Hopewell Township, NJ

HUD deal to contruct a 223-bed hospital and medical office building in Hopewell, Mercer County, New Jersey. It will replace Capital Health System's aging Mercer Medical Center, expand Fuld Hospital.

The U.S. Department of Housing and Urban Development(HUD) made a commitment to insure a loan to Capital Health System (CHS) in Trenton, New Jersey to construct a new 223-bed hospital in Hopewell Township, New Jersey to replace the existing Mercer Medical Center. The $777 million loan is made possible through the Federal Housing Administration's (FHA) Section 242 Hospital Mortgage Insurance Program.

In addition, the system's Fuld Hospital will create two new medical-surgical units and provide space to accommodate services transferred from Mercer. By insuring the mortgage loan, FHA enabled Capital Health System to obtain a lower cost financing, saving the hospital an estimated $487 million in interest payments throughout the life of the loan. (Source: HUD No. 08-186)

For the complete HUD press release, see my personal blog entry: click here for my corresponding personal blog article.

Copyright 2008 by Lawrence Yerkes. All Rights Reserved.

Luxury New Jersey real estate in Hopewell is something many of my clients and readers are interested in, especially given the recent financial crisis. This article provides the details on the condition of the Hopewell real estate for houses sold in Hopewell in the price range of $1.5 million - $2 million. If you are considering selling your luxury home in Hopewell understanding this information could help you make intelligent and informed decisions.

Luxury Hopewell Real Estate - Summary

My the recent article "Hopewell luxury real estate 2003- 2008" provided a summary of what happened to the the market in the $1.5million - $2million price range. "The largest number of Hopewell homes sold in the $1.5 -$2.5 million range, was in 2005. So far in 2008 there were 3 homes sold in this price range and only 1 of then was over $2 million. The biggest decline is in the $1,700,000 - $1,999,999 price range with no houses sold in 2008 compared to 4 houses sold in 2007 and 2006. At the top of the range- $2.Million- $2.5 Million there was 1 house sold in Hopewell in each of the last three years."

This article examines in detail the history of the price declines of luxury real estate in Hopewell over the last 5 years and provides the breakdown for the number of houses sold in various luxury price ranges.*

Luxury Hopewell Real Estate - Price History 2003-2008

The unfortunate news is that the prices for luxury Hopewell homes for sale have declined approximately 26% since the high in 2004. Here are the details for the prices of luxury homes sold in Hopewell ($1.5mm-$2.5mm).

Year Median Price % Change Houses Sold

2003 1,847,500 6
2004 2,100,000 14% 5
2005 1,995,000 -5% 9
2006 1,870,399 -6% 6
2007 1,772,500 -5% 6
2008 1,550,000 -13% 3

Luxury Hopewell Real Estate - Number Of Houses Sold
The biggest decline in the number of houses sold was in the price range of $2 million - $2.5 million -with only one house sold a year in the last three years, compared to 4 in 2004. Here are the details of the number of luxury houses sold in Hopewell broken down by price range.

Year $1.5mm - $1.699mm $1.7mm - $1.999mm $2mm - $2.5mm
2003 2 3 1
2004 1 1 3
2005 2 3 4
2006 1 4 1
2007 1 4 1
2008 2 - 1

Hopewell Luxury Homes For Sale - Conclusion
If you are seller considering selling your home in this market in Hopewell you have to be prepared to face the hard truth - this is an extremely slow market. I work with clients to understand their situation and give them facts to decide if this is the right time to sell for them. Be cautions of people saying "now is the right time to sell". There is no one answer that fits all, but understanding reality is critical for everyone.

Please call me at 609-553-4175 if you have questions about this article or would like to understand what is the best course for you now.

To check what Hopewell homes for sale are on the market now (in the MLS), click on the link below:

Luxury Hopewell Homes For Sale -$1,500,000 - $2,500,000 - Princeton Area Luxury Real Estate

* Data is based on Trend MLS 09/28/2008 is considered accurate but not guaranteed.

Information deemed reliable but not guaranteed

Interested in Buying or Selling Real Estate in Hopewell Twp., NJ?

Please feel free to contact Christine O'Shea, Realtor-Associate, NATIONS

Proudly Servicing Central New Jersey's Real Estate Needs for 14 years

Hopewell Township is approximately 60.40 square miles of land. The township borders Ewing, Lawrence, Hunterdon County and Montgomery County.

Within Hopewell Township are two boroughs, Hopewell Borough and Pennington Borough. These two boroughs are separate municipalities with their own municipal government and tax identity within the township.

Hopewell Township has several private top employers including: Merrill Lynch with 6,000 employees; Bristol Myers Squib with 1,765; Janssen with 1,200 and Trap Rock with 1000.

There has been a surge of recent growth along Route 31 in Hopewell including; Hopewell Crossing, Pennington Pointe and Shops and Strip Mall close to the Pennington Market.

Hopewell Valley Regional School system is highly ranked and sought after. The Hopewell High School has recently revived their football team, Bulldogs.

Hopewell is also home to Historic Washington Crossing State Park. Every year on Christmas Morning there is a reenactment of George Washington crossing the Delaware River. Hopewell is rich in history and historic sights.

Along with the two quaint boroughs, Hopewell and Pennington, Hopewell Township is home to several farms, including organic, sheep and equestrian.

The vistas, open space and preserved land along with housing from spacious single family homes to town houses and age restricted living and close access to Philadelphia, New York, Princeton and Flemington contribute to Hopewell being a desirable destination for recreation and housing.

Welcome to our new Blog Site and Thank You for taking the time to learn about the Real Estate Community in the local area nd all of the great things that are happening to make Life in the Hopewell Valley and the surrounding Area better for you, your family and all those that you care about. Through our Blog we hope to be able to kepp you current with the ever changing world of Real Estate nd your sense of Community!

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