Housing Absorption Rate
The formula used to calculate supply vs. demand is the number of homes actively on the market in relationship to the number of sold units; this number represents the number of months it would take to move, sell what is currently on the market. Case-Shiller Index represent that when inventories fall blow 8 [...]

How we have changes! Our focus today is on better quality, less and products with a conscience! Have fun looking threw this new issue!
Martha McDonnell
Lois Schneider Realtor

When considering a new position in a new state it’s important to know what the cost of living is compared to where you are coming from. Sometimes that nice salary increased is dwarfed by housing, insurance, medical and other cost of living factors. ACCRA, also known as C2ER: Council for Community Economic Research Cost of Living Index [...]

Do you keep an inventory of your homes content? Many people do not! In the event of a fire, flood or any other catastrophe, one could find themselves defending the content and the value of replaceable and irreplaceable items in the home. Keeping a log with photos, descriptions and proof of value will serve you [...]

Do You Know Your Insurance C.L.U.E.® Score?
Like a credit score, when applying for home owners insurance ( hazard & content), the carrier is going to determine your risk level, as will a future employer. A variety of entities are applied to a statistical model that compiles the score. They will look at all three credit [...]

Closed Sales: Summit
December 1st thru December 31, 2009

Address
List Price
Style
RM
BR
TBT
Gar
BMT
YrB
Closed Date
Sold Price
DOM
Price change

133* Summit 
$199,900
One
4 
2 
1 
0 
Yes 
1924 
12/02/2009
$169,000
615 
-15%

42* ASCOT  
$569,000
Split
9 
3 
2 
1 
Yes 
1960 
12/18/2009
$416,000
243 
-26%

36 Miele Place 
$450,000
Cape
7 
3 
2 
0 
Yes 
1953 
12/23/2009
$425,000
147 
-5%

11* WILLIAM ST* 
$529,000
Colonial 
7 
3 
1.1 
1 
Yes 
1910 
12/17/2009
$469,000
154
-20%

81 West End Avenue 
$549,000
Cape 
10 
4 
3 
1 
Yes 
1956 
12/21/2009
$550,000
86 
000

107 Fernwood  
$1,020,000
Colonial 
7 
4 
2 
2 
Yes 
9999 
12/17/2009
$576,250
373 
-44%

1* Euclid Ave Unit 6-C 
$605,000
Hi-Rise,
5 
2 
2 
1 
Yes 
1975 
12/17/2009
$590,000
356 
-2%

218 MOUNTAIN AVE
$619,000
Ranch 
7 
3 
2.1 
2 
Yes 
1961 
12/29/2009
$590,000
68 
-4%

9* BEEKMAN TER* 
$749,000
Colonial 
8 
4 
2.1 
2 
Yes 
1920 
12/09/2009
$749,000
7 
000

22 Oak Ridge Avenue 
$799,900
Colonial, Victorian 
8 
4 
1.1 
1 
Yes 
1900 
12/10/2009
$755,000
135 
-6%

35 Blackburn Place 
$950,000
Ranch 
9 
4 
3.1 
2 
Yes 
1953 
12/18/2009
$950,000
3 
000

11 CANOE BROOK PKWY 
$1,045,000
Colonial 
8 
4 
3.1 
2 
Yes 
2009 
12/11/2009
$995,000
43 
-5%

70* HOBART  
$1,295,000
Colonial 
14 
6 
4.1 
3 
Yes 
1920 
12/11/2009
$1,159,111
93 
-11%

54* OX BOW LN* 
$1,675,000
Colonial 
10 
5 
3.1 
2 
Yes 
1965 
12/08/2009
$975,000
530
-42%

78 HOBART AVE 
$1,395,000
Colonial 
13 
6 
3.1 
2 
Yes 
1924 
12/16/2009
$1,150,000
226 
-18%

25 ROBIN HOOD  
$2,495,000
Colonial 
15 
5 
4.1 
2 
Yes 
1950 
12/15/2009
$1,299,000
651 
-48%

55* ROTARY DR* 
$1,380,000
Custom
9 
4 
4.1 
2 
Yes 
1950 
12/21/2009
$1,330,000
48 
-4%

80 HILLCREST  
$1,695,000
Colonial 
11 
5 
4 
2 
Yes 
1930 
12/10/2009
$1,375,000
225 
-19%

8* PEMBROKE RD* 
$1,895,000
 Custom 
11 
5 
4.1 
3 
Yes 
2008 
12/21/2009
$1,825,000
192 
-4%

51 Sunset Drive 
$3,100,000
Colonial,
15 
6 
6.1 
3 
Yes 
2008 
12/14/2009
$2,440,000
495
-22%

290* SUMMIT  
$4,550,000
Tudor 
13 
6 
6.1 
3 
Yes 
1929 
12/15/2009
$2,200,000
508 
-52%

77 HILLCREST AVE 
$3,325,000
Colonial 
15 
5 
5.2 
4 
Yes 
1923 
12/23/2009
$3,025,000
30 
-10%

TOTAL
$1,332.00
 
 
 
 
 
 
 
 
$1,092.00
142
-22% correction

The fedreal goverment will probably stop subsidizing loans over $417,000 after March 31, 2010 which has kept loans up to $729,000 about 1% lower in high cost areas: NJ, NY & CT.
Martha McDonnell
Lois Schneider Realtor

With more and more people considering small & medium size renovation projects, the focus today is to spend a little more on sound insulation practices, installing high efficiency windows, utilizing sustainable materials and the like. In doing research many are lured by potential tax credits and have been disappointed when they learn that tax credits [...]

With many people staying in their homes longer and as trends come and go, I always refer to Remodeling Magazines  annual Cost VS Value Report. Quiet often home buyers will purchase a home with a list of improvements in mind that may not add to the value of the home at all. In reading this years report, [...]

New Jersey is known to have the highest property taxes in the nation as outlined in this weeks New York Times article “The Hottest Topics in Home Sales”. So, why do so many people relocating to the Tri-State area choose New Jersey? Our public schools rank tops in the Nation.
Newsweek’s June 2009 article “Top in the Class” identified [...]

Here are the some guidelines:
Most towns on the Midtown Direct & Gladstone train lines ONLY offer resident permit parking, except for Morristown & Summit; Convent Station offers non-resident parking for Harding Township residents only. New Jersey Transit List of Parking Facilities.
Chatham Township does not offer resident parking, there are a few metered spots at the [...]

You bet!
Click here to view  3 month, 1 year, 3 year and 30 year trends. For more infomation and analysis, please visit www.Mortgage-X.com

National Assocaition of Realtor released today the 2009 Home Buyer & Seller Profile, click here to preview, the file may take aup to 60 seconds to download due to it’s size.
Please keep in mind these are national statistics and buyer & seller profiles differ considerable for market to market!!
Feel free to forward your questions to me!
Martha [...]

18 closed sales for Summmit NJ november 2009

LUXETRENDS®   .. is Leading Real Estate Comanies of the Worlds monthly e-newsletter with articles on real estate trends, home furnishings, design concepts, luxury destinations and more.

Easy Loans in Expensive Areas
Posted in Back to Business Section of the NYT on November 16,2009
FHA, finally issueing loans in affluent areas.
Martha McDonnell
Lois Schneider Realtor

Celebrate the Season Downtown Summit
 
Santa Arrives December 6th at 3PM at the Square Yard
 
Holiday Puppet Shows – December 13th at 12:30 and 2pm at the Square Yard
 
Caroling in Downtown  Saturday and Sunday Afternoons in December and the evening of December 23rd.
 
Horse and Carriage rides – Sunday in December 12noon to 3pm
 
Dining with Santa – [...]

Third Quarter Sales Results from January 2009 to September 2009 for
Short Hills , Summit, Chathams, Madison,New Providence & Berkeley Heights

More Glimmers of Improvement in NJ’s Housing Market
Wednesday, November 11, 2009 – Millennium Radio
There’s more evidence that New Jersey’s housing market is beginning to stabilize, and that home prices just may have bottomed out.
Existing home sales in the state rose 8.5 percent in the third quarter of 2009, compared to the third quarter of 2008. [...]

2009 Q3 YoY Berkeley Hts

Expanded Housing Tax Credit Approved
November 5, 2009
Up to $8,000 to first time homebuyers
New Guidelines:
Up to $6,500 to non first time homebuyers, must have lived in current home for at least 5 years. 
Income limits raised to:
          Single         $125,000
          Married     $225,000
Buyers must sign a purchase agreement by April 30, 2010 and close by June 30, 2010.
Copy [...]

Thanks for your patience over the past three months. Allot of time and resources spent restoring Summit-NJ.com, thanks to three serious break-ins to the site.
Many, many thanks to Pankaj Pandey (www.pankajpandey.com | 9338016069) for getting us back on line.
I will be spending the next weeks updating current sales information for Summit, Short Hills and neighboring [...]

May the Home Valuation Code of Contact (HVCC) took effect. This new code applies to loans which lenders plan to sell to Fannie Mae or Freddie Mac.  The Code was written in order to prevent fraud and undue pressure on appraisers from banks, etc. to ensure that a property will appraise for the contract amount.
How HVCC Affects the [...]

Martha McDonnell / Sales Associate / Lois Schneider Realtor
Lessons I have learned in the past six months:

Smart people buy when no one else is buying (see Blog Post January 2009)
You can NOT under price a property: In the doldrums of first quarter 2009, good buys were selling fast, sometimes competitively and over asking.
When you buy your [...]

The disconnect…
Sellers who are pricing their homes 20-25% from the top of the market (second quarter of 2005) are seeing buyers line up to buy their homes.
Buyers now have the banks as their safety net.  We are hearing of many transactions having to go back to the negotiating table because the property does not appraise; even in [...]

Governor Corzine in his budget address on March 10, 2009, called for a one-year suspension for all non-senior households, regardless of income, to deduct property taxes from their state tax filings.  Responding to public outrage, he recently changed direction and adjusted his budget proposal to include the restoration of the property tax deduction for senior [...]