Summit, NJ Real Estate News

By Jane Nicastro-Disch Warren NJ, NJ Estates Real Estate Group of Weichert Realtors
(Weichert Realtors)
NJ Estates Real Estate GroupsProperty InformationNJ Estates Real Estate Group has all the information you need to make an educated decisionwhether you are buying, selling, or just browsing the real estate market.Click on the links below. To request Somerset County township real estate information Click Here To request Union County township real estate information Click Here To request Morris County township real estate information Click Here If you have other questions please E-mail us at NJEstates@gmail.com COMPLETE INFO UPDATED DAILYCurrent Listings Info Luxury New Homes Custom Build A New Home Land & Building LotsNew Jersey EstatesOur Luxury Pre-Owned HomesNewsletters/BlogsGarden State MLSOpen Houses & DirectionsOur Testimonial LettersGoing Green/ Complete InfoFollow us on Twitter Fo...
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By Simon Westfall-Kwong, The Simon Westfall-Kwong Real Estate Group
(Keller Williams Realty, North Central New Jersey)
Summit Place NEW Luxury Condos for sale at Parmley Place in Summit NJ Welcome to Summit Place, the newest and most luxurious condominium homes for sale in desirable Summit NJ.  Located in downtown Summit NJ within a few short blocks of the NJ Train Station, the busy downtown with casual and fine dining options, terrific shopping options, this small new development is a treasure!     All homes feature the following: Airy 10 ft ceilings Decorative crown moldings in the living spaces                                            FREE HOME VALUATION Oak flooring                                                                    Solid oak doors Security system Gourmet kitchen with under counter lighting                                                       FIND A HOME IN SUMMIT Granite or quart...
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By Simon Westfall-Kwong, The Simon Westfall-Kwong Real Estate Group
(Keller Williams Realty, North Central New Jersey)
Summit NJ Fishing Derby sponsored by P.A.L. Every year the Police Athletic League sponsors a Fishing Derby.  What is a fishing derby, you ask... well, it's a great way to get outside, welcome Spring and try something (maybe) new! Geared toward families and children.  Held at the Summit Municipal Golf Course pond, which is stocked with 100 fish and ready to challenge everyone to catch a fish - the big one!  Begins at 8am through 4pm on Saturday, April 30th and Sunday, May 1st.  There will be prizes, free hot dogs and soft drinks.  You must bring your own rod and reel.  Bait, poles and tacked will be for sale as well.  Novices welcome. The Summit Municipal Golf Course is located at 189 River Road in Summit.  
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By Simon Westfall-Kwong, The Simon Westfall-Kwong Real Estate Group
(Keller Williams Realty, North Central New Jersey)
Here we are with another year under our belts.  As the days get longer and we await Spring, many of us are thinking about a new home or a first home or just a different home.  Whether you are buying or selling a home in the Summit NJ area, you will need to have all the accurate and up-to-date information so that you can make the best possible decision.  Every day that I work with buyers and sellers here in the Summit area gives me a unique and personal insight and perspective in the Summit market.  In addition, I have gathered and analyzed reams of data and come up with some information that will be helpful to those of you considering selling or buying a home in the Summit NJ area. Summit NJ real estate is considered by some to be high, some might even say inflated.  It is true that hom...
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By Simon Westfall-Kwong, The Simon Westfall-Kwong Real Estate Group
(Keller Williams Realty, North Central New Jersey)
Good Grief is an awesome local organization!   Here's a little info from their website www.Good-Grief.org                               Good Grief is a resource for grieving children and their families. Through our support center and workshops we help children during the difficult times of their lives and offer support and guidance to the adults in their lives. We currently provide direct services for children and adults coping with loss due to death. As we grow we will provide support for other types of life losses. We provide services in our Summit, New Jersey headquarters and throughout New Jersey. This group was started in 2004 and tomorrow night I am going to their cocktail reception at The Grand Summit Hotel on Springfield Avenue in Summit, NJ (908-273-3000).  It's a social gather...
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By Simon Westfall-Kwong, The Simon Westfall-Kwong Real Estate Group
(Keller Williams Realty, North Central New Jersey)
Construction and renovation costs in Summit NJ. Recently Diana Hoffman, a local Summit architect, was kind enough to come to our office and give us an update on construction costs in our area of Summit, Chatham, Short Hills and Millburn NJ.  This will help you and my clients by giving you a ballpark with which to estimate how much that bathroom or kitchen renovation might be.  I plan to have this information handy as I show homes so that if my buyer is interested in a house but would want an addition, well, they know approximately what they have to consider. Additions: a first floor addition with cathedral ceiling, crawl space and HardiePlank siding, as for a family room, would cost about $220 to $240/sf.  That means that a large 20' x 30' family room would cost approx $132,000 to $144,...
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By Simon Westfall-Kwong, The Simon Westfall-Kwong Real Estate Group
(Keller Williams Realty, North Central New Jersey)
Summit NJ Homes for Sale Market Update WHAT A WILD RIDE!!! The second quarter of 2010 has been excellent for the Summit real estate market!  106 sales for a total volume of over $104 million.  Average Summit home sales price $983,448 98% of list price (average list price $1,002,476) Average days on market for Summit homes only 49 Median sales price of Summit homes & condos $818,000 Take a look at this trend - number of sales and total dollar volume of Summit real estate sales since 2002! What does this mean?  Does it mean that we're out of the woods?  It's hard to really know for sure.  It has been noted that the end of the HomeBuyer Credit has reduced contracts and sales nationwide.  However, Summit enjoys a more stable economic environment than most towns and hopefully that will hold ...
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By Simon Westfall-Kwong, The Simon Westfall-Kwong Real Estate Group
(Keller Williams Realty, North Central New Jersey)
Summit Wine and Food Festival 2010 is scheduled and tickets are now on sale for this fabulous epicurian and wine-lovers' event.  Mark your calendar for September 24, 25 and 26. "Three days of epicurian adventures, cooking demos and wine tasting at the Grand Summit Hotel and Arboretum" will include celebrity chefs, sommeliers, top winemakers and wineries in a fantastic celebration of good food and wine.  Offerings include: cooking demonstrations wine expert seminars wine tastings food and wine dinners mixology cocktail, spirits and beer presentation The Summit Wine and Food Festival will benefit the Community Food Bank of New Jersey:  Fighting hunger and poverty.  A great cause right here in our own backyard! Become a fan of the Summit Wine and Food Festival Facebook Page. Find a home f...
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By Simon Westfall-Kwong, The Simon Westfall-Kwong Real Estate Group
(Keller Williams Realty, North Central New Jersey)
Real estate market update report for Summit, Union County, New Jersey May was a strong sales month for real estate in Summit NJ.  31 Summit homes and condos were sold for a total sales volume of $26 million! This compares very, very favorably with last May's sales, which numbered a mere 8 for a total of only $4.5 million - and only one sale over $1 million! Average sales price for homes sold in Summit in May:  $842,072 Median sales price: $635,000 Low sales price:  $111,700 ... high sales price: $2,900,000 (what a spread!) Average number of days on the market:  59 Average sales price to list price:  98.8% Address        Sales Price     Days on market 161 BROAD ST    $111,700     9 133 SUMMIT AVE    $160,000   102 8 MIDDLE AVE   $230,000    36 417 MORRIS AVENUE    $280,000    190 37 CLAR...
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By Simon Westfall-Kwong, The Simon Westfall-Kwong Real Estate Group
(Keller Williams Realty, North Central New Jersey)
April home sales in Summit, NJ Spring has sprung in Summit with an unprecedented Spring Home Buying Spree!  23 Summit NJ homes have sold in April 2010 for a total of $23,472,800 vs 12 homes for $9,565,279 in April 2009!  That is 141% increase in sales!  Wow! Why?  Well, there are a number of reasons and, given the prices, the home-buyer credit had nothing much to do with it.  This outstanding community is a hub for the NJ Transit Midtown Direct making the express train ride to NYC a fast and comfortable commute.  Couple that with a vibrant and diverse downtown center, top-notch schools, amazing architecture and homes for every taste and budget, it's easy to see why so many find Summit so desirable.  Search for your Summit home here. April home sales in Summit, NJ 133 Summit Avenue Unit ...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
Be the first to discover a home site that is in a premier location, nestled on a gentle slope, located in the sought after town of Summit. Watching your home being constructed on over an acre of land is a sight to behold. Imagine a colonial with a wide front porch, interesting roof lines and eyebrow windows that emulate the towns "old world" reputation as they travel the town. This estate styled home will soon be the envy of the neighborhood. Over 7000 Square Feet of carefully thought out design constructed with quality materials and a master builder. With nature as your backdrop, you'll be looking out the windows to mature trees in a natural setting. Enjoy a walk to down town Summit and enjoy the quaint shops or jump on the train with its unlimited express lines to New York. LUXURY NEW...
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By Simon Westfall-Kwong, The Simon Westfall-Kwong Real Estate Group
(Keller Williams Realty, North Central New Jersey)
Summit, NJ Real Estate Update - 1st Qtr 2010 Summit NJ is one of the wealthiest cities in the United States based on IRS figures for Adjusted Gross Income.  Still, Summit can be relatively affordable for many in the New York Metropolitan area.  In the first quarter of 2010, there were 28 sales with an average price of $703,443. This represents that Summit has 7 months of inventory of homes for sale. There are currently 127 homes for sale in Summit NJ ranging in price from $189,100 for a 2 bedroom, 2 bath bank owned foreclosure home to $6,995,000 fro a magnificent turn-of-the-century 17 room mansion on over 1 acre on Hillcrest Avenue.  Over 50% of these listings are under $1,000,000, the average price is $1,207,270 and the median price is $749,000. Summit homes and condos under $500,000 ...
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By Paul F. Stillwaggon Warren NJ, NJ Estates Real Estate Group, Weichert Realtors
(Weichert Realtors)
For years, brokers have helped builders build their business. Now it is the homebuilders' turn to help general agents build theirs. The need is now and the timing is perfect. Many builders pay all or part of the broker's commission up front for presales while the same agent waits up to six months to be paid for a short sale (if it closes). Paul F. Stillwaggon NJ Estates Real Estate Group April 2010 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2010 Realty TimesAll Rights Reserved. It used to be the other way around. Brokers would have to wait for presales to close to get their commissions, but could sell a resale and be paid in 30 days. Even worse, selling short sales is hard work. Have you seen a short sale checklist lately? Selling new homes is much easier. Here's ...
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By Alex and Deirdre Silberman
(Keller Williams)
  Summit NJ December / Q4 Numbers Are finally Out!   There must have been a ton of numbers to crunch, but the results are in. The following is for the entire 4th quarter of 2009:       2006 2007 2008 2009 Average # Of Offerings/Monthly 28.3 24.7 23.0 27.3 Average # Of Sales/Monthly 19 16.7 10.7 15 Supply & Demand Ratio 67% 68% 46% 55% Unsold Inventory 93 106 128 103 Projected Absorption (Months) 5 6 12 7     The unsold inventory continues to drop from 2008 and there was a 50% bump in sales over last year. 7 months of available inventory in this desirable community signifies a very slight seller’s market. For more information on how this affects your plans, call me at 973/219-9200 or visit www.greatnjproperties.com.     Analysis and forecast courtesy of the Otteau Valuation Group
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By Sean Carroll, Real Estate Speaker and "Expert" Coach
(The Get Off Your A$$ Academy)
Photo GalleryBedroomExclusive Driveway for TenantEat in KitchenLiving RoomLots of Cabinets and Counter SpaceGreat YardDescription2nd Floor 2BR apart. with seperate entrance, off street parking. Rent INCLUDES water, hot water, Fios TV and Internet. Walking distanceto public transp. and close to routes 24 and 78, short hills mall.Available furnished or unfurnished, this lovely 2nd floor apartment in an owner occupied, well maintained 2 family home is ready for immediate occupancy. Large Eat In Kitchen with plenty of cabinets, private entrance, private driveway for 2 cars. Rent includes water, hot water, garbage removal, access to backyard, as well as FIOS TV and INTERNET ACCESS! What a great value! No Smoking or Pets in apartment**Brokerage Fee of 1 month's Rent Due at Lease Signing**Feat...
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By Debbie Rybka-Howard
(Coldwell Banker (formerly Burgdorff), Short Hills, NJ)
Earlier this week, I posted a brief overview of homes in Summit, currently for sale that are priced under $1 million.  Today, I wanted to show you guys the landscape over the "1". As we step up in price, each home adds quality and luxury, space, number of rooms, positioning on, and overall appearance of, the lot.                 We're not at the "really grand" homes yet in the $1 - 1.5 million range, but we are at "substantial".  You can expect a newer kitchen and bathrooms or more space - one or the other.                                           Now you start to see bigger home, on larger lots with more upgrades.  A large house in this price range will tend to extra spaces beyond the 4-5 bedroom Center Hall Colonial traditional layout.                 In the $2 -3 million range, you ...
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By Debbie Rybka-Howard
(Coldwell Banker (formerly Burgdorff), Short Hills, NJ)
Summit, NJ has a reputation for grand homes in the upper price bracket.  Yet, of the 125 Summit NJ homes for sale right now, only 36% are over $1million!  The mid-point of the list of available homes is $749,000.  There are even TWO homes listed for sale at less than $200,000; though it should be pointed out that those are 1 BR co-ops, in a lovely pre-war building on Summit Avenue, within walking distance to everything! Here's a quick overview of what you can get for under $1 million today!                 Usually less than $200,000 gets you an apartment in Summit.  there are some small homes available in the mid-$300s, but rarely under that number.               By the time you get into the $300,000 range, there are some 2, 3 and even 4 bedroom homes for sale. Whether you prefer a ranc...
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By Jane Nicastro-Disch Warren NJ, NJ Estates Real Estate Group of Weichert Realtors
(Weichert Realtors)
You may have seen the headlines last week about the Federal Reserve continuing its policy of keeping interest rates low to stimulate the economy. But you might have missed a major byproduct of that move that's certain to have a direct impact on home real estate: Thirty-year fixed mortgage rates slipped below the five percent mark for the first time in nearly half a year, dipping to 4.9 percent. New Jersey Estates/Real Estate Group Paul Stillwaggon September 2009 LINKING THE LATEST TECHNOLOGYTO OLD FASHIONED SERVICE Copyright © 2009 Realty TimesAll Rights Reserved. Fifteen year fixed rates are just 4.4 percent. Now, there's nothing more stimulating for home buyers than mortgage money at rates that are about as low as they go. And sure enough, applications for new mortgages jumped by near...
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