How Many Real Buyers Are there?

In a changing market, our job is to not only market your property and manage the transaction, but also to help you get the most for your home. One of the best ways to do that is to price your property right at the right point in the market. Not too high, not too low. Of course, we're always watching and listening to buyers and what they look for.

Another way to look at HOW MANY REAL BUYERS are in the market. The bar graph to the left shows that for Millburn and Short Hills homes for the most recent 2 months. The blue bar is buyers, the red bar is sellers.

Review this and look for updates on Millburn and Short Hills home sales as well as sales data for Chatham, Madison, Summit, New Providence and other New Jersey Midtown Direct towns.

Post your comment or question or request for information. I look forward to serving you and helping you sell your home for the highest value the market will bear.

Which remodeling projects pay off most?

Every year Realtors across the country help compile the National Association of Realtors' Remodeling Cost vs Value Report which helps us understand the "market" value of renovations and additions. This report, this year, highlighted that Curb Appeal is more important than ever!

For example, the most "profitable" project nationwide was upscale fiber cement siding (such as Hardy Plank) which recouped 86.7% of costs. Wood decks followed at 81.8%.

Now, if your house does not need new wood siding, perhaps a fresh coat of paint will do the trick of enhancing your curb appeal. Check with your realtor as to what are popular color combinations, if you're not sure. We're out with buyers all the time and know what they like.

In addition to the siding, pay attention to your walkway and fences. Are they in good shape? If not, paint or remove or replace the fence. Repair, if possible, the walkway. Or, replace it. Unless this is something you really know how to do, hire a professional mason. You will see 100% of this investment when you sell.

Other ways to improve your curb appeal is plants. Certainly in Summer, Spring and Fall flowers and flowering plants give the biggest bang for your buck. In winter, charming pots with evergreens strategically placed will work wonders. Outdoor lighting is also a great way to make your home more appealing to buyers in the early evening, especially since it gets dark so early. Let your home be noticed even after the sun goes down.

Contact me or your Realtor for the complete remodeling cost vs value report for your area. Ask us to help you stage your home in Chatham, Summit, Madison and Short Hills for top curb appeal. We'll help you get top dollar even in today's market!

Home buying and financing

On November 8th the Star Ledger printed a positive article regarding home buying, financing and programs to help buyers obtain financing in these troubled times:

http://www.nj.com/business/index.ssf/2008/11/more_people_using_programs_to.html

Since we all could use a little good news and guidance, take a look and let me know what you think or if you have any questions on how to make your home buying dream a reality!

All my best,
Trish Giassa
201-960-2090

TOP 10 REASONS TO BUY A HOME BEFORE THE END OF THE YEAR

Yes, it's scary out there ... but every cloud has a silver lining. The fact is that our communities are very viable and offer the timeless worthwhile features that everyone wants for their community. Good schools, charming towns, lots of parks, easy commute to the country's major employement center (NYC), wonderful neighbors, great shopping and health care. We've got it all. Now prices for our beautiful homes are even reasonable!

It is a very good time to be a buyer of a home. Below are some of the reasons why:

1. Sellers who list during the holidays are serious and are more likely to make a deal!
2. There are fewer buyers looking at this time of the year – competition for the best homes will be less than in the spring!
3. Sellers who have their homes on the market during the holiday season generally want to close by year end and so they are very motivated to consider your offer!
4. Interest rates are low now, and there are good loan programs available. A rise in interest rates and/or changes in lending guidelines can seriously erode your buying power!
5. You can buy now, and get the year end “deal”, but specify a delayed closing or extended occupancy - after the new year.
6. When you buy now you are positioning yourself to begin taking advantage of tax deductions for the entire next year.
7. The Fed has been lowering rates for the last year, and mortgage rates are close to historic lows. It is widely anticipated that they will need to start raising rates next year, making monthly payments more expensive.
8. The sooner you stop paying rent that increases your landlord’s equity, the sooner you start building your own equity.
9. It may be a good time to move your money out of a volatile stock and bond market and put it in the proven best investment, REAL PROPERTY.
10. Many sellers need to close before the end of the year for financial and tax reasons.

For listings that meet your criteria, send me an email to Trish@BestNJhomes.com with that criteria. Then you can see for yourself whether there is something to get excited about!

Looking forward to helping you achieve your homeownership dream!
Trish :)

Spotlight on Millburn and Short Hills, N.J.

The historical town of Millburn N.J. is a place with connections. Despite splitting from the town of Springfield in 1857, Millburn is intrinsically attached to many other neighboring communities in the region. Although Millburn’s inclusion in the Midtown Direct service of the NJ Transit train line bypasses Hoboken, the service allows commuters a short convenient trip to Jersey City or Manhattan as well as to the towns of Summit, Chatham, Madison, and Maplewood.
In reality, Millburn comes as part of a package deal: the Short Hills (which is not its own town but a beautiful section of Millburn) lie to the north with many luxury homes and mansions; to the south, the Millburn section possesses many affordable houses. The township, which supports a bustling population of 19,765 and 7,158 housing units, has 143 vacant housing units awaiting future residents.
The Short Hills area imparts its name to the acclaimed shopping center, the Mall at Short Hills. Besides housing stores for the retail giants Neiman Marcus, Nordstrom, Macy’s, and Saks Fifth Avenue, the eponymous mall is known for many fine stores including the fashionable Anthropologie and the tasteful Williams and Sonoma.
The Millburn section offers a variety of reasonable houses in a refreshing range of styles: Victorian, Tudor, Cape Cod, colonials, and 1950s ranches. Additionally, Millburn's central business district blooms along Millburn Avenue and Main Street with many banks, boutiques, beauty salons, antique stores, and over 130 establishments that serve food including half a dozen ice cream parlors.
Both regions share town services as well as a well regarded school district. In 2008, New Jersey Monthly’s annual rankings of New Jersey high schools awarded the top spot to Millburn High School. With 22 advanced-placement courses in history, mathematics, the sciences, foreign languages, literature, English, and music available at Millburn high school, it is no surprise that 97% of graduating seniors will continue their education. In fact, 74% of the adult population in Millburn possesses a post-secondary school degree.
In short, Millburn is not only a place to make connections; it’s a great place in which to live.

Spotlight on Madison, NJ

Madison is a ‘rose’ of a New Jersey town in bloom for all seasons. Madison is a town of history, culture, fantastic shopping, and fine dining.
Nicknamed “The Rose City,” Madison began as “Bottle Hill” in 1715 under colonial rule. In 1806, Chatham Township was formed to include the villages of the current Madison, Chatham, and Florham Park. The name of the village was changed to Madison in 1834 and eventually seceded from Chatham Township in 1889, adopting a borough form of government.
Located on the Morristown Line with trains heading to Hoboken and to Penn Station in Midtown Manhattan, the Madison train station provides residents with the ability to make the daily commute to NYC easy or to visit the Big Apple for a show, dinner or weekend.
Besides the local movie theater, yoga studio, and newly renovated Madison YMCA, there are many places to go in Madison, quite a few of which are located at Drew University, a highly rated liberal arts college with notable graduate programs. Drew University (http://www.drew.edu/) , affectionately known as “The Forest” for its arboreal abundance, has many events open to the public throughout the year. Currently on the campus are several remarkable activities, including “Faces of Africa” Sculpture and Wall Hangings, a free art exhibit currently is being held at the Korn Gallery, a production of “Romeo and Juliet” at the Shakespeare Theatre of New Jersey located on the campus, and don’t forget to make an appointment for the Florence and Robert Zuck Arboretum, which contains many local flora and fauna including turtles, goldfish, catfish, and muskrats, and regular stops for migrating Canadian geese, ducks, and herons.
Prospective patrons are quite at home at the many shops in town, including wonderful bookstores such as Chatham Bookseller (http://www.abebooks.com/home/chathambookseller/) , a gem of a store for rare, used, and out-of-print books. In addition, Madison also has an antiques shop, nail salons, jewelry stores, a Whole Foods grocery store, and is within twenty minutes of the Livingston Mall and the Mall at Short Hills.
In terms of dining, Madison boasts numerous restaurants representing many diverse cultures from Italian fair, to classy Cajun cooking, to refined Asian cuisine. The Garlic Rose, (http://www.garlicrose.com/) a mainstay of Madison, features Italian food with a penchant for developing the personality of the pungent bulb for which it’s named. Pop’s may sound like a hole-in-the-wall but it introduces an air of refinement and personality to modern Creole cooking. Last but certainly not least, Shanghai Jazz (http://www.shanghaijazz.com/) connects East to West by bringing the utter coolness of a jazz bar to an edgy eclectic blend of Chinese, Japanese, Thai and Vietnamese food. Shanghai Jazz features live jazz 6 days a week and was rated by Downbeat magazine as one of the top 100 jazz clubs in the world.
Whatever you’re in the mood for, whether it is a nice place to raise a family or fine shopping and dining, by any name, “The Rose City” is sweet. Visit the town’s website at http://www.rosenet.org/.

Halloween in Morris County to You!

Halloween in Morris County
Halloween is a time of the year when nothing is quite what it seems. Some people put masks on to be someone else; while others take off the masks they wear daily and show themselves to the world.
The Ancient Celts in Ireland first celebrated Halloween as Samhain (pronounced “sam- wen”), which was their last day of the year. It was believed that the souls of those who died returned for this one night and played tricks upon the living. The Celts would visit neighbors for contributions of food and have a boisterous feast in order to scare away the spirits.
In Chatham and Summit, Halloween is a reason to fill the streets with colorful superheroes, glittery princesses, sharp-toothed vampires, solemn Jedis, ephemeral fairies, rough pirates, and sugary blonde brigades of Hannah Montana clones. You can trick or treat with the kids at local businesses and houses around the towns starting at 4:30 p.m., the accepted “start time” of Halloween.
If scares and tricks aren't your particular treat, then bring a special someone to the Shakespeare Theatre of New Jersey located at Drew University for a production of "Romeo and Juliet."
Besides trick or treating or attending a play, there are many great activities within a half an hour car ride of Summit or Chatham. Listed below is a list of haunted houses, haunted hayrides, and farms where you can pick your own pumpkins!

Haunted Houses

A Kingdom For A StageCherry LaneWest Orange, NJ, 07052<http://www.njkingdom.com/>
Haunted Union2118 Briarwood LaneUnion, NJ, 07083<http://www.hauntedunion.com/>

Madness on Meadow Lane141 Route 17 SouthParamus, NJ, 07652<http://www.madnessonmeadowlane.com/>

Haunted Village56 Main StreetClinton, NJ, 08809<http://www.clintonhauntedmill.org/>

Whatever you decide to do, Trick or Treat to You!!!

xoxo Your Friend and Realtor,
Trtish Giassa
(aka "Annie Get Your Gun this year ... photo to follow)
201-960-2090

Had a wonderful trip! Missed you!

Dear Friends,

My husband Jake and I just came back from a fabulous trip to Italy, Croatia and Slovenia! Always it is good to come home and I'd like to share a few highlights of this great trip -- Italy of course was beautiful, warm, interesting and very appetizing. We went to Rome and Venice - both fabulous cities with history and art and romance!

Trieste, my home town, turned out to be a really special surprise and is now on my recommended list. Trieste, once having been an important port city for Austria, became depressed when it became part of Italy, which is blessed with many ports. However, in the last few years Trieste seems to have reinvented itself. It is now a little-known and beautiful tourist destination with lovely pedestrian-only streets with cafes spilling out onto the pavement. The Piazza dell'Unita lights up at night like a jewel. The sea sparkles and the promenade along the coast rivals that of Nice! On top of of this and some amazing shopping opportunities, Trieste boasts not one but two beautiful historic castles and the ruins of a Roman theatre ... must be seen.

Croatia was even more beautiful than I remember and we truly enjoyed both the Dalmatian coast and the interior ... visiting Motovun, hometown to Mario Andretti (note that there are no cars allowed on most of the few streets in this town ;) and the truffle capital of Croatia. Yes, we went truffle hunting too!

Slovenia was a total revelation! A beautiful, prosperous, young country with a capital that knows about style and couture and has an amazing cafe culture!

Visit Ljubljiana and Trieste for an unusual and wonderful treat! Let me know if you'd like a hotel or restaurant recommendation. :)

Now, back to work!

I just attended Jeff Otteau's Fall Seminar and as usual he shared his research and forecast. The good news is that there is some good news in spite of all the sad news. Real estate is on its way to becoming affordable again. Our communities in Chatham, Madison, Summit and Short Hills are still great places to live and seem to be holding their values better than most of the state.

If you'd like to know more about what Jeff Otteau is forecasting for our market and how it may affect your buying or selling of real estate, call or email me.

Be well and be happy,

Your friend and Realtor,

Trish Giassa
201-960-2090

Local Schools Rank High in NJ Monthly Magazine's 2008 Report

Once again, our very fine schools are tops in the state, out of more than 300 schools. Congratulations and kudos to our students, teachers, staff and parents!
Millburn High School is once again in the #1 spot. Chatham High School moved up to number 10, Gov Livingston School in Berkeley Heights now ranks 15th of all the high schools in New Jersey, New Providence also moved up to the #17 spot. Summit is 22nd in the state, and Madison jumped from being in the 48th spot all the way to 35.
All are within the top 10% of all of New Jersey's high schools.
For more details on how the schools were ranked go to http://njmonthly.com/articles/towns_and_schools/highschoolrankings/top-new-jersey-high-schools-methodology.html
For the full list of all the high schools in New Jersey and their rankings go to http://njmonthly.com/articles/towns_and_schools/highschoolrankings/top-new-jersey-high-schools-by-rank.html
To search for your dream home in one of these fine school districts go to http://www.bestnjhomes.com.z57preview.com/Chatham_NJ_homes_for_sale.shtml

Chatham Township Turnkey Home on Cul-De-Sac

Chatham Township has been named Top Town in NJ by NJ Monthly and this home has to be the happiest house in town!

Great cul-de-sac location, heated driveway (bye-bye snow shovels and snow plows!), 4 generous bedrooms and 2.5 baths.

Updated eat-in kitchen and baths, nice 1/2 acre property ... lots of room for everybody and totally turn-key. Bring your toothbrush and move right in!

Priced very competitively at $750,000. Come see for yourself. Call Trish for a showing appointment and check out the interactive virtual tour at www.3DeerRunCircle.com

Fantastic Madison House

Built by premier local builder Harvey Caplan in 1992, this home has enjoyed the lving care of a single owner. Many upgrades and improvements have been made to this gracious and comfortable home which offers a sensible floor plan, spacious, light-filled rooms and a highly desirable location in Madison Borough.

Visit http://www.15wisteriacourt.com/ for an interactive virtual tour and floor plan or call Trish at 201-960-2090 for a private showing.

Real Estate Market Update

Everywhere I go people ask about real estate. My answer is that this is a GREAT time to be a buyer. Yet buyers say they are afraid. The reason they are afraid is because they are listening to the media and to other naysayers who say the market is bad. Is it bad because real estate is currently not appreciating? It is actually depreciating ... in some places more than others. Luckily for us, our market in the Chathams, Madison, Short Hills, Summit and surrounding areas which enjoy excellent schools, an favorable train commute to NYC and offer charming, bucolic villages and neighborhoods, are still in demand. But, buyers are not willing to spend the same amount as at the height of our real estate market. Let's face it, our real estate was rapidly becoming unaffordable by many. So, an adjustment was due. It happens about every 10-15 years. A home that appreciated 100% in the last 5-10 years has still been a tremendous investment for its owner! A highly leveraged investment, since most of us use only about 20% cash to buy a home and we have to live somewhere. You can make your mortgage payment or your landlord's ... you pick.
So is it really that dismal? Should everyone give up on real estate? Should I find another line of work? ;-) Let's look at the facts:

Let's compare 1st Quarter 2007 vs 1st Quarter 2008

CHATHAM BORO, NJ
Listings 62/59
# under contract 39/22
# closed sales 55/42
Avg DOM 68/41
Avg Sale Price $851,569/629,842

CHATHAM TWP, NJ
# new listings 89/87
# under contract 84/52
# closed sales 86/77
Avg days on market 84/82
Avg sale price $966,175/993,457

MADISON, NJ
# new listings 90/73
# under contract 47/39
# closed sales 31/18
Avg days on market 70/62
Avg sales price $862,951/754,142

SUMMIT, NJ
# new listings 136/142
# under contract 89/77
# closed sales 63/68
Avg days on market 57/70
Avg sales price $991,586/862,851

MILLBURN/SHORT HILLS, NJ
# new listings 147/145
# under contract 93/65
# closed sales 5 2/49
Avg days on market 80/63
Avg sales price $1,182,625/1,282,427

This is a snapshot. As you can see it is not black and white ... some numbers are up, some are down.

If your town is not listed here, drop me an email or comment on this post and I will add the town you ask for.

Meanwhile, it's still a GREAT time to buy ... before interest rates go up and make up for any gains in affordability! Call me to find out the best deal out there today! 201-960-2090 or visit www.BestNJhomes.com to search for your dream home today.

New Morristown Listing- Open House Saturday May 3rd

Completely and discreetly renovated and updated 2005-2008. True one story ranch. Bright, open spaces. Dream kitchen. Beautifully connected to the outdoors. Close to town. Designed by James S. Jones in 1954 out of respect for the work of Frank Lloyd Wright, this four bedroom home has seen its essence entirely and thoroughly refined again in 2005-2007. New wood windows bring the daylight into every room. Deep soffits shade the summer sun yet trap the warmth of winter light. Rich wood floors unify the space. Light pours through the open design. This special home just blocks from the vibrant center of Morristown and its Historic District. The kitchen that captures the spirit of the home's character. Polished stone counters, Viking 6 burner range, the backsplash glitters with mosaic light. The master suite is a peaceful retreat, with his & hers walk-in closets
90 OGDEN PLACE, MORRISTOWN
4 Bedrooms, 2 Bathrooms
Listing # 2512532
Property size: .94 acre
2007 property tax: $10,488
Offered proudly at $765,000
Call or email Trish Giassa for a private viewing or more information.
201-960-2090
Trish@BestNJhomes.com
For floor plan and virtual tour click here

Recycling

Since I'm on the subject and I want to do everything I can to keep Chatham, Madison, Summit and Short Hills ... in fact all of New Jersey ... beautiful I am going to pass on an amazing resource for keeping things you don't want or need out of the landfill.

That could be a window you removed, your child's outgrown clothing, the boxes you just used to move ... really anything that still has some life left in it! Check out and sign up at http://www.freecycle.org/. Important: do it with a new and separate email as there are too many of them to clutter your regular address with. You can post your unwanted stuff, leave it on the porch once someone in the network has emailed you they would want "it" and be satisfied that your child's toys will be loved by another child, or that your "old" patio set is happy in a new home ... etc.

Come back early next week for a first quarter market update for Chatham, Summit, Madison and Short Hills real estate sales.

Until then, be well and enjoy the beautiful NJ Spring weather!
Trish

Green, Green, Green!

We have always been good recyclers. Recently we even volunteered to take the empty bottles and cans from a friend's party (a friend who is not a recycler!) home with us to put in the recycle bin.
So, it has always irked me that after a couple of years my computer, printer, fax machine, cell phone, palm, etc. are all useless and going to a landfill somewhere. We regularly donated some of our equipment to an organization locally that re-use some of our equipment. It's a great resource.
New Outlook Pioneers (ex-lucent Pioneers)
230 Diamond Spring Rd.Denville, NJ 07834
www.telecompioneers.org
Bob Hofacker 973-386-4671
Drop-off from 10-3 M & W (they'll take PII and PIII machines, so you old lap top, printer, so on...).
We will continue to do that, of course, because re-use is even better than recycle. But I recently read about a program by the Costco organization.
It is called Costco Trade-in & Recycle Program and you may even get a few bucks for sending in your old equipment. Here is how you find it and use it.
Go to www.Costco.com, click on "Electronics" on the top part of the page, then click on "Trade-in & Recycle" on the left side of the page. Follow the easy instructions.
They also take MP3 players, game systems, monitors, etc.
Check it out and help our world stay GREEN!

Happy St Patrick's Day to you! And to me!

Italians have some unusual customs, much like anyone else, if you think about it. what's that got to do with St Patrick's Day, you ask? Well, St Patrick is my patron saint and as such today is my "Onomastico" or name day. I know it's a bit of a strange word but for all my life my family celebrates it like another birthday so it's an extra special day for me. Imagine, in this country they even have parades and lots of parties!

Speaking of parades, Jake and I and friends attended the Morristown Parade last Saturday and it was fantastic! Lots of fun for kids and adults alike. If you've never been, give it a try next year! Bring family and friends and plan for a fun-filled day!

Happy St Patrick's Day! :-)

Montclair, NJ Sales ... 2006 vs 2007

Hi,
Do scroll down to January and February posts check out the stats for other NJ towns and please let me know what you think. Post a comment or question!

Montclair, NJ .... 2006 ...vs... 2007

Number of homes/condos sold .... 448 ...... 401
Average sales price .... $714,037 ...... $711,423
Average sales to list price .... 102% ...... 102%
Average days on the market .... 48 ...... 61
Highest sales price .... $3,650,000 (7 Heller Drive) ...... $3,000,000 (4 Duryea Rd)
Number of homes sold over $1 million .... 63 ...... 66
Number of homes sold over $2 million .... 13 .....8

As you can plainly see, there has not been much shift in the statistics. Yes, the real estate market has slowed ... in some parts much more than others. Always remember that more than anything else, real estate is local. A well-maintained home in a solid town will hold up its value, not only as an investment but as a place to hang your hat and call home!

Location, location, location! Buy smart, work with a smart realtor!

Food, Glorious Food!

So, since we're talking about food, I'd like to share an easy and delicious recipe we "created" the other evening … at home! We call it:

Jake's Spinach & Goat Cheese Stuffed Chicken Breast
Ingredients:

• 4 Chicken breasts
• 4 tablespoons goat cheese (creamy is better)
• 2-3 cups chopped spinach 3 cloves garlic, sliced
• 2 chopped shallots
• 1 ¼ cup dry white wine
• Butter
• Olive oil

In a small pan, sautee the chopped shallots with a small pad of butter and a teaspoon of olive olive oil. Add a tablespoon or so of white wine as the shallots start to turn soft and golden. Put aside.

In a larger pan, heat 2 tablespoons of olive oil on medium high for 30 seconds, add the sliced garlic, sautee until golden. Add the spinach and cover. Uncover in a minute and turn the spinach. Cook only until wilted and mixed with the flavor of the oil and garlic (this makes a great side dish too). Chop, and set aside to cool.

In a bowl, combine the goat cheese, the shallots, and the chopped spinach.

Pound the chicken breasts so that they are uniformly 1/4" think. For larger breasts, slice breasts in 1/2 or 1/3s, approx. 1/2" thick and then pound to 1/4" thick.
Create a pocket in the chicken breast by slicing the side. Do not completely butterfly, but the pieces should be approx. 1/8" thick on either side of the pocket.

Use a spoon to stuff the spinach mixture in the chicken. An even 1/4-1/2" layer is sufficent. Over stuffing will cause the cheese to spill out while cooking.

Coat a large pan with cooking spray and add a small pat of butter. Cook the stuffed chicken, 2-4 minutes per side, until golden. Removew the chicken from pan to a warm platter, add 1 cup white wine to the pan and cook at high heat to deglaze the pan and reduce to about ¼ cup. Pour demi-glaze over chicken and serve.

We served this with baked potato and salad. It was delicious!!! Try it and let me know what you think.

We love to eat. Most of the time we cook at home, particularly since our fabulous (and expensive) kitchen renovation, but it is always fun to go out for a meal. We’re very lucky here. We have many fantastic restaurants to choose from in our area, from casual and inexpensive to the opposite. Chatham Borough alone has over a dozen restaurants (this may in part account for the town being so desirable). Some are good, some are great! There are a few I have not yet tried.

For years, however, people have raved to me about Scalini Fedeli a beautiful, upscale dining establishment on Main Street. I had dinner there several years ago, not once but twice and had found the food to be mediocre and overly complicated, the service was merely ok, and the noise level was deafening. I stopped going. In its place I enjoyed very much going to Restaurant Serenade on Roosevelt Street. Another upscale dining establishment that changed hands at about the same time I had the not-so-wonderful experiences at Scalini.

Yet, over the years, people kept raving to me about Scalini. Ok, some people may be easy to please. But the commentary was overwhelming so that I had to revisit Scalini. Wow! What a wonderful dining experience! The food was not overly complicated but more than I would try at home and the result was absolutely scrumptious. Oh, yes, the service was impeccable and the noise level issue must have been dealt with because we were able to speak and hear each other clearly without shouting.

I recently introduced a friend to Serenade and he commented that it was quite special, but equally special is Scalini. I can’t help, now, but agree.

Bon appétit and have a wonderful weekend!

Remodeling Magazine has an annual “Cost vs Value Report” which shows exterior and replacement projects that bring the biggest return. This data is collected on a national level and, of course, there are local variances. In our areas … Chatham, Summit, Short Hills, Madison … the prime items to upgrade or update in our homes are still kitchens and baths.

What may be surprising to some is that a “minor” upgrade to a kitchen or bath will net a larger return than a full renovation. If you’ve a 1950’s kitchen, a full renovation may be very appropriate but if you have an 80’s kitchen, usually the most cost effective and worthwhile work is fairly, well, “minor”.

What, you ask, is “minor”? Usually that entails new counters (yes, granite is the baseline these days), appliances (still stainless steel), floor (wood or tile), hardware, sink/faucet, perhaps backsplash and of course, always, a fresh coat of paint. According to Remodeling Magazine, this “minor kitchen remodel” should cost approximately $23,694 in New York. They also estimate the recouped cost to be 95.6%.

I disagree with this. I find that when showing moderate houses to buyers, say in the $700-800,000 range in Summit, NJ, and one has an 80’s kitchen with green formica counters, white 15 year old appliances, and all of the wonderful 1980’s decorator touches versus one with “minor renovations” as described above, the price is generally at least $30-50,000 more. The large spread is based a lot on the factors, some of which is supply & demand, quality of the basics and layout, etc.

Interestingly, wood window replacement scored very high in recouped value for our area … 104.6%!

For expert real estate advice for Chatham, Madison, Morristown, Summit, New Providence, Millburn and Short Hills in NJ or for a copy of the complete article as reprinted in Realtor Magazine, call me at 201-960-2090 or email me at Trish@BestNJHomes.com.

Hi there,

If you're not interested in moving, chances are you're making improvements to your existing home. Something I am thinking a lot about is global warming and what can I do to reduce pollution and use of our limited resources. So, "green" practices and products will help leave a cleaner environment for the next generation.

Homeowners who remodel existing homes to improve energy efficiency and homebuyers who purchase environmentally friendly new homes may be eligible for a state tax rebate or deduction for their green building efforts. Many states offer tax incentives to those who use green building or remodeling techniques in their homes. The Database of State Incentives for Renewable Energy http://www.dsireusa.org/index.cfm?EE=1&RE=1 (DSIRE) lists all the states’ different tax incentives, which vary depending on the type of project. The Federal government also offers homeowner incentives for going green. For example, the Residential Solar and Fuel Cell Tax Credit http://www.dsireusa.org/library/includes/incentive2.cfm?Incentive_Code=US37F&State=Federal&currentpageid=1 established a 30 percent tax credit up to $2,000 for the purchase and installation of residential solar electric and solar water heating products. The credit will expire at the end of 2008.

I hope this helps. Have a great day!

Preparing Your Home for Sale, Part IV

Final touches:

1. Carpets cleaned
2. Windows washed
3. Patios power washed
4. Professional house cleaning (don't forget the basement, including unfinished areas)

A house that sparkles is totally appreciated by buyers in the Chatham, NJ area as with most other places. It's not too silly to bake cookies prior to showings ... everyone loves the scent of a home that bakes cookies!

Call or email me for a custom recommendation on preparing your home for sale, tailored to your home, needs and abilities. My cell phone is 201-960-2090 or email Trish@BestNJhomes.com.

Be well, :)

Trish

PREPARING YOUR HOME FOR SALE, PART III

First impressions are … well, you’ve only got one chance to make a first impression.

OUTSIDE:
1. Make sure your driveway is free of potholes, etc. Give it a coat of that black stuff if it’s in good shape but looks a bit tired
2. Paint … I know I repeat myself sometimes but this is the time to make sure your paint is not peeling. Give the front door a fresh coat whether you think it needs it or not. Red is a good color, depending on the house color. I remember the lady who did not want to take my advice on the door color until her longtime painter concurred. I received more inquiries on the house with the red door than any other in recent memory.
3. Walkway, porch and steps. Make sure they are in good condition and safe.
4. Water and fertilize the grass. Cut it as often as it needs it. Keep it neat.
5. Plant flowers along the walkway to the front door, around the patio in the back and put planters on the front porch and back patio or deck. Make it welcoming and neat.
6. Remove old worn patio furniture and replace with something pretty and simple, if appropriate. Make potential buyers visualize themselves out there … bbq with friends and new neighbors anyone?

To find out which exterior improvements buyers in the Chatham, NJ area are looking for in the home they are shopping for, give me a call at 201-960-2090 or send me an email at Trish@BestNJHomes.com. It is a sure way to maximize the net proceeds of your most valuable asset.

PREPARING YOUR HOME FOR SALE

So, now that you've cleaned out the clutter and the closets, it's time to make some serious and not-so-serious improvements in your quest to prepare your home for sale in the Chatham, NJ real estate market, this is what counts most:

INSIDE:

1. Fresh paint. Keep it neutral but warm.
If you're going to use trendy colors, make sure it's today's trend and that it fits with the decor. The most inexpensive and important investment you can make in the value of your home is a fresh coat of paint, everywhere.

2. Minor kitchen update.
It really depends on your kitchen, but usually that means new counters (granite anyone?), sink, faucet (brushed nickel is the current trend), new hardware (again, brushed nickel is popular), maybe new appliances, new floor (large, light ceramic tile or wood), new backsplash (depending on your old one), and, of course, fresh paint.

3. Pull up carpets and shine up those wood floors.
Sometimes refinishing the floors is a very good idea. Again, it depends on what you have. If you have carpet, consider putting a wood floor in. Especially in the living areas.

4. Minor bathroom remodeling.
It depends ... usually new vanity with new sink and faucet (brushed nickel sound familiar? how about granite?), regrouting or replacing some of the tile, a new light fixture is often overlooked but can do wonders.

5. Final touches ...
New towels, bath rugs, throw pillows, bed linens and other small, inexpensive touches will add immeasurably to the warmth and appeal of your home.

I can help you stage your home to make sure you sell your home for the highest possible price. If these recommendations are appropriate, the return will be at least 100% more than the cost! Call me at 201-960-2090 or email me at Trish@BestNJhomes.com.
There is no cost for this valuable service!

If you own a home and are considering a move, high on your mind is: "What can I do to make sure I get the best price for my house". That leads directly to preparing your home for sale.

The first thing to do is to remove clutter. That means cleaning out the attic, the basement, the closets, the kitchen and bathroom cabinets.
Make one of three decisions for every item:
1. Keep. This item is moving with you;
2. Give away. This item is of value and can go to a family member or to Goodwill. Just remember that if a family member is to take it they need to take it now, not the day before closing;
3. Throw away. Anything that does not fit into category 1 or 2 goes to recycling or trash.

For those of us who are collectors, this is very, very difficult, I know. But, if your house appears crowded and cluttered, buyers will not be able to see beyond your things to the house, which is what you are really selling.

And yes, there is one other option. Rent a storage space and move things there. This is especially appropriate if you are moving to a larger home and will have room there for all your things. The cost is minimal but the results are very worthwhile!

If you're not sure how much to declutter, call me and I'll come and give you some staging recommendations. I specialize in selling homes in Chatham, Madison, Summit, Short Hills, NJ and surrounding communities. Staging will help you make the highest sale!

In our office we confer at the beginning of each week to find out how activity went the past weekend. It's good to know how the wind blows ... right? Our agents have been experiencing a lot of buyer activity ... many serious buyers coming through open houses, offers are being made and accepted.

There were 27 closings in the Chathams in January 2007, so far this January there have been 13 already! The average sales price for these sales in 2007 was $842,611, in 2008 the average so far is $904,438. This is a bit of a mixed bag for now. Although the number of buyers are increasing weekly.

I'll be keeping an eye on the market and offering updates here. Don't feel shy about commenting ... just click below and type away!

Hi,
Do scroll down to check out the stats for other NJ towns and feel free to post a comment or question!

MAPLEWOOD, NJ Real Estate Sales

Maplewood, NJ .... 2006 ...vs... 2007

Number of homes/condos sold .... 342 ...... 294
Average sales price .... $545,461 ...... $537,551
Median sales price .... $495,000 ...... $525,000
Average sales to list price .... 99% ...... 99%
Average days on the market .... 56 ...... 51
Highest sales price .... $1,900,000 (15-19 Tower Dr) ...... $1,800,000 (616 So Orange Ave, 5C)
Number of homes sold over $1 million .... 11 ...... 7

Make it a great day!

Scroll down if you want this data for other New Jersey towns.

If you like this information or have a comment or request, please post a comment. It's easy and fun!

Summit, NJ Real Estate Sales

Summit, NJ .... 2006 ...vs... 2007
Number of homes/condos sold .... 274 ...... 290
Average sales price .... $1,017,629 ...... $1,131,531
Median sales price .... $820,000 ...... $890,000
Average sales to list price .... 101% ...... 98%
Average days on the market .... 51 ...... 59
Highest sales price .... $3,800,000 (80 Whittredge) ...... $6,100,000 (24 Fernwood)
Number of homes sold over $1 million .... 95 ...... 125
Number of homes sold over $2 million .... 23 ...... 32
Number of homes sold over $3 million .... 6 ...... 9


Summit, NJ also has top-notch schools, a very favorable commute to NYC with express MidtownDirect trains, significant resources for families and a delightful downtown with casual and fine restaurants and shops. These are things people value and will pay for.

Feel free to post your comments!

Hello,
Today the 2006 vs 2007 sales data is for Millburn/Short Hills, NJ. Scroll down if you want this data for other New Jersey towns, or email me to comment to request data for your town (NJ only).

Millburn and Short Hills, NJ Real Estate Sales

Millburn & Short Hills, NJ .... 2006 ...vs... 2007
Number of homes/condos sold .... 286 ...... 305
Average sales price .... $1,280,768 ...... $1,296,641
Median sales price .... $1,035,000 ...... $1,080,000
Average sales to list price .... 97% ...... 97%
Average days on the market .... 61 ...... 62
Highest sales price .... $5,940,000 (44 Montview) ...... $5,600,000 (180 Highland)
Number of homes sold over $1 million .... 139 ...... 158
Number of homes sold over $2 million .... 34 ...... 50
Number of homes sold over $3 million .... 15 ...... 14
Number of homes sold over $4 million .... 5 ...... 7

The luxury home market in New Jersey, especially in Short Hills is healthy. These are strong numbers indicating that affluent buyers who desire a special community, close in to New York City, are still buying. Don't let anyone tell you the market is dead, at least not everywhere.

I'll be hosting our first ever Home Buyer Seminar tomorrow. There is still space so if you'd like to attend call me at 201-960-2090 or email Trish@BestNJhomes.com. Enjoy your weekend!

Morris Township & Convent Station, NJ Real Estate Sales

Morris Twp and Convent Station, NJ .... 2006 ...vs... 2007
Number of homes/condos sold .... 334 ...... 315
Average sales price .... $647,121 ...... $647,316
Median sales price .... $625,000 ......$560,000
Average sales to list price .... 97% ...... 97%
Average days on the market .... 65 ...... 70
Highest sales price .... $1,900,000 ...... $1,932,000
Number of homes sold over $1 million .... 27 ...... 38

Although there are some slight variations from year to year, basically the real estate market for Morris Twp, NJ remains strong. This information also shows, in my opinion, that the market for luxury homes is quite strong. The real estate for sale signs you see lingering out there, are of sellers who are too optimistic about the value of their homes. Prices are stagnant and buyers have lots to choose from. Well-priced properties in good condition still command a strong sales price.

Ok, here are the statistics for 2006 vs 2007 home sales in Morristown, NJ

Morristown, NJ .... 2006 ...vs... 2007
Number of homes/condos sold .... 171 ...... 171
Average sales price .... $463,175 ...... $458,221
Median sales price .... $430,000 ......$429,000
Average sales to list price .... 97% ...... 97%
Average days on the market .... 75 ...... 74
Highest sales price .... $1,850,000 ...... $1,600,000
Number of homes sold over $1 million .... 4 ...... 5

Home prices in Morristown, NJ seem to be holding their own. As you can see the number of sales has been stable, with average sales price slipping a mere 1%. The real estate for sale signs you see lingering out there, are of sellers who are too optimistic about the value of their homes. Prices are stagnant and buyers have lots to choose from. Well-priced properties in good condition still command a strong sales price.

All sales data and statistics shared in this blog is obtained from the Garden State Multiple Listing Service (GSMLS) and is deemed reliable, but not guaranteed. Subject to errors and omissions. The commentaries are my professional interpretation of the market, not only the statistics but the sentiment of buyers and sellers I work with every day.

Visit http://www.bestnjhomes.com to search MLS listings for yourself.

If you're a homeowner or homeowner-to-be in Madison, NJ, the following sales data for 2007 is very encouraging.

Madison, NJ .... 2006 ...vs... 2007

Number of homes/condos sold .... 182 ...... 174
Average sales price .... $802,083 ...... $792,732
Average sales to list price .... 97% ...... 97%
Average days on the market .... 59 ...... 62
Highest sales price .... $2,600,000 ...... $5,100,000
Number of homes sold over $1 million .... 40 ...... 32
Number of homes sold over $2 million .... 5 ...... 7

As you can see, Madison NJ is still enjoying a strong real estate market, no doubt thanks to a wonderful school system, beautiful village with many diverse restaurants and shops, and lovely homes on tree-lined streets. Visit http://www.bestnjhomes.com/custom3.shtml for cool links on things to see and do in Madison.

Since nearly everyone is asking me about the state of our real estate market, I have decided to bring some of those statistics out so you can all review at your leisure. Twice each week I will post End of Year Sales Numbers for one or two communities.

Today it is Chatham, NJ. There is Chatham Boro and Chatham Twp, and I will give each town separately here.

Chatham Boro, NJ .... 2006 ...... 2007

Number of homes/condos sold .... 145 ...... 131
Average sales price .... $804,792 ...... $739,579
Average sales to list price .... 98% ...... 97%
Average days on the market .... 45 ...... 60
Highest sales price .... $2,475,000 ...... $2,500,000
Number of homes sold over $1 million .... 29 ...... 14
Number of homes sold over $2 million .... 2 ...... 3

Chatham Township, NJ .... 2006 ...... 2007

Number of homes/condos sold .... 163 ...... 165
Average sales price .... $935,918 ...... $1,048,463
Average sales to list price .... 98% ...... 97%
Average days on the market .... 53 ...... 73
Highest sales price .... $6,400,000 ...... $3,850,000
Number of homes sold over $1 million .... 52 ...... 78
Number of homes sold over $2 million .... 9 ...... 12

As you can see, the market in the Chathams remains healthy. The new construction boom has helped bring average prices up and will likely continue, albeit at a slower pace. Homes in good condition, with updates and upgrades, in good locations will continue to sell well and fairly quickly. The "slowdown" is being seen only in properties that are not in up-to-date condition or not priced accordingly.

If there's a town you'd like to see these stats for, please post your request. Feel free to post any questions, comments or feedback as well. Be well! :-)

Happy New Year to you! I'm not big on new year resolutions yet something gives me new enthusiasm and energy every January. Maybe it's the chance to start fresh, do something new. And, so here I am, staging our first Home Buyer Seminar ever!

After selling homes for 20 years I feel that I have learned enough about how people go through this process to help make it easier. There was an old commercial "an educated consumer is our best customer"! Getting some education is the best way to go about anything, so here it is.


There are two dates offered. Please choose one and RSVP quickly as space is limited:

WHEN: Tuesday, January 15, 2008 from 7pm to 8:45pm

or Saturday, January 19, 2008 from 10am to 11:45am

Bring your questions as there will be ample time to get them answered. This event is free.

LOCATION: The offices of SSCE&K at 44 Whippany Road, Ste 210, Morristown NJ 07962

RSVP: 888-389-9878 ext 139 or BuyYourDreamHome@gmail.com

The team includes myself (visit www.BestNJhomes.com to learn more about me); Matthew Kane, attorney specializing in real estate with the fine firm of Schwartz Simon Edelstein Celso & Kessler (hereinafter referred to as SSEC&K). Matt has worked with buyers on the legal side for years and will be ready to discuss all the finer legal issues that may arise and how to best protect yourself in your home purchase. The final member of this team is Alex Giassa, Personal Mortgage Consultant with First Interstate Financial. Alex has extensive experience helping buyers find competitive mortgage financing for their homes.

We hope you will be able to attend. If you already own a home, tell someone you know who does not yet. Be well :-)

PS: If you'd like FREE MLS access, go to http://www.bestnjhomes.com/Chatham_NJ_homes_for_sale.shtml and sign in to receive listings by email per your parameters.