According to the National Association of REALTORS® existing-home sales fell in February following three straight monthly increases. What this means is that fewer buyers went to contract early to late November 2010; part of this trend may be due to harsh winter conditions. As a company, we tend to look at sales volume relative to [...]

According to Jeffrey Otteau, President of Otteau Valuation group it will take another nine year for us to see those levels. He is predicting that New Jersey will see a 4% decline in home prices this year, but towns with easy commutes to New York City may only see a 1 or 2% decline. In [...]

Towns with short commutes to New York City have always maintained their values. Unlike most of the country, we coninue to see strong demand and limited inventories in most towns on the MidTown Direct or Peapack Gladstone NJ tansit train lines.
Todays New York Times article speak to affluence, one item not discussed is that most [...]

SUMMIT – Sustainable Jersey representatives announced at NJ League of Municipalities Conference that the city won a Sustainability Champion award in the medium population category.

The 2010 NAR Profile of Home Buyers and Sellers reports that 50% of all surveyed from July 2009 to June 2010 were first time home buyers.

 
Honey Browns, brought to us by our friends at Bona Vita Ostaria opens this Friday @ 7 Union Place in Summit. Serving Brunch, Lunch and Dinner.

 
Downtown Summit Inc. kicks off the Holiday December 5  at 3PM with the arrival of Santa Claus.

There are a few strategies that Doug Roller lists in his US News & World Report Novemeber 4th blogpost.

I like to to stay current with Manhattan real estate for it reflects many of our trends in Summit and other Manhattan bedroom communities on the Midtown Direct and Peapack Gladstone train line. This article printed in the NY Times looks at what the major Manhattan real estate players are predicting for 2011.

Many are considering refinancing with rates at thier lowest in many years. An interesting approach, rarely mentioned, is the options of buying discount points to lower the rate (rate buy down) even further.
One discount point is 1% of the loan amount, paid at closing. On a $500,000 mortgage one point would cost $5000. and will [...]

Pending Home Sales Slip but Modest Recovery Expected in 2011 according to National Association of Realtors. November 5, 2010

Parking has always been a topic of great interest and controversy in Summit.  The facts are simple; there is NOT enough parking for shoppers, restaurant goers and Downtown Summit employees. Common council voted this past week to start charging for parking in shopper lots…

Summit Closed Sales : October 2010
 

Address
Lt Sz
Acres
List Price
Style
RM
BR
TBT
Gar
Bsmt
Yr Blt
Closed Date
Sold Price
DOM

6 PLAIN ST* 
50X150* 
.17* 
$285,000
Colonial,
6 
2 
2 
0 
Yes 
1890 
10/22/2010
$272,500
15 

133* Summit Avenue Apt. 5 
160 X 282 
1.04* 
$332,500
condo 
6 
2 
1 
1 
No 
1924 
10/01/2010
$319,500
93 

274* WOODLAND AVE* 
60X125* 
.17* 
$375,000
Cape Cod 
6 
3 
2 
1 
Yes 
1937 
10/20/2010
$360,000
45 

82* ASHWOOD AVE* 
0.183* 
.18* 
$449,000
Colonial 
9 
3 
1.1 
2 
Yes 
1925 
10/29/2010
$410,000
102 

54* NEW ENGLAND AVE
.489 AC* 
.49* 
$465,000
Town Unit 
5 
2 
2.1 
2 
Yes 
1984 
10/27/2010
$416,000
21 

19* IRIS RD* 
60X102* 
.14* 
$589,000
Cape Cod 
6 
3 
3 
1 
Yes 
1955 
10/29/2010
$570,000
159 

88* TULIP ST* 
50 X 120 
.14 
$665,000
Colonial 
8 
3 
1.1 
1 
Yes 
1955 
10/29/2010
$655,000
84 

15* Warwick Road 
0.459* 
.46* 
$1,329,000
Colonial 
10 
4 
2.1 
2 
Yes 
1951 
10/28/2010
$1,425,000
15 

25* COLT RD* 
0.65* 
.65* 
$1,499,000
Colonial 
9 
5 
4.1 
2 
Yes 
1958 
10/28/2010
$1,400,000
9 

190* MOUNTAIN AVE* 
0.676* 
.68* 
$1,595,000
Colonial 
9 
5 
5.1 
2 
Yes 
2010 
10/07/2010
$1,525,000
71 

189* BLACKBURN RD* 
0.406* 
.41* 
$1,649,000
Colonial 
10 
4 
4.1 
2 
Yes 
2008 
10/29/2010
$1,560,000
0 

41 DRUID HILL RD 
 
.47 
$1,695,000
Colonial
14 
5 
4.1 
2 
Yes 
1925 
10/01/2010
$1,670,000
126 

49* Bellevue Avenue 
135X172* 
 
$3,695,000
Colonial 
14 
7 
6.1 
3 
Yes 
2007 
10/08/2010
$3,375,000
0 

REMEMBER: Cell Phone Numbers Go Public this month.
REMINDER…..  all cell phone numbers are being released to telemarketing companies and you will start to receive sales calls.
…. YOU WILL BE CHARGED FOR THESE CALLS if you have a LIMITED airtime package
To prevent this, call the following number from your cell phone:     888-382-1222  888-382-1222 .
It is the National [...]

Summit NJ’s own native son Tom Heller movie “Precious: Based on the Novel ‘Push’ by Sapphire.” is nominated for an Oscar. Continue reading …
MArtha McDonnell
Lois Schneider Realtor / Summit

Best to buy before new FHA guidelines take effect 
By Octavio Nuiry, Staff Writer RealtyTrac.com 
Starting in early summer, the Federal Housing Administration is tightening lending standards in an effort to bolster its dwindling reserves. The new lending standards will make it tougher for some prospective buyers to purchase a home by requiring a higher down payment [...]

Current housing trends, highlighted in separate surveys conducted by the Washington-based trade association and Better Homes and Gardens, released in January at the International Builders’ Show in Las Vegas, showed that consumers are not interested in large ineffecient homes decked out with high-end amenities. Less is More!  What is out: large outdoor kitchens, media rooms and sunrooms. What is in:  walk-in [...]

PMI sees bottom in home prices 

A new study from PMI Mortgage Insurance Co. suggests home prices have found their bottom.  The company’s analysis shows that by almost all measures, residential property values began stabilizing considerably during the second and third quarters of last year – and monthly data through November confirms that this stabilization [...]

Overcrowding at Glenwood Elmemantary School. Millburn Board of Education considering sending 61 Glenwood students to Deerfield Elemantary, also effecting 2 bus lines.
Click here to view redistricting map.
Martha McDonnell
Lois Schneider Realtor

Click here to view both Chatham Boro & Chatham Townships 2008 vs 2009 sales reults:
2009 Q4 YoY Chatham Boro
2009 Q4 YoY Chatham Township

Click here to view 2008 vs 2009 sales reults:
2009 Q4 YoY New Providence
Martha McDonnell
Lois Schneider Realtor

Click here to see 2009 vs 2008 statistics:
2009 Q4 YoY Berkeley Heights
Martha McDonnell
Lois Schneider Realtor

On February 1, 2010, President Obama released his 2011 budget proposal recommending that the value of the Mortgage Interest Deduction (MID) for upper income taxpayers be limited to the 28% bracket. The provision modifies the MID, as it plans to reduce the amount of mortgage deductibility on families earning over $250,000 (AGI) and on single tax payers [...]

2008 Sales vs 2009
2009 Q4 YoY Summit

James Hagerty, covering the real estate & mortgage industries for the WSJ, just released his quarterly housing report.
Today, we look at housing thru various lenses:
1)     Consumer confidence: we continue to receive mixed signals from different media portals. Buyers are on and off the fence , however, when they see a good value ( price, condition and [...]

A wonderful venue to get up to date home improvement ideas and solutions for home and garden.  A short drive to Somerset (off of 287)  at the Garden State Convention Center. 20th Annual Garden State Home Show.
Details: 2/5 thru 2/7

Hours:

Friday
1pm – 9pm

Saturday
11am-9pm

Sunday
11am – 5pm

Admission:

Adults
$9.00

Kids (12- 17)
$6.00

Children 11 & Under
Free

Seniors *
$8.00

Fourth Quarters Results 2008 Sales VS 2009 Sales

2008 Sales VS 2009
Summit, Millburn, Chatham(s) New Providence & Berkeley Heights:

Lois Schneider Realtors Listing & Sales Activity for all of 2009 in Summit:
2009 LSR Listings and Sales Closed by Listing Price Range

USNews & World Report published its Top High School Report in thier December 2009  issue. Six area high schools awarded Silver Level:
Summit                                         
New Providence
Millburn / Short HIlls
Chatham High School
Madison ( Harding Township)
Basking Ridge
Criteria for Medals

Gold Medal:
Top 100 schools nationally based on the College Readiness Index
Silver Medal:
all other schools with a college readiness index of [...]