Sparta, NJ Real Estate News

By Donna Staccioli, Sparta, Jefferson Twp., NJ Homes for Sale
(RE/MAX Platinum Group)
SPARTA, NJ REAL ESTATE HOMES FOR SALE MARKET UPDATE Donna Staccioli of RE/MAX Platinum Group, Sparta, NJ presents a layman's view of the market statistics.  Examine the market statistics for the Sparta, NJ real estate market.  (This is just an example of the information I provide my clients with before listing OR buying, on a regular basis.)The roller coaster ride that is the real estate  market, keeps going into the early summer.  Yes, spring market is over folks...if you were waiting til spring to list your home, the lakes and pools are open and that ship has sailed.  (Keep in mind, spring market actually begins on Super Bowl Sunday, really.) With some serious help from the government in the form of the revived, extended and expanded Homebuyer Tax Credit Program we've made it through ...
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By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
Spring has come to Sparta NJ and the real estate market data reflects folks coming out of hibernation and thinking more about homes for sale.  That said, the winter months were none too shabby - wait until you see what a couple Lake Mohawk home sales did for the average price in January! Of the Sparta closings that took place in January, the cheapest went for just under $120K while 3 of the 16 were over a million.  In fact, one home for sale on Manitou Island in Lake Mohawk went for $3.35 million. What does that tell you? There is a Sparta home for sale to fit every budget! I'm still striving to locate the right Sparta Lake Mohawk homes for sale for a variety of potential buyers. As these folks are seeking Sussex County vacation properties, their needs are quite different from those loo...
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By Maria "Antoinette" Scognamiglio, GRI, ASP, There's no substitute for EXPERIENCE!
(Coldwell Banker Realty)
Sparta, NJ Monthly Home Sales Report ~  January 2010 follows ... Sparta, located in Sussex County, NJ at this writing offers 278 homes available for purchase.  Currently there are 41 listings Under Contract and scheduled to close. January 2010 saw 20 closed sales, If you're looking for affordable homes in Sparta, Sparta has many great deals waiting for the savvy buyer!  Following are details on Sparta's closed sales for the month of January 2010.   No: Address List Price Style RM BR TBT Gar BSMT Sold Price DOM 1 18 S SHORE TRL*  $119,900 Bungalow  4  2  1  0  Yes  $105,000 151  2 89 CARRIAGE LN*  $179,900 Ranch, Townhouse-Interior  4  1  1  0  Yes  $162,500 90  3 33 INDIAN TRL*  $180,000 Lakestyle  7  3  1  1  Yes  $181,000 15  4 3 SUMMIT TRL  $230,000 Ranch  6  2  1  1  Yes  $220,000 8...
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By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
For the first time, I just pulled together what I believe are a segment of Sussex County NJ's "Hot 10 homes for sale". There are so many great values and bargain prices right now, it was hard to narrow them down. While a fair number of these are short sales and bank-owned foreclosures (REOs), not all are distressed properties in Sussex County NJ. A few require a lot of work because I have buyers seeking such, but many are in move-in condition. Some are new listings, others ones that recently hit my own value criteria. My "hot 10 homes for sale in Sussex NJ" are the ones for which I'll suggest my buyers include in our upcoming house-hunting appointments. Given my current buyers' goals, many of these hot 10 are in Sussex County NJ lake communities, including Sparta's Lake Mohawk.  All, ho...
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As Sparta may well be Sussex County NJ's most popular real estate, let's take a peek at some solid market data on home sales. While for this report I haven't broken out Lake Mohawk separately, I often do so when working with sellers and buyers in the area. In fact, I'm trying very hard to find the right, well-priced Lake Mohawk homes for sale for a variety of potential buyers. As these folks are seeking Sussex County vacation properties, their needs are quite different from those looking for a residence! I'm very determined to help each of these buyers find that right lake home in Sparta. But I digress... I've based the following Sparta NJ market report graphs on GSMLS data: "Info. deemed RELIABLE but not GUARANTEED." Average price for home sold in Sparta in 2009 was $440,583.  Reinforc...
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By Nancy Maurer, Home Stager - Serving No. NJ
(Whitehall Interiors & Home Staging LLC)
Earlier this year, I was contacted by a homeowner who was completely exasperated.  He had endured a year of having his house on the market with little or no interest being expressed despite the fact that it was basically a lovely house, on a great horse property, and in a terrific town here in northern New Jersey.  Yes, it was quite dated, and he finally conceded that he was never going to stand a chance of selling it unless he did some updating. Thankfully, he called me to work with him to update and ultimately stage his home.  I say thankfully, because this ended up being one of the most labor-intensive, interesting and fulfilling projects I've ever worked on.  Within a month of listing, the house had sold! Here are a number of before and after photos of this property.    Entry Hall  ...
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This Sparta NJ Real Estate Market Report is based on data recorded in GSMLS as of October 4, 2009. Statistics covering Lake Mohawks home for sale (below) are from the same source. While I don't publish monthly data on all Sussex County NJ homes for sale, I certainly can work it up for you as appropriate! GSMLS market data for Sparta NJ real estate shows that only 11 homes were sold in September 2009. These had an average sale price of $455,773; the median price was $350,000. For 2009, 11 sales in a month are the second lowest; there were just 8 closings in Sparta in February. Given there are 26 Sparta homes for sale under contract, I'm optimistic that we'll have many more closings during October. For the 45 new listings of homes for sale in Sparta in September, the average asking price ...
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This Sparta NJ market report is based on information in GSMLS as of September 2, 2009. Data for previous months has been updated; for example, if a Lake Mohawk home for sale went Under Contract, the deal fell apart and the home is again on the market, the previous months were adjusted. Market data for Sparta NJ real estate shows that 17 homes sold in August with an average sale price of $532,382 - an increase from the previous month. Sparta's average Sale to List price was 94% - typical. For the new listings of 57 homes for sale in Sparta, the average price is $573,280 (another increase). The average list price for Sparta homes that went Under Contract $379,714 - a significant decrease from July and sad news for Sparta owners of the larger, more expensive homes for sale. Additionally, i...
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This Sparta NJ Market Report is based on information recorded in GSMLS as of August 1, 2009. There may be unrecorded market data - closings or listings on July 30 - 31, for example. GSMLS market data for Sparta NJ shows that 24 homes were sold in July 2009 with an average sale price of $469,812. For the 45 new listings of homes for sale in Sparta, the average price is $493,758. The average list price for homes that went under contract in July is $418,830 - so clearly buyers are still seeking incredible deals. As of 8/1/09, Lake Mohawk real estate market data shows 7 sales - from a modest log cabin at $210,000 up to a lakefront Tudor at $725,000. With 81 active Lake Mohawk homes for sale, buyers still have a wide range of choices in this popular Sparta area! Start looking at homes for sa...
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By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
As the number of Sussex County lake communities is at least 30, I will not even attempt to profile the relative benefits of each when considering a vacation home in Sussex County NJ. Residents of each one will be delighted to tell visitors why their lake community is better than the other 29. Community events, passing the home from one generation to the next, stopping for a neighborly chat when riding a bike or walking the dog are just some of the reasons the residents think their lake community rocks more than the others.  And me? I wouldn't argue with a single one of them! The only one of the Sussex County lake communities that I've never seen is Rock Lodge Nudist Club in the Stockholm zip code section of Hardyston. There currently are no homes listed for sale in this community, but ...
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By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
While there are many more interesting things to do around Sussex County, NJ, for the 4th of July weekend, I still want to give you the option to review the June market data for Sparta real estate transactions. Don't know about you but I prefer to be at Lake Mohawk this weekend... GSMLS market report for Sparta shows that 19 homes were sold in June 2009, a significant drop given May's high of 29! The list to sale price ratio ticked up slightly - averaging 96% in June. Given the prices, however, this didn't have a major impact on either home sellers or buyers. As you'll see, the number of listings are up - meaning great choices for buyers who have their eye on Sparta! Start looking at homes for sale in Sparta, NJ.  Whether you're considering selling your home or purchasing a home in one o...
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By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
GSMLS market data for Sparta homes for sale shows that 29 homes were sold in May 2009! This represents the most closings within the last 6 months.  While the average and median sale prices were down slightly, owners still benefited from a 93% list-to-sale ratio. (So did those buying homes in Sparta!)   Whether you're considering selling your home or purchasing a home in one of Sussex County's fine communities (Lake Mohawk, for example), this is a better time than many folks think.   Don't let gloomy newspaper reports dampen your hopes - let's sit down and chat about what these MLS statistics might mean for your real-estate plans! Look for homes for sale in Sparta, NJ.   Copyright © 2009, Irene Kennedy, all rights reserved. This blog post from RealtorIrene represents Irene's personal mus...
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By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
 In my areas of Sparta, Hamburg, Vernon, Wantage, Frankford, etc., more and more homeowners are having difficulty paying the mortgage.  Once a homeowner is several months late, the mortgage company/bank starts to consider its options.  Some options will keep the owner in the home by modifying the loan; some will mean the owner must list the home for sale.  When a distressed property needs to be evaluated by the bank, one or more Broker Price Opinions are normally requested - very often through a third-party, outsourced vendor.  BPOs are not as detailed as an appraisal. A BPO is a quick assessment by a real-estate agent that gives the bank an idea of what the home could sell for within the next 90 - 120 days. It is based primarily on MLS listings of similar properties in the same neighbo...
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By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
Hubby Chip & I excitedly planning a short vacation from our comfy home in Sussex County, NJ. We're headed to the White Mountains of New Hampshire to car-camp. You know, where you pull up to a site, unload a 4 bedroom tent with hot & cold running water, ask James the butler to don his flannel shirt, throw a gourmet feast on the barbie, etc. What prompts me to do this?  I want to see a moose in the wild. Better yet, many meese. (While I am aware that the plural of moose is moose, I have spent many sleepless nights worrying how geese feel about that.  Besides, it amuses me - if no one else - to use the term meese and watch reactions; I'm big on funny and you're most welcome to laugh at me along with me!) To the right is a photo of the only moose I will ever see in the Sussex County vicinit...
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By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
At least in my area of Sussex County, NJ, the real estate market is less robust than it was in years past - and I know this is true in most regions of our county. Those who want to buy a home are not lining up at my door, taking numbers like we do at the deli counter of our local supermarket. Few home sellers are getting multiple offers the first week their home is listed in the MLS - even in one of our most popular towns, Sparta - Sparta NJ Real Estate Snapshot - Homes for Sale Market data. My stance is that we real estate agents need to respond by doing more, not less, to help our clients fulfill their real estate goals. Sounds pretty basic, right? Most of us are going that extra mile and trying everything to get win-win deals for our home buyers and sellers. Here is an example of som...
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By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
While inventory homes for sale in Sparta, NJ, remains highs, people are buying and selling homes every day. Home buying is a reality in Sparta, where we have some fabulous offerings - even within Lake Mohawk. In April, 38 Sparta homes for sale went Under Contract - more deals solidified than in any of the preceeding 5 months! So far in 2009, April showed fewer homes were listed for sale. Based on Garden State MLS market reports for Sparta NJ, the list price to sale price ratio ticked up slightly to 96%. Look for homes for sale in Sparta, NJ. Let's sit down and talk about what impact - IF ANY - such GSMLS statistics should have on your real-estate plans!
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By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
UPDATE early June - Irene Kennedy has traded places and is how the number one real estate agent featured in Sparta, NJ on ActiveRain! Well, if you time it exactly right and don't refresh your screen, I have the honor of being one of Active Rain's featured members. Even contacted the gentleman with whom I was featured to introduce myself. Although fame may be fleeting, it still is a wonderful honor for someone new to this wonderful site to be front page news! Was tempted to sit up all night looking at my picture on the main page. Free autographs given willingly - especially on real-estate contracts! Search for homes for sale in Sparta, NJ.
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Part 6 of Distressed Properties are NOT Black Holes!, a six part series by Sussex County NJ real estate pro, Irene Kennedy   REOs do present some challenges that may or may not occur in other types of real estate sales. I'll provide the most common issues I encounter around Sussex County, NJ - and bet my colleagues will add lots of other snafus!   Unknown conditions. The bank has no history on the property. It does not know if there is an old oil tank buried. The age of the roof is a mystery. Most banks have not even had one of their own employees visit the property. The BPO and photos are normally the basis and extent of the bank's knowledge. I've never had a bank hire a home inspector to do a more thorough job. So, yes, there is more risk for a buyer. This is true not just for foreclo...
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By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
A distressed property normally is associated with the foreclosure process. Distressed properties are on the rise in my market area of Sussex County, NJ. They're not limited to this region plus experts predict we'll ALL be living with them for quite some time to come. So, let's get comfortable with Short Sales and REOs. When the owners are behind in mortgage payments and cannot catch up, they may try to sell the property for less than they owe on it. As an alternative to foreclosure, many banks will "forgive" the shortfall between the debt and the sale price. These are commonly known as Short Sales or pre-foreclosures. The other common type is when a foreclosure or a deed-in-lieu-of foreclosure has occurred. I'll use the term bank but the new owner also could be a mortgage company, corpo...
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