8/8/09-8/14/09 The following 5 properties went under contract this past week in Basking Ridge: 197 Alexandria Way listed for $269,000, DOM 69226 Lyons Road listed for $639,000, DOM 4228 Gold Blvd listed for $719,000, DOM 52111 Woods End listed for $949,000, DOM 152148 Childs Road listed for $1,725,000, DOM 211 There are an additional 19 properties that are working through attorney review. Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year. New to the Basking Ridge market are the following 11 properties (note that many of these have been available for quite some time but have been relisted): 453 Penns Way listed For $325,00051 E Oak St... 08/14/2009

« Beware of Foreclosure Rescue Scams Does it make sense to buy now? This is a question that only YOU can answer!  The $8,000 tax credit sounds very appealing - and it certainly is a GREAT deal!  Especially while prices are still low and interest rates are still manageable.  Owning your first home is a big step, and of course it is going to be a little stressful going through the process - finding a house, making an offer, feeling confident while negotiating, understanding the paperwork, writing the checks - but it should also be fun and exciting.  Iwant you to sleep at night - or not sleep because you are excited but not because you are worried sick over it!   If you are feeling like the people in any of these videos, it is time to contact me. If you aren't quite there yet, that's okay ... 08/13/2009

  Q. What is the credit? A. The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period. The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date. Q. How much is the credit? A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but o... 08/08/2009

8/1/09-8/7/09 The following 8 properties went under contract this past week in Basking Ridge, that is five more contract sales than last week; I don't think we are going to see much of an August slow down this year!  82 Alexandria Way listed for $268,00034 Smithfield Ct listed for $279,900191 Irving PLace listed for $305,0005 Brook Ave listed for $399,00016 Prescott Court listed for $437,00075 Dorchester Drive listed for $549,90088 Cherry Lane listed for $599,0007 Carlisle Road listed for $699,000 There are an additional 14 properties that are working through attorney review. Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold each month over the past year. New to ... 08/08/2009

By: Tim McLaughlin, Weichert Financial A few weeks back, HUD made good on a promise to provide guidance to lenders regarding how they can enable buyers to use the $8,000 tax credit to effectively buy down their mortgage rate by giving them a larger down payment. Here's how the program will work: The option is available on specific loan products. Buyers must provide a down payment of at least 3.5%, which can be a gift from a family member, employer or nonprofit, charitable organization. Lenders may then offer the monetized tax credit to supplement the initial down payment and to pay for closing costs and interest rate buy downs. As an example, the NJ HMFA is offering a zero interest Second Lien for qualified FTHB who expect to receive a FTHB Tax Credit when they file their 2009 Federal T... 08/06/2009

When selling a home, it helps to make the property as appealing as possible given the current season.  The summer is no exception.  Spending a little extra time and effort to create a summer-friendly atmosphere might be just what is needed to help potential buyers envision living in the home and ultimately make an offer. Here are some tips to help your home shine during the summer: Go Green.  There is no escaping the fact that your yard will always make the first impression. To start off right with potential buyers, keep your lawn well maintained. Make sure shrub beds are free of weeds and full of mulch. Let the sun shine.  While keeping window coverings closed might keep energy costs down, it also creates a more depressing atmosphere. Sunlight makes a home feel bright and makes people... 08/06/2009

Basking Ridge is hosting it's annual "Shred Day" event which takes place on October 17, 2009. 10AM - 2PM. Rain or shine. Bernards Township Engineering building parking lot. 227 S. Maple Ave. Basking Ridge, NJ. Of course you must be a resident of the township to participate. Residents can bring all kinds of documents that require shredding in any kind of container. Even paper clips and staples are permitted. Documents will be properly shredded in a mobile shredding unit by licensed, bonded and trained document destruction specialists. Containers wil be returned to participants and you are welcome to stay and watch the shredding process. 08/06/2009

am working with first time home buyers who are considering making an offer on a townhouse in Society Hill, Basking Ridge.  So I spent this evening working on a market analysis to determine if the list price on the unit they like is within the boundaries of reality.  The unit has been on the market for quite some time and is not in the best condition.  The agent shared with me the seller's bottom line.  Knowing that certainly helped - and I actually think that their bottom line reflects a nice deal, even with the elbow grease that the unit needs.  I had to go back beyond 12 months to find another sale to compare to the large three bedroom unit that is on the market on Baldwin Court; but for the two bedroom units there was a lot to go by - that seems to be the most popular model recently.... 08/04/2009

Since 7/25/09 Only 3 properties went under contract this past week in Basking Ridge.  That means offers were negotiated, attorney review was completed and inspections are underway on the following properties: 169 Alexandria Way had been listed for $247,50036 Chestnut Court had been listed for $355,00010 Butternut Lane had been listed for $1,825,000 There are an additional 12 properties that are working through attorney review. Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold by month (July numbers will be posted on Monday). New to the Basking Ridge market are the following 11 properties (note that some of these have been available for quite some time but have be... 07/31/2009

Did you know that Basking Ridge is holding a "Community Shred Day"?! - Bernards Township residents are invited to have personal documents shredded at a free, on-site, mobile paper-shredding event Saturday, October 17, from 10 a.m. to 2 p.m. in the Bernards Township Engineering Services Building parking lot at 277 S. Maple Avenue, Basking Ridge. This event will be held rain or shine. "Community Shred Day" is sponsored by the Bernards Township Committee. Documents will be commercially shredded safely, privately and properly by trained, licensed and bonded document-destruction specialists. Residents may bring documents in whatever type of container they wish. Staples and paperclips do not have to be removed. Papers will be dumped and the container will be returned to the resident. Partici... 07/29/2009

Below is the Real Estate market update for Society Hill Bernards I and II, Basking Ridge, NJ as of 7/26/09.    Currently there are 13 properties for sale in Society Hill, Bernards I and II: 6 - 2 bedroom 2 bath condo - asking price ranging from $249,999 to $265,500 5 - 2 bedroom 2 ½ bath townhouses - asking price ranging from $289,000 to $305,000 2- 3 bedroom 2 ½ bath townhouses - asking price $344,900 and $365,900   Currently there are 6 properties under contract which have not yet closed so sale price is unavailable: 4 - 2 bedroom 2 bath condos - asking price ranging from $237,650 to $270,000 2 - 2 bedroom 2 1/2 bath townhouses - asking price is $290,000 and $295,000    Currently 14 properties have sold since January 1, 2008: 8 - 2 bedroom 2 bath condos - selling price ranged from $22... 07/26/2009

7/17/09 - 7/24/09 7 properties went under contract this past week in Basking Ridge.  That means offers were negotiated, attorney review was completed and inspections are underway on the following properties: 13 Potomac Drive was listed for $220,000202 Irving Place was listed for $259,9009 Potomac Drive was listed for $324,000116 Countryside Drive was listed for $374,00076 Patriot Hill Drive was listed for $619,0007 Wolf Lane was listed for $1,375,00036 High Meadow Lane was listed for $1,739,000 There are an additional 11 properties that are working through attorney review. Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold by month. New to the Basking Ridge market... 07/25/2009

9 properties went under contract this past week in Basking Ridge.  That means offers were negotiated, attorney review was completed and inspections are underway on the following properties: 350 Potomac Drive had been listed for $245,000 (sold in under a week!)148 Woodward Lane had been listed for $269,000243 English Place had been listed for $270,000124 Potomac Drive had been listed for $284,47448 Countryside Drive had been listed for $379,90030 Lake Road had been listed for $515,000113 Constitution Way had been listed for $529,99913 Dexter Drive South had been listed for $578,50019 Eton Place had been listed for $814,900 There are an additional 11 properties that are working through attorney review. Please contact me if you would like more information about any of these Basking Ridge h... 07/20/2009

The market in Basking Ridge is currently at an inventory level of 7 months (246 available properties, 35 sales in the last 30 days).  This is a very healthy market - especially given the negative press that the real estate market is getting! There have been 10 sales in Basking Ridge so far in July - at various price points as follows: under $300,000: 4 sales $300,000 and $500,000: 1 sale $500,000 and $800,000: 2 sales $800,000 and $1,000,000: 1 sale over $1,000,000: 2 sales  Breakdown of absorption rate by price range: under $300,000 there are  33 listings, 8 sales in the last 30 days, absorption rate: 4.1  $300,000-$500,000 there are 49 listings, 5 sales in the last 30 days, absorption rate: 9.8 $500,000 and $800,000 there are 81 listings, 8 sales in the last 30 days, absorption rate: ... 07/15/2009

The Cedars in Basking Ridge is a community of about 500 units, in the form of duplexes, townhomes, condominiums, and low to moderate income housing.  One of the only developments of Basking Ridge townhomes where the units offer garage AND basement (many are finished).  The community features a pool, tennis courts, playgrounds, clubhouse and jogging paths.  Students attend the Liberty Corner elementary school and are eligible for courtesy busing. Property Descriptions:Townhouses - two models (interior and end units) each with 2 bedrooms + loft, 2.5 bathrooms, kitchen, living, dining & laundry areas, fireplace, basement, garage, deck.  Currently listing and selling just under $350,000. Duplexes - four models: each with 2 or 3 bedrooms + den, 2.5 bathrooms, kitchen, living, dining & laundr... 07/13/2009

Society Hill is a Hovnanian built development of about 800 units - townhouses and condos - split into two associations (Bernards I and Bernards II).  Constructed in 1985, there are several different floor plans: Two bedroom units: An interior and an end unit. Featuring 2.5 baths, and two master bedrooms, one model with an added sunroom (an extension of the living room). Three bedroom units: Several models including end units as well as interiors. Each featuring three bedrooms and 2.5 baths, one model with an added sunroom. Condos: Three levels - penthouses have cathedral ceilings and fireplaces. Some of these units back to woods and several have lovely pond views. Both Bernards I and Bernards II feature a pool and a club house.  These units do not have basements or garage.  The communit... 07/13/2009

This 326-acre complex is bordered by over 100 acres of undisturbed open space.  Spring Ridge is a community is comprised mostly of two and three bedroom condos, but there are a handful of duplexes as well as single family homes.  The condo buildings are typically three stories - ground, first andsecond floor units.  The ground floor units are the one bedroom models and these don't typically feature basement storage though they do have a large pantry in the kitchen.  The second floor units often feature cathedral ceilings and sometimes have sky lights.  There are at least eight different models: The Ardsley (one bedroom, one bath) The Baxter (one large bedroom, one bath) The Chesterfield (one bedroom, a den and one bath) The Drexel I and the Drexel II (two floor plans, both featuring two... 07/13/2009

When researching data for a client who is looking at a possible short sale in Long Hill Township, I reviewed listings available, under contract and sold in the last 12 months, in both Long Hill and Basking Ridge.  The raw data, along with some percentage calculations follows.  While I make an attempt to come to some conclusion, please feel free to comment - I will certainly take your comments into consideration when doing my analysis and I look forward to some dialog!! Long Hill TownshipAvailable properties: 65, 5 disclosed as either short sales or bank-owned (8% distress properties).Properties closed or under contract in the last 12 months: 77, 3 disclosed as either short sales or bank-owned (4% sold distressed properties)  Current market absorbtion is 16 months. Basking Ridge (Bernard... 07/11/2009

Based on how busy I've been and the number of calls that are coming in on my Basking Ridge (and Bernardsville and Bridgewater) listings, I have a hunch that market absorption in Basking Ridge has significantly improved. So I'm spending some time tonight reviewing the numbers.  Since I didn't report the information last month, I can't show you the comparisons, though on June 3rd I did blog about the $1m+ range as well as Basking Ridge overall.  Based on what I calculated tonight, the overall township rate has improved, but the higher level price range hasn't changed much.  Here are the numbers by price range: Under $300,000 - 3 months of inventory with 33 homes available $300,000-$600,000 - 6.5 months of inventory with 91 homes available $600,001-$999,999 - 4.7 months of inventory with 6... 06/24/2009

Why is now the perfect time for moving up to a larger home?  First time homebuyers have enjoyed low mortgage rates, along with an $8,000 tax credit from Uncle Sam, so they have reaped many benefits in this market.  But, if a homeowner wants to move from a townhouse or condo to a larger home, but is very concerned their current home is not at the value it was a few years ago, read on; Because all properties in an area have depreciated by the same percentage, there is a huge monetary advantage in moving up now. Assume a home was valued at $250,000 and then depreciated by 20%, leaving a current value of $200,000. A previously valued $500,000 home at 20% less is now $400,000. A homeowner would sell their home for $50,000 less than its high value, but could buy the larger home for $100,000 l... 06/23/2009