Joseph Giancarli

According to a recent post on Globest.com by Alyson Grala, "New Jersey employers have shed 94,400 jobs thus far in 2009, reducing the ability of households to meet monthly expenses. As a result, statewide apartment vacancy rose 130 basis points year-over-year to an estimated 4.8% in the third quarter."

In central New Jersey, about 290 new rental units have come on the market so far this year, and average rents have dropped roughly 1.5%. She states, "revenues remain stable in the Princeton/East Mercer County submarket as a result of steady demand generated by high student and employer concentrations."

The article continues, "In Central and Southern New Jersey, buyers are waiting for clearer signs of job and rental market stabilization before deploying capital. Nevertheless, some investors are staying active, spurred by cap rates in the high-7% range in Middlesex County and initial yields near 9% in Camden County...Compared to other core property sectors, apartments have fared best due to the availability of financing through government-sponsored enterprises Fannie Mae and Freddie Mac. However, recent modifications to GSE guidelines will impact lender decisions since borrower requirements include more substantial apartment ownership experience, according to William E. Hughes, senior vice president of Marcus & Millichap Capital Corp." Loan to value requirements now range from 55-75%, and rates depend on term and borrower strength.

If you are an investor, or would like to be, and see the opportunities in our low prices for multi-family properties, contact me to discuss rental property in Mercer and surrounding New Jersey counties.

Here are the real estate sales for the various townships and boroughs in Mercer County, for single family homes in October, 2009. There are a lot of areas in Mercer County, so the easiest way to represent all the homes sold is by place. I can run a similar report for you of condo sales - just let me know if that is your interest. Contact me for details of any Mercer County or Hamilton, New Jersey neighborhood real estate activity.

Real Estate Sales for Mercer County, October, 2009: Single Family Homes

*Hamilton Township
78 homes sold in October, with a low price of $56,000 and high of $478,220. 83 homes sold in September, 69 in August, and 64 in July, 2009. This compares to 63 sales in October last year, ranging from $105,000 to $320,000.

*East Windsor Township
26 homes sold in October, with a low price of $140,000 and high of $580,000. 24 homes sold in September, 16 in August, and 15 in July, 2009. This compares to 16 sales in October last year, ranging from $45,000 to $513,000.

*Robbinsville Township
14 homes sold in October, with a low price of $159,500 and high of $853,500. 20 homes sold in September, 8 in August, and 9 in July, 2009. This compares to 12 sales in October last year, ranging from $183,000 to $560,000.

*West Windsor Township
26 homes sold in October, with a low price of $217,000 and high of $970,000. 21 homes sold in September, 33 in August, and 28 in July, 2009. This compares to 20 sales in October last year, ranging from $215,000 to $1,160,000.

*Hopewell Borough & Township
17 homes sold in October, with a low price of $200,000 and high of $1,550,000. 14 homes sold in September, 13 in August, and 19 in July, 2009. This compares to 13 sales in October last year, ranging from $170,000 to $816,500.

*Princeton Borough & Township
16 homes sold in October, with a low price of $395,000 and high of $3,600,000. 29 homes sold in September, 23 in August, and 28 homes in July, 2009. This compares to 14 in October last year, ranging from $475,000 to $1,700,000.

*Ewing Township
24 homes sold in October, with a low price of $69,250 and high of $346,000. 23 homes sold in September, 17 in August, and 16 homes in July, 2009. This compares to 11 in October last year, from $126,500 to $495,000.

*Hightstown Borough
5 homes sold in October, with a low price of $195,000 and high of $232,000. 4 homes sold in September, 3 in August, and 4 homes in July, 2009. This compares to 3 in October last year, from $211,000 to $265,000.

*Lawrence Township
33 homes sold in October, with a low price of $117,105 and high of $735,000. 22 homes sold in September, 25 in August, and 19 homes in July, 2009. This compares to 20 in October last year, from $142,000 to $1,200,000.

*Pennington Borough
1 home sold in October, for $355,000. 2 homes sold in September, $193,500 and $722,500, 1 home in August, and 5 homes in July, 2009. This compares to 1 sale in October last year, of $315,000.

*Trenton City
41 homes sold in October, with a low price of $8,500 and high of $237,000. 39 homes sold in September, 8 homes in August, and 7 homes in July, 2009. This compares to 30 sales in October last year, from $6,000 to $300,000.

*Mercer County
281 homes sold in October, compared to 302 in September, 216 in August, and 214 in July, versus 203 last year in October.
Summary:
Increases: East Windsor, West Windsor, Hopewell, Ewing, Hightstown, Lawrence, and Trenton enjoyed increased sales in September.
Decreases: Hamilton, Robbinsville, Princeton, and Pennington sales decreased. County-wide, the different areas balance out each other this October over a year ago. It is still a strong Buyer's Market.

I can give you sales statistics for any neighborhood or community in Mercer County, as well as Burlington, Monmouth, and Middlesex Counties. Just ask.

As reported by NJ.com, "The number of residential foreclosure filings in Mercer County was up 39.1 percent in August over the same period last year, keeping pace with a statewide increase of 40 percent, according to the latest figures available from the state judiciary...The August foreclosure figure was 249, up from 179 a year earlier. The August 2009 figure also is up sharply from July of this year, when the county notched 198 foreclosure filings, a 25 percent increase.

"Burlington County foreclosure filings jumped to 289 in August of this year from 206 a year ago. In Monmouth County a striking increase also was seen, to 375 from 268. In Hunterdon County, filings in August climbed to 49 from 42 a year earlier. The statewide numbers are dropping from their high in June when 6,138 foreclosures were filed and July when 5,820 were tallied in July." Mercer and Salem Counties increased in August by the highest percent, and Hunterdon and Passaic decreased by the lowest margins.

Nationwide, the foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released by RealtyTrac. That puts foreclosure-related filings on a pace to hit about

Numbers are still high in New Jersey because unemployment figures are still high in the state. Statewide, the numbers are expected to fall below 5,000 in September. While the economy is likely out of recession, the unemployment rate is now at a 26-year high of 9.8 percent, a rate that isn't expected to peak until the middle of next year.

Realize a foreclosure filing doesn't mean the homeowner actually loses the home. State and federal programs are helping thousands renegotiate their loans through mediation offered by the lenders. The article continues, "More than 2,600 New Jerseyans have received counseling through the state's Foreclosure Mediation Program, Gov. Jon Corzine said earlier this month. About 1,450 cases have been completed, and roughly half of the homeowners were able to stay in their homes. The Obama administration also said roughly 500,000 homeowners nationwide have had their loans modified under the federal "Making Home Affordable" program."

As a part of the program, the administration announced an initiative to provide support to state and local housing agencies, said Lisa Ryan, a state government spokeswoman. The new program is aimed at expanding resources for low and middle income borrowers who want to buy or rent a home and provide low mortgage rates.

If you are having trouble making your mortgage payments, realize you do have options to foreclosure. I recently listed a home in Ewing which was a short sale and - because it was priced right - it has gone into escrow in a month. These homeowners will avoid foreclosure because they understood they had to price the home aggressively - there is a lot of competition in Mercer County - and took action early in their financial crisis. Contact me for a free market analysis of your property - let's talk about your alternatives and how you can avoid foreclosure.

Here are the real estate sales in September for the various townships and boroughs in Mercer County, for single family homes. There are a lot of areas in Mercer County, so the easiest way to represent all the homes sold is by place. I can run a similar report for you of condo sales - just let me know if that is your interest. Contact me for details of any Mercer County or Hamilton, New Jersey neighborhood real estate activity.

Real Estate Sales for Mercer County, September, 2009: Single Family Homes

Hamilton Township

83 homes sold in September, with a low of $18,006 and a high of $485,000. 64 homes sold in July, and 69 in August, 2009. This compares to 84 sales in September last year, ranging from $110,000 to $690,000.

East Windsor Township

24 homes sold in September, with a low of $65,000 and a high of $465,000. 15 homes sold in July, and 16 in August, 2009. This compares to 20 sales in September last year, with a range of $78,000 to $580,000.

Robbinsville Township

20 homes sold in September, from $200,000 to $690,900. 9 homes sold in July, and 8 in August, 2009. This compares to 20 sales in September last year, ranging from $202,000 to $984,450.

West Windsor Township

21 homes sold in September, from $242,500 to $812.500. 28 sales closed in July, and 33 in August, 2009. This compares to 20 sales in September last year, ranging from $223,500 to $1,250,000.

Hopewell Borough & Township

14 homes sold in September, from $366,000 to $785,000. 19 sales closed in July, and 13 in August, 2009. This compares to 21 in September last year, from $310,000 to $990,000.

Princeton Borough & Township

29 homes sold in September, from $260,000 to $2,462,500. 28 homes sold in July, and 23 in August, 2009. This compares to 23 in September last year, from $220,000 to $1,675,000.

Ewing Township

23 homes sold in September, from $73,000 to $325,000. 16 homes sold in July, and 17 in August, 2009. This compares to 23 in September last year, from $125,000 to $362,000.

Hightstown Borough

4 homes sold in September, from $236,000 to $305,000. 4 homes sold in July, and 3 in August, 2009. This compares to 4 in September last year, from $166,000 to $403,200.

Lawrence Township

22 homes sold in September, from $115,000 to $1,400,000. 19 homes sold in July, and 25 in August, 2009. This compares to 23 in September last year, from $140,000 to $535,000.

Pennington Borough

2 homes sold in September, $193,500 and $722,500. 5 homes sold in July, and 1 home in August, 2009. This compares to 3 sales in September last year, from $210,000 and $890,000.

Trenton City

39 homes sold in September, from $5,000 to $300,000. 7 homes sold in July, and 8 homes in August, 2009. This compares to 48 sales in September last year, from $16,000 to $333,900.

Mercer County

281 homes sold in September, compared to 214 in July and 216 in August, versus 289 last year in September.

Summary: Hamilton, East Windsor, Robbinsville, Ewing, Lawrence, and Trenton enjoyed increased sales in September. Princeton and Hightstown sales were flat. West Windsor, Hopewell, and Pennington sales decreased. County-wide, the different areas balance out each other this September over a year ago. It is still a strong Buyer's Market.

Registration has now begun for the second annual Central New Jersey Council, BSA Stride for Scouting, a 5K Run/Walk and 1-Mile Run/Walk. All net proceeds from the event, which will take place on Sunday, October 25, 2009 at Thompson Park in Monroe Township, will go the improving programs for the over 18,100 Scouts in the Central New Jersey Council.

The 5K race and fun walk will begin with registration at 11:30 AM in the 675-acre Thompson Park, located in Monroe Township, Middlesex Coungty, NJ. In addition to trails, Thompson Park offers lighted tennis courts, basketball courts, 3 baseball fields, a softball field, a soccer field, picnic groves, a lake and fishing, and performance gazebo.  The Park centers around 30-acre Manalapan Lake. The 5K Stride for Scouting course will take runners through the park, while the fun walk is approximately a 1-mile loop near the lakefront area. An awards ceremony for top finishers in the 5K race will take place immediately following the conclusion of the race.

The Central New Jersey Council of the Boy Scouts of America stretches across New Jersey, from the Delaware River to the Atlantic Ocean. Scouts can experience farms and open spaces of Warren and Hunterdon counties, the suburbs of Mercer County, and the busy activity of the capital city of Trenton, the urban areas and the Atlantic Shore in Middlesex county.  The Council owns two camping reservations: Yards Creek Scout Reservation (YCSR) and Kittatinny Mountain Scout Reservation (KMSR).  KMSR offers summer camp and facilities for four-season camping.  YCSR offers limited short-term camping, and it is good base camp for units hiking the Appalchian Trail or canoeing the Delaware River.

Monroe Township and Middlesex County offer a vibrant lifestyle for all ages.  Visit my blog post on a listing I have in the Clearbrook 55+ Community (reduced to only $119,900), and use the widget below to search other homes for sale in Monroe Township.  Give me a call or email when you want more information about relocation to central New Jersey, or investing in our New Jersey lifestyle.