About Mercer County, NJ

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.

Getting the Winter blues? There are many local events to put on the agenda, including the Old Mill Hill Society's Annual House Tour of beautifully restored historical homes, to help perk you up.

The Old Mill Hill Society 43rd Annual Mill Hill Holiday House Tour will take place on Saturday December 5, 2009 from 12-5pm (snow date is Sunday December 6, 2009).

The theme of this year's tour is History in Progress and it will highlight the "before" and "after" of over 20 restored Victorian, late Federal and Gothic Revival homes decorated for the holiday season.This year's tour will also feature the work funded by the Old Mill Hill Society Neighborhood Preservation Grants Program.

To date, this project has given homeowners and developers approximately $35,000 to offset the costs of home renovation projects that range from de-conversions of multi-family units into single-family homes to repairing crumbling facades. The 1719 William Trent House will also be open to tour participants at no charge, and the City of Trenton will provide free shuttle service between the Trent House and Mill Hill.

Tickets for the tour are $15 in advance, $20 the day-of at Artworks. Advance ticket sale locations for the tour and addition information about Mill Hill can be found at www.trentonmillhill.org.

Free parking will be available at Artworks and throughout Mill Hill.

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.

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One of my specialties is representing the best interests of Princeton area buyers throughout the home buying process. My comprehensive, high-quality services can save you time and money, as well as make the experience more enjoyable and less stressful.

If you're like most people, buying a home is the biggest investment you will ever make. So whether you're buying a starter home, your dream home or an investment property, why not take advantage of my experience as a local market expert for Princeton to make the most informed decisions you can, every step of the way?

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