Princeton, NJ Real Estate News

By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
To provide relevant information to my readers I need to understand what issues are on their minds. Princeton real estate blog has  two audiences: people who are interested in Princeton Real Estate and my AR colleagues who want to stay on top of their game through this forum. As a real estate professional it is relatively easy for us to come up with content interesting to others in the profession.  But what does the public in general want to learn from us? Marketers use Focus groups to get a handle on the consumer wants. I asked one person in my Focus group: What would you like to know about Princeton Real Estate?” His answers made me wander and pause. This is what he said.He would not be looking for an agent through a blog. He would be asking for referrals from his friends. He would be ...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Do you want to know the magic formula to sell your house in the current Princeton real estate market and may be other markets as well? OK, it's not "real magic", it's -knowledge I want to share with sellers and future sellers to boost their chances for successful sale. Here are several real life cases of sales (they happened to be in my neighborhood) and the lessons real estate sellers can benefit from.  Two beautiful homesHouse #1 had more unique interior features and showed beautifully. It was priced $100,000 higher than House #2. Neither house sold until the price for House #1 dropped $250,000. House #2 matched the price. House #1 had a bidding war and sold above the New asking price. With this home sold, House #2 also had a bidding was and sold for $50,000 above House #1.  The summa...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
 The questions about the condition of the market are always on the mind of homeowners. Now, with all the credit woes and many predictions of weakness in the economy and possible recession, answers to these questions are more important than ever.  Like with many statistical approaches the answer may not be obvious. To better understand the situation, we can look at it in two different ways. The first is to look at the home prices in general; the second is to look at the prices of the same properties that sold both in 2004/2005 and in the last 12 months.                                                                                                        Average Sold Price.                                                                                         Average sale price is UP  9...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Princeton Real Estate as well as Montgomery and Hopewell Townships have declines in the numbers of "pended" units in August 2007 vs. 2006. A sale is listed as Pending when the seller accepts a sales contract on the property. The reason this number is significant is because it is an indication of number of sales in the several months. About 80% of pending home sales usually close within two months. When the index falls it signifies weakening of the housing market. With the tightening of credit it is possible that some buyers will pull out of pending transactions and that less then 80% of the pending will actually close.  “Credit Flue” is Wall Street Journal’s calls for the situation affecting the housing market  "credit flue" (in the article By Sundeep Peddy). According to the National A...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Why do people sell their homes? The question came to mind while I was reading an article in the “O AT HOME – an Oprah Magazine” . It describes how a seller changed her mind about selling the home after it was staged for sale. The article goes on to say, that she liked the new look and decided to stay put after one sale fell through. Needless to say - the real estate agent did not get paid. It made me think that sellers, buyers and agents need to better understand why they want to sell or buy.  It’s not about the homeHomes for many people are an extension and reflection of who they are, their history, background, hopes and aspirations. When something in our life does not work we may think it the house’s fault. I had a client who looked for a new home every time she had a problem in her m...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
In and around Princeton home prices and what you get for your dollar varies greatly from community to community. Here is a quick look at what $500K and less bought in the less 6 months.Princeton Borough and Township - 11 single family homes were sold, four of them had 3-bedrooms, the other -less. In multifamily category, such as townhouses and condos, 12 homes were sold.Montgomery Township - 14 single family homes were sold, four of them 4-bedrooms, the others - less. In the multifamily - 52 homes sold.West Windsor - 42 homes  single family homes sold, seven of them 4-bedrooms, the others - less. Multifamily - 61 homes sold.Hopewell - 52 single family homes sold, nine - 4-bedrooms, the others - less. Multifamily -36 homes sold.There are many homes in this price range on the market now.*...
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By Desiree Daniels
(RE/MAX Tri County)
Developer of Princeton Age-Restricted Housing Project Makes Request to Lower Qualifying Age from 62 to 55  RMJM Hillier, the developer of the planned age- restricted housing project on Bunn Drive in Princeton, has made a request to the Princeton Township Committee to lower the qualifying age for residents from 62 to 55. The company says that there are only two 62-and-over senior housing projects in the state and both are unsuccessful. The change is therefore needed to make the project feasible. K-Hovnanian was the original developer of the site, but the company pulled out from the project last October. Hillier says that if age-restriction change is granted, the firm will create a site plan featuring a cluster of 140 housing units on only one-third of the land that would have been built ...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Buying and selling a home is high on the stress level – almost like changing or loosing a job, divorce and other life's troubles. The difference is that in other aspects of life, emotions can help to energize and lead to a better outcome. It’s rarely the case in real estate. How can we put the emotional energy to work for us and not against us? During home showingsSellers often look for feedback from agents who showed the house. If the comments are positive and the house does not sell right away, sellers get angry and confused as to why. They may think the agent is not doing their job. It could be that showing agents did not want to offend the seller.  If the comments are negative – the seller may take it personally and not want to adjust the price or maintenance issues that are suggest...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
If you selling a house now, and have an interested buyer and a signed contract, it's important to know how to get to a cussessful close, since there are many steps between a signed contract and closing. This post is about why Contracts and Disclosure are so important and can make a big difference in the outcome of the sale. What is "AS IS" ? Many contracts have a clause that says that the property is sold "AS IS". these two words have a potential for a lot of misinterpretation that can lead to one of the parties cancelling the deal. To avoid this - you need a "tight" contract. My apologies for such an unscientific term, but it seems to best describe my point. It is EXTREMELY important for sellers and buyers to have top-notch legal representation. I often see contracts that become disput...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
I get asked this question many times a day. We all want to know how and if the turmoil and uncertainty of the broader markets affect our local real estate market. There is, unfortunately, no one answer that explains it all. That's why we may read so many contradictory views in the press and from the experts. In this post I wanted to give you some data to consider for the greater Princeton area - West Windsor, Hopewell and Montgomery Township.Average Price Sold - 2007 vs. 2006Princeton Township and Borough and Hopewell have increases in the average sale price year-to-date, respectively: 0.4%, 18% and 9.6%. West Windsor and Montgomery township prices declined, respectively 6% and 7.9%.Days on the Market - 2007 vs. 2006This is another measure to judge the sentiment of the market. All of th...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
You are ready to celebrate – your marketing was successful and you found a buyer, negotiated a great price and have a contract of sale. Unfortunately, deals can unravel even after this point. To smoothly get to closing there are several issues to keep in mind. In this post I discuss House Inspection – an event that can often lead to a deal falling apart. What can be done to avoid such outcome? The question often comes up, is it better for the seller to inspect the house prior to putting it on the market or wait for the buyer’s inspection. Let’s look at the two possibilities.Seller’s Inspection Is it helpful or not to do such inspection, since it can reveal potential problems? These problems most likely would have to be disclosed to prospective buyers, if a seller decides not to fix them...
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By Faina Sechzer, Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ
(Henderson-Sotheby's International Realty)
Moving To Princeton? – Here are 5 Reasons WhyProximity to jobs, convenient commute, quality schools, affordable housing and unlimited choices of things to do – these are the ingredients we look for when deciding on the best recipe for our next move. Here is a short list of why Princeton area is a great place to live.    1. CommutingA new job is why many people are considering moving. New York – one of the largest job markets in the country is an hour away from Princeton. The same is true for Philadelphia. There are approximately 10,000 people taking the train from the Princeton Junction train station daily. The trains are comfortable and many commuters use it to do work, read or take a nap. A word of advice, with so many commuters you may have to get to the train station early to get a ...
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By Desiree Daniels
(RE/MAX Tri County)
Princeton residents have two opportunities to give critically needed blood next week through to the combined efforts of the Princeton Regional Health Department and the University Medical Center at Princeton's Blood Donor Program.   Because summer is a time when blood supplies often reach dangerously low levels, the hospital and health department have banded together to offer two days and two locations where residents can go to donate blood. They are:    Tuesday, July 31, 9 a.m. to noon, Princeton Borough Hall, 1 Monument Dr., lower level.Friday, Aug. 3, 9 a.m. to noon, Princeton Township Hall, 369 Witherspoon St., community room.   Regular, unpaid volunteer donors are the mainstay of a safe and sustainable blood supply, according to the Health Department. Anyone from 17 to 70 years of ...
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Interrelated applications at sites on Route 206 at Leigh and Birch avenues Advertisement   Interrelated applications for a bank headquarters and a restaurant site were both approved by the Princeton Township Zoning Board of Adjustment on Wednesday after a revision of the restaurant plan was offered as a compromise to board members and residents.   The board voted unanimous approval after each application following the remainder of testimony on the independent but related applications - both continued from previous hearings.   Previous testimony from the applicant indicated that the restaurant, called "elements," proposed for the site of the former Steffanelli's garage at Route 206 and Leigh Avenue, would rely on parking spaces at the proposed headquarters for the nearby bank.   The rest...
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By Christine O'Shea
(Christine E O'Shea Broker)
Oh yes, it is  summer time in Princeton, NJ.  I an talking about down town Princeton, the heart of the Boro.  That is the location of Nations Real Estate Office.  It is such an incredible location, directly across from Princeton University.          A walk down the Nassau Street is so rich with sights and sounds, diversity.  People coming and going, students, parents, tourists, and the residents.Palmer Square has shops and restaurants, along with some great places to live.     There are Churches of all denominations.     The one in this photo is the Roman Catholic Church on Nassau Street.  It is absolutely beautiful.  Princeton is truly a great town and a wonderful place to live, work or visit.If anyone is in the area, give a call and stop by, we would love to say Hello/ 
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By Maurice McLaughlin, Maurice McLaughlin
(Nations Princeton-Nassau Inc. d/b/a NATIONS)
When life throws us curves we don't expect...we wonder why?..why me?...what did I do?..can I fix this?.....is it really broke.We all have great days of joy and other days just...not so great.I just finished a book called....."THE SECRET" by Rhonda ByrneWhat do all the GREAT MINDS of the world do differently than me...what lead to their success and fortunes?I found this book a positive influence on me and wanted to share 'the knowledge' of it's positive impact on me with others in the active rain real estate community.My Real Estate office is located in Princeton ,New Jersey...across from Princeton University where  some of the greatest minds of our world were educated or taught.The success of the area is well inspired by outstanding architecture and time preserved tradition.  THE SECRET...
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By Desiree Daniels
(RE/MAX Tri County)
 Princeton Township Approves 49 Senior Luxury Housing Units  On May 3, the Princeton Regional Planning Board approved a long-awaited plan to build 49 market-rate senior housing units on the Princeton Ridge between Mount Lucas Road and Route 206, just northeast of the Redding Circle. The Board unanimously approved the housing project after the developers agreed to drastically reduce the number of trees that would be lost on the heavily wooded site. The revised building plan will result in a net loss of 130-150 mature trees, which is considerably lower than the first design that would have destroyed around 550 trees. As a condition of the planning board's approval, the developer will have to close that tree gap by paying $250 per tree for off-site reforestation to make up for the thinned ...
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By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
Do you know the difference, as a consumer or even as a realtor? It can be deceiving when shopping for a home, because you might think that you are fully approved, but you aren't. Why doe this matter? There are several reasons why.  Pre-Qualification Letter  Just a standard letter by the lender stating that they have either verified your information over the phone or from your originals. The loan officer will review the information, anything from credit, to income, and with regards to assets. They then will place you in a certain program and go over the details with you. Usually to put an offer on a house, the realtor would want a pre-qual letter to accompany the offer that they will give the seller's agent. It will usually have a specified loan amount that you are qualified up to in reg...
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By T. Christopher Hill
(RE/MAX TRICOUNTY)
 Select your    Princeton New Jersey property search criteria and choose daily or weekly updates, We'll automatically search the entire local MLS database and e-mail you every listed property in Princeton New Jersey  matching your criteria. You'll know about the hottest properties first, often before many Realtors even know about them!To activate your free  Princeton Automated Home finder Service, click here.If you need to speak to someone live, call me anytime at   609-575-6323 
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By Christine O'Shea
(Christine E O'Shea Broker)
Monthly Statistics for the Date Range SelectedDateUnits ListedListed VolumeListed AveragePendedUnits SoldSold VolumeSold AverageAverage DOMFeb 20071313,007,5001,000,576432,820,000940,000178Jan 20071113,101,4001,191,036542,364,500591,12588         Totals:2426,108,9001,087,870975,184,500740,642127                   Inventory Accumulation for the Last 12 Full Months          Current Inventory *Inventory VolumeCurrent AverageAverage Monthly Sales**Inventory Accumulation ***4849,367,7001,028,49368*Current Inventory is based on the actual available properties on the date this report was created.**Average Monthly Sales is the average sales for the last 12 full months***Inventory accumulation (in months) = Current Inventory Units / Average Monthly Sales    Pricing Details of Sold Units for the ...
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