RSSMorris 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
- Morris Twp. 101 Village Dr $329,000LP OneFloor 2BR 2BA $310,000SP 58DOM
- Morris Twp. 10B Leva Dr $368,500LP MultiFlr 3BR 2.1BA $349,000SP 44DOM
- Morris Twp. 14 WILDFLOWER $394,500 TwnIntUn 3 2.1 $385,000 47
- Morris Twp. 10 LAKE VALLEY RD $419,000 CapeCod 3 2 $425,000 17
- Morris Twp. 3 BARBERRY RD $449,900 Colonial 3 2 $420,000 45
- Morris Twp. 11 Molly Stark Drive $449,900 SplitLev 3 3 $445,000 54
- Morris Twp. 16 STEWART DRIVE $465,000 Bi-Level 4 2.1 $435,000 23
- Morris Twp. 16 WYNDMOOR DR $469,000 Colonial 4 2.1 $435,000 14
- Morris Twp. 4 ARBOR WAY $524,900 Ranch 3 2 $500,000 46
- Morris Twp. 31 fieldstone $539,000 RanchExp 4 3 $465,000 123
- Morris Twp. 19 ARBOR WAY $549,000 Colonial 4 2.1 $535,000 62
- Morris Twp. 1 Copperfield Way $589,900 Colonial 4 2.1 $575,000 58
- Morris Twp. 12 RALEIGH CT $600,000 RanchExp 5 3.1 $580,000 78
- Morris Twp. 19 LYNNFIELD DRIVE $600,000 Colonial 4 2.1 $600,000 51
- Morris Twp. 43 BUCKLEY HILL ROAD $625,000 Contemp 4 2.1 $600,000 130
- Morris Twp. 10 Fairchild Ave. $649,000 Colonial 4 3.1 $644,500 44
- Morris Twp. 108 Skyline $659,000 Ranch 4 4.1 $635,000 85
- Morris Twp. 29 Cromwell Drive $669,800 SplitLev 4 3.1 $625,000 50
- Morris Twp. 51 ROLLING HILL DR $700,000 Colonial 4 3.1 $683,000 68
- Morris Twp. 6 OLD GLEN RD $745,000 Colonial 3 2.1 $735,000 20
- Morris Twp. 11 Normandy Pkwy $899,000 RanchExp 5 4 $900,000 213
- Morris Twp. 31 LAURA LN $949,000 Colonial 4 2.1 $925,000 52
- Morris Twp. 93 SPRING BROOK RD $959,000 Colonial 4 3.1 $910,000 141
- Morris Twp. 12 Spencer Drive $1,245,000 Colonial 5 4.1 $1,200,000 105
- 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
- Morristown 47 1/2 SUSSEX AVE LP $178,695 Colonial 3br 2.1ba $160,000SP 52DOM
- Morristown 320 South Street- 4F LP $215,000 OneFloor 1br 1ba $205,000SP 49SOM
- Morristown 320 South Street $219,900 FirstFlr 1 1 $216,500 28
- Morristown 6 Altamont Court - Unit 16 $244,900 OneFloor 1 1 $235,000 146
- Morristown 12 CLINTON ST $249,900 TwnIntUn 4 2 $245,000 70
- Morristown 10 THOMPSON ST $275,000 Colonial 3 1.1 $265,000 90
- Morristown 111 Early Street $399,900 Colonial 4 1.1 $375,000 164
- Morristown 53 HILL ST $424,000 TwnEndUn 3 3 $400,000 35
- Morristown 12 CONDICT PLACE $479,000 Colonial 4 2.1 $460,000 31
- Morristown 23 OLMSTEAD RD $485,000 Colonial 3 2 $461,600 25
- Morristown 69 A WETMORE AVENUE $569,900 TwnEndUn 3 2.1 $525,000 24
- 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 »
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
- 321 PITNEY PL $249,000LP OneFloor 2br 1ba $222,500SP 16DOM
- 11 WHITE BIRCH RD $388,000LP Bi-Level 4br 2.1ba $350,000SP 56DOM
- 16 SPRINGVIEW DRIVE $399,000LP Colonial 2br 1ba $390,000SP 37DOM
- 14 WHITE BIRCH RD $399,900LP Ranch 3br 2ba $360,000SP 36DOM
- 328 MADISON AVE $424,900LP Colonial 3br 2.2ba $400,000SP 76DOM
- 8 Albert Avenue $427,000LP CapeCod 3br 1ba $400,000SP 40DOM
- 19 TURTLE RD $459,000LP SplitLev 3br 1.2ba $425,000SP 244DOM
- 18 STEWART DR $459,000LP SplitLev 3br 1.2ba $425,000SP 244DOM
- 42 HILLCREST AVE $459,000LP CapeCod 4br 2.1ba $430,000SP 118DOM
- 31 N STAR DR $474,892LP Bi-Level 4br 2.1ba $435,000SP 320DOM
- 48 BURNHAM PKY $479,000LP Bi-Level 5br 3ba $455,000SP 59DOM
- 20 NORMANDY BLVD WEST $499,000LP SplitLev 3br 2.1ba $495,000SP 50DOM
- 121 HILLCREST AVE $499,900LP Colonial 4br 2.1ba $470,500SP 55DOM
- 62 CENTER AVE $549,900LP Colonial 4br 2.1ba $540,000SP 7DOM
- 14 Pond Hill Road $599,000LP Ranch 3br 2.2ba $585,000SP 79DOM
- 19 Glimpsewood Lane $699,800LP Colonial 5br 3.1ba $657,500SP 53DOM
- 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
- 31 HILLAIRY AVE $208,900LP Colonial 3br 1ba $195,000SP 7DOM
- 320 South Street - Unit 18N $240,000LP OneFloor 1br 1ba $228,000SP 37DOM
- 7 PROSPECT ST UNIT 405 $300,000LP OneFloor 1br 1ba $290,000SP 202DOM
- 8-C DORADO DR $339,000LP TwnIntUn 2br 2.1ba $330,000SP 23DOM
- 4-A DORADO DR $359,900LP TwnEndUn 2br 2.1ba $347,000SP 3DOM
- 202 Speedwell Ave $389,500LP Colonial 4br 2.1ba $365,000SP 273DOM
- 98 Mills Street $409,000LP Colonial 3br 1.1ba $390,000SP 22DOM
- 5 AMES PL $415,000LP Colonial 3br 1.1ba $390,000SP 82DOM
- 37 VALLEY VIEW DR $417,000LP Colonial 3br 2ba $417,000SP 23DOM
- 111 SUSSEX AVE $419,999LP CapeCod 4br 2.1ba $390,000SP 180DOM
- 23 SAND HILL RD $425,000LP CapeCod 4br 2ba $429,000SP 28DOM
- 22 SAND HILL RD $435,000LP CapeCod 4br 2ba $400,000SP 33DOM
- 146 MILLS ST $449,000LP Colonial 3br 2.1ba $425,000SP 27DOM
- 7 John Glenn Rd $449,900LP SplitLev 3br 2ba $422,500SP 15DOM
- 15 ROSEMILT PL $475,000LP Bi-Level 4br 2.1ba $460,000SP 63DOM
- 13 DOGWOOD RD $479,900LP SplitLev 4br 2ba $461,000SP 56DOM
- 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
- 210 PITNEY PL $229,000LP OneFloor 1br 1ba $224,000SP 40DOM
- 1B Leva Drive $325,000LP OneFloor 2br 2ba $315,000SP 38DOM
- 3 LANGDON LN $339,000LP CapeCod 3br 2ba $290,000SP 123DOM
- 5 MILL RD $359,000LP Colonial 3br 1.1ba $328,750SP 132DOM
- 33 WITHERSPOON CT $359,900LP MultiFlr 2br 2.1ba $350,000SP 35DOM
- 16 SPRINGVIEW DRIVE $399,000LP Colonial 2br 1ba $390,000SP 37DOM
- 11 MILL RD $399,000LP Colonial 3br 1.1ba $378,800SP 60DOM
- 8 Egbert Hill Road $429,000LP Victrian 3br 1.1ba $415,000SP 37DOM
- 28 NORTHBRIDGE PL $475,000LP TwnIntUn 3br 2.1ba $465,000SP 178DOM
- 48 BURNHAM PKY $479,000LP Bi-Level 5br 3ba $455,000SP 59DOM
- 60 Keats Way $499,000LP SeeRem 3br 2.1ba $465,000SP 196DOM
- 108 SPRING BROOK RD $499,900LP Bi-Level 4br 2.1ba $490,000SP 208DOM
- 19 Brookfield Way $500,000LP SplitLev 3br 2.1ba $485,000SP 116DOM
- 7 VALLEY VIEW ST $519,000LP Colonial 4br 2.1ba $530,000SP 52DOM
- 30 STONEHENGE RD $529,000LP SplitLev 4br 3ba $520,000SP 2DOM
- 166 LAKE RD $599,999LP Colonial 4br 2.2ba $576,000SP 201DOM
- 34 Bradwahl Dr $699,900LP Colonial 4br 3.1ba $700,000SP 201DOM
- 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 »
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 »
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 »
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.
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 »
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:
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The Red Oaks School - a Montessori school serving students from pre-school through grade six
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Assumption Roman Catholic grade school (K-8)
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The Peck School, a private day school which serves kindergarten through grade eight
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The Delbarton School, an all-boys Roman Catholic school serving grades seven through twelve
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The Morristown-Beard School, a private co-ed school serves grades 6 through 12
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Villa Walsh Academy, a private Catholic college preparatory school conducted by the Religious Teachers Filippini
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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 »
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
973-647-0253 Direct
Morristown NJ Real Estate | Morristown NJ REALTOR | Morristown NJ Flip | Morristown NJ Home Sales | Morristown NJ Foreclosure
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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.
Category: Morristown | No Comments »
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
Category: Morristown, Summit | 1 Comment »
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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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
Located in Morristown New Jersey’s Little Dublin neighborhood which is to the South of Morristown’s South Street, a highly desirable section of Morristown.
Affordable Historic Morristown NJ Real Estate
A charming 1876 Colonial with 21st century updates offers the best of old and new! Three bedrooms, two full baths. Finished walk out lower level with Master Bedroom, full bath, and laundry area opens to private, pavered patio. Main level features living room with hardwood flooring, crown molding and built in bookcase plus large eat-in kitchen beautifully updated with granite countertops and French doors to a deck overlooking the fenced rear yard. This level also offers an updated full bath with tile floor. The upper level features two bedrooms. Additional features include a newer storage shed and off street parking. This Morristown NJ home is on a level, sub-dividable double lot conveniently located walking distance to shops, parks, and restaurants. Listed at $399,900.
Morristown NJ homes for sale
To find this Morristown NJ home for sale and all the other Morristown NJ homes for sale checkout the Morristown New Jersey Real Estate page of this site.
MLS # 2579559
Category: Morristown | 1 Comment »
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 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 »
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 »
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 »
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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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 »
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.
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