Princeton, NJ Real Estate News

By Josh Wilton
(Weichert)
While the economic news continues its downward sprial, locally in Princeton and the core towns surreounding  Real Estate continues to defy the odds (at least the odds of those who predict doom and therefore want doom to be proven right).  As of February 13th, nearly 40% of the the Weichert Princeton offices transactions booked YTD had multple bids! This number was suprisingly high even to me. Another 9 of my Associates reported losing deals to multiple bids. YTD the Princeton Office's Open House traffic (# of people visiting) is up over 40% over 2007 (same time frame) indicating a large pent up but very cautious demand for housing. Inventory in the core towns in Mercer County is actually down. (contact one of my agents for details, weichert.com/princeton) Although rates trickled up this...
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By Lisa Ryan, Selling Princeton,West Windsor and Montgomery Town
(Callaway Henderson Sotheby's International Realty)
School Report Card for Princeton NJ-  High SchoolThe New Jersey Department of Education released the 2007 School Report Card earlier this week.  The report contains detailed statistical profiles of all public schools in the state in the areas of school environment, student information, student performance indicators, staff information, and district/charter financial information.The annual reports enable members of the public to measure the progress of their local schools in all of these aspects.The report cards, established by legislation in 1995, are produced for all elementary and secondary schools, as well as vocational schools, special education schools, charter schools, and Special Services School Districts.  To view high school report cards in other communities that I provide real...
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By Josh Wilton
(Weichert)
This will be my first blog ever. Very exciting. I am now in the 90's. The purpose of the blog will be simple. To provide accurate data and infomation about the Real Estate Market in Princeton and the surrounding towns. It will cut through the national and state media and offer data and opinion about how it all adds up where it matters, locally. Where you live and I live. I look forward to being in contact with you.
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
“What did that house sell for?” – if you ever asked this question, I have good news: you can now find the answers in this new monthly feature I added to my blog. Starting with January 2008, you can “discover” the Princeton, Hopewell, West Windsor and Montgomery real estate sales prices of sold homes right here on the Princeton Real Estate Blog. The reason for this feature is because people are always asking me this question, and I wanted to make it easier for everyone to find the answers.                                                                                                                                  Houses Sold in Princeton NJ – January 2008*                                                              To learn more about the condition of the local Princeton area and nat...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Providing facts about Princeton NJ real estate market, such as the prices of house sold, days on the market, and absorption rates, is the regular feature of this blog, and the one my readers are really looking forward to read and analyze. Granted, statistical data may not be the best page turner, and may not be everyone’s cup of tee, but it helps separate facts from fiction and that’s what consumers want.       In the “old” times, this data was kept close to the vest by the real estate agents, and was provided on the “need-to-know” basis to their clients. One of the goals for my blog (albeit a very time consuming one) is to do away with such practice and provide in the open Internet forum the hard core information to help buyers and sellers separate emotion, focus on facts and make info...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Princeton NJ - Places to eat - The best pizza in Princeton NJGiving advice about good pizza place is not easy. There are probably as many opinions about what constitutes  good pizza, as there are pizza eaters, which is a lot.  What qualifies me to render such opinion? Quite honestly, my credentials as a pizza critic are limited: 1. I like pizza; 2. In my twenty years in the area, I probably ate pizza at most local shops; 3. I lived in Italy and remember the taste of the “real” stuff.My choice, at the moment, for the best pizza in Princeton is Alfonso’s Pizzeria & Restaurant located at 1225 State Road, Princeton, NJ.The pizza is great and there is a choice of regular Italian dishes as well. They serve bread  (even with pizza), and it is hot and crusty and better than in many pricey resta...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Affordability, schools and commute are serious issues and are on the top of considerations when relocating to Princeton NJ area. But what about fun? We have a lot to do and see locally, but if you want the best – New York is only one hour away.It’s not often that my husband and I have a day off during the week together. Yesterday was such a day and we went to New York. It was surprisingly quiet on 5th Ave and the Central Park was surreally still –we are used to it buzzing with people on the weekends. Lakes were covered with ice and the views across to the Fifth Ave and to the Central Park West were as magnificent as always. We noticed things we didn’t pay attention to before, such as monuments to a Falconer and Mr. Daniel Webster, two of the 27 monuments in the park. We saw bird-feeders...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Median Prices for Houses Sold in Princeton Township, Princeton Borough, Hopewell Township, Hopewell Borough, Pennington, West Windsor, and Montgomery Township in 2004-20007.The media and the press over the past year have been providing the gloom and doom information about the real estate. Some acknowledge that real estate is local, yet still aggregate it to the national level, which to buyers and sellers in the greater Princeton area has little relevance. What is important for them is the understanding of the local market. For the period of 2004- 2007 the median house prices have increased in all of the above towns.Granted, looking at local numbers, charts and graphs may not be very exciting, but it allows putting aside the national housing gloom and doom and looking objectively at the ...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Average Price Of Houses and Condos Sold in 2004 – 2007The prices of homes and what is happening in the Princeton real estate market is always on the minds of the homeowners. It is even more so now, given the economic uncertainties of the effects of the sub prime mortgage fall out and the possible recession. The price of the homes sold is one of the indicators of the real estate market.Looking at the period of 2004-2007, the news for Princeton is still positive - 17% increase in the average price of houses sold over the period. The biggest inverse occurred in 2005, followed by a slight decline in 2006 and 3% increase in 2007. Hopewell showed an increase for the 2007 of 4%, West Windsor – decline of 4%, Montgomery Township –decline of 3%, and Pennington – decline of 15 %.                 ...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Princeton real estate market is often referred to as the luxury market, because of the perception of the high housing prices. If you are considering relocating to the greater Princeton area, it is important to understand that houses have sold in 2007 in various price ranges. Objective statistics are always the best way to get a better understanding of what Princeton real estate prices are.Not surprising that there were only 2 houses sold in the lowest price category of less then $500,000.There were 13 houses sold in the highest price category of $2,000,000 and up with the most expensive home sold for $3,700,000The largest number of the homes sold - 160 -was in the $500,000 to $1,000,000 price category.The chart bellow illustrates these statistics in more detail.                         ...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
What is the condition of the real estate market in the greater Princeton NJ area? This question continues to be on the minds of most homeowners, not just those who are currently selling or buying their house. How can we find the possible answers?You probably read that now is the “buyers” market and that five years ago it was  “sellers” market. By this people usually mean who has the "upper" hand in the market, or whether there are more buyers than sellers.  In the real estate language buyers and sellers market are often defined  by “inventory accumulation”. This technical sounding term is a result of simple arithmetic: dividing the total number of the available houses on the market by the average number of sales per months. For example, if there are currently 20 houses on the market and...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
How long does it take to sell my house? Is the real estate market going to get much worth in the new 2008? Home buyers and sellers in Princeton, Hopewell, West Windsor, Pennington and Montgomery Township New Jersey continue to ask these questions heading into the spring market.I don’t believe that national “Prophets”  know exactly what will happen in each local real estate market. General economic indicators are that the markets will not get much better in terms of home sales prices. Instead of predicting the future we can look at the historic data. One indicator of the real estate market is how long does it take to sell a house, or what is called in the real estate speak “Days on the market” or DOM. The chart examines the DOM for five towns from 2004 to 2007.  The main points it illust...
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By Desiree Daniels
(RE/MAX Tri County)
 Update: Senior Housing Development on the Princeton Ridge  The Princeton Township Committee voted this month to table a series of amendments that would have likely jumpstarted the development of the senior housing project on Bunn Drive on the Princeton Ridge. Officials say they are likely to take up the amendments again early in the New Year. Several of the amendments were introduced last month after RMJM Hillier, the developer of the planned age-restricted housing project, made a request to the Princeton Township Committee asking to lower the qualifying age for residents from 62 to 55. The company based its argument on the fact that there are only two 62-and-over senior housing projects in the state and both are unsuccessful. They believe the change is needed to make the project feasi...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Princeton NJ real estate is something the buyers, sellers and home owners always want to understand. What are the real estate prices? How long does it take to sell Princeton homes for sale? What is the Princeton real estate market outlook?  What are the trends? All these questions can be examined by looking at the Princeton real estate market statistics.I have compiled a list of helpful articles on the Princeton area real estate statistics. Princeton real estate -how long to sell? Market statistics November 2007Princeton real estate -how long does it take to sell?Princeton real estate - What is the market -statistics?What is Going On In The Princeton Real Estate Market?Princeton Real Estate -Are the House Prices Up or Down?Princeton Real Estate - What is the outlook?Princeton Real Estat...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
When moving and relocating to Princeton, NJ people often ask questions about what is it like to live in Princeton, what are the prices for homes for sale, what is going on the Princeton real estate market, what are the neighborhoods to consider, what are the things to do, and what are the schools like? Here are the answers to your Princeton real estate questions when relocating to Princeton, NJ. What is it like to live in Princeton?What are the Princeton area home prices?Princeton Real Estate - What does $300,000 buy?Princeton Real Estate - What You Get for less than $500KWhat should you know when relocating to the Princeton area?What is Going On In The Princeton Real Estate Market?When looking for Princeton homes for sale -consider Princeton RidgeHow to get the inside scoop on real est...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
What is it about Princeton area that makes it special? Princeton real estate, Princeton homes for sale and real estate market conditions are just some of the reasons Princeton area always attracts home buyers. Whether you live in the Princeton area, or considering moving or relocating to Princeton, here are some of the things you may want to know about what it is like to live in Princeton and surrounding towns.  Princeton Real Estate – What is it like to live in Princeton?Everything you wanted to know about PrincetonLittle known pleasures of PrincetonWhen looking for Princeton homes for sale -consider Princeton RidgePrinceton -where is a good place to eat?Princeton - Cool Restaurant for Adults and KidsPrinceton -great shopping -things to doPlease contact Faina Sechzer at 609-553-4175 wh...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
If you live in Princeton and have a child in the Princeton school system, it is not possible to not hear conversations about college admissions. I know that in Manhattan, if a child is not accepted into the “right” school at birth, the parents start seeing a shrink. This phenomenon has spread to Princeton. People buy homes in Princeton, with the thoughts of their kids going to the best colleges. Even the parents of the middle and elementary school kids talk about colleges.Parents and kids obsession with college admissions is not new. I have four kids of various ages and when my oldest son went to the University of Chicago, some years ago, it was high pressure. When my daughter applied a few years later it was more pressure. Now the pressure seems to be to be even higher yet. This week w...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Princeton real estate sellers are often concerned with the length of time it could take to sell their home. This is one of the most frequently asked questions by the home sellers: “How long will it take to sell my home?” This question is on the sellers mind even in the strong markets, but it is a serious concern now, following the sub prime mortgage problems and the weakness in many real estate markets. There are no guaranteed answers to this question, and there are many factors that influence how long it takes to sell a particular house, price, condition and location being among the most important. That said, it is helpful to look at the data and separate the emotional issues that are always present in selling your home, and focus on the numbers.The following are the tables that show h...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Princeton real estate - How long does it take to sell the house in this market? Does the mortgage crisis affect Princeton as much as other areas of the country? in terms of time it takes to sell, are there differences between the Princeton Borough and Princeton township markets? One way to look at the market is to consider how long does it take to sell a house. The most interesting part of this analysis is that only a relatively small percentage of houses takes longer then 6 months to sell, and that a quarter of houses sold in less then a month and that there isn’t much difference between this year and last.     In the Princeton Boro:19% of houses sold in less then 30 days59% of houses sold between 0-90 days59% of houses sold between 31-180 days22% of houses sold in over 180 daysIn the ...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
How can you tell what’s truth in the Princeton real estate marketing or for that matter any marketing at all? Did you ever try the detergents that promise to take all the stains out, or those miracle creams that erase the wrinkles in front of your eyes? Did you ever write or respond to a personal ad? I was writing this post, when in the middle of it I read the excellent post by Jeff Dowler, which if you didn’t read it yet, make sure you do. His topic in some way related to mine. Jeff Belonger also wrote an interesting post on the advertising topic. Let’ get back to my posed questions which really have to do with truth in advertising.  My wrinkles are all still there and so are the stains on the cloths. My dating days go back to the era before the Match.com and to the ancient times of pe...
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