So far this year in 2010, Franklin Lakes real estate has been average on sales volume but a little down on the sales price averages.  Those of you looking to live next to one of the Real Housewives, may be able to get a more affordable piece of real estate in this prestigious community.  There is an abundance of gorgeous homes under $1 million where in 2005, you couldn’t find anything respectable for that price.

We anticipate an the average sales price for 2010 to bounce along all over the place, however a further price drop will be indicated by our projection that the average sales price in Franklin Lakes in 2010 will be under $1 million.  Don’t put too much into that though.  Homes are unique in Franklin Lakes and if you find a home you absolutely love, it would make sense to make a run at it today and play the market.  That’s what we’re good at!

Let’s look at this years numbers to date.

January: 6 Homes sold with an average sales price of $1,352,917.

February: 8 Homes sold with an average sales price of $853,562.

March: 12 Homes sold with an average sales price of $862,625.

April: 5 Homes sold for an average sales price of $951,300.

May: 8 Homes sold for an average sales price of $918,500.

Here is a performance chart for over the last 2.5 years.  Click on charts to enlarge to see some annualized changes.

If you are interested in any information regarding Franklin Lakes real estate and the benefits to you and your family, please contact us and we will be happy to discuss.  If you would like to browse all homes for sale in Franklin Lakes, please use our MLS/IDX searching tool on the right side column of this page.

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Franklin Lakes, NJ Real Estate Round-Up for Q1 2010

Our apologies for not reporting on February, but being that it is the end of the first quarter (Q1) of 2010, I felt it appropriate to share some market statistics for Franklin Lakes housing.

Remember (actually I don’t expect you to remember), during 2009’s Q1, there were only 11 home sales in Franklin Lakes.  The average price of a home sold was $1,263,409.

On to 2010!  In January, 2010, as reported in our most recent report, there were 6 homes that sold in Franklin Lakes with an average selling price of $1,352,917.

In February 2010, there were 8 home sales in Franklin Lakes with an average selling price of $853,562.

In March 2010, there were 12 home sales in Franklin Lakes with an average selling price of $862,625.

In total, during the Q1 of 2010, 26 homes have sold this year in Franklin Lakes with an average sales price of $972,981.

In comparison of 2009-2010 Q1 reports, 2010 showed an increased level of sales volume by 42% !!  However, also in 2010, the average sales price has expectedly dropped by 23%.  We will see where the rest of the year brings us, but prices are expected to soften a bit more in general.  As government incentives exprire, mortgage rates are expected to increase by late 2010, so there is some uncertainties with how the market plays out.

If you are interested in any information regarding Franklin Lakes real estate and the benefits to you and your family, please contact us and we will be happy to discuss.  If you would like to browse all homes for sale in Franklin Lakes, please use our MLS/IDX searching tool on the right side column of this page.

January 2010 Round Up – Franklin Lakes Home Sold / Inventory / News

As January typically produces fewer home sales due to changes in lending guidelines, Franklin Lakes remained the norm.  While we do not anticipate any price declines due to the expiring First Time Homebuyer Tax Credit, I think it will be interesting to watch this market until Q3 2010.  Home prices are still high, but activity is normal.

During the month of January, there were 6 homes sold in Franklin Lakes.  The average sales price was $1,352,917.

There are currently 103 Single Family Homes for sale in Franklin Lakes with an average listed price of $1,610, 452.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.  The current rate of absorption in Franklin Lakes is 17.1 Months.  This is higher than the norm, but let’s see what March brings.  My opinion is that last year and this year there are always new lending guidelines at the start of the year which throw things off for a while.

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Happy New Year, Franklin Lakes!

It is now time to recap our 2009 market and make some 2010 predictions for Franklin Lakes, NJ real estate.  I want to disclose that unlike most of the state, Franklin Lakes has a very low inventory and low home sale figures compared to most areas of NJ, moreso in the country.  As many know, Franklin Lakes is dominated by estates and multi-million dollar real estate listings.  Just one single sale can alter the monthly figures quite a bit.

Before we get into the numbers, don’t forget to browse all Franklin Lakes homes for sale via our customized MLS / IDX gadget which has all listings updated every 24 hours.

Due to time constraints and deadlines to complete our reports, we have generated all statistics from the NJMLS which is the dominant MLS system for Franklin Lakes.  So without further ado, let’s see how Franklin Lakes real estate did this year!

2008

• 66 Homes Sold in Franklin Lakes during 2008
• Average Sales Price was $1,386,420

2009

• 74 Homes sold in Franklin Lakes during 2009
• Average Sales Price was $1,129,598

The comparison of 2008 and 2009 shows that there was a 10% increase in sales volume in 2009.  The comparison also shows there was an 18.5% decrease in average selling price.  See official chart attached in the following link.  (Franklin Lakes Official Home Report)

As shown, Franklin Lakes’ prices have dramatically dropped since its peak, but remain nearly 15% higher than what they were a year ago today.  Month over month in each Q4, sales have nearly doubled in 2009 when compared to the same time last year which saw the U.S housing market in a very vulnerable state.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.

There are currently 93 homes for sale in Franklin Lakes, NJ.  During the month of December, 8 Homes sold according to the NJMLS.  This puts today’s Franklin Lakes rate of absorption at nearly 12 months.

NJ Real Estate Guys Franklin Lakes 2010 Prediction:  At the end of 2009, the average sale price of a home stood at $1,129,598.  We anticipate a similar pattern for Franklin Lakes during 2010.  We do not anticipate a V-shaped recovery for the area but rather an up and down consistent wave pattern, although it is not obvious that we have seen a total collapse of the Franklin Lakes real estate market.  The difference in Franklin Lakes is money, plain and simple.  More homeowners in Franklin Lakes can afford to “ride it out” as opposed to other blue collar areas of NJ with lower, yet above average incomes.  Even though the average sale price is down from 2008, throw in only a couple of $2 million sales and see what happens.  That being said, we expect prices to skip around where the median should stagnate, if not come slightly lower in 2010.  We expect a gradual continuation of normal appreciation by Q1 of 2011.

Our opinion is that we feel it is a good time to buy in Franklin Lakes.  As mentioned, we do not anticipate a noticeable decline in values in 2010 so the entire year should provide an opportunity where prices should be where you want them when you want them.  If you LOVE the home, then buy it.  Don’t wait on a home to come down in price if you LOVE it, especially in 2010.  We have seen far too many this year lose their dream home because they wanted to see how much lower the price would get.  It didn’t, and it sold to another buyer.

If you are looking to buy or sell real estate in Franklin Lakes, look no further than the NJ Real Estate Guys.  We would value an opportunity to interview for the job of being your real estate professional.  Please contact us for a consultation and we would be happy to meet with you at your soonest convenience.  Happy New Year!

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November Sales | 2009 Report | Franklin Lakes Real Estate (statitstics comprised from NewJerseyMLS and based on Single Family Homes)

Welcome to our monthly housing report update for Franklin Lakes.  Franklin Lakes remains one of the most prestigious towns in the state and one of the tops in the country in regards to home prices.  Market confidence could increase a bit more with the First Time Homebuyer Tax Credit extension which is now available through April 2010.  A nice thing we are seeing in Franklin Lakes is the amount of homes that have dropped back to reality…errr…affordability.  You can buy a beautiful colonial home for under $600,000 today with taxes as low as $8,000.

Year over Year Sales numbers are identically the same however closed sales averages are way down.  Year to date, there were 61 homes that sold in Franklin Lakes in 2008 (Jan-Oct) with an average sales price of $1,812,275.

In 2009 (Jan-Oct), 66 homes have sold with an average sales price of $1,109,552, a 39% drop in sale prices since last year.  Due to the normal high prices in Franklin Lakes, it only takes a couple sales to throw off an accurate assessment of what a 39% drop really means.

There are currently 118 homes for sale in Franklin Lakes, NJ.  The average listing price is $1,712,206.  There are plenty of homes (50 to be precise) at or under $1 million for those of you looking for more affordability.  The average number of Days on Market for each listing is 172 Days.

During the month of October, 2009, 5 homes sold in Franklin Lakes.  The average listing price of homes sold was $1,541,000, and the average Sales price of homes was $1,369,980.  Sellers are getting an average of 89% of their asking price, which means there seems to be just a tad bit of disconnect between buyers and sellers still.  The average Days on Market for homes sold in Franklin Lakes was 137 Days.  The type of buyer/seller disconnect is normal during a recession or during times of tremendous equity rallies in the stock market.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of December 1, 2009, there were 118 homes for sale in Franklin Lakes as indicated above.  Also as mentioned above is that 5 homes sold during the month of October.  The absorption rate for Franklin Lakes based on October’s sales figures is just over 23 months, above the national average and much higher than last month.  December is looking good as there are currently 9 homes under contract as of December 10, so the likelihood of a stronger sales report is quite stronger than November.

With the amount of inventory on the market in Franklin Lakes and the recent traffic activity, we feel it is a great time to start shopping for homes in Franklin Lakes.  There are many factors that we consider when negotiating a home for our clients.  We would value an opportunity to interview with you for the job of being your representative during these tedious times.

If you are interested in Franklin Lakes NJ homes for sale, give us a call and interview us. We would value an opportunity to earn your business and rest assured that as a buyer we will maximize your dollar on real estate. As a seller, you have our full service of global and local marketing, Free CMA report for your home, and strategic plans to sell your home within a comfortable timeline. Contact NJREG today for a free consultation!

View all available homes for sale in Franklin Lakes

October 2009 Report | Franklin Lakes Real Estate (statitstics comprised from NewJerseyMLS and based on Single Family Homes)

Welcome to our monthly housing report update for Franklin Lakes.  Franklin Lakes remains one of the most prestigious towns in the state and one of the tops in the country in regards to home prices.  Market confidence could increase a bit more with the First Time Homebuyer Tax Credit extension which is now available through April 2010, however most income levels in Franklin Lakes will not qualify for the Tax Credit, even with the new increased income limits.

Year over Year Sales numbers are identically the same however closed sales averages are way down.  Year to date, there were 61 homes that sold in Franklin Lakes in 2008 (Jan-Oct) with an average sales price of $1,812,275.   In 2009 (Jan-Oct), 61 homes have sold with an average sales price of $1,184,549, a 35% drop in sale prices since last year.  Due to the normal high prices in Franklin Lakes, it only takes a couple sales to throw off an accurate assessment of what a 35% drop really means.  Overall, we feel that Franklin Lakes has a chance for an additional slight value correction, but not one that should deter you from finding a good deal if you are shopping for a home.

There are currently 130 homes for sale in Franklin Lakes, NJ.  The average listing price is $1,731,136.  There are plenty of homes (50 to be precise) at or under $1 million for those of you looking for more affordability.  The average number of Days on Market for each listing is 171 Days.

During the month of October, 2009, 9 homes sold in Franklin Lakes.  The average listing price of homes sold was $1,428,767, and the average Sales price of homes was $1,288,667.  Sellers are getting an average of 90% of their asking price, which means there seems to be just a tad bit of disconnect between buyers and sellers still.  The average Days on Market for homes sold in Franklin Lakes was 137 Days.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of November 1, 2009, there were 130 homes for sale in Franklin Lakes as indicated above.  Also as mentioned above is that 9 homes sold during the month of October.  The absorption rate for Franklin Lakes based on October’s sales figures is just over 14 months, above the national average.

With the amount of inventory on the market in Franklin Lakes and the recent traffic activity, we feel it is a great time to start shopping for homes in Franklin Lakes and allowing New Jersey Real Estate Guys negotiate the lowest, most feasible price for you.  That is what we are good at.

If you are interested in buying or selling a home in Franklin Lakes, give us a call and interview us. We would value an opportunity to earn your business and rest assured that as a buyer we will maximize your dollar on real estate. As a seller, you have our full service of global and local marketing, Free CMA report for your home, and strategic plans to sell your home within a comfortable timeline. Contact NJREG today for a free consultation!

View all available homes for sale in Franklin Lakes

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September 4, 2009 Update

Okay…as we settle into Q4 soon, I think I will jump the gun and post some summer numbers for Franklin Lakes, NJ real estate and homes for sale.  All of our data is comprised from the Garden State MLS as well as the New Jersey MLS.  I hope one day that the 2 MLS boards do something to collectively exclusify certain towns and cities.  The NJMLS has most of Bergen County’s data, but the GSMLS gets some, albeit most of it is duplication of what is on the NJMLS anyway.  This article is based on housing data compiled from June 1, 2009 to September 1, 2009.

Anyway, on to the good stuff.  For those of you looking to buy a home in Franklin Lakes, you already know the lifestyle that you will be living.  It is one of my favorite areas of New Jersey and as my wife always reminds me, the home of Bravo’s New Jersey Housewives.  If you have driven through Franklin Lakes, you are surrounded by beatiful homes and some of the most exquisite neighborhoods in all of New Jersey, and unique in its own way.

Here is the telling part of the market.  The average listing price of a home in Franklin Lakes THAT SOLD from June 1 thru the end of August was $1,195,141.  The average SOLD home in Franklin Lakes was $1,018,838.  (See below for what this tells me)

New Listings:  From the time between June 1 thru the end of August, there were a total of 54 New Listings of homes for sale in Franklin Lakes.  The average listing price of those homes was $1,694,351 with a total of only 19 of them being listed at under $1,000,000.

Under Contract:  During the alotted time, there were 14 homes that were put under contract in Franklin Lakes.  Of those 14 homes, the average was $1,154,557 and the average Days On Market for these homes was 124 Days.

Home Sold: During the alotted time in Franklin Lakes, there were 31 homes that sold.  Of all home sales, the average sale price was $1,018,838. Average Days On Market for these homes were 115 days.

As of September 4, 2009, there are approximately 138 Franklin Lakes homes for sale.  Over the previous 30 days, 7 homes have sold.

Franklin Lakes, NJ has an inventory level of just over 19 months.  Absorption rate is calculated by the number of homes currently for sale divided by the number of homes that sold the previous month. This means that at the rate of homes sold last month, it would take 19 months to sell out of Franklin Lakes homes for sale inventory IF there were no additional active listings from this point forward.  This absorption rate is currently above the national average.

NJREG opinion on the Franklin Lakes real estate as it currently stands is that there is room for negotiation from current listing prices.  We base our opinion on what the average listing price was of homes that have sold over our period of time between June 1 and September 1.  Although there are several ways to draw an opinion about negotiability, we feel that if you are looking for a home in Franklin Lakes, NJ, New Jersey Real Estate Guys can assist in your general understanding of the market and achieve an agreed contract price that protects your long term investment in real estate.

Don’t forget to view our Franklin Lakes real estate page to view all active homes for sale, and as always, please give New Jersey Real Estate Guys an opportunity to earn your business in Franklin Lakes.  We would value an opportunity to work with you and our efforts will speak for itself!

As expected, June sales volume skyrocketed for Bloomfield NJ single family homes.  We have the rat race to get the First Time Homebuyer Tax Credit to thank for that.  It will be interesting to see what affect No Tax Credit will have on the Bloomfield housing market.  There are currently 173 homes for sale in Bloomfield and it would be nice for 30-35 homes per month to sell in Bloomfield.  This will bring the rate of absorption to about 5 months, which is semi-healthy in today’s market.  As a reference, speculative builders and developers typically look for the rate of absorption to be at 4-5 months before taking on any new building projects.

Let’s look at some June numbers to see where we are at.

JUNE 2010

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Rate of Absorption is calculated by taking the number of active inventory (173) and dividing it by the number of homes placed under contract during the previous month (June: 22 homes went to contract).

To preview a full month over month and year over year statistic report for the Bloomfield single family home market, CLICK HERE

Bloomfield offers first timers a good entry level pricepoint and we expect sales volume to slide a little bit from the June stats, but we anticipate sales in the 20’s per month as consumers will continue to take advantage of low prices and low mortgage rates.

If you are looking to buy or sell a home in Bloomfield, we would value an opportunity to meet with you so you can interview us for the job or representing you on your real estate needs.  Our proven concept of due diligence and market analysis gives our customers the highest confidence when entering into the local housing market.  You can e-mail us or call me direct at 877-688-7582.

If you would like to browse all available homes for sale in Bloomfield, CLICK HERE.  Be sure to specify your criteria for more narrow results.  Our customized searching tool allows you to be very specific.

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Ok, Bloomfield.  Time for a check-up.  Let’s see how the housing market has performed so far this year. Since the first 2 months of the year, sales volume is up almost double and prices are bouncing all over the place, fluctuating by about 12% in some month over month numbers.  Single Family Homes first and then multi-family.

During the month of March 2009, 15 Single Family Homes sold for an average sales price of $304,733

During the month of April, 16 homes sold for an average sales price of $349,781.

During the month of May, 15 homes sold with an average sales price of $291,700.

The average Sales price of a single family home in Bloomfield in 2009 was $304,688.  So far in 2010, the average sales price has been $321,862, a 5.4% increase in the average sales price.  Nothing spectacular, but a very good sign.

See charts below and discuss what you think this indicates for future values.  Click charts to enlarge.

If you are looking to buy a home in Bloomfield, let us show you the area.  Let us negotiate your deal with you.  We would value an opportunity to work with you.  Contact Us for further details or call Scott at 877.688.7582 of the New Jersey Real Estate Guys.

Now a Recap for Multi Family Homes in Bloomfield.

Total Sales and Average Sales Price

January:  6 sold for average $275,166

February:  4 sold for average $251,000

March:  12 sold for average of $237,500

April:  5 sold for average of $191,800

May:  5 sold for average of $274,200

See charts to show the multi family market performance since 2008.  Click on charts to enlarge.

If you are looking to buy a home in Bloomfield, let us show you the area.  Let us negotiate your deal with you.  We would value an opportunity to work with you.  Contact Us for further details or call Scott at 877.688.7582

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January / February Real Estate Round Up… Bloomfield

So the first 2 months of 2010 have been the slowest since August 2009.  The last 2 years have been very tough on lending guideline changes.  There have been crazy guideline changes with conventional and FHA loans and it is indicative with the slow months of 2010 as lenders and loan officers adapt to the craziness.  So as much as I hate to report bad numbers, let’s take a look:

In January, only 8 homes sold.  The average sales price of the homes was $358,201.

In February, only 7 homes sold.  The average sales price of the homes was $304,899.

We expect sales to pick up in March and April, however we are a little skeptical on how numbers could change when the First Time Homebuyer Tax Credit Expires.  With the Fed insisting that rates will remain near 0%, the fact that the Fed could stop buying Mortgage Backed Securities could bring bonds higher which will immediately increase mortgage rates.

There are currently 150 Single Family Homes for sale in Bloomfield.  The average listed price of a home is $314,413.  If you are looking for homes in the Brookdale Park area, those homes are selling quickest.  So if you are looking for a home in Bloomfield, you have your choice, as well as a leg up on possible negotiable dollars.  We have said it all along.  If you find a home you love, let’s start negotiating a deal.  Good homes at great prices sell quickly.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of March 1, 2010, there were 150 single family homes for sale in Bloomfield as indicated above.  Also as mentioned, 7 homes sold during the month of February 2010.  The absorption rate for single family homes in Bloomfield based on February’s sales figures is just over 21.4 months, well above the national average.

We expect a zig zag type year with Bloomfield.  Good homes will come and go, listed, then sold….but inventory will remain consistent averaging about 150 homes for sale in any given month.

If you are looking to buy a home in Bloomfield, let us show you the area.  Let us negotiate your deal with you.  We would value an opportunity to work with you.  Contact Us for further details or call Scott at 877.688.7582

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Happy New Year, Bloomfield!!

So here we are at the end of another year and the beginning of a new.  As many of you know, I am from Montclair, but lived in Bloomfield (Broughton Ave) for quite some time.  I am a huge beliver in Bloomfield real estate due to its convenience of necessity stores and also its immediate access to all major highways in northern NJ.  I remember hopping on the Parkway from Watchung Ave and being at Giants stadium in under 10 minutes.  New York City in 20 minutes!  Can’t beat the area, the cleanliness, retail, ethnic restaurants, and my favorite, Brookdale Park.

Let’s take a look at how Bloomfield performed in 2009.  After a crazy year of bank failures, credit crisis, etc, overall Bloomfield did OK, actually, better than expected considering the circumstances.  So without further ado, here is a recap of Single Family Homes and Multi-Family homes in Bloomfield.  Note: I have had a considerable amount of people looking for specific homes in the Brookdale Park area.  Contact me right away, and I will get you all of the latest homes for sale in that area, plus closed sales to see where the fair market value is.

FYI:  Browse all Single Family Homes for sale in Bloomfield

FYI:  Browse all Multi-Family homes for sale in Bloomfield NJ

2008

• A total of 285 Single Family Homes sold in Bloomfield in 2008
• The average sales price of a single family home in 2008 was $335,806
• A total of 55 multi-family homes (2-4 units) sold in Bloomfield in 2008
• The average sales price of multi family homes in Bloomfield was $357,635

2009

• A total of 242 Single Family Homes sold in Bloomfield in 2009
• The average sales price of a single family home in 2009 was $304,688.
• A total of 54 multi-family homes (2-4 units) sold in Bloomfield in 2009
• The average sales price of the multi family homes was $272,411

For Single Family Homes, the statistics above indicate that there was a 15.1% drop in sales volume in 2009 when compared to 2008.  They also show that there was a 9.3% drop in Average Sales Price in 2009 when compared to 2008.

For Multi-Family Homes, the statistics indicate that there was a 1.9% drop in sales volume in 2009  when compared to 2008.  They also show that there was a 23.9% drop in average sales price in 2009.  This is a considered a substantial drop, however a great sign of new affordability, indicative of the recent higher activity.

See Activity, Volume, and Sales Price Charts below.  Click to enlarge.  Download Bloomfield Single Family Excel Statistics.  Download Bloomfield Multi-Family Excel Statistics

Single Family Home Charts

Multi-Family Home Charts

Looking at the SINGLE FAMILY HOME charts, we predict a similar up and down pattern in Bloomfield for Average Sales Price in 2010, however,  we anticipate an additional 5% drop in the median home values by mid 2010, possibly triggered by the expiration of the First Time Homebuyer Tax Credit.  This drop, however, can by negated or partially alleviated taking advantage of the First Time Homebuyer Tax Credit in addition to historically low mortgage rates.  Our prediction for the drop came after recognizing a current Single Family available inventory of 164 homes with December 2009 sales volume of 22.  This puts the current rate of absorption at nearly 7.5 months, which is actually not too bad.

Looking at the Multi-Family Home charts, we predict sales volume to increase in the lower priced / entry level homes.  There are currently 83 multi-family homes for sale in Bloomfield, and with December 2009 having a sales volume of 3, this puts the current rate of absorption at 27 months, however if you take a more normal month, such as November’s numbers, the rate of absorption would be 10 months.  Our prediction for 2010 is that the multi-family home average sales price will increase to $290,000, however this will be the result of higher priced homes dropping their asking prices considerably to cater to First Time Homebuyers’ budgets.

It is our opinion that it is a favorable time to negotiate real estate in Bloomfield.  We are currently seeing 5-10% in negotiable dollars.  If you are looking for a home in Bloomfield, don’t hesitate to contact us for a consultation.  We would value an opportunity to earn an interview to become your real estate agent.  We know real estate, and we know Bloomfield!

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November 2009 Bloomfield Real Estate Report

Welcome to our Bloomfield “State of the Market” article for November 2009.  Recently, we have seen a lot of activity in Bloomfield and this is largely due to the First Time Homebuyer Tax Credit.  The recent extension through April for the credit will only further assist in real estate absorption.  There have been many requests for information on single family homes, 2 family homes, and multi-family homes around the Brookdale Park area of town, on and around Watchung Ave.  Great choice and if you give us a call we can tell you a few important details about the area and what we can achieve for a pricepoint.

Browse all Single Family Homes for sale in Bloomfield

Browse all multi-family homes for sale in Bloomfield NJ

Bloomfield, NJ Single Family Homes:

Year over Year numbers are down a little bit.  Year to date, there were 276 single family homes that sold in Bloomfield in 2008 (Jan-Oct) with an average sales price of $326,251.   In 2009 (Jan-Oct), 212 single family homes have sold with an average sales price of $300,882, a modest 8% drop since last year.  We are seeing a much clearer picture in the market and prices seem to have stabilized, indicative by 2009 month over month activity improvements.

There are currently 184 single family homes for sale in Bloomfield, NJ.  The average listing price of homes for sale is $312,807.  The affordability index in Bloomfield is high, which means it is very affordable.  The average number of Days on Market for each listing is 123 Days.

During the month of October 2009, 26 Single Family Homes have sold in Bloomfield with an average sales price of $309,553.  The average listing price of those homes sold was $316,552.  Sellers are getting about 98% of their listing/asking price, a great sign for the market in regards to the “meeting of the minds” capabilities.

Single Family Homes Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of November 1, 2009, there were 184 homes for sale in Bloomfield as indicated above.  Also as mentioned above is that 26 homes sold during the month of October.  The absorption rate for Bloomfield based on October’s sales figures is 7 months.

Bloomfield Multi-Family Homes:

There are currently 94 Multi-Family Homes for sale in Bloomfield.  The average listing price is $356,345. From January 1-November 1, 2008 this period posted a total of 45 sales with an average sales price of $357,242.  From January 1 to November 1, 2009, 44 multi family homes sold at an average price of $271,199, nearly a 25% drop.  We have seen recent price stability for the multi-family market as well due to the low prices and homeowners realizing a small balance on their mortgage after collecting rental income.

There are currently 94 multi-family homes for sale in Bloomfield.  The average listing/asking price of these multi family homes are $356,345, however there are plenty of deals at or under $300,000 for conservative shoppers or real estate investors.

During the month of October 2009, only 5 multi-family homes sold in Bloomfield.  The average price of multi’s sold was $272,000, so it seems that the multi family homes under $300,000 are selling the quickest.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of November 1, 2009, there were 94 multi family homes for sale in Bloomfield as indicated above.  Also as mentioned, 5 homes sold during the month of October 2009.  The absorption rate for multi family homes in Bloomfield based on October’s sales figures is just over 18 months, well above the national average.

With the First Time Homebuyer Tax Credit extension, the recent market optimism, and macro economic data, we feel that it is a good time to buy real estate in Bloomfield and a better time for negotiating with sellers.

If you are interested in buying or selling a home in Bloomfield, give us a call and interview us. We would value an opportunity to earn your business and rest assured that as a buyer we will maximize your dollar on real estate. As a seller, you have our full service of global and local marketing, Free CMA report for your home, and strategic plans to sell your home within a comfortable timeline. Contact NJREG today for a free consultation!

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Bloomfield Info and Demographics

Bloomfield NJ real estate provides a diverse inventory of housing. Bloomfield consists of a lot of everything from single family detached homes, condos, townhomes, and mult-family housing. For years, Bloomfield has been recognized as a wonderful place to raise a family with its respected school system and convenience to all types of transportation.

Contact us today for the most up to date available Bloomfield NJ homes for sale. If you wish, please feel free to browse the MLS on our site to preview all Bloomfield NJ real estate.

Be sure to visit our exclusive Bloomfield NJ MLS search for all active listings in Bloomfield.  Please specify in the dropdown menu at the top of the Search that you would like to search the GARDEN STATE MLS.

We specialize in relocating individuals and families into Bloomfield with our expertise on the area. We do not sell/buy into an area where someone on our team has personally lived, and as the admin for this website, I can tell you I have lived on Watchung Avenue, Broughton Avenue, and Evergreen Avenue. Growing up I was an athlete. Brookdale Park off Watchung Avenue bordering Montclair is a massive area full of soccer, baseball and football fields in addition to its theater like setup used back in the day for outdoor concerts.  The surrounding real estate and homes of Brookdale Park range from entry level homes to larger multi-level homes, typically off of Watchung Avenue.  From Brookdale Park, if you head north on Watchung Ave, Montclair is just a few blocks up.  Bloomfield has several “downtown” sections.  The intersection of Bay Ave and Watchung Ave has anything from banks, diners, and other retail that you would need for everday convenience.  If you head southwest and closer to Bloomfield Avenue, you can find heavier commercial sections of the town and enjoy the retail shops and restaurants that line Bloomfield Ave.

If you are looking for convenience, you have it all in Bloomfield.  The Garden State Parkway is just seconds away and you can find yourself in New  York City in just 20 minutes as Route 3 branches off the Parkway between Bloomfield and Montclair exits.

As of September 3, 2009, there are 195 homes for sale in Bloomfield New Jersey.  The minimum listing is $90,000 and the highest listing is $649,000.  The average price of a home for sale in Bloomfield is $312,606.  The average number of days on the market for homes is 118 days, which is indicative of a buyers market.  Be sure to contact us for a consultation.  Not only will we assist in negotiating the best deal on your home, but we will go through all of the housing market numbers with you so you better understand the local market and feel comfortable with your decision to sign a purchase or sale agreement.

Driving Distances:

Montclair State University:  7-10 Minutes

New York City:  20 Minutes

Hoboken:  15 Minutes

Meadowlands / Xanadu:  10-15 Minutes

Point Pleasant:     75 Minutes

Newark:    25 Minutes

HOLY SALES!!!!  Whether you think that the First Time Homebuyer Tax Credit had an affect on the market, it clearly shows that it did at least a little bit.  Although $8,000 is likely not enough to sway someone buying a Ridgewood home from their purchase, $8,000 is still $8,000 for those that did meet the qualifying criteria.

Ridgewood is on pace to shatter the 2009 level of sales volume.  In 2009, there were 194 home sales according to the NJMLS.  To date, there have been 116 home sales and summer, the busy time, is just picking up steam.  Prices have been consistently good for the last 3 months and it looks like the Ridgewood market could be up to its last test, which is maintaining the level of sales without the incentive of government props.

If you would like a full list of homes for sale in Ridgewood or would like to set an appointment to discuss the area or your home, please call us at 877.688.7582

Let’s look at some June numbers.  Be sure to check out the full report below.

JUNE:

Available Inventory for sale: 133 Homes

Homes Under Contract: 66

Homes Sold: 43

Average Sales Price: $764,572

Rate Of Absorption: 3.1 Months….WOW!

To view the full report for Ridgewood NJ Real Estate for month over month and year over year figures CLICK HERE

If you clicked on the link, you will notice that the charts indicate a familiar pattern regarding sales volume from 2009.  Typically home sales peak during the summer months, but June 2010 had an unusually high number of sales.  Part of us are lead to believe that buyer and seller disconnection no longer remains and this is the cause of a lot of sales.  In addition to low mortgage rates and higher FHA conforming loan limits, this could be a positive sign for Ridgewood for the second half of the year.

If you are looking to buy or sell a home in Ridgewood, New Jersey Real Estate Guys would value an opportunity to be interviewed for the job of representing you in the housing market.  Our expertise is demonstrated by our due diligence that we provide to you every single month.  We take pride in our market analysis which is why our brokerage is #1 in our headquartered county in sales volume!  Call us today at 877-688-7582.

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May 2010 Ridgewood NJ Real Estate Roundup

As Ridgewood searches for its equilibrium, we have to point out one thing that is indicative from our charts.  Historically, June through August are very strong months for sales volume.  In 2009, the average volume of homes sold excluding June/July/August was about 10 homes per month.  In the 3 months during the summer, sales spiked to an average of almost 30 homes per month respectively.

So, what does that mean?  Well, if you are a seller, today is the day to get your home professionally cleaned, and your job is to keep it clean.  How is your house priced?  Has it been sitting on the market long?  Now is the time that you want to really make sure that you price your home aggressively.  This summer should be no different than last summer.

Good news is that prices are pretty flat since last year.  No real dramatic turn.  The average home sold for $741,854 during 2009 in Ridgewood.  So far this year, the average sales price of a home has been $742,302.  So I just peaked at the MLS.  Today is June 18, 2010 and so far this month, 25 homes have sold in Ridgewood.  Average sales price has been $752,691.  See!  This summer is heating up!  If you want to sell your home, you need to contact us NOW so we can put you in a favorable selling situation.  Buyers, now is the time to make your offers.

Below are some 2009/2010 comparison charts showing volume and average sales price for Ridgewood.  Click on images to enlarge.

Indicative of these charts is that the average price of a home sold in Ridgewood should be about $750,000 for the remainder of the year.  As expected, the summer is projected to be very active for volume.  If not, we can likely expect the average price of homes sold to dip a little bit.  Not likely in our opinion.

If you are looking to buy or sell a home in Ridgewood NJ, give Scott a call at 877-688-7582.  Let’s discuss everything there is to know about Ridgewood real estate.  If you prefer to send an e-mail, hit the CONTACT US button in the upper right of our screen here!  See you soon!

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January – February Roundup for Ridgewood Real Estate

So the first 2 months of 2010 have been the slowest since August 2009.  The last 2 years have been very tough on lending guideline changes.  There have been crazy guideline changes with conventional and FHA loans and it is indicative with the slow months of 2010 as lenders and loan officers adapt to the craziness.  So as much as I hate to report bad numbers, let’s take a look…Actually, Ridgewood faired pretty well considering the other surrounding markets.

At the moment, there are 86 Single Family Homes for sale in Ridgewood with an average listed price of $896,880.

In January, a total of 12 Homes sold in Ridgewood with an average sales price of $707,217.

In February, a total of 13 Homes sold in Ridgewood with an average sales price of $814,800.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of March 1, there are 86 homes for sale in Ridgewood, NJ.  As mentioned, in February, it was reported that 13 homes sold.  This puts the rate of absorption at 6.6 Months, pretty decent considering the slow start of the year around the nation.

If you are looking to buy or sell a home in Ridgewood, please Contact Us.  We would value an opportunity to display our expertise in the market as well as our marketing plans for you.

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Happy New Year, Ridgewood!

Instead of doing a December inventory / sales report as we normally do, I figured it was a great time to do some annual comparisons to 2008.  It’s been an interesting year for sure.  Unemployment, housing declines, weak dollar, bank failures, etc.  All in all, today, January 1, I am cautiously optimistic about what 2010 is going to bring.  Don’t forget to check out our 2010 predictions for Ridgewood NJ Real Estate below.

Although there remains pressure on real estate values, with the help of government tax incentives, we should see activity continue to increase, which is all we can ask for at this time.  I predict there will be more “connection” between buyers and sellers in 2010 as the equity rallies of mid/late 2009 created a disconnection due to sellers expecting top dollar and buyers only willing to make under market bids.  So without further ado, here it goes.

All information is comprised from the NJMLS.

Annual Recaps:

2008 – In Ridgewood, NJ, 228 Single Family Homes sold with an average sales price of $823,942.

2009 - In Ridgewood, NJ, 208 Single Family Homes sold with an average sales price of $751,314.

In 2009, the number of homes sold declined by about 9% and the sales prices have dropped about 9% as well.  Considering everything, Ridgewood has survived the bulk of the housing crisis considerably well.

Let’s look at when things became a little hairy last year.

June 1 – December 31, 2008 – In Ridgewood, 154 single family homes sold during this time with an average sales price of $852,969.

June 1 – December 31, 2009 – In Ridgewood, 167 single family homes sold during this time with an average sales price of $745,449.

Data gathered during the second half of both years shows a drop in number of sales by only 8%, and a drop in average sales prices by 13%.  Still, Ridgewood seems to have survived the bulk of the recession considerably well.

Let’s now look at the month of December:

December 2008 – In Ridgewood, 13 homes sold in December ‘08 with an average sales price of $623,731.

December 2009 – In Ridgewood, 19 homes sold in December ‘09 with an average sales price of $778,850

December 2009 numbers are considerably better this year versus last year.  Interestingly, in December 2008 only 1 home sold for over $1 million.  In December, 2009, 5 homes sold for over $1 million, with one selling at $1,800,000.

All things considered, we feel that Ridgewood has great opportunity for great deals today.  As prices have softened, Ridgewood sales have gradually increased.  There are only 63 homes for sale in Ridgewood.  Using December sales figures, there is an absorption rate of 3.31 months, a very healthy rate of absorption.

Our prediction for Ridgewood real estate is that if it has not bottomed out yet, expect considerably less than an additional 5% drop.  You will see consistent trading with average sales prices bouncing back and forth with some months exceeding some and others not exceeding others.  2010 will present a great opportunity to buy in Ridgewood as unemployment in the metro area is expected to peak.  As incomes begin to stabilize and more families’ desire to utilize Ridgewood’s Blue Ribbon school system, expect solid real estate turnover with relatively stagnant values.  We predict that typical appreciation will return to Ridgewood by Q1 2011.

If you are looking for a home in Ridgewood, New Jersey Real Estate Guys would value an opportunity to interview for the job of assisting in buying and/or selling your home.  We have unique knowledge of Bergen County and have access to unlimited resources in your search for homes or your request of global exposure on the sale of your home.  Please contact us today for a consultation.  Happy New Year Ridgewood!

December 2009 Report | Ridgewood Real Estate (statitstics comprised from NewJerseyMLS and based on Single Family Homes)

Welcome to our monthly housing report update for Ridgewood, NJ.  Our apologies for being late on this report.  It is currently December 15 and my stats below will reflect real time data.

Year to date, 199 homes have sold in Ridgewood.  The average sales price of these homes was $749,393.  Both the number of homes and the sales price have declined 10% respectively during the same time period of Jan 1 – Dec 15 in 2008.  With many professionals believing that Ridgewood has hit a comfortable area of affordability, a 10% drop is quite moderate compared to national and state stats, a great sign.

There are currently 72 Single Family Homes for sale in Ridgewood, NJ.  The average listing price is $936,664.  The average number of Days on Market for each listing is 120 Days.

During the month of November, 2009, 19 homes sold in Ridgewood and 29 have gone under contract and are in Attorney Review .  The average listing price of homes sold was $757,711, and the average Sales price of homes was $738,289. The average number of Days on Market for homes sold in Wyckoff was 55 Days.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of December 1, 2009, there were 72 homes for sale in Ridgewood as indicated above.  Also as mentioned above is that 19 homes sold during the month of November.  The absorption rate for Ridgewood is 3.75 months, a very good rate of absorption.

And there you have it!  The December Ridgewood Real Estate Report.  We are seeing many great deals in Bergen County recently and with the winter upon us, deals will come and go.  If you are interested in buying or selling a home in Ridgewood, or need some consultation, please do not hesitate to CONTACT US.  We would value an opportunity for an interview so that you can see what separates NJ Real Estate Guys aggressive home buying and selling strategies.

Previous article and updates below

With our monthly update on Ridgewood NJ real estate activity for sold homes, we update you today with October’s numbers.  Ridgewood, NJ remains one of the more active suburbs in Bergen County and market confidence has increased.  Market confidence could increase a bit more with the First Time Homebuyer Tax Credit extension which is now available through April 2010.  Additionally, the tax credit extension includes an increase in income level criteria, a huge benefit for Ridgewood income earners.

Year over Year numbers are down a little bit.  Year to date, there were 202 homes that sold in Ridgewood in 2008 (Jan-Oct) with an average sales price of $840,439.   In 2009 (Jan-Oct), 170 homes have sold with an average sales price of $742,692, a 12% drop since last year.  We are seeing a much clearer picture in the market and prices seem to have stabilized, indicative by higher sales volume, absorption, and homes under contract.

There are currently 111 homes for sale in Ridgewood, NJ.  The average listing price is $850,296.  There are plenty of homes at or under $800,000 for those of you looking for more affordability.  The average number of Days on Market for each listing is 114 Days.

During the month of October, 2009, a modest 21 homes sold in Ridgewood.  The average listing price of homes sold was $853,440, and the average Sales price of homes was $793,550.  Sellers are getting an average of 93% of their asking price, which means there seems to be just a tad bit of disconnect between buyers and sellers still.  The average Days on Market for homes sold in Ridgewood was 72 Days.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of November 1, 2009, there were 111 homes for sale in Ridgewood as indicated above.  Also as mentioned above is that 21 homes sold during the month of October.  The absorption rate for Ridgewood based on October’s sales figures is under 5.3 months.

With the First Time Homebuyer Tax Credit extension, the recent market optimism, and macro economic data, we feel that it is a good time to buy real estate in Ridgewood.

If you are interested in buying or selling a home in Ridgewood, give us a call and interview us. We would value an opportunity to earn your business and rest assured that as a buyer we will maximize your dollar on real estate. As a seller, you have our full service of global and local marketing, Free CMA report for your home, and strategic plans to sell your home within a comfortable timeline. Contact NJREG today for a free consultation!

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August 2009 Report

During the course of the summer, Ridgewood NJ real estate activity has been above average.With prices lower than what they were a year ago today, Ridgewood did not experience the significant price adjustments that many other areas of the state has experienced.  OK, so my title is misleading.  The 3rd quarter of the  year is not up yet, but I wanted to write about something today, and I figured I’d do the piece on Ridgewood homes for sale, homes sold, etc.  Oh, and by the way, if you haven’t heard about Graydon Pool’s new proposed plans, you should check it out at The Preserve Graydon Coalition.   Although I do not personally live in Ridgewood, for those of you that are looking to buy a home, it is something that you may want to keep an open ear to.  So without further ado…

Our numbers are based off of comprised data from the NJMLS and GSMLS and our figures are based on June 1 thru September 1, 2009 dates.

If you would like to search for any and all homes for sale in Ridgewood or all of Bergen County, see our searching tool over there —————–>>

As of today, September 8, 2009, there are 112 Active Listings in Ridgewood Village, New Jersey.  The average listing price is $981,358 with 86 of those active listings being priced UNDER the average.  The average Days on Market for active listings is 114 Days.

If we go back 60  days from today, 35 homes have went Under Contract.  The average home to go under contract was $635,925.  Please note that the actual average may go slightly up or down upon closings.  Actual agreed upon prices are not public record until closing.  The average Days on Market for these homes was 78 Days.  The average Under Contract price is indicative that the lower price homes in Ridgewood are selling a bit quicker than the homes above average.  This may have something to do with the conforming loan limits for FHA financing.  Bergen County has a maximum FHA loan amount of $729,750 for single family homes.

(For some reason my GSMLS just crapped out on me…Doesn’t matter though.  Almost 95% of the data for Ridgewood is from the NJMLS anyway)  Per the NJMLS, the (dominant service in Ridgewood), 91 homes have sold since June 1, 2009.  The average sales price of homes for sale in Ridgewood, NJ was $779,011.  Of those 91 homes, only 13 of them were sold for over $1 million.  Also, 52 of the 91 homes were sold within FHA conforming loan limits (over 57%).  Although it is tough to say how many residents chose to go with FHA financing, we just wanted to point this out.

As of September and as mentioned above, there are 112 active listings of homes for sale.  During the month of August, 35 homes have sold.  The absorption rate for Ridgewood New Jersey homes and real estate is 3.2 months.  The absorption rate is calculated by taking the number of Active Listings and dividing it by the number of homes sold the most recent previous month.  A 3.2 month supply of inventory based on Absorption Rate is indicative of an above average real estate market.

If you are interested in viewing a full report of Ridgewood, NJ homes for sale or looking for a consultation about local homes for sale, please Contact Scott, realtor, and founder of New Jersey Real Estate Guys, and he will be more than happy to assist in your homebuying interests for Ridgewood, NJ or any other part of Bergen County.  For some additional online information about Ridgewood Village, please see our Ridgewood NJ real estate page.

Our Income Property of the day is in Heights section of Jersey City only approximately 1 mile west as the crow flies from say 13th & Hudson in Hoboken.  It’s a 6 unit residential building with brick all the way around.  The apartments have tile and wood floors.  Public transportation is just a few steps from this building and the rental history has been near perfect over the last 5 years and currently has an Annual Gross Income of $64,000.  On my way out today, I drove by the building and it looked in great exterior condition and after calling the sellers’ agent, found out the interior had extra large rooms, nice bathrooms, and in impeccable condition.  (He said you gotta see it to believe it so until I do, I’ll take his word for it)

So to not bore you, I will get to the details, and if you would like to see this property, please contact us for an immediate showing.  I do not think this one will last long in my opinion given the recent reduction in asking price to under $520,000.  The investment potential with this building looks good and may need a bit more due diligence, but comfortable in knowing that a deal can be had here.

Price:                                $520,000

Taxes:                              $7,772

Insurance:                     $3,700

Miscellaneous:            $5,000 (covers vacancy factor + minor repairs if necessary)

If you are a cash buyer, great!  If you are a financing buyer, the best Loan To Value (LTV) you will likely get on an investment building loan would b 65%, meaning you will need about 35% as a down payment plus your closing costs.  For the sake of this article, let’s assume your loan rate and terms are as follows:  5 Year Fixed Amortized over 30 Years with a interest rate of 5.75%.

 Taking the numbers above into consideration, here is what the banks and investor minds want to know:  Your annual income is $64,000 off rental income.  Your operating expenses which include our taxes, insurance, and miscellaneous comes to $16,472.  If you subtract your Operating Expenses from your annual income you get a Net Operating Income (NOI)of $47,528.  The $47,528 would be what you will take home in income before taxes per year.   If you divide your NOI by your purchase price of $520,000, you get a Capitalization Rate of nearly 9.2% a comfortable number for investors of multi-family investment buildings. 

If you are financing 65% of the $520,000 or $338,000 (principal amount after down payment), you will have a monthly debt service of about $2,220.  Your monthly income on the property of $5,333 will give you a monthly surplus income of $3,113 or annual income of $37,356.  After paying your operating expenses of $16,472, you are left with an annual Cash Flow of $20,884, almost a 20% annual return on your investment dollar for dollar. 

Now that I have you a little excited, get in touch with us and set up a showing.  This building would look good in your portfolio.  A great opportunity for Jersey City real estate

Real Estate Report | Inventory, Absorption, and Other News

In this end of June report, we are going to analyze the housing market in Glen Ridge (single family homes only).  Glen Ridge happens to be one of my favorite most expensive markets in the country!  Living in Montclair requires me to drive in and through Glen Ridge on a daily basis and unless it’s raining, you can’t help but think that Glen Ridge is anything short of majestic.  If you are looking for some of the best schools in NJ, look no further, however expect to pay for it in your property taxes!!

To view all homes for sale in Glen Ridge, Click Here and be sure to schedule an appointment for an exlusive showing.

So far this year, the Glen Ridge real estate market is following a similar pattern to 2009.  As summer heats up, so does sales volume.  Sales volume for the year is expected to peak in July and it will be interesting to see what it does to prices.  The average price of a home sold has been right around $600,000 in Glen Ridge and we see this as bouncing along the bottom. We like prices here for the remainder of the year, however the tax office needs to be willing to accept tax appeals.  If that is done, then we will see some more aggressive sellers and likely more buyers.

Let’s take a look at some numbers as of July 1.  Numbers will reflect June figures:

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Due to Glen Ridge’s impressive rate of absorption, it looks like there is a good connection between buyers and sellers, which moves sales volume.  Although prices are down from peak, this is a good sign for the town.  Property taxes have always been higher in Glen Ridge than anywhere else in Essex County so it’s not like this is a new phenomenon.  Homes will still continue to sell in the small town despite them.

If you would like to preview our month over month and year over year statistic report including useful charts CLICK HERE.

If you are a buyer or seller for Glen Ridge real estate, I would value an opportunity for an interview to represent you.  As shown, we do an extensive amount of due diligence and can provide useful tools and consulting to get your real estate needs taken care of efficiently and financially favorable.  You can e-mail us or call me direct at 877-688-7582.  I look forward to hearing from you.

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2009 Recap | 2010 Real Estate Predictions

Happy New Year, Glen Ridge!

I figured I’d take a look at some comparisons from the last 2 years and give you a bold prediction as to what I see happening with Glen Ridge real estate in 2010.  As most of you know, I am a product of Essex County and although I never lived in Glen Ridge, I was RIGHT on the border, living right off of Maolis Ave in Bloomfield, right at the cutoff.  Anyway, I grew up AROUND Glen Ridge and couldn’t speak anymore highly of the town.  You have to see to believe.  You won’t regret it!

Before I forget, CLICK HERE to browse all Glen Ridge homes for sale.  If you are interested in setting up a showing appointment, please contact us and we will get all pertinent information and set up a convenient time for you.

2008

• 115 Homes sold in Glen Ridge in 2008
• The average price of a home sold was $591,714

2009

• 83 Homes sold in Glen Ridge in 2009
• The average price of a home sold was $541,264

The statistics show that there was a 27.9% drop in sales volume in 2009 when compared to 2008.

The statistics also show that there was a drop of 8.6% in the average price of homes that sold.

Considering the circumstances, this is actually very good in comparison to other sections of NJ.

Most interesting:

• From January through June of 2009, there were 31 homes sold in Glen Ridge with an average selling price of $476,606
• From July 1 through Dec 31, 2009, there were 52 homes sold in Glen Ridge with an average selling price of $579,810.

The second half of 2009 outperformed the first half by 59% in sales volume and the average price of a home that sold rose by nearly 18%.

2010 Prediction

It is clear that Glen Ridge survived the bulk of the housing crisis.  There are currently only 17 homes for sale in Glen Ridge.  Due to its Blue Ribbon school system, expect sales volume to peak during the summer months as families look to situate themselves prior to the beginning of the school year.

Note: Glen Ridge is the only housing market that we report on that we anticipate a higher rate of absorption and higher overall prices/values by the end of 2010.  We expect a slow, but favorable trend in local economic/housing recovery.

It is the opinion of New Jersey Real Estate Guys that if you are looking into purchasing a home in Glen Ridge, 2010 will be favorable conditions to do so.  Contact Us for a consultation or showing appointment on some beautiful homes for sale.

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December 2009 Report | Glen Ridge Homes for sale, homes sold, etc (statitstics comprised from GSMLS and based on Single Family Homes)

Welcome to our monthly housing report update for Glen Ridge, NJ.  Glen Ridge is one of the wealthiest individual towns in New Jersey.  It’s blue ribbon and nationally reknown public school system is one of the reasons for its unique real estate tax rate, one of the highest in the state, however well worth it if you value overall location, curb side appeal, and your children’s scholastics.

Year over Year Sales numbers have been rather consistent with last years and we did not see a drastic drop in home values for Glen Ridge real estate from the year before.  Year to date, 71 homes sold in Glen Ridge NJ.  The average sales price this year has been $600,249, with a low sales price of $189,900 and a high of $1,489,000.

There are currently only 15 Single Family Homes for sale in Glen Ridge, NJ.  The average listing price is $582,626.  The average number of Days on Market for each listing is 103 Days.

During the month of November, 2009, 9 homes sold in Glen Ridge and 5 have gone under contract and are in Attorney Review .  The average listing price of homes sold was $623,422, and the average Sales price of homes was $624,444.  Sellers are getting an average of OVER 100% of their asking price.  This is indicative of a healthy and competetive real estate market. The average Days on Market for homes sold in Glen Ridge was 94 Days.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of December 1, 2009, there were 15 homes for sale in Glen Ridge, as indicated above.  Also as mentioned above is that 9 homes sold during the month of November.  The absorption rate for Glen Ridge is less than 2 months, a HUGE positive sign for the housing market.

Comparing Glen Ridge Real Estate Taxes:  The housing/real estate tax rate for Glen Ridge, NJ is 2.687.  A house that sold in November for $928,000 on Oxford St has an annual tax bill of $23,049.  The assessed value of this particular home (taxable amount) is currently $857,800.

A home that sold in November for $570,000 has an annual tax bill of $17,658, and has an assessed value of $657,200.

And there you have it!  The December 1 Glen Ridge Real Estate Report.  As you can see, Glen Ridge NJ real estate is quite healthy.  There is a very low inventory rate and healthy monthly sales which creates high turnover and absorption.  If you are looking into purchasing or selling a home in Glen Ridge, NJ Real Estate Guys would value an opportunity to interview for the job of helping you find or sell your home.

Previous Article:

If you are in the market for buying a home in Essex County, chances are you have toured Glen Ridge.  Glen Ridge NJ is an upscale real estate town with tremendous appeal.  One of the most desirable qualities a family recognizes is that Glen Ridge has one of the top ranked school systems in the entire state.  OK, OK… I know you know everything about Glen Ridge.  Let’s look at the reason why you are reading this post.  Our data is going to be comprised of housing data from the GSMLS and NJMLS and we are using the dates from June 1, 2009 to September 1, 2009.

Since last year at about this time, the average price for homes sold dropped from $507,000 down to $486,500, a measly 4%. Although this may be deceiving because the higher priced real estate above $1 million have dropped nearly 15% since this time last year.  The lower end of the market seems to be holding up and current market conditions are indicative that we may see a stagnation in pricing on entry level homes in Glen Ridge.  Stagnation, I use delicately.  I don’t see a further drop, but I don’t see appreciation for the next year.  We’ll see where next year’s inflation takes us.

There are currently 33 homes for sale in Glen Ridge, NJ, of which only 2 of them are priced over $1 million, a significant difference from last year when nearly a dozen homes were listed for over a million.  This does not mean those homes have since sold.  It means sellers are sick of wasting their time and will wait out the market a little longer.  That, or they are becoming more realistic on their asking price.

Be sure to visit our exclusive MLS search feed for all  Glen Ridge NJ Homes for sale

The lowest priced listing on the MLS today is a $99,000, a small, yet cute 1 bedroom apartment (My opinion a perfect investment to rent to an MSU student).  The highest listing today is $1,499,000, a huge victorian home on Douglas Rd.  Actually, there are 3 active listings on the MLS on Douglas road.  They are the 3 highest in the MLS, priced at $919,000, $1.45M and $1.499M. (2 Victorians and 1 Tudor).  The average price of a home today in Glen Ridge is $632,637.  The average Days On Market for active listings is 52 days.

From June 1, 2009 thru September 1, 2009, ten homes went under contract in Glen Ridge.  The lowest priced home to be put into pending status was $239,000 on Carteret Street.  The highest priced home that went under contract was $979,000.  Keep in mind that until all of these close, there is no way of telling what the actual agreed upon sale/purchase price was as those figures are not disclosed publicly until closing.  The average price for a home in Glen Ridge put under contract was $555,364.  The nice thing is that most of these homes under contract qualify for FHA mortgage loans.  The limit for FHA financing for single family homes in Glen Ridge and all of Essex County is $729,750.   Contact us to discuss FHA options for buying a home with only 3.5% down payment.

From 6/1/09 to 9/1/09, 37 homes have sold in Glen Ridge.  The lowest price home to sell was $119,000, a small apartment on Bloomfield Ave.  The highest closing price during this time was $1,400,000.  The average price of homes sold in Glen Ridge was $567,530.  A telling sign that the higher end home is making a comeback in Glen Ridge is that the actual sale price of $1,400,000 was only listed for $1,395,000.  Average days on the market for homes sold was 52 days, which is below the state average.

Absorption Rate:  There are currently 33 homes for sale in Glen Ridge.  Over the last 30 days 7 homes have SOLD.  Absorption rate is calculated by taking the number of homes for sale (33) and dividing by homes sold the previous month (7).  As of today, the absorption rate is 4.7 months.  This means that if no other homes come on the market for sale, it would take only 4.7 months at the current rate of absorption to sell out of Glen Ridge housing inventory.  This is WAY lower than the national average, a great sign for Glen Ridge real estate.  It is a good sign for sellers and a better sign for buyers looking to make a decision.

Overall, it looks like Glen Ridge has survived the recession and is looking to rebound.  Prices are remaining consistent and new assessed values have been publicized, which indicates lower real estate taxes 

If you are shopping for a home in Glen Ridge or any Glen Ridge NJ real estate, be sure to contact Scott with New Jersey Real Estate Guys.  You can call Scott @ 877-688-7582, or you can simply e-mail by clicking here.  As you can see from this article, we do not just dive into the market and buy/sell anything on the MLS.  We do extensive macroeconomic reports which helps us/you in our negotiation to achieve a bargain on your future dream home.  Our goal is your satisfaction.

Click here for our NEW Montclair Real Estate Report page.  A report on absorption, inventory, and browse all homes for sale in Montclair.

So it’s been an interesting year to date when comparing this year to last years’ real estate prices.  Oh, how the mighty have fallen.  When real estate is supposed to be the driving engine to financial freedom, this recession has exposed the vulerability that real estate has from other industries. 

The glaring and most obvious  cause of the housing sector demise was the Wall Street meltdown in September of 2008.  Today, we enter September 1, 2009 and the overall mentality and confidence has enormously changed.  Entering September 1 of last year, we already experienced the March collapse of Bear Stearns when they sold the company for $10 per share to JP Morgan Chase.  Rumor speculation over the course of the summer was that the “sh!t” was about to hit the fan due to the subprime mess.  On September 15, 2008, Lehman Brothers filed Chapter 11 Bankruptcy which was the “death stomp” to the investment banking industry.

Visit our customized MLS feed to all Montclair homes for sale (please be patient while list populates)

Due to a lot of confusion and the loss of hudreds of billions of dollars of paper loss wealth throughout the world, real estate came to a halt and prices declined even faster than they already had been. 

Montclair is a New Jersey suburb who not only felt the “normal” heat from the recession, but due to Essex County housing many executives on Wall Street and the financial sector, it was just a matter of when, would we see Montclair NJ homes for sale decline in value.

Fast forward to today.  September 1, 2009.  Sure, we are still dealing with increasing unemployment, but we are seeing positive activity on Wall Street and positive activity in the housing market.  As banks slash their REO prices it also requires homeowners looking to sell to consequently become more realistic about their listing price.  Affordability has re-entered the market and more and more Americans can find a home in Montclair within their means of a budget.

There has been a clear change of values year over year to present day.  Here are the simple statistics.  I will give you a link to view the entire chart showing month to month as well.

Here is the interesting statistic:  From January 1, 2008 thru September 1, 2008, the average active listing was $709,030.  From January 1, 2009 thru September 1, 2009, one year later, the active listing average actually INCREASED to $719,331, however, NEW LISTINGS, for the month of August 2008 and August 2009, actually decreased from $708,105 down to $684,596, about a 3.4% drop.

Below is what matters most

Homes Under Contract:  From January 1, 2008 thru August 31, 2008, the average home UNDER CONTRACT was $759,499.  From January 1, 2009 thru August 31, 2009, the average home UNDER CONTRACT was $605,558, a 21.3% drop.

Homes SOLD:  From January 1, 2008 thru August 31, 2008, the average home SOLD was $764,396.  From January 1, 2009 thru August 31, 2009, the average home SOLD was $611,468, a 21.1% Drop.

What this chart does is gives an idea of year to date price drops.  Although more homes sold year to date (Sept. 1) last year, more than this year, we did not factor in Q4 which had the biggest drop in prices.  We believe that these numbers are a clear indicator of where prices have dropped to. 

Click_Here_For_Chart

If you are in the market for Montclair NJ homes for sale,  New Jersey Real Estate Guys can help you find a dream home within your budget.  Please call Scott @ 877-688-7582 for all of your northeast New Jersey real estate needs.

We will be happy to discuss the state of the market with you and assist in finding you the right home at the right price.

See our rental listings for Sky Club

The Sky Club is a Toll Brothers 17 Story luxury condominium building in Hoboken, New Jersey.  Offering Manhattan views, hardwood floors, concierge, and PATH proximity and Light Rail, The Sky Club is perfect for any urban homeowner.  The Sky Club has been very popular with discerning home buyers looking to get an attractive piece of Hoboken real estate.  Upon completion in 2007, The Sky Club had completely been sold out.   Condos for sale consist of only resales.

Click Button for all active condos for sale and rentals at the Sky Club

The Sky Club consists of 1, 2, and 3 bedroom homes which offer luxury and elegance, fully designed with large balconies and well appointed kitchens.  Homes have soaring 10 foot ceilings, with penthouses available only on the 16th and 17th floor.

Why NJREG is most experienced to assist in your real estate needs at the Hoboken Sky Club

The Sky Club features amenities, including NY style bistro, retail shops, and as mentioned, close PATH and NY Waterway proximity.  There is also a 25,000 square foot health club with indoor steam room spa, and pool.

Sky Club is located on the southwest corner of Hoboken at 700 1st St. and just minutes from the big city of Manhattan.

Showing appointments are required at the Sky Club.  If you are interested in a private viewing of any Sky Club condos, please contact us and we will gladly assist in your request.  Or, simply call us at 877-688-7582.  New Jersey Real Estate Guys would value an opportunity to earn your Hoboken real estate business!

1 Three Bedroom – 2367 sf on 25th Floor facing southeast priced at $2,750,000

2 Two Bedroom – 1905 sf on 21st floor facing SW priced at $1,795,000

Another unit on 25th floor facing SW priced at $2,065,000

Welcome to the luxurious W Hotel Residence!  This is one of our favorites and NJREG headquarters is right across te street for your viewing convenience.  With construction completing earlier in 2009, the W has created a landmark along the skyline in the mile square city,  Hoboken, New Jersey.  Located on the corner of 3rd & River Street, the W Hotel and Residences is anchored along the Hudson River banks directly across from midtown Manhattan.   (Pictures Below)

See PRIVATE INVENTORY for sale

This modern building consisting of only 40 residential units and 225 hotel units is an escape where residents and guests can enjoy 5-star luxury and world class environments in one of the most lively urban areas of the country.  Whatever Whenever is a trademarked 24 hour concierge service which offers anything from in-home catering to other technicalities.

View all Active Condos for sale and Rentals at the Hoboken W

The Hoboken W Residences are built out with only the finest upgrades.  The residential units come in 2, 3, and 4 bedroom units.  Balconies with breathtaking Manhattan skyline views, kitchens with Viking Pro and Miele appliances, Sub Zero built-in fridge/freezer, granite floors and countertops, and sleek aluminum finish cabinetry.

Why NJREG is most appropriate to assist in your real estate needs at The Hoboken W Residences

HOA dues are about $1,400 per month on a 2 bedroom and $1,600 per month on a 3 bedroom.  This includes heating, cooling (through central A/C and individual thermostats), trash, and water.  All residents need to pay for is phone and cable!  There are 2 balconies per unit.  One in the master bedroom and the other adjacent to the living room.  Condos include world class specifications and washer/dryer in each unit.  All kitchens are equipped with a gas range as well, something very unique for Hoboken condo buildings.  Exclusive Valet Parking is available for only $150 per month, a fraction of the normal cost in this part of Hoboken, this close to the PATH.

HERE’S THE COOLEST THING ABOUT THE HOBOKEN W:  The Hoboken W Residences has a Port Authority PILOT (payment in lieu of taxes) for 99 years.  As a result, buyers of Hoboken W Condos will be paying incredibly and disproportionately lower property tax on their Hoboken condo.  Of the approximate 1.8% tax rate in Hoboken, a typical 2 bedroom 2.5 bathroom 1900 square foot condominium at the W Residences has a tax bill of only $7,200 +/- as opposed to comparable units having a tax bill of more than double that.  This is a HUGE purchase and resale incentive for those looking for condos for sale at The W.

As of 8/26/09, more than 75% of the W condo units have closed, and very few for sale, a great sign for the condos’ market stature.  You get what you pay for at the W Residences.  Such a lavish lifestyle at the W will cost just under $1,000 per square foot for current condos for sale.  Condos range from 900, 1900, and 2367 square feet

Residents may choose a la carte, the services of maid service, Bliss spa discounts, and if friends and family are in town, the great incentive of major discounts on hotel rooms.  Plus, many other a la carte menu items for your luxury lifestyle at The W Residences!

If you are looking for enhanced and state of the art living criteria, look no further than the luxury W Hotel and Residences.  Please call Scott at 877-688-7582 or e-mail us  for a private and confidential showing of any condos for sale.  Floorplans available upon request.

Please feel free to browse our custom MLS search feed above to see the Hoboken condos for sale at the W.

Located in the W Hotel and Residences is Bliss Spa and Sweat Fitness.  Bliss is a two floor spa filled with fine detail and whimsical services.  If you are looking to tone up or trim down, Sweat Fitness center has all of the proper equipment to suit your needs.  Located in the spa lounge is state of the art wireless internet service, a fully equipped media center, and a stress-free atmosphere.

Garden Street Lofts

Browse all Northern NJ Lofts for sale

Located in Hoboken, NJ at the corner of 14th & Garden St, Garden Street Lofts provides chic, yet green living as well as immediate proximity to Manhattan.  Situated on the northern side of Hoboken, Garden Street Lofts share the inner Hudson Banks with buildings such as Hudson Tea and Maxwell Place.  (View all lofts for sale on the Gold Coast below slideshow)

See Why NJREG is most experienced to assist in your real estate needs at Garden Street Lofts

In Hoboken’s urban setting and walkable streets, you can enjoy convenience to anything you need including just a block from CVS, New York Sports Club, NY Waterway Ferry Service, and plenty of shopping, dining, and entertainment, a common plethora of amenties in Hoboken real estate.  If you commute, enjoy being only 3 miles to I-495, Route 3, and the Lincoln Tunnel.

Garden Street Lofts condos for sale should be previewed with an experienced real estate agent and New Jersey Real Estate Guys is happy to help.  With our headquarters only a few walking blocks from the Garden Street Lofts, we can arrange an appointment for when your schedule allows.  Please call us at the toll free number at 877-688-7582 or contact us via e-mail

Jersey City, NJ

View all Active Jersey City real estate for sale

Downtown Jersey City:  Newport, Paulus Hook, and Exchange Place

Historic Downtown:  Hamilton Park, Grove Street, Harsimus Cove, and Van Vorst Park

The Heights:  Western Slope, and Central Avenue Shopping Area.

Journal Square:  West Bergen/Lincoln Park and the Hudson Mall

Bergen Lafayette:  Communipaw Avenue, the artery between West Side with Liberty State Park, Greenville, which features Port Liberte and other upscale residentail neighborhoods. 

Downtown Jersey City has many attractive areas of real estate.  Newport and Exchange Place are redeveloped waterfront areas consisting mostly of high rise residential buildings, hotels, retail, and office buildings.  Newport is a planned mixed use community, made up of residential high rises, condo buildings, office buildings (JP Morgan Chase Building), a marina, schools, and plenty of hotels, restaurants, fine dining, nightlife, and other entertainment.  Located only a 5 minute light rail trip to downtown Hoboken, residents can live away from the nightlife density in Hoboken to live in a quieter residential community in Newport.  Don’t forget about the Newport Center Mall, Movie Theater, PATH station, and many other convenient locations. 

Exchange Place, which was the first part of the area to redevelop, built over the old Jersey City Penn Station, is now full of new real estate and is New Jersey’s side of busy business.

Journal Square is in the midst of real estate rehabilitation.  Journal Square is going to be the next big area of Jersey City.  Redevelopment plans for residential towers and retail should relate to the same redevelopment as to what occurred over in Newport.  To the north of the square on Newark Avenue lies India Square, where you can find over 100 Indian ran businesses.  This area is one of the largest Indian neighborhoods in all of New Jersey.  Saint Peter’s College  is located in this section, just 10 blocks south of Journal Square in the McGinley Square section of Jersey City. 

The West Bergen of Jersey City houses very diverse neighborhoods including Lincoln Park / West Bergen as well as the Marion Section, Society Hill, and New Jersey City University.  On the West Side you will find many different ethnic businesses from Filipino to Indian to West Indian which line the West Side Avenue. 

If you are interested in relocation or real estate related material for any area of Jersey City, please contact us for a consultation or relocation package.  We have plenty of additonal information, including the areas of The Heights, Bergen-Lafayette, and Greenville.