Basking Ridge, NJ Real Estate News

The Cedars of Basking Ridge, NJ  (Townhouses for Sale in Basking Ridge) The Cedars Community The Cedars of Basking Ridge, NJ is a community of 526 units in the form of duplexes, townhouses, condominiums, as well as low and moderate income housing.  Some of the amenities in The Cedars are the pool, tennis courts, club house and jogging paths that travel to the neighboring developments of Society Hill and Spring Ridge. Townhouses at The Cedars The majority of the units in The Cedars of Basking Ridge is the two bedroom townhouses.  These sought after models feature interior units and end units with 2 bedrooms, 2 ½ bathrooms, kitchen, second floor loft, living room, dining room, laundry area, fireplace, basement, garage and deck.  Below are some recent sales of these models in The Cedars of...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
Despite blizzards and bad weather in January and early February in large portions of the country, the Fed's regional banks found consumer spending and manufacturing output increasing. Paul F. Stillwaggon NJ Estates Real Estate Group March 2010 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2010 Realty TimesAll Rights Reserved. If you're trying to figure out where real estate is headed in the coming months, should you listen to the Federal Reserve -- or do you focus on the latest pending home sales numbers? Probably both, but here's a key fact: The Fed's latest "Beige Book" report -- based on economic data from each of its 12 regional member banks -- found positive signs in nine of the 12 regions it covered. Despite blizzards and bad weather in January and early Februa...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
Yes, 2010 tax assessments have been published. And yes, they are lower than they were last year.  Mine dropped almost 7%.  But this does not mean that all listings currently on the market are overpriced! (okay, I will admit that there are probably lots of listings on the market that are overpriced, but that's not because of the 2010 tax assessments and we can talk about that later.) Tax assessments in Basking Ridge follow the market - NOT the other way around.  I wrote about this in June and I do often analyze sale price to tax assessment when working with buyers and sellers - either to set a list price or to make an offer.  But - we only have past data to look at.  We KNOW how properties are selling relative to 2008 and 2009 taxes, we do not know yet how properties will sell relative t...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
Cosings since Feb. 15th: 94 Potomac Drive $215,000/$203,500, spring ridge condo51 E Oak Street, $458,800/$445,000, single family home18 Mayflower Drive, $518,000/$506,000, Hamilton Crest townhouse93 Alder Lane, $635,000/$597,000, single family in the hills322 S Finley Ave, $1,299,900/$1,200,000, single family There were 25 new listings during this time frame.  Current market absorption is 6.2 months.  There are 12 properties working through attorney review. If you are considering a move into or out of Basking Ridge, please call me.  As a full time Realtor and Basking Ridge resident, I love what I do - and I'm happy to help!  I can help you find the value of your Basking Ridge home, keep you informed of what has sold in Basking Ridge and notify you of new listings in Basking Ridge. If Ba...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
14 Basking Ridge properties have gone under contract since 2/1/2010: There are another nine homes making their way through attorney review and with 167 properties available, current market absorption is at 6.9 months for the township.  Breakdown of market absorption by price range: under $300,000: 2.25 months $300,000-$500,000: 14 months $500,000-$700,000: 6.3 months $700,000-$900,000: 7.7 months $900,000-$1,300,000: 5.7 months over $1.300,000 - there have been no sales in this price range since January 4th when 28 Fawn Lane went under contract and then closed for $1,375,000 after almost a year on the market and almost a 20% price reduction from it's original list price of $1,799,000. I am working on market analyses for two properties that I believe will list in the low to mid $500,000'...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
The statistics in this article pertain to Basking Ridge, NJ (Bedminster stats are on the home page of the Bedminster Real Estate website) but the tips for getting on the market and showing your home through the winter are applicable no matter which town you live in.  So head on over to the Basking Ridge Patch and check out my latest article. If you are considering a move into or out of Bedminster, NJ, check out what's for sale there or request a custom market analysis. If you are considering a move into or out of Basking Ridge, NJ, I'm happy to help there too!  Check out what's for sale there or request a custom market analysis.
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Society Hill Community in Basking Ridge, NJ (Townhouses for Sale in Basking Ridge) Neighboring The Cedars and Spring Ridge, Society Hill in Basking Ridge, NJ is a development consisting of 812 condos and townhouses. Society Hill in Basking Ridge is a K. Hovnanian built community featuring amenities such as in-ground pools, jogging/bike paths, clubhouse, tennis courts and playgrounds. Whether you are a single person or a family, Society Hill in Basking Ridge makes you feel at home. Society Hill Models Society Hill in Basking Ridge, NJ has various models from which to choose. The ‘5300' model features one-floor living space with two bedrooms and two baths, large master with walk-in closet and master bath, living room, dining room and eat-in-kitchen. Society Hill's ‘5300' model has three l...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
There were 18 new listings in Basking Ridge this past week: several Spring Ridge and Society Hill townhouses and condos, a condo in The Cedars, a townhouse in Maple Run, two townhouses in The Barons, a townhouse in The Ridge and several townhouses in the Hills.  There were only three single family homes listed - a re-listed cape cod at $455,000, a re-listed bi-level at $525,000 and a relisted new construction home in the Tall Timber community priced at $2,289,000. There were 7 contract sales: 234 Irving Place, Society Hill, list price $245,00090 Jamestown Road, Spring Ridge, list price  $254,900102 Woodward Lane, Society Hill, list price $259,0002602 Hemlock Place, The Cedars, list price $299,900 35 Cannon Court, The Hamiltons $539,00025  South Alward Ave, single family home, list price...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
(January 20). Insurance premiums increased from 1.75 to 2.25 percent. Seller concessions are limited to 3 percent, down from 6 percent and new borrowers with a FICO score below 580 will need a 10 percent down payment instead of the 3.5 percent now required. GASP! We have a choice. We can choose to support what they are trying to do, or we can complain loudly and keep the buying public confused. NJ EstatesReal Estate Group Paul Stillwaggon February 2010 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2010 Realty TimesAll Rights Reserved The FHA does not live to prevent the recovery. Let's make sure we don't do anything to prevent it either. We are not going to get everything we want or think is needed. In down markets like this it isn't interest rates and terms that wil...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
About three months ago I got a terrific email.  It was from someone who I had never heard from named Nathan Susanj; he is the editor of The Basking Ridge Patch - a hyperlocal internet news site.  He said he had been reading my blog, liked my style and wanted me to write about local real estate for the new Basking Ridge Patch.  Of course, I said yes!  So, I'm now a regular contributer.  Pretty cool, huh?  Check out my most recent article here at Patch.
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
I had a closing in Basking Ridge last Thursday.  My clients were so happy!  These are the days I work for!! Please allow me to help you be as happy as my newest homeonwners are today!  Though I am sure they were up to their elbows in paint over the weekend!!  Visit my website to search homes for sale in Bedminster or Basking Ridge.  Contact me directly if you are interested in any other areas - I am happy to help you find the right home wherever it might be located!  Not sure where you want to live?  Click here for community information - all you need is a zip code!
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
The following properties closed this past week in Basking Ridge: 125 Alexandria Way, Spring Ridge Condo, list price $249,900, sale price $250,000119 Alexandria Way, Spring Ridge Condo, list price $264,900, sale price $250,0004 Richmond Drive, Patriot Mews Town House, list price $675,000, sale price $645,00028 Fawn Lane, Single Family Home, list price $1,450,000, sale price $1,375,000 There were 17 new listings this week; there are 5 properties working through attorney review which means that offers have been accepted and contracts are being finalized.  Market Absorption in Basking Ridge is currently at 6.5 months which is a very balanced market.  This time last year, market absorption was strongly favoring buyers at 13 months of inventory! If you are considering a move into or out of Ba...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
The following seven Basking Ridge properties went under contract during this past week: 214 English Place, Society Hill condo, list price $239,00092 Potomac Drive, Spring Ridge condo, list price $240,00010 Minuteman Court, The Hamiltons, list price $514,900 sold in under one week!49 Queen Anne Drive, Single Family home, list price $564,90093 Alder Lane, Single Family home, The Hills, list price $635,00014 Cedar Street, Single Family home, list price $649,000322 S. Finley Avenue, single family luxury home, list price $1,299,900  There are no properties marked in the MLS as working through attorney review.  But there was an increase in inventory with 18 new listings - we are up to 133 properties showing active. The following four properties closed during the same time frame: 185 English P...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
  Somerset County NJ Real Estate You need to have the best representative possible to assist you with buying or selling your home. We are dedicated, full time sales associates very familiar with the Somerset County housing market. Our experience will help insure a smooth process. Please complete the following form below to get information about the real estate market in the your towns of interest: COMPLETE INFO UPDATED DAILYCurrent Listings Info Luxury New Homes Custom Build A New Home Land & Building LotsNew Jersey EstatesAll New Jersey HomesReal Estate Listings BlogsReal Estate Info BlogsOpen Houses & DirectionsOur Testimonial LettersGoing Green/ Complete InfoFollow us on Twitter
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
The following nine Basking Ridge properties went under contract during this past week: 94  Potomac Drive - Spring Ridge condo, list price of $215,000119 Alexandria Way - Spring Ridge condo, list price of $264,90055 Village Drive - Lord Stirling Village, list price of $395,00051 E Oak Street, list price of $458,80045 Madisonville Road, list price of $463,00061 Newell Drive, list price of $499,00018 Mayflower Drive - Hamilton Crest, list price of $518,00047 Berkeley Circle, list price of $899,90028 Fawn Lane, list price of $1,450,000 There are an additional three properties working through attorney review; interestingly enough there is one at each price point: a condo listed for $240,000, a move-up single family home listed for $649,000 and a luxury property listed at $1,299,900. The foll...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
The $8,000 federal tax credit for first-time homebuyers and the $6,500 credit for current homeowners may be claimed for the purchase of both new and existing homes. However, there are slight differences between a newly constructed home purchased from a homebuilder and one built by a contractor for a property owner. For new homes purchased from a builder, tax credit eligibility is determined by settlement date. To qualify, the transaction to purchase the property must close on or before April 30, 2010 (or June 30, 2010, as long as a binding contract is in place by April 30, 2010). Conversely, in instances where a property owner hires a contractor to construct a home on an existing lot, the home is considered "purchased" on the date the owner first occupies the house. The eligible occupa...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
Market absorption is defined as the rate at which current inventory will be sold based on the number of buyers in the last thirty days.  A normal market (favoring neither buyers nor sellers) is between 5 and 6 months.  A buyers market is anything over 6 months of inventory and a sellers market is anything under 5 months of inventory.  Current rates as of the end of the week of 1/3/10: Basking Ridge 5.5 monthsBernardsville 16 monthsBedminster 11 monthsBridgewater 8.5 monthsLong Hill  9.5 monthsHarding  7.5 monthsWarren  7.5 months If you are considering a move into or out of Somerset County, please contact me for a buyer consultation or a market analysis of your current home.  Visit my Bedminster Real Estate site or my Basking Ridge Real Estate site to search homes for sale - whether you...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
When I started tracking data for my website, I had a grand idea of tracking all of these categories.  I have the following information for the past two years.  I even have it broken down by month.  I love to look at it; I love to analyze it in bits and pieces as I need it.  I'm happy I have it!  But every time I sit down to put it in a format that might make sense to, well, anyone else...I freeze up.  So, in absense of the time required to put together beautiful graphs and charts, I will simply post the information here on my blog.  If you are interested in the data or would like it in a spreadsheet format, I am happy to share.  When I need to do some analysis for a specific comp or listing presentation or to put together an offer or to prove a point, I will open up the spread sheet!  T...
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By Jennifer Blanchard, No Obligation, Just Information
(Berkshire Hathaway HomeServices NJ Properties)
Do you need a last minute holiday gift for someone special?  Consider a one bedroom condo in Basking Ridge!  Okay, okay, I know that's silly - BUT, it is a great time to buy and this first floor Ardsley model in the Spring Ridge community is a wonderful opportunity.  Priced at only $215,000 it offers a garage and a really nice location facing open space.  Click here for more details and contact me directly if you'd like to see it.  If you purchase now and are under contract before April, 2010, you may qualify for the home buyer tax credit!
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
Ranked 47th in size with an area of 8,729 square miles, New Jersey is a small, yet muscular, state. The NJ economy is robust, resting on a base of agriculture, widely-varied businesses and industries, and tourism. New Jersey boasts a median household income of $55,146, the highest in the nation. Nine of New Jersey's counties are among the wealthiest 100 of the country. And, according to an article in the Newark Star-Ledger, women in New Jersey earn the highest per capita income in the US. New Jersey's position at the center of the BosWash megalopolis, between Boston, New York City, Philadelphia, Baltimore, and Washington, DC, facilitated its rapid growth through the boom of the 1950s and beyond. This favored location also affords NJ a large and well-educated labor pool with which to st...
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