  $6,900,000LP  Colonial 5br 6.3ba $6,500,000SP  139DOM

Once people have a stronger sence that our financial markets have stabilized, and the mortgage companies start making it as easy to get mortgages for more expensive homes again, look for sales volume in Harding New Jersey to bounce back.

Thinking you would like to start doing a little online research on the local real estate markets, visit the Harding NJ MLS search page.  There you can search all the homes for sale in Morris, Essex, Union, Somerset, and Sussex Counties of Northern New Jersey.

James Boyer
Harding NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Excellence in Harding NJ Real Estate services Guaranteed!!

Category: Harding | No Comments »

Madison NJ Home Sales

Actually Madison NJ Homes Sold October 2008

October 2008 was not one of those spectacular months for real estate sales in Madison New Jersey.  For the whole month we had only 6 homes sell and transfer to their new owners.  6 home sales in Madison New Jersey for the month of October? That is not much for one of the traditionally busier month of the year for real estate sales.  This compares to 12 home sales for Madison in September 2008.  To be fair I also compared to Madison’s home sales for October 2007 where we had 9 homes sell and transfer.

I have to say, and I have written about this, I believe that now that the election has passed and we seem to be dealing with the financial problems in the economy, that we are going to have a better next 12 months  than the past 12 months.  I truly believe we have reached bottom, are we going to rocket up from here? NO!!  I do think we are likely to see small price declines to flat prices to possibly small price appreciation.

Here are the Madison NJ Real Estate sales for October 2008.

• Madison Boro 1  LEE AVE  $489,000LP  Colonial 3br 1ba $540,000SP  12DOM
• Madison Boro 250  PLYMOUTH CT  $499,000LP  TwnIntUn 2br 2.1ba $490,000SP  22DOM
• Madison Boro 23  Surrey Lane  $518,000LP  SplitLev 3br 2ba $494,000SP  78DOM
• Madison Boro 301  Kings Rd  $624,900LP  Bi-Level 4br 2.1ba $620,000SP  63DOM
• Madison Boro 11  Roscoe Ave.  $750,000LP  Colonial 3br 3.1ba $730,000SP  42DOM
• Madison Boro 49  East Lane  $1,424,900LP  Colonial 5br 3.1ba $1,257,000SP  149DOM 

Better days for Madison NJ home sales are around the corner, we just have to be positive and always looking to the future.

James Boyer
Madison NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Excellence in Madison NJ Real Estate Services Guaranteed!!

Category: Madison | No Comments »

The Election Is Over, Now What For New Jersey Real Estate

The Election Is Over, Now What For New Jersey Real Estate

The election has passed, Obama has been elected the next president of the United States of America.  I cannot say I was excited by Mr. Obama but I am excited at the prospect of a new beginning.  Actually it is not a new beginning, but many people are thinking that way.

At this point I am only guessing but I believe that over the next 6 to 9 months we are going to experience a sence of relief.  People are going to be willing to go out and spend more then they otherwise would have, more people here in New Jersey are going to be willing to go out and purchase a home, and all of this will have a moderating effect on the economic downturn that we have been experiencing. 

I have been of the opinion that the real estate markets here in Morris, Essex, Union, and Somerset counties of Northern New Jersey, though slow, are stronger than the national real estate statistics that people seem to hang on all the time.  Why just this coming weekend I will be showing 3 different clients homes.  Some of the homes will be in Morristown and Morris Township, and another buyer will be looking in Summit, Chatham, and Millburn, and yet another buyer will be looking at homes in Harding, Madison, and Chatham.

I am sure that all of these buyers will not be buying a New Jersey home in the next week or two, but I do think that it is incredibly possitive that in November I am seeing home buyers be willing to go out and look at homes with the idea of purchasing one in the near future, if not the next few weeks.

As I have written in previous posts, the Morristown NJ Real Estate market has been very slow over the past few months, along with the Madison NJ Real Estate and Chatham NJ Real Estate markets as well.  In general we have seen a slow fall real estate market in most towns along the Midtown Direct New Jersey train line.  Much of the slowness can likely be atributed to the financial crisis which we are working our way though. 

As I write this the stock market is opening (November, 5 2008) and it looks like we are about to have a huge Obama Rally on Wall Street.  I would not be at all surprised to see a huge rally in the bond markets as well, which will help the New Jersey economy, as well as real estate markets such as Chatham, Madison, & Morristown, not just through lower interest rates, but though a strengthening in job prospects, and job security for those who have kept their jobs.

Lets all keep our fingers crossed, It has been said that the issues in the real estate markets have been the main contributing factor in the economic crissis, so as we see improvment in real estate markets, we will see bigger improvment in the nations economy.

James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-647-0253 Direct
973-539-6300 Office

Excellence in New Jersey Real Estate Services Guaranteed!!

Category: Chatham, Madison, Morristown | No Comments »

Chatham NJ Home Sales October 2008

The Chatham NJ Real Estate market experenced a big slow down in the month of October.  With only 9 home sales and transfers compaired to Septembers 17 home sales.  This big drop was not at all unexpected, what with the big credit crunch we experenced at the end of September and through much of October.

Chatham New Jersey is always a popular town to live in, which you will notice when you look at the actual home sale which I will post below.  Chatham NJ, actually Chatham Boro and Chatham Township is two separate towns which are connected.  They share the Chatham school district, and some other government services, but are still independent of each other.

Here are the Chatham New Jersey Home Sales for the month of October.

1. Chatham Boro 181  WATCHUNG AVE  $595,000LP  Colonial 3br 2ba $570,000SP  71DOM
2. Chatham Boro 5  LINCOLN AVE  $699,000  Colonial 4 1.1 $665,000  70
3. Chatham Boro 44  TALLMADGE AVE  $749,900  Colonial 4 2.1 $749,900  7
4. Chatham Boro 25  Meadowbrook Rd  $949,900  Colonial 4 2 $920,000  19
5. Chatham Boro 31  Inwood Rd  $990,000  Colonial 4 3 $975,000  29
6. Chatham Twp. 16B  Heritage Dr  $299,900  OneFloor 1 1 $278,000  88
7. Chatham Twp. 47  ORMONT RD  $1,149,000  Colonial 5 5.1 $999,900  303
8. Chatham Twp. 84  GLENMERE DR  $1,250,000  Colonial 5 3.1 $1,235,000  8
9. Chatham Twp. 141  Noe Ave  $2,750,000  Colonial 5 6.1 $2,525,000  212

If your thinking of looking for a Chatham NJ area home for sale visit Chatham NJ MLS.  I also cover the Morristown NJ Real Estate market as well as the Summit NJ Real Estate

James Boyer Chatham NJ REALTOR, 973-647-0253 Direct 973-539-6300 Office

Category: Chatham | 2 Comments »

Morristown NJ Home Sales October 2008

This is my first post on this new blog.  Over time you will be able to find all kinds of information about our local towns and real estate markets here in Northern New Jersey.  I also enjoy writing about events which are happening in local towns such as Morristown, Madison, Chatham, Summit, Harding, and Morris Twp.

For the Month of October home sales here in Morristown New Jersey seemed like they slowed considerably.  In reality they amounted to 10 home sales same as in September.  Since we currently have 136 homes on the market, if home sales remained at this level we currently have 13.6 months supply of homes for sale.  Why did I just tell you that?  The months supply of homes for sale is a very good indicator of what sort of market we are in.  Typically if we have fewer than 4 months supply of homes for sale, that means we are in a home sellers market, 5 to 7 months supply is a fairly even market, and numbers over 8 months supply tend to indicate a buyers market, with higher numbers indicating how extreme the buyers market is.

What we have here currently is a fairly extreme buyers market here in Morristown NJ.  Home sellers have very little to no pricing power currently.

Here are the homes which sold during the month of October here in Morristown New Jersey.

• 4  FAIRVIEW PL  $275,000LP  TwnEndUn 3br 1ba $264,000SP  263DOM
• 7  Prospect St.  $360,000LP  OneFloor 1br 1ba $340,000SP  5DOM
• 63  James Street  $374,900LP  SplitLev 4br 2.1ba $245,000SP  190DOM
• 69  VALLEY VIEW DR  $419,000LP  Colonial 3br 1.1ba $404,500SP  105DOM
• 78  W VALLEY VIEW DR  $429,000LP  SplitLev 4br 2.1ba $413,000SP  18DOM
• 9  JENNI LN  $447,500LP  TwnIntUn 3br 2.1ba $420,000SP  80DOM
• 32  LAKE RD  $479,999LP  CapeCod 4br 2ba $457,500SP  68DOM
• 22  James Street  $489,900LP  SplitLev 3br 1.1ba $460,000SP  29DOM
• 62  Georgian Road  $495,000LP  SplitLev 3br 2.1ba $490,000SP  33DOM
• 7  PROSPECT ST.  $499,900LP  OneFloor 2br 2ba $499,000sp  163DOM

Hopefully we will soon see Morristown NJ home buyers active more positively.  I think I am beginning to see signs of that now.  For this coming weekend I have 3 different home buyers who are going out to look at homes.  Granted 2 of them I have been working with for a few weeks already but 1 new one, and several others who seem like they will be coming out to look soon.

James Boyer, Morristown NJ REALTOR 973-647-0253 Direct or 973-539-6300 Office.  For the best MLS searches for almost all of Northern New Jersey visit Morristown NJ MLS Search.

Category: Morristown | No Comments »