Richard Stabile Bergen County New Homes Builder Realtor

Park Ridge Bergen County New Jersey homes sales report, from 2003 to 2008. Although sales volume declines were high at 48.65%, median sales were off 15.09%. Park Ridge located in Northern Bergen County did not have the much vacant land for the wholesale speculation that went on in other areas of the country. Demand had slowed due to the financial crisis but prices are resistant to fall quickly. Unit sales were actually up in 2008 over 2007 modestly.

View complete analysis with graphs and charts of Park Ridge, click on graph below.

I believe that sales will raise again in 2009 due to the availability of mortgages and government money and guarantees. The more moderate pricing and mortgage affordability are key factors to residential real estate home sales.

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Richard

Paramus home sales from 2003 to 2008 show a sales volume decline from 2005 of 43.92%. The median sales price also fell over 12.15% from the high year of 2007. Although the volume has fallen significantly, prices have been resistant to fall as dramatically as other areas of the country. Sellers have not drastically reduces the list prices. Paramus from 2002 low, didn't run up as much as other areas either. It went up within the 50-100% range, considerable and above trend, but not like the 200-300% of the more speculative areas of Florida, Southern California, Nevada, and Arizona. Areas that did not have large quantities of new properties to distribute, such as Bergen County NJ, did not use the toxic financing as often to fuel market values.

I am hoping that the new mortgage programs are going to help consolidate this market and volume will pick up.

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Richard

All new homes for sale by Richard Stabile in Northern New Jersey

Bergen County Number 1 new home seller.

On all our new homes for sale, special incentive stimulus financing package at builder's expense.

Rates as of 2/28/2008

Quialfied buyers may choose:

Loan amount: $625,000 or less 4 3/8% fix rate 30 years or

2.125% for one year, 3.125% for one year, 4.125% for one year, 5.125% for remaining 27 years.

Loan Amount $1,000,000-4.75% fix rate 30 years or

2.5% for one year, 3.5% for one year, 4.5% for one year then 5.5% for remaining 27 years.

Loan Amount $2,000,000- 5.75% fix rate 30 years or

2.75% for one year, 3.75% for one year, 4.75% for one year, 5.75% for the remaining 27 years.

Higher loan limits available.

These are builder buy down incentives, through lending institutions.

To find out more about our new homes or call Richard, to see about our special financing incentives!

Richard

Upper Saddle River home sales from 2003 to 2008 show a sales volume decline from 2005 of over 40%. The median sales price also fell over 20% from the high. A large amount of large new homes constructed, controlled the Upper Saddle River real estate market price levels. It is my belief that the inability to finance these homes due to the lack of Jumbo loans over $1,000,000 has affected this market significantly.  As of this now 2/25/2009 there has some available jumbo loan money at a reasonable rate. These loans can be done up to $4 million dollars with 25% down carrying 6.5% interest with no points. For some time now large Jumbo loans have been either priced out or non existent. My mortgage broker has offered a $2m loan with these terms to one of my buyers.

It is my feeling that, this will be a significant help to this market.

View the complete analysis click on the chart below.

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Richard

data source NJMLS all broker sales, information deemed reliable but not guaranteed.

I have been blogging about the financial crisis for too long. However, I have seen the first sign of recovery. Last week my mortgage agent gave a package to one of my home buyers, which we haven't had for over 5 months. He gave a $2,000,000, two million dollar loan for a 30 year fixed Jumbo. It was 0 points for 6.5% interest rate. The borrower was required to have a 720 credit score and put 25% down.

The best we were doing was local banks in Bergen County are, Savings and Loans doing up to 1 million dollars. Any big loans over one million were going for very high interest rates making large homes sales really tough. With this now, we stand a chance to get the high end going again.

Lack of reasonable rate financing, has stop this market short, in Northern Bergen County luxury homes. Only very big down or cash buyers could buy. Now we will have a bit of a market again. If you are interested in this loan for your business, email me I will forward you the info.

The push of money back into the market is what we need and is what they are doing. Setting aside everything else if you sell a house the old mortgage also gets paid and that money goes back to a bank or investor and into the system again. This is a road to recovery. I don't know if this is due to the fed's 90% loan, non recourse financing for investors, banks etc. to buy paper. I am assuming it may be. If it is or what ever it is it is working!

Richard

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