Allendale Real Estate Market Report - 12/31/2008 This is the time of year for reflection and in real estate a time to compare the market of the past year to previous years. You may have heard many people quoting statistics for the nation and how home prices have dropped. I am also sure you have heard how the real estate market is localized and what happens in one area of the country does not necessarily reflect on the market in Bergen County and more specifically in Allendale. So let's compare the 2007 market to the 2008 market. I believe a few tables of figures can show the picture. Listing Status Total Average List Price Average Sold Price SalePrice/List Price Sold         2007 62 $ 846,641 $ 803,299 94.881                  2008 51 $ 885,842 $ 814,829 91.984 New         2007 121 $ 94... 01/01/2009

Santa Claus is coming to Allendale, not once but twice in the next couple of weeks. On Friday evening December 5, 2008, The Allendale Chamber of Commerce's will hold it's annual Holiday Walk though downtown Allendale.  At 7pm the big tree at the Allendale Bar and Grill will be light up. Many merchants in town will be dispensing holiday gifts to all residents. Santa then makes his appearance shortly afterward with treats for the youngsters. On Saturday, December 13, 2008 at 1 pm Santa will join the Allendale Holiday Observers on the west side of town when the Observers will light their tree and provide refreshments and caroling while waiting for Santa.  Santa will arrive shortly after 1 pm riding the fire truck and then allow all children up to eight grade to tell what they want for Chri... 12/03/2008

When I first read in the local papers that Northern Highlands was spending $1.3 million for new boilers for the school I thought this is a bit excessive and what was that going to do to my taxes.  Digging a little deeper I came up with some more facts. Not only will the original boilers, which are now over forty years old, be replaced, but also an emergency generator will be installed to support emergency lighting, the phone system, full power to the gym and auditorium, the computer networks and the toilets.  It turns out, Northern Highlands is a designated emergency facility for the area and the backup generator is necessary for this function.   The total cost of the project is $1,397,080. If it does not go to the referendum, it would have to be paid completely by taxpayers. However, u... 11/16/2008

Below are the market statistics for Allendale residential homes from the New Jersey MLS system for the period 5/1/2008 7/31/2008.   May 2008 June 2008 July2008 Number of Homes on market at end of month 51 53 53 Number of Homes sold(closed) 3 9 7 Average Sold Price $1,076,667 $936,389 $800,971 Sale Price / List Price 91.27 92.735 90.345 Average Days on Market 95.33 48.67 70.43 The market is holding relatively steady with 7 homes sold in July as opposed to 9 in June. Four more are also under contract.  Another $140,000.00 decrease in average selling price in July from June as was about the same from June from May.   Of the seven sold in July two were under $450,000 and two ere over $1,000,000.  As predicted last month in the my blog, Allendale Real Estate Market Conditions - July 2008 , t... 08/02/2008

Having lived in Allendale since 1965 when my parents bought a house in a development on the north side of town, I have seen the town grow to what it is today.  1965 was a big year for Allendale.  Northern Highlands Regional High School (NHRHS) was completed and the first classes started in September. The residents approved the site of the new elementary school(Hillside School) and the town approved the sewer ordinance.  However, my earliest memories of the town are of the Allendale Ball Field.  That's what I remember calling it. Some say the real name is Recreation Park,  but regardless, it sits at the corner of Crescent Ave and Allendale Ave across for Crestwood Lake and next to Brookside School.    The landmark of the Ball Field is the Grand Stand. It stands regally over the major lea... 07/17/2008

What do softball games, soccer games, ice skating, an Easter Egg Hunt, barn owls nesting, a 9/11 Memorial, rugby matches, July 4th fireworks and, oh yes, swimming all have in common?  They all happen at Allendale's Crestwood Lake.  The 71 acre park is town owned and the focal point for many of the town's activities bringing it's residents together.   But it wasn't always like this. I've lived in town since 1965 and can give you a fairly accurate description of the history of the lake since then.  Prior to that point I rely on bits and pieces I have gathered over the years from the old timers, and Allendale history books. From what I can gather, back in the 1920's the land around Crestwood lake was purchased and the plan was to build a lake community.  As the depression hit, the need for... 07/14/2008

They paved paradise And put up a parking lot with 24 condos and some green acres Housing  plots Don't it always seem to goThat you don't know what you've got Till it's gone My apoligies to Joni Mitchell for changing the lyrics but it seems Allendale residents, the mayor and council  do know what they have and have won a battle to keep it before it was gone.  This is the case with Orchard Commons, the 3 acre planned townhouse development at the corner or Orchard  and Franklin Tpke. Going back years ago, we used to call this corner the Thruston property. I don't know if the Thurstons did in fact own all of this land but most recently the owner is Ramon Alvarez.  The parcel of land in question runs very close to the A& P shopping center and is passed by thousands each day as they traverse ... 07/14/2008

Allendale Real Estate Market Conditons Below are the market statistics for Allendale residential homes from the New Jersey MLS system for the period 5/1/2008 through 5/31/2008 compared to 6/1/2008 through 6/30/2008.   May 2008 June 2008 Number of Homes on market at end of month 51 53 Number of Homes sold(closed) 3 9 Average Sold Price 1,076,667 936,389 Sale Price / List Price 91.27 92.735 Average Days on Market 95.33 48.67 A big increase in the number of closed homes for June over May while inventory remains fairly constant. List to sale price is holding at 91% -92 % fairly average for Bergen County at this time although a drop off from higher percentages(about 95%) from last year.   The biggest eye opener is the drop to 48 days average on the market for the homes sold in June.  This wo... 07/03/2008

On May 14, 2008 there will be seven distinct Allendale homes on display between 9:30 am and 2;30 pm.  This is a great way to get some decorating ideas for the interior and exterior of your home while supporting a worthwhile cause. The Allendale Womens's Club will host the event for the benefit of The Smile Forever Foundation a 501 (c )(3) not for profit charitable  organization dedicated to providing financial aid directly to families touched by cancer.  Other local charities will also benefit. Tickets are $40 and can purchased from local merchants.  Check the Allendale Womens's Club website for more information. There is also a raffle for four Grand Prizes:A GreenLife African Safari for 2; a Samsung 42" Flat Panel HD Plasma TV, a $1000 BestBuy gift certificate and a private dinner part... 05/13/2008

County Executive McNerney still pushing shared government services for small NJ towns!In the Opinion section of The Record today( Sunday, 2/17/2008)  there were  two articles as a follow-up to an earlier article which ran this week commenting on County Executive Dennis McNerney's call for consolidation of services of towns which have less than 10,000 residents.  The first article was an open letter by McNerney.  He states that the solution to his constituents complaints about high taxes is for small towns to consolidate administrative services.  He proposes a plan for a pilot program in which two smaller towns would merge all government services. The carrot on the end of the stick is for a five year timeframe of transition, taxes will be frozen,  the state will supplement the towns for ... 02/17/2008

Allendale and Waldwick to merge into new town of Allenwick.   Not it hasn't happened yet but beware, if Bergen County Executive Dennis McNerney gets his way, towns of less than 10,000 people would merge with similar towns with the purpose of reducing administrative costs and decreasing taxes. Ok so call me old fashion, a homer, or a snob, but my first thought is I like Allendale the way it is and that is why I chose to live here for the last 42 years.  Yes, taxes are high. The majority of that going to the school system.  Already the high school is regionalized with Upper Saddle River, Saddle River and  Ho-Ho-Kus. But the schools are what  initially attract people to move to Allendale. The local town feel, the small neighborhoods where everyone knows your name and the community activiti... 02/08/2008

Allendale Real Estate Market ConditonsBelow are the market statistics for Allendale residential homes from the New Jersey MLS system for the period 1/1/2008 through 1/31/2008.Listing Status       Total       Average ListPriceSold3 $ 843,000New 12 $ 845,898Under Contract8 $ 806,225Current Active31 $ 921,312Current Inventory remains constant at 31 homes or about 6 months of inventory using the statistic of 61 homes being sold last year.  List price to sales price of  the three homes which sold in January was down drastically from last years average of 95.169% to 88.573%.  These three homes sold in January were on the market for an average of 85 days.  Anything in these numbers you see that you would like to discuss? Would you like to see any other statistics for Allendale or surrounding t... 02/02/2008

 Thinking of moving to Allendale?  Have you just moved to our wonderful town?  Sometimes it is difficult getting to know where find all the information you need about a new town or to make a decision to look at real estate in a particular area.  To make your job easier, I have compiled a list of websites that will help you learn about Allendale and find out everything you need to know about the Borough of Allendale.  Still can't find what you need?  Don't worry, I am a 40 year resident of the town. Give me a call. My contact information is at the end of this page.   Official Borough of Allendale website. Great information on town services.  http://www.allendale.org/Wikipedia entry for Allendale. Many background facts about Demographics, government, education and history of the Allendale... 01/30/2008

Allendale Market Statistics - 2007 Allendale Homes Review We all listen to the media and the countless stories about doom and gloom of the real estate market.  In order to put it all into perspective, I have pulled some basic statistics from the New Jersey MLS  regarding Allendale homes for sale from the years 2005 through the end of 2007.   It is best viewed in graph format as seen here: As you can see, the numbers indicate in 2005 an average list price of Allendale homes is $822,902 and an average sale price of $805,219 or a list to sale price of 97.851%.  In 2006, as prices increased, so did the asking prices of Allendale sellers. Average list price for 2006 was $899,118 with an average sale price of $850,625 or 94.607%.   Now at the end of 2007 we see a return to 2005 prices with an... 12/31/2007

      On Saturday. December 8th at 1pm, Santa arrived for an early visit to Allendale.  A cold day for sure but no snow in sight, Santa arrived on the back of the Allendale Fire Department truck to a long line of Allendale residents, both young and old.        Each year the Allendale Holiday Observers sponsor the holiday event complete with Holiday carolers, hot chocolate, donuts and of course Santa and presents for youngsters up to 14 years old.     My wife and I brought my 4 year old to the event and he has not stopped talking about Santa coming on the fire truck.  Where's the sleigh Daddy?           It was a great turnout, and once again the Holiday Observers did a great job. Below are some of the Holiday Observers serving as Santa's elves!          12/11/2007

Allendale Real EstateBelow are the market statistics for Allendale residential homes from the New Jersey MLS system for the period 9/1/2007 through 9/30/2007.Listing Status       Total Total List/Sale Dollars Average ListPriceAverage SoldPriceMedian SoldPriceSale Price/List PriceSold5 $ 3,757,000 $ 789,540 $ 751,400 $ 625,000  95.169Co-Broker5 $ 3,757,000 $ 789,540 $ 751,400 $ 625,000  95.169List/Sold0 $ 0 $ 0 $ 0 $ 625,000 New 8 $ 5,395,777 $ 674,472   Under Contract3 $ 2,137,999 $ 712,666   Withdrawn 3 $ 1,877,990 $ 625,997   Expired 5 $ 5,687,500 $ 1,137,500   Back on Market 0 $ 0 $ 0   Current Active33 $ 31,824,198 $ 964,370   Looking at the figures we can see there is not much change from last month. Inventory (current active) remains the same and the houses sold and under contract... 09/30/2007

Below are the market statistics for Allendale residential homes from the New Jersey MLS system for the period 81/207 through 8/312007.Listing Status       Total Total List/Sale Dollars Average ListPriceAverage SoldPriceMedian SoldPriceSale Price/List PriceSold3 $ 2,529,000 $ 882,633 $ 843,000 $ 759,000  95.510Co-Broker3 $ 2,529,000 $ 882,633 $ 843,000 $ 759,000  95.510List/Sold0 $ 0 $ 0 $ 0 $ 759,000 New 5 $ 4,474,000 $ 894,800   Under Contract7 $ 6,321,700 $ 903,100   Expired 3 $ 4,230,000 $ 1,410,000   Back on Market 1 $ 749,000 $ 749,000   Current Active33 $ 32,155,388 $ 974,406   Actual sold and under contract stands at 10 units with 33 homes till in inventory(current active).  This inventory number has been holding steady through the summer months.  Homes sold obtained a price of 9... 09/02/2007

The State of New Jersey has been in a financial crisis for awhile now.  While Governor Corzine has promised to balance the budget, the legislature continues to come up with innovative ideas to raise money.  Corzine now is thinking municipalities should be given more tax-raising options, possibly including local realty transfer taxes. Five bills have been introduced in the Legislature during the last year to allow cities and towns to charge a local tax on a home's sales price.A bit of background.  New Jersey's Realty Transfer Fee, is a state-imposed fee which was started in 1968 to offset administrative costs of  tracking real estate transactions  Politicians know a good thing when they see it and over the years this "nominal fee" has increased  dramatically with the majority of the incr... 09/01/2007

  They paved paradise And put up a parking lot with 24 condos and some green acres Housing  plots Don't it always seem to goThat you don't know what you've got Till it's gone My apoligies to Joni Mitchell for changing the lyrics but it seems Allendale residents, the mayor and council  do know what they have and have won a battle to keep it before it was gone.  This is the case with Orchard Commons, the 3 acre planned townhouse development at the corner or Orchard  and Franklin Tpke. Going back years ago, we used to call this corner the Thruston property. I don't know if the Thurstons did in fact own all of this land but most recently the owner is Ramon Alvarez.  The parcel of land in question runs very close to the A& P shopping center and is passed by thousands each day as they travers... 08/08/2007

Statistics are always fun to look at. Being a business major in college with a degree in Quantitative Analysis, I realize you can put a spin on numbers any way you wish. However, numbers do not lie. Below are the market statistics for Allendale residential homes and condos from the New Jersey MLS system for the period 1/1/2207 through 8/1/2007 followed by a chart for the same period from last year, 2006.1/1/2007 - 8/1/2007Listing Status       Total       Total ListSale Dollars Average ListPriceAverage SoldPriceMedian SoldPriceSale Price/List Price Sold55 $ 42,544,699 $ 816,910 $ 773,540 $ 645,000  94.691 Co-Broker44 $ 32,502,699 $ 781,237 $ 738,698 $ 620,000  94.555 List/Sold11 $ 10,042,000 $ 959,600 $ 912,909 $ 675,000  95.134 New 101 $ 94,625,498 $ 936,886    Under Contract59 $ 46,343... 08/01/2007