Franklin Township, NJ

Events near Somerset 08873

Financial Independence & Security for Every Stage of a Woman's Life - 3/7 at 10.30am

Public Library 485 DeMott Lane, Somerset, NJ 08873

Registration required, visit the reference desk or call 732-873-8700 X#111.

Music with Ann Wild for kids - 3/7 at 2.30pm

Public Library 485 DeMott Lane, Somerset, NJ 08873

This program is for Franklin Township residents only. Children must be accompanied by parent or grandparent. For more information call 732-873-8700

Theater Workshop - Teenprov - 3/8 at 2.00pm

Public Library 485 DeMott Lane, Somerset, NJ 08873

A fast paced, one-hour workshop presented bythe George Street Playhouse, New Brunswick. To register, contact Amanda Decker, Young Adult Librarian, email: adecker@franklintwp.org or 732-873-8700 x #101

Rutgers Historical Tour - 3/7/2009 12:30pm

71 Hamilton St, New Brunswick, NJ 08901

http://ruinfo.rutgers.edu/visitingRU/historictours (732) 445-5745

Sunday Recital Series Category: Concerts/Music Events - Until 3/31/2009

5 Paterson St., New Brunswick, NJ 08901

www.christchurchnewbrunswick.org (732) 545-6262

The Devil's Music: The Life and Blues of Bessie Smith Category: Theatre - 3/3-29/2009

9 Livingston Avenue, New Brunswick, NJ 08901

www.GSPonline.org (732) 246-7717

Home Show Category: Expos - 3/06-08/2009

97 Sunfield Ave., Edison, NJ 08837

http://www.showoffice.com/pages/nj/exhibit.html (732) 417-1400

Outside In: Chinese x American x Contemporary Art Category: Art Until 06/07/2009

Nassau Street, Princeton, NJ 08544

http://artmuseum.princeton.edu/ (609) 258-3788

Greater NJ Record & CD Show Category: Arts & Culture - 3/8/2009

304 RT 22 West, Springfield, NJ 07081

www.izzymusic.com/record_shows.htm (973) 376-9400

Details released yesterday

Yesterday the Obama administration released more details of the American Recovery and Reinvestment Act of 2009 that features a maximum $8,000 tax credit for first-time buyers (only) who purchase a home on or after Jan. 1, 2009 and before Dec. 1, 2009. A first-time buyer is defined under the tax credit as an individual who has not owned a home in the last three years.

Additionally, qualifying details were given for homeowners seeking to modify their mortgage terms or refinance to avoid foreclosure.

The temporary credit is only available for home purchases made from January 1, 2009 to before December 1, 2009 and is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000. (For example, a home purchased for $80,000 or more would qualify for the full $8,000 credit while a $70,000 home would only qualify for 10 percent or $7,000)

Eligible properties include anything that will be used as a principal single-family residence including condos and townhouses. Search for local homes.

Buyers may claim the credit on their federal tax return to reduce their tax liability. If the credit is more than their total tax liability that year, the buyer will get a refund check for the balance.

For married joint filers, both must meet the first-time homebuyer test to take the credit on a joint return.

There are income guidelines on the credit. Individuals with an adjusted gross income up to $75,000 (or $150,000 if filing jointly) are eligible for the full tax credit. The credit is phased down for those earning more and is not available for those with an income above $95,000 (or $170,000 if filing jointly).

The new tax credit does not have to be repaid if the buyer stays in the home at least three years. But if the home is sold before that, the entire amount of the credit is recaptured on the sale.

People who purchased homes under the 2008 $7,500 tax credit program will still be required to repay that credit to the government over a 15-year period.

For current homeowners seeking help, here's more of what you need to know.

Today marks the initial market activity report in my real estate blog. I intend to report on what I see of the real estate market conditions in the neighboring communities of Franklin and South Brunswick townships in the central New Jersey area. Franklin Township consists of the following six town sections: Somerset, Franklin Park in Somerset County, Princeton, Kingston, East Millstone and Zarepahath. South Brunswick in Middlesex County consists of the following four town sections: Kendall Park, Monmouth Junction, Princeton and Dayton.

I invite anyone with an interest in, and with information about the local and surrounding area real estate market to share your thoughts and information here in this blog.

Concerning the recent sales activity in Franklin Township, here is some data from the Garden State MLS to help serve as framework:

• Active Listings: As of this writing on February 22, 2009, there are 126 Active listings of 4 bedroom homes in Franklin. On the low end is a 4+ bedroom vintage Colonial with 3 bathrooms priced at $199,000, and on the high end is a custom home on 15.5 acres with an extra house priced at $1,325,000.
• Listings Under Contract: There are 25 listings of 4+ bedroom homes that are Under Contract in Franklin, but not closed. On the low end in this category is a Split style home priced at $269,000, and on the high end is a home on 10 Acres priced at $1.1M. Six of these sales were for pre-foreclosure or bank-owned properties.
• Sold Listings: There were 20 listings of 4+ bedroom listings that Closed in Franklin since November 1, 2008. On the low end in this category is a Cape Cod style home that Sold for $325,000, and on the high end is a 4,000 square foot luxury Colonial that Sold for $753,000. The most sales (17) were concentrated in the $300K-600K price range, seven (7) each in the $300K-$400K and 500K-600K price ranges. Five of the twenty sales were either pre-foreclosure or bank owned properties.

So What?

Well, looking at the Active Listings in comparison with the UC and Sold listings, it seems that about 14 or 15 sellers don't know or haven't come to grips yet that their home might be worth less than they owe on it. The quicker these sellers acknowledge their situation, the faster they will get their house sold. The upside down houses are not just on the low end of the price range; some are priced in the $500Ks and $600Ks. At least one of the UC houses was listed for less that the seller paid for it, and a bank sold another one for more than $130K less than the original sellers brought it on the market for originally.

Link to Franklin and South Brunswick Community Marketing Reports

Somerset, NJ market analysis for October 2008

Compared to September 2008

October: September:

Active Listings = 507 554

Average LP = $ 380,315 $ 406,988

New Listings = 71 107

Average LP = $ 345,108 $ 391,593

Under Contract= 50 47

Average LP = $ 327,059 $ 343,984

Sold Listings = 43 54

Average SP = $ 339,517 $ 325,019

Average DOM = 86 82

Average SP/LP = 97% 95%

*Statistics based on information from Garden State MLS, L.L.C. Deemed reliable but not guaranteed.

While parts of the east coast was hit with some early snow fall this past Tuesday, I don't think Storm Fields saw it coming, many attended the EverythingJersey: business 2nd Annual Statewide Conference & Expo at the Garden State Exhibit Center this past Tuesday. It was a first for me and I was pretty excited to attend.

I met a lot of great people and learned of new businesses in the area that I'd otherwise would have never known exist. Most importantly I gave, as well as received, a lot of business cards and hopefully made some future connections. I even met a guy who inherited a piece of property that he wants to get rid of. If that pans out, then that will be $39 well spent.

I also had a chance to hear keynote speakers Bart Oates (former NY Giant) & Steve Adubato (TV personality) give some good advice on how to build a solid network of contacts during rough economic times.

7 Tips to Connect, Network, and Build Your Business

1) Go the extra yard

reach out to customers before something goes wrong

send an unexpected email

make the call

give it away

2) Be responsive

respond within 24 hours

3) Don’t keep score

don’t point fingers or play the blame game

4) Admit your mistakes

make restitution quickly

5) Build your brand

market yourself, you want consumers to remember you first

6) Take the high road

never trash your competition

7) Keep a positive attitude