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Madison NJ Home Sales December 08
By admin | January 6, 2009
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
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2 Responses to “Madison NJ Home Sales December 08”
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January 9th, 2009 at 8:50 pm
Three of these homes have sold at least once before in the last five years. 20 Lorraine has fallen 13 pct (since 2004), 42 Spring Garden 5 pct (vs 2005) and 55 Garfield 24 pct (vs 2005). I don’t see any that sold above its price in the last five years. Madison isn’t so immune.
January 13th, 2009 at 11:40 pm
Hi Tom,
Thanks for your comment. Not sure your point? Nobody has is currently claiming that Madison New Jersey has been immune to the real estate downturn.
Your statment does show what I have been advocating for a while now. This is a great time to be a move up buyer or a first time home buyer. The higher the price range of a home, the higher percentage value decline.
It is currently possible in Madison New Jersey to sell a condo someplace around the 400K range and only be down 5% to 7% from it’s peak of the market, and purchase a 700K price range home which is likely down some 14% to 18% from it’s peak.
Now that is a very good trade off wouldn’t you say?
James Boyer
Madison NJ REALTOR
973-647-0253