RSSMadison 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
- 38 SOUTH ST $359,900LP Ranch 2br 1ba $250,000SP 227DOM
- 37 ANTHONY DR $410,000LP CapeCod 2br 2ba $399,000SP 38DOM
- 4 LEE AVE $539,000LP Colonial 3br 1.1ba $530,000SP 17DOM
- 13 KENSINGTON RD $572,375LP CapeCod 4br 2ba $520,000SP 69DOM
- 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 »
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 »
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 »
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 »
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 »
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 »
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
Category: Madison | No Comments »
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
Category: Madison | 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 »
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 »