Patrizia Giassa

Market Update—What is Your House Worth These Days?

While we continue to be bombarded with information about the deplorable economy and dismal real estate market, let us remind you that here we focus on our LOCAL real estate market. And, locally, our real estate has remained quite strong relative to the economy and the rest of the state and the nation.

In most of our communities prices and number of sales are down, but not dramatically. In fact, we sold 2,483 homes in these communities in 2008 vs 3,066 in 2007. Prices have softened to approximately the level of 2004 prices, in most places, but that still allows for huge increases in value since 2000.

Take a look at the FACTS below and call us for information specific to your home and neighborhood. Yes, we can get very, very LOCAL! If you’re a buyer, there is no better time to buy. Why wait for the next seller’s market to arrive? If you’re considering selling, contact Trish asap. Together with you, our team can help you maximize your home’s value in today's market and put you in the most powerful position to sell fast!

We’ve done it for many others—yes, in this market. Call or email us today, without obligation.

If you would like a complete list of all the homes sold in your community, email Trish@BestNJhomes.com. If you are interested in buying a home in Short Hills, real estate in Summit, NJ or homes in Madison and Chatham, NJ, we can send you regular updates of new listings or sales via email. There is no cost or obligation for this service.

Trish Giassa

ABR (Accredited Buyer Representative)

CRS (Certified Residential Specialist)

201-960-2090 / Trish@BestNJhomes

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

At the beginning of every year I go into our Garden State MLS system to run some analysis of what has actually and really happened in our markets in the past year. I always find it illuminating to see the final figures, since I also hear the news and certainly know that the real estate market is not what is once was. However, there is one truth to real estate that continues to hold true. Actually, three ... location, location, location. Sutton Woods in Chatham Township, NJ is a beautiful condo community that is ideally located at the edge of Chatham Twp, NJ and very close to downtown Summit, NJ. A vital town center with interesting and yummy eateries, a first class hospital center, and a Midtown Direct NJ Transit train to New York City, among many other fantastic features. Visit www.SuttonWoodsChatham for more information about Sutton Woods. So, at Sutton Woods we have actually seen days on market decline and both average and median prices increase! Go figure! :) This is a community I have sold many homes in and know quite intimately.

If you are considering buying or selling in Sutton Woods, call me to get you top dollar. If you are interested in real estate and homes in Summit, Short Hills, Chatham, Madison and the surrounding areas, we can help you maximize your situation.

Come back to this blog for updates on more communities in Chatham, Madison, Morristown, Short Hils, Millburn and Summit. 201-960-2090. Trish@BestNJhomes.com