Scotch Plains, NJ Real Estate News

By William Collins, Property and Asset Management
(ERA Queen City Realty)
Westfield's multifamily homes afford their owners the same rich architectural detail enjoyed by owners of single family residences. There were six properties available for sale in April, with an average list price of $661,483. That's slightly lower than 2006 by about 9.61%. Interestingly enough, there were 2 new listings with an average sales price of $642,500 . one multifamily property went under contract in April with a list price of $550,000. April had one closed sale at $565,000. 
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
There was one property available for sale in April 2007 at a list price of $423,900. Interestingly enough, there were no  new listings in April 2007. The one listing went under contract. However, there were no closing in april.Scotch Plains is a bedrock for single family homes. The few multifamily properties tend to see much less turnover. Its a good thing for investors.....if you can get one and somepne got one this month. 
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
Fast forward to March 2007 and this township is home to some of the most beautiful equestrian estate in central New Jersey can be found in Scotch Plains.There were 235 residential properties for sale in April 2007 with an average price of $692,144.During the month 62 new listings were introduced to the market with an average list price of $670,147. This same period 25 residential properties went under contract. The average list price of the properties with offers was a little more than 85.52% of those that just came on the market, at $566,400.The residential properties which actually sold and closed title in April, sold for an average sales price of $494,822  and there were 23 of them, with an average of 67 days on the market.  What does all of this mean? Well, sellers can expect to hav...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
The battle of Short Hills was fought in this area in 1777 during the Revolutionary War.Fast forward to March 2007 and this township is home to some of the most beautiful equestrian estates communities in central New Jersey.There were 229 residential properties for sale in March 2007 with an average price of $683,4347.During the month 62 new listings were introduced to the market with an average list price of $V548,258. This same period 26 residential properties went under contract. The average list price of the properties with offers was a little more than 91.22% of those that just came on the market, at $500,116 .The residential properties which actually sold and closed title in March, sold for an average sales price of $538,739  and there were 19 of them, with an average of 78 days on...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
There were no properties available for sale in March 2007. Interestingly enough, there were no  listings in March 2007 and none in 2006. No multifamily properties went under contract in March for either year. Likewise there were no closing in March for either year.Scotch Plains is a bedrock for single family homes. The few multifamily properties tend to see much less turnover. Its a good thing for investors.....if you can get one! 
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
Yes sales are occurring in Scotch Plains. However, prices are down and buyers are making lower offers. Take the example of 338 Cedar Grove Terrace in Scotch Plains off of Mountain Avenue, which closed title on July 24, 2007;      Listed for $359,900 on May 21, 2007. Unlike most properties, this one was under contract in 15 days on June 6, 2007. Although the property went under contract quickly, it wasn't without a cost to the seller. The property sold for $345,000 with $10,197 concession to the buyer. What is a concession you ask? In this case the property was acquired with 100% financing. Therefore, the loan of $345,000 was used to pay the seller $334,803 and $10,197 for the buyer's closing cost. In this case the seller conceded to allow the buyer to use $10,197 to cover closing costs ...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
Scotch Plains has very few multifamily properties, so it stands to reason that there are few available for sale. However, what Scotch Plains lacks in numbers it more than makes up for in character and charm. the multifamily homes afford their owners the same rich architectural detail enjoyed by owners of single family residences. There were no properties available for sale in February 2007. Interestingly enough, there were no  listings in Febtuary 2007 and none in 2006. No multifamily properties went under contract in February for either year. Likewise there were no closing in February for either year.Scotch Plains is a bedrock for single family homes. The few multifamily properties tend to see much less turnover. Its a good thing for investors.....if you can get one!  
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
The city of Scotch Plains was founded in 1684 the first settlers were Scottish immigrants who cleared the land and built a community, initially called Scotsplain.The battle of Short Hills was fought in this area in 1777 during the Revolutionary War.Fast forward to February 2007 and this township is home to some of the most beautiful equestrian estates communities in central New Jersey.There were 219 residential properties for sale in February 2007 with an average price of $701,777.During the month 56 new listings were introduced to the market with an average list price of $645,907. This same period 28 residential properties went under contract. The average list price of the properties with offers was a little more than 87.90% of those that just came on the market, at $568,329.The reside...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
Scotch Plains has very few multifamily properties, so it stands to reason that there are few available for sale. However, what Scotch Plains lacks in numbers it more than makes up for in character and charm. the multifamily homes afford their owners the same rich architectural detail enjoyed by owners of single family residences. There was only two properties available for sale in January 2007, with an average list price of $399,000. That's considerably lower than 2006 by about 22%. The days on market was 128, 26% less than 2006 for the same period. Interestingly enough, there was one listing in January 2007 and none in 2006. No multifamily properties went under contract in January for either year. Likewise there were no closing in January for either year.Scotch Plains is a bedrock for ...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
The city of Scotch Plains was founded in 1684 the first settlers were Scottish immigrants who cleared the land and built a community, initially called Scotsplain.The battle of Short Hills was fought in this area in 1777 during the Revolutionary War.Fast forward to January 2007 and this township is home to some of the most beautiful equestrian estates communities in central New Jersey.There were 198 residential properties for sale in January 2007 with an average price of $73,295, most of which were on the market for a little over three months.During the month 57 new listings were introduced to the market with an average list price of $630,509. This same period 16 residential properties went under contract. The average list price of the properties with offers was a little more than sevent...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
The town of Scotch Plains was founded in 1684 the first settlers were Scottish immigrants who cleared the land and built a community, initially called Scotsplain.The battle of Short Hills was fought in this area in 1777 during the Revolutionary War.Today the town of Scotch Plains' population is 23,113 with a land mass of 9.1 square miles. That's a population density of 2,545 people per square mile.There are 320 teachers for 4,811 students. The student to teacher ratio is 15 to 1 and the student to librarian ratio is 534 to 1. Ninety-two percent of the residents are high school graduates and 55.8% are college graduates.The average age is 38.5. The median income is $85,182. The average income for households with children is $138,675. Sixty five and a half percent of the residents are marr...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
Scotch Plains has very few multifamily properties, so it stands to reason that there are few available for sale. However, what Scotch Plains lacks in numbers it more than makes up for in character and charm. the multifamily homes afford their owners the same rich architectural detail enjoyed by owners of single family residences. There was only one property available for sale in December, with a list price of $329,000. That's slightly lower than 2005 by about 28%. The days on market was 211, 44% longer than 2005 for the same period. Interestingly enough, there were no new listings in December for either year. Nor did any multifamily properties go under contract in December for either year. Likewise there were no closing in December for either year.A year end review indicates that 24 mul...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
The city of Scotch Plains was founded in 1684 the first settlers were Scottish immigrants who cleared the land and built a community, initially called Scotsplain.The battle of Short Hills was fought in this area in 1777 during the Revolutionary War.Fast forward to December 2006 and this township is home to some of the most beautiful equestrian estates communities in central New Jersey.There were 191 residential properties for sale in December 2006 with an average price of $713,410, most of which were on the market for a little over four months.During the month 18 new listings were introduced to the market with an average list price of $739,818. This same period 11 residential properties went under contract. The average list price of the properties with offers was a little more than sixt...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
November 2006 saw a 75% reduction in the number of listings over November 2005. Scotch Plains had 1 multi-family home listed for November 2006 with a median list price of $374,000, averaging 153 days on the market. There were no new listings during the month. There likewise, were no sales during the month. Sales were flat for this category last year as well.   Visit my website: http://www.jerseylandrealtor.com/
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
November 2006 saw a 22.99% increase in the number of listings over November 2005. Scotch Plains had 214 single family homes listed for November 2006 with a median list price of $579,900, averaging 109 days on the market. Of the 214 listings, 29 were new with a median price of $579,000. During the month there were 17 sales with a median sales price of $508,000.  One could infer significant price reductions were taken, before these sales were consummated. Sales were down by 10.5% in comparison to November 2005. However, the average sales price to list price was a strong 97%. Another interesting factor is that the November 2006 list price on new listings, was up by 20.84% over November 2005.   Visit my website: http://www.jerseylandrealtor.com/
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