AUGUST 2010 Report

Rutherford, NJ JULY 2010 Real Estate Report

What a normal, boring month for Rutherford.  Sales have not reached double digits even once this year on a monthly basis.  Are homebuyers favoring Lyndhurst right now?  Doubtful, I don’t think anything along the lines of preference changed.  The expiration of the Homebuyer Tax Credit had a bit to play in the sluggish month, although as mentioned, this is kind of the norm for Rutherford.  Not entirely a bad thing.

I was with a client last week showing a house on Feronia Way and they said the same thing a friend of mine in Rutherford says.  Rutherford has one of the most convenient transit systems and has an overwhelming “at home” feeling than the surrounding areas.  Additionally, the school system has achieved higher recognition which always is a great selling point.

Has everyone heard about the ARC Program?  This will definately help home values in the area including Rutherford.  Instead of me blabbing about ARC working with Port Authority to build an additional tunnel into Manhattan giving the Main and Bergen Line DIRECT access into Manhattan with no Secaucus/Hoboken connection, CLICK HERE.  Ooops…I think I just gave it away.

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To preview the y/o/y and m/o/m charts and official New Jersey Real Estate Guys statistics for Rutherford, CLICK HERE.  This will show you 2009-2010 figures.

As always, if you are looking to buy or sell a home in Rutherford, New Jersey Real Estate Guys would value an opportunity to work with you and give you our opinions on the local market to assist in your buying / selling needs.  Feel free to call us at 877.688.7582.

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Another area in the suburbs we like is Rutherford, NJ, a quiet and peaceful place for you and your family and only minutes to NYC and the other metro areas of Northern NJ. For you partiers out there, Rutherford is a B.Y.O.B town with plenty of great restaurants and landscape to enjoy. Armed with a great school system, real estate taxes are less than Montclair at least with just as much convenience.

One very big asset for Rutherford is its direct public transportation system into Manhattan which takes about 15 minutes from door to door via NJ Transit. Historically, Rutherford has a quiet real estate market with limited availability, thus, fewer monthly sales than other markets with more inventory. That being said, recognizing the low inventory, sales are not reaching the level they need to in order to drive down inventory.

To view all homes for sale in Rutherford CLICK HERE. Be sure to fill in your desired criteria using our customized search tool. Contact us at 877-688-7582 to set up a showing appointment or follow the showing instructions on each individual listing in your search.

Prices are down about 18% since its peak have average sales prices have slid since the start of 2010. During the second half of 2009, the average price of a home sold in Rutherford bounced around $425,000. Since February 2010, the average price of a home sold in Rutherford is bouncing around $375,000. Currently there is a home under contract for $1,250,000 that should drive up the average sales price in July or August, but we anticipate that the average will set below $400,000 throughout 2010 until inventory is absorbed at a faster pace. Let’s look at the most recent month of June.

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Rate of Absorption: An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. Based on the figures above, the absorption rate remains high in Rutherford. Hopefully the 18 homes under contract close in July to lower the rate of absorption. Sellers being pressured with lowering prices will likely conceed a little more to buyers if they are motivated.

To check out a full statistic report on Rutherford real estate CLICK HERE. This report will show month over month and year over year comparisons of sales volume and average selling prices.

If you are looking to buy or sell a home in Rutherford, we would value an opportunity to meet and discuss your options. We can provide you the due diligence to assist in your decision in the housing market. You can e-mail us or call me direct at 877.688.7582

With an occupancy rate of nearly 100% over the last 12 years, these 4-Family Homes present a perfect opportunity for any homeowner or investor.  Due to the current owner being an owner occupant, he has taken tremendous care to preserve the utmost value for these homes located in the beautiful historic district of Morristown, NJ.

55 Wetmore Avenue $579,000

A four-family house consisting of four 1BR/1BA apartments. These units are very easy to rent. The building has had a near 0% vacancy rate over the past 12 years. Located in the Historic District of Morristown on the dead-end section of a quiet residential street. Within walking distance of the Morristown Green, the train station, the Community Theater and the best shops and restaurants in town. Quick access to major highways. Each apartment has a private front and back entrance, back patio and separate utilities. The current average rent is $1096/month with the tenant paying both gas and electric.

$52,620 Rental Income
$12,504 Property Taxes
$1,776 Hazard Insurance
$1,362 Utilities (water & sewer)
$36,978 Net Operating Income
All Units separately metered (tenants pay)
New vinyl windows 1993
New 300 amp electric service 1999
New back porch and staircase 2000
All units renovated 1993-1996

50 Western Avenue  $899,000

A four-family house consisting of two 2BR/1BA apartments downstairs and two 4BR/2BA apartments upstairs. Located in the center of town, just one block from the Morristown Green. Within walking distance of the train station, the Community Theater and the best shops and restaurants in town. The backyard borders a wooded National Park and the yard is meticulously landscaped. Each apartment has a private front and back entrance, back patio or deck and separate utilities. Tenants pay gas and electric.

5700 Total Square Feet.
Built 1911
$99,600 Rental Income (assume $2,000/month for owner occupied unit)
$18,861 Property Taxes
$2,473 Hazard Insurance
$4,242 Utilities (water & sewer)
$74,024 Net Operating Income
All Units Separately metered gas/electric (tenant pays)
New Vinyl Windows 1998 and 2002
New 300 amp electric service 1999
ALL UNITS and exterior completely renovated from 2001 – 2004

The Heights at Montclair exceeds the luxury boundaries.  Sprawling multi-level floorplans typically contain 3 bedrooms and anywhere from 2.5 to 3.5 bathrooms.  Soaring ceilings in the foyer and conversation room give it a palatial feeling.

For the commuter, you benefit from several train stations within only a couple of miles, bus stations, and of course the convenience of Rt. 3, Rt. 46, I-287, and the Garden State Parkway.  If you commute to the city by car, you are less than 20 miles to the Lincoln Tunnel.

The Heights at Montclair – All Available Condos for Sale & Rentals 

 

Showing appointments are required at the Heights at Montclair.  Please call Scott with NJREG at 877-688-7582 for additional details or simply send him an e-mail.  We value an opportunity to earn your business. Scott is a local, attended MSU and achieved All-American status as a baseball player.  Past player for NJ Jackals, the local professional baseball team!  7 years real estate experience.

Click Here  for all other Montclair NJ homes and condos for sale

Cambridge Crossings

To see all Cambridge Crossings condos sold in 2010, CLICK HERE

Cambridge Crossings is a high density development (a development I have personally live in), and can vouge for the fact that it is a very nice community whether you are single, married, and/or have children.  With safety as a top priority for our families, you can enjoy the luxury of a 24 hour guard gate at the Colfax Avenue entrance.  The clubhouse, centrally located in the development is equipped with a fitness room, locker rooms, and a very large common area with an outside 1100 square foot deck overlooking tranquil natural landscape.  Just outside the clubhouse is the very popular swimming pool.  Hours of operation are posted at the clubhouse and during those hours, you can feel safe knowing that there is a lifeguard always on duty.

Most condos in Cambridge Crossings are 2 and 3 bedroom units with some having 2 full bathrooms and some having 2 full bathrooms and 1 half bath.  Many units are townhouse style and have a multi-level floorplan, giving you ample amounts of space.  Select your floorplan with your desired finishes, such as brazilian cherry wood floors, stainless steel appliances, solid surface countertops, and much more.  All interior specifications vary depending on price and style.

Why NJREG is most experienced to assist in your real estate needs at Clifton’s Cambridge Crossings

As a businessman who commutes frequently to Manhattan, the travel could not be anymore convenient.  Located about 1/3 of a mile up Colfax Ave is the Clifton train station where you can hop on the NJ Transit train and get you to Manhattan via Secaucus transfer in only 31 minutes.  The bus station is right around the corner if you choose to take the bus.  During summer, take the train and be at the Jersey Shore in just over an hour.

If you are looking into purchasing or renting your home in Cambridge Crossings, Clifton NJ, NJREG are the guys that can assist you.  Please call us toll free at 877-688-7582 and ask for Scott, or  you can simply e-mail Scott.  We would value an opportunity to earn your business.

Using the finest Tuscany architecture, The Siena is a condo complex with 101 homes, contains underground parking and 24 hour concierge.  For several years, young renters have been drawn to New Jersey’s Gold Coast because of the unique atmosphere, dynamic nightlife, and easy access to Manhattan. Today, many of these renters blossomed into prospective buyers, seeking the same attributes when buying a new home.  Many are finding what they’re looking for at The Siena, Montclair’s finest real estate.

The Siena – All Active condos for Sale & Rentals

Note:  There may be a few listings in the results that are not The Siena.  Please verify by checking additional details that identify SIENA.

 

Buy with an FHA mortgage for as little as $16,000 down!  The Seina condo availability ranges in the high $300′s to low $400 per square foot.  Rentals are available for $2500 to $3500.  Located on South Park St. in Montclair, NJ, The Siena is a home for all.  Search our custom MLS search feed for all availability of condos for sale and rentals.

See why NJEG is most experienced to assist in your real estate needs at The Siena

If you are interested in a personal tour of the Siena or a simple consultation, please contact us by calling 877-688-7582 or by sending Scott an e-mail.  We value an opportunity to earn your business.