Morristown, NJ

If you'd like more information about the Moore Estate in Convent Station, including photographs and all recent sales by address, visit www.MooreEstateCondos.com

Real estate activity at Moore Estate in 2008 has been rather disappointing. Number of sales are down 50% and median and average sales prices are down and days on market have increased by 24% and average list to sale price is now 95.9% instead of the 97.9% in 2007. There are many reasons for this, including:

• The national and local economy and tight mortgage market
• More properties and fewer buyers equals more supply, less demand, putting pressure on prices
• The primarey target markets for The Moore Estate is downsizing empty nesters - and they are either unable to sell their larger homes or unwilling to sell at market prices, therefore they are unable to move

Currently there are 7 homes for sale in Moore Estate, from 4 Davenport for $499,000 to 7 Morgan Place at an asking price of $1,395,000. Additionally in Morris Township there are a total of 32 condos/townhouses for sale. Many are lower priced, such as Pitney Place. More notably as competitor to the high-end Moore Estate luxury townhouses is the project of new townhomes at The Brownstones on Howland Terrace. Though not as idyllic a location, these homes are brand-new, offer 3,900 to 4,400 square feet, elevators in every home and are quite close to the Convent Station train station. Prices range from $939,000 to $1,350,000.

Nonetheless Moore Estate still maintains a special cache with area buyers (in fact we have a buyer from New York who is most interested in Moore Estate over any other area townhouse community, but must sell their home before they can buy). Sales are still occurring, however, staging, marketing and pricing properly are the key to being the home the real buyers choose.

If you currently live in Madison, Morristown, Chatham, Harding, Mendham, Summit or Short Hills and would like to downsize to a townhouse in the Moore Estate in Convent Station, we can help you get your home sold so you can move on with your life and move into this fantastic community. Trish Giassa 201-960-2090 Trish@BestNJhomes.com

Well, I thought it was a buyers market. That's what everyone keeps screaming. Well to tell you the truth I have been having a fairly good year this year. That was up until we hit the financial crisis then the $hit hit the fan, deals fell apart, buyers backed away yada yada yada.

I have to say though that there are some really great deals out there. A few weeks ago I found one of them in fact. It was a home over on Western Ave here in Morristown New Jersey. This home was a Morristown Foreclosure and the deal looked good.

I put my offer together and the responce was we already have offers. Come back with your highest and best. Highest and best, well I have not heard that since I had to tell REALTORS that on a house I sold in May over in West Orange. Since we have been in the credit crunch I did not think I would be hearing that statment, but there it was. I raised my offer to 15K over asking price and still did not get the house. Go figure.

I have more about this over at my Morristown NJ Real Estate blog.

James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct