Summit, NJ Real Estate News

By Perri K. Feldman, NJRealEstateWire.com
(Keller Williams of Essex, Union & Morris Counties)
Out of the 241 Seniors that graduated in 2008 from Summit High School at the Metro Homes Field in Summit, New Jersey, eight are heading to the Ivy's: 2 Brown University1 Columbia University3 Cornell University1 Dartmouth College1 Princeton University For the full list visit NJ Real Estate Wire. To learn more about living in Summit please visit Midtown Direct Homes.  
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By Perri K. Feldman, NJRealEstateWire.com
(Keller Williams of Essex, Union & Morris Counties)
At 4pm Friday, June 27, 2008, the Springfield Avenue Bridge is OPENING!!! Finally!!! What terrific news for our Keller Williams office...as the bridge is right out front. The official opening ceremony is on Tuesday, July 1 at 6pm. JOIN THE CELEBRATION  and stop into Keller Williams to say hi. If you are looking to relocate to Summit, New Jersey please contact Perri K. Feldman at 973.650.4727 or email Perri@MidtownDirectHomes.com   
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By Perri K. Feldman, NJRealEstateWire.com
(Keller Williams of Essex, Union & Morris Counties)
Happy Fathers Day!!! Summit Farmers Market opened this morning, Sunday, June 15 at the corner of Maple Street and DeForest Avenue and will be open every Sunday through November 23rd from 8am-1:30pm. Look who is there this year:     Brownie Points BakeryCherry Grove Farm (organic)Coffee AfficionadoCorner-Copia FarmHoboken Farms (prepared & frozen foods, fresh breads)Jakey & Rachie (fresh baked granola & fresh squeezed juices)Key Ingredient CateringPickleLiciousRace FarmShore CatchStefans & Sons (homemade sausages)Vacchiano FarmValley Shepherd Creamery If you are looking for a home in Summit please contact Perri K. Feldman at Perri@MidtownDirectHomes.com.  
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By Susan Zanzonico, Sellers/Buyers Agent, Morristown NJ Real Estate
(Berkshire Hathaway Home Services)
Summit New Jersey is a very family-oriented town.  Summit High School prepares students to be responsible and productive high-achievers in this competitive and evolving society. Read about Summit NJ Schools...Susan Zanzonico - Summit NJ Realtor
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By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
What is it about Summit, NJ that makes it so desirable?If you are asking this question, then you probably do not live in Summit.Summit, New Jersey is far from a cookie cutter town. It consists of remarkable architecture, beautiful landscapes, and old world charm with historical relevance. Although each of these aspects is true and sounds attractive, reality suggests that today's buyers need more from a town.What do today's home buyers need?In my experience, buyers are looking for a number of things from the place they decide to choose.Buyers with children are interested in the school system. Buyers who work in the city are interested in transportation.  Buyers who are savvy investors look for homes that will appreciate quickly. Then there are those buyers who need a yard or cannot live ...
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By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Recent Quotes about the Positive Signs in the Real Estate Market:The Time is Right for First-Time HomebuyersGenerally, homes are becoming more affordable, and mortgage rates -- though somewhat volatile over recent weeks -- are still relatively low. "This is one of the best times that a first-time home buyer has had in a long, long time. (First time buyers should) get qualified and go to a Realtor ... and then ask the questions 'What if the property drops,' and 'What if the rates go up?' The cost of capital is important to look at. It's possible that even if prices do drop significantly, interest rates could go up, making the savings negligible."-- Tom Kunz, president and CEO for Century 21 Real Estate LLC, "First-time Dilemma," by Amy Hoak, MarketWatch, March 9, 2008.Buyers Should Think...
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By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Are you buying a home? You should be aware of interest rates and how they impact your buying power. If you are banking on these rates and they rise you may not be able to afford the home you have been waiting for. As a full time real estate professional with Burgdorff ERA, I am regularly educated about the mortgage market by our offices'  ERA Home Loan representative. Part of this education comes in the form of emails containing useful articles about updates in the mortgage market. Today I received an email that I felt is worth sharing because buyers need to be made aware of potentially rising interest rates. Unfortunately, I was not given the source of the information so I apologize for not giving credit where credit is do. I hope you find this information useful.Buying a Home? Find Ou...
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By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Special Edition - The Effect of Mortgage Rate Reductions on Buying Power:The recent interest rate cuts and subsequent reductions in mortgage rates have significantly improved potential home buyers' ability to afford a home.   •Ø      The impact of a 1% reduction in interest rates on a $250,000 home (assuming the buyer used the same down payment):•o        With 80% financing, a buyer could purchase a home that cost 9% more •o        With 60% financing, a buyer could purchase a home that cost 7% more •Ø      The impact of a 1.5% reduction in interest rates on a $250,000 home (assuming the buyer used the same down payment):•o        With 80% financing, a buyer could purchase a home that cost 14.5% more•o        With 60% financing, a buyer could purchase a home that cost 11% moreUsing a $25...
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By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Recent Quotes about the Positive Signs in the Real Estate Market: Mortgage Applications Up & Rates DownThe Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Jan. 11 surged 28.4% to 906.4, its highest since the week ended April 2, 2004. "When consumers see an opportunity, no matter how pessimistic they might be, they take it. It will improve the underlying state of the industry and the longer rates stay down, the more people will take advantage of the opportunity, so that is a good thing."-- Douglas Duncan, chief economist at the Mortgage Bankers Association, "Tumbling Rates Boost Mortgage Demand to Four-Year High," USA Today, Jan. 16, 2008.Mortgage rates have dropped to their low...
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By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Recent Quotes about the Positive Signs in the Real Estate Market:Silver Lining for Real Estate in '08•Ø       In his outlook for 2008, Laurence Yun, the chief economist for National Association of Realtors®, sees a shift from greedy speculators to serious homeowners. 2008 will be a year of opportunity where there will be serious, healthy business. Furthermore, Yun predicted that the market returns to normal by 2009. •Ø       According to Yun, one of the biggest mistakes that reporters make is talking about national trends. Nationally, 2007 was the fifth best year ever on record. Home prices declined about 1.5 percent after a 50 percent run up in prices. •Ø       2008 represents the best window that buyers will have to find excellent deals with excellent financing. Get the word out there...
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By Susan Zanzonico, Sellers/Buyers Agent, Morristown NJ Real Estate
(Berkshire Hathaway Home Services)
This is inspired by an experience I had with a high-end buyer in Summit New Jersey who was not at all educated by their hopefully "previous" realtor on issues that surprised me.  It is more than a little disturbing to me to find out that a buyer would know nothing about .....Susan Zanzonico - Keller Williams Realty - 973-214-5872 - www.HouseBeautifulNJ.com
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By Susan Zanzonico, Sellers/Buyers Agent, Morristown NJ Real Estate
(Berkshire Hathaway Home Services)
Things to think about to protect your Summit NJ home during the winter months.Interior  Keep attic louvers and vents open all year.  Check louver screeningCheck bathroom tile joints, tub grout and caulking.  Be sure all tile joists in bathrooms are kept well sealed with tile grout to prevent damage to walls,floors and ceilings.Heating and Cooling  Change or clean furnace filters and air conditioning filters monthlyPlumbingCheck for leaks at traps and sewer cleanouts.ElectricalTest ground fault cicuit interrupters.Summit NJ Real Estate average days on the market is approximately 2 months.  Purchasing a home in Summit or other towns along the Mid-town Direct is a good investment.  Call Susan Zanzonico on 973-214-5872 for assistance in selling or buying.  I also specialize in Chatham and M...
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By Diane & Cory Robinson
(Lois Schneider Realtor)
 As you can see from the charts, whether you are buying or selling in Summit, NJ, you must call Lois Schneider Realtor, the market leader.  For over a quarter century, the company has been one of Summit's most productive real estate firms.  We invite you to drop in or call to schedule a personal consultation. We are sure you will know why Lois Schneider was named by the New Jersey Business Journal as one of the state's top 25 corporations owned by a woman.
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By Perri K. Feldman, NJRealEstateWire.com
(Keller Williams of Essex, Union & Morris Counties)
Union County, New Jersey is quite diverse in terms of real estate prices, communities and property size.While we saw a bit of a dip in average home sale prices in January 2008, a recent surge in homes newly listed on the market...point us to a more positive outlook for Spring. If you are thinking of moving to Summit or Springfield, New Jersey please contact Perri K. Feldman at 973.650.4727 or Search the Garden State MLS here.To learn more about Summit and Springfield visit Midtown Direct Homes and New Jersey Real Estate Wire
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By Juliet Johnson, Jacksonville Photography & Digital Marketing
(Vizzitopia)
Many have kindly asked whatever happened to the historical mansion with the organ that I was struggling with.  (and blogged about repeatedly!)It went back on the market yesterday and was being shown to a potential buyer during the Brokers' Open House/Caravan.  This already achieves the objective (the house hadn't been shown for over 6 months) and is in direct result of the buzz our collective efforts created.  I hope.    This is the house where Woodrow Wilson slept there, Caruso sang with the live organ in the living room and Madame Chiang Kai-Shek had tea in the tea house, by the pool.    In the end I decided to play the history card, and make that history a lot more fun.  I created a Clue game with President Woodrow Wilson instead of Professor Plum, Caruso in lieu of Mr. Green and Mad...
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By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
.flyertopmenu { font-size: 12px; font-family: Verdana } .flyertopmenu a { font-size: 12px; font-family: Verdana; } .flyertopmenu a:hover { color: #ffffff; text-decoration: none; } Photos Print Summit, NJ Homes. The Real Estate Resource You've Been Searching For! Interested in buying or selling a home? Are you a savvy investor looking for your next project? A Realtor looking to learn more about our business? Just curious about learning more about real estate? My site offers unique content ideal for all levels of real estate expertise. I hope you enjoy and I look forward to speaking with you! www.MichaelPennisi.com "The Key to Your Dream Home" CONTACT INFO Burgdorff ERA Realtors Michael Pennisi 401 Springfield Summit, NJ 07901 908-656-3858 Click To Email Me Summit, NJ Real EstateSummit, ...
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By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Buying or Selling a Home in Summit, NJ?Visit the following link to view my most recent research on the Summit, NJ market:Summit, NJ HomesThe media has been condemning the purchase of real estate. NAR has been claiming that now is the time to buy.Who is correct? Since all real estate is local, you might be surprised of Summit, NJ's trends. I look forward to hearing your feedback.Sincerely,Michael Pennisi(908) 656-3858www.MichaelPennisi.com 
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By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Recent Quotes about the Positive Signs in the Real Estate Market:Buyers Waiting on the Sidelines Need to Get in the Game •Ø       People willing to hold properties for a long time could be well served by starting to look at potential purchases now, because over the long term home appreciation usually pays off.•Ø       Despite the recent declines in the market, national home prices are up 80.5% over the first quarter of 2001. •Ø       One reason potential buyers may want to act quickly: Historically, when home prices fall, they don't fall for long.•Ø       "If we go back to 1990, 1991 and 1992 and prices were falling, the reverse came very fast and very suddenly." There is some indication that the time period might be shorter than it was in the 1990s. For one, the job market is actually ...
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By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Recent Quotes about the Positive Signs in the Real Estate Market:Helping Homebuyers and Sellers Navigate the Market •Ø       "What consumers see in the newspapers and online is based on the view of the national market from 50,000 feet. Those numbers don't reflect the true story in any single marketplace."•Ø       "We have to get localized and start showing consumers that real people just like them are successfully buying and selling homes in this market. The price range has nothing to do with it; it's all relative to what you do with it."•Ø       "For the people that have been in their homes for four years or longer, the possibilities of what they can do in this marketplace are tremendous - especially if they look in their own market."•Ø       "I always urge consumers to talk with a pro...
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By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Regional Real Estate: Good News From Several Markets Around the CountryWhat Bubble? Top 10 Cities Where Home Prices are RisingHere are the top 10 cities where home prices are rising, the median home price and how much prices have risen in the last year, according to Forbes magazine. Click here for a slideshow.•1.            Salt Lake City, Utah                             $233,100         +21.9%•2.            Binghamton, N.Y.                                $111,200         +19.8% •3.            Salem, Ore.                                        $227,900         +16.7% •4.            Farmington, N.M.                                 $201,900         +14.0% •5.            Allentown-Bethlehem-Easton, Pa.-N.J.    $274,500         +12.8% •6.            Beaumont-Port Arthur, Texas             ...
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