Basking Ridge, NJ

Insight from Jim Weichert

The beginning of a new year is always a time to reflect and consider goals and opportunities for the year ahead. As we begin 2012, there are many reasons for encouragement when it comes to the economy and real estate. If recent economic and real estate trends are any indication, 2012 will be a year when good things can happen not only for potential homebuyers and sellers, but for the country as a whole. For example:

Existing-home sales rose again in November, and remain at levels above those of a year ago. What’s more, pending home sales also continued to gain in November, reaching the highest level in 19 months, an indication that there will be more future sales.

In November, sales of new single-family houses rose 1.6 percent from October and were 9.8 percent above November 2010. Additionally, housing starts surged to a one-and-a-half year high in November, and permits for future construction were the highest since March 2010.

In a sign that the overall economy is strengthening, U.S. employment has grown solidly for the past six months, generating 100,000 jobs or more in each month for the first time since April 2006.

The Conference Board’s Index of Leading Economic Indicators showed two months of solid gains, signaling that the economy was gaining momentum and the risks of a recession were receding, and its Consumer Confidence Index improved to levels seen in April 2011.

Basking Ridge Market Activity

Three closings so far this year:

2 Commonwealth Drive, 2 bedroom Fairfax model in Spring Ridge, listed for $248,000 and sold for $232,500.

72 Gerard Avenue, 4 bedroom bi-level, listed for $549,000 and sold for $540,000 in only 36 days.

380 Potomac Drive, 2 bedroom Essex model in Spring Ridge, listed for $289,000 and sold for $275,000 in only SIXTEEN days!

Twenty-one new listings – three condos, four townhouses, a bi-level, a tudor and twelve colonials. Many of these homes were listed last year, came off the market for the holidays and are now back on the market.

There have been eight contract sales since the first of the year – actually, only seven. 11 Archgate Road was logged into the MLS once it was already under contract (it is scheduled to close at the end of the month).

Basking Ridge NJ Real Estate Maple Run Townhomes Market Update November 2011

by Bob Zorechak - GRI, ABR, e-PRO

This 64 unit development offers a private and secluded setting consisting of contemporary style townhomes situated primarily in cul-de-sac configurations for maximum privacy. Conveniently located in the northeast corner of Basking Ridge (Bernards Township) and one mile from the center of town, shopping, restaurants, golf, the train and bus to NYC, award winning schools, major commuter highways and much more, the Maple Run Townhomes in Basking Ridge NJ are truly a hidden gem.

For additional background information on this community follow the link below:

Maple Run Townhomes in Basking Ridge NJ

Sales activity at Maple Run has been fairly consistent with (4) units Sold in each of the previous four years (including 2011 through November). As you can see from the spreadsheets below, the Average Sales Price has been steadily declining over that same period, as well with a high of $544,375 in 2008 and $444,750 through the current period of November 2011, however the rate of decline in average sale price for similar type properties is significantly less than that of other nearby towns. There are (2) units currently For Sale with one unit Pending or Under Contract and (4) units that Sold within the past 12 months.

Follow the link for the rest of this post in order to find out more about

Basking Ridge NJ Real Estate Maple Run Townhomes Market Update November 2011