Summit NJ Sold Homes - March 2008
Summit, NJ's real estate market offers a wide variety of homes for every price range. Where else can a first time buyer be able to afford buying into a town filled with multi-million dollar homes of distinction?
It is this variety that allowed Summit, NJ to become the diverse community so many buyers find desirable. It also remains a place filled with long time residents proud of the town they helped shape.
This ideal New York City commuter community truly offers an environment fit for all. The perfect expression of Summit's ability to capture individuals of all walks of life is seen through a given month's real estate statistics.
Every price range is accounted for and sells like a well oiled machine. I hope you find these sold property statistics to be beneficial. If you are interested in find a Summit, NJ home currently active on the market please visit my GSMLS page. Here you will gain free access to the Garden State Multiple Listing Service.
| Close Date | Address | Original List Price | List Price | Sales Price | LP/SP | DOM | Rooms | Beds | Baths | Style | |
| 3/3/2008 | 328 | MOUNTAIN AVE* | $ 2,245,000 | $ 2,165,000 | $ 2,025,000 | 90% | 160 | 16 | 7 | 5 | Colonial |
| 3/3/2008 | 103 | Park Avenue B-5 | $ 459,000 | $ 429,900 | $ 390,000 | 85% | 141 | 7 | 3 | 2 | TwnIntUn |
| 3/3/2008 | 45 | HUNTLEY RD* | $ 389,000 | $ 389,000 | $ 397,000 | 102% | 7 | 7 | 3 | 1 | Ranch |
| 3/8/2008 | 67-75 | New England Avenue | $ 489,000 | $ 489,000 | $ 489,000 | 100% | 16 | 6 | 2 | 2 | TwnEndUn |
| 3/10/2008 | 28 | MONTROSE AVE* | $ 995,000 | $ 995,000 | $ 945,000 | 95% | 141 | 9 | 4 | 2 | Colonial,Custom |
| 3/10/2008 | 129 | Broad Street | $ 425,000 | $ 425,000 | $ 435,000 | 102% | 18 | 5 | 3 | 2 | Colonial |
| 3/12/2008 | 28 | Milton Avenue | $ 489,000 | $ 489,000 | $ 467,000 | 96% | 45 | 8 | 3 | 1 | SplitLev |
| 3/13/2008 | 25 | GLEN OAKS AVENUE | $ 1,049,000 | $ 1,049,000 | $ 999,999 | 95% | 16 | 11 | 5 | 3 | Colonial |
| 3/14/2008 | 11 | HILLVIEW TERRACE | $ 1,500,000 | $ 1,500,000 | $ 1,425,000 | 95% | 28 | 8 | 4 | 2 | Colonial |
| 3/14/2008 | 37 | Fairview Avenue | $ 729,000 | $ 699,000 | $ 660,000 | 91% | 37 | 8 | 3 | 1 | Colonial |
| 3/17/2008 | 43 | TANGLEWOOD DR* | $ 1,269,000 | $ 1,269,000 | $ 1,200,000 | 95% | 39 | 10 | 5 | 3 | Colonial,SplitLev |
| 3/25/2008 | 76 | New England Ave | $ 405,000 | $ 405,000 | $ 405,000 | 100% | 16 | 5 | 2 | 1 | TwnEndUn |
| 3/26/2008 | 35 | EDISON DR* | $ 459,000 | $ 399,900 | $ 390,000 | 85% | 143 | 7 | 4 | 2 | CapeCod |
| 3/26/2008 | 232 | OAK RIDGE AVE* | $ 2,795,000 | $ 2,795,000 | $ 2,650,000 | 95% | 19 | 14 | 5 | 5 | Tudor |
| 3/28/2008 | 777 | Springfield Avenue | $ 399,000 | $ 399,000 | $ 375,000 | 94% | 114 | 5 | 2 | 2 | TwnIntUn |
| 3/28/2008 | 241 | ASHLAND RD* | $ 645,900 | $ 645,900 | $ 625,000 | 97% | 86 | 9 | 3 | 3 | SplitLev |
| 3/31/2008 | 49 | Prospect Hill Avenue | $ 3,750,000 | $ 3,500,000 | $ 3,200,000 | 85% | 232 | 0 | 0 | 0 | SeeRem |
| 3/31/2008 | 26 | MOUNTAIN AVE* | $ 779,000 | $ 779,000 | $ 740,000 | 95% | 121 | 11 | 7 | 3 | Victrian |
| 3/31/2008 | 67-75 | New England Avenue, 73A | $ 489,000 | $ 489,000 | $ 489,000 | 100% | 160 | 6 | 2 | 2 | TwnEndUn |
| 3/31/2008 | 145 | Ashland Road | $ 769,000 | $ 769,000 | $ 747,000 | 97% | 115 | 9 | 3 | 2 | Tudor |
| 3/31/2008 | 9 | Bedford Road | $ 1,025,000 | $ 1,025,000 | $ 985,000 | 96% | 20 | 10 | 4 | 2 | Colonial |
Sincerely,
Michael Pennisi
908.656.3858
Interested in Learning More about Real Estate - Click Below
Summit NJ Sold Homes - February 2008
It is this variety that allowed Summit, NJ to become the diverse community so many buyers find desirable. It also remains a place filled with long time residents proud of the town they helped shape.
This ideal New York City commuter community truly offers an environment fit for all. The perfect expression of Summit's ability to capture individuals of all walks of life is seen through a given month's real estate statistics.
Every price range is accounted for and sells like a well oiled machine. I hope you find these sold property statistics to be beneficial. If you are interested in find a Summit, NJ home currently active on the market please visit my GSMLS page. Here you will gain free access to the Garden State Multiple Listing Service.
| Close Date | Address | Original List Price | List Price | Sales Price | LP/SP | DOM | Rooms | Beds | Baths | Style | |
| 2/1/2008 | 180 | Canoe Brook Parkway | $ 795,000 | $ 774,000 | $ 755,250 | 95% | 98 | 6 | 3 | 2 | Colonial |
| 2/4/2008 | 67-75 | New England Avenue | $ 489,000 | $ 489,000 | $ 465,000 | 95% | 15 | 6 | 2 | 2 | TwnEndUn |
| 2/8/2008 | 20 | RUTHVEN PL* | $ 1,245,000 | $ 1,195,000 | $ 1,150,000 | 92% | 98 | 9 | 5 | 3 | Colonial,Victrian |
| 2/12/2008 | 417 | MORRIS AVE UNIT 38 | $ 369,000 | $ 349,000 | $ 342,000 | 93% | 177 | 5 | 2 | 1 | TwnIntUn |
| 2/14/2008 | 18 | Druid Hill Road | $ 1,399,000 | $ 1,399,000 | $ 1,327,000 | 95% | 0 | 11 | 5 | 3 | Colonial |
| 2/15/2008 | 144 | Kent Place Blvd | $ 1,549,000 | $ 1,399,000 | $ 1,267,500 | 82% | 184 | 15 | 8 | 5 | Colonial |
| 2/15/2008 | 235 | ASHLAND RD* | $ 509,000 | $ 509,000 | $ 480,000 | 94% | 0 | 5 | 2 | 2 | CapeCod |
| 2/19/2008 | 67-75 | New England Avenue, 75E | $ 899,000 | $ 749,000 | $ 720,000 | 80% | 313 | 8 | 3 | 3 | OneFloor,FirstFlr |
| 2/27/2008 | 133 | Summit Avenue Unit #39 | $ 365,000 | $ 339,000 | $ 330,000 | 90% | 94 | 4 | 2 | 1 | OneFloor |
| 2/29/2008 | 10 | LEWIS AVE* | $ 469,000 | $ 449,000 | $ 430,000 | 92% | 120 | 7 | 2 | 2 | Colonial |
| 2/29/2008 | 281 | Kent Place Boulevard | $ 475,000 | $ 475,000 | $ 505,000 | 106% | 12 | 6 | 3 | 1 | Colonial |
Sincerely,
Michael Pennisi
908.656.3858
Interested in Learning More about Real Estate - Click Below
Real Estate and Politics - How the Game is Played
Realtors like politicians are faced with limitless possibility. I realize limitless may seem extreme, yet what other career fields can offer a one time soccer mom the ability to grow a multi-million dollar business in a few years time. No disrespect to soccer moms because that is an accomplishment for any individual; educated, experienced, or not.
The fact of the matter is simple; real estate offers competent people the ability to live up to their potential. Now although you may not feel all politicians are competent, politics also offers everyday people the ability to make a difference.
The interesting aspect about both politics and real estate is that there is not one way to the top. Some politicians are corrupt and lie and cheat to get to the top. This is similar to some Realtors who put their own interests above that of the client. Then there are those politicians who remain morally incorruptible and still achieve great things just like there are those Realtors who do what is right for the client first and attain a good reputation. I guess the biggest question then becomes how do you play the game?
Before I continue to delve into my correlation between politics and real estate, I think it is important to understand what triggered this thinking. Last night I watched the Republican National Convention and listened as Vice President hopeful, Sarah Palin, gave her speech. Regardless of political affiliation, I feel certain that anyone watching could agree on the fact that she gave a powerful speech and nailed it. What I found interesting is how she was a self proclaimed "hockey mom" and gracefully rose into a position of power. Now she stands before our country as the next potential Vice President.
To me this is symbolic of our great nation and the opportunity we are given daily. What I also liked about her speech was her ability to "play" the game. Whether right or wrong, politicians are masters at telling people what they want to hear in order to gain support. Now don't get me wrong, I am not suggesting Sarah Palin is just talking without plans to back it up. In fact, I don't want to even express my feelings towards her politics because it is irrelevant to my writing this article. The important part is that I watched a woman who stands for what she feels is right become a force in today's politics.
Now that I have explained the political setting, I need to talk about my real estate mind state. In the past eighteen months, I have lost nine listings due to my price being lower then the sellers wanted to hear. I cannot tell you how frustrating this becomes because in eight of the nine instances the sellers eventually sold lower then the price I gave them after sitting on the market for months and months. The only remaining home, of the nine, was actually a listing I lost last week and will undoubtedly sit due to overpricing.
With all of this being said I have come to the conclusion that I am a good Realtor but a really bad politician. Haha.
I feel as though I am terrible at playing the game because playing the game directly contradicts what I believe to be the right thing to do. What I mean is that I could easily have gone into these nine listings with an inflated number and walked out with a signed listing. Once that listing is signed I could then string my sellers along until they get frustrated and eventually drop the price to the point that the property sells. Then I can walk to the bank and cash my check. Instead I watch other Realtors do exactly that and walk away with a pot of gold. What am I left with then? Simple, I'm left with frustration and aggravation.
The sad part is I know how to price a home to sell. I know how to study a market better then most agents out there. I also have studied my market long enough to know that homes priced slightly under the market will sell quickly and sell higher. Those homes priced high will sit and the sellers not only get frustrated but will inevitably sell for a much lower price. I not only know this, but I can prove it with countless real life examples.
And now for the kicker; not only do I know all this, but I'm honest enough to be real with sellers about price. I risk thousands of dollars every listing presentation I go on because I know that correct pricing is best for the client.
The worst part about all of this is that sellers don't care. Sellers hear what they want to hear and get greedy. Even if it means losing thousands of dollars in the long run they will take that risk and sign with a less competent agent willing to list their home for more.
What's truly scary is that these same principles apply to politics. There are politicians out there that throw around grand ideas without the substance to back them up. Whether democrat or republican there are many people that get caught up in the games these politicians play with words rather then the integrity of the individual or even the plan they hope to act out.
It's crazy but our society has created a system where it pays to tell people what they want to hear rather then what they need to hear. The unfortunate reality is that by setting the standards higher in theory, people will accept it as reality, even without the facts to substantiate the theory.
The problem I have is that I disagree with the game because I care about the clients I serve. I want to give them the benefit of the doubt and ensure that they obtain top dollar for their home. It disappoints me to hear that I was the best candidate for the job, yet was not selected because someone else lied to win.
If nothing else, I think this coming Presidential election and my recent real estate disappointments have taught me a valuable lesson. I always wondered why politicians would say one thing and act out another, yet real estate has taught me that this is a very successful strategy in gaining a vote of approval. This is a very difficult lesson to learn and would probably change the outlook of most individuals. Fortunately, I refuse to allow this world of politics and real estate effect my integrity as a person. If anything this experience has taught me to grow thicker skin and not allow those who choose not to be saved from affecting how I conduct my business. Thankfully, the disappointments in those nine instances have been drowned out by my many positive real estate achievements. It all comes out in the wash and even those people who did not select me know that my advice was accurate to begin with.
I keep in mind that real estate, like politics, is all about public sentiment. If you continue to hurt your clients they will not continue to support you and eventually it will take its toll on your career. The reverse is also true because if you continue to do what is right, people will begin to recognize your expertise and value your input.
So how do you play the game? How do you interpret what you are being told? Do you listen to the facts or is it politics as usual?
Sincerely,
Michael Pennisi
908.656.3858
Interested in Learning More about Real Estate - Click Below
What is it about Summit, NJ that makes it so desirable?
If you are asking this question, then you probably do not live in Summit.
Summit, New Jersey is far from a cookie cutter town. It consists of remarkable architecture, beautiful landscapes, and old world charm with historical relevance. Although each of these aspects is true and sounds attractive, reality suggests that today's buyers need more from a town.
What do today's home buyers need?
In my experience, buyers are looking for a number of things from the place they decide to choose.
Thankfully, Summit, NJ appeals to each of these buyers. It is no wonder Summit homes are still selling quickly in this "terrible" real estate market. Next time the media claims the sky is falling, think of Summit as the umbrella.
To better serve those of you interested in learning more about Summit NJ, I have continued to update my website's Summit page.
Most recently, I have added a complete community report and the 2007 year-end broker statistics for homes sold in Summit, NJ. Also if you have not yet read my "Summit, NJ 2006-2007 Real Estate Analysis" I suggest you do so. The information is completely unique from anything else you will see online.
In the near future, you can expect to find virtual tours of the Summit area. I know that many of my clients and readers are from out of the area and may be interested in seeing what Summit has to offer. Since a picture says a thousand words, I plan on providing you with a visual journey into Summit, NJ real estate. I will make sure to update you as soon as this addition is complete.
Until then, enjoy the recent improvements. If you have any questions or comments, feel free to contact me. I look forward to speaking with you. Have a great day.
Again click here for the link to Summit, NJ
Sincerely,
Michael Pennisi
908.656.3858
Interested in Learning More about the Summit, NJ Area - Click Below
Recent Quotes about the Positive Signs in the Real Estate Market:
The Time is Right for First-Time Homebuyers
Generally, homes are becoming more affordable, and mortgage rates -- though somewhat volatile over recent weeks -- are still relatively low. "This is one of the best times that a first-time home buyer has had in a long, long time. (First time buyers should) get qualified and go to a Realtor ... and then ask the questions 'What if the property drops,' and 'What if the rates go up?' The cost of capital is important to look at. It's possible that even if prices do drop significantly, interest rates could go up, making the savings negligible."
-- Tom Kunz, president and CEO for Century 21 Real Estate LLC, "First-time Dilemma," by Amy Hoak, MarketWatch, March 9, 2008.
Buyers Should Think Locally when Gauging the Market
Cities such as Seattle; Austin, Texas; and Wichita, Kan., are still seeing price increases. And even in hard-hit cities, certain neighborhoods are holding up better than others. Don't forget that home buying is always a street-by-street exercise, and that is particularly true in a weak market. In a strong market, buyers scarf up homes on busy streets or less-than-desirable locations. But in a down market, things change. Just about anything sold in the hot market of 2004 and 2005, but now "it's location, location, location -- more than ever."
-- Lori Dahl, an agent in Summit, N.J., "Gauging Value in Real Estate as Prices Slide,"
by Jeff D. Opdyke , The Wall Street Journal (subscription required), March 13, 2008.
Buying Opportunities: Three Ways to Play the Market
•Ø Trading up. If you're hankering after a larger home or a house in a better neighborhood, this could be your chance to trade up on the cheap. Like any thrifty shopper, you want to buy when there's a sale -- and that is what today's market offers.
•Ø Doubling down. Instead of trading up, you might be eyeing a vacation home. The bottom line: If you think you'll get a lot of use from a second home, go ahead and buy.
•Ø Helping hand. You might give your kids an advance on their eventual inheritance, so they have enough money to make a down payment. Yes, that means they will start to incur the housing costs, including property taxes and maintenance expenses. But your children will also replace their monthly rent check with a monthly mortgage check, and that will allow them to start building home equity.
-- "Playing the Housing Slump: Is It Time to Make Your Move?," by Jonathon Clements, RealEstateJournal.com, March 11, 2008.
Regional Update: Good News from Markets around the Nation
Philadelphia
The local real estate market is starting to loosen a bit. Showings in some neighborhoods are up substantially this year, agents report, after being down almost 50 percent between August and the end of 2007. Driving the upsurge in traffic, at least in part, are prospective first-time homeowners, who - in the first true buyers' market of the 21st century - don't have to worry about selling a house.
-- "Philadelphia's Real Estate Market Improving," by Alan J. Heavens, The Philadelphia Inquirer, March 10, 2008.
San Jose, Calif. (Silicon Valley)
"Now is still a good time to buy a home because rates are very low, and there are still good opportunities, good properties, and good deals. Silicon Valley is always going to have a certain degree of demand because we have an international demand. There are many local businesses relocating people from overseas here because the euro is very strong against the dollar. And because of a strong job market in our area, there is a constant demand for housing in Silicon Valley."
-- Gabe Bodner, an affiliate with Lawson & Associates Mortgage Planners, "COMMENTARY: Conforming Loans Good, but Won't Happen Overnight," by Rose Meily, Los Gatos Weekly-Times, March 11, 2008.
Springfield, Ill.
With a gain last year of 14.4 percent, to a median price of $108,600, Springfield placed tops in the Midwest in the strength of its single-family housing market, according to the National Association of Realtors®. That would be Springfield -- capital city of Illinois, yes, but otherwise hardly the prototype of the bustling, fast-growing and hugely desirable markets associated with housing booms. But that's the point: As real estate bubbles elsewhere in the country have gone flat, Springfield looks better and better as it continues to see double-digit price increases for homes.
-- "Springfield Housing Tops in Midwest," by William Sluis, The Chicago Tribune, March 10, 2008.
Oklahoma
Statewide, Oklahoma had an increase in home values of 4.2 percent last year, the seventh consecutive year in increases. While total sales were down slightly from a record high in 2006, 2007 was still in the top three years ever recorded. The state is adding jobs and in some areas, there's explosive growth. In the west, new manufacturing plants are joining the air force base at Altus to produce jobs. Consequently, Altus recorded a 34 percent increase in sales for 2007.
-- "Realty Viewpoint: How Oklahoma Fights Negative Housing Press," by Blanche Evans, Realty Times, March 11, 2008.
Interested in Learning More about the Summit, NJ Area - Click Below
I am a full-time Realtor who specializes in the needs of my clients. I consistently net my sellers top dollar in the shortest amount of time. My buyers are well educated and always aware of new homes.
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