Summit, NJ Real Estate News

By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
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. If they wait, prices and interest rates will be higher and the ...
Comments 1
By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
 Mortgage Applications Rise to Highest Level Since 2004Applications for home mortgages jumped to their highest level in nearly four years as low interest rates led more homeowners to seek refinancing.  The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity rose 7.5 percent to 1,054.9 in the week ended January 25; its highest level since March 2004.-- "Mortgage Applications Near 4-year High," Reuters, Jan. 30, 2008.Economic Stimulus Plan Will Help HousingThe economic stimulus plan announced by Congress and the Bush administration includes provisions that specifically address the mortgage crisis and make it easier for buyers to get or refinance mortgages - especially in high-cost regions like California.  "[The raise in loan limits] could remo...
Comments 0
By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Regional Update: Good News from Several Markets around the NationNew Jersey"I just don't feel the downturn touches these communities (in the suburbs of New York City) as much. People still need or want to move from Manhattan to these very desirable places, which have quick commutes. Yes, there are bargain hunters, even in Short Hills and Summit, N.J., and some are successful right now, but many are not."-- Elaine Pruzon, real estate agent, "Buyers, Now Hear This," by Antoinette Martin, The News York Times (registration required), Jan. 20, 2008.St. LouisEven though houses in St. Charles County stayed on the market longer - 80 days in 2007 compared to 48 in 2002 - sales rose to 5,248 from 4,149. And although median house prices barely budged over the last year in St. Charles County, the a...
Comments 0
By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Dear Active Rain Participants,As a Summit, NJ Realtor I want to make members of our community and those interested in the Summit, NJ area to be aware of the following events scheduled for the month of February. Each of these events were announced on the city of Summit's website.I have also attached the links to each of these events where applicable to help promote your participation. I hope you find this helpful. Also keep in mind that each of these events can also be found on the City of Summit's website.LOVE IS IN THE AIR AT COMMUNITY PROGRAMSA fun way to celebrate Valentine's Day and to gather the community together is to take advantage of the Kiss & Hug Coupon Campaign being offered by the Department of Community Programs. Read all about it below-don't forget to print out your coupo...
Comments 0
By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Dear Active Rain Community and the General Public,Interested in Subscribing to a Monthly Real Estate Newsletter filled with Interesting Articles and Unique Content.Click on the picture below to be directed to my sign up page. Thank you for participating and I look forward to hearing from you soon.Have a great day.Sincerely,Michael Pennisiwww.MichaelPennisi.com (908) 656-3858
Comments 2
By Perri K. Feldman, NJRealEstateWire.com
(Keller Williams of Essex, Union & Morris Counties)
    There was nothing average about Summit New Jersey Real Estate in 2007 based on the figures from the Garden State MLS: In 2007, more homes were sold, at higher prices than the year before...but, it took a little longer: Average Sale Price was up 11%Number of Homes Listed was up 4%Highest Price Home Sold was up by $2,000,000   What does this mean for buyers thinking of moving to Summit, New Jersey...now is the time to buy, with new lower interest rates on the horizon, 116 homes currently on the market, express trains to New York City on the Midtown Direct Line, a vibrant downtown, an excellent school system and homes retaining their value...you can't lose.To view the complete study visit New Jersey Real Estate Wire.To learn more about Summit, New Jersey and to search for Summit real e...
Comments 0
By Jane Nicastro-Disch Warren NJ, NJ Estates Real Estate Group of Weichert Realtors
(Weichert Realtors)
Summit's downtown shopping district hosts an assortment of unique merchandise offered by family owned and operated businesses. The variety of shopping includes art galleries, gourmet shops, department stores, apparel stores for children and adults, sporting goods stores, florists, interior design studios, gift andShopping in Summit is special too! There are few communities of its size that can offer the charm and diversity of the downtown Summit center. The community has many prestigious businesses. A tradition of customer service runs deep through the many family owned and operated stores throughout the town.          Summit, NJThe City of Summit, established in 1899, is a mature and picturesque suburban community located 35 miles due west of New York City. At 450 feet above sea level ...
Comments 0
By James Rembish
(RE/MAX Achievers-Chatham-Summit-Madison)
Rec'd 3:12pm today I'm just trying to get a feel for the different markets. James, I have a question. Let's say you're personally in the market to buy a home. You have the flexibility to purchase it anytime within the next 2 years. When would you buy your home (now, in 3 mos, 6 mos, 1 yr, etc) knowing that there is still weakness in home prices and sales? from XXXXXXX Dear XXXXX, A great consideration to ask? Now down with business. I've been in this situation and it proved out. Answer to question. 1st ? - Do I have a house to sell before I buy? Am I staying in the same general area? If I have a house to sell first and I'm not relocating, then it really doesn't matter when I buy because if I have to take a hit on the sale of my house, then I'll make it up when I buy. Also, it's not near...
Comments 0
By Juliet Johnson, Jacksonville Photography & Digital Marketing
(Vizzitopia)
We have discussed this issue many times before, but given the following case study from a consult this week, it obviously bears repeating.Consider this $3 "million baby" in one of the fancier Wall Street suburbs around here -             The Foyer --- or Rotunda --- or Reception Room  --- it's the room all the others are "off" so to speak, useful if you're playing Clue in 3D.  That's faux painting on the walls - a brick, plaster and red ivy treatment. Here's the Grand Living Room (replete with working pipe organ)           Faux painted silk wall treatments are in every nook and cranny.  There's gorgeous antique furniture and every horizontal surface is jam-packed with marvellous groupings of interesting collectibles - be it mercury glass, silver, Clarice Clift pottery, depression glass....
Comments 19
By Kristin Balsley
(Kristin Balsley)
It's been all over the news, so the chances are good that you've heard about it. It's a buyer's market these days when it comes to real estate, but if you want to sell your home, the term alone can be intimidating. The simple truth, though, is that you can successfully sell your home in a buyer's market, and you can even get the price you want. These tips should help. Summit NJ real estate is some of the most competitive in the country because of the location. As a result, look carefully at the homes on the market around you. Price your home accordingly. Just because a similar home sold for a million dollars five years ago, the market has fluctuated. Work with Kristin Balsley or another qualified Summit NJ real estate agent to discover the true value of your home in this challenging mar...
Comments 0
By New Jersey Real Estate James Boyer Morris, Essex & Union County NJ Realtor
(RE/MAX Properties Unlimited, Real Estate)
The Winter home selling season has started here in Summit NJ.  The great deals are everywhere, you just have to look to see them. There are currently 102 homes for sale in Summit NJ 07901 many of these homes are being sold by owners who are truly motivated to sell.  This means great deals for Summit NJ area home buyers.$     285,000  Lowest Price Home Currently For Sale In Summit NJ$10,500,000 Highest Price Home Currently For Sale In Summit NJ$ 1,076,802  Average Price Of A Home Currently For Sale In Summit NJ$    779,000  Median Price Of A Home Currently For Sale In Summit NJThe Average Home For Sale in Summit NJ 07901 has been on the market for 118 Days.  Summit NJ has typically been one of the most desireable towns in which to live.  With easy access to New York City by the Midtown D...
Comments 0
By Jane Nicastro-Disch Warren NJ, NJ Estates Real Estate Group of Weichert Realtors
(Weichert Realtors)
         Summit, NJThe City of Summit, established in 1899, is a mature and picturesque suburban community located 35 miles due west of New York City. At 450 feet above sea level it is one of the highest points within a 25-mile radius, has an abundance of resources and is rich with history and culture. The Leni-Lenape Indians were the area's first settlers, followed by the Dutch in the 1600's. The English took claim of the settlement in 1664. During the Revolutionary War, Summit was known as "Turkey Hill". George Washington rode his horse from Morristown through Madison to Summit for the purpose of observing the movements of the British Troops. From the late 1770's and early 1800's, more and more people discovered the clean mountain air and healthful mineral waters and decided to leave ...
Comments 0
By Susan Zanzonico, Sellers/Buyers Agent, Morristown NJ Real Estate
(Berkshire Hathaway Home Services)
No surprise that its been another great year for Summit NJ home sales.  This town holds up no matter what with its top notch schools, beautiful town center and easy access to NY City.  Lets take a look at the numbers as of December 26, 2007.      Summit NJ Real Estate Market DataAverage Sale Price for 3 bedroom homes - $683,397Average Sale Price for 4 bedroom homes - $1,183,749Average Sale Price for 5 bedroom homes - $1,926,776Average Overall Sale Price = $1,147,637Average Days On The Market - 61If you find these Summit NJ home sale statistics interesting and would like to see them for other towns such as Chatham NJ or Morristown NJ, give me a call on 973-214-5872.  I specialize in real estate buying and selling for homes in towns along the Midtown direct train line.Susan Zanzonico, NJ ...
Comments 0
By Kristin Balsley
(Kristin Balsley)
If you're shopping for Summit NJ real estate, there's great news. With more inventory than ever in the Summit NJ market, buyers are getting breaks like never before. There was a time that sellers could put a home on the market, and it would be gone within days. Because of mortgage market issues, though, sellers simply aren't having their desires fulfilled, which means amazing prices for buyers in the Summit NJ real estate market.  In an ABC News story last year, real estate analyst Ivy Zelman said, ""People are going to have to come to the reality that if they want to sell their house they're going to have to lower the price." That's great news if you're looking for the perfect home. How To Take Advantage of the MarketIf you do want to take advantage of the Summit NJ real estate buyer's...
Comments 0
By Kristin Balsley
(Kristin Balsley)
One of the biggest tips I offer to Summit NJ Real Estate sellers is to have their home properly decorated before they put it on the market. The visual appeal of a home is everything, and depending upon what season you sell your home in, these tips may help to cut the waiting time in half. WinterHomes tend to be darker in the winter months because the sky is often cloudier. Brighten your home by hanging well-framed mirrors in darker corners to help with light reflection.Try hanging framed art in the dead spots in your home to give it a bright, warm feel.If it's the holiday season, ensure that you haven't cluttered areas with unnecessary holiday decorations. SpringConsider adding fresh flowers to areas of your Summit NJ real estate.Replace curtains that are beginning to show wear, and be ...
Comments 0
By Kristin Balsley
(Kristin Balsley)
Come to Summit, NJ and enjoy holiday happenings in downtown Summit.   Shop for gifts at the many local speciality stores where you can find great gifts for everyone on your list.   If you need some help getting into the holiday spirit, be sure to visit Summit NJ's downtown for an old fashioned horse and carriage ride.  These rides are provided free of charge and are offered Sundays during December from noon until 2:30 as well as Thursday evenings from 5:30 to 7:00.  The starting point for the horse and carriage rides is in front of the little mini park at the intersection of Beechwood Rd. and Bank St.In addition to the horse and carriage rides on Sunday afternoons and Thursday evenings, shoppers can enjoy the sounds of carolers singing holiday music.Another family friendly activity is t...
Comments 0
By New Jersey Real Estate James Boyer Morris, Essex & Union County NJ Realtor
(RE/MAX Properties Unlimited, Real Estate)
There were 23 homes that sold and settled in Chatham this past month.  The Summit real estate market seems to keep moving along as some home buyers brave all the bad news realizing that when the news is the worst, is the best time to get a great deal.MLs #ADD Lprice StyleBedsBathsGARBSMT Sprice  DOM2453133768 Springfield Avnue A-1 $   389,000.00 TwnEndUn22.11Y $   387,000.00  162422657777 SPRINGFIELD AVE APT 8 $   399,000.00 TwnIntUn22.11Y $   399,000.00  522449396151 Passaic Avenue $   399,900.00 Cottage221Y $   425,000.00  21239146667-75 New England Avenue $   489,000.00 TwnEndUn22.11Y $   480,000.00  208244476971 W END AVE $   529,000.00 CapeCod321Y $   520,000.00  112445242659 Springfield Avenue $   535,000.00 Tudor322Y $   581,000.00  17239150367-75 New England Avenue, 75D $   549,...
Comments 0
By Michael Pennisi, Summit, NJ Broker Associate
(Coldwell Banker Residential Brokerage)
Summit, NJ Sold Homes- November 2007 This page contains every home that sold in Summit, NJ during November 2007. You will notice that Summit, NJ's real estate market offers a wide variety of homes for every price range. Where else can a first time buyer be able to afford buying into a town filled with multi-million dollar homes of distinction? It is this variety that allowed Summit, NJ to become the diverse community so many buyers find desirable. It also remains a place filled with long time residents proud of the town they helped shape. This ideal New York City commuter community truly offers an environment fit for all. The perfect expression of Summit's ability to capture individuals of all walks of life is seen through a given month's real estate statistics. Every price range is acc...
Comments 0
By Diane & Cory Robinson
(Lois Schneider Realtor)
This weekend is the start of the Holiday season for people in Summit, NJ.  This is the weekend that Santa comes!!  Every year more and more people come out to Summit to join in the festivities.  This year is no different.  It all starts Sunday, December 2nd at noon with the Puppet Show at the Square Yard located at 343 Springfield Avenue in downtown Summit.  There will also be Carolers from 12:00 - 3:00PM all around the downtown area and Horse Drawn Carriage Rides on Beechwood Road from 2:00 - 4:00PM.Now comes the exciting part!!  SANTA!!!  Santa will arrive in Summit, NJ at 3:00PM at the Bouras Building located at 25 DeForest Avenue.  Santa will only be here for an hour so make sure that you are already in downtown Summit at that time.Remember all of this is free (and not to mention fu...
Comments 2
By Summit NJ Real Estate | Realtor | Luxury Home Sales | Condominium Townhome Sales Summit NJ 07901
(RE/MAX Properties Unlimited)
Summit Home Sellers, What Should You Do When Your House Does Not Sell?The longer your home sites on the market, the less likely you are to get a price that you are going to like.  Avoid waiting to long to make a decision.Listen To A Professional Summit NJ Realtors Feedback!Ask your real estate professional to poll his or her colleagues who have shown your home.  If location is the problem, you may not have any choice but to reduce your price.  But if your home's appearance is the issue, deal with what seems to be holding buyers back, such as cleaning up the basement or painting the inside.Reduce Your Homes PriceThis is the most obvious decision.  If the real estate market has slowed since you listed your home six weeks ago (and it has), the comparable recent home sales you used to set y...
Comments 0