Basking Ridge, NJ Real Estate News

By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
On Friday, July 2, President Obama signed two important pieces of legislation into law to help homebuyers. The first one extends the closing deadline for the homebuyer tax credit until September 30, 2010, for any transactions that had ratified contracts in place as of April 30, 2010, but did not close by the June 30, 2010, deadline. The legislation creates a seamless extension, and therefore, there will be no gap between June 30 and the date the President signed the bill into law. Due to the high volume of home sale transactions that needed to be closed by June 30, there were up to 180,000 homebuyers who were eligible for the tax credit, but were unable to close before the deadline. The extension will enable the majority of these home sales to close, and for the buyers to receive the ta...
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By Adrienne Francis
(Keller Williams Towne Square Realty)
Find out the Value of Homes in Your Area, or what Homes have Sold for recently. Keeping an eye on the Real Estate Market these days can be critical in making informed decisions on Home Buying or Selling your Home. Click on the link below, then fill out the form to receive your personalized Market Snapshot! These reports are completely free. A Market Snapshot is a real-time MLS market update and trend analysis overview. It provides the most current sold data, active listings, inventory, and days on market counts in Your Area.  
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
Both of these properties received quite a bit of attention when I first listed them so I thought I would post their closing information. 161 Thackeray Drive listed on 5/27 for $499,000 had several offers and closed on 6/16 for $490,000 - this transaction was relatively smooth although we ecountered several inspection issues which required additonal negotiations.  32 Coppergate Drive listed on  2/15 for $549,000 had several offers and closed on 6/23 for $528,000.  This property had two inspections - relatively painless negotiations in that regard, but the buyer changed mortgage companies at some point during the deal and the closing was delayed by over a week because the second mortgage company over-promised and under-delivered!  I wish I could post pictures, but wordpress is acting up a...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
I recently answered a question on Trulia Voices: The question was:  How much "wiggle room" do you typically have on an asking price?...I am looking at a NJ home asking $320,000 which seems pretty accurate according to my realtor. But it's in a flood zone and had water just 3 years ago according to the owners disclosure. Whereas the comps are not in a flood zone, but lack some of the upgrades (partially finished basement, all appliances included, hardwood floors). My mortgage pre-approval is only for $300k. Should I not even be considering this home or is it possible that there is enough room to play with? My answer was this, "you won't know how much wiggle room there is until you make an offer. The list price is only half the game (if that, given that we are still essentially in a buyer...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
There were seven closings here in Basking Ridge during the first week of June: 47 Baldwin Court, Society Hill condo, List price $265,000, Sale Price $256,0008 Countryside Drive, Countryside Manor townhouse, List price $349,900, Sale price $335,00030 Peachtree Road, Homestead Village, List price $649,000, Sale price $588,000146 Patriot Hill Drive, townhouse, List price $649,000, Sale price $630,0007 Goltra Drive, List price $705,000, Sale price $680,000323 Old Army Road, List price $1,100,000, Sale price $1,250,00042 Old Farm Road, List price $1,395,000, Sale price $1,300,000 There have been 38 contract sales in the last 30 days and there are currently 231 homes available in Basking Ridge.  This calculates to an inventory level of six months which is a relatively balanced market. I am fi...
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Here is the recent real estate activity in Society Hill, Basking Ridge, NJ as of 5/25/10: Currently there are 15 PROPERTIES FOR SALE in the development: 9 - 2 bedroom 2 bath condominiums ranging in price from $242,000 - $279,900 2 - 2 bedroom 2 ½ bath townhomes  (1 model 250 and 1 model 300) priced at $320,000 and $325,000 4- 3 bedroom 2 ½ bath townhomes (2 model 350 and 1 model 600) priced from $319,000-$335,000) Currently there are 5 PROPERTIES UNDER CONTRACT: 1 - 2 bedroom 2 bath condominium priced at $265,000 1 - 2 bedroom 2 ½ bath townhomes (model 350) priced at $310,000 2 - 3 bedroom 2 ½ bath townhomes  (1 model 250 and 1 model 600) priced at $319,900 and $344,900 ONLY 2 PROPERTIES HAVE GONE UNDER CONTRACT IN THE LAST 30 DAYS which means it will take approximately 7.5 MONTHS to s...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending May 13, 2010, down from last week when it averaged 5.00 percent. Last year at this time, the 30-year FRM averaged 4.86 percent. The 30-year FRM has not been lower since the week ending December 10, 2009, when it averaged 4.81 percent. Paul F. Stillwaggon NJ Estates Real Estate Group May 2010 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2010 Realty TimesAll Rights Reserved. The 15-year FRM this week averaged 4.30 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent...
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Single Family Home For Sale By Owner - $659,900 See more details and photos online! 3 Bedrooms, 2.5 Bathrooms2045 Square Feet A well-maintained 3-bedroom Colonial in The Hills with secluded end of cul-de-sac location. Large walkout basement with high ceilings and all utilities ready for finishing.Spacious back yard with trees to provide summer shade and complete privacy. Short walk from many amenities, including clubhouse, exercise center, 2 swimming pools, 8 tennis courts, Highlands Village shopping center. Open House: Sunday May 16, 2010 11:00am to 4:00pm Additional info about the property including homeowner contacts could be found here: http://www.fizber.com/new-jersey-buy-single-family-home-16359169.html        
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
Perhaps the good news is the prediction for consistently low interest rates. "This is one of the conclusions that I didn't think I was going to come up with. I really thought that we'd probably have some scary interest rates but I just don't think so. Without an overheated economy, I don't see the big inflation risk for the next period of time. I see the big picture that it could be very scary but for the length of time that I'm trying to cover in this report, I'm not as afraid of it as I thought I'd be," said Norris. Paul F. Stillwaggon NJ Estates Real Estate Group May 2010 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2010 Realty TimesAll Rights Reserved. Many have watched the real estate market with bated breath, wondering what lies ahead. The Norris Group, a Cali...
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By Brian Jannone
Recently, we participated in the sale of three homes in The Hills -  Basking Ridge section of Bernards township. We've experienced a demand for homes in this area. What exactly makes Basking Ridge such a desirable place to live? "Location, Location, Location" is one of the biggest factors that goes into purchasing a home. Basking Ridge is set in the rolling hills and lush forestry of northern Somerset County, with plenty of breathtaking views and great scenery. Neighborhoods are serene and peaceful. Basking Ridge is a perfect home for commuters thanks to its proximity to New York City, being approximately 50 minutes away, 30 minutes from Newark and New Brunswick and 15 minutes from Morristown and Somerville. It offers quick access east and west on Route 78, north and south on Route 28 a...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
What should we make of the latest reports on rising home sales and the Federal Reserve's promise to keep interest rates low indefinitely? Should we worry that at least some of the sales are being pushed forward by the expiring tax credits? Though that may be the case, take a minute and join the economists at the Fed to see the bigger picture. What's going on in the economy nationwide? Paul F. Stillwaggon NJ Estates Real Estate Group May 2010 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2010 Realty TimesAll Rights Reserved. In its "open markets committee" statement issued last week, the Fed pointed to the underlying positives: Overall national "economic activity continues to strengthen," it said, and "the labor market is beginning to improve." Of course there are cha...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
Looking for a new home can be exciting and frustrating. You can help alleviate the frustration by paying close attention to five key areas of the homes you're considering buying; it may save you money in the long run. Paul F. Stillwaggon NJ Estates Real Estate Group May 2010 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2010 Realty TimesAll Rights Reserved. Don Walker is an inspector and owner of Ace Home Inspections. He says there are five areas in homes that he frequently reports problems with. They are electrical, foundation, plumbing, the attic, and landscaping. Electrical Walker says sometimes homeowners assume with newer homes that all will work just fine but that's often not the case. "I inspected a brand new house-four years old but the electrical was all don...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
It seems that energy efficiency has taken a back seat in the media lately but now that health care has been enacted, look for more coverage as more and more businesses continue to install varying systems and customers demand it from their suppliers. Recently, for example, Solar Electrical Systems of Westlake Village (CA) installed a solar electrical system on the Irvine Inn, an affordable housing apartment building in Orange County, and Southern California's first affordable housing project to go solar as part of the California Solar Initiative's MASH (Multifamily Affordable Solar Housing) program. Paul F. Stillwaggon NJ Estates Real Estate Group April 2010 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2010 Realty TimesAll Rights Reserved. Irvine Inn's owners were q...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
Last Wednesday afternoon, just as results of the weekly Freddie Mac survey were finalized, mortgage rates dipped. The decline in long term mortgage rates was an effect of rising MBS prices. Mortgage rates move opposite mortgage-backed securities prices. Surprisingly, so far private buyers have successfully filled the void left in mortgage-backed securities markets since the government discontinued their MBS purchasing program on Mar. 31st. Paul F. Stillwaggon NJ Estates Real Estate Group April 2010 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2010 Realty TimesAll Rights Reserved. FreeRateUpdate.com research of wholesale lenders' rate sheets shows conventional 30-year fixed mortgages are available today at 4.875% to well-qualified consumers paying a standard .07 to 1...
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By Inactive Agent, SRES, e-PRO
(Coldwell Banker Residential Brokerage)
As a Realtor, I am often asked by home buyers, "how are the schools?" This is certainly a major concern for any parent or even prospective parent considering buying a home.  Well, Forbes.com just named its "25 Best Schools for Your Housing Buck," and Basking Ridge, NJ (part of Bernards Township), was on the list.  The magazine examined and ranked K-12 school systems throughout the United States. The article points out that, among other things, Ridge High School maintains a near 100% graduation rate, administers advanced placement exams in 22 subjects, and that 96% of students in the disctirct score at or above state proficiency levels.  And that's only half the story, the article goes on to discuss the high quality of life enjoyed by area residents. For the entire Forbes.com article, cl...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
I offer you FOUR great reasons to buy now. Buying a home is one of the biggest decisions an individual can make, so it is understandable that someone considering a home purchase may take their time to avoid rushing into such a large financial commitment. However, several factors might leave prospective homebuyers who don't purchase a property now wishing they had taken action sooner. According to James M. Weichert, president and founder of Weichert, Realtors, these are three reasons why those who are not under contract to purchase a new home by April 30 might regret it: No money from Uncle Sam. First-time buyers who aren't under contract by April 30 will leave the $8,000 tax credit that is available to them on the table. Repeat buyers will miss out on the opportunity to collect up to $6...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
Positive signs on employment and national economic growth should start being felt in the housing market in the coming several months, say top economists. The Labor Department reports that there were 2.7 million job openings last month -- 200,000 more than in the same survey the month before. Paul F. Stillwaggon NJ Estates Real Estate Group March 2010 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2010 Realty TimesAll Rights Reserved. Meanwhile, the consensus forecast among private and government economists for the main barometer of the U.S. economy's health, gross domestic product or GDP, is for a very solid 3 percent during the first quarter. Alan Levenson, chief economist for T.Rowe Price Associates, said the latest reports are "indicative of a labor market and econ...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
Four properties went under contract this week and there were two closings - 214 English Place, a Society Hill condo closed for full price - $239,000.  It had been on the market for that price for only FIVE days when it went under contract.  Prior to that, it had been on the market for quite some time - with an initial list price of $287,000.  2602 Hemlock Place in the Cedars closed for $275,000 after 22 days on the market.  This property had been listed before at a high of $350,000.There are 193 listings currently available in Basking Ridge as of this evening - ranging in price from $195,000 to $4,850,000.  With most of the properties falling between $500,000 and $1,000,000. Current market absorption is reflective of a normal market at 6.03 months of inventory.  If you are considering a...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
It's been quite some time since I've posted - I've been very busy!  Believe it or not, I have been managing mulitple offers on several of my listings and for one of my buyers.  The market has certainly picked up.  In fact, there have been TEN contract sales in the first TEN days of March.  That's pretty terrific.  List prices for these properties have ranged from $299,000 to $1,100,000; five town houses and five single family homes. There were THIRTY new listings here in town since the first of March.  Two of those properties are under contract and one is in attorney review. Are you considering a move into or out of Basking Ridge?  Now is the time to make that move!  Visit my website for information on what has sold in Basking Ridge or to search homes for sale in Basking Ridge.
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Basking Ridge Communities- Homes for Sale   Basking Ridge, NJ offers a vast assortment of communities in which to make your home.  There 10,300 households compromised of condos, townhouses and single family homes in the area.  If you search homes for sale in Basking Ridge, NJ you will find condos and townhouses in price ranges from $190,000 to $1,800,000 and single family homes ranging from $190,000 to $5,000,000.  In Basking Ridge, NJ there are homes for every budget and wish-list.   Society Hill of Basking Ridge, NJ   Starting with the condos and townhouses, Society Hill of Basking Ridge is a community of two bedroom condos as well as two and three bedroom townhouses.  These units do not have basements or garages; although, they do have ample square footage and many other amenities.  ...
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