Morris County Real Estate Blog

May 2012-Market Update

Smitha Ramchandani — 2012-05-09T17:31:00Z

The housing market and the overall economy are improving at modest rates nationally, and in some areas they have actually gained momentum. The Conference Board’s CEO confidence index is up a notable 14 points—from 49 last quarter to a current reading of 63. A reading of 50 is the threshold above which indicates an optimistic outlook and below indicates pessimism. Rapidly growing optimism is a good sign for future hiring and growth.

“The recovery is happening, though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases,” NAR Chief Economist Lawrence Yun said. “Existing-home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year. With job growth, low interest rates, bargain home prices, and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year.”

As rents continue to rise, buying becomes a more and more attractive option as home affordability, or the percent of income it takes to pay the mortgage, continues to be among the most favorable in history. The current record interest rates, which factor into affordability, cannot last forever—buyers wanting to take advantage of this unique time in history will want to act before rates rise.

Home Sales

In Millions

Home sales slipped 2.6% from the previous month to 4.48 million units, yet are 5.2% higher from a year ago. A strengthening economy is improving consumer confidence and drawing an increasing number of people into the market. In some local markets, there is not enough inventory of quality homes for buyers to purchase. As these markets see more new listings for their hungry buyers, national home sales could increase.

Home Price

In Thousands

Thanks to a decline in distressed properties, which sell for a 15%–20% less on average compared to non-distressed homes, the median home price rose 5.3% compared to the previous month and 2.6% compared to a year earlier to $163,800. This is the first time in 8 months that home prices have been up by over 1% month-to-month. NAR President Moe Veissi said, “In most areas over the long term, home prices have nowhere to go but up.”

Inventory- Month's Supply

In Months

Housing inventory remained stable from the previous month at 6.3 months supply and was 26% below year-ago levels. This marks the fourth consecutive month of inventory near a six-month supply, which is the threshold of a balanced market. Movement out of the deep buyer’s market that has persisted over the past three years is an important step that must precede a full-scale housing market recovery.

Source: National Association of Realtors

Interest Rates

Mortgage rates continue to boost home affordability by remaining below 4%—some of the lowest rates on record since 1971. These rates may have begun to find a bottom as there is not much more room to go down, adding to the urgency to buy a home now while these record lows hold.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Pricing a listing at market value is a critical component to getting it sold. Here are a few of the advantages of pricing it right:

Less Time on the Market. Homes that were priced at market value sold in half the number of days as homes that were overpriced.

More Money. Pricing right when the home is first listed leads to sellers netting a higher percentage of their asking price, also referred to as the list-to-sell ratio.

Less Hassle. When a home is priced right, it means that fewer buyers need to view the home to understand it is a good value—and that leads to fewer showings before getting an offer.

Fewer Reductions. When a home is priced at market value, often it won’t need a price reduction. Depending on local market conditions, sometimes it will—either way, it will be less likely to require one if it is priced right to begin with.

More Multiple Offers. Homes that are priced right are twice as likely to have multiple offers. This can lead to a higher sold price and it puts the seller in the driver’s seat by providing more options to choose from.

Contact Rahul & Smitha for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

These rock-bottom prices and rates won’t last long!

Smitha Ramchandani — 2012-05-07T18:22:20Z

Experts are predicting that these prices and rates are the lowest it’s going to get and that both will soon be picking up. “Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.” More details:

Many of the bank-owned properties currently coming out of the foreclosure pipeline are being snapped up by investors who are fixing them up and renting them out -- often to those who were displaced by the foreclosure of their own home. That has helped to lift prices on foreclosed properties, according to Alex Villacorte, the director of analytics for Clear Capital, which specializes in housing market valuations.

"That could have a significant impact on the market overall in terms of providing a rising floor to home values," he said.

In some markets hit hard by foreclosures, the turnaround in prices is already underway. Phoenix recorded an 8.4% jump in home prices during the three months ended April 30, compared with the three months ended January 31, according to Clear Capital.

"It's crazy," said Tanya Marchiol, founder of Team Investments, a Phoenix real estate investing firm. "Stuff I was selling six months ago for $60,000 to $80,000 is now $90,000 to $110,000."

Miami saw a 4.6% increase quarter-over-quarter through April, and Tampa, Fla., was up 4.4%, according to Clear Capital.

Goodbye 3.8% mortgage. In addition to home prices, mortgages could also move higher.

Mortgage rates have been at or near historic lows for much of the past six months. The average interest rate for a 30-year, fixed-rate mortgage has not topped 4.5% since July 2011 and this week, it hit 3.84%, a new low.

But rates aren't expected to remain at these record-low levels much longer. As the economy continues to recover, rates will move higher, said Doug Lebda, CEO of LendingTree, the online lending site. Although, he said, they will "stay very reasonable."

The Mortgage Bankers Association is forecasting that the 30-year fixed will hit 4.5% by the end of the year.

Greater demand for loans will help fuel the increase, according to Lebda.

Even though mortgage rates have been cheap, borrowing for home purchases has been sluggish. The Mortgage Bankers Association estimates that homebuyers will take out mortgage loans totaling about $415 billion this year, an increase of less than 3% compared with 2011. Next year, however, it forecasts that amount will almost double to $706 billion.

What does this mean for you? It means if you are considering buying a property for you, your family, or as an investment or an upgrade, the market is offering you an opportunity for a fraction of the historic cost! This is an opportunity you don’t want to miss. Even if you hadn’t been considering purchasing a property or wanted to buy 5 years down the road, taking advantage of the market now may make the best sense for your situation.

If you’d like to find out more and see if buying (or selling) a property makes sense for you, please give us a call or e-mail! We’re happy to help you make the right choice!

You can read the original article from CNN Money here.

April 2012-Market Update

Smitha Ramchandani — 2012-04-17T17:38:55Z

Now three months into 2012, both the housing market and the overall economy are improving at modest rates. These improvements have inspired confidence in consumers, demonstrated by a 9.2% increase in pending home sales in February from the year prior.

Both home prices and sales are expected to increase in 2012. Lawrence Yun, chief economist for NAR, stated, “Falling visible and shadow inventory [bank-held properties], combined with a dearth of new-home and apartment construction during the past three years, assure that rents will continue to rise, with likely home price increases in 2012.”

As rents continue to rise, buying becomes a more and more attractive option as home affordability, or the percent of income it takes to pay the mortgage, continues to be among the most favorable in history. Trulia’s Winter 2012 Buy vs. Rent Index, which measures the relative cost of renting compared to asking prices of homes found that in 98% major metropolitan areas sampled, it was more affordable to buy than to rent.

Home Sales

In Millions

Home sales dipped 0.9% in February to 4.59 million units, yet are 8.8% higher from a year ago. A strengthening economy is improving consumer confidence with an increasing amount of people in the market. Additionally, as the market shows signs of improvement, more people are feeling the urgency to buy while prices and interest rates are still at some of the most affordable levels in history.

Home Price

In Thousands

After slipping a bit at the beginning of the year, median home prices rose to $156,600, up 0.3% from a year ago. NAR President Moe Veissi said, “People realize that home ownership is an investment in their future. Given an apparent overcorrection [dropping prices as an overreaction to market conditions] in most areas, over the long term home prices have nowhere to go but up.”

Inventory- Month's Supply

In Months

Housing inventory rose 4.3% in February to 2.43 million homes, representing a 6.4-month supply, up from 6.0 in January. There are several factors driving this increase in the inventory of homes. First, banks have settled major lawsuits regarding fraudulent foreclosure practices with state governments, which has enabled them to start moving many foreclosures off their balance sheets and into the market. Pending sales are up, and home building is starting to show signs of life again after three years of low new-housing construction.

Source: National Association of Realtors

Interest Rates

30-year fixed mortgages continued to improve home affordability by dropping to 3.89% in February, the lowest on record since 1971. Indications are that these rates may have begun to find a bottom as well, as they have shown rising levels in Freddie Mac’s weekly index, adding to the urgency to buy a home now while these rates continue at record lows.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Home buying is often exciting, but packing up and moving is almost always stressful. Below are a few tips to help make the move a smooth one.

Special Boxes for Special Items. Dish barrels help protect dishware, and long flat boxes help protect artwork. Wardrobe boxes, which have a metal bar to hang clothes on, can simplify and speed up packing your closet.
Paper, the Secret Weapon. Packing paper, or unprinted newsprint, can be used several different ways. Use it to protect fragile items or crunch it up to use as padding. Remember, ink on regular newspaper can rub off and stain. Use Bubble Wrap for extra- delicate items.
Tape It Securely. Masking and duct tape don’t stick to cardboard as well as brown packing tape.
Tape It Quickly. Tape guns help you assemble boxes faster.
Mark It Clearly. Clearly label boxes. Marking the sides instead of the top is best as the tops are covered when boxes are stacked.
Protect the Big Items. Protect furniture with pads and put mattresses in plastic bags to prevent damage during the trip.
Lighten the Load. The help of a dolly or handcart can save your back and speed up the moving process.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Home buying much cheaper than renting according to CNN Money

Smitha Ramchandani — 2012-03-26T22:06:26Z

The answer has never been clearer: Buy.

In 98 of the top 100 housing markets, buying a home is more affordable than renting, according to the online real estate company Trulia. Only Honolulu and San Francisco buck the trend.

There are several reasons. Home prices are falling. Mortgage interest rates are at historically low levels. And rents are on the rise.

Of course, many renters are not in a position to buy. For one, it's hard to get a mortgage these days, despite low rates. And paying rent can push them further away from being able to afford to buy.

"Rising rents make it harder for people to save for a down payment, which is the biggest barrier to buying a home that aspiring homeowners face," Jed Kolko, Trulia's chief economist.

The nation's cheapest buyer's market is Detroit, where purchasing is only 3.7 times more expensive than renting.

Other top five metro areas where buying is much better than renting are Oklahoma City, Dayton, Ohio,Warren, Mich. and Toledo, Ohio.

Rankings like these, however, can obscure the factors that go into each decision.

Housing markets, even within a single metro area, typically have local submarkets. Take New York City, for example. Renting in Manhattan is more affordable than buying. But in suburban Westchester County just miles to the north, buying is the more affordable option.

The size of the home can also make a difference. In some markets, renting can be a better deal on larger homes, according to Trulia.

In San Francisco, for example, studio and one-bedroom apartments sell for 13.1 times rent, while three bedrooms or larger sell for more than 18 times rent.

The Trulia survey does not take into account home price trends, which are another factor for individuals choosing whether to buy or rent.

"People will pay more for a home if they expect prices to rise and give them a better return on their investment," said Kolko.

Those calculations are about to change, according to Ken H. Johnson, a professor of real estate at Florida International who has studied the buy-vs-rent question extensively. He believes home prices nationally have bottomed.

"The ship has turned," he said. "Markets should slowly start to recover. Housing will return to its traditional role of a safety investment."

If so, that adds an incentive to buy. And investing in many of the most expensive markets may be even safer.

Kolko pointed out that places like Honolulu, San Francisco and Boston have strong long-term growth prospects. They also have little physical space to grow, a factor that tends to keep prices strong.

On the other hand, old areas that aren't growing much -- while cheap -- may not return much in the long run.

"Buying is much cheaper than renting in slow-growing places with high vacancy rates and land to spare, like Detroit and Cleveland, where prices are unlikely to improve much in the future," he said.

Original article found here.

Warren Buffett: “I'd Buy Up 'A Couple Hundred Thousand' Single-Family Homes If I Could”

Smitha Ramchandani — 2012-03-20T22:01:00Z

Some interesting housing comments from Berkshire Hathaway’s Warren Buffet:

Warren Buffett says along with equities, single-family homes are a very attractive investment right now.

Appearing live on CNBC's Squawk Box, Buffett tells Becky Quick he'd buy up "a couple hundred thousand" single family homes if it were practical to do so.

If held for a long period of time and purchased at low rates, Buffett says houses are even better than stocks. He advises buyers to take out a 30-year mortgage and refinance if rates go down.

Encouraging words, Mr. Buffet! With interest rates steadily at an all time low, you really can’t afford to miss the opportunity to buy your dream home, or if you’ve already found it, the chance to invest in real estate. One property, two properties, or more! Lending is tight, but it’s a real possibility that investors will see some great long term returns on purchases!

Call us today to for more information!

You find the original article by Alex Crippen here.

March 2012-Market Update

Smitha Ramchandani — 2012-03-16T18:44:35Z

Opportunities in the housing market continue to grow for buyers and sellers. Home affordability, driven mostly by record low interest rates, is among the lowest it has ever been. According to the National Association of Realtors, and based on national averages, the payments on a home today represent 12.8% of the median household income. This is both a good sign for those looking to purchase a home, and for the economy overall as consumers are keeping more money in their pockets.

If you’re a seller, the housing market shows signs of transitioning from a buyers’ market more of a balanced one. This means that home owners should start to see prices stabilize and begin to grow, presenting more favorable opportunities for those looking to sell their homes. In regards to the number of homes on the market, a key indicator of the health of the housing market, Lawrence Yun, NAR chief economist, said, “The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers.”

With continuing job creation, the improving housing sector, and signs that the banks are beginning to lend more, 2012 looks to offer promising opportunities to both those looking to buy or sell a home.

Home Sales

in millions

Home sales were up 4.3% in January from December 2011 to 4.57 million (seasonally adjusted), and this is up from 0.7% from the year before. The steady increase in home sales over the last few months is positive encouragement for a continued housing recovery. Lawrence Yun said, “The uptrend in home sales is in line with all of the underlying fundamentals– pent-up household formation [lack of new home construction], record-low mortgage interest rates, bargain home prices, sustained job creation, and rising rents.”

Home Price

in thousands

Adding to home affordability in January, the median home price was down 2% from a year ago, to $154,700. While prices are still declining, foreclosed and other distressed properties, which have been putting downward pressure on home prices, are being moved more efficiently off the market, and default rates on home mortgage payments for the past three years are among the lowest in history.

Inventory- Month's Supply

in months

As sales increase with a growing demand for homes, the inventory of properties for sale fell 0.4% to 2.31 million, or a 6.1-month supply at the current sales level. This is down from a 6.4-month supply in December 2011. Historically, a 6-month supply has meant that the housing sector is balanced–favoring neither buyers’ nor sellers’.

Source: National Association of Realtors

Interest Rates

The most powerful indicator of home affordability, interest rates on mortgage loans, were down again in January. The national average for a 30-year fixed mortgage was 3.92%, down 0.04% from the month before, and down nearly an entire percentage point (0.84%) from a year ago. These historically low rates, coupled with today’s home prices, represent an incredible opportunity for home buyers.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Preparing your home for sale can seem daunting, but these tips will help you get the best price in the least amount of time.
1. Organizing and cleaning are crucial when prepping a home for sale. Potential homebuyers have a more positive reaction to a home that is clutter-free and that gives them the feeling it is “move-in ready.”

2. Determine replacement estimates before listing your home, even if you are not planning on making the replacements yourself. This information can help buyers make informed decisions.

3. Have your warranties ready—especially for home appliances that will stay with the home after the sale.

4. Curb appeal is a crucial factor because it determines first impressions. A poor first impression can cloud their entire opinion about the home.

Contact me,your local real estate expert, for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Is It the Price of Your Home or the Price of Your Happiness?

Smitha Ramchandani — 2012-03-01T19:03:48Z

When it comes to real estate, it’s easy for sellers and buyers to get caught up in statistics and numbers as the most important aspect of their transactions… getting the most profit, the best deal, at the lowest rates, etc. Those are certainly important, but at its heart, this industry is really about families and dreams and people living their lives to the fullest. Sometimes a better price comes at the cost of you or your family’s happiness, and it can be hard to keep that perspective.

With that in mind, we wanted to share this heart-warming story from one of the industry’s foremost leaders, Steve Harney.

“I recently gave a presentation about the current real estate market to a group of home sellers in a city in the Northeast. That night, I explained to them that home values in their area were about to be negatively impacted by a surge of distressed properties entering their region over the next year. As I have often found to be the case, the homeowners were very receptive; many felt that they now had the information they needed to make a good decision with regard to pricing their home to sell in this market.

After the class that night, several of the homeowners came up to me to privately discuss their personal situations. One of these owners said something I will never forget. He shared with me that he had come to a revelation that night.

This particular homeowner had put his home on the market with plans to move to Florida, where his daughter and his infant grandson live. He missed his daughter very much and missed his grandson even more. He hated every passing day that he wasn’t able to “hold the baby in my arms and rock him to sleep”. That night at the seminar, he thanked me for reminding him of the reason he put his home on the market in the first place – he needed to rejoin his family. I was struck by the wisdom of his final words to me before he turned to walk away.

“I thought I was putting a price on my home. While I hold out– hoping to get a few more dollars, I am actually putting a value on my happiness.”

He adjusted his asking price that night and sold it three days later. Very soon, he will be able to rock his grandson to sleep in his arms, both of them happy and content.”

The story from Steve Harney was originally read by us here.

New Study Calls Today’s Market a Good Time to Buy!

Smitha Ramchandani — 2012-02-27T20:26:44Z

Researchers from several universities have just completed a paper that looks at what they call the hurdle rate. This is the point at which it’s equally smart to rent or buy if your only criterion is to build wealth. Based on today’s hurdle rate, it’s a better time to buy than to rent, because you can build more wealth owning than renting.

The study looks at what they call an indifferent renter. This is someone who is just as happy renting as buying depending on which choice is better at building wealth over a holding period, in this case eight years. The study assumes the renter puts the savings from renting into an investment to earn a return.

The hurdle rate is the point of equilibrium between renting and buying where it’s a wash in terms of wealth building. If today’s hurdle rate rate is lower than the average past property appreciation rate for a particular market, then it makes sense to buy, because future property appreciation should be such that an individual will, on average, create more wealth through owning rather than renting. On the other hand, if today’s hurdle rate is higher than the average past property appreciation for a particular market, then this is a sign that ownership can be a drag on wealth creation.

“It’s not a perfect reason to buy, it’s just a test,” says Ken. H. Johnson of Florida International University in Miami, one of the authors of the study, called “The Rent vs. Buy Decision,” released about two weeks ago. “But it’s a good sign that the market’s turning.”

The paper is part of a series Johnson and some other researchers have been doing on the rent vs. buy decision. This paper just looks at the narrow topic of the hurdle rate; other papers look more broadly at whether it makes sense to rent or buy based on financial considerations. In one earlier paper, renting can make more sense in some instances, at least in the short run, if renters invest all of their savings over a period of time in an instrument that generates a yield comparable to what they would earn in appreciation on a house in their market. But since few renters could realistically invest all of their savings from renting, it’s more appropriate to assume renters don’t invest all of their savings. And in these cases, owning is the overwhelmingly better investment over the holding period.

You can learn more about the paper that looks at the hurdle rate in the two-minute video above. The paper was sponsored by the REALTOR® University Research Center, which is part of REALTOR® University. You can find the original article written by Robert Freedman here.

As always, we want to help you invest in your future! Call us today to begin your investment property search!

The Home-Buying Opportunity of a Lifetime… According to Warren Buffett

Smitha Ramchandani — 2012-02-21T19:09:50Z

What does legendary investor, Warren Buffet, have to say about the housing market? Just read the advice he gave his loyal secretary of 37 years...

"I just thought it was time to buy a home. Warren tells me that it will be the best opportunity in my lifetime. Mortgage rates are low and prices have dropped dramatically…I share Warren's view about the future of America, and we believe that our country will do just fine. I'm happy to make this investment.”

- Debbie Bosanek, Warren Buffet’s Secretary of 37 Years on Purchasing a Second Home

We echo those sentiments. There is no better time to buy than now! Whether you're a first time buyer, looking to upgrade or downsize, or looking for an investment property, please contact us before this opportunity slips by!

February 2012-Market Update

Smitha Ramchandani — 2012-02-11T15:46:00Z

2012 is off to a promising start. Mortgage rates continue to drop and have remained under 4% for nearly two months. Home sales are strengthening and pending home sales, a measure to gauge future sales, are at their highest levels since March 2010.

Job growth has been increasing for most of 2011, with unemployment dropping to 8.4%. As more people are getting jobs, consumer confidence has also been increasing. However, underemployment continues to be a problem for a stronger recovery. The underemployment rate is 18.1%, and there are still a significant number of people working part time, who would like to have full-time work.

Even with substantial national improvements, this continues to be a “one neighborhood at a time” recovery. Payroll jobs were up in 25 states, but down in 24, demonstrating the delicate state of the U.S. economy. Global factors such as the European debt crisis are also complicating a more robust recovery. Strong guidance is needed from local and global leaders to continue this growth, as well as allow for business to maintain momentum toward building and expanding upon the opportunities that exist.

Sources:Bureau of Labor Statistics, National Association of Realtors

Home Sales

in millions

Existing home sales continued their rise, up 5% in December, to a seasonally adjusted rate of 4.61 million. Lawrence Yun, chief economist for NAR, said, “The pattern of home sales in recent months demonstrates a market in recovery. Record-low mortgage interest rates, job growth, and bargain home prices are giving more consumers the confidence they need to enter the market.”

Home Price

in thousands

Homes prices for December were down 2.6% from a year ago, at a median price of $164,500. One factor contributing to lower prices has been the high level of distressed properties being sold. In December, these properties began to show signs of price stabilization and increase. Foreclosures were selling at 22%, a 2% increase from a year ago, and average prices for short sales prices had risen by 3%.

Inventory- Month's Supply

in months

The housing inventory dropped 9.2% in December to a 6.2-month supply, or 2.38 million homes, at the current level of sales. These are the lowest inventory levels of homes for sale since March of 2005. Lawrence Yun, chief economist for NAR, said, “The inventory supply suggests many markets will see prices stabilize or grow moderately in the near future.”

Source: National Association of Realtors

Interest Rates

Another slight drop for mortgage rates as they continue to set historically low records. With homes being so affordable and the economy continuing its recovery, home prices are stabilizing, as increased sales are expected. NAR President Moe Veissi stated, “The American dream of home ownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves. More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services.”

This Month's Video

Topics For Home Owners, Buyers & Sellers

Interest rates at favorable levels and a good selection of homes provide an opportunity for buyers. Here are a few things to for buyers to keep in mind:

1. Know what you can afford before you fall in love with your dream home.
2. Consider additional expenses that come with owning a home like property tax, insurance, and repairs.
3. Be flexible on the little things. It would be wonderful to find a home with everything you want, but those are hard to come by – distinguish nice-to-haves and
must-haves early.
4. Have imagination and look beyond paint colors, wallpaper, or other easy and affordable things you can change.

5. Don’t compromise on the big things, such as enough bedrooms to accommodate additions to the family or space for an office if you work from home.

6. Always inspect even if the surface looks great; it’s important to know if anything major is wrong and what it will cost to fix.

7. Think about the future in regard to the neighborhoods, surroundings, schools, and developments.

Contact me,your local real estate expert, for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

January 2012–Real Estate Market Update

Smitha Ramchandani — 2012-01-11T17:09:22Z

2012 shows signs of an improving housing market as the U.S. economy continues its forward-moving yet slow road to recovery. Although there are economists projecting housing prices will decline further, aided by distressed property sales that sell at a greater discount, these prices are expected to rebound considerably later in the year and continue into 2013.

Factors that continue to impede a speedier recovery in the housing are consumer confidence, job-growth uncertainty, and tough lending standards that keep many otherwise qualified buyers from financing a home purchase. However, consumer confidence may be showing signs of improvement according to a report released by Fannie Mae on December 7, which revealed that consumer sentiment toward home prices is stabilizing and that, for the first time in six months, more people believe that prices will soon begin to rise. This is an encouraging development, as much of our economic vitality depends upon the overall confidence of the consumer, and could trigger even stronger home sales as more people feel confident that prices will go up.

As the new year begins, many consumers appear to be in a holding pattern, waiting to see how the economy reacts to the different demands both here and abroad. Yet with steadily increasing sales and record-breaking affordability, now is the time to take advantage of these opportunities to buy or sell a home.

Sources: Fiserv, Fannie Mae

Home Sales

in millions

Sales among existing homes rose in November by a seasonally adjusted 4%, to 4.42 million units up from 4.25 million in October, and are 12.2 percent above last year at this time. Lawrence Yun, chief economist for NAR said, “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing.”

Home Price

in thousands

While median home prices in November rose to $164,200 from $162,500 in October, they are down 3.5% from a year ago. David Stiff, chief economist at Fiserv, stated, “Housing affordability has improved dramatically because of declines in both prices and mortgage interest rates. The monthly mortgage payment for a median-priced single-family home is now $700, compared to $1,140 in 2006—a decline of nearly 40%.” (Based on 2011 Q2 figures)

Inventory- Month's Supply

in months

With increased levels of sales, the inventory of homes on the market continued to decrease, falling by 5.8% in November to 2.58 million homes available for sale, or an equivalent of a seven month supply at the current sales pace. This positive sign of increasing sales and lower inventories are keeping the housing market on track for stabilizing home prices and a stronger housing sector.

Source: National Association of Realtors

Interest Rates

Mortgage rates continued to push historic lows in November, dropping another .08 points, to 3.99% for a 30-year fixed mortgage. "Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year, which means that today's homebuyers are paying over $1,200 less per year on a $200,000 loan,” said Frank Nothaft, Vice President of Freddie Mac.

This Month's Video

Topics For Home Owners, Buyers & Sellers

If one of your New Year’s resolutions is to sell your home, here are a few things to keep in mind:

Although the traditional home-buying season starts in the spring, here are some reasons why listing your home now, rather than waiting, could prove to be a smart decision.

On average, the number of home sales in January drops almost by half from the previous year’s peak. A house that is priced right and staged well will stand out even more with less competition.
Lenders, home inspectors, movers, and other vendors also see a seasonal dip in transactions. This could mean a quicker, easier, and possibly cheaper time to buy, sell, and move.

Even if you’re not ready quite yet, now is a great time to start the conversation with your local real estate agent. He or she can give you pointers on which repairs and preparations to tackle first, and which ones may not be necessary, saving you time and money. Starting now can help you capture the most buyers by busy season.

Contact me, your local real estate expert, for information about what's going on in our area.

Brought to you by KW Research.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

December 2011–Real Estate Market Update

Smitha Ramchandani — 2011-12-08T14:27:00Z

One of the key drivers of homes sales, the employment rate, is beginning to show promising signs of a turnaround. The four-week average for jobless claims, as of November 19, was 394,250, a drop of 3,250 from the previous four weeks, and at the lowest levels since April. Consumer confidence also rose 15 points in the last month, and is now at its highest point since July of this year. Eric Green, Chief Market Economist at TD Securities Inc. said, “The trend remains very constructive. Jobless claims are back below 400,000, which seems to be the pivot point in terms of a strengthening labor market as opposed to a weakening one.”

In addition to improving employment conditions, home affordability also improved as interest rates fell further, opening the door for more first-time home buyers who accounted for 34% of the sales in October, an increase from 32% last month and last year. The western United States saw the greatest increase in home sales, which were up 4.4% month to month and up over 15% from last year.

A strengthening job market, along with encouraging signs from the housing sector, including a 10% jump in pending sales for October, are strong economic forces. While mortgage lending still remains a challenge, these forces may send a signal to banks to relax lending regulations and allow for a more rapid recovery.

Home Sales
in millions

Existing homes sales improved 1.4% in October, or to an annual pace of 4.97 million, a 13.5% increase from October of last year. Even more dramatic, was the jump in pending home sales, which surged in October by 10.4% from September, and were up 9.2% from October 2010. This jump in pending sales could lead to a strong fourth quarter as signs continue to point to a pent-up demand brought on by current lending conditions of
mortgage providers.

Home Price
in thousands

The national median home price in the U.S. saw a small decline in October to $162,500, from $165,800 in September. This number can be affected by the sale of distressed properties, which typically sell at discounted prices. Distressed properties accounted for 28% of homes sales in October. Yet despite a drop in the median price from last September, the Federal Housing Finance Authority reported that seasonally adjusted prices rose 0.2% in the third quarter from the second quarter in 2011, which could be an early sign of appreciating home prices.

Inventory- Month's Supply
in months

By the end of October, the total number of homes on the market had fallen 2.2% to 3.33 million homes, which represents 8 months of inventory at the current sales pace. Since a record high of 4.58 million homes in July 2008, the inventory of homes for sale has been steadily declining. When homes sell faster than they come on the market, the market comes from its current favor toward buyers into balance or in favor of sellers. This can trigger an appreciation in home prices and lead the way to a stronger recovery.

Source: National Association of Realtors

Interest Rates

Mortgage rates continue to push lower, dropping to 3.98% from 4.23% in October of 2010, offering historic affordability to today’s home buyers. While mortgage lending conditions continue to be a challenge, more and more people are seeing the advantage of buying a home sooner rather than later. Lawrence Yun, NAR chief economist, said, “Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this indicates more buyers are taking advantage of the excellent affordability conditions.”

This Month's Video

Topics For Home Owners, Buyers & Sellers

When first-time home buyers decide they are ready to buy, it is important for them to begin the process by carefully assessing their values, wants, and needs—both for the short and long term. This is a critical step since consultation sessions normally start with the buyers’ values. Afterward, buyers can explore their wants and needs and, once defined, determine actual criteria.

A recent study shows how important the following home-buying factors were to buyers:

List Price: 72%
Location: 69%
Neighborhood: 55%
Floor Plan: 37%
Square Footage: 28%
Schools: 22%

By having the home-buying criteria in mind before walking into a consultation, buyers are off to a better start when meeting with their real estate agent. The consultation allows buyers to fill in any missing gaps within their values, wants, and needs.

Contact me, your local real estate expert, for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Smitha & Rahul Earn Real Estate, Short Sale Designation to Help Homeowners in Danger of Foreclosure

Smitha Ramchandani — 2011-11-22T16:12:41Z

Morristown, NJ – November 22, 2011 – Smitha and Rahul Ramchandani of The SR Real Estate Group (with Keller Williams Realty) has earned the prestigious Certified Distressed Property Expert^® (CDPE) designation, having completed extensive training in foreclosure avoidance, with a particular emphasis on short sales. At a time when millions of homeowners are struggling with the possibility of foreclosure, the skills and education amassed by Smitha and Rahul will help benefit Morris County-area residents and communities.

Short sales allow the distressed homeowner to repay the mortgage at the price that the home sells for, even if it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

Today, more than 13 percent of homeowners are delinquent on their mortgage or in the foreclosure process. This is occurring across all price ranges, and the fastest-growing category of homes in foreclosure is the luxury home market.

“The CDPE designation has been invaluable as we work with homeowners and lenders on complicated short sales,” said Smitha. “It is so rewarding to be able to help families save their homes from foreclosure.”

Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that agents such as Smitha and Rahul with the CDPE Designation have valuable perspective on the market, and training in short sales that can offer homeowners real alternatives to foreclosure, which can be devastating to credit ratings.

“These experts better understand market conditions than the average agent, and can help sellers through the complications of foreclosure avoidance,” he said.

The Distressed Property Institute provides live and online courses to train real estate professionals how to help homeowners in distress, with a strong focus on handling short sales.

“Our goal is to help as many homeowners as possible, by educating as many real estate professionals as possible,” Charfen said. “Smitha and Rahul have demonstrated a commitment to struggling homeowners, a commitment that can provide much-needed stabilization to the community.”

For more information about CDPE Designation, visit www.cdpe.com.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.
Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

November 2011–Real Estate Market Update

Smitha Ramchandani — 2011-11-08T14:24:35Z

While home sales in September were down slightly from a relatively strong month in August, they were up from a year ago, giving encouraging signs of a strengthening market and potential for stabilizing, if not appreciating, home prices. These signs include an increasing demand, shown by the number of people shopping for homes, and the decreasing inventory of homes for sale, in conjunction with some of the lowest levels of new housing construction since 1960s when the Beatles first came to the United States.

Of the 3.48 million homes sold in September, 32% were first-time home buyers. With more and more people entering the market, the persisting obstacle for most is still the restrictive lending environment. In a plea to banks and policy makers, NAR President Ron Phipps said, “We need to remove the roadblocks to a housing recovery—not place more obstacles in the way of financially qualified buyers.”

With an increasing demand and shrinking inventory, it is hoped that banks will begin to see the market potential and start to lend to otherwise creditworthy home shoppers, opening the road to a more rapid recovery. While consumer confidence still remains at all-time lows, retail spending increased 1.1% last month, a positive sign of growth fueled by the approaching holiday season, which could propel the U.S. into a promising new year.

Home Sales

in millions

4.91 million homes were sold in September, down 3.3% from a strong August in which 5.06 million homes were sold, but still 11.3% above September 2010. Lawrence Yun, NAR chief economist, states, “affordability conditions have improved to historic highs and more creditworthy borrowers are trying to purchase homes, but the share of contract failures is double the level of September 2010. Even so, the volume of successful buyers is higher than a year ago and is remaining fairly stable—this speaks to an unfulfilled demand.” If lending standards loosen, we can expect to see an increase in home sales.

Home Price

in thousands

Homes prices were down, with a 3.5% drop in September compared to a year ago. The national median price for homes in September was $165,400, with distressed properties, foreclosures, and short sales still accounting for 30% of sales. This is a great opportunity for those potential buyers still thinking about purchasing a home, especially as the housing industry begins to show increasing signs of stability.

Inventory- Month's Supply

in months

With stronger sales than a year ago, the amount of homes for sale was reduced to 3.48 million units, or an 8.5-month supply at the current sales volume. With the lowest new housing construction in almost fifty years, the inventory of homes on the market is projected to continue to decline, which is a positive sign that prices could begin to climb again.

Source: National Association of Realtors

Interest Rates

Mortgage rates were down again, from 4.35% in September of last year to 4.11% this September. While the Federal Reserve continues to put downward pressure on interest rates to spur sales, Congress’s recent action to lower loan limits has further tightened lending among banks. This had the biggest impact in the Western states, which experienced an 8.8% drop in sales. This was mainly due to the concentration of more expensive properties in California, where buyers rushed to purchase properties in August before loans limits dropped on the October 1 deadline.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Did you know that the housing and building industry accounts for nearly 40% of the world’s energy and raw material consumption? Our ability to “green our homes” truly has the ability to change the world. The principles of green are really about understanding priorities for a well-lived life—living healthy, being smart with money, and acting more sustainably.

We typically spend more than 80% of our nonworking or commuting hours inside our homes. Because we spend so much of our lives inside, it only makes sense we make a healthy inside zone the first priority. Here are a few DIY tips from Green Your Home to get you started:

Cross-Ventilate. An average adult takes in more than 14,000 breaths—or about 3,000 gallons of air—a day! Surprisingly, you are more likely to breathe polluted air inside your home than outside—even in cities like Los Angeles, which aren’t known for air quality. Opening one window won’t cut it… you need cross-ventilation so the breeze actually blows though your home, taking the pollutions back out with it. Open a front door and a back door, or one window upstairs and one downstairs.
Lighten Up. Simply swapping out the five most commonly used incandescent bulbs for CFLs or LEDs in your home can save you $60 to $100 a year. Combined with well-designed artificial lighting, natural lighting is also a great way to boost efficiency.
Low Flow. American families use about 400 gallons of water a day, and 70% of that is used inside the home. The majority is used in the bathroom: the average person flushes the toilet 2,500 times a year. Transform your home’s toilet from water-waster to water-miser for cheap. Place a brick or 2-liter plastic bottle filled with water into your toilet’s tank. The volume of these objects means less water will be needed to fill your tank—you’ve just created your own low-flow toilet. Also, be sure and have a leaky or running toilet fixed by a plumbing professional immediately.

For more tips, buy your copy of Green Your Home now at www.kellerink.com/greenyourhome

Contact me, your local real estate expert, for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.
Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

October 2011–Real Estate Market Update

Smitha Ramchandani — 2011-10-18T16:52:14Z

Despite some pessimism pertaining to the global and domestic economies, the U.S. housing sector continues to show promising signs of stability and growth. Low levels of new home construction and gaining sales volume fueled by an inventory of affordable housing since Richard Nixon was president have reduced the number of homes on the market. This means home prices may begin to appreciate again.

While there are many factors that can be barriers to buying a home, such as the tightening of mortgage lending rules by banks, consumer confidence in the job market is among one of the top obstacles to home ownership. In the 2011 Housing Pulse Survey conducted by the National Association of Realtors, 80% of respondents cited job security as their primary concern when deciding to buy.

For only the fourth time since the beginning of 2010, home sales in August were up both year-over-year and month-over-month, posting an 18.6% gain from last year, with first-time home buyers accounting for nearly a third of all homes purchased. These indications of strength in the housing market may help to add to consumer confidence, which is an integral part of sustained growth. Even though there is still a long road to recovery ahead of us, there are opportunities to be had for both home buyers and sellers.

Home Sales

in millions

August home sales were up 18.6% year-to-year, posting a 7.7% increase in sales activity over July despite Hurricane Irene, which struck the Eastern seaboard and New England regions at the end of the month. As a result of the hurricane, the Northeast experienced the smallest increase in sales. At the same time, persisting restrictions among banks affecting home lending are having the greatest constraint on sales levels. NAR Chief Economist Lawrence Yun stated, “The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy.”

Home Price

in thousands

Homes prices were down, with a 5.1% drop in August compared to a year ago. The national median price for homes in August was $168,300, with distressed properties, foreclosures, and short sales still accounting for 31% of sales. The buyer’s market for residential property continues, as favorable prices, and record low interest rates offer the most affordable conditions for purchasing a home in the last 40 years.

Inventory- Month's Supply

in months

The supply of homes measured in months on the market at their current pace of sales fell 10.5% in the month of August, to an 8.5 month supply of inventory, down from a 9.5-month supply in July. With homes being more affordable than they have been in a generation and the lowest levels of new home construction since World War II, this inventory is projected to continue to fall, which will eventually result in the appreciation of home prices and a move toward a balanced market.

Source: National Association of Realtors

Interest Rates

Home ownership became even more affordable, with the average rate for 30-year fixed mortgages falling to 4.01% the last week in September. This drop came as a result of the Federal Reserve extending the average maturity of its holdings as a part of the Maturity Extension Program, an effort designed to put downward pressure on interest rates and yields on treasury bonds in order to stimulate the economy. It is hoped that this action will encourage banks to loosen lending conditions, as it becomes more attractive to loan money to home buyers, rather than invest in treasury bonds.

Source: Freddie Mac

This Month's Video

Topics For Home Owners, Buyers & Sellers

Since affordable pricing tops the list of motivation and criteria for buying, it is no surprise that many first-time home buyers purchase distressed properties, which can be up to 30% below market value. Cost-conscious buyers are the most interested in distressed properties, but it is important for them to take into consideration the additional costs and expenses related to damage or neglect that occurred during the foreclosure process. On average, distressed property prices for first-time home buyers are $185,971 with a median of $153,000.

Another consideration for buyers is the transaction time. Short sales and foreclosures typically take considerably longer to close because buyers deal with institutions rather than individual sellers. Yet buyers who are patient can benefit by paying less.

As a seller, it is important to understand the current real estate market, and a real estate agent is there to guide sellers every step of the way. Agents can help sellers understand what the level of distressed sales and competition look like in their area. This way, they will be able to price their home right and will more than likely be able to attract attention from potential home buyers.

Source: KW Market Navigator and KW Research

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.
Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Mortgage rates drop below 4 percent for first time ever!

Smitha Ramchandani — 2011-10-07T13:34:22Z

According to a new article from MSNBC & The Associated Press, “it's an extraordinary opportunity to buy or refinance.” With record lows of 3.94% average for 30-year fixed mortgage rates and 3.26% average on 15-year fixed mortgage rates, qualified buyers and homeowners are in an extraordinary place. Please continue to read the full article or click here to see the original.

WASHINGTON — The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent.

For those who can qualify, it's an extraordinary opportunity to buy or refinance. And mortgage rates could fall even further now that the Federal Reserve plans to reshuffle its portfolio of securities to try and lower long-term rates.

On Thursday, Freddie Mac said the average rate on a 30-year fixed mortgage dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a record.

Still, rates have been below 5 percent for all but two weeks in the past year and have done little to boost home sales. This year is shaping up to be among the worst for sales of previously occupied homes in 14 years.

Many people are reluctant to take the risk in this market. High unemployment, scant pay raises and heavy debt loads are deterring many would-be buyers.

Others can't qualify for the historically low rates. Banks are insisting on higher credit scores. And many want first-time buyers to put down 20 percent. Few people have that much cash or home equity to satisfy the requirement.

Mortgage rates have tumbled because they tend to track the yield on the 10-year Treasury note. The yield has fallen in recent weeks, largely because investors are worried about the U.S. economy and the debt crisis in Europe. So they have shifted their money out of stocks and into the safety of Treasurys.

A drop in mortgage rates could provide some help to the economy if more people could refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend.

Consider a homeowner who owes $250,000 and is paying 5.09 percent on a 30-year fixed mortgage. That was the average rate being offered in January 2010. Refinancing the loan at 3.94 percent could save him or her more than $2,000 a year.

But many homeowners with good jobs and stable finances have already refinanced over the past year. Most economists say rates would need to fall at least a full percentage point before it makes sense to refinance again.

The reason is homeowners typically pay a few thousand dollars in closing costs when they refinance. And the low rates being offered don't include extra fees, known as points, which many borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for the 30-year and 15-year rose to 0.8. The average fees for both the five-year and one-year adjustable-rate loans were 0.6 and 0.5, respectively.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rate on a five-year adjustable-rate mortgage fell to 2.96 percent. The average for the one-year adjustable-rate mortgage ticked up to 2.95 percent.

Their team specializes in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Tour of Morristown & Morris Twp., NJ

Smitha Ramchandani — 2011-10-03T23:34:39Z

Smitha takes you on an insider tour of Morristown and Morris Township, NJ. The area's myriad attractions make living here a breeze. From culture to education to business and home choices, you'll love calling it home.

September 2011–Real Estate Market Update

Smitha Ramchandani — 2011-10-03T21:15:22Z

September 2011 Market Update

The U.S. housing market has shown notable stability in 2011 compared to the previous two years when the tax credit made a clear impact. Although recent economic indicators have been less than expected, including a downward revision of GDP and consumer confidence that mirrors early 2009, owning a home is still valued by the majority of Americans. 72% of renters say owning is a top priority for their future, up from 68% a year earlier.

However, most aspiring homeowners are held back by two main factors: funds for a down payment (82%) and confidence in their job security (80%). Federal Reserve Chair Ben Bernanke emphasized the importance of a healthy housing market to a robust recovery. He stressed the adverse effects of tighter credit conditions for borrowers, urging Congress to take tax and policy measures to help stabilize the market. He also noted the significance of addressing long-term fiscal policies including debt levels, upcoming expenses to support an aging population, and taxes.

Buyers continue to benefit from historically favorable buying conditions, and sellers are encouraged by increased market stability. Although the Fed made a commitment to keep its interest rate at the current level until mid-2013, mortgage rates can, and often do, still fluctuate. In the midst of these reports, it is important to keep in mind the path to recovery was always expected to be a long and uneven road. As we progress toward a stronger recovery, economic improvement typically spurs rising interest rates in order to keep inflation in line.

Home Sales

in millions

Home sales in July were up by 21% from the same month last year when the expiration of the tax credit resulted in a significant drop in sales. However, they were down 3.5% compared to June. This could be due in part to NAR’s report that 16% of members experienced a contract failure from issues in underwriting and appraisals during July. NAR President Ron Phipps states, “For both mortgage credit and home appraisals, there’s been a parallel pendulum swing from very loose standards, which led to the housing boom, to unnecessarily restrictive practices as an overreaction to the housing correction.”

Home Price

in thousands

Home prices dipped by less than 1% in July with median home price at $174,000. This is 4.5% below the year-ago level which followed a strong spring season of sales driven by the tax credit. Median home prices remain close to 2002–2003 levels. Distressed sales continue to count for almost 1 in 3 homes sold. The combination of low prices and record-breaking low interest rates means that home affordability is extremely favorable.

Inventory- Month's Supply

in months

The supply of homes measured in months on the market at their current pace of sales was up slightly during July compared to June. This is in keeping with historical trends, which show that inventory levels typically rise during the summer months. The month’s supply remained 25% below the peak of 12.5 months in July 2010 and 13% above April of 2010 when the home buyer tax credit was in full swing.

Source: National Association of Realtors

Interest Rates

Mortgage rates hit a new record low in August of 4.15%, primarily due to uncertainty in the global and domestic economies. While these incredible rates represent a significant savings for home buyers, experts note that for the benefits to be fully realized, lending conditions must loosen to enable more buyers to take advantage of them. As overall economic activity gets back on track, rates will likely rise to keep inflation in check. In other words, the window of opportunity for buyers to lock in these historically low interest rates will not last forever.

Source: Freddie Mac

This Month's Video

Topics For Home Owners, Buyers & Sellers

As the weather gets cooler, some homeowners could be considering undertaking home renovations or updates before the holiday season. Here are a few findings about updates and home sales:

Homeowners typically spend considerably more on updates to their home when planning to live in and enjoy it, with an average of nearly $9,000.
In contrast, they only spend an average of $3,400 when making updates in preparation to sell.
The most common updates sellers performed before listing were paint, flooring, and light fixtures.
Although the majority of buyers were least likely to compromise on the location, 16% were least likely to compromise on updates.
75% of homes sold were either fairly updated or very updated.
Sellers began repairing their home 1 to 8 weeks in advance of listing.

Source: KW Market Navigator and KW Research

Contact Us,

your local real estate expert,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Morristown NJ Jazz Festival

Smitha Ramchandani — 2011-08-26T22:11:39Z

Morristown, New Jersey Jazz Festival held at the Green on August 20th featuring the Rusty Paul Band, the Duke Ellington Legacy Band, the Winard Harper Sextet, Baby Soda and the Jerry Vezza Quartet. A Great Event.

Technorati Tags: Morristown NJ Jazz Festival at the Morristown Green

Another Happy Client. Always Nice to Hear This. Thank You!

Smitha Ramchandani — 2011-08-25T22:23:00Z

Hear How Joyce Dean's Experience with us was one of Professionalism and Warmth!

August 2011–Real Estate Market Update

Smitha Ramchandani — 2011-08-01T22:18:00Z

August 2011 Market Update

The U.S. housing market has shown increased stability in home sales during 2011 compared to the previous year. Home prices are up 18% since their low in February. Signs of recovery remain mixed in the economy—employment and GDP came in less than expected while the strong points were in consumer confidence and new home starts.

The debt ceiling has been raised without any drastic changes to occur immediately. Although this prevents a sudden shock to a weakening recovery, over the next year and a half, experts anticipate considerable changes in how the government spends and collects money. The uncertainty of what is to come and how it will impact various industries will likely cause some to play on the safe side. The good news is that the government remains solvent and will be able to pay its bills without major disruptions.

Economic improvement typically spurs rising interest rates in order to rein in inflation. Although inflation has been a source of recent concern, the Fed appears confident it will remain in check for the near term. Meanwhile, buyers continue to benefit from historically favorable buying conditions, and sellers are encouraged by increased market stability.

Home Sales

in millions

Home sales in June were down 8.8% compared to the same month last year when the impact of the tax credit was at its peak. Compared to the previous month, however, sales held relatively steady at 0.8% below May’s numbers. NAR Chief Economist Lawrence Yun cites an unusually high number of contract cancellations the month before as an explanation for the slight easing of sales in June.

Home Price

in thousands

For the first time in a year, home prices are up year-over-year and month-over-month. This marks only the fourth time that prices have increased since June 2006. Home prices rebounded 8.9% in June with median home prices rising to $184,300. This is 0.8% above the year-ago level. Median home prices remain close to 2003–2004 levels. The combination of low prices and historically low interest rates means that home affordability is extremely favorable.

Inventory- Month's Supply

in months

The supply of homes measured in months on the market at their current pace was up during June compared to May. This is keeping with inventory levels typically rise during the summer months. Month’s supply remained 24% below the peak of 12.5 months in July 2010 and 14% above April of 2010 when the home buyer tax credit was in full swing.

Source: National Association of Realtors

Interest Rates

Mortgage rates remain at record lows after steadily declining in May, primarily due to uncertainty in the global and domestic economies. While these incredible rates represent a significant savings for home buyers, experts note that for the benefits to fully be realized, lending conditions must loosen to enable more buyers to take advantage of them. As overall economic activity gets back on track, rates will likely rise to keep inflation in check. In other words, the window of opportunity for buyers to lock in these historically low interest rates may not remain open much longer.

Source: Freddie Mac

This Month's Video

Topics For Home Owners, Buyers & Sellers

After a drawn-out debate between the House and the Senate, Democrats and Republicans; Congress and the President reached a deal on August 2, 2011, to raise the debt ceiling. Because of the decision and the additional borrowed funds, the United States is safe from defaulting on its debt and will be able to pay its bills. The deal includes the following:

Immediately cuts spending by $917 billion and raises the debt ceiling by $400 billion. It will raise the ceiling by another $500 billion in February, providing funds through early 2013.
Creates a joint committee of twelve members from the House and Senate that will make recommendations for $1.5 trillion in deficit reduction measures, and if the plan is rejected by Congress, several automatic spending cuts will take effect.
Requires Congress to vote on adding a balanced budget amendment to the constitution, which would mandate that future spending cannot exceed revenues. If it passes, the debt ceiling can be raised by $1.5 trillion. If not, then it can only be raised by $1.2 trillion.

Lack of concrete details about how the deficit will be reduced sets the stage for continued political debate in the coming months and years. And with the U.S. securities AAA rating being threatened with a downgrade, the credit agencies will watch carefully to ensure Congress takes action to steer the country in a financially solvent direction. A downgrade would result in higher interest rates, making it more expensive for consumers and the government to borrow money.

Bottom line: Crisis averted—it’s business as usual for now, but this is not the last to be heard regarding U.S. deficit and debt levels. Some reports indicate that this may change the game in Congress from “spend, spend, spend” to “cut, cut, cut.”

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.
Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany and more.

July 2011–Real Estate Market Update

Smitha Ramchandani — 2011-07-05T17:58:00Z

July 2011 Market Update

The U.S. housing market has shown increased stability in home sales during 2011 compared to the previous year. The trend has been an upward one since the expiration of the tax credit last summer. Home prices have softened, particularly earlier this year, due to a higher-than-normal number of distressed sales. However, both the percentage of distressed sales and the amount of time they spend on the market has decreased in recent months, a positive sign for the market moving forward. In fact, prices have steadily followed a positive monthly trend since February. Mortgage defaults have also declined lately.

While interest rates continue to break new record lows, the number of buyers who are able take advantage of these savings is restricted by tougher underwriting standards for mortgages. 40% of the banks surveyed by the Office of the Comptroller of the Currency tightened lending standards for mortgages within the past year. In his second press conference, Federal Reserve Chairman Ben Bernanke stated that a quicker foreclosure process and additional home price stabilization are key to boosting confidence in the market and bolstering a more robust recovery in the housing sector.

As the economy improves, stimulus efforts by the government and the Fed will most likely continue to wind down, which typically spurs rising interest rates to keep inflation in check. Although inflation has been the source of recent concern, the Fed appears confident it will remain in check for the near term. Meanwhile, buyers continue to benefit from historically favorable buying conditions, and sellers are encouraged by increased market stability.

Home Sales

in millions

Home sales in May were down 15.3% compared to the same time last year when the impact of the tax credit was at its peak. Compared to the previous month, sales were down 3.8%. NAR Chief Economist Lawrence Yun states that the

Technorati Tags: July 2011 Real Estate Market Update New Jersey

slower pace of sales is consistent with the slower pace of overall economic activity and that falling gas prices will help to moderate the impact of a sluggish economy. Although he continues to cite unnecessarily tight credit for limiting buying activity, the pace of sales in the second part of the year is expected to be stronger.

Home Price

in thousands

Home prices rebounded 3.4% in May with median home prices rising to $166,500. This is 4.6% below the year-ago level and continues to keep the median price close to 2002–2003 levels. Just under 1 in 3 homes sold during May were distressed properties, which typically sell at a 10%–20% discount. This is down 6 percentage points from April and is exactly the same as a year ago. Investors represented 19% of sales, and first-time buyers accounted for 35% of May sales compared to 14% and 46% respectively a year ago at the peak of the tax credit. Home prices and mortgage rates remain favorable for buyers heading into the summer selling season.

Inventory- Month's Supply

in months

The supply of homes measured in months on the market at their current pace was up during May compared to April. Inventory levels remained 26% below the peak of 12.5 months in July 2010 and 12% above April of 2010 when the tax credit was in full swing.

Source: National Association of Realtors

Interest Rates

Rates are at a record low after steadily declining throughout May, primarily due to uncertainty in the global and domestic economies. While these incredible rates represent a significant savings for home buyers, experts note that for the benefits to fully be realized, lending conditions must loosen so more buyers can take advantage of them. As overall economic activity gets back on track, rates will likely rise to keep inflation in check. In other words, the window of opportunity for buyers to lock in these historically low interest rates may not remain open much longer.

Source: Freddie Mac

This Month's Video

Topics For Home Owners, Buyers & Sellers

Tips for Selling Your House

1. Price it right. Studies show that when homes are priced to sell, they not only sell faster, they ultimately command a higher price than homes that sit on the market and get perceived as “stale.”

2. Consider a presale inspection. This will help you to know what items need to be fixed before your home goes on the market. Repairs and concessions made during the negotiation process can end up costing sellers more. KW Research reveals that in 2010, 89% of move-up and 82% of first-time buyers purchased a home in good to excellent condition. 75% of sellers started making repairs 1–8 weeks before listing.

3. Higher may not always be better. While a higher offer can be tempting, be sure to consider the whole offer. An offer without contingencies, conditions, and with a higher down payment may be a more solid deal.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.
Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

June 2011–Real Estate Market Update

Smitha Ramchandani — 2011-06-09T18:39:03Z

June 2011 Market Update

The U.S. housing market continues its gradual and uneven progress, despite the expiration of the home buyer tax credit. The remarkable rebound in housing activities from the initial drop following the end of the home buyer tax credit this past July adds to the belief that the risk of a double-dip downturn in housing may be disappearing.

As the housing market continues to work through the excess supply overhang, a result from the glut of foreclosed properties which is keeping home prices below their long-term trend growth, economists anticipate mortgage rates at or above 6% by the end of 2012 and expect buying activity to continue its upward momentum.

Supporting this view is the rising concern about inflationary pressures sparked by political unrest in the Middle East. While surging gas and food prices could prove transitory and pose no major threats, these price increases may weigh down consumer spending, which accounts for two thirds of the economy. While, the Federal Reserve is committed to making necessary policy changes to address such risks. Meanwhile, core price gains, excluding food and fuel, were modest in April, offering some relief to consumers.

As the economy improves, stimulus efforts by the government and the Fed is expected to gradually wind down, which typically spurs rising interest rates to keep inflation in check. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.

Home Sales

in millions

The number of homes home sales in April were down 12.9% compared to the same time last year when the impact of the tax credit was at its peak. Sales were relatively stable compared to the previous month: less than a 1% decline. NAR Chief Economist Lawrence Yun states that “given great affordability conditions and job creation, home sales should be stronger” and cites unnecessarily tight credit for limiting sales. Gradual but uneven improvement is expected to continue. In fact, home sales have increased six of the past nine months.

Home Price

in thousands

Home prices rebounded 2.4% in April with median home prices rising to $163,700. This is 5% below the year-ago level and continues to keep the median price close to 2002 levels. Three out of eight homes sold during April, or 37% of sales, were distressed properties, which typically sell at a 10%–20% discount. This is down 3% from March. Investors represented 20% of sales, and all-cash buyers were 31% of sales in April, down from a record high of 35% in March. Prices and mortgage rates remain favorable for buyers for the spring selling season.

Inventory- Month's Supply

in months

The supply of homes measured in months on the market, if sales continue at their current pace, inched up during April compared to March. Inventory levels remained 26% below the peak of 12.5 months in July and only 11% above April of 2010 when the tax credit was in full swing.

Source: National Association of Realtors

Interest Rates

Rates have reached a new record low after steadily declining throughout May, primarily due to uncertainty in the global and domestic economies. Rates are still expected to follow an upward trend as the year progresses. As overall economic activity gets back on track, rates will likely rise to keep inflation in check. This window of opportunity for buyers to lock in these historically low interest rates may not remain open much longer.

This Month's Video

Contact Us,

your local real estate expert,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.
Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes,
Parsippany, Randolph, Rockaway, Whippany

May 2011–Real Estate Market Update

Smitha Ramchandani — 2011-05-12T17:25:15Z

May 2011 Market Update

Increasing signs of inflation have been a recent item of concern. Driven by unrest in the Middle East, the retail price of gas has risen by 25% since the year began and 89% from this time two years ago. In his first ever press conference, Federal Reserve Chairman Ben Bernanke noted the Fed believes these price increases are transitory and will not have a major impact on the U.S. economy. However, according to NAR’s chief economist, for each $10 per barrel rise in oil prices, $80 billion is removed from the economy.

Bernanke stated that the Fed will keep a close eye on the impact of oil prices on the economy as it considers policy changes. Although inflation is up for the first quarter, price gains excluding food and fuel slowed in March, helping consumers to feel less constricted.

As the economy improves, stimulus efforts by the government and the Federal Reserve Board will gradually wind down, which typically spurs rising interest rates to keep inflation in check. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.

Home Sales

in millions

Home sales were up 3.7% in March compared to the previous month but were down 6.3% compared to the same time last year when the impact of the tax credit was nearing its peak. Gradual but uneven improvement is expected to continue. In fact, home sales have increased six of the past eight months. The general trend of improvement remains a positive signal, as home sales remain up 32% since the low in July and are down only 12% since the peak last April, which was induced by the tax credit deadline of a signed contract by the end of that month.

Home Price

in thousands

Home prices rebounded 2.2% in March with median home prices rising to $159,600. This is 5.9% below the year-ago level and keeps the median price close to 2002 levels. Continuing February's trend, two out of every five homes sold during March, or 40% of sales, were distressed properties, which typically sell at a 10%-20% discount. The decline in home prices is less indicative of individual home values and more reflective of a large number of less expensive homes selling and bargains that are getting snapped up. Investors represented 22% of sales, and all-cash buyers were at a record high of 35% of sales in March. Prices and mortgage rates remain favorable for buyers for the spring selling season.

Inventory- Month's Supply

in months

The supply of homes measured in months on the market, if sales continue at their current pace, remained stable compared to the previous month. This is the third-lowest level since June. Inventory levels remain 33% below its peak of 12.5 months in July and only slightly above where it was last year when the tax credit was in full-swing.

Source: National Association of Realtors

Interest Rates

After rising above 5% for the first time in ten months in early February, rates have remained stable in the 4.8% range. They are still expected to follow an upward trend throughout the year. As overall economic recovery remains on track, rates will likely rise to keep inflation in check. Buyers wanting to capture the savings in monthly payments that a historically low interest rate affords are expected to move quickly to take advantage of excellent buying conditions.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Staging is an increasingly important component, not only in selling a home but also in attracting would-be buyers. Even with all of the commonly accepted advantages of staging, only about 1 in 3 sellers stage their home.

The average increase in list-to-sell in stages homes: 1.07%
The average cost of staging: $250
Potential benefit based on a $200,000 home: $3150

The Internet is one of the main sources of information buyers use during the home search process, and staging is key to showing the home at its best online.

Rooms that sellers stage most often:

Living Room: 73%
Kitchen: 64%
Master Bedroom: 58%
Dining Room: 49%
Master Bath: 45%
All Rooms: 37%
Office: 16%

The cost of staging is minimal compared to the benefits: more showings and ultimately a higher percentage of asking price.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

April 2011–Real Estate Market Update

Smitha Ramchandani — 2011-04-15T14:45:24Z

April 2011 Market Update

Gradual and uneven progress in the housing market continues without government support. The market has shown remarkable improvement from the initial drop after the expiration of the home buyer tax credit this past July. Although higher-than-normal distressed sales skew the overall picture of home prices downward, inventory remains at pretax credit expiration levels. The rock-bottom interest rates of 2010 are likely to trend upward. As economists anticipate rates at or above 6% by the end of 2012, buyers are moving off the sidelines and into the market.
Recent reports suggest the economy is picking up steam even though it is not yet fully reflected in the job market. In terms of economic growth, America outpaces all the other G7 nations except Canada. However, when it comes to adding back jobs, America is the weakest. During the recession, businesses looked for ways to increase efficiency and productivity. U.S. productivity, or output per worker, doubled in both of the past two years. A full housing recovery depends on growing employment. Without jobs, most Americans cannot buy new homes or afford their current ones. As the economy continues to pick up steam, employment will likely follow suit as there is a limited amount of productivity workers can provide.
While the economy improves, stimulus efforts by the government and the Federal Reserve Board will gradually wind down, which typically spurs rising interest rates. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.

Home Sales

in millions

Although home sales have fallen 9.6% compared to the previous month, they remain close to last year’s levels, showing only a 2.8% decline. The unseasonably cold weather across much of the country during late January and February could have kept buyers indoors more so than normal. Gradual improvement with bumps along the way has long been the anticipated road to full recovery. In fact, home sales remain 26.4% above the low last July. As Lawrence Yun, chief economist of the National Association of Realtors, explains “month-to-month movements can be instructive, but in this uneven recovery, it’s important to look at the long-term performance.”

Home Price

in thousands

Home prices continued to soften in January with median home prices decreasing to $156,100. This is 5.2% below the year-ago level and brings the median price close to February 2002 levels. Two out of every five homes sold during February, or 40% of sales, were distressed properties. Distressed sales often sell for 10%‒20% less than traditional home sales. The decline in home prices is less reflective of the value of individual homes and more reflective of the bargains that a record level of all cash buyers and investors are snapping up. Prices and mortgage rates remain favorable for buyers as the spring selling season starts.

Inventory- Month's Supply

in months

The slowing of home sales and an increase in listings pushed the months’ supply up to 8.6 months, an increase of 15% from the previous month and 2% year over year. This is the third-lowest level since June. Months of inventory remains 31% below its peak of 12.5 months in July and is now back to pretax credit expiration levels. With the summer selling season approaching quickly, experts anticipate more homes to go on the market in the coming months.

Source: National Association of Realtors - housing data released Mar 21.

Interest Rates

Throughout the month, rates hovered in the 4.8%‒4.9% range. After rising above 5% for the first time in about ten months in early February, rates have come back below but are expected to follow an upward trend throughout the year. As overall economic recovery remains on track, rates will likely rise to keep inflation in check. Buyers wanting to capture the savings in monthly payments that a historically low interest rate affords are expected to take advantage of excellent buying conditions.

This Month's Video

Topics For Home Owners, Buyers & Sellers

When first-time home buyers decide they are ready to buy, it is essential for them to begin the process by carefully assessing their values, wants, and needs—both for the short and for the long term. This is a critical step since consultation sessions normally start with the buyers’ values. Afterward, buyers can explore their wants and needs, and once defined, determine actual criteria.

A recent study shows how important the following home-buying factors were to buyers:

List Price: 72%
Location: 69%
Neighborhood: 55%
Floor Plan: 37%
Square Footage: 28%
Schools: 22%

your local real estate expert,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Another Happy Seller! Always nice to hear this. Thank You.

Smitha Ramchandani — 2011-04-14T21:44:57Z

Recent Testimonial from a Happy Seller. Thank You.

Clearly Among the Best, On Top of Things, Extremely Knowledgeable, Forceful in Representing our Interests

“Dear Smitha, Last Friday we closed on the sale of our townhome jointly owned by my brother, Ira and me. I want you to know that from start to finish it was a Pleasure Working with You and Your Team and we were both Extremely Pleased with Your Performance. You displayed Utmost Professionalism throughout and did an Excellent Job marketing our townhouse in a difficult real estate environment. I have worked with many real estate agents. You are Clearly Among the Best. You and Your Team were Always on Top of Things. You are Extremely Knowledgeable about the local real estate market and the housing economy in general. When issues arose, you were Forceful in Representing Our Interests. My thanks for all your efforts on our behalf and please extend our appreciation to the other members of your team" - Michael Krauss.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Smitha and Rahul and their team specialize in North-Central New Jersey and all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Technorati Tags: Client Testimonial,Happy Seller

Housing Affordability at it’s Highest in Years

Smitha Ramchandani — 2011-03-21T18:12:39Z

The median mortgage payment (principal and interest) in 2010 consumed less than 15% of family income in comparison to the historical standard of 25%.

•2010: 14.3%

•2009: 14.8%

•2008: 18.1%

•2007: 21.7%

•2006: 23.2%

Affordability - % of Income: The percentage of a median family’s income required to make mortgage payments (principal and interest) on a median priced home.

14.3% in 2010 is the lowest on record (since 1970). In 2003, it was at 19.1% due to significantly lower mortgage rates that year.

The highest price-to-income ratio ever recorded was in 1981 when it hit 36.3%. Interest rates during this year averaged 15.12%, the second highest on record after 1982’s 15.38%.
Here are the 10-Year Averages:

•2000-2009: 20%
•1990-1999: 20.3%
•1980-1989: 28%
•1970-1979: 19.5%
•20-Year Average: 20.1%
•40-Year Average: 21.9%

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Smitha and Rahul and their team specialize in North-Central New Jersey and all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

March 2011 Real Estate Market Update

Smitha Ramchandani — 2011-03-07T14:07:00Z

March 2011 Market Update

Gradual progress in the housing market continues at a steady pace without government support. The market has shown remarkable improvement from the initial drop after the expiration of the home buyer tax credit this past July. Although higher-than-normal distressed sales skew the overall picture of home prices downward, inventory continues to shrink and sales continue to rise. The rock-bottom interest rates of 2010 are likely to trend upward. As economists anticipate rates at or above 6% by the end of 2012, buyers are moving off the sidelines and into the market.

A good sign for long-term market stability is that the median down payment on conventional mortgages has risen to 22%, up from 4% in 2006 and slightly above the 20% standard in the 1990s. This may keep buyers looking in slightly lower price ranges, but it is a good sign of future sustainability for homeowners and banks alike. There are still ample opportunities for those who would like down payments below 20%, including some conventional mortgages and those backed by the Federal Housing Administration, Veterans Affairs, and the Department of Agriculture’s Rural Development loans.

As the economy improves, stimulus efforts by the government and the Federal Reserve Board will gradually wind down, which typically means rising interest rates. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.

Home Sales

in millions

The increasing trend in existing home sales activity continued through January, and for the first time rose above year-ago levels when the home buyer tax credit was in effect. This marks the sixth monthly increase since July when the tax credit expired, and indicates a recovery that’s gaining a firmer footing without government support.

Home Price

in thousands

Home prices softened in January with median home prices decreasing slightly to $158,800 - 3.7% below the year-ago level. Contributing to this is a larger share of distressed homes sales, which accounted for 37% of sales in January compared to 30%-35% throughout much of 2010. Prices and mortgage rates remain favorable for buyers.

Inventory- Month's Supply

in months

The uptick in home sales and a shrinking inventory pared down the month’s supply to 7.6 months, a decrease of 7.3% from December and 1% from year-ago levels. This is the lowest level in more than a year and marks the first time since July that the month’s supply is below where it was the previous year. Months of inventory has declined steadily (64%) from its peak of 12.5 months in July and is now back to pre-tax credit expiration levels. The supply of inventory is not far from a seller’s market, which is less than 6 month’s supply.

Source: National Association of Realtors - housing data released Feb 23.

Interest Rates

Mortgage rates jumped above 5% for the first time since April 2009 in January. While rates dipped back to just below 5%, they are expected to continue an upward trend throughout the year. As overall economic recovery remains on track, rates will likely rise to keep inflation in check. Buyers wanting to capture the savings in monthly payments that a historically low interest rate affords are expected to take advantage of excellent buying conditions.

Source: Freddie Mac, Rates as of Mar 3.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Preparing your home for sale in a buyer’s market can seem daunting, but these five tips will help you get the best price in the least amount of time.

Organizing and cleaning is crucial when prepping a home for sale. Potential home buyers have a more positive reaction to homes that are clutter-free and give them the feeling that the home is “move-in ready.”
Presale home inspection can inform you of any trouble areas within your home that can stand out to potential buyers. An inspection can also help you make any repairs necessary before future open houses.
Determine replacement estimates before listing your home, even if you are not planning on making the replacements yourself. This information can help buyers to make informed decisions.
Have your warranties ready – especially for all those home appliances that will stay within the home after the sale.
Curb appeal is a crucial factor because it determines first impressions. A negative first impression can cloud their entire opinion about the home.

your local real estate expert,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.
Smitha and Rahul and their team specialize in North-Central New Jersey and all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Technorati Tags: March 2011 Real Estate Market News

Foreclosure is Not the Only Option. Why a Short Sale can be a Better Option than a Foreclosure?

Smitha Ramchandani — 2011-02-07T21:22:46Z

Headlines today are filled with stories about homeowners in financial distress—people who face a lender’s foreclosure on their home.

Do You Owe More on your Mortgage than the House is Worth and Can't Afford the Payments? Foreclosure is Not the Only Option. You might be able to Sell it for Less than you Owe - Without Having to Pay the Lender the Difference.

Consider a Short Sale Instead. Here are the benefits compared to a Foreclosure:

We will List and Sell Your House.
The Lender Will Pay the Realtor Fee.
And You Get to Protect Your Credit Score.

Call Us Today at 973-953-7777 for a Confidential Consultation to see if you qualify for a Short Sale!

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Smitha and Rahul and their team specialize in North-Central New Jersey and all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Thank You for your Generosity

Smitha Ramchandani — 2011-01-18T17:54:35Z

Thank You for your support of our Annual Holiday Toy Drive.

Because of your generosity this holiday season, you gave more than just a toy, you delivered a message of hope!

Together We Made a Difference!

Smitha and Rahul

January 2011 Real Estate Market Update

Smitha Ramchandani — 2011-01-13T23:01:49Z

January 2011 Market Update

The housing market is recovering. As more home buyers are taking advantage of the improved affordability conditions. With mortgage rates hovering around recent record lows and home prices having generally stabilized, economists are expecting an upward trend to a healthy and sustainable level in 2011.

Encouraging signs are showing up across the economy. Retail sales recently hit their highest level since before the recession. Key measures of small and big businesses’ optimism marched back up to prerecession levels and new claims for jobless benefits are trending lower. Together they bode well for steady job creation and improved consumer confidence which is generally manifested in more spending.

As the economy improves, current stimulus efforts by the government and the Federal Reserve Board are expected to gradually wind down. Meanwhile, serious buyers stand to benefit from historically favorable buying conditions.

Home Sales

Existing home sales resumed on an upward trend since bottoming in July. Sales activity rose to a seasonally adjusted annual rate of 4.68 million in November. This was up 22% from July and 5.6% above the 4.43 million level in October, but remained 27.9% below the 6.49 million tax credit rush a year ago. As steady job creation is expected to continue, industry experts are hopeful for 2011.

Home Price

Home prices continued to stabilize. Median home prices edged up slightly to $170,600, 0.4% above year-ago levels. Distressed homes have accounted for a fairly stable market share, representing 33% of sales in November. This is on par with the 34% in October and 33% in November 2009. Historically favorable interest rates, coupled with stable home prices, continue to offer advantageous buying opportunities .

Inventory

The number of homes on the market continued to decline. Total inventory fell to 3.71 million in November from 3.86 million in October. This reflects the increasing response from buyers to improved affordability conditions. As lending standards return to historical norms and consumers become more confident about their financial situation, more people will be able to buy their first home, move up, or invest.

Affordability

Housing affordability set a new record in November. The relationship between mortgage rates, home prices, and family income is the most favorable on record for buying. The home price-to-income ratio, currently at 13.5%, continues to remain well below the historical standard. Stabilizing home prices and rising interest rates are expected to begin drawing affordability back up toward more normal levels.

Source: National Association of Realtors - October housing data released December 22.

Interest Rates

Mortgage rates are inching up but remain historically low. This trend continues to support home buying as it translates to significant savings for buyers. As overall economic recovery remains on track, rates are expected to rise to keep inflation in check.

Type	Rate
30 year fixed	4.77%
15 year fixed	4.13%
5/1-year ARM	3.75%
30 year average for a 30 year fixed rate mortgage	8.9%

Source: Freddie Mac, Rates as of Jan 7.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Use the Season to Your Home-Selling Advantage

While summer is generally known as the peak season for home sales activity, the winter can also offer great advantages for sellers – such as less competition from other sellers. With a little effort, you can use the season to your home-selling advantage.

Let’s put these ideas to work, so your home shows at its best.

Keep snow and ice at bay. If the buyer can't get in easily, the house won't sell. That means keeping walkways and driveways free of the frozen stuff. You want to make the home look well maintained.

Warm it up. Think warm, cozy, and homey. Before a buyer comes through, adjust the thermostat to a warmer temperature to make it welcoming. If you have a fireplace, turning it on right before the tour can create a more welcoming ambience.

Emphasize winter positives. Is your home on a bus route or some other vital service that means it's plowed or deiced regularly in bad weather? Be sure to mention that to the buyers.

Make it festive. Even if you're not actually going to be present, greet your buyers as if they were going to be guests at a party. Set up the dinner table with the good china and silver. Have a plate of cookies for your guests, some warm cider, or even chilled bottles of water.

Use the season to your advantage. When the holidays are over, you can still use winter wreaths and dried arrangements around the door to spark interest. In the winter, with the leaves off the trees, you might also have a nice view that isn't as apparent in the spring and summer months.

Source: msn.com

your local real estate experts,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Smitha and Rahul and their team specialize in all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

December 2010 Real Estate Market Update

Smitha Ramchandani — 2010-12-08T18:37:30Z

December 2010

Market Update

The housing market continues its uneven and gradual recovery without the aid of the tax credit. Experts believe this will be the trend moving forward. Interest rates hit another record low but have started moving back up as the overall economy improves.

Despite a less-than-expected employment report, consumers seem to be feeling brighter about the future. While the Consumer Confidence Index about the Present Situation rose only slightly, the Expectation Index showed substantial improvement. As we enter into the holiday gift-buying season, consumers are expected to be out shopping and buying more gifts for under the tree this year. Reports indicate a 13-24% increase in retail sales from last year. Consumer spending accounts for about half of all economic activity in the US; as long as consumers are spending and using debt responsibly, this is a positive indicator for economic growth.

This march back up continues to provide excellent opportunities: an ample selection of homes, affordable prices, and historically low interest rates. Experts anticipate both the economy and the housing market will continue on a path to a complete recovery.

Home Sales

Home sales dropped slightly in October, compared with the previous month, despite a temporary moratorium on foreclosures, which have recently represented more than one third of sales activity. Sales were up 15% from July when the tax credit expiration caused a drop-off in sales. The most significant indicator of a market rebound, however, appears to be the October pending sales report. A 10.4% increase in pending sales, which measures homes under contract, signals stronger home sales activity in the coming months as the homes under contract close.

Home Price

Home prices have shown considerable stability when compared with the previous several years. October’s median home price declined slightly, down less than 1% from the previous month and year. A recent study shows an increased interest in smaller homes. Smaller homes often mean smaller price tags, depending on location. While the market currently provides many opportunities for buyers, sellers look forward to the general trending upward of home price as the market’s stability without government support grows deeper roots.

Inventory

There are fewer homes on the market. Total inventory fell to 3.86 million in October from 4 million in September. The month’s supply* of homes on the market fell to 10.5 months. While still at a relatively high level, months of inventory has shrunken substantially since July’s 12.5 months. As lending standards continue to loosen and return to historical norms, more people will be able to buy their first home, move up, or invest and take advantage of the abundant opportunities in the current market – including historically low interest rates, highly affordable prices, and an ample but shrinking selection of homes.

* Month’s supply of inventory measures how many months it will take to sell all the homes that are for sale, if no new homes come on the market and buyers continue to buy at the same pace or rate.

Affordability

Housing is at record affordability levels. Prospective home buyers stand to benefit from the lowest mortgage rates in decades, as well as advantageous home prices. The home price-to-income ratio, 13.5% in October, continues to remain well below the historical standard. Stabilizing home prices and rising interest rates are anticipated to begin drawing affordability back up toward more normal levels.

Source: National Association of Realtors - October housing data released November 23.

Interest Rates

Mortgage rates hit another record low of 4.17% on November 11 after which they rose to close to 4.4% for the remainder of the month. Historically low rates have contributed to real savings for buyers who will continue to realize those savings for as long as they own the home. As overall economic recovery gains traction, rates must rise to keep inflation in check. Industry economist Lawrence Yun anticipates rates to be between 5.4% and 6% by the end of 2011.

Type	Rate
30 year fixed	4.46%
15 year fixed	3.81%
5/1-year ARM	3.25%
30 year average for a 30 year fixed rate mortgage	8.9%

Source: Freddie Mac, Rates as of December 2.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Prime Time to Buy

Homes Have Never Been More Affordable

For most individual home buyers, there are only a few factors that really matter:

Technorati Tags: December 20101 Real Estate Market News

• Can I afford this home?

• Is it a good investment?

• Does it meet my family’s needs?

So it’s a bit surprising that the most important housing statistic has gone largely unreported: homes have never been more affordable. Affordability, measured by the median mortgage payment on the current median-priced home ($171,000) as a percentage of the median household income ($62,141), is lower than it’s been in a generation. The chart below shows affordability at a record level, having significantly improved since the height of the recent housing boom in 2006.

For more detail, check out Keller Williams Realty’s 7 Reasons Why Now Is a Great Time to Buy a Home!

Sources: National Association of Realtors, KW Research

your local real estate experts,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Smitha and Rahul and their team specialize in all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

November 2010 Real Estate Market Update

Smitha Ramchandani — 2010-12-08T18:26:56Z

November 2010

Market Update

The housing market continues its gradual recovery without the aid of the tax credit. Sales are slower but growing. Although it will likely be uneven at times, slow growth is believed to be the trend moving forward. Interest rates hit a new historic low again, a major factor in helping keep mortgage payments incredibly affordable.

Extended periods of record low interest rates and further plans from the Federal Reserve Board to expedite recovery have some concerned about future inflation. One such investment guru, John Paulson, touted the benefits of owning real estate as a hedge against inflation on Forbes.com. “Your debt and interest payments get locked in at record lows, while the price of your home will rise … If you don’t own a home buy one … if you own one home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home.”

Home Sales

Home sales continued to rebound in September, increasing 10% compared to the previous month. This builds on August’s gain of 7.6% that followed a large drop caused by the expiration of the federal tax credit in July. Sales are expected to gradually grow as the market moves toward recovery without government stimulus. The recent foreclosure moratorium has opened up opportunities for short sales. Although it could make the near-term “choppy at times,” industry experts expect the overall trend to continue growing slowly.

Home Price

After four months of prices remaining on par with year-ago levels, September showed a slight decline. Last September distressed properties were 29% of all home sales; this September that number rose to 35%. The larger proportion of distressed sales, which are typically discounted, helps to explain the decline. While these discounted sales provide opportunities for buyers, sellers look forward to the general trending upward of home price.

Inventory

There are fewer homes on the market again in September, representing 10.7 months of inventory. While still at a relatively high level, months of inventory shrank by nearly a month in September from August’s 11.6 and nearly two months since the 12.5-month supply in July. This continues to represent an excellent opportunity for buyers and investors who have not yet taken advantage of the abundant opportunities of the market including record low rates, an ample but shrinking selection of homes, and highly affordable prices.

Affordability

Housing remains at near-record affordability levels, and prospective home buyers stand to benefit from the lowest mortgage rates in decades, as well as advantageous home prices. Housing is approximately 60% more affordable now than during the height of the market.

Source: National Association of Realtors

Interest Rates

Mortgage rates once again set new record lows in early October to 4.19% and remained below 4.3% throughout the month. These historically low rates contributed to real savings for buyers. Furthermore, the longer the buyer owns the home, the greater the savings they will realize. As economic activity gains momentum, rates will rise to keep inflation at an acceptable level.

Rates as of November 4 .

This Month's Video

Topics For Home Owners, Buyers & Sellers

Prime Time to Buy

7 Reasons Why Now Is a Great Time to Buy a Home

Recent history has reframed some of what had long been taken for granted about buying a home. Namely, we’ve learned that even though buying a home remains one of the best and safest investments available, a home should not function as an ATM or a short-term speculation strategy. So, where does that leave us? A lot smarter, able to recognize an opportunity when we see one, and aware of the facts that point to now as the prime time to buy a home.

Home affordability is at an all-time high. The median mortgage payment on the median-priced home, as a percentage of the median household income, is lower than it’s been in a generation.
Mortgage rates are at rock bottom. It’s hard to imagine interest rates going much lower, and when they start to inch back upward, monthly payments and total loan costs will spike upward.
Home prices are back on the rise. After declining for 30 months, home prices are trending back upward. The time to get in the market is now.
Sellers are motivated. This means that buyers have the upper hand. Sellers are fiercely competing among an excess of housing inventory, which often means buyers have untold choices and negotiating power.
Financing is readily available. Banks are back in the game and ready to lend to well-qualified buyers.
Owning vs. renting is increasingly favorable. Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider than it’s been in the past 22 years.
Homeownership is still at the core of the American Dream. Owning a home is critical to financial stability and wealth building. It’s a forced savings account, a place to live, and a fabulous tax deduction.

For more detail, check out Keller Williams Realty’s 7 Reasons Why Now Is a Great Time to Buy a Home! and The Wall Street Journal’s 10 Reasons to Buy a Home.

Sources: The Wall Street Journal, Inman News, KW Research

your local real estate experts,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.
Smitha and Rahul and their team specialize in all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Technorati Tags: November 2010 Real Estate News

October 2010 Real Estate Market Update

Smitha Ramchandani — 2010-10-11T20:43:31Z

This Month in Real Estate
October 2010

...............................................................................................................................................

Market Update

The housing market continues its slow recovery without the aid of the now expired tax credit. Sales are slower but growing, and prices remain on par with last year’s levels. Interest rates also hit a new historic low, a major factor in helping keep mortgage payments low, which is expected to spur sales.

The economy shone a bit brighter in September. It grew faster during the second quarter than expected, and companies continued to hire. Experts believe there is now less risk of a double-dip recession. Now, the Federal Reserve Board’s challenge is not if the economy will grow but how fast.

Experts anticipate both the economy and the housing market will continue their path on the way to a complete recovery. This march back up provides excellent opportunities: an ample selection of homes, affordable prices, and historically low interest rates.

Home sales began to rebound in August. This increase follows a large drop caused by the expiration of the Federal tax credit in July. Sales are expected to slowly rebound as the market finds its footing without leaning on the government for support. First-time buyers fell from 38% to 31% in August from July. Over the same time period, investors rose from 19% to 21%,

Overall home prices fell slightly in August compared to July, but major markets appear to be bucking trend as the Case-Shiller Index shows an increase of 3.2%.

Distressed properties accounted for a slightly larger proportion of sales in August compared to July. The discount in distressed properties helps explain the slight decline in August prices.

Total inventory came back below 4 million to 3.98 million in August, representing 11.6 months of inventory. While still at a relatively high level, months of inventory dropped by nearly a month in August from the 12.5 month’s supply in July.

Housing remains highly affordable, and prospective home buyers stand to benefit from the lowest mortgage rates in decades, as well as advantageous home prices. The ratio now stands at 14.9%, growing closer to the record of 13.6%.

Source: National Association of Realtors

Interest Rates

Mortgage rates once again set new record lows in early September and remained below 4.4% throughout the month. As economic activity gains momentum, rates will rise to keep inflation at an acceptable level.

Rates as of September 30 .

This Month's Video

Topics For Home Owners, Buyers & Sellers

Bonus For Buyers

For Owner Occupants that Buy Fannie Mae Foreclosures

Like a car dealership at the end of its model year, Fannie Mae is offering special incentives exclusively for owner occupants that purchase property from its sizable inventory of foreclosures, also known as HomePath properties.

Owner occupants that purchase a Fannie Mae HomePath property by December 31 will receive up to 3.5% toward closing costs and a home warranty. These incentives for foreclosures are unheard of – banks typically sell foreclosures “as-is” without incentives, warranties, or repairs. This could help buyers to view a HomePath property more like a traditional sale, not a foreclosure, during their search process.

Owners and investors can purchase HomePath properties for 3% down and no mortgage insurance. For homes that are not in tip-top shape, Fannie Mae also offers the HomePath Renovation financing, which works similarly to FHA’s 203(k) mortgage by allowing the cost of light renovation to be included in the mortgage. Furthermore, owner occupants get a 15-day “first dibs” on HomePath properties through the First Look program.

Fannie Mae is also offering agents an additional $1500 for representing owner occupants who purchase these properties, helping to compensate them for the extra paperwork and other potential obstacles that come along with foreclosure transactions.

Buyers should be sure to take a second look at Fannie Mae’s HomePath properties before settling on “the one.” It could mean not just a great deal but an excellent one.

To see Fannie Mae’s HomePath homes, check out HomePath.com

Options for Investors

Not only is it the perfect time to buy a home, but it’s also an excellent time to purchase an investment property. If you already own and are not interested in moving – or you can’t because of the 3-year occupancy requirement to keep your home buyer tax credit – but still want to take advantage of the market, investing can be a great way to do so.

In the current lending situation, lenders often require investor buyers to have six months reserves of mortgage payments and a 25% down payment. This stipulation keeps many would-be investors out of the market.

Here are some little known tips to help investors purchase, regardless of the tighter lending environment:

Investors can purchase a Fannie Mae HomePath investment for 3% down.
Any investor, not just veterans, can purchase a Veterans Affairs(VA) foreclosure with VA’s Vendee Financing for 5% down.
Investors purchasing a VA foreclosure with Vendee Financing can use 75% of anticipated rent to offset the monthly payment if the investor has experience managing rental properties.

Sources: The Wall Street Journal, Inman News, KW Research

Contact Smitha,

your local real estate expert,

for information about what's going on in our area.

Newsletter Contents

1. Market Update

2. Interest Rates

3. Video

4. Topics for Owners, Buyers & Sellers

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha Ramchandani is a licensed real estate Broker-Salesperson with Keller Williams in New Jersey. She is a Buyer Specialist and a Home Marketing Expert.. You can reach Smitha and her team online at: http://www.Morris-Homes.com.
Smitha and her team specialize in all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Technorati Tags: October 2010 Real Estate News

Wall Street Journal Article : Why Now is a Great Time to Buy a Home

Smitha Ramchandani — 2010-10-07T21:27:24Z

Thinking about buying a home? Home Buyers: please read this recent
Wall Street Journal Article on 10 Reasons to Buy a Home Now

and this Keller Williams article on A Smart Buyer’s Guide to Seizing the Market

September 2010 Real Estate Market Update

Smitha Ramchandani — 2010-09-08T13:50:28Z

This Month in Real Estate
September 2010

...............................................................................................................................................

Interest Rates

Mortgage rates continued to set new record lows in August, providing real savings in interest and monthly payment for buyers and refinancers. As economic activity picks up, rates will rise to keep inflation in check.

Rates as of September 2.

Topics For Home Owners, Buyers & Sellers

Financial Reform

What it means for consumers

The Wall Street Reform and Consumer Protection Act was signed into law in late July. Before the pains of the financial crisis were just a thing of the past, Congress passed the biggest financial reform measures since the Great Depression. While much of the bill covers Wall Street measures and regulations, there are several changes consumers should be aware of. The following are the top measures related to financing for consumers:

Mortgages. Lenders must determine if borrowers will be able to meet monthly obligations including mortgage, taxes, insurance, and assessments. Borrowers of adjustable rate mortgages must qualify at the highest rate. Additionally, lenders won’t be able to incentivize mortgage brokers to make higher-rate or riskier loans.
Credit Reports. All consumers will no longer have access to government-mandated free annual credit reports. Consumers who are denied a loan or who are not offered the best interest rate will receive free copies of their credit scores. Credit scores and reports will be available for purchase through a credit bureau or myFICO.com.
Credit and Debit Card Changes. Most notably, merchants may start incentivizing consumers to pay with cash, debit, or check. There may be changes to credit card rewards programs.
Consumer Financial Protection Bureau. This new bureau will regulate consumer loans including mortgages, credit cards, student loans, payday loans, and check-cashing companies. Auto loans and insurance lending will be excluded.

The government’s goal of creating safer and easier to understand lending practices is to benefit the long-term strength of the economy.

For more information, see the following links:

Local Lenders Rates

Consumers would be wise to do some shopping around for interest rates on mortgages.

Since the financial crisis began, many of the big banks consolidated and merged - Wells Fargo and Wachovia, for example - increasing the “big banks” combined market share. With fewer players in the game, rates don’t need to be as competitive as before the consolidation to get the same amount of business.

Smaller local or regional banks can offer significantly advantageous rates. Of course, each loan situation is different and depends on a variety of factors, but don’t forget due diligence – it could save big bucks in the long run.

Sources: The Wall Street Journal, USA Today, myfico.com

Contact Smitha,

your local real estate expert,

for information about what's going on in our area.

Newsletter Contents

1. Interest Rates

2 Topics for Owners, Buyers & Sellers

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Real Estate Market Update 8/2010

Smitha Ramchandani — 2010-08-18T14:05:56Z

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August 2010 Real Estate Market Update

Smitha Ramchandani — 2010-08-17T14:55:46Z

This Month in Real Estate
August 2010

...............................................................................................................................................

Market Update

Housing activity continues to remain above year-ago levels despite some setbacks resulting from the now-expired tax credit. Improved stability in home prices with similar levels of distressed properties seen last year offers a hopeful sign the market is holding its ground. However, the economy still has a considerable way to go to achieve its full recovery.

Consumers are saving more and being picky about how they spend their money. While a higher savings rate means less spending in the near term, this is a positive sign that households are taking control of their finances to build some cushion that can be used to pay down debt and/or support future spending.

Existing home sales marked the twelfth consecutive month of year-over-year increase in June. On a monthly basis, sales activity eased 5.1% from May. The moderation in home sales reflects “understandable swings as buyers responded to the tax credits,” according to Lawrence Yun, NAR chief economist. He anticipates such impact to show up in the next two months.

June’s median home price increased for the fourth consecutive month. Distressed homes, accounting for 32% of sales last month, continued holding home prices at highly affordable levels for the time being. While distressed sales hovered around the same level as a year ago, the gain in home prices is pointing to a sustained stability in the making.

Interest Rates

Mortgage rates set a new record low in July as consumer confidence softened and unemployment remained elevated. This presents a great opportunity for buyers and investors. Coupled with lowered home prices and a robust rental market, investors are finding their way to cash-flow opportunities. As recovery gains deeper roots, rates will need to rise to keep inflation in check.

Rates as of August 6.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Consumers Beware: New Credit Card Tricks

On May 22, 2009, President Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees. While the new law offers significant safeguards, consumers still need to be vigilant against new practices designed to outflank the new rules.

Stay as informed as possible, read your statement , report any irregularities immediately, and watch for these tricks.

Shortened Billing Cycle: The CARD Act requires companies to allow a window of at least 21 days from when a statement is mailed and when payment is due. Cardholders are reporting being shortchanged on billing cycle time and then being assessed late-payment fees.
Advice: Watch out for shortened payment dates.
Sunday Due Dates: The CARD Act stipulates if a creditor does not receive or accept payments on weekends or holidays, then the date is extended and late-payment fees shouldn’t be triggered. However, some banks say they’re open for business even when there’s no mail delivery.
Advice: Don’t assume you are safe.
Low-Limit Cards: The CARD Act says a card’s total annual fees can’t exceed 25% of a borrower’s credit line. However, some issuers may be evading the fee restrictions by charging an up-front processing fee that doesn’t fall under the 25% cap.
Advice: Watch out for processing and other fees.
False Inactive Fees: Issuers will no longer be able to charge inactivity fees or extra charges for people who don’t spend a certain amount each year, effective August 22. However, some issuers are charging an annual fee that’s waived if cardholders reach a certain spending threshold.
Advice: Watch out for conditional annual fees.
Rebate Offers: Some credit cards offer refunds on finance charges when customers pay on time. However, rebate offers aren’t governed by the CARD Act, and such offers can be revoked suddenly and for any reason, leaving cardholders stuck with higher charges.
Advice: Rebates may translate to real savings in finance charges.

Source: The Wall Street Journal

Contact Smitha,

your local real estate expert,

for information about what's going on in our area.

Newsletter Contents

1. Market Update

2. Interest Rates

2. Video

3. Topics for Owners, Buyers & Sellers

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

July 2010 Real Estate Market Update

Smitha Ramchandani — 2010-07-12T13:17:14Z


This Month in Real Estate July 2010 ............................................................................................................................................... Commentary The U.S. housing market continues to benefit from the tax credit: home prices and sales remain above year-ago levels. As the summer progresses, however, the positive impact of government stimulus will wind down. Experts point to improved stability as a sign the market can likely hold its ground without further support from the government. However, economists indicate that the key for the housing market through the end of 2010 will be job growth and a manageable level of distressed properties. The economy continues its journey to recovery with two steps forward and one step back, but the ground lost during the recession was great and the progress so far should be celebrated. The road to this particular recovery has been expected to be more prolonged than many previous recovery periods. Consumer confidence lowered from its high in May primarily due to a disappointing employment report, while the swelling federal deficit has also raised concern. Unmanageable debt levels have lead some European countries into their current situation, and Americans do not want to follow suit. A job bill that would have further extended unemployment benefits has not gotten off the ground due to concerns over the deficit. Sited as a top priority for the government, a financial overhaul bill continues to proceed though Congress. The bill’s goal is to protect the financial system and the average consumer from unnecessary risk and unsound lending practices in an effort to build a stronger system for the long-term stability of the U.S. economy. The Housing Market Existing Home Sales Existing home sales slowed slightly in May to 5.66 million, down 2.2% from April but up 19.2% from last May. This is the eleventh consecutive month of year-over-year increase. Lawrence Yun, NAR chief economist, attributes this to the “ongoing effects of the home buyer tax credit,” and he anticipates the same next month. In May, 46% of sales were from first-time buyers, down slightly from the previous month’s 49% but still considered high. Median Home Price The median price for an existing home was $179,600 in May, up 2.8% from a year ago and 4.2% from April. Distressed homes, accounting for 31% of last month’s sales, continued skewing prices downward slightly as they are usually discounted from comparable homes. Overall, prices this past year continued to show increased stability over the previous year. Vicki Cox Golder, president of NAR states, “With distressed sales at roughly the same level as a year ago, the gain in home prices is a hopeful sign that the market is in a good position to stand on its own without further government stimulus.” Inventory Total housing inventory declined slightly to 4.89 million in May, representing between eight and eight-and-a-half month supply of sales (if homes continue to sell at the current pace consistently and no new ones come on the market). There are about the same number of homes for sale as last year, with 1% more currently available. Although there continues to be a nice selection of available homes for buyers, the 3.4% fewer number from last month helps to further stabilize prices. Mortgage Rates Mortgage rates fell to a new record low in June amid a drop in consumer confidence concerning the recovery. The tone of the Federal Reserve’s latest meeting was notably tempered on the outlook for recovery, indicating that the economy is stronger than last year but there is still much ground to cover. Interest rates significantly below 5% may pique the interest of more investors. Affordability Affordability remains advantageous, supported by the lowest mortgage rates in decades as well as lowered home prices. The home price-to-income ratio continues to remain well below the historical average of 25%, but stabilized home prices are drawing affordability back up toward more normal levels. The ratio now stands at 15.4%. Sources: National Association of Realtors, Freddie Mac Government Action Tax Credit’s Closing Deadline Extended Home buyers who signed a contract before the end of April will now have three additional months to close and still be eligible for the homebuyer tax credit. A bill to extend the deadline to September 30 obtained congressional approval on June 30, the evening it was set to expire. Many of these buyers are purchasing short sales which have notably slower contract-to-close time frames. A KW Research study found short sales often take twice as long to close as typical home sales. While this does not extend the credit to any additional buyers, it is great news for those 180,000 who have not yet closed on their home sale through no fault of their own. Source: WSJ.com Topics For Buyers & Sellers Real Estate Investing The increased affordability and low interest rates may have some thinking about purchasing real estate investment properties. Here are a few key points on investing from The Millionaire Real Estate Investor: Criteria: Criteria are the standards that define what kind of property you are looking for. These are the things that you list when you are hunting for the next opportunity to invest in: Is it a single family or multi-family opportunity? What features or amenities does it have? What is the location? These are aspects of the property that can’t be negotiated. Terms: This is how you turn your opportunity into a good deal. Once the property meets your criteria, terms are the negotiable aspects of your investment, such as the offer price, the down payment, interest rates, occupancy date, and closing costs. Terms are where a great deal can be created from even the most modest criteria. They mean understanding the financial basics of a transaction, knowing which elements are flexible, being systematic about getting all you can from every deal, and also, for some, knowing when to walk away. There are some great terms right now with record-low interest rates and discounted distressed properties. Keep in mind that the lending for investment properties has additional requirements – like cash reserves and total property limits. Talk to a professional for more information. Network: the people who help you find, complete, and support your real estate investments.	Contact Smitha, your local real estate expert, for information about what's going on in our area. Don't forget to check out this month's video: Newsletter Contents 1. Commentary 2. The Housing Market 3. Government Action 4. Topics for Buyers and Sellers

Brought to you by KW Research.

June 2010 Condo and Townhouse Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales

Smitha Ramchandani — 2010-07-06T15:54:06Z

June 2010 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Beds	Baths	Garages	Sold Price
Butler Boro	444 CAMBRIDGE DR	$249,900	One Floor Unit	2	2	0	$242,500
Butler Boro	343 CAMBRIDGE DR	$359,900	Townhouse-Interior	2	2.1	1	$342,000
Chatham Boro	380 MAIN ST APT 20	$315,000	One Floor Unit	2	1	0	$303,000
Chatham Twp.	187 TERRACE DR	$260,000	One Floor Unit, Townhouse-Interior	1	1	1	$260,000
Chatham Twp.	2G HERITAGE DR	$289,900	One Floor Unit	1	1	1	$270,000
Chatham Twp.	211 Terrace Drive	$300,000	Townhouse-Interior	1	1	1	$292,500
Chatham Twp.	13G HERITAGE DR	$312,000	Townhouse-End Unit	1	1	1	$295,000
Chatham Twp.	22H CANTERBURY RD	$339,000	One Floor Unit	2	2	1	$309,500
Chatham Twp.	145 RIVEREDGE DR	$339,000	Townhouse-Interior	1	1	1	$315,000
Chatham Twp.	105 CANTERBURY RD	$474,000	Townhouse-End Unit	2	2.1	1	$479,625
Chatham Twp.	3 Magnolia Place	$1,075,000	Townhouse-Interior	3	3	2	$950,000
Chester Boro	33 BARKMAN WAY	$599,000	Townhouse-End Unit	3	2.1	2	$584,000
Denville Twp.	3707 SCENIC CT	$338,999	Townhouse-End Unit	2	1.1	1	$326,000
Denville Twp.	3107 PEER PL	$339,000	One Floor Unit, Townhouse-End Unit	2	2	1	$300,000
Denville Twp.	514 KNOLLWOOD CT	$345,000	Townhouse-Interior	2	2.1	1	$340,000
East Hanover	9-2 DARA DR	$259,000	One Floor Unit	1	1.1	1	$235,000
East Hanover	14 MILLIE LN	$317,800	Townhouse-Interior	2	2	0	$300,000
East Hanover	17 QUEENSBRIDGE DR	$405,000	Townhouse-Interior	2	2.1	1	$385,000
Florham Park Boro	38 PARK ST 2-C	$357,000	Townhouse-End Unit	2	1.1	1	$338,000
Florham Park Boro	58 BROOKLAKE RD	$409,000	One Floor Unit	2	2	1	$409,000
Florham Park Boro	250 Ridgedale Ave.J-5	$469,000	Multi Floor Unit	3	2.1	2	$430,000
Florham Park Boro	1 SARAZEN CT	$525,000	Townhouse-End Unit	4	2.1	2	$498,100
Hanover Twp.	1605 APPLETON WAY	$384,900	Townhouse-Interior	2	2.1	1	$375,000
Harding Twp.	3 Ash Lane	$489,900	Townhouse-End Unit	3	2.1	1	$450,000
Jefferson Twp.	17 RIDGEVIEW TER	$199,000	Townhouse-Interior	2	2	1	$192,500
Jefferson Twp.	7 PINE HOLLOW CT	$219,000	Multi Floor Unit, Townhouse-Interior	1	2	1	$213,000
Lincoln Park Boro	184 ROBERTSON WAY	$255,000	One Floor Unit, See Remarks	2	2	0	$240,000
Lincoln Park Boro	195 GETTYSBURG WAY	$285,500	Townhouse-Interior	2	1.1	0	$270,000
Lincoln Park Boro	57 TOMS POINT LN	$299,900	Townhouse-Interior	2	2.1	0	$285,000
Lincoln Park Boro	74 RYAN LN	$399,900	Townhouse-Interior	2	2.1	1	$380,000
Long Hill Twp.	41 SUNRISE DR	$199,900	First Floor Unit, One Floor Unit	1	1	1	$195,000
Long Hill Twp.	8 COOPER LN	$405,000	Townhouse-Interior	3	2.1	1	$390,000
Long Hill Twp.	52 COOPER LN	$409,000	Townhouse-Interior	3	2.1	1	$389,000
Mendham Boro	40 WEXFORD DR	$359,900	Townhouse-Interior	2	2.1	0	$333,000
Mendham Boro	4 ESSEX DR	$419,500	Colonial, Townhouse-Interior	3	2.1	1	$410,000
Mendham Boro	6 S Aberdeen Dr.	$475,000	Townhouse-Interior	3	3.1	1	$445,000
Mendham Boro	3 ESSEX DR	$609,000	Townhouse-End Unit	4	2.1	2	$597,500
Montville Twp.	27 SPRINGBROOK RD E	$349,000	One Floor Unit	3	2	0	$349,000
Montville Twp.	8 Davenport Rd	$359,900	Townhouse-Interior	2	2.1	1	$340,000
Montville Twp.	12 CENTURY CT	$399,000	Townhouse-End Unit	2	2.1	1	$387,500
Montville Twp.	8 CENTURY CT	$439,000	Townhouse-Interior	3	2.1	1	$430,000
Montville Twp.	32 LENOX CT	$450,000	Townhouse-Interior	2	2.1	1	$433,000
Montville Twp.	30 EUGENE DR	$489,000	Townhouse-Interior	2	2.1	1	$480,000
Montville Twp.	6 LALIQUE DR	$509,000	Townhouse-Interior	2	2.1	1	$499,000
Montville Twp.	12 RIDGE DR	$528,000	Townhouse-Interior	2	2.1	2	$508,000
Montville Twp.	15 BARGE CT	$529,900	Townhouse-Interior	3	2.1	1	$471,000
Montville Twp.	87 JESSE CT	$589,000	Townhouse-End Unit	3	2.1	2	$580,000
Montville Twp.	109 RIDGE DR	$589,900	Townhouse-End Unit	3	3	2	$549,000
Montville Twp.	23 LALIQUE DR	$679,000	Townhouse-End Unit	3	2.1	2	$640,000
Morris Plains Boro	14G FOXWOOD DR	$289,000	Multi Floor Unit	2	2	1	$283,000
Morris Twp.	78 VILLAGE DR	$282,500	One Floor Unit	2	2	0	$272,500
Morris Twp.	57 HANCOCK DR	$374,999	Townhouse-Interior	2	2.1	1	$358,000
Morris Twp.	61 WILDFLOWER LN	$375,000	Townhouse-End Unit	2	2.1	1	$375,000
Morris Twp.	72 KEATS WAY	$400,000	Townhouse-Interior	2	2.1	1	$385,000
Morris Twp.	26 WILDFLOWER LN	$419,000	Townhouse-Interior	2	2.1	1	$409,500
Morris Twp.	15 DAVENPORT PL	$429,900	Townhouse-Interior	2	2	1	$415,000
Morris Twp.	9 DAVENPORT PL	$475,000	Multi Floor Unit, Townhouse-End Unit	3	2.1	1	$450,000
Morris Twp.	3 Pilgrim Court	$499,000	Townhouse-Interior	3	2.1	1	$485,000
Morris Twp.	30 DAVENPORT PL	$569,000	Townhouse-End Unit	2	3	1	$525,000
Morris Twp.	12 RAVEN DR	$619,900	Townhouse-End Unit	3	2.1	1	$600,000
Morristown Town	69 Abbett Avenue	$305,000	Multi Floor Unit, Townhouse-End Unit	2	1.1	1	$280,000
Morristown Town	29 COBB PL APT B	$317,000	Multi Floor Unit	2	2	0	$300,000
Morristown Town	7 PROSPECT ST 410	$339,900	Hi-Rise, One Floor Unit	1	1	0	$318,000
Morristown Town	23 TWOMBLY CT UNIT C	$419,900	Townhouse-Interior	2	2.1	2	$419,900
Mount Arlington	32 SPRUCE TER	$279,900	First Floor Unit, One Floor Unit	2	2	0	$260,000
Mount Arlington	6 MAPLE LN	$299,900	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$290,000
Mount Arlington	32 MAPLE LN	$324,900	Townhouse-End Unit	2	2.1	1	$315,000
Mount Arlington	1 LAKESHORE DR	$750,000	Townhouse-End Unit	3	2.2	2	$650,000
Mountain Lakes Boro	15 NEWCASTLE CT	$519,900	Townhouse-Interior	2	3.1	1	$505,000
Parsippany	2467 STATE ROUTE 10 Apt 49-5B	$152,818	One Floor Unit	1	1	0	$158,000
Parsippany	2467 Route 10.Bldg 6,5B	$169,900	One Floor Unit	1	1	0	$156,500
Parsippany	2350 STATE ROUTE 10 unit C-31	$175,000	One Floor Unit	1	1	0	$165,000
Parsippany	2467 Route 10 East Bldg 21-2A	$183,475	First Floor Unit	1	1	1	$171,500
Parsippany	2350 Route 10 Bldg E Unit 4	$200,000	One Floor Unit	1	1	0	$192,000
Parsippany	2350 RT 10 - B39	$214,900	First Floor Unit, Townhouse-End Unit	2	1	0	$205,000
Parsippany	2467 STATE ROUTE 10	$215,500	First Floor Unit, One Floor Unit	2	1	0	$215,500
Parsippany	20 MONETT CT	$364,000	Townhouse-Interior	2	2.1	1	$347,000
Parsippany	103 EMILY PL	$439,900	Townhouse-Interior	2	2.1	1	$425,000
Parsippany	175 EMILY PL	$454,900	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$425,000
Parsippany	150 JILLIAN BLVD	$459,000	Townhouse-Interior	3	2.1	1	$446,500
Parsippany	154 GLADSTONE DR	$469,950	Townhouse-Interior	3	2.2	1	$459,000
Parsippany	175 CROWN POINT RD	$489,000	Townhouse-End Unit	3	3.1	1	$468,000
Pequannock Twp.	98 Chatfield Drive	$268,900	One Floor Unit, See Remarks	2	2	0	$264,000
Pequannock Twp.	306 CHATFIELD DR	$269,000	First Floor Unit	2	2	0	$240,000
Pequannock Twp.	5202 TUDOR DR	$269,900	One Floor Unit	2	2	0	$257,000
Pequannock Twp.	5403 TUDOR DRIVE	$299,900	One Floor Unit	2	2	0	$285,000
Pequannock Twp.	57 SUNSET RD	$329,900	Ranch	2	1	3	$305,000
Pequannock Twp.	2104 WENDOVER DR	$367,000	Townhouse-Interior	2	2.1	1	$344,500
Randolph Twp.	902 WENDOVER CT	$359,900	Townhouse-End Unit	2	2.1	1	$352,500
Randolph Twp.	81 ARROWGATE DR	$375,000	Townhouse-End Unit	3	2.1	2	$365,000
Randolph Twp.	43 WOODMONT DR	$389,900	Townhouse-Interior	3	2.1	2	$375,000
Randolph Twp.	83 ARROWGATE DR	$405,000	Detached, Townhouse-End Unit	3	2.1	2	$395,000
Randolph Twp.	84 ARROWGATE DR	$416,000	Townhouse-End Unit	3	2.1	2	$405,000
Riverdale Boro	526 CANNELLA WAY	$195,000	One Floor Unit, Townhouse-Interior	1	1	0	$192,500
Riverdale Boro	2311 RAMAPO CT	$249,900	Townhouse-Interior	1	1	1	$246,000
Riverdale Boro	1109 WHARTON CT	$260,000	Townhouse-End Unit	2	2	1	$261,000
Riverdale Boro	75 MOUNTAIN VIEW CT	$275,000	One Floor Unit	2	1	0	$265,000
Riverdale Boro	5211 SANCTUARY BLVD	$291,990	Townhouse-Interior	2	1	1	$281,990
Riverdale Boro	5404 SANCTUARY BLVD	$349,990	Townhouse-End Unit	2	2	1	$344,990
Riverdale Boro	31 SILVERLEAF CT	$405,000	Townhouse-Interior	3	2.1	1	$390,000
Rockaway Twp.	3324 FRANKLIN LN	$128,900	One Floor Unit	1	1	1	$126,950
Rockaway Twp.	322 RICHARD MINE RD	$139,900	One Floor Unit	1	1	0	$139,900
Rockaway Twp.	2202 JOHNSON DR	$155,000	One Floor Unit	1	1	1	$152,000
Rockaway Twp.	322 RICHARD MINE RD	$175,900	First Floor Unit, One Floor Unit	1	1	1	$142,800
Rockaway Twp.	2107 CLINTON LN	$199,000	First Floor Unit, One Floor Unit	2	2	1	$190,000
Rockaway Twp.	2300 JOHNSON DR	$239,000	One Floor Unit	2	2	1	$210,000
Rockaway Twp.	2309 PIERCE LN	$252,950	Townhouse-Interior	1	1.1	1	$192,950
Rockaway Twp.	4304 CLEVELAND LN	$269,000	One Floor Unit	2	2	2	$243,500
Rockaway Twp.	12 FLINTLOCK TER	$359,900	Townhouse-End Unit	3	3	2	$345,000
Rockaway Twp.	6 FAESCH CT	$378,500	Townhouse-Interior	3	2.1	2	$360,000
Rockaway Twp.	39 HICKORY HILL CT	$429,900	Townhouse-End Unit	3	2.1	2	$387,500
Roxbury Twp.	181 WOODS EDGE DR	$220,000	Ranch, Townhouse-End Unit	2	2	1	$192,000
Roxbury Twp.	202 WOODS EDGE DR	$229,900	One Floor Unit	2	2	1	$210,000
Roxbury Twp.	105 DRAKE LN	$240,000	One Floor Unit, Townhouse-Interior	2	2	1	$230,000
Roxbury Twp.	73 WHISPER WAY EAST	$245,000	First Floor Unit, Townhouse-Interior	2	1	1	$238,000
Roxbury Twp.	72 DRAKE LANE	$249,900	Townhouse-End Unit	3	2	1	$235,000
Roxbury Twp.	180 WHISPER WAY E	$295,500	Townhouse-End Unit	2	2.1	1	$290,000
Roxbury Twp.	29 LOCH LN	$305,900	Townhouse-End Unit	3	2.1	1	$294,000
Roxbury Twp.	42 LAGOON WAY	$369,900	Townhouse-Interior	3	2.1	1	$346,000
Victory Gardens Boro	33 VICTORY CT	$222,500	Townhouse-End Unit	2	1.1	0	$222,500
Washington Twp.	130 NOTTINGHAM SQ	$188,900	Townhouse-End Unit	2	1.1	1	$180,000
Washington Twp.	91 NOTTINGHAM SQUARE	$269,900	Townhouse-Interior	3	2.1	2	$270,000
Washington Twp.	144 NOTTINGHAM SQ	$285,000	Townhouse-Interior	3	2.1	2	$273,000
Washington Twp.	31 DELBARTON COURT	$289,000	Multi Floor Unit, Townhouse-Interior	3	2.1	2	$280,000
Washington Twp.	2505 Decatur Court	$349,900	Townhouse-End Unit	3	2.1	2	$310,000
Wharton Boro	21138 WEST VIEW	$259,900	Townhouse-Interior	2	1.1	1	$259,900

Technorati Tags: June 2010,Condo and Townhome Sales in Morris County,New Jersey

May 2010 Condo and Townhome Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales

Smitha Ramchandani — 2010-06-02T20:36:09Z

May 2010 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Bed	Baths	Garages	Sold Price
Butler Boro	257 WINTHROP DR	$268,900	Townhouse-End Unit	2	2	0	$268,500
Butler Boro	137 BARRISTER DR	$322,500	Townhouse-Interior	2	2	0	$316,500
Chatham Twp.	241 RIVEREDGE DR	$250,000	Townhouse-End Unit	1	1	1	$242,500
Chatham Twp.	10 Sentinel Ct	$339,000	Townhouse-End Unit	2	2	1	$325,000
Chatham Twp.	13B HERITAGE DR	$350,000	First Floor Unit	2	2	1	$325,000
Chatham Twp.	50 Sterling Drive	$1,275,000	Townhouse-End Unit	3	3.1	2	$1,275,000
Chester Twp.	1 BROWN CT	$549,000	Duplex, Townhouse-End Unit	3	2.1	2	$549,000
Denville Twp.	608 KNOLLWOOD CT	$339,900	Townhouse-Interior	2	2.1	1	$340,000
Denville Twp.	3604 SCENIC CT	$370,000	Townhouse-Interior	2	2.1	1	$358,000
Denville Twp.	2505 VANTAGE CT	$400,000	Townhouse-Interior	3	2.1	2	$375,000
Denville Twp.	68 GLATTLY DR	$615,000	Townhouse-End Unit	3	3.1	2	$600,000
Denville Twp.	8 ARDSLEY CT	$628,000	Townhouse-End Unit	3	3.1	2	$568,000
East Hanover Twp.	20 MILLIE LN	$330,000	One Floor Unit, Townhouse-Interior	3	2	0	$305,000
Hanover Twp.	209 VISTA DR	$329,900	Townhouse-Interior	2	2	0	$315,000
Hanover Twp.	302 APPLETON WAY	$384,900	Townhouse-Interior	2	2.1	1	$377,500
Hanover Twp.	2505 CORTLAND LN	$399,000	Townhouse-Interior	2	2.1	1	$392,000
Hanover Twp.	1701 APPLETON WAY	$405,000	Townhouse-End Unit	2	2.1	1	$398,000
Hanover Twp.	205 APPLETON WAY	$409,900	Townhouse-Interior	2	3.1	1	$393,000
Jefferson Twp.	680 ST ROUTE 15 S UNIT	$139,000	First Floor Unit	1	1	0	$115,000
Jefferson Twp.	13 HERITAGE CT	$206,900	Townhouse-Interior	2	2	1	$203,000
Jefferson Twp.	18 DAVENPORTS MILL CT	$214,900	Townhouse-Interior	2	2	1	$214,900
Lincoln Park Boro	78 GETTYSBURG WAY	$222,000	Townhouse-End Unit	1	1	0	$215,000
Lincoln Park Boro	12 WINDSOR DR	$359,900	Townhouse-Interior	3	2.1	1	$343,500
Lincoln Park Boro	13 WINDSOR DR	$385,000	Townhouse-End Unit	3	2.1	1	$351,000
Madison Boro	318 MAIN ST	$450,000	Multi Floor Unit, Townhouse-Interior	3	2.1	1	$435,000
Madison Boro	87 FAIRFAX CT	$525,000	Townhouse-Interior	3	2.1	1	$508,500
Madison Boro	260 OXFORD CT	$565,000	Townhouse-Interior	3	2.1	1	$537,500
Mendham Boro	16 WEXFORD DR	$385,000	Townhouse-Interior	3	2.1	1	$385,000
Mendham Boro	10 Hampshire Drive	$389,000	Townhouse-End Unit	2	1.1	0	$380,000
Montville Twp.	45 WASHINGTON CT	$399,900	Townhouse-Interior	2	2.1	1	$385,000
Montville Twp.	123 RIDGE DR	$419,000	Townhouse-Interior	3	2.1	1	$393,000
Montville Twp.	12 CAIN CT	$455,000	Townhouse-End Unit	3	2.1	2	$437,500
Montville Twp.	11 CENTURY CT	$579,500	Townhouse-End Unit	2	2.1	2	$570,000
Montville Twp.	54 Louis Drive	$724,800	Townhouse-End Unit	3	2.1	2	$680,000
Morris Plains Boro	17-A FOXWOOD DR APT A	$240,000	Townhouse-End Unit	1	1.1	0	$228,000
Morris Plains Boro	16AE FOXWOOD DR	$256,900	One Floor Unit	1	1	0	$230,000
Morris Twp.	214 PITNEY PL	$239,900	One Floor Unit	2	1	0	$230,000
Morris Twp.	42 Byron Ave	$345,000	Townhouse-Interior	2	2.1	1	$345,000
Morris Twp.	22 WILDFLOWER LN	$394,000	Townhouse-End Unit	2	2.1	1	$377,500
Morris Twp.	39 WOODCREST DR	$549,000	Townhouse-Interior	2	2.1	1	$520,000
Morristown Town	6 Altamont Ct - Unit 22	$265,000	One Floor Unit	2	1	0	$240,000
Morristown Town	5-C DORADO DR	$369,000	Townhouse-Interior	2	2.1	0	$360,000
Morristown Town	8 JENNI LN	$383,000	Townhouse-Interior	2	2.1	1	$365,000
Morristown Town	40 Park Place	$999,000	One Floor Unit	2	2.1	2	$999,000
Mount Arlington Boro	62 MAPLE LN	$239,000	One Floor Unit	2	2	0	$233,000
Mount Arlington Boro	54 MAPLE LN	$249,900	First Floor Unit, One Floor Unit	2	2	0	$245,000
Mount Arlington Boro	136 BROOKSIDE LANE	$310,000	Townhouse-End Unit	2	2.1	1	$297,500
Parsippany	180 - 12 LITTLETON RD	$159,000	One Floor Unit	1	1	0	$151,000
Parsippany	2467 ROUTE 10	$165,000	First Floor Unit	1	1	0	$154,000
Parsippany	2467 Route 10 43-1B	$177,500	One Floor Unit, Townhouse-End Unit	1	1	0	$169,000
Parsippany	2350 Route 10-C38	$182,900	One Floor Unit	1	1	0	$181,000
Parsippany	2467 Route 10	$206,900	First Floor Unit, One Floor Unit	1	1	1	$198,000
Parsippany	8B YACENDA DR	$389,000	Townhouse-End Unit	2	2.1	1	$389,000
Parsippany	9C YACENDA DR	$395,000	Townhouse-End Unit	2	2.1	1	$366,000
Parsippany	132 EDGEFIELD DR	$419,000	Townhouse-End Unit	3	2.1	1	$395,000
Parsippany	114 EDGEFIELD DR	$429,000	Townhouse-End Unit	3	2.1	1	$415,000
Parsippany	84 JILLIAN BLVD	$439,000	Townhouse-Interior	2	2.1	1	$424,000
Parsippany	39 MONETT CT	$475,000	Townhouse-End Unit	3	3	1	$465,000
Pequannock Twp.	5413 TUDOR DR	$278,900	First Floor Unit, One Floor Unit, Townhouse-End Unit	2	1	0	$265,000
Pequannock Twp.	205 CHATFIELD DR	$295,000	One Floor Unit	2	2	0	$282,500
Pequannock Twp.	4506 TUDOR DR	$314,900	Townhouse-End Unit	2	2.1	0	$305,000
Riverdale Boro	54 MOUNTAINVIEW CT	$264,999	First Floor Unit, One Floor Unit	2	1	0	$256,000
Rockaway Twp.	322 RICHARD MINE RD B2	$195,000	One Floor Unit	1	1	0	$185,000
Rockaway Twp.	1107 FRANKLIN LN	$204,900	First Floor Unit, One Floor Unit	2	2	1	$190,000
Rockaway Twp.	2305 JOHNSON DR	$240,000	One Floor Unit	2	2	1	$230,700
Rockaway Twp.	21 POWDERHORN DR	$330,000	Multi Floor Unit	2	2.1	2	$330,000
Rockaway Twp.	4 PATRIOT CROSSING CT	$365,000	Townhouse-End Unit	3	2.1	2	$347,000
Roxbury Twp.	91 AUTUMN CT	$285,000	Townhouse-Interior	2	2.1	1	$280,000
Roxbury Twp.	33 LOCH LN	$303,000	Townhouse-Interior	3	2.1	1	$298,000
Washington Twp.	86 NOTTINGHAM SQ	$234,999	Townhouse-End Unit	2	1.1	1	$230,000
Wharton Boro	1594 TOP SIDE	$253,900	Townhouse-End Unit	2	1.1	1	$242,000

Technorati Tags: May 2010,Condo and Townhome Sales in Morris County,New Jersey

Featured Townhome Community – The Moore Estate in Convent Station NJ. Morris Township, New Jersey

Smitha Ramchandani — 2010-06-02T20:19:53Z

Welcome to Moore Estate in Morris Twp, New Jersey

The Extraordinary Townhomes in The Moore Estate offer a Classic Elegance coupled with Ultra-Sophisticated Amenities for a Lavish Lifestyle Beyond Compare. Style, Comfort and Location, Serene Convent Station offers a Suburban Oasis for both its residents and visitors. Conveniently located in Convent Station section of Historic Morris Township, the Townhomes in The Moore Estate offer Maintenance Free Living Without Sacrificing Space.

Morris Township lies just 25 miles west of New York City in Morris County, NJ and is just minutes away from all the conveniences necessary for today's lifestyles:

The Moore Estate, offering discerning owners Luxury Townhomes of the Highest Caliber.
Style, Comfort and Location.
A Distinctive Community of 2 to 4 Bedroom Townhomes with 2-4 Baths and 1 and 2 Car Garages in Convent Station (a section of Morris Twp.), NJ
Many Floor Plans to choose from including some that offer Ranch-Style One-Floor Living.
Ultra Sophisticated Amenities include an Elegant Club House with Kitchen Facilities, Fitness Center, Swimming Pool and Tennis Courts
Quality Shopping and Cultural Activities abound nearby including Museums, Historical Landmarks, Art Galleries, Gardens, Parks and Recreation Galore.
Close to Morristown Green the center of Town, Boutique and Specialty Shops, and Variety of Gourmet Restaurants.
Minutes to the Midtown Direct train to New York City
40 +/- minute drive to Manhattan
25+/- minute drive to Newark International Airport
15+/- minutes to Designer Shopping at the Mall at Short Hills.
Minutes to Major Routes like 10, 24, 202, 53 and Interstates 287 & 80
Morris County, New Jersey was recently rated as the 6th Best Place to Raise a Family by Forbes Magazine ranking U.S. counties with populations over 65,000

The Moore Estate, Morris Township, NJ: Bringing a New Level of Opulence to Townhome Living

The Moore Estate Townhomes were built from 1993-1994 and there are approximately 300 homes featuring 2-4 Bedrooms and 2-4 Baths and an 1 or 2 Attached Garages. Some homes offer Ranch-Style One-Floor Living.

Open and Airy Design with Spacious interiors and a Modern Floor Plan bring a new level of Opulence to Townhome Living. There are many Floor Plans to choose from. Many units have basements, some of which are finished and others which are not.

The Community Landscape is Beautiful with Authentic Street Lanterns. This gives each home lots of privacy. You can enjoy Peaceful Walks, Jogs or Bike Rides. The ultra-sophisticated amenities are perfectly maintained and offer a Club House, Tennis Courts, Swimming Pool and a Fitness Center. Parks and Shopping are nearby.

Nearby Morristown's Sophistication and Charisma
The Luxury Townhomes in The Moore Estate offer that unusual combination of a Suburban Lifestyle with in-town convenience! Major brokerage firms, professional services, abundant shopping facilities, mass-transit systems, a full service airport for private jets and planes, health care centers and fine restaurants are all a part of nearby Morristown's wonderful combination of sophistication and charisma.

Community Details

Number of Units: 300
Beds/Baths: 2-4 / 2-4.1
Parking: 1-2 Car Garages
Year Built: 1993-1994
Price: $420,000 - $1,767,000
Amenities: Elegant Club House with Kitchen Facilities, Fitness Center, Swimming Pool, Tennis Courts,
Common Features: Decorative Landscaping, Authentic Street Lanterns, Walking Paths. Spacious Living Rooms with Fireplaces, Formal Dining Area. Custom Eat-in-Kitchens and Baths, Separate Laundry areas with washer and dryer hookup. 1 or 2 Zone Natural Gas, Forced Air Heat, Central Air Conditioning. Large Decks or Patio. Attached Garage, some with Direct Access to Units. Ample parking for additional cars and guests. Some units have Basements some of which are finished.
Schools: Excellent Morristown Public Schools. Woodland School, Frelinghuysen Middle School, Morristown High School. Many exclusive, private elementary and Prep/Boarding/Catholic high schools are also available within a few miles.
Colleges/Universities: Drew University, Fairleigh Dickinson University, Rabbinical College of America, Saint Elizabeth College, and the County College of Morris (Randolph and Morristown) are all within a few miles.
Public Transportation: NYC Trains via the Convent Station train station. NYC and Morris County NJ Transit buses are nearby.
Fun & Recreation: 2 +/- mile to Morristown Green the center of town, shops, and eateries, About 35 miles to NYC. Dozens of town, county, state, and national parks with biking/hiking trails, water activities, etc. range from within walking distance to just a few miles away. Public swimming, fishing, golf and tennis facilities are also available.
Special Features: Steps away from convenient and reliable service from Convent Station on NJ Transit's Midtown Direct Train to New York City. 5 Minute Drive to Downtown Morristown.
Pets Allowed: Yes. Contact Management Company for any restrictions.

About Smitha

A Townhome owner herself, Smitha and her team specialize in Condo and Townhome Sales in Morris County NJ.

She takes pride in knowing all Morris County Townhome/Condo communities inside and out. Buyers Sellers and Homeowners in Moore Estate and other Morris County communities can call Smitha with any questions regarding Real Estate or if they need help with Buying a home or Selling their home.

Smitha not only keeps up the local Morris County Condo market but she also follows State and National Condo trends.

If you are Planning to Sell your Moore Estate Townhome or any other Morris County Condo/Townhome, Smitha's incredibly powerful marketing program and her proven track record will help you sell quickly and get the best possible price. As a Morris County homeowner herself, Smitha cares very much about the Home Values in this area.

If you are Looking to Buy a Townhome/Condo in Moore Estate or other Morris County Communities, Smitha will use her expert local knowledge to make sure that you get the best value for your money.

Contact Smitha for any help or questions.

Townhouse/condo living is a lifestyle, different than single family living and requires an understanding of the special needs of buyers and sellers and Smitha and her team are here to help.

Moore Estate, Morris Twp, NJ: A Life Style We All Deserve

Convent Station

An historic setting of exceptional appeal

Convent Station is an unincorporated area located within Morris Township.

To walk along the picturesque streets in an around Convent Station is to walk through America's cherished past. From George Washington's Revolutionary War headquarters at the stately Ford Mansion to Nickerson's Tavern, the scene of Benedict Arnold's court martial...from the old stagecoach station to the Iron Works, where the first successful telegraph message to Samuel Morse originated...history's legacy lends color and character to this charming town.

Yet while the tradition of the past are lovingly preserved in Convent Station, all the requisites of privileged modern living are here in equal strength. Side by side with historic landmarks you'll find modern schools, universities and libraries. Fine shopping. Houses of worship. Beautiful manicured parks. The area abounds with cultural and recreational opportunities. Art, theater and music. Challenging golf, on both private and public links. Tennis. Swimming. Riding. Boating. And more.

With its rich historical heritage, and the finest of Twenty First Century conveniences, it's easy to see why Convent Station has become home for people of discerning tastes.

A Lifestyle We All Deserve

When you own a home in The Moore Estate you spend your free time doing what you want to. Outside, extensive landscaping adds a full richness to the rustic charm of this most desirable community. Additionally your tranquil and active moods can both be satisfied here. Relax by shimmering Swimming Pool or Play Tennis at the Community Tennis Courts. The choice is yours.

If even more active life beckons, visit the township parks where you can try your hand at everything from bocce to baseball. The Morris County Park Commission operates 24 sites, including three golf courses, two aboreta and the Mennen Sports Arena and offers a year-round program of activities throughout the county like adult education courses, programs for school children, planned trail walks, golf tournaments and outdoor concerts.

Captured in this townhouse community is a timeless beauty encompassing luxury, comfort and convenience set in the natural surroundings of The Moore Estate.

If you would like more information about this lovely, vibrant community and its homes, please Contact Smitha at (973) 953-7777 (mobile).

She is the Moore Estate Expert!

Technorati Tags: The Moore Estate Townhome Community in Convent Station NJ. Morris Twp. Luxury Townhouses

April 2010 Condo and Townhome Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales

Smitha Ramchandani — 2010-06-02T19:14:45Z

April 2010 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Bed	Baths	Garages	Sold Price
Butler Boro	394 CAMBRIDGE DR	$303,000	Multi Floor Unit	2	2	0	$294,000
Chatham Twp.	246 RIVEREDGE DR	$349,000	First Floor Unit	1	1	1	$325,000
Chatham Twp.	69 CANTERBURY RD	$410,000	Townhouse-Interior	3	2.1	1	$405,000
Denville Twp.	802 BUCKLAND CT	$359,900	Townhouse-End Unit	2	2.1	1	$337,500
Denville Twp.	2401 VANTAGE CT	$399,999	Townhouse-End Unit	3	2.1	2	$394,000
East Hanover Twp.	28 JOSEPH DR	$330,000	One Floor Unit	3	2	0	$320,000
East Hanover Twp.	9 QUEENS BRIDGE DR	$389,900	Townhouse-Interior	2	2.1	1	$370,000
Florham Park Boro	101 BRANDYWYNE DR	$345,000	One Floor Unit, Ranch, Townhouse-End Unit	2	2.1	1	$319,000
Florham Park Boro	38 PARK ST 16B	$369,900	Townhouse-End Unit	2	2.1	0	$357,500
Florham Park Boro	13 Brandywyne Dr	$369,900	One Floor Unit	1	1.1	1	$337,000
Florham Park Boro	58 BROOKLAKE RD	$369,900	First Floor Unit, One Floor Unit	2	1.1	1	$369,900
Hanover Twp.	906 BROOK HOLLOW DR	$309,990	First Floor Unit, One Floor Unit	1	1.1	1	$309,990
Hanover Twp.	194 VISTA DR	$369,000	Multi Floor Unit, Townhouse-End Unit	2	2	0	$345,000
Hanover Twp.	803 BROOK HOLLOW DRIVE	$389,990	Townhouse-End Unit	2	2	1	$389,990
Hanover Twp.	1003 MEADOW BROOK COURT	$391,000	Townhouse-End Unit	2	2	1	$391,000
Jefferson Twp.	8 PETERSBURG CT	$199,900	Townhouse-Interior	1	1	1	$190,000
Jefferson Twp.	26 PINE HOLLOW CT	$209,900	Townhouse-Interior	2	2	1	$209,000
Lincoln Park Boro	167 ROBERTSON WAY	$268,000	One Floor Unit	2	2	0	$265,000
Lincoln Park Boro	30 RYAN LN	$369,900	Multi Floor Unit, Townhouse-End Unit	2	2.1	1	$362,000
Madison Boro	17 ORCHARD STR.	$374,777	Townhouse-Interior	3	1.1	0	$368,000
Madison Boro	122 HEMPSTEAD CT	$449,900	Townhouse-Interior	2	2.1	1	$430,000
Madison Boro	6 Rolling Hill Court	$545,000	Townhouse-Interior	2	2.1	2	$530,000
Montville Twp.	17 BARK MILL TER	$525,000	Townhouse-Interior	3	2.1	1	$500,000
Montville Twp.	10 WATERFORD DR	$624,800	Townhouse-End Unit	3	2.1	2	$595,000
Morris Plains Boro	9C FOXWOOD DR	$239,999	One Floor Unit	1	1	0	$227,500
Morris Twp.	14B LEVA DR	$357,500	Multi Floor Unit, Townhouse-End Unit	2	2.1	2	$350,000
Morris Twp.	11 HANCOCK DR	$375,000	Townhouse-End Unit	2	2.1	1	$365,000
Morris Twp.	10 WITHERSPOON CT	$382,000	Townhouse-End Unit	2	2.1	1	$368,000
Morris Twp.	17 Shelley Place	$399,000	Colonial, Contemporary, Townhouse-Interior	2	2.1	1	$390,000
Morris Twp.	64 WILDFLOWER LN	$399,900	Townhouse-End Unit	2	2.1	1	$386,000
Morris Twp.	16 THOMAS PAINE RD	$499,000	Townhouse-Interior	3	2.1	1	$475,000
Morris Twp.	68 INDEPENDENCE WAY	$565,000	Colonial, Townhouse-End Unit	3	2.1	1	$520,000
Morris Twp.	57 REDNER RD	$599,900	Townhouse-Interior	4	2.1	2	$585,000
Morris Twp.	3 Wheatsheaf Farm Road	$1,289,000	Townhouse-End Unit	4	4.1	2	$1,100,000
Morristown Town	50 ELM ST	$200,000	One Floor Unit	1	1	0	$200,000
Morristown Town	8-A GARDEN ST	$274,900	Multi Floor Unit, Townhouse-End Unit	2	2	0	$262,500
Morristown Town	44 RIDGEDALE AVE UNIT 36	$299,900	Townhouse-Interior	1	1.1	0	$290,000
Morristown Town	6 N DORADO DR	$315,000	Townhouse-End Unit	2	2.1	0	$325,000
Morristown Town	24 KING ST	$399,000	Townhouse-Interior	3	1.1	0	$360,000
Morristown Town	27 TAFT LN	$419,000	Townhouse-End Unit	2	2.1	1	$390,000
Morristown Town	13 FRANKLIN PL	$500,000	Townhouse-Interior	3	2.1	1	$480,000
Morristown Town	28 KING ST Unit B	$699,000	Townhouse-End Unit	3	2.1	1	$699,000
Mount Arlington Boro	21 MAPLE LN	$287,500	Townhouse-Interior	2	2.1	1	$281,800
Mount Arlington Boro	13 MAGNOLIA LN	$299,000	Multi Floor Unit, Townhouse-Interior	2	2.1	0	$290,000
Mount Olive Twp.	44 BROCK LN	$300,000	Townhouse-End Unit	3	2.1	2	$288,000
Parsippany	199C N BEVERWYCK RD APT 4	$149,900	One Floor Unit	1	1	0	$136,000
Parsippany	101-14 N BEVERWYCK RD	$150,000	One Floor Unit	1	1	0	$138,000
Parsippany	31 LINCOLN GDNS	$178,900	See Remarks, Townhouse-Interior	1	1	0	$170,000
Parsippany	2467 ROUTE 10 EAST	$202,000	One Floor Unit	1	1	0	$202,000
Parsippany	2467 ROUTE 10	$208,000	One Floor Unit	2	1	0	$206,000
Parsippany	2467 ROUTE 10E - 31-4A	$220,000	One Floor Unit	2	1	0	$205,000
Parsippany	2467 ROUTE 10	$224,999	One Floor Unit	2	1	1	$220,000
Parsippany	2467 Route 10 23-3A	$225,000	One Floor Unit	2	1	0	$220,000
Parsippany	17 BROOKSTONE CIR	$364,999	Townhouse-End Unit	3	2.2	1	$358,000
Parsippany	66 STOCKTON CT	$369,000	Townhouse-Interior	3	2.1	1	$364,000
Parsippany	6 VALLEY FORGE LN	$369,900	Townhouse-Interior	2	1.1	1	$360,000
Parsippany	173 SPRINGHILL DR	$434,900	Townhouse-Interior	2	2.1	1	$422,000
Parsippany	51 AUTUMN RIDGE RD	$470,000	Townhouse-Interior	3	2.1	1	$466,000
Parsippany	93 AUTUMN RIDGE RD	$499,900	Townhouse-Interior	3	3.1	1	$480,000
Parsippany	142 GLADSTONE DR	$514,900	Townhouse-End Unit	3	3.1	0	$480,000
Pequannock Twp.	520 C106 TPKE	$199,000	First Floor Unit	1	1.1	0	$195,000
Pequannock Twp.	100 LINCOLN PARK RD	$304,900	Townhouse-Interior	2	1.1	1	$290,000
Pequannock Twp.	402 CHATFIELD DR	$305,000	One Floor Unit, Townhouse-End Unit	2	2	0	$285,000
Pequannock Twp.	2203 WENDOVER DR	$319,900	Townhouse-Interior	2	2.1	0	$310,000
Riverdale Boro	5312 SANCTUARY BLVD.	$284,990	One Floor Unit, Townhouse-Interior	2	1	1	$284,900
Riverdale Boro	5 ROCK CREEK TER	$387,000	Multi Floor Unit, Townhouse-Interior	3	2.1	1	$380,000
Rockaway Twp.	2202 FRANKLIN LN	$122,000	One Floor Unit	1	1	1	$120,000
Rockaway Twp.	3124 FRANKLIN LN	$138,900	Townhouse-Interior	1	1	1	$130,000
Rockaway Twp.	1213 BUSH CIR	$268,900	One Floor Unit	2	2	1	$255,000
Roxbury Twp.	63 AUTUMN CT	$207,500	First Floor Unit	1	1	1	$198,000
Roxbury Twp.	82 WOODS EDGE DR	$225,999	One Floor Unit, Ranch	2	2	1	$220,000
Victory Gardens Boro	66 VICTORY CT	$215,000	Townhouse-Interior	2	1	0	$202,500
Washington Twp.	132 NOTTINGHAM SQ	$234,900	Townhouse-Interior	3	2.1	1	$234,900
Washington Twp.	37 Kensington Ct	$247,900	Townhouse-Interior	3	2.1	2	$230,000
Wharton Boro	1068 TREETOPS	$264,900	Townhouse-Interior	2	1.1	1	$255,000
Wharton Boro	1278 TREETOPS	$269,900	Townhouse-Interior	2	1.1	1	$258,000

Technorati Tags: April 2010,Condo and Townhome Sales in Morris County,New Jersey

8 Tips for Adding Curb Appeal and Value to Your Home

Smitha Ramchandani — 2010-04-26T14:18:20Z

Article From HouseLogic.com, By: Pat Curry

Appraisers and real estate agents offer advice for curb appeal that preserves value and attracts potential buyers.

Curb appeal has always been important for homesellers. With the vast majority of today's homebuyers starting their search on the Internet, the appearance of your property is more critical than ever. You only have a few seconds to catch their attention as they scroll through listings online to get them to stop and take a closer look.
But the role of curb appeal goes beyond just making a good first impression. The way your house looks from the street can impact its value. It can also shorten the time it takes to sell your house.

We asked real estate agents, appraisers, home stagers, landscape designers, and home inspectors which curb appeal projects offer the most value when your house is on the market, both in terms of its marketability and dollars. Here is what they told us:

1. Paint the house.

Hands down, the most commonly offered curb appeal advice from our real estate pros and appraisers is to give the exterior of your home a good paint job (http://www.houselogic.com/articles/exterior-paints-and-stains-guide-options/). Buyers will instantly notice it and appraisers will note it on the valuation.
"Paint is probably the number one thing inside and out," says Frank Lucco, managing partner of Houston-based IRR-Residential Appraisers and Consultants. "I'd give additional value for that. If you're under two years remaining life (on the paint job), paint the exterior because it tends to show wear badly."
Just make sure you stay within the range of accepted colors for your market. A house that's painted a wildly different color from its competition will be marked down in value by appraisers.

2. Have the house washed.

Before you make the investment in a paint job, though, take a good look at the house. If it's got mildew or general grunge, just washing the house (http://www.houselogic.com/articles/clean-and-care-siding/) could make a world of difference, says Valerie Torelli, a California real estate agent with a background in accounting.
Before she puts a house on the market, Torelli often does exterior makeovers on her clients' homes, a service she pays for herself to get higher selling prices. Overall, she says her goal is to spend less than $5,000, with a goal of generating an extra $10,000 to $15,000 on the sale price.
Torelli specifies pressure-washing-a job that should be left to professionals. Pressure washing makes the house look "bright and clean in addition to getting rid of unsightly things like cobwebs, which may not be seen from the yard but will detract from the home's cleanliness when seen up close," she says.
The cost to have a professional cleaning should be a few hundred dollars--a fraction of the cost of having the house painted.

3. Trim the shrubs and green up the yard.

California real estate agent Valerie Torelli says she puts a lot of emphasis on landscaping, such as cutting down overgrown bushes and replacing them with leafy plants and annuals mulched with beautiful reddish-brown bark. "It runs me $30 to $50," says Torelli. "Do you get a return on your money? Absolutely. It sucks people in."
You also don't want bare spots. Take the time to fertilize the yard (http://www.houselogic.com/articles/lawn-maintenance-calendar/), throw out some grass seed, and if need be, add some sod.

4. Add a splash of color.

It could be a flower bed of annuals by the mailbox, a paint job for the front door, or a brightly colored bench or an Adirondack chair. "You can get a cute little bench at Home Depot for $99," Torelli notes. "Spray paint it bright red or blue and set it in the yard or on the front porch."
It's not a bad idea, but don't plan on getting extra points from an appraiser for a red bench, says John Bredemeyer, president of Realcorp in Omaha. "It's difficult to quantify, but it does make a home sell more quickly," Bredemeyer says. "Maybe yours sold a couple weeks faster than the house down the street. That's the best way to look at these things."

5. Add a fancy mailbox and house numbers.

An upscale mail box and architectural house numbers or an address plaque can give your house a distinctive look that stands out from everyone else on the block. Torelli makes them a part of her exterior makeovers "I've gotten those hand-painted mailboxes," she says. "A nice one runs you $40 to $50." Architectural house numbers may run as high as a few hundred dollars.

6. Repair or clean the roof.

Springfield, Va.-based home inspector and former builder Reggie Marston says the roof (http://www.houselogic.com/articles/roofing-repair-or-replace/) is one of the first things he looks at in assessing the condition of a home. He'll look at other houses in the neighborhood to see if there are a lot of replaced roofs and see if the subject house has one as well. If not, he'll look for curls in the shingles or missing shingles. "I'm looking at the roof for end-of-life expectancy," he says.
You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. That could knock thousands of dollars off your appraisal. According to Remodeling Magazine's 2009-2010 Cost vs. Value Report (http://www.remodeling.hw.net/2009/costvsvalue/national.aspx), the average cost of a new asphalt shingle roof is more than $19,000.
"Roofs are issues," Lucco says. "You won't throw money away on that job. You gotta have a decent roof."
Stains and plant matter, such as moss, can be handled with cleaning. It's a job that can often be done in a day for a few hundred dollars, and makes the roof look like new. It's not a DIY project; call a professional with the right tools to clean it without damaging it.

7. Put up a fence.

A picket fence with a garden gate to frame the yard is an asset. A fence (http://www.houselogic.com/articles/fencing-guide-options/) has more impact in a family-oriented neighborhood than an upscale retirement community, Bredemeyer says, but in most instances, appraisers will give extra value for one, as long as it's in good condition. "Day in a day out, a fence is a plus," Bredemeyer says. Expect to pay $2,000 to $3,500 for a professionally installed gated picket fence 3 feet high and 100 feet long.

8. Perform routine maintenance and cleaning.

Nothing sets off subconscious alarms like hanging gutters (http://www.houselogic.com/articles/fast-fixes-common-gutter-problems/), missing bricks from the front steps, or lawn tools rusting in the bushes. It makes even the professionals question what else hasn't been taken care of.
"A house is worth less if the maintenance isn't done," Lucco says. "Those little things can add up and be a very big detractor. When people say, 'I'd buy it if it weren't for all the deferred maintenance (http://www.houselogic.com/articles/value-home-maintenance/),' what they're really saying is, 'I'd still buy it if you reduce the price.'"
Georgia-based freelance writer Pat Curry has covered housing and real estate for consumer and trade publications for more than a decade, including covering new home sales and marketing for BUILDER, the magazine of the National Association of Home Builders.

Smitha Ramchandani is a licensed real estate Broker-Salesperson in Morristown, New Jersey. She is a Buyer Specialist and a Home Marketing Expert.. You can reach Smitha and her team online at: http://www.Morris-Homes.com.
Smitha and her team specialize in all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

March 2010 Condo and Townhome Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales

Smitha Ramchandani — 2010-04-15T13:38:29Z

March 2010 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	BR	TBT	Gar	Sold Price
Butler Boro	340 CAMBRIDGE DR	$257,200	First Floor Unit	2	2	0	$242,500
Chatham Twp.	25A CANTERBURY RD	$249,000	Townhouse-End Unit	1	1	1	$235,000
Chatham Twp.	142 RIVEREDGE DR	$379,900	Townhouse-End Unit	2	2	1	$365,000
Chatham Twp.	137 TERRACE DR	$499,900	Townhouse-Interior	3	2.1	1	$490,000
Chatham Twp.	7 Magnolia Place	$1,225,000	Townhouse-End Unit	4	4.1	2	$1,227,000
Chester Twp.	4 PINE TREE LN	$249,900	A-Frame	2	2.1	1	$245,000
Denville Twp.	101 SHEFFIELD CT	$328,000	Townhouse-End Unit	2	1.1	1	$314,800
Dover Town	62 E BLACKWELL ST APT B	$180,000	Townhouse-Interior	2	1.1	0	$165,000
East Hanover Twp.	22 FRANKIE LN	$330,000	Townhouse-Interior	3	2	0	$315,000
East Hanover Twp.	1 SHARON DR	$359,000	Townhouse-End Unit	2	2	0	$327,000
East Hanover Twp.	60 CASTLE RIDGE DR	$439,000	Townhouse-End Unit	2	2.1	1	$434,000
Florham Park Boro	14 BRANDYWYNE DR	$335,000	Townhouse-End Unit	1	2	1	$315,000
Florham Park Boro	58 BROOKLAKE RD	$399,900	One Floor Unit	2	2	1	$399,000
Hanover Twp.	134 Sunrise Drive	$323,500	Townhouse-End Unit	2	2	1	$315,000
Hanover Twp.	403 PAPERMILL DRIVE	$389,990	Townhouse-End Unit	2	2	1	$379,000
Hanover Twp.	703 Spring Hollow Drive	$525,000	Townhouse-Interior	2	3	2	$542,024
Harding Twp.	5 CEDAR LN	$463,750	Townhouse-End Unit	2	2.1	1	$447,500
Jefferson Twp.	3 PETERSBURG CT	$219,000	Townhouse-Interior	2	2.1	1	$195,000
Jefferson Twp.	2 DAVENPORTS MILL CT	$309,900	Townhouse-End Unit	3	2.1	2	$275,000
Lincoln Park Boro	3 STONYRIDGE DR	$263,000	One Floor Unit	2	1	0	$255,000
Madison Boro	25 BEDFORD CT	$539,900	Townhouse-Interior	3	2.1	1	$539,900
Mendham Boro	19 PEMBROKE DR	$310,000	Townhouse-Interior	2	1.1	0	$310,000
Mendham Boro	44 N ABERDEEN DR	$425,000	Townhouse-End Unit	2	2.1	1	$360,000
Mendham Boro	13 WEXFORD DR	$450,000	Townhouse-Interior	3	2.1	1	$445,000
Montville Twp.	136 CHANGEBRIDGE RD E8	$245,000	Townhouse-End Unit	1	1	0	$235,000
Montville Twp.	43 WASHINGTON CT	$419,000	Townhouse-End Unit	2	2.1	1	$403,000
Montville Twp.	44 WASHINGTON CT	$425,000	Townhouse-End Unit	2	2.1	1	$385,000
Montville Twp.	60 WATERFORD DR	$459,900	Townhouse-Interior	2	2.1	1	$430,000
Montville Twp.	22 Aynsley Ct	$554,900	Townhouse-Interior	3	2.1	1	$530,000
Morris Twp.	58 WITHERSPOON CT	$325,000	Townhouse-End Unit	2	2.1	1	$315,000
Morris Twp.	8B LEVA DR	$345,000	One Floor Unit	2	2.1	2	$329,000
Morris Twp.	21 WITHERSPOON CT	$355,000	Townhouse-End Unit	2	2.1	1	$345,000
Morris Twp.	2C LEVA DR	$355,900	Townhouse-End Unit	2	2	2	$332,500
Morris Twp.	12 TIMOTHY CT	$399,000	Townhouse-End Unit	2	2.1	1	$388,500
Morris Twp.	40 WILDFLOWER LN	$419,000	Townhouse-End Unit	2	2.1	1	$410,000
Morris Twp.	59 INDEPENDENCE WAY	$449,000	Townhouse-Interior	3	2.1	1	$415,000
Morris Twp.	70 REDNER RD	$495,000	Townhouse-Interior	3	2.1	2	$470,000
Morristown Town	24 KING ST	$229,000	First Floor Unit	1	1	0	$207,500
Morristown Town	24 KING ST	$299,000	First Floor Unit	2	1	0	$280,000
Morristown Town	3 Jenni Lane	$399,900	Townhouse-Interior	3	2.1	1	$390,000
Morristown Town	40 Park Place	$482,000	One Floor Unit	1	1.1	1	$559,000
Morristown Town	110 SOUTH STREET UNIT 101	$530,000	One Floor Unit	1	1.1	2	$475,000
Morristown Town	40 Park Place	$779,000	One Floor Unit	2	2.1	2	$779,000
Mount Arlington Boro	1 MAGNOLIA LANE	$329,000	Townhouse-End Unit	3	2.1	1	$320,000
Parsippany-Troy Hills Twp.	2467 ROUTE 10 BLDG 7 Unit7A	$160,000	One Floor Unit	1	1	0	$152,000
Parsippany-Troy Hills Twp.	2467 Rte 10 East Unit 15 1B	$168,000	Townhouse-End Unit	1	1	0	$160,000
Parsippany-Troy Hills Twp.	2467 Route 10 Bldg 21-8A	$175,000	Townhouse-End Unit	1	1	0	$165,000
Parsippany-Troy Hills Twp.	2467 ROUTE 10 E, UNIT 44-1A	$210,000	One Floor Unit	2	1	0	$198,000
Parsippany-Troy Hills Twp.	2467 STATE ROUTE 10 APT 31-3A	$214,900	One Floor Unit	2	1	0	$202,500
Parsippany-Troy Hills Twp.	83 CONTINENTAL RD	$348,900	Townhouse-Interior	2	1.1	1	$356,000
Parsippany-Troy Hills Twp.	76 Summerhill Dr	$359,900	Townhouse-Interior	2	2.1	1	$350,000
Parsippany-Troy Hills Twp.	57 PATRIOTS RD	$377,000	Townhouse-Interior	3	2.1	1	$368,000
Parsippany-Troy Hills Twp.	133 JILLIAN BLVD	$459,000	Townhouse-Interior	3	2.1	1	$452,500
Parsippany-Troy Hills Twp.	180 JILLIAN BLVD	$465,900	Townhouse-Interior	2	2.1	1	$430,000
Parsippany-Troy Hills Twp.	59 ALBERT CT	$469,500	Townhouse-Interior	3	2.1	1	$450,000
Randolph Twp.	9 RIDGEWOOD DR	$400,000	Townhouse-Interior	3	2.1	2	$385,000
Riverdale Boro	1202 WHARTON CT	$227,900	One Floor Unit	1	1	0	$205,000
Riverdale Boro	1305 WHARTON CT	$259,000	Townhouse-Interior	1	1	1	$238,000
Rockaway Twp.	1324 HAMILTON DR	$299,900	One Floor Unit	2	2	2	$279,000
Rockaway Twp.	311 Cleveland Lane	$309,000	Townhouse-End Unit	2	2	2	$290,000
Roxbury Twp.	58 GARDEN CT	$229,900	Townhouse-End Unit	2	1.1	1	$225,000
Roxbury Twp.	262 DRAKE LN	$259,900	Townhouse-End Unit	2	2	1	$250,000
Roxbury Twp.	46 E WHISPER WAY	$299,900	Townhouse-Interior	2	2.1	1	$290,000
Washington Twp.	95 WIMBLEDON SQUARE	$224,000	Townhouse-End Unit	2	1.1	1	$217,500
Wharton Boro	23152 WESTVIEW	$252,900	Townhouse-Interior	2	1.1	1	$250,000

Smitha Ramchandani is a licensed real estate Broker-Salesperson in Morristown, New Jersey. She is a Buyer Specialist and a Home Marketing Expert.. You can reach Smitha and her team online at: http://www.Morris-Homes.com.

Smitha and her team specialize in all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Technorati Tags: March 2010 Condo and Townhome Sales in Morris County,New Jersey

Tax Credits for Replacing Windows, Doors, and Skylights

Smitha Ramchandani — 2010-03-26T17:36:45Z

Article From HouseLogic.com, By: Gil Rudawsky

If money seems to be escaping through drafty windows, doors, and skylights, this federal tax credit might make energy-efficient replacements more affordable.

Does it feel like money is escaping through your home's drafty windows, doors, and skylights? You might be able to keep at least some of that cash in your pocket by taking advantage of federal energy tax credits for retrofitting your house with qualified energy-efficient replacements. You can claim a tax credit of up to $1,500 for upgrading the windows, exterior doors, and skylights in your primary residence during 2009 and 2010.

The credit is based on 30% of the cost of materials, so a $5,000 purchase would max it out. But a tax credit alone isn't reason enough to start calling contractors. Do a little homework first. The true value of replacing aging windows, doors, and skylights isn't always an open-and-shut case.

Follow the 15-year rule for windows

A good rule of thumb for window replacement: Don't bother if they're less than 15 years old, says Jim Rooney, a home inspector in Annapolis, Md. The savings on your energy bills likely will be negligible since window technology hasn't changed that radically and the integrity of your windows should still be intact. Shoddy installation or poor manufacturing may call for exceptions to the 15-year rule. Windows that are 20, 30, or more years old are prime candidates for replacement.

Most of your focus should be on windows, since they're more numerous, but skylights are notorious for energy loss too, not to mention water leaks. Exterior doors tend to outlast windows, so keep them unless the upgrade is purely for aesthetic reasons. Besides, weather stripping and snug sweeps can boost the energy efficiency of exterior doors for a whole lot less money.

Adding up the costs-and savings

With windows, doors, and skylights, you get what you pay for. Expect to shell out between $500 and $1,000 per window including installation, or about $10,000 total for a moderately sized house of about 2,000 square feet. New energy-credit-qualified doors and skylights are also in the $500 to $1,000 range, including installation.

Tom Herron, of the National Fenestration Rating Council (http://www.nfrc.org), says products on the higher end of the cost scale are usually better constructed and more energy efficient. NFRC is a non-profit organization that administers the rating and labeling system for the energy performance of windows, doors, and skylights.

It could take years to recoup the upfront costs, but you should see an immediate reduction in your energy bills. In general, you'll save $126 to $465 a year if single-pane windows in a 2,000 square foot house are replaced with tax-credit-eligible windows, according to the Efficient Windows Collaborative, a trade group. That's 15% to 40% off the typical energy bill.

Do my replacements qualify?

A label alone doesn't guarantee your new windows, doors, and skylights qualify for the energy tax credit, but it does provide critical information related to eligibility. To qualify, windows, doors, and skylights must have a U-factor (http://www.efficientwindows.org/ufactor.cfm) of 0.30 or less and a Solar Heat Gain Coefficient (http://www.energycodes.gov/support/shgc_faq.stm) (SHGC) of 0.30 or less. The U-factor measures how well a product prevents heat from escaping, and the SHGC gauges how well a product blocks heat from the sun. Labels also carry information on light transmission, air leakage, and condensation resistance.

Herron, of the NFRC, says about 80% to 85% of the manufacturers in North America provide NFRC labels. All Energy Star qualified windows carry an NFRC label (http://www.nfrc.org/Label.aspx), according to Energy Star, a joint program of the U.S. Department of Energy and the U.S. Environmental Protection Agency that promotes energy-efficient products and practices.

Resist the urge to trim costs by purchasing cheaper windows, doors, and skylights with poor U-factor and SHGC ratings. Not only will you miss out on the tax credit, energy bills won't come down much.

Taking advantage of the tax credit

A credit is especially valuable because it directly reduces the amount of tax owed, as opposed to a deduction, which lowers the amount of taxable income. To be eligible for the full credit you must owe more in federal taxes than you're trying to claim. Use IRS Form 5695 to take advantage of the credit, which is cumulative for 2009 and 2010 only. You can't claim $1,500 for each tax year, but you can spread the $1,500 over the two-year period.

Uncle Sam may want proof that your new windows, doors, and skylights meet energy-efficiency standards, so be sure to save receipts, product stickers, and certification statements. The latter can often be found on packaging or manufacturers' web sites. As for receipts, ask contractors to itemize expenses. Installation costs aren't eligible for the credit; only materials are.

Keep in mind that a variety of energy-efficiency improvements to your existing home, including insulation, roofs, and HVAC, count toward the credit limit. You can't claim separate $1,500 credits for each upgrade, nor can you claim the credit for a newly built home. Matt Golden, president and founder of San Francisco-based Sustainable Spaces (http://www.sustainablespaces.com), says homeowners can often lower energy costs for a lot less, and still get the tax credit, by insulating attics (http://www.houselogic.com/articles/save-money-with-insulation-upgrade/) instead.

This article provides general information about tax laws and consequences, but is not intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Readers should consult a tax professional for such advice, and are reminded that tax laws may vary by jurisdiction.

Gil Rudawsky has been covering business and consumer issues as a reporter and an editor for 18 years, most recently as a deputy editor at the Rocky Mountain News. He lives in a house built in the 1930s, and always keeps the home's character in mind when making upgrades.

Technorati Tags: Tax Credits for Replacing Windows,Doors,and Skylights

Smitha Ramchandani is a licensed real estate Broker-Salesperson in Morristown, New Jersey. She is a Buyer Specialist and a Home Marketing Expert.. You can reach Smitha and her team online at: http://www.MorrisCountyHomeFinder.com or http://www.ChathamMoves.com or http://www.EastHanoverMoves.com or http://www.FlorhamParkMoves.com or http://www.MontvilleMoves.com or http://www.DenvilleMoves.com or http://www.ParsippanyMoves.com

Water Heaters: 5 Tips for Saving Energy

Smitha Ramchandani — 2010-03-26T17:31:14Z

Article From HouseLogic.com, By: Joe Bousquin

Water heating accounts for up to 25% of household energy costs, but there are inexpensive things you can do to increase efficiency and reduce energy bills.

In the fight to save energy, your water heater is a born loser. That's because most houses in this country have a conventional storage-type water heater. That 50-gallon tank in the basement wants to keep water hot, so it will be ready whenever you turn on the tap. But as the water sits, it naturally begins to cool down, a process known as standby heat loss. When it does, the burner or heating element kicks on to warm it up again, in a constantly repeating cycle. According to the Department of Energy, water heating accounts for 14% to 25% of your household's total energy costs. But there are easy, low-cost steps you can take to reduce standby losses-and your hot-water bill, too. Try these five, and you'll start seeing a difference right away.

Wrap your heater in a blanket

Just as you wouldn't send little Susie out into the cold without a jacket, your water heater needs help to stay warm, especially if it's in an unheated space. A fiberglass insulating blanket can cut heat loss by 25% to 40% and save 4% to 9% on the average water-heating bill of $308, according to the American Council for an Energy Efficient Economy (http://www.aceee.org) (ACEEE).

Insulating blankets are cheap, usually less than $30 at the home center, and it's easy to install one yourself. Follow the included directions, and take care not to block the thermostat on an electric water heater or the air inlet, exhaust, or top of the tank on a gas unit.

If your water heater is fairly new, check the manufacturer's recommendations first. Many newer units already have insulating foam built in; on these models, an after-market jacket could block a critical component.

Install low-flow fixtures

One of the surest ways to cut hot water costs is to use less of it. According to the ACEEE, a family of four uses 700 gallons of hot water per week. By installing low-flow showerheads (http://www.houselogic.com/articles/low-flow-showerheads-how-to-choose/) and faucet aerators, which cost as little as $10 to $20 each, you can cut hot water consumption by 25% to 60%. These devices are easy to install and will save 14,000 gallons of hot water annually, plus the energy it takes to heat it. The U.S. Environmental Protection Agency (http://www.epa.gov) estimates the average U.S. household water bill at $474 a year. By cutting water consumption in half, you'll save more than $200 annually.

Turn down the temperature

Many water heaters come from the factory with the temperature set needlessly high. For every 10 degrees you turn it down, you'll save another 3% to 5% on your bill, according to ACEEE. A setting between 120 and 140 degrees is plenty hot for most uses. Just don't go below 120 degrees, which could lead to the unsafe growth of bacteria inside the tank.

If the thermostat on your water heater doesn't have a numbered gauge, put it midway between the "low" and "medium" marks. Wait a day, then measure the temperature at the tap with a standard cooking thermometer. Keep adjusting this way until you hit your target temperature.

Drain the sediment

Tanks naturally build up sediment, which reduces the unit's efficiency and makes it more expensive to operate. "Imagine an inch of sand inside your water heater," explains David Chisholm of manufacturer State Water Heaters. "When you get a layer at the bottom of the tank, you have to heat up that sediment before you can heat up the water."

Draining the tank is relatively easy. Turn off the water and power to the unit (set the burner on a gas unit to "pilot". Then connect a garden hose to the spigot at the base of the tank. With the other end of the hose at a lower spot outside the house where discharging hot water poses no danger, carefully lift the pressure-relief valve at the top of the tank and turn on the spigot; water should begin to flow. While most manufacturers recommend draining the tank once or twice a year, you don't have to drain it completely; in fact, the Department of Energy (http://www.energy.gov) recommends draining less water more often-just a quart every three months.

Insulate exposed hot-water pipes

Like blanketing the tank, wrapping hot-water pipes with insulation reduces standby losses. Water arrives at the tap 2 to 4 degrees warmer, which means you won't have to stand around as long waiting for it to heat up, thus saving water, energy, and money. While this isn't an expensive job to do yourself-six-foot-long, self-sealing sleeves easily slip over pipes and cost about $2.50 each-it could take some effort, depending on where your hot water pipes are. Exposed pipes in the basement are an easy target, but if pipes are in a hard-to-reach crawl space or inside walls, it might not be worth the trouble.

Joe Bousquin's work has appeared in the Wall Street Journal, Kiplinger's Personal Finance, and Men's Journal. The owner of a 79-year-old home in Sacramento, Calif., he has a new reverence for his water heater.

Technorati Tags: Saving Energy Water Heater Tips

Smitha Ramchandani is a licensed real estate Broker-Salesperson in Morristown, New Jersey. She is a Buyer Specialist and a Home Marketing Expert.. You can reach Smitha and her team online at: http://www.MorrisCountyHomeFinder.com or http://www.ChathamMoves.com or http://www.EastHanoverMoves.com or http://www.FlorhamParkMoves.com or http://www.MontvilleMoves.com or http://www.DenvilleMoves.com or http://www.ParsippanyMoves.com

January 2010 and February 2010 Condo and Townhome Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales

Smitha Ramchandani — 2010-03-17T18:32:42Z

January 2010 – February 2010 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Beds	Baths	Garages	Sold Price
Butler Boro	271 WINTHROP DRIVE	$255,000	First Floor Unit	2	2	0	$245,000
Butler Boro	320 Cambridge Drive	$258,900	Townhouse-End Unit	2	2	0	$245,000
Butler Boro	234 TERRACE LAKE DRIVE	$369,000	Townhouse-Interior	2	2.1	1	$353,000
Chatham Boro	10 Schindler Court	$675,000	Townhouse-End Unit	3	2.1	2	$660,000
Chatham Boro	2 SCHINDLER CT	$730,000	Townhouse-End Unit	3	2.1	2	$710,000
Chatham Twp.	261 RIVEREDGE DR	$249,900	Townhouse-End Unit	1	1	1	$250,000
Chatham Twp.	257 RIVEREDGE DR	$265,000	Townhouse-End Unit	1	1	1	$260,000
Chatham Twp.	19i HERITAGE DR	$329,900	First Floor Unit	2	2	1	$315,000
Chatham Twp.	25B Canterbury Road	$345,000	First Floor Unit, One Floor Unit	2	1.1	1	$327,500
Chatham Twp.	88 Canterbury	$399,900	Townhouse-End Unit	2	2.1	1	$360,000
Chatham Twp.	54 Sterling Drive	$999,000	Townhouse-Interior	3	4.1	2	$935,000
Denville Twp.	311 DALTON CT	$289,900	Townhouse-Interior	2	1.1	1	$265,000
Denville Twp.	511 KNOLLWOOD CT	$300,000	Multi Floor Unit, Townhouse-Interior	2	1.1	1	$290,000
Denville Twp.	1208 WINDSOR CT	$359,900	Townhouse-End Unit	4	2.1	2	$352,000
Denville Twp.	7 BRIARWOOD LN	$645,000	Townhouse-End Unit	3	3.1	2	$610,000
Dover Town	54 E BLACKWELL ST APT C	$229,900	See Remarks, Townhouse-Interior	2	1.1	0	$215,000
East Hanover Twp.	8-2 Dara Drive	$225,000	One Floor Unit, See Remarks	2	1.1	1	$192,500
East Hanover Twp.	14-2 DARA DR	$274,900	One Floor Unit, Townhouse-End Unit	2	2	1	$235,000
East Hanover Twp.	18 JENNIFER DR	$318,000	One Floor Unit, Townhouse-Interior	2	2	0	$314,000
East Hanover Twp.	30 RUBY LANE	$325,000	One Floor Unit, Townhouse-Interior	2	2	0	$285,000
Florham Park Boro	58 BROOKLAKE RD	$369,900	One Floor Unit	2	1	1	$409,000
Florham Park Boro	58 BROOKLAKE RD	$379,900	One Floor Unit	2	1	1	$360,000
Florham Park Boro	58 BROOKLAKE RD	$409,000	One Floor Unit	2	1.1	1	$409,000
Florham Park Boro	11 CASPER CT	$599,900	Multi Floor Unit, Townhouse-End Unit	3	3.2	2	$570,000
Hanover Twp.	3202 Appleton Way	$349,999	Multi Floor Unit, Townhouse-Interior	2	2	1	$350,000
Hanover Twp.	410 PaperMill Drive	$374,500	One Floor Unit	2	2	1	$374,500
Hanover Twp.	1507 RIVEREDGE LN	$459,900	Townhouse-Interior	2	2.1	2	$425,000
Hanover Twp.	502 Spring Hollow Drive	$499,000	Townhouse-Interior	3	2.1	2	$648,649
Harding Twp.	17 BEECH LN	$449,999	Multi Floor Unit, Townhouse-End Unit	2	2.1	1	$440,000
Jefferson Twp.	1 SCHOFIELD CT	$279,900	Townhouse-End Unit	2	2.1	2	$255,000
Lincoln Park Boro	208 ROBERTSON WAY	$259,900	First Floor Unit, One Floor Unit	2	2	0	$250,000
Lincoln Park Boro	153 HARVEST LN	$259,900	First Floor Unit, One Floor Unit	2	2	0	$252,000
Lincoln Park Boro	293 GETTYSBURG WAY	$290,000	Townhouse-Interior	2	2.1	0	$283,500
Lincoln Park Boro	10 JEREMY CT	$399,000	Townhouse-Interior	2	2.1	1	$381,000
Long Hill Twp.	38 Stonehedge Rd	$469,000	Townhouse-Interior	3	2.1	1	$440,000
Madison Boro	2 AVERY CT	$585,000	Townhouse-End Unit	3	2.1	1	$554,000
Madison Boro	4 ROLLING HILL CT	$610,000	Townhouse-End Unit	3	2.1	2	$582,000
Madison Boro	19 ROLLING HILL CT	$615,000	Townhouse-Interior	2	2.1	1	$555,000
Mendham Boro	50 WEXFORD DR	$459,000	Townhouse-Interior	3	2.1	1	$440,000
Mendham Boro	34 PEMBROKE DR	$529,000	Townhouse-End Unit	3	3	1	$510,000
Montville Twp.	136 CHANGE BRG UNIT C2	$249,000	Townhouse-End Unit	2	2	0	$235,000
Montville Twp.	85 HERITAGE CT	$399,900	Townhouse-Interior	2	2.1	1	$380,000
Montville Twp.	23 W SPRINGBROOK RD	$429,000	Townhouse-Interior	3	2.1	1	$400,000
Montville Twp.	1 JEFFERSON CT	$454,900	Townhouse-End Unit	2	2.1	2	$421,000
Montville Twp.	10 ECKHARDT CIR	$459,000	Townhouse-Interior	2	2.1	2	$425,000
Montville Twp.	6 ECKHARDT CIR	$473,269	Townhouse-Interior	2	2.1	2	$428,000
Montville Twp.	90 WASHINGTON CT	$499,999	Townhouse-End Unit	3	2.1	1	$469,000
Montville Twp.	18 HIXSON CT	$549,000	Townhouse-Interior	3	3.1	2	$525,000
Morris Twp.	5 CENTER AVENUE UNIT 3	$285,000	Townhouse-End Unit	1	1.1	0	$228,000
Morris Twp.	20 TIMOTHY CT	$385,900	Townhouse-End Unit	2	2.1	1	$370,000
Morris Twp.	53 HANCOCK DR	$389,900	Townhouse-End Unit	2	2.1	1	$370,000
Morris Twp.	6 ZAMROK WAY	$430,000	Townhouse-Interior	2	3.1	1	$410,000
Morris Twp.	20 SHELLEY PL	$459,900	Townhouse-End Unit	3	2.1	1	$435,000
Morris Twp.	24 DAVENPORT PL	$475,000	Townhouse-Interior	3	3	1	$450,000
Morris Twp.	4 Sherwood Drive	$485,000	Townhouse-Interior	2	2.1	1	$462,500
Morris Twp.	29 SHERWOOD DRIVE	$679,900	Colonial, Townhouse-End Unit	3	2.1	2	$650,000
Morris Twp.	46 PIPPINS WAY	$699,000	Townhouse-Interior	2	2.1	1	$680,000
Morris Twp.	57 Sherwood Drive	$699,000	Townhouse-End Unit	3	3.1	2	$680,000
Morristown Town	31 SUSSEX AVE	$299,900	First Floor Unit, One Floor Unit, Townhouse-End Unit	2	1	0	$292,000
Morristown Town	51 Mt.Kemble Ave 301	$328,000	Multi Floor Unit, Townhouse-End Unit	2	1	0	$320,000
Morristown Town	60E RIDGEDALE AVE	$339,000	Townhouse-Interior	2	1.1	0	$322,500
Morristown Town	13 FRANKLIN PL	$485,000	Townhouse-End Unit, Victorian	3	2.1	1	$463,000
Morristown Town	7 PROSPECT STreet 806	$519,900	Hi-Rise, One Floor Unit	2	2	2	$450,000
Morristown Town	110 SOUTH ST	$721,000	One Floor Unit	2	2	2	$721,000
Morristown Town	30 KING ST UNIT D	$749,000	Townhouse-End Unit	3	2.1	1	$672,500
Mount Arlington Boro	40 HICKORY WAY	$369,900	Townhouse-End Unit	2	2.1	1	$345,000
Mount Arlington Boro	33 LAKESHORE DR	$584,900	Townhouse-Interior	3	3.1	2	$560,000
Parsippany	2467 Route 10 Bldg. 6 Unit 1A	$174,500	One Floor Unit	1	1	0	$167,500
Parsippany	2350 ROUTE 10-D14	$196,900	One Floor Unit	1	1	0	$185,000
Parsippany	2467 State ROUTE 10,14-5B	$205,900	One Floor Unit	2	1	1	$210,000
Parsippany	2467 ROUTE 10 Bldg 14-1B	$210,000	One Floor Unit	2	1	0	$195,000
Parsippany	2467 Route 10 9-3B	$225,000	One Floor Unit	2	1	1	$215,000
Parsippany	70 PATRIOTS RD	$334,900	Townhouse-Interior	2	1.1	1	$307,611
Parsippany	57 STOCKTON CT	$369,900	Townhouse-Interior	2	1.1	1	$350,000
Parsippany	5 GORDON CIR	$444,999	Townhouse-Interior	3	2.1	1	$415,000
Parsippany	123 AUTUMN RIDGE RD	$495,000	Townhouse-End Unit	3	2.2	1	$482,000
Pequannock Twp.	207 CHATFIELD DR	$269,900	One Floor Unit	2	1	0	$265,000
Pequannock Twp.	4406 TUDOR DR	$315,000	Multi Floor Unit, Townhouse-End Unit	2	2.1	0	$310,000
Pequannock Twp.	2801 TUDOR DRIVE	$385,000	Townhouse-End Unit	3	2.1	1	$365,000
Randolph Twp.	8 KENSINGTON DR	$399,000	Townhouse-Interior	3	2.1	1	$385,000
Randolph Twp.	103 ARROWGATE DR	$400,000	Townhouse-End Unit	3	2.1	2	$390,000
Riverdale Boro	5105 SANCTUARY BLVD	$249,990	Townhouse-Interior	1	1	1	$249,990
Riverdale Boro	332 Cannella Way	$314,500	One Floor Unit	2	2	0	$285,000
Riverdale Boro	26 ROCK CREEK TER	$444,900	Townhouse-Interior	3	2.1	1	$432,500
Riverdale Boro	22 ROCK CREEK TER	$449,900	Multi Floor Unit, Townhouse-Interior	3	3.1	1	$435,000
Rockaway Twp.	1109 CLINTON LANE	$165,000	First Floor Unit, One Floor Unit	1	1	1	$157,000
Rockaway Twp.	3206 CLEVELAND LN	$199,000	One Floor Unit	2	2	1	$190,000
Rockaway Twp.	2311 JOHNSON DR	$229,900	One Floor Unit	2	2	1	$265,000
Roxbury Twp.	92 WOODS EDGE DR	$250,000	Multi Floor Unit, Townhouse-Interior	2	1.1	1	$245,000
Roxbury Twp.	105 WOODS EDGE DR	$269,900	Townhouse-End Unit	2	1.1	1	$257,000
Roxbury Twp.	34 PONDSIDE DRIVE	$275,000	Townhouse-End Unit	3	2.1	1	$275,000
Roxbury Twp.	4 PONDSIDE DRIVE	$275,000	Townhouse-End Unit	3	2.1	1	$275,000
Roxbury Twp.	95 AUTUMN CT	$299,900	Townhouse-End Unit	2	2.1	1	$280,000
Roxbury Twp.	140 Whisper Way East	$304,000	Townhouse-Interior	3	2.1	1	$290,000
Washington Twp.	12 SCHINDLER SQ	$215,000	Townhouse-Interior	2	1.1	2	$205,000
Washington Twp.	43 Bennington Square	$249,900	Townhouse-Interior	3	2.2	1	$246,000
Wharton Boro	1590 TOPSIDE	$219,900	Townhouse-Interior	2	1.1	1	$215,000

Smitha Ramchandani is a licensed real estate Broker-Salesperson in Morristown, New Jersey. She is a Buyer Specialist and a Home Marketing Expert.. You can reach Smitha and her team online at: http://www.Morris-Homes.com or http://www.ChathamMoves.com or http://www.EastHanoverMoves.com or http://www.FlorhamParkMoves.com or http://www.MontvilleMoves.com or http://www.DenvilleMoves.com or http://www.ParsippanyMoves.com

Technorati Tags: January 2010 and February 2010 Morris County Condo and Townhome Sales

A Financial Plan for Your Home

Smitha Ramchandani — 2010-03-08T17:06:11Z

Article From HouseLogic.com By: Richard Koreto Published: August 28, 2009

Your home is probably the biggest investment you'll ever make. Create a financial plan that takes into account repairs, upgrades, mortgages, insurance, and taxes.

You probably already have a financial plan for yourself in place. Most likely you sat down with an adviser at some point to set up a budget and diversify your investments. Or maybe you did it yourself online or at the dining room table.

But what about your home specifically, probably the biggest investment you'll ever make? Did you really take everything into account: repairs and upgrades, the mortgage, insurance, and taxes? Probably not.

You need a separate financial plan for your home. Spend a weekend creating one. Once you have a handle on your home's expenses, you can devise a long-term strategy that'll let you live there for years with maximum enjoyment and minimum anxiety.

The mortgage: Paying it-and then some

Yes, you already shell out a lot for your mortgage, but can you pay more? Even a little extra each month can add up. Let's say you have $200,000 outstanding principal and a 20-year fixed-rate mortgage at 5%. Your monthly payment is $1,319.91. But if you can manage to pay another $100 a month, you'll save $14,887 in interest. Run the numbers (http://realestate-calc.com/Mortgage_Calculators/Mortgage_Calculator_Input_Add_Payment.asp) for yourself.

Alan D. Kahn, a financial planner in Syosset, N.Y., likes the idea of early payoff because lowering debt leaves you free to spend money elsewhere later on. There's an emotional benefit as well. It can feel awfully good to own your house outright as soon as possible. And don't fret too much about losing the mortgage interest deduction come tax time. Toward the tail end of the life of a loan most of your payment is going to the principal, not the interest.

Nevertheless, the same extra $100 might also go into a retirement plan every month, or be put aside for the inevitable home repairs (more on those later). Michael Kay, a financial planner in Livingston, N.J., says while a debt-free life may be enormously important to your peace of mind, an extra $1,200 toward your child's college fund every year may feel even better. It's about what's ultimately important to you, both emotionally and financially.

Insurance: Protecting your property

You'll want homeowners insurance with full replacement coverage (http://www.houselogic.com/articles/homeowners-insurance-time-for-annual-check-up/) in case your house is burned to the ground. This sounds simple, but be careful on the calculation. Remember that you own a house as well as the land on which it sits. So even though you bought your home for $300,000, it may cost only $100,000 to rebuild it. Your policy limits should reflect this.

The differences are regional. Where land is at a premium, like much of Southern California, a higher percentage of the purchase cost is for the property rather than the structure. Where land is cheap, like much of North Dakota, most of the value of a new house is the house itself. Don't be deceived by shifts in market values. You may have bought a $1.2 million townhouse in Florida during the boom that now may only sell for $600,000. But the replacement cost of the townhouse hasn't changed much, so you can't cut insurance costs that way.

Do, however, try to cut costs by asking your insurance agent about discounts. Making structural improvements, such as adding storm shutters, can lead to lower rates. Membership is certain groups, such as AARP or veterans' organizations, entitles some policyholders to breaks on premiums as well.

Repairs and renovations: By choice or necessity

Throughout the life of your house, you'll be making two kinds of changes. The first is the fun kind, like a marble floor for the living room. The second is the essential, behind-the-scenes change: a new water heater. You don't have a choice about when you'll do the latter, but you can prepare for it financially.

It's a good idea to have a rainy-day fund. Start with the inspection report you received when you bought the house. Did the inspector indicate that you would need a new roof in five years? A new furnace in 10? Get estimates on what these repairs will cost and start saving. Consider ongoing non-emergency maintenance too. Do you live in New England? Price a snow blower and get bids from plow services. Resist the temptation to take care of everything with home equity loans (http://www.houselogic.com/articles/a-guide-to-equity-loan-options/), which defeat efforts to pay off the mortgage early.

As for the discretionary upgrades, act prudently. Matthew P. Havens, a financial planner in Hingham, Mass., has seen too many people rationalizing lavish upgrades as an investment when they really were lifestyle decisions. According to Remodeling magazine (http://www.remodeling.hw.net/2009/costvsvalue/national.aspx), an upscale major kitchen upgrade, for example, could cost nearly $112,000, but only about 63% of that will be recouped in the home's resale value. This isn't to say you shouldn't upgrade. If you can afford to redo your bathrooms, go ahead. Just don't confuse your necessary repairs (new oil furnace-about $4,000) with your discretionary upgrades (Viking range-$6,000 and up).

Taxes: (Almost) no way around them

Taxes are an essential part of your home's financial plan. The bank that holds your mortgage may already handle your real estate taxes with an escrow account. If so the expense is built into your monthly mortgage payment. Check your statements or call the lender. Otherwise create a dedicated fund for property taxes, which can run into the thousands of dollars annually.

You may be able to reduce your tax burden by getting a reassessment. Do your homework first. Are comparable houses taxed less than yours? Ask the local assessor what formula is used to set tax rates. Kay, the New Jersey financial planner, researched and then challenged the assessed value (http://www.houselogic.com/articles/appeal-your-property-tax-bill/) of his own home and got a 15% rollback.

If you're in a special group, you might get some help from state or local programs. Check around to see what's available in your area. New York State, for example, has its Star Program (http://www.orps.state.ny.us/star/index.cfm) for giving senior citizens some relief from school-related property taxes.

Richard J. Koreto is a freelance writer. He has been editor of several professional financial magazines and is the author of "Run It Like a Business," a practice management book for financial planners. He and his wife own a pre-Civil War house in Rockland County, N.Y.

Smitha Ramchandani is a licensed real estate Broker-Salesperson in Morristown West, New Jersey. She is a Buyer Specialist and a Home Marketing Expert.. You can reach Smitha and her team online at: http://www.Morris-Homes.com or http://www.ChathamMoves.com or http://www.EastHanoverMoves.com or http://www.FlorhamParkMoves.com or http://www.MontvilleMoves.com or http://www.DenvilleMoves.com or http://www.ParsippanyMoves.com

Are you getting the Home Buyer Tax Credit You Deserve?

Smitha Ramchandani — 2010-01-14T17:39:44Z

The Home Buyer Tax Credit has been Extended and Expanded.

Now Both First-Time Home Buyers and Move-Up/Repeat Home Buyers who qualify can take advantage of the New Tax Credit.

Along with today’s historically low mortgage rates, it creates a Unique Opportunity for Buyers

Key Details:

The $8,000 tax credit for first-time buyers has been extended through April 30, 2010.
Current homeowners are eligible for a $6,500 tax credit, provided you have lived in the home you are selling as a principal residence for five consecutive years within the last eight years.
Income limits for eligible buyers were increased from $75,000 to $125,000 for single buyers and from $150,000 to $225,000 for married couples.
Time has been added to allow for closing the home purchase. As long as you have a binding sales contract by April 30, you will then have until June 30, 2010, to close the purchase transaction.
To qualify, the home must be your primary residence and have a purchase price of $800,000 or less.

How it works:

The amount of your credit will be first credited toward any tax liability for the year of purchase. Then the remainder will be refunded to you. (For example a first-time buyer with a $2,000 tax liability would receive a check for $6,000).
Any single-family residence purchased to be used as a principal residence (including condos, co-ops) will qualify if it is purchased by April 30, 2010 for $800,000 or less and closed by June 30, 2010.
The full amount of the credit is available for individuals with adjusted gross income of no more than $125,000 or $225,000 on a joint return. Above those incomes, the amount of the tax credit decreases until the maximum limit is reached – $145,000 for an individual or $245,000 in joint income.

For More Details visit Extended and Expanded Home Buyer Tax Credit.

Smitha Ramchandani is a licensed real estate Broker-Salesperson in Morristown West, New Jersey. She is a Buyer Specialist and a Home Marketing Expert.. You can reach Smitha and her team online at: http://www.Morris-Homes.com or http://www.ChathamMoves.com or http://www.EastHanoverMoves.com or http://www.FlorhamParkMoves.com or http://www.MontvilleMoves.com

Technorati Tags: First Time Home Buyer Tax Credit,Home Owner Tax Credit,Real Estate Tax Credit,Move-Up Repeat Home Buyer Tax Credit

December 2009 Condo and Townhome Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales

Smitha Ramchandani — 2010-01-04T15:09:59Z

December 2009 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Beds	Baths	Garages	Sold Price
Butler Boro	47 HAMBURG TPKE	$249,000	Multi Floor Unit	1	2	0	$244,000
Butler Boro	476 Cambridge Drive	$256,000	First Floor Unit, Townhouse-End Unit	2	2	0	$240,000
Butler Boro	207 TERRACE LAKE DR	$374,900	Multi Floor Unit	2	2.1	1	$357,500
Chatham Twp.	11G SENTINEL CT	$247,000	One Floor Unit	1	1	1	$233,000
Chatham Twp.	20 LEXINGTON CT	$349,900	Townhouse-Interior	2	1.1	1	$337,450
Denville Twp.	33 DIAMOND SPRING RD	$319,900	Multi Floor Unit, Townhouse-Interior	2	1.1	0	$302,500
Denville Twp.	64 GLATTLY DR	$579,000	Multi Floor Unit	3	2.1	2	$560,000
East Hanover Twp.	127 CASTLE RIDGE DR	$435,000	Townhouse-End Unit	2	2.1	1	$418,000
East Hanover Twp.	53 CASTLE RIDGE DR	$499,900	Townhouse-Interior	3	2.1	1	$461,000
Florham Park Boro	58 Brooklake Road	$359,900	First Floor Unit, One Floor Unit	2	1	1	$355,000
Florham Park Boro	250 Ridgedale Ave. A-3	$420,000	Townhouse-Interior	2	2.1	2	$385,000
Hanover Twp.	132 SUNRISE DRIVE	$309,000	One Floor Unit, Townhouse-Interior	2	2	1	$297,500
Hanover Twp.	64 SUNRISE DR	$325,000	One Floor Unit	2	2	1	$320,000
Hanover Twp.	1204 FOX CHASE LN	$474,000	Townhouse-Interior	2	2.1	2	$445,000
Hanover Twp.	503 Spring Hollow Drive	$499,000	Townhouse-Interior	2	2.1	2	$508,861
Hanover Twp.	702 Spring Hollow Drive	$525,000	Townhouse-Interior	3	2.1	2	$525,121
Harding Twp.	3 POPLAR LN	$459,000	Townhouse-Interior	2	2.1	1	$420,000
Jefferson Twp.	34 PINE HOLLOW CT	$205,000	Townhouse-Interior	2	2	1	$217,300
Jefferson Twp.	18 Petersburg Ct	$215,000	Multi Floor Unit, Townhouse-Interior	2	2	1	$210,000
Jefferson Twp.	12 Old Fourth	$385,000	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$370,000
Lincoln Park Boro	65 HOMESTEAD LN	$299,900	First Floor Unit	2	2	0	$295,000
Madison Boro	318 Main St	$444,900	Townhouse-Interior	3	2.1	1	$439,900
Madison Boro	95 GREENWICH CT	$499,000	Townhouse-End Unit	3	2.1	1	$480,000
Montville Twp.	26 EUGENE DR	$495,000	Townhouse-Interior	2	3.1	1	$485,000
Montville Twp.	49 LENOX CT	$549,900	Townhouse-Interior	3	2.1	1	$525,000
Montville Twp.	11 Duryea Place	$998,800	Colonial	5	4.1	2	$980,000
Morris Plains Boro	3D FOXWOOD DR	$246,900	First Floor Unit	1	1	0	$225,000
Morris Twp.	212 Pitney Place	$229,000	One Floor Unit	2	1	0	$215,000
Morris Twp.	37 PIPPINS WAY	$675,000	Townhouse-Interior	3	2.1	1	$650,000
Morris Twp.	5 CARRIAGE HILL DR	$1,225,000	Townhouse-End Unit	4	4.1	2	$1,400,000
Morristown Town	12-E DORADO Drive, Unit 12-E	$319,900	Townhouse-Interior	2	2.1	0	$330,000
Morristown Town	12-B DORADO DR	$350,000	Townhouse-Interior	2	2.1	0	$345,000
Morristown Town	7 Thomas Trail	$356,000	Townhouse-Interior	2	2.1	1	$330,000
Morristown Town	7 PROSPECT STreet 709	$389,900	Hi-Rise, One Floor Unit	1	1	0	$330,000
Morristown Town	13 TAFT LN	$405,000	Townhouse-Interior	2	2.1	1	$377,500
Morristown Town	36 TWOMBLY CT UNIT B	$409,500	Townhouse-End Unit	2	2.1	1	$345,000
Morristown Town	89 TAFT LN	$425,000	Townhouse-Interior	2	2.1	1	$410,000
Mount Arlington Boro	68 Zachary Way	$426,900	One Floor Unit	2	2	1	$426,900
Mount Arlington Boro	28 LAKESHORE DRIVE	$498,900	Townhouse-Interior	3	3.1	2	$490,000
Parsippany	201 N BEVERWYCK RD APT 5	$164,900	One Floor Unit	1	1	0	$139,999
Parsippany	189-59 LITTLETON RD	$169,000	First Floor Unit, One Floor Unit	1	1	0	$155,000
Parsippany	2467 ROUTE 10	$179,000	One Floor Unit	1	1	0	$170,000
Parsippany	2467 ROUTE 10 E Bldg 2 / 3A	$188,335	First Floor Unit, Townhouse-Interior	1	1	0	$183,475
Parsippany	2467 ROUTE 10 29-7B	$189,900	One Floor Unit	1	1	0	$192,000
Parsippany	2350 STATE ROUTE 10-E26	$194,900	Development Home, One Floor Unit, Townhouse-Interior	1	1	0	$190,000
Parsippany	74 STOCKTON CT	$369,000	Townhouse-Interior	3	2.1	1	$353,000
Parsippany	83 PATRIOTS RD	$379,900	Townhouse-Interior	2	2.1	1	$377,000
Parsippany	75 PATRIOTS RD	$382,000	Townhouse-End Unit	3	2.1	1	$373,000
Parsippany	63 ALBERT CT	$419,000	Townhouse-Interior	3	2.1	1	$405,000
Parsippany	5 SUMMERHILL DR	$449,000	Townhouse-End Unit	3	2.1	1	$422,000
Pequannock Twp.	4101 Tudor Drive	$309,900	Townhouse-End Unit	2	2.1	0	$285,000
Pequannock Twp.	3305 TUDOR DR	$316,575	Townhouse-End Unit	2	2.1	0	$308,000
Randolph Twp.	207 BOULDER RIDGE DR	$337,000	Townhouse-End Unit	2	2	1	$318,000
Randolph Twp.	149 ARROWGATE DR	$400,000	Detached, Townhouse-End Unit	3	2.1	2	$400,000
Riverdale Boro	5102 SANCTUARY BLVD	$199,990	One Floor Unit	1	1	0	$199,990
Riverdale Boro	5119 SANCTUARY BLVD	$199,990	One Floor Unit	1	1	0	$199,990
Riverdale Boro	5118 SANCTUARY BLVD	$209,990	Townhouse-Interior	1	1	0	$199,990
Riverdale Boro	5201 SANCTUARY BLVD	$214,990	Townhouse-Interior	1	1	0	$214,990
Riverdale Boro	5220 SANCTUARY BLVD	$219,990	One Floor Unit	1	1	1	$219,990
Riverdale Boro	5115 SANCTUARY BLVD	$239,990	Townhouse-Interior	1	1	1	$239,990
Riverdale Boro	5420 SANCTUARY	$244,990	One Floor Unit	1	1	1	$244,990
Riverdale Boro	80 MOUNTAINVIEW CT	$259,900	One Floor Unit	1	1	0	$255,000
Riverdale Boro	6204 BROOKHAVEN COURT	$334,990	One Floor Unit, Townhouse-Interior	2	2	1	$300,000
Riverdale Boro	1210 WHARTON CT	$339,000	One Floor Unit	2	2	1	$320,000
Rockaway Twp.	2208 FRANKLIN LN	$159,000	One Floor Unit	1	1	1	$150,000
Rockaway Twp.	322 RICHARD MINE RD C8	$199,000	First Floor Unit, One Floor Unit, Townhouse-End Unit	2	1	1	$175,000
Rockaway Twp.	16 HILLSBOROUGH CT	$285,000	Townhouse-Interior	3	2.1	0	$270,000
Rockaway Twp.	66 WOODLEDGE CT	$319,999	Townhouse-End Unit	3	2.1	0	$310,000
Rockaway Twp.	3311 CLEVELAND LN	$339,000	One Floor Unit, Townhouse-End Unit	2	2	2	$310,000
Roxbury Twp.	62 DRAKE LN	$274,900	First Floor Unit, One Floor Unit	2	2	1	$268,000
Roxbury Twp.	127 DRAKE LANE	$284,500	First Floor Unit, Townhouse-End Unit	3	2	1	$275,000
Roxbury Twp.	119 Autumn Court	$295,000	Townhouse-Interior	2	2.1	1	$280,000
Washington Twp.	2 SCHINDLER SQ	$239,000	Townhouse-Interior	2	1.1	1	$231,000
Washington Twp.	72 Schindler Square	$239,900	Townhouse-End Unit	2	2.1	1	$225,000
Washington Twp.	13 Trafalgar Ct.	$275,000	Townhouse-End Unit	3	2.1	2	$260,000
Wharton Boro	23157 WESTVIEW	$265,000	Townhouse-Interior	2	1.1	1	$242,500

Technorati Tags: December 2009 Morris County Real Estate Sales

Smitha Ramchandani is a licensed real estate Broker-Salesperson in Morristown West, New Jersey. She is a Certified Buyer Specialist and a Home Marketing Expert.. You can reach Smitha online at: http://www.Morris-Homes.com or http://www.ChathamMoves.com or http://www.EastHanoverMoves.com or http://www.FlorhamParkMoves.com or http://www.MontvilleMoves.com

November 2009 Condo and Townhome Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales

Smitha Ramchandani — 2009-12-22T11:10:26Z

November 2009 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Beds	Baths	Garages	Sold Price
Boonton Town	189 N MAIN ST	$399,850	Townhouse-End Unit	2	2.1	2	$385,000
Butler Boro	102 BARRISTER DR	$279,900	First Floor Unit, One Floor Unit	2	2	0	$275,000
Butler Boro	139 DECKER RD	$294,000	Townhouse-Interior	2	2.1	1	$287,500
Butler Boro	226 TERRACE LAKE DRIVE	$327,900	Townhouse-End Unit	2	2.1	1	$307,500
Chatham Twp.	3C AVON CT	$227,500	First Floor Unit, One Floor Unit	1	1	1	$225,000
Chatham Twp.	273 RIVEREDGE DR	$250,000	Townhouse-End Unit	1	1	1	$250,000
Chatham Twp.	14A Kensington Rd	$255,000	One Floor Unit	1	1	1	$250,000
Chatham Twp.	19G HERITAGE DR	$260,000	One Floor Unit, Tudor	1	1	1	$252,000
Chatham Twp.	2F AVON CT	$269,000	One Floor Unit, Townhouse-End Unit	1	1	1	$265,000
Chatham Twp.	10A Heritage Drive	$269,500	First Floor Unit, One Floor Unit, Tudor	1	1	1	$259,000
Chatham Twp.	1G HERITAGE DRIVE	$349,000	One Floor Unit	2	2	1	$350,000
Denville Twp.	124 E MAIN ST - UNIT 308	$179,000	Townhouse-Interior	1	1	0	$170,000
Denville Twp.	105 SHEFFIELD COURT	$299,000	Townhouse-Interior	2	1.1	1	$300,000
Denville Twp.	3501 SCENIC CT	$315,000	Townhouse-End Unit	2	1.1	1	$300,000
Denville Twp.	817 BUCKLAND CT	$319,900	Townhouse-End Unit	2	1.1	1	$310,000
Denville Twp.	14 Joanne Drive	$349,000	Townhouse-End Unit	2	1.1	1	$342,000
East Hanover Twp.	20 SHARON DR	$330,000	One Floor Unit, Townhouse-Interior	3	2	0	$320,000
East Hanover Twp.	32 DONNA DRIVE	$339,900	One Floor Unit, Townhouse-End Unit	3	2	0	$325,000
East Hanover Twp.	105 CASTLE RIDGE DR	$424,900	Townhouse-End Unit	2	2.1	1	$420,000
Florham Park Boro	58 BRANDYWYNE DR	$305,000	Townhouse-End Unit	1	1.1	1	$285,000
Florham Park Boro	1 Trevino Court	$899,000	Townhouse-End Unit	3	4.2	2	$820,000
Hanover Twp.	106 STONE CREEK COURT	$299,990	First Floor Unit, One Floor Unit	1	1.1	1	$299,990
Hanover Twp.	102 STONECREEK COURT	$349,990	One Floor Unit, Townhouse-End Unit	2	2	1	$349,990
Hanover Twp.	110 STONE CREEK COURT	$359,990	One Floor Unit	2	2	1	$359,990
Hanover Twp.	2802 CORTLAND LN	$365,000	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$356,000
Hanover Twp.	1201 Appleton Way	$429,900	Townhouse-End Unit	2	2.1	1	$429,900
Harding Twp.	8 CYPRESS CIR	$545,000	Townhouse-End Unit	2	2.1	2	$520,000
Jefferson Twp.	9 Petersburg Ct	$229,900	Townhouse-Interior	2	2	1	$218,000
Kinnelon Boro	34 Breckenridge Terr.	$269,000	Townhouse-End Unit	2	2	1	$240,000
Lincoln Park Boro	372 GETTYSBURG WAY	$224,900	Townhouse-End Unit	1	1	0	$215,000
Lincoln Park Boro	48 TOMS POINT LN	$244,900	Townhouse-End Unit	1	1	0	$242,500
Lincoln Park Boro	112 GETTYSBURG WAY	$264,900	Multi Floor Unit	2	2.1	0	$255,000
Lincoln Park Boro	53 HOMESTEAD LANE	$272,500	One Floor Unit	2	2	0	$256,000
Lincoln Park Boro	17 Homestead Lane	$275,000	One Floor Unit	2	2	0	$260,000
Lincoln Park Boro	83 Robertson Way	$277,000	One Floor Unit	2	2	0	$260,000
Lincoln Park Boro	375 GETTYSBURG WAY	$279,900	Townhouse-Interior	2	1.1	0	$275,000
Lincoln Park Boro	101 HARVEST LN	$295,000	First Floor Unit, Townhouse-End Unit	2	2	0	$275,000
Lincoln Park Boro	162 ROBERTSON WAY	$299,900	One Floor Unit	2	2	0	$288,168
Lincoln Park Boro	351 GETTYSBURG WAY	$308,900	Townhouse-End Unit	2	2.1	0	$300,000
Lincoln Park Boro	18 BRISTOL CT	$309,000	Townhouse-End Unit	2	2.1	1	$296,000
Lincoln Park Boro	8 NOELLE CT	$379,900	Townhouse-End Unit	2	2.1	1	$360,000
Lincoln Park Boro	28 ALPINE DR	$385,000	Multi Floor Unit, Townhouse-Interior	2	3.1	1	$370,000
Lincoln Park Boro	2 LINDA CT	$385,000	Townhouse-Interior	2	3.1	1	$375,000
Long Hill Twp.	84 SUNRISE DR	$439,900	Townhouse-Interior	3	2.1	1	$427,000
Madison Boro	252 Plymouth Court	$479,500	Townhouse-Interior	2	2.1	1	$451,154
Mendham Boro	42 WEXFORD DR	$350,000	Townhouse-Interior	3	2.1	1	$340,000
Mendham Boro	54 WEXFORD DR	$359,000	Townhouse-Interior	3	2.1	0	$355,000
Montville Twp.	136 Changebridge Road A5	$199,900	First Floor Unit	1	1	0	$192,500
Montville Twp.	26 Springbrook Rd East	$342,000	One Floor Unit	3	2	0	$340,000
Montville Twp.	59 GENOBLE RD	$343,000	Townhouse-Interior	2	2	0	$320,000
Montville Twp.	58 VILLAGE DR	$439,000	Townhouse-Interior	2	2.1	1	$410,000
Montville Twp.	13 WASHINGTON CT	$454,000	Townhouse-Interior	3	2.1	1	$440,000
Montville Twp.	5 Cable Ct.	$479,000	Multi Floor Unit, Townhouse-Interior	3	2.1	1	$435,000
Montville Twp.	55 WEDGEWOOD DR	$524,800	Townhouse-Interior	2	2.1	2	$518,000
Montville Twp.	110 Ridge Drive	$594,800	Townhouse-Interior	3	2.1	2	$557,000
Montville Twp.	37 WATERFORD DR	$619,000	Townhouse-End Unit	3	2.1	2	$585,000
Morris Plains Boro	9J Foxwood Drive	$247,900	One Floor Unit, Townhouse-End Unit	1	1	0	$236,500
Morris Plains Boro	16 A-D FOXWOOD DR	$279,000	Townhouse-Interior	2	2	1	$257,500
Morris Twp.	52 VILLAGE DR	$227,900	First Floor Unit, One Floor Unit	2	2	0	$217,000
Morris Twp.	16C LEVA DR unit C	$345,000	Multi Floor Unit	2	2	2	$336,000
Morris Twp.	14B Leva Drive	$349,000	Multi Floor Unit, Townhouse-End Unit	2	2.1	2	$330,000
Morris Twp.	12C LEVA DR	$359,000	Townhouse-Interior	2	2	2	$330,000
Morris Twp.	18 CADENCE CT	$425,000	Townhouse-End Unit	3	3	1	$425,000
Morris Twp.	66 Pippins	$449,999	Townhouse-Interior	3	3	1	$405,000
Morris Twp.	17 Cadence Court	$495,000	Townhouse-Interior	3	3	1	$485,000
Morris Twp.	14 Raven Drive	$523,500	Townhouse-Interior	3	2.1	2	$492,000
Morristown Town	2 COTTAGE PL	$149,500	One Floor Unit	2	1	0	$127,500
Morristown Town	51 Mt. Kemble Ave.Unit 212	$279,900	One Floor Unit, Townhouse-End Unit	1	1	0	$250,000
Morristown Town	44 Ridgedale Av Unit6 RDUCD	$299,900	Multi Floor Unit, Townhouse-Interior	1	1.1	0	$290,000
Morristown Town	51 Mt Kemble Ave	$299,900	One Floor Unit	2	2	2	$290,000
Morristown Town	54C RIDGEDALE AVE	$335,000	Townhouse-Interior	2	1.1	0	$317,500
Morristown Town	51 MT KEMBLE AVE 401	$339,990	Multi Floor Unit, Townhouse-End Unit	2	1	1	$320,000
Morristown Town	44 Ridgedale Avenue Unit 5	$349,900	Townhouse-Interior	2	1.1	1	$325,000
Morristown Town	44 Ridgedale Ave	$379,000	Townhouse-Interior	2	2	1	$350,000
Morristown Town	7 PROSPECT STreet 609	$399,900	One Floor Unit	1	1	0	$340,000
Morristown Town	13 ROBERTSON CT	$417,000	Townhouse-Interior	3	2.1	1	$383,000
Morristown Town	110 South Apt. 204	$645,000	One Floor Unit	2	2	2	$624,000
Mount Arlington Boro	12 MAGNOLIA LN	$309,900	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$299,900
Parsippany	2350 ROUTE 10-B25	$165,000	First Floor Unit, One Floor Unit	1	1	0	$157,500
Parsippany	2467 Route 10	$175,000	One Floor Unit	1	1	0	$175,000
Parsippany	2467 ROUTE 10 BLDG1/UNIT4B	$179,900	One Floor Unit	1	1	0	$172,000
Parsippany	2467 Rt 10 Bldg 16 Apt 6A	$185,000	First Floor Unit, Townhouse-Interior	1	1	0	$178,000
Parsippany	201 N BEVERWYCK RD APT 2	$185,000	One Floor Unit	1	1	0	$180,000
Parsippany	2467 Route 10, Bldg 26 ,1-B	$189,900	Townhouse-End Unit	1	1	0	$180,000
Parsippany	2467 ROUTE 10 EAST	$199,900	One Floor Unit	2	1	0	$184,000
Parsippany	2467 ROUTE 10	$199,900	One Floor Unit	2	1	0	$196,500
Parsippany	86 Patriots Rd	$394,990	Townhouse-End Unit	3	2.1	1	$385,000
Parsippany	101 STOCKTON CT	$399,900	Townhouse-Interior	3	2.1	1	$387,500
Parsippany	81 CONTINENTAL RD	$424,900	Multi Floor Unit, Townhouse-End Unit	3	2.1	1	$410,000
Parsippany	37 MONETT CT	$435,000	Townhouse-Interior	3	2.1	1	$425,000
Parsippany	188 Crown Point Road	$450,000	Townhouse-End Unit	3	2.1	1	$430,000
Parsippany	183 AUTUMN RIDGE RD	$469,800	Townhouse-End Unit	3	2.1	1	$447,500
Parsippany	158 GLADSTONE DR	$474,900	Townhouse-Interior	3	2.1	1	$468,500
Parsippany	12 Gordon Circle	$484,000	Townhouse-Interior	3	2.2	1	$468,000
Parsippany	84 CROWN POINT RD	$495,000	Townhouse-Interior	3	2.1	1	$484,000
Parsippany	113 Cardigan Ct	$496,000	Townhouse-End Unit	3	2.1	1	$480,000
Parsippany	120 EMILY PL	$499,000	Townhouse-End Unit	3	2.1	1	$490,500
Pequannock Twp.	5809 TUDOR DR	$315,000	Townhouse-Interior	2	2.1	0	$305,000
Pequannock Twp.	2301 WENDOVER DR	$324,946	Townhouse-End Unit	2	2.1	0	$307,500
Pequannock Twp.	3204 TUDOR DRIVE	$374,000	Townhouse-Interior	3	2.1	1	$360,000
Pequannock Twp.	29 ELIZABETH AVE	$399,900	Cape Cod	3	1	1	$379,000
Pequannock Twp.	1 BURNHAM DRIVE	$475,000	Colonial	4	2.1	1	$460,000
Randolph Twp.	1005 WENDOVER CT	$359,900	Townhouse-Interior	2	2.1	1	$338,000
Randolph Twp.	10 SYCAMORE LN	$385,000	Townhouse-Interior	3	2.1	2	$365,000
Randolph Twp.	160 ARROWGATE DRIVE	$398,000	Townhouse-End Unit	3	2.1	2	$376,000
Randolph Twp.	78 ARROWGATE DRIVE	$399,000	Townhouse-End Unit	3	2.1	2	$385,000
Randolph Twp.	157 ARROWGATE DRIVE	$399,900	Townhouse-End Unit	3	2.1	2	$375,000
Randolph Twp.	47 WOODMONT DRIVE	$415,900	Townhouse-Interior	3	2.1	2	$385,000
Riverdale Boro	111 CANNELLA WAY	$249,900	First Floor Unit, One Floor Unit	2	1	0	$247,000
Riverdale Boro	411 CANNELLA WAY	$249,900	First Floor Unit	2	2	0	$230,000
Riverdale Boro	42 MOUNTAIN VIEW COURT	$269,900	First Floor Unit, One Floor Unit	2	1	0	$255,000
Riverdale Boro	76 MOUNTAIN VIEW CT	$289,900	One Floor Unit, Townhouse-End Unit	2	1	0	$272,500
Riverdale Boro	6210 Brookhaven	$329,990	First Floor Unit, Townhouse-End Unit	2	2	1	$319,990
Riverdale Boro	6409 BROOKHAVEN COURT	$344,990	Townhouse-Interior	2	2	1	$320,000
Riverdale Boro	10 TIMBER RIDGE RD	$388,800	Townhouse-End Unit	2	2.1	1	$375,000
Rockaway Boro	13 OAK STREET	$160,000	One Floor Unit	1	1	0	$154,000
Rockaway Twp.	1207 HAMILTON DR	$139,000	One Floor Unit, Townhouse-Interior	1	1	1	$130,000
Rockaway Twp.	322 RICHARD MINE RD W-4	$189,000	One Floor Unit, Townhouse-Interior	1	1	0	$180,000
Rockaway Twp.	322 RICHARD MINE ROAD G1	$209,900	Townhouse-End Unit	1	1	0	$182,000
Rockaway Twp.	2308 PIERCE LN	$252,950	One Floor Unit	1	1.1	1	$192,950
Rockaway Twp.	10 HEATHERWOOD CT	$289,000	Townhouse-Interior	3	2.1	0	$295,000
Rockaway Twp.	34 FLINTLOCK TER	$390,000	Townhouse	3	2.1	2	$382,000
Roxbury Twp.	100 E WHISPER WAY	$214,000	Townhouse-End Unit	1	1	1	$204,000
Roxbury Twp.	27 Whisper Way East	$219,900	One Floor Unit, Townhouse-End Unit	1	1	1	$213,000
Roxbury Twp.	38 E WHISPER WAY	$228,900	One Floor Unit, Townhouse-Interior	1	1	1	$222,000
Roxbury Twp.	160 DRAKE LANE	$258,900	One Floor Unit, Townhouse-End Unit	2	2	1	$246,000
Roxbury Twp.	41 DRAKE LN	$279,500	Townhouse-End Unit	3	2	1	$270,000
Roxbury Twp.	7 E WHISPER WAY	$289,900	Townhouse-End Unit	2	2.1	1	$290,000
Roxbury Twp.	102 E WHISPER WAY	$290,000	Townhouse-End Unit	2	2.1	1	$286,000
Roxbury Twp.	43 AUTUMN CT	$292,000	Townhouse-End Unit	3	2.1	1	$290,000
Roxbury Twp.	21 PONDSIDE DRIVE	$399,000	One Floor Unit, Townhouse-Interior	3	2.1	1	$375,000
Wharton Boro	740 UPPER WAY	$239,900	Townhouse-Interior	2	1.1	1	$239,900
Wharton Boro	25166 WEST VIEW	$279,900	Townhouse-End Unit	2	1.1	1	$268,500

Smitha Ramchandani is a licensed real estate Broker-Salesperson in Morristown, New Jersey. She is a Certified Buyer Specialist and a Home Marketing Expert.. You can reach Smitha online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.MorrisCountyTownhouses.com or http://www.MorrisCountyTownhomes.com

Technorati Tags: Morris County NJ Condominium and Townhome Townhouse Recent Sales and Market Activity for November 2009

October 2009 Condo and Townhome Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales

Smitha Ramchandani — 2009-12-16T15:01:22Z

October 2009 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate.

Town	Address	List Price	Style	Beds	Baths	Gar	Sold Price
Boonton Town	410 CORNELIA ST	$239,000	One Floor Unit, Townhouse-Interior	1	1	0	$225,000
Boonton Town	721 William Street	$469,000	Townhouse-End Unit	3	2.1	2	$458,500
Boonton Twp.	39 BRADFORD TER	$478,000	Townhouse-Interior	3	2.1	1	$455,000
Boonton Twp.	6 Ashwood Trail	$498,000	Townhouse-Interior	3	2.1	1	$520,000
Butler Boro	263 WINTHROP DR	$259,000	First Floor Unit	2	2	0	$255,000
Butler Boro	113 BARRISTER DR	$269,900	One Floor Unit, See Remarks	2	2	0	$270,000
Butler Boro	156 Barrister Dr	$274,000	One Floor Unit	2	2	0	$272,500
Butler Boro	160 Barrister Drive	$299,000	Multi Floor Unit	2	2	0	$275,000
Butler Boro	454 CAMBRIDGE	$309,000	Multi Floor Unit	2	2	0	$290,000
Butler Boro	223 TERRACE LAKE DR	$379,000	Townhouse-Interior	2	2.1	1	$357,500
Chatham Boro	380 Main Street	$299,000	First Floor Unit	2	1	0	$291,000
Chatham Twp.	22G Canterbury Rd	$249,900	One Floor Unit	1	1	1	$249,900
Chatham Twp.	172 RIVEREDGE DR	$299,000	Townhouse-Interior	2	1	1	$305,000
Chatham Twp.	20 I KENSINGTON RD	$315,000	Townhouse-End Unit	2	2	1	$295,000
Chatham Twp.	27 Canterbury Road	$439,900	Townhouse-End Unit	2	2.1	1	$425,000
Chatham Twp.	56 Sterling Drive	$899,000	Townhouse-End Unit	3	3.1	2	$924,366
Denville Twp.	15 Henning Terrace	$499,000	Townhouse-Interior	3	3	2	$479,000
Denville Twp.	62 HENNING TER	$629,500	Townhouse-End Unit	3	2.1	2	$610,000
Denville Twp.	54 N MACKENZIE LN	$639,900	Townhouse-Interior	3	2.1	2	$650,000
Florham Park Boro	18 LYNN CT	$219,900	Townhouse-End Unit	1	1.1	1	$229,000
Florham Park Boro	58 BROOKLAKE RD	$359,900	One Floor Unit	2	1	1	$359,900
Florham Park Boro	58 Brooklake Road	$409,000	One Floor Unit	2	2	1	$400,000
Florham Park Boro	38 PARK ST 14-B	$449,000	Townhouse-Interior	3	2.1	2	$423,750
Florham Park Boro	15 Sarazen Court	$519,000	Townhouse-Interior	3	2	2	$519,000
Hanover Twp.	3105 APPLETON WAY	$288,500	Townhouse-End Unit	1	1.1	0	$284,000
Hanover Twp.	206 STONE CREEK COURT	$299,990	First Floor Unit, One Floor Unit	1	1.1	1	$299,990
Hanover Twp.	3205 Appleton Way	$319,000	Multi Floor Unit	1	1.1	0	$295,500
Hanover Twp.	110 SUNRISE DR	$324,777	Townhouse-Interior	2	2	1	$310,000
Hanover Twp.	205 STONE CREEK COURT	$339,990	One Floor Unit	2	2	1	$339,900
Hanover Twp.	3403 APPLETON WAY	$349,900	Townhouse-End Unit	2	1.1	1	$335,000
Hanover Twp.	702 APPLETON WAY	$410,000	Townhouse-Interior	2	2.1	1	$394,500
Jefferson Twp.	58 RED OAK TER	$229,800	Multi Floor Unit	2	2	1	$229,800
Lincoln Park Boro	341 GETTYSBURG WAY	$219,900	Townhouse-End Unit	1	1	0	$217,000
Lincoln Park Boro	46 ROBERTSON WAY	$267,000	First Floor Unit, One Floor Unit	2	2	0	$266,000
Lincoln Park Boro	266 ROBERTSON WAY	$269,000	One Floor Unit	2	2	0	$260,000
Lincoln Park Boro	257 ROBERTSON WAY	$276,000	One Floor Unit	2	2	0	$267,000
Lincoln Park Boro	42 HOMESTEAD LN	$284,900	Multi Floor Unit, Townhouse-End Unit	2	2	0	$285,000
Lincoln Park Boro	198 Robertson Way	$309,000	One Floor Unit, Townhouse-End Unit	2	2	0	$292,000
Lincoln Park Boro	24 ALLISTER CT	$394,900	Townhouse-End Unit	3	2.1	1	$377,500
Lincoln Park Boro	9 Allister Court	$399,900	Townhouse-End Unit	3	2.1	1	$385,000
Lincoln Park Boro	53 Alpine Drive	$409,000	Townhouse-Interior	3	2.1	1	$385,000
Madison Boro	208 Mayfield Court	$498,000	Townhouse-End Unit	3	2.1	1	$485,000
Mendham Boro	83 Hampshire Drive	$375,000	Townhouse-Interior	3	2.1	1	$367,500
Mendham Boro	52 N ABERDEEN DR	$530,000	Townhouse-Interior	3	2.1	1	$445,000
Montville Twp.	136 CHANGEBRIDGE RD	$245,000	First Floor Unit, One Floor Unit, Townhouse-End Unit	1	1	0	$235,000
Montville Twp.	136 ChangeBridge Rd Unit O-3	$259,000	First Floor Unit, One Floor Unit, Townhouse-End Unit	1	1	0	$255,000
Montville Twp.	47 Genoble Road	$299,000	One Floor Unit	2	2	0	$270,000
Montville Twp.	17 TIFFANY CT	$479,000	Townhouse-Interior	2	2.1	1	$465,000
Montville Twp.	36 Eugene Drive	$494,900	Townhouse-Interior	2	2.1	1	$480,000
Montville Twp.	1 Aynsley Court	$648,800	Townhouse-End Unit	3	2.1	2	$610,000
Morris Twp.	75 HANCOCK DR	$377,000	Multi Floor Unit, Townhouse-End Unit	2	2.1	1	$368,500
Morris Twp.	76 HANCOCK DRIVE	$399,900	Multi Floor Unit, Townhouse-Interior	2	3.1	1	$390,000
Morristown Town	320 South 9A	$239,000	First Floor Unit	1	1	0	$227,000
Morristown Town	51 MT KEMBLE AVE 404	$365,000	Multi Floor Unit	3	2	0	$342,500
Morristown Town	44 Ridgedale UNIT 8	$369,000	Multi Floor Unit, Townhouse-Interior	2	1.1	1	$345,000
Morristown Town	5 LYNN CT	$379,900	Townhouse-End Unit	3	3.1	1	$379,900
Morristown Town	44 CHESTNUT ST 3	$400,000	Townhouse-End Unit	3	2.1	1	$375,000
Mount Arlington Boro	28 SUNSET TER UNIT 3	$189,900	First Floor Unit	1	1	0	$173,000
Mount Arlington Boro	28 SUNSET TER UNIT 2	$259,900	Townhouse-End Unit	2	2	0	$240,000
Mount Arlington Boro	29 CRESTVIEW LN	$287,000	One Floor Unit	2	2	0	$270,000
Mount Arlington Boro	114 RIDGEVIEW LN	$309,900	One Floor Unit	2	2	1	$305,000
Mount Arlington Boro	30 LAKESHORE DR	$506,625	Townhouse-Interior	3	3.1	2	$475,000
Mount Olive Twp.	185 WINDING HILL DR	$325,000	Colonial	4	2.1	2	$326,000
Parsippany-Troy Hills Twp.	2467 ROUTE 10 Bldg 25 3B	$159,000	One Floor Unit	1	1	0	$155,000
Parsippany-Troy Hills Twp.	2467 Rt 10 Apt 19-8B	$161,913	One Floor Unit	1	1	0	$170,000
Parsippany-Troy Hills Twp.	2467 Route 10E Blg 25 unit5A	$172,300	One Floor Unit	1	1	0	$180,200
Parsippany-Troy Hills Twp.	2467 Route 10 East 15-4A	$172,500	First Floor Unit	1	1	0	$175,000
Parsippany-Troy Hills Twp.	2467 ROUTE 10 BLDG3/UNIT6B	$172,500	One Floor Unit	1	1	0	$172,000
Parsippany-Troy Hills Twp.	2467 ROUTE 10 bld 48 3B	$205,000	Townhouse-End Unit	2	1	1	$199,000
Parsippany-Troy Hills Twp.	68 PATRIOTS RD	$399,900	Townhouse-Interior	3	2.1	1	$385,000
Parsippany-Troy Hills Twp.	19 AVERELL DR	$412,500	Townhouse-End Unit	3	2.1	1	$390,000
Parsippany-Troy Hills Twp.	95 SCHINDLER COURT	$459,900	Townhouse-Interior	3	2.1	2	$440,000
Parsippany-Troy Hills Twp.	137 RAYMOUND BLVD	$477,500	Townhouse-Interior	3	2.1	1	$471,000
Pequannock Twp.	1604 HAZELTON DRIVE	$338,500	Townhouse-End Unit	2	2.1	0	$330,000
Randolph Twp.	44 Arrowgate Drive	$365,000	Townhouse-End Unit	3	2.1	2	$350,000
Randolph Twp.	57 WOODMONT DR	$399,900	Townhouse-Interior	3	2.1	2	$408,000
Riverdale Boro	8406 SANCTUARY BLVD	$249,900	One Floor Unit, Townhouse-Interior	1	1	1	$242,000
Riverdale Boro	6208 BROOKHAVEN COURT	$369,990	One Floor Unit, Townhouse-End Unit	2	2	1	$349,990
Rockaway Boro	10 OAK ST	$185,000	Townhouse-Interior	1	1	0	$182,000
Rockaway Boro	2 WOODS EDGE RD	$239,000	Multi Floor Unit, Townhouse-End Unit	1	1.1	1	$220,000
Rockaway Twp.	1317 Hamilton Drive	$159,000	Townhouse-Interior	1	1	1	$153,000
Rockaway Twp.	2209 Clinton Lane	$164,500	One Floor Unit	1	1	1	$158,000
Rockaway Twp.	2109 FRANKLIN LN	$169,900	First Floor Unit, One Floor Unit	1	1	1	$162,000
Rockaway Twp.	3201 CLEVELAND LN	$174,900	One Floor Unit	1	1	1	$161,500
Rockaway Twp.	2101 JOHNSON DR	$179,000	First Floor Unit, One Floor Unit	1	1.1	1	$173,000
Rockaway Twp.	3218 FRANKLIN LN	$223,000	One Floor Unit	2	2	1	$204,000
Rockaway Twp.	1300 FRANKLIN LN	$268,900	One Floor Unit	2	2	1	$235,000
Rockaway Twp.	69 Fallen Timbers Trail	$308,800	Townhouse-End Unit	2	2.1	2	$290,000
Rockaway Twp.	68 LAURELWOOD CT	$310,000	Townhouse-Interior	3	2.1	0	$314,000
Rockaway Twp.	8 HERITAGE WAY	$349,000	Townhouse-Interior	3	2.1	2	$349,000
Rockaway Twp.	23 HILLSBOROUGH CT	$359,900	Townhouse-Interior	3	3.1	0	$349,000
Roxbury Twp.	219 Woods Edge Drive	$235,000	Townhouse-End Unit	2	2	1	$230,000
Roxbury Twp.	64 DRAKE LN	$239,000	One Floor Unit	1	2	1	$228,000
Roxbury Twp.	137 DRAKE LN	$249,900	One Floor Unit	2	2	1	$235,000
Roxbury Twp.	36 E WHISPER WAY	$292,000	Townhouse-Interior	3	2.1	1	$290,000
Roxbury Twp.	46 Pasture Court	$295,000	Townhouse-Interior	3	2.1	1	$282,000
Washington Twp.	1401 MOONLIGHT CT	$334,900	Townhouse-End Unit	3	2.1	2	$322,000

Smitha Ramchandani is a licensed real estate Broker-Salesperson in Morristown West, New Jersey. She is a Certified Buyer Specialist and a Home Marketing Expert.. You can reach Smitha online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.MorrisCountyTownhouses.com or http://www.MorrisCountyTownhomes.com

8 Easy Ways to Seal Air Leaks Around the House

Smitha Ramchandani — 2009-12-16T14:51:17Z

Article From HouseLogic.com

By: Jeanne Huber, Published: September 16, 2009

For what the typical family wastes every year on air leaks--about $350--you can plug energy-robbing gaps, start saving money, and enjoy a more comfortable home.

A typical family spends about a third of its annual heating and cooling budget-roughly $350-on air that leaks into or out of the house through unintended gaps and cracks. With the money you waste in just one year, you can plug many of those leaks yourself. It's among the most cost-effective things you can do to conserve energy and increase comfort, according to Energy Star. Start in the attic, since that's where you'll find some of the biggest energy drains. Then tackle the basement, to prevent cold air that enters there from being sucked into upstairs rooms. Finally, seal leaks in the rest of the house. Here are eight places to start.

1. Insulate around recessed lights

Most recessed lights have vents that open into the attic, a direct route for heated or cooled air to escape. When you consider that many homes have 30 or 40 of these fixtures, it's easy to see why researchers at the Pennsylvania Housing Research/Resource Center pinpointed them as a leading cause of household air leaks. Lights labeled ICAT, for "insulation contact and air tight," are already sealed; look for the label next to the bulb. If you don't see it, assume yours leaks. An airtight baffle ($8-$30 at the home center) is a quick fix. Remove the bulb, push the baffle up into the housing, then replace the bulb.

2. Plug open stud cavities

Most of your house probably has an inner skin of drywall or plaster between living space and unheated areas. But builders in the past often skipped this cover behind knee walls (partial-height walls where the roof angles down into the top floor), above dropped ceilings or soffits, and above angled ceilings over stairs.

Up in the attic, you may need to push insulation away to see if the stud cavities are open. If they are, seal them with unfaced fiberglass insulation ($1.30 a square foot) stuffed into plastic garbage bags; the bag is key to blocking air flow. Close large gaps with scraps of drywall or pieces of reflective foil insulation ($2 a square foot). Once you've covered the openings, smooth the insulation back into place. To see these repairs in action, consult Energy Star's DIY guide to air sealing (http://www.energystar.gov/ia/partners/publications/pubdocs/DIY_Guide_May_2008.pdf).

3. Close gaps around flues and chimneys

Building codes require that wood framing be kept at least one inch from metal flues and two inches from brick chimneys. But that creates gaps where air can flow through. Cover the gaps with aluminum flashing ($12) cut to fit and sealed into place with high-temperature silicone caulk ($20). To keep insulation away from the hot flue pipe, form a barrier by wrapping a cylinder of flashing around the flue, leaving a one-inch space in between. To maintain the spacing, cut and bend a series of inch-deep tabs in the cylinder's top and bottom edges.

4. Weatherstrip the attic access door

A quarter-inch gap around pull-down attic stairs or an attic hatch lets through the same amount of air as a bedroom heating duct. Seal it by caulking between the stair frame and the rough opening, or by installing foam weatherstripping around the perimeter of the hatch opening. Or you can buy a pre-insulated hatch cover kit, such as the Energy Guardian from ESS Energy Products ($150).

5. Squirt foam in the medium-size gaps

Once the biggest attic gaps are plugged, move on to the medium-size ones. Low-expansion polyurethane foam in a can is great for plugging openings 1/4-inch to three inches wide, such as those around plumbing pipes and vents. A standard 12-ounce can ($5) is good for 250 feet of bead about half an inch thick. The plastic straw applicator seals shut within two hours of the first use, so to get the most mileage out of a can, squirt a lubricant such as WD-40 onto a pipe cleaner and stuff that into the applicator tube between uses.

6. Caulk the skinny gaps

Caulk makes the best gap-filler for openings less than 1/4-inch wide, such as those cut around electrical boxes. Silicone costs the most ($8 a tube) but works better next to nonporous materials, such as metal flashing, or where there are temperature extremes, as in attics. Acrylic latex caulk ($2 a tube) is less messy to work with and cleans up with water.

7. Plug gaps in the basement

Gaps low on a foundation wall matter if you're trying to fix a wet basement, but only those above the outside soil level let air in. Seal those with the same materials you'd use in an attic: caulk for gaps up to 1/4-inch wide and spray foam for wider ones. Use high-temperature caulk around vent pipes that get hot, such as those for the furnace or water heater. Shoot foam around wider holes for wires, pipes, and ducts that pass through basement walls to the outside.

In most older houses with basements, air seeps in where the house framing sits on the foundation. Spread a bead of caulk between the foundation and the sill plate (the wood immediately above the foundation), and along the top and bottom edges of the rim joist (the piece that sits atop the sill plate).

8. Tighten up around windows and doors

In the main living areas of your home, the most significant drafts tend to occur around windows and doors. If you have old windows, caulking and adding new weatherstripping goes a long way toward tightening them up. Bronze weatherstripping ($12 for 17 feet) lasts for decades but is time-consuming to install, while some self-stick plastic types are easy to put on but don't last very long. Adhesive-backed EPDM rubber ($8 for 10 feet) is a good compromise, rated to last at least 10 years. Nifty gadgets called pulley seals ($9 a pair) block air from streaming though the holes where cords disappear into the frames.

Weatherstripping also works wonders on doors. If a draft comes in at the bottom, install a new door sweep ($9).

Before working in the attic, take some precautions

Try to do attic work on a cool day. Wear protective gear: disposable clothes, gloves, and a double-elastic mask or half-face respirator. Bring along a droplight with a fluorescent bulb, plus at least two pieces of plywood big enough to span two or three joists to support you as you work. To save trips up and down a ladder, try to move up all of the materials you need before you get started. One warning: If you find vermiculite insulation, hold off until you've had it checked for asbestos; your health department or air-quality agency can recommend a lab.

Jeanne Huber writes a home-repair column for the Washington Post and has commissioned three new roofs on various houses over the years.

Smitha Ramchandani is a licensed real estate Broker-Salesperson in Morristown West, New Jersey. She is a Certified Buyer Specialist and a Home Marketing Expert.. You can reach Smitha online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.MorrisCountyTownhouses.com

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Repair or Replace Appliances

Smitha Ramchandani — 2009-11-18T20:12:04Z

There's nothing worse than having a major appliance break, especially since most people depend heavily on their dish washer and laundry machines. Then, there is the inevitable choice that must be made: whether to repair it or just get a new one.

Of course, the primary factor to consider when making a decision is the cost of the repair versus the cost of replacing the appliance, factoring in such things as tax, installation, and removal and disposal of the broken unit. According to Angie's List, a national consumer ratings company, these things should also be considered:

Age/History - Older appliances may require ongoing service, which could cost more over time than simply buying something new. On the other hand, if you have not had trouble with the appliance in the past, it might be worth fixing it.

Energy Efficiency - New appliances could save you considerably when it comes to energy costs. Determine if the energy savings will offset the cost of a new appliance. In addition, tax credits may be available on energy-efficient units.

Features/Performance - As technology advances, appliances have more and more features and can do more things. Putting cost aside, purchasing a new appliance might be the right choice simply because it improves your quality of life.

If the decision is to purchase a new appliance, remember that quality products tend to last longer, and that proper care will help prevent problems and reduce the need for repairs.

Smitha Ramchandani is a licensed real estate Broker-Salesperson with Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.MorristownMoves.com or http://www.ParsippanyMoves.com or http://www.DenvilleMoves.com or http://www.HanoverMoves.com or http://www.RandolphMoves.com.

Technorati Tags: Repair or Replace Appliances

Buying Trend Continues

Smitha Ramchandani — 2009-10-19T19:41:26Z

Consumers are busy buying houses, according to the National Association of Realtors (NAR), which announced this week that its Pending Home Sales Index rose 6.4 percent in August to its highest level since March 2007. The uptick in pending home sales marked the seventh consecutive monthly increase, the longest in the series of the index which began in 2001.

A forward-looking indicator based on contracts signed to purchase a home, the Pending Home Sales Index in the Northeast jumped 8.2 percent from July and is 12 percent higher than August 2008.

Conditions remain ideal for purchasing a home. Freddie Mac's Primary Mortgage Market Survey showed that rates on 30-year fixed-rate mortgages are averaging less than 5 percent and nearing the all-time low set in March.

Buying Trend Continues

Smitha Ramchandani — 2009-10-19T19:40:22Z

A forward-looking indicator based on contracts signed to purchase a home, the Pending Home Sales Index in the Northeast jumped 8.2 percent from July and is 12 percent higher than August 2008.

Morris County New Jersey Real Estate Recent Townhome/Condo Sales- September 2009 Condo and Townhome Sales Report

Smitha Ramchandani — 2009-10-19T19:37:58Z

September 2009 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate.

Town	Address	List Price	Style	Beds	Baths	Gar	Sold Price
Chatham Twp.	6D Heritage Drive	$265,000	One Floor Unit	1	1	1	$255,000
Chatham Twp.	143 TERRACE DR	$523,900	Multi Floor Unit, Townhouse-Interior	3	2.1	1	$505,000
Denville Twp.	506 KNOLLWOOD CT	$329,900	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$329,900
Dover Town	88-B EAST BLACKWELL STREET	$180,000	Multi Floor Unit, Townhouse-End Unit	2	1.1	0	$181,800
East Hanover Twp.	3 QUEENS BRIDGE DR	$389,900	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$365,000
East Hanover Twp.	167 Castle Ridge Dr	$390,000	Townhouse-Interior	2	2.1	1	$342,000
East Hanover Twp.	13 Frankie Ln	$398,000	First Floor Unit, Townhouse-Interior	3	2	0	$380,000
Florham Park Boro	250 RIDGEDALE AVE C-1	$435,000	Townhouse-End Unit	2	2.1	1	$420,000
Florham Park Boro	250 RIDGEDALE AVE E-5	$459,000	Townhouse-Interior	3	2.1	2	$450,000
Florham Park Boro	250 RIDGEDALE AVENUE X-4	$514,900	Townhouse-End Unit	3	2.1	2	$505,000
Hanover Twp.	104 Vista Drive	$349,900	One Floor Unit	3	2.1	0	$335,000
Hanover Twp.	601 BROOK HOLLOW DR	$399,000	One Floor Unit	2	2	1	$375,000
Hanover Twp.	603 Viera Drive	$499,000	Townhouse-Interior	2	2.1	2	$506,897
Harding Twp.	8 BIRCH LN	$465,000	Townhouse-Interior	2	2.1	1	$455,000
Harding Twp.	5 FOREST DALE DR	$525,000	Colonial, Townhouse-End Unit	2	2.1	2	$510,000
Jefferson Twp.	76 RED OAK TER	$220,000	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$210,000
Jefferson Twp.	10 HERITAGE CT	$238,800	Townhouse-Interior	2	2	1	$230,400
Jefferson Twp.	10 RIDGE VIEW TER	$244,000	Townhouse-Interior	2	2	1	$240,000
Lincoln Park Boro	190 ROBERTSON WAY	$269,000	First Floor Unit, One Floor Unit	2	2	0	$255,000
Lincoln Park Boro	334 GETTYSBURG WAY	$299,900	Multi Floor Unit, Townhouse-Interior	2	2.1	0	$288,000
Lincoln Park Boro	84 GETTYSBURG WAY	$334,900	Multi Floor Unit, Townhouse-Interior	3	2.1	0	$317,500
Lincoln Park Boro	17 CREFELD CT	$369,000	1/2 Duplex, Multi Floor Unit	3	2.1	1	$354,000
Lincoln Park Boro	6 ERIN WAY	$369,900	Townhouse-Interior	2	2.1	1	$355,000
Long Hill Twp.	3 COOPER LN	$410,000	Townhouse-Interior	3	2.1	1	$395,000
Madison Boro	318 MAIN ST, Unit 2	$425,000	Townhouse-Interior	2	2.1	1	$410,000
Mendham Boro	28 HAMPSHIRE DR	$410,000	Townhouse-Interior	3	3.1	1	$390,000
Mendham Boro	25 HAMPSHIRE DR	$449,000	Townhouse-End Unit	2	2.1	1	$430,000
Mine Hill Twp.	606 DAREN LANE	$314,000	Townhouse-Interior	3	2.1	1	$287,000
Montville Twp.	14 GENOBLE RD	$340,000	First Floor Unit, One Floor Unit	2	2	0	$333,000
Montville Twp.	3 WASHINGTON CT	$399,000	Townhouse-Interior	2	2.1	1	$385,000
Montville Twp.	95 Heritage Ct	$459,000	Townhouse-End Unit	3	2.1	1	$435,000
Montville Twp.	22 LALIQUE DR	$550,000	Townhouse-Interior	3	3.1	1	$550,000
Montville Twp.	40 RIDGE DR	$609,800	Townhouse-End Unit	3	2.1	2	$585,000
Montville Twp.	84 Louis Drive	$619,900	Townhouse-Interior	3	3.1	2	$567,500
Morris Twp.	227 PITNEY PLACE	$237,000	One Floor Unit	1	1	0	$220,000
Morris Twp.	22 Byron Ave	$400,000	Custom Home, Townhouse-Interior	2	2.1	1	$385,000
Morristown Town	320 South Street	$214,900	One Floor Unit	1	1	0	$200,000
Morristown Town	27-B Cobb Place	$335,000	Multi Floor Unit, Townhouse-End Unit	2	2	0	$310,000
Morristown Town	2 LYNN CT	$375,000	Townhouse-Interior	3	2.1	1	$354,500
Morristown Town	13-19 FRANKLIN PLACE	$484,900	Townhouse-Interior	3	2.1	1	$470,000
Morristown Town	31 Community Place	$984,900	Townhouse-End Unit	2	2.2	2	$920,000
Mount Arlington Boro	27 Zachary Way	$247,000	One Floor Unit	2	2	1	$242,000
Mount Arlington Boro	18 RIDGEVIEW LN	$267,000	One Floor Unit, Townhouse-Interior	2	2	1	$267,000
Mount Arlington Boro	140 RIDGEVIEW LN	$305,000	One Floor Unit, Townhouse-Interior	2	2	1	$280,000
Mount Arlington Boro	8 MAPLE LN	$309,500	Townhouse-End Unit	2	2.1	1	$302,000
Mount Olive Twp.	31 BROCK LN	$314,900	Townhouse-End Unit	3	2.1	2	$320,000
Mountain Lakes Boro	39 Sherwood Drive	$699,000	Townhouse-End Unit	3	3.1	2	$675,000
Parsippany-Troy Hills Twp.	189-27 LITTLETON RD	$169,000	First Floor Unit, One Floor Unit	1	1	0	$157,500
Parsippany-Troy Hills Twp.	2467 ROUTE 10 50-6A	$180,613	First Floor Unit, One Floor Unit	1	1	1	$172,500
Parsippany-Troy Hills Twp.	168 Patriots RD	$345,000	Townhouse-Interior	2	1.1	1	$335,000
Parsippany-Troy Hills Twp.	24 EDGEFIELD DR	$392,500	Townhouse-Interior	2	2.1	1	$380,000
Parsippany-Troy Hills Twp.	286 EMILY PL	$484,000	Townhouse-End Unit	3	2.1	1	$480,000
Parsippany-Troy Hills Twp.	127 JILLIAN BLVD.	$489,900	Townhouse-End Unit	3	2.1	1	$480,000
Parsippany-Troy Hills Twp.	23 HOPKINS CT	$529,900	Townhouse-End Unit	4	2.1	2	$490,000
Pequannock Twp.	4607 Tudor Drive	$249,900	First Floor Unit, One Floor Unit	1	1	0	$235,000
Pequannock Twp.	5514 TUDOR DR	$278,900	One Floor Unit	2	1	0	$268,500
Pequannock Twp.	5813 TUDOR	$279,900	One Floor Unit	2	1	0	$263,000
Pequannock Twp.	23 BURNHAM DR	$419,900	Duplex, 1/2 Duplex	3	2.1	1	$419,900
Randolph Twp.	98 Arrowgate Drive	$375,000	Townhouse-End Unit	3	2.1	2	$362,500
Randolph Twp.	64 Arrowgate	$395,000	Townhouse-End Unit	3	2.1	2	$378,000
Randolph Twp.	16 KENSINGTON DR	$399,900	Townhouse-End Unit	3	2.1	1	$387,500
Randolph Twp.	7 Ridgewood Drive	$405,000	Townhouse-Interior	3	2.1	2	$383,000
Riverdale Boro	2211 Ramapo Court	$223,500	Hi-Rise, One Floor Unit	1	1	1	$210,000
Riverdale Boro	6103 BROOKHAVEN CT	$299,990	Townhouse-End Unit	2	2	1	$294,990
Riverdale Boro	8307 SANCTUARY BLVD	$334,900	One Floor Unit	2	2	1	$308,000
Riverdale Boro	6310 Brookhaven	$364,640	Townhouse-End Unit	2	2	1	$315,990
Rockaway Boro	29 WOODS EDGE RD	$299,900	Townhouse-Interior	2	1.1	1	$280,500
Rockaway Twp.	322 RICHARD MINE RD	$180,000	One Floor Unit	2	1	0	$191,000
Rockaway Twp.	1100 CARTER DR	$199,900	First Floor Unit	1	1.1	1	$194,000
Rockaway Twp.	1106 FRANKLIN LN	$235,000	First Floor Unit, One Floor Unit	2	2	1	$225,000
Rockaway Twp.	11 Faesch Court	$345,000	Townhouse-End Unit	2	2.1	2	$335,000
Rockaway Twp.	22 HILLSBOROUGH CT	$349,990	Townhouse-Interior	3	3.1	0	$345,500
Rockaway Twp.	35 INDEPENDENCE WAY	$355,000	Townhouse-End Unit	3	3	2	$350,000
Roxbury Twp.	8 DRAKE LN	$239,900	Townhouse-End Unit	1	2	1	$231,750
Roxbury Twp.	137 WOODS EDGE DR	$255,900	Townhouse-End Unit	2	1.1	1	$245,000
Roxbury Twp.	38 PONDSIDE DRIVE	$355,000	Townhouse-End Unit	3	2.1	1	$355,000

Technorati Tags: Morris County NJ Condominium and Townhome Townhouse Recent Sales and Market Activity for September 2009

Morris County New Jersey Real Estate Recent Townhome/Condo Sales- August 2009 Condo and Townhome Sales Report

Smitha Ramchandani — 2009-09-22T13:16:31Z

August 2009 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate.

Town	Address	List Price	Style	Beds	Baths	Garages	Sold Price
Boonton Town	708 WILLIAM ST	$465,000	Townhouse-Interior	3	2.1	2	$459,000
Boonton Twp.	37 Brae Loch Drive	$523,500	Townhouse-Interior	3	2.1	1	$480,000
Butler Boro	424 CAMBRIDGE DRIVE	$277,900	First Floor Unit, One Floor Unit	2	2	0	$266,000
Butler Boro	139 DECKER RD	$369,900	Townhouse-End Unit	3	2.1	1	$345,000
Chatham Twp.	227 RIVEREDGE DR	$519,000	Townhouse-Interior	3	2.1	1	$509,000
Chester Twp.	10 Wyckoff Way	$499,999	Townhouse-End Unit	2	3.1	2	$495,000
Denville Twp.	110 SHEFFIELD CT	$339,000	Townhouse-Interior	2	2.1	1	$345,000
Denville Twp.	1301 WINDSOR COURT	$399,999	Townhouse-End Unit	3	2.1	2	$390,000
Denville Twp.	116 Mackenzie Lane South	$549,900	Carriage House, Townhouse-Interior	3	2.1	2	$525,000
Dover Town	117 Baker St.	$139,900	Townhouse-Interior	3	1.1	0	$135,000
Dover Town	133 BAKER ST	$149,900	Townhouse-End Unit	2	2	0	$140,000
East Hanover Twp.	6 RUBY LN	$345,000	One Floor Unit	2	2	0	$338,500
East Hanover Twp.	32 QUEENSBRIDGE DR	$469,900	Townhouse-Interior	3	2.1	1	$450,000
Florham Park Boro	250 RIDGEDALE AVE U-1	$350,000	Townhouse-End Unit	2	2.1	1	$340,000
Florham Park Boro	58 BROOKLAKE RD	$369,900	One Floor Unit	2	1	1	$360,000
Florham Park Boro	58 BROOKLAKE RD	$414,000	One Floor Unit	2	2	1	$405,000
Florham Park Boro	4 NORTHRIDGE DR	$749,900	Townhouse-End Unit	3	2.1	2	$749,900
Hanover Twp.	48 SUNRISE DR	$274,900	One Floor Unit	1	1	1	$265,000
Hanover Twp.	707 BROOKHOLLOW DRIVE	$289,990	One Floor Unit	1	1.1	1	$289,990
Hanover Twp.	602 Viera Drive	$499,000	Townhouse-Interior	3	2.1	2	$528,423
Hanover Twp.	701 Spring Hollow	$525,000	Townhouse-End Unit	2	2.1	2	$573,587
Harding Twp.	13 SYCAMORE LN	$459,999	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$460,000
Jefferson Twp.	15 PETERSBURG CT	$299,000	Townhouse-End Unit	2	2.1	2	$282,500
Lincoln Park Boro	232 GETTYSBURG WAY	$227,900	Townhouse-End Unit	1	1	0	$215,000
Lincoln Park Boro	318 GETTYSBURG WAY	$229,900	Townhouse-End Unit	1	1	0	$220,000
Lincoln Park Boro	214 GETTYSBURG WAY	$260,000	Multi Floor Unit, Townhouse-Interior	2	1.1	0	$256,000
Lincoln Park Boro	191 GETTYSBURG WAY	$272,000	Townhouse-End Unit	2	2.1	0	$265,000
Lincoln Park Boro	99 ROBERTSON WAY	$305,000	One Floor Unit	2	2	0	$292,000
Lincoln Park Boro	65 ROBERTSON WAY	$309,900	One Floor Unit	2	2	0	$293,000
Lincoln Park Boro	10 NOELLE COURT	$355,000	Townhouse-Interior	2	2.1	1	$332,500
Lincoln Park Boro	4 ERIN WAY	$369,000	Townhouse-Interior	2	2.1	1	$357,250
Long Hill Twp.	95 SUNRISE DR	$349,000	Townhouse-Interior	2	1.1	1	$330,000
Long Hill Twp.	58 COOPER LN	$475,000	Townhouse-End Unit	3	2.1	1	$460,000
Madison Boro	318 MAIN ST	$425,000	Townhouse-Interior	2	2	1	$412,000
Madison Boro	119 HEMPSTEAD CT	$425,000	Townhouse-Interior	2	2.1	1	$410,000
Madison Boro	139 KINGSTON CT	$449,500	Townhouse-Interior	2	2.1	1	$442,500
Madison Boro	29 Bedford Ct.	$519,000	Townhouse-End Unit	3	2.1	1	$480,000
Mendham Boro	85 HAMPSHIRE DR	$345,000	Townhouse-Interior	2	1.1	0	$335,000
Mine Hill Twp.	400-62 E RANDOLPH AVE	$269,000	Townhouse-Interior	2	2.1	1	$266,500
Mine Hill Twp.	904 ALYSIA CT	$289,900	Townhouse-Interior	3	2.1	1	$286,000
Montville Twp.	136 Changebridge Road F5	$237,500	Townhouse-End Unit	1	1	0	$210,000
Montville Twp.	4 GENOBLE RD	$309,900	First Floor Unit, One Floor Unit	2	2	0	$309,900
Montville Twp.	53 E. Springbrook Road	$359,000	Townhouse-End Unit	3	2	0	$345,000
Montville Twp.	34 Bark Mill Terrace	$496,000	Townhouse-Interior	2	2.1	1	$465,000
Montville Twp.	122 Ridge Road	$589,000	Townhouse-Interior	3	2.1	2	$565,000
Montville Twp.	25 LOUIS DR	$596,000	Townhouse-Interior	3	3.1	2	$560,000
Montville Twp.	74 WEDGEWOOD DR	$624,800	Townhouse-Interior	3	3.1	2	$635,000
Montville Twp.	3 NIPPON COURT	$679,900	Townhouse-Interior	2	2.1	2	$650,000
Montville Twp.	80 Louis Drive	$730,000	Townhouse-End Unit	3	2.1	2	$710,000
Morris Plains Boro	20E FOXWOOD DR	$269,000	One Floor Unit	2	1.1	1	$245,000
Morris Twp.	101 Village Drive	$329,000	Townhouse-End Unit	2	2	0	$310,000
Morris Twp.	10B Leva Drive	$368,500	Multi Floor Unit, Townhouse-Interior	3	2.1	2	$349,000
Morris Twp.	14 WILDFLOWER	$394,500	Townhouse-Interior	3	2.1	1	$385,000
Morristown Town	320 South Street- 4F	$215,000	One Floor Unit	1	1	0	$205,000
Morristown Town	320 South Street	$219,900	First Floor Unit	1	1	0	$216,500
Morristown Town	6 Altamont Court - Unit 16	$244,900	One Floor Unit	1	1	0	$235,000
Morristown Town	12 CLINTON ST	$249,900	Townhouse-Interior	4	2	0	$245,000
Morristown Town	53 HILL ST	$424,000	Townhouse-End Unit	3	3	2	$400,000
Morristown Town	69 A WETMORE AVENUE	$569,900	Townhouse-End Unit	3	2.1	1	$525,000
Morristown Town	30 KING ST UNIT C	$749,000	Townhouse-End Unit	3	2.1	1	$750,000
Mount Arlington Boro	55 CRESTVIEW LANE	$220,900	Townhouse-Interior	1	1	0	$218,000
Mount Arlington Boro	1 RIDGEVIEW LN	$315,000	Townhouse-End Unit	2	2	1	$315,000
Mount Arlington Boro	33 PRIMROSE LN	$319,900	Townhouse-End Unit	2	2.1	1	$310,000
Mount Olive Twp.	35 Tudor	$154,000	Townhouse-Interior	2	1.1	0	$158,000
Mountain Lakes Boro	8 Robinhood Drive	$699,000	Townhouse-End Unit	3	2.2	2	$660,000
Parsippany	2467 Rt 10 E Apt 7-3B	$162,987	One Floor Unit	1	1	0	$173,000
Parsippany	2467 ROUTE 10	$169,900	First Floor Unit, One Floor Unit	1	1	0	$162,000
Parsippany	180-04 LITTLETON RD	$175,000	One Floor Unit	1	1	0	$158,000
Parsippany	201-17 N BEVERWYCK RD	$178,500	One Floor Unit	1	1	0	$173,000
Parsippany	8 LINCOLN Gardens	$179,500	One Floor Unit	1	1	0	$173,500
Parsippany	2467 ROUTE 10E Bldg 34 Unit2A	$186,000	Townhouse-Interior	1	1	0	$179,000
Parsippany	2467 ROUTE 10	$220,000	Multi Floor Unit	2	1	0	$207,000
Parsippany	91 PATRIOTS RD	$385,000	Townhouse-Interior	3	2.1	1	$380,000
Parsippany	281 Summerhill Drive	$429,900	Townhouse-Interior	3	2.1	1	$415,000
Parsippany	233 SUMMERHILL DR	$459,900	Townhouse-End Unit	3	2.1	1	$449,000
Parsippany	96 Crown Point Road	$469,000	Townhouse-Interior	3	2.1	1	$453,500
Pequannock Twp.	5802 TUDOR DR	$309,900	One Floor Unit	2	2	0	$295,000
Pequannock Twp.	4709 TUDOR DRIVE	$314,000	One Floor Unit	2	2	0	$300,000
Pequannock Twp.	503 CHATFIELD DR	$318,000	Townhouse-End Unit	2	2	0	$300,000
Pequannock Twp.	1002 CHATFIELD DRIVE	$359,400	Townhouse-End Unit	2	2.1	1	$350,000
Randolph Twp.	712 WENDOVER CT	$349,000	Townhouse-Interior	2	2.1	1	$335,000
Randolph Twp.	611 Wendover Court	$364,000	Townhouse-Interior	2	2.1	1	$343,000
Riverdale Boro	33 MOUNTAIN VIEW CT	$339,900	One Floor Unit	3	2	0	$331,500
Rockaway Twp.	25 HILLSBOROUGH CT	$335,000	Townhouse-Interior	3	3.1	0	$326,500
Rockaway Twp.	3323 FRANKLIN LN	$344,900	One Floor Unit	2	2	1	$325,500
Rockaway Twp.	11 FLINTLOCK TER	$345,000	Townhouse-Interior	3	2.1	2	$330,000
Rockaway Twp.	23 PATRIOT CROSSING CT	$350,000	Townhouse-Interior	3	2.1	2	$310,000
Rockaway Twp.	3 FLINTLOCK TER	$354,900	Townhouse-Interior	3	2.1	2	$345,000
Rockaway Twp.	2204 Pierce Lane	$384,950	Townhouse-End Unit	2	2	1	$344,950
Rockaway Twp.	32 HICKORY HILL CT	$389,000	Townhouse-End Unit	3	3	2	$367,000
Rockaway Twp.	3207 FRANKLIN LN	$389,900	One Floor Unit	2	2	2	$365,000
Rockaway Twp.	30 POWDERHORN DR	$399,000	Townhouse-End Unit	3	2.1	2	$386,000
Rockaway Twp.	7211 POLK DR	$414,950	Townhouse-End Unit	2	2	1	$362,450
Roxbury Twp.	204 DRAKE LN	$229,900	One Floor Unit	1	2	1	$222,000
Roxbury Twp.	14 GARDEN CT	$242,500	Townhouse-Interior	2	1.1	1	$242,500
Roxbury Twp.	48 WOODS EDGE DR	$249,900	Townhouse-End Unit	2	1.1	1	$240,000
Roxbury Twp.	75 GARDEN CT	$254,900	Townhouse-End Unit	2	1.1	1	$242,500
Roxbury Twp.	8 Woods Edge Drive	$254,900	Multi Floor Unit, Townhouse-Interior	2	1.1	1	$245,000
Roxbury Twp.	135 DRAKE LN	$258,900	One Floor Unit	2	2	1	$245,000
Roxbury Twp.	89 DRAKE LN	$259,900	First Floor Unit, One Floor Unit	2	2	1	$248,000
Roxbury Twp.	145 WOODS EDGE DR	$259,900	Townhouse-End Unit	2	1.1	1	$250,000
Roxbury Twp.	121 WOODS EDGE DRIVE	$259,900	One Floor Unit, Ranch	2	2	1	$260,000
Roxbury Twp.	211 WOODS EDGE DR	$269,900	Townhouse-Interior	2	1.1	1	$257,000
Roxbury Twp.	70 Drake Lane	$287,500	Townhouse-End Unit	3	2	1	$269,900
Roxbury Twp.	57 E WHISPER WAY	$299,900	Townhouse-End Unit	3	2.1	1	$293,000
Roxbury Twp.	55 Whisper Way East	$302,900	Townhouse-Interior	3	2.1	1	$292,500
Roxbury Twp.	68 LOCH LN	$304,900	Multi Floor Unit	3	2.1	1	$295,000
Roxbury Twp.	103 AUTUMN CT	$317,500	Townhouse-End Unit	3	2.1	1	$312,500
Victory Gardens Boro	50 VICTORY COURT	$150,000	Townhouse-Interior	1	1.1	0	$155,000
Washington Twp.	90 NOTTINGHAM SQ	$249,900	Townhouse-Interior	2	1.1	1	$234,000
Washington Twp.	24 TRAFALGAR CT	$327,900	Townhouse-Interior	3	2.1	2	$310,000
Wharton Boro	21139 Westview	$239,900	Townhouse-Interior	2	1.1	1	$225,000
Wharton Boro	854 UPPER WAY	$245,000	Townhouse-Interior	2	1.1	1	$230,000

Technorati Tags: Morris County NJ Condominium and Townhome Townhouse Recent Sales and Market Activity for August 2009

Economy Continues to Improve

Smitha Ramchandani — 2009-09-19T11:34:20Z

The economy continues to show signs of stabilization. In fact, Federal Reserve Chairman Ben Bernanke announced this week that the recession is probably over and that the economy is likely growing at this point. Famed investor Warren Buffet also said the economy appears to have leveled off.

In addition, the number of newly laid off workers applying for unemployment benefits has declined in three of the last four weeks. Consumers also seem to be more comfortable spending money. The government reported that retail sales rose 2.7 percent in August, the most in more than three years.

The positive news also extends to the real estate industry:

Rates on 30-year fixed mortgages are at their lowest level since the end of May, making homes more affordable.

Housing construction rose in August to the highest level in nine months, and applications for building permits -- an indicator of future activity -- rose 2.7 percent. Regionally, construction rose 23.8 percent in the Northeast.

The National Association of Home Builders' housing market index rose in September, reflecting growing optimism in the industry.

The market seems to be moving in the right direction -- up.

Technorati Tags: Economy,Real Estate Sales,Real Estate Industry NJ,Home Sales New Jersey,Increasing Sales

Real Estate Recovery Continues

Smitha Ramchandani — 2009-09-08T18:55:28Z

In July, the National Association of Realtors (NAR) Pending Home Sales Index rose to the highest level since June 2007. Not only was the number of homes pending sale up from June, the index was also 12 percent higher than the same month last year.

Pending home sales are a good indicator of the future pace of existing-home sales, since they reflect the number of contracts that were signed to purchase a home. Once under contract, most of these pending sales become actual sales within the next two to three months.

In fact, NAR Chief Economist Lawrence Yun expects existing-home sales to rise through the fourth quarter of this year due, in part, to the $8,000 first-time buyer tax credit and high housing affordability. He said, "The buyer psychology may be shifting from 'Why buy now when I can purchase later?' to 'I don't want to miss out on a recovery.'"

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.MorrisCountyHomeFinder.com.

Technorati Tags: NJ Real Estate Market Update

Morris County Real Estate Recent Townhouse/Condo Sales- July 2009 Condo and Town home Sales Report

Smitha Ramchandani — 2009-08-28T13:39:07Z

July 2009 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Beds	Baths	Garages	Sold Price
Butler Boro	3 STANTON PL	$239,000	Townhouse-Interior	2	1.1	1	$225,000
Butler Boro	358 Cambridge Drive	$285,000	Multi Floor Unit	2	2	0	$282,500
Chatham Twp.	2C Heritage Dr.	$259,000	One Floor Unit	1	1	1	$259,000
Chatham Twp.	138 RIVEREDGE	$378,500	Townhouse-End Unit	2	2	1	$360,000
Chatham Twp.	46 Canterbury Road	$410,000	Townhouse-Interior	2	1.1	1	$390,000
Denville Twp.	19 SAVAGE RD C 8	$194,900	Townhouse-End Unit	1	1	0	$189,000
Denville Twp.	109 SHEFFIELD CT	$300,000	Townhouse-Interior	2	1.1	1	$297,000
Denville Twp.	601 KNOLLWOOD CT	$314,000	Townhouse-End Unit	2	1.1	1	$305,000
Denville Twp.	2901 VANTAGE CT	$389,000	Townhouse-End Unit	3	2.1	2	$375,000
Denville Twp.	2804 VANTAGE CT	$419,000	Townhouse-Interior	3	2.1	2	$395,000
Denville Twp.	2001 MIDDLEFIELD CT	$419,000	Townhouse-End Unit	3	2.1	2	$400,000
Denville Twp.	67 MacKenzie Lane South	$665,640	Townhouse-Interior	3	2.1	2	$655,000
East Hanover Twp.	28 Millie Lane	$352,900	One Floor Unit	3	2	0	$330,000
East Hanover Twp.	8 RUBY LN	$399,000	One Floor Unit	3	2	0	$380,000
Florham Park Boro	24 BRANDYWYNE DR	$275,000	Townhouse-Interior	1	2	1	$263,000
Florham Park Boro	70 BRANDYWYNE DR	$369,900	Townhouse-End Unit	1	2	1	$355,000
Florham Park Boro	250 Ridgedale Avenue Unit A6	$479,000	Townhouse-End Unit	2	2.1	2	$469,000
Hanover Twp.	2903 APPLETON WAY	$350,000	Townhouse-End Unit	2	1.1	1	$332,000
Hanover Twp.	710 BROOKHOLLOW DRIVE	$359,990	One Floor Unit	2	2	1	$359,990
Hanover Twp.	119 Vista	$369,000	Multi Floor Unit, Townhouse-Interior	3	2.1	0	$340,000
Hanover Twp.	610 BROOK HOLLOW DR	$370,000	One Floor Unit, Townhouse-End Unit	2	2	1	$360,000
Hanover Twp.	708 BROOKHOLLOW DRIVE	$379,990	Townhouse-End Unit	2	2	1	$379,990
Harding Twp.	4 HEMLOCK LN	$445,000	Multi Floor Unit, Townhouse-End Unit	2	2.1	1	$428,000
Jefferson Twp.	48 Pond Hollow Drive	$330,000	Townhouse-End Unit	3	2.1	1	$310,000
Jefferson Twp.	69 POND HOLLOW DR	$379,000	Townhouse-End Unit	3	2.1	1	$365,000
Kinnelon Boro	56 Breckenridge Terr	$215,000	Townhouse-End Unit	2	2	1	$200,000
Lincoln Park	254 GETTYSBURG WAY	$274,900	Townhouse-Interior	2	1.1	0	$267,000
Lincoln Park	213 ROBERTSON WAY	$289,900	Townhouse-Interior	2	2	0	$276,000
Lincoln Park	224 GETTYSBURG WAY	$294,999	Multi Floor Unit, Townhouse-Interior	2	2.1	0	$287,000
Lincoln Park	66 STONYRIDGE DR	$299,900	One Floor Unit	3	1.1	0	$290,000
Lincoln Park	198 GETTYSBURG WAY	$319,999	Multi Floor Unit, Townhouse-End Unit	2	2.1	0	$290,000
Lincoln Park	76 RYAN LN	$349,900	Townhouse-End Unit	2	2.1	1	$350,000
Lincoln Park	58 RYAN LN	$359,900	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$357,500
Lincoln Park	10 KEVIN RD	$379,000	Townhouse-End Unit	2	2.1	1	$355,000
Lincoln Park	5 ALPINE DR	$399,900	Townhouse-Interior	2	2.1	1	$380,000
Long Hill Twp.	1 Stonehedge Road	$489,000	Multi Floor Unit, Townhouse-End Unit	3	2.1	1	$450,000
Madison Boro	318 MAIN ST UNIT 16	$419,000	Townhouse-Interior	2	1.1	1	$410,000
Madison Boro	218 MAYFIELD CT	$539,900	Townhouse-Interior	3	2.1	1	$515,000
Mendham Boro	19 WEXFORD DR	$389,000	Townhouse-End Unit	2	2.1	0	$372,500
Mine Hill Twp.	704 John Court	$289,900	Townhouse-Interior	3	2.1	1	$280,000
Mine Hill Twp.	400-25 E. Randolph Avenue	$297,500	Townhouse-Interior	2	2.1	1	$278,500
Montville Twp.	68 GENOBLE RD	$289,900	One Floor Unit	2	1	0	$267,500
Montville Twp.	83 Genoble road	$299,000	Townhouse-Interior	2	2	0	$299,000
Montville Twp.	136 CHANGEBRIDGE RD UNIT D2	$329,900	One Floor Unit	2	2	0	$310,000
Montville Twp.	11 E. Springbrook Rd.	$349,900	Townhouse-End Unit	3	2	0	$340,000
Montville Twp.	55 Heritage Ct.	$389,900	Multi Floor Unit, Townhouse-Interior	3	2.1	1	$380,000
Montville Twp.	11 DAVENPORT RD	$429,900	Townhouse-End Unit	3	2.1	1	$385,000
Montville Twp.	116 Ridge Drive	$599,800	Townhouse-Interior	3	2.1	2	$580,000
Montville Twp.	36 LOUIS DR	$689,500	Townhouse-Interior	3	3.1	2	$670,000
Morris Plains Boro	5 i FOXWOOD DR	$262,000	Townhouse-Interior	1	1.1	0	$265,000
Morris Plains Boro	21-B Foxwood Drive	$279,900	First Floor Unit	2	1.1	1	$255,000
Morris Twp.	5 CENTER AVE unit 1	$199,900	Multi Floor Unit	1	1	0	$200,000
Morris Twp.	34 WITHERSPOON CT	$355,000	Townhouse-End Unit	2	2.1	1	$349,999
Morris Twp.	37 WITHERSPOON CT	$369,900	Townhouse-Interior	2	2.1	1	$340,000
Morris Twp.	53 Wildflower Lane	$395,000	Townhouse-End Unit	2	2.1	1	$367,500
Morris Twp.	47 DAVENPORT PL	$435,000	Townhouse-Interior	2	2	1	$420,000
Morris Twp.	41 Davenport Place	$519,000	Townhouse-End Unit	2	2	1	$505,000
Morristown Town	4 A Ridgedale Ave	$214,900	First Floor Unit	1	1	1	$205,000
Morristown Town	320 South St. 2G	$264,900	First Floor Unit	1	1.1	0	$260,000
Morristown Town	41 MT KEMBLE AVE 202	$309,000	One Floor Unit, Townhouse-Interior	2	2	0	$280,000
Morristown Town	41 Mt. Kemble Ave 301	$319,000	Hi-Rise, Townhouse-End Unit	3	2.1	0	$319,000
Morristown Town	61 Mt Kemble Avenue	$344,900	Hi-Rise	3	3	0	$335,000
Morristown Town	11D Dorado Drive	$359,900	Townhouse-Interior	2	2.1	0	$344,000
Morristown Town	110 South Street	$778,900	One Floor Unit	2	2	2	$748,000
Morristown Town	110 South Street	$1,075,000	Hi-Rise	2	2.1	2	$995,000
Mount Arlington Boro	49 CRESTVIEW LN	$284,900	One Floor Unit	2	2	0	$270,000
Mount Arlington Boro	116 Brookside Lane	$310,000	Townhouse-Interior	2	2.1	1	$305,000
Mount Arlington Boro	19 SPRUCE TER	$325,000	Townhouse-Interior	2	2.1	1	$320,000
Mount Arlington Boro	7 HICKORY WAY	$329,000	Townhouse-Interior	2	2.1	1	$310,000
Mount Arlington Boro	10 Maple Lane	$338,800	Townhouse-End Unit	3	2.1	1	$327,500
Mount Arlington Boro	20 ZACHARY WAY	$360,000	One Floor Unit	2	2	1	$360,000
Mount Arlington Boro	20 HICKORY WAY	$364,888	Townhouse-End Unit	2	2.1	1	$335,000
Mount Olive Twp.	58 BROCK LN	$335,000	Townhouse-End Unit	3	2.1	1	$320,000
Parsippany	203-3 N BEVERWYCK RD	$182,500	One Floor Unit	1	1	0	$179,000
Parsippany	2467 ROUTE 10, 17,2-B	$189,900	One Floor Unit	1	1	0	$179,000
Parsippany	2467 Route.10 Bldg.15-Unit.7B	$194,000	Townhouse-End Unit	1	1	1	$185,000
Parsippany	2B Yacenda Drive	$380,000	Townhouse-End Unit	2	2.1	1	$374,000
Parsippany	23 Averell Dr	$389,000	Townhouse-Interior	2	2.1	1	$377,000
Parsippany	9 STOCKTON CT	$399,000	Townhouse-End Unit	3	2.1	1	$371,450
Parsippany	12 Valley Forge Ln	$399,900	Townhouse-End Unit	3	2.1	1	$390,000
Parsippany	136 SPRINGHILL DR	$405,000	Townhouse-Interior	2	2.1	1	$388,000
Parsippany	24 STOCKTON CT	$406,900	Townhouse-End Unit	3	2.1	1	$385,000
Parsippany	33 Edgefield Drive	$468,900	Townhouse-End Unit	3	2.1	1	$452,500
Parsippany	164 GLADSTONE DR	$474,900	Multi Floor Unit, Townhouse-Interior	3	2.1	1	$462,500
Parsippany	191 Crown Point Road	$499,000	Townhouse-End Unit	3	2.1	1	$479,000
Parsippany	84 Autumn Ridge Road	$505,000	Townhouse-End Unit	3	2.1	1	$470,000
Parsippany	165 Gladstone Drive	$509,000	Townhouse-End Unit	3	2.1	1	$490,000
Pequannock Twp.	6009 TUDOR DR	$219,900	One Floor Unit	1	1	0	$217,000
Pequannock Twp.	5901 TUDOR DR	$269,900	Townhouse-End Unit	2	1	0	$261,000
Pequannock Twp.	1505 HAZELTON DR	$314,900	Multi Floor Unit, Townhouse-Interior	2	2.1	0	$305,000
Pequannock Twp.	2006 WENDOVER DR	$325,000	Multi Floor Unit, Townhouse-End Unit	2	2.1	0	$317,000
Pequannock Twp.	1005 CHATFIELD DR	$359,000	Townhouse-End Unit	2	2.1	0	$348,000
Pequannock Twp.	2105 WENDOVER DR	$374,900	Townhouse-End Unit	3	2.1	1	$365,000
Randolph Twp.	36 Ridgewood Dr	$399,000	Townhouse-Interior	3	2.1	2	$385,000
Riverdale Boro	68 MOUNTAIN VIEW CT	$269,000	One Floor Unit	1	1	0	$250,000
Riverdale Boro	7205 COVENTRY CT	$314,999	One Floor Unit	2	2	1	$300,000
Riverdale Boro	6408 BROOKHAVEN COURT	$399,990	One Floor Unit, Townhouse-End Unit	2	2	1	$385,000
Rockaway Twp.	4313 CLEVELAND LN	$229,900	Townhouse-Interior	2	2	1	$200,000
Rockaway Twp.	3200 CLEVELAND LN	$260,000	One Floor Unit	2	2	1	$242,500
Rockaway Twp.	1304 FRANKLIN LN	$367,000	One Floor Unit	2	2	2	$356,000
Rockaway Twp.	7204 POLK DR	$419,950	Townhouse-End Unit	2	2	1	$344,950
Rockaway Twp.	7302 POLK DR	$427,950	Townhouse-Interior	2	2.1	1	$357,950
Roxbury Twp.	18 PONDSIDE DRIVE	$229,000	Townhouse-Interior	1	1	1	$236,092
Roxbury Twp.	176 E Whisperway	$298,000	Townhouse-Interior	2	2.1	1	$288,000
Washington Twp.	21 Sherwood Village	$59,900	Ranch, Trailer	2	1	0	$40,000
Washington Twp.	2405 Decatur Court	$339,000	Townhouse-End Unit	3	2.1	2	$328,000
Washington Twp.	2302 SCARLETT DR	$339,900	Townhouse-Interior	3	2.1	1	$320,000

Technorati Tags: Morris County NJ Condominium and Townhome Townhouse Recent Sales and Market Activity for July 2009

Meet Smitha at Live South Show in Morris County, NJ from Sept 19-20, 2009

Smitha Ramchandani — 2009-08-25T16:23:52Z

Come and meet Smitha at the Live South Real Estate Show to be held September 19-20, 2009 in Parsippany.

The Fall 2009 Live South Real Estate Show held at the Hilton Parsippany will offer participants the best in affordable luxury, resort, second home and retirement communities from the Southeast including Virginia, the Carolinas, Georgia, Florida and Tennessee all in one location. The show is the most comprehensive variety of over 60 award-winning coastal, mountain, lake, golf and inland communities on display to suit any destination offering custom homes, condos, fractional ownership, maintenance free housing, townhomes and more.

Come to the largest resort and retirement real estate show in the country sponsored by Ideal Living magazine. Compare retirement, investment and vacation properties.

Meet the experts including Smitha, attend seminars, take advantage of special offers/getaway packages, all in one convenient location.

For More Details, Please Contact Smitha.

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.MorrisCountyHomeFinder.com.

Time is Running Out

Smitha Ramchandani — 2009-08-20T12:42:21Z

Since Congress passed the American Recovery and Reinvestment Act earlier this year, many would-be homeowners have seized the opportunity offered by the $8,000 first-time buyer tax credit. However, the ability to utilize this credit will not be available much longer.

To receive the tax credit, a first-time buyer must purchase and close on a principal residence before Dec. 1, 2009. Since closing on a home generally takes anywhere from 45-60 days, that leaves prospective buyers a little more than a month to take advantage of this financial opportunity.

"It's hard to imagine a better time than right now to be a first-time buyer," said Jim Weichert. "Mortgage rates and home prices are all favorable, recent economic news is encouraging and the government is providing a large financial incentive. If I was a first-time buyer I wouldn't let an opportunity like this slip through my fingers."

For more details Contact Smitha.

Technorati Tags: First Time Home Buyer Credit,$8000 Credit,Tax $8000 Credit,Real Estate Buyer Tax Credit

Sellers: Small Improvements Make a Big Difference

Smitha Ramchandani — 2009-08-15T11:28:46Z

The real estate market has begun its rebound, and with it has come an increase in homebuyer activity. Adding to the renewed interest are many first-time buyers looking to take advantage of the $8,000 tax credit before it expires on December 1.

A well-cared-for home with memorable details speaks for itself. Sellers looking to make their home stand out can make a few small enhancements that won't cost a lot of money, but will help catch a buyer's eye and could lead to an offer.

Here are a few areas where it may make sense to spend a little remodeling money:

Create a finished look by adding crown molding, wider baseboards and/or decorative framing around doors.

Add better insulation, caulking and energy efficient appliances which are popular with buyers.

Freshen up the walls with a new coat of neutral-color paint. Faux finishes or accent walls can add pizzazz when colors and textures with mass appeal are chosen.

Technorati Tags: Sellers,Staging,Tax Credit,Home Sellers,Small Improvements,Home Improvements,Quick Sale

Appeal of a Smaller Home

Smitha Ramchandani — 2009-08-09T13:20:29Z

Statistics from the National Association of Homebuilders show that the square footage of homes has shrunk in recent years. This is a trend that is likely to continue given the current economy.

This may be an opportune time for owners of smaller homes to sell, according to a recent article published in Realty Times, which provided these tips for giving a small home big appeal to buyers:

Accentuate storage space. A buyer must sense that a smaller home has enough storage space to accommodate their everyday needs. Clear out the attic and/or basement if the home has them. In addition, built-in furniture or custom closets also provide convenient, hidden storage.

Create an office niche. Home offices are very popular, but a smaller home might not have an extra room to use for this purpose. Using a decorative screen around a small desk or tucking one away beneath a staircase shows buyers how they can still have a home office in a small space.

Make the most of space. In the kitchen, clear appliances from the counters and mount them under the cabinets for a clutter-free look. Avoid crowding a small living room with an oversized couch, and instead consider several comfortable chairs that may fit better and open up the room.

Pending Home Sales Rise for Fourth Straight Month

Smitha Ramchandani — 2009-07-08T13:36:47Z

Spread the good news! According to the National Association of Realtors, pending home sales have risen for four consecutive months as a result of both favorable housing affordability and the $8,000 first-time buyer tax credit. The last time there were four straight monthly gains was in October 2004.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent nationally compared to April and 6.7 percent over May 2008. In the Northeast, pending home sales rose 3.1 percent in May to a level that is 6.8 percent above a year ago.

More Homes are Selling

Smitha Ramchandani — 2009-07-03T08:21:31Z

More good news! The National Association of Realtors (NAR) announced this week that existing-home sales increased in May as more homebuyers chose to take advantage of favorable affordability conditions and the $8,000 first-time buyer tax credit.

According to NAR, existing-home sales -- including single-family, townhomes, condominiums and co-ops -- increased 2.4 percent in May, representing the first back-to-back monthly gain since September 2005. In addition, a NAR survey showed that there were 10 percent more buyers looking at homes this May, compared to May 2008.

According to NAR Chief Economist Lawrence Yun, "historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable. ... First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory."

Existing-Home Sales Rise Again

Smitha Ramchandani — 2009-06-24T14:09:10Z

Sales of exiting homes showed another gain in May, according to the National Association of Realtors (NAR). May's increase of 2.4 percent represents the first back-to-back monthly gain since September 2005.

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Buying your first home may be easier than you think

Smitha Ramchandani — 2009-06-24T14:06:16Z

New $8,000* Tax Credit

For 2009, Congress has enacted an $8000 credit specifically to help first-time homebuyers. To qualify, you can earn no more than $75,000 as an individual or $150,000 as a married couple that files a joint tax return. If you do qualify, you will be able to deduct the full $8,000 from your federal tax liability. Or, if you owe less than $8,000, the government will subtract the amount you owe from $8,000 and send you a check for the difference.

Only first-time homebuyers who purchase their principal residence on or after January 1, 2009 and before December 1, 2009 are eligible. You will also be considered a first-time buyer if you have not had any ownership interest in such a home in the three years previous to the day of your 2009 purchase.`

For detailed information about the tax credit, click on, First Time Home Buyers Tax Credit.

For more information about the $8,000 tax credit, please fill out the short form below. You will be put in touch with a local Weichert Sales Associate who can also tell you about our informative homebuyer seminars and help you get started on your way to homeownership.

* Up to $8000 or 10% of cost of home (whichever is smaller). Certain conditions apply.

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Open House Traffic Up Again

Smitha Ramchandani — 2009-06-24T14:01:30Z

Motivated buyers are out there!

For the second weekend in a row, the average number of attendees at each Weichert Open House was up compared to the same weekend in 2008. In fact, the average number of attendees for Open Houses taking place on May 16 and 17 was 25 percent higher than last year.

In addition, the total number of attendees at all Weichert Open Houses was up 3 percent year-over-year.

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.Morris-Townhomes.com or http://www.MorrisCountyTownhomes.com.

Attracting First-Time Buyers

Smitha Ramchandani — 2009-06-24T14:00:45Z

The current market is ideal for buyers looking to purchase their first home. And, as we near the November 30 expiration date for the $8,000 first-time buyer tax credit, it is expected that many more buyers will be making purchase offers.

Sellers can benefit from this anticipated demand. A recent MarketWatch article offers these tips to attract first-time buyers:

First and foremost, the house should be priced appropriately. A real estate agent will be able to look at comparable homes on the market, as well as ones that have recently sold, and help you come up with a realistic price that will get buyers' attention.

Make sure your home is well maintained and seems lived in. This will help buyers imagine themselves living in your home. In addition, adding a fresh coat of paint and decluttering gives the impression that the new owners will not have to spend a lot of money on repairs and other improvements.

Entertain all offers, even if they seem low. Any offer is a good offer and opens the door to negotiations. By keeping an open mind, you and the buyer might be able to arrive at a mutually agreeable purchase price.

Down Market Offers Ideal Opportunity for Homeowners Looking Up

Smitha Ramchandani — 2009-06-10T14:54:47Z

According to Jim Weichert, President of Weichert Realtors, many current homeowners mistakenly think it's not a good time to buy because they are focused on what they might have sold their home for in the past. Once they realize how beneficial it can be to trade up now, both financially and personally, they often have a change of heart.

Take for example, a homeowner who paid $200,000 for a home several years ago. If prices in their market declined by 10 percent, they would experience a $20,000 loss upon the sale of their home. However, if they are also buying a larger home that had cost $400,000, they would now benefit from a $40,000 savings on their purchase. This is a $20,000 gain in overall equity as a result of moving up.

In addition, when prices begin to rise, this trade-up buyer will see greater appreciation in their new home than their previous one.

With home affordability near record highs, those looking to move up can get more for their dollar today than at any time in recent memory. This also makes it possible for many trade-up buyers to afford a home they couldn't just a few years ago and might not be able to in a few years to come.

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Improving Credit Scores so you can Qualifying for a Mortgage

Smitha Ramchandani — 2009-06-04T12:43:53Z

One of the first steps for consumers considering a home purchase is to learn more about their credit score and the impact it can have on their loan eligibility. To improve one's credit score and qualify for better mortgage programs at better interest rates, Weichert Financial Services offers these tips:

Check and review your credit report. Since a credit score, which is determined by a borrower's bill-paying history and debt profile, is the biggest factor a lender uses when considering a borrower, buyers should start by looking for problem areas and any errors on their report.

Keep your credit card balances low. Thirty percent of a borrower's score is determined based on a ratio of the amount that is owed in relation to their available credit. Buyers should keep credit card balances as close to zero as possible by making a payment right after any big purchases.

Keep your cards active. No activity on credit cards can lead to cards being closed, so it is important that a borrower utilize their credit cards on a regular basis to show usage. A good way to do this without incurring high balances is to make small purchases a few times a year.

Pay your bills on time. Payment history counts for 35 percent of a borrower's credit score. If you anticipate having a problem paying on time, contact your credit card company immediately. To avoid late payments, consider setting up a monthly e-mail reminder or an automatic payment system.

Avoid opening new credit cards. Having too many active cards can have a negative effect on your credit score in the short term, and keeping track of purchases and bill due dates of several credit cards can be difficult.

To learn more about your credit rating and ways to improve your credit score, ask Smitha to set up a meeting with the her office's Gold Services Manager, who will personally review your credit file and put you in the best possible position to become a homeowner.

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Technorati Tags: Mortgages,Credit Scores,Preapproved,Prequalified,First-time Home Buyers,Buyers

Existing- and Pending-Home Sales Rise in April, Affordability Also Up

Smitha Ramchandani — 2009-06-04T12:34:41Z

Existing-home sales rose 2.9 percent in April with strong buyer activity in the lower price ranges, according to the National Association of Realtors (NAR). In the Northeast, existing-home sales jumped 11.6 percent.

Lawrence Yun, NAR chief economist, said first-time buyers continue to influence the market, but there is also a seasonal rise in repeat buyers. In addition, a NAR practitioner survey in April showed that the number of buyers looking at homes has increased 14 percentage points from a year ago.

In more good news from NAR, low mortgage rates boosted pending-home sales for the third consecutive month. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent from March, and is 3.2 percent above April 2008. What's more, the Pending Home Sales Index in the Northeast increased a huge 32.6 percent.

To round out the positive statistics, NAR's Housing Affordability Index rose in April to the second highest monthly reading on record after peaking in January of this year.

According to Yun, "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market. Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers."

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Technorati Tags: Existing Homes Sale,Market News,Real Estate Morris County NJ,Homes for Sale,Positive News,Comsumer Confidence,Economic Recession Ending,Northeast

Existing-Home Sales Jump 11.6 percent

Smitha Ramchandani — 2009-05-30T09:43:59Z

Once again, additional signs have emerged that point to an end to the economic recession. The newest "green shoots" include rising demand for big-ticket items such as appliances, fewer people applying for unemployment benefits and positive sales data in the housing market.

The latest statistics and other positive news over the past several months have had an impact on the outlook of both consumers and economists. In fact, the Conference Board's Consumer Confidence Index soared in May to the highest level since September 2008. Additionally, more than 90 percent of the economists surveyed by the National Association for Business Economics predict the recession will end this year.

The positive news specific to real estate shows that homes are selling:

The National Association of Realtors reported on Wednesday that existing-home sales increased 2.9 percent nationally in April, beating economists' forecasts. In the Northeast, existing-home sales jumped 11.6 percent.

Sales of new homes also rose in April. According to IHS Global Insight economist Patrick Newport, the new home sales numbers seem to confirm that the market for new single-family homes is flattening and may have hit bottom in January.

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Technorati Tags: Existing Homes Sale,Market News,Real Estate Morris County NJ,Homes for Sale,Positive News,Comsumer Confidence,Economic Recession Ending,Northeast

First-Time Buyer Tax Credit Already Deemed a Success

Smitha Ramchandani — 2009-05-27T13:27:13Z

First-Time Buyer Tax Credit Already Deemed a Success

Preliminary figures from the Internal Revenue Service (IRS) show that the first-time buyer tax credit may have been a deal maker in 10 percent of the approximately 5 million new- and existing-home sales last year.

By March 6, 2009 -- six weeks prior to when 2008 returns were due -- 567,685 taxpayers had claimed more than $3.9 billion worth of first-time buyer tax credits on their 2008 tax returns, according to Steve Cook of the real estate Web site RealEstateEconomyWatch.com. Given that pace, the final figure should exceed the dollar value of the credits estimated by Congress last year.

With the more attractive $8,000 first-time buyer tax credit still available for transactions that close before Dec. 1, 2009, it is expected that the tax credit will continue to be a major factor in the housing recovery currently underway.

Time is running short to take advantage of this incentive to buy now.

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com.

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Reasons to Move Up Now

Smitha Ramchandani — 2009-05-25T13:15:29Z

The $8,000 tax credit for first-time buyers makes all the headlines, but that doesn't mean it isn't a good time for all homebuyers to get into the market. Consider, for instance, the move-up buyer who can now purchase a new home that is bigger and better than what they could have afforded just a few short years ago.

The National Association of Home Builders recently suggested the following reasons why current homeowners should consider upgrading to their dream home:

Interest rates are at historical lows - Buyers can get more house for the same amount of money.

Homes are more affordable - Even though they might receive less when they sell their home, move-up buyers will also pay less for their new home.

There are many homes to choose from - With more homes on the market than in the past, buyers have more options and greater negotiating power.

Starter homes are selling - A move-up buyer's current home may no longer fit their needs, but it could be the ideal starter home for another family. The incentive of the $8,000 tax credit, which can be used for transactions closing before Dec. 1, 2009, makes these types of homes even more desirable for first-time buyers.

Signs of Economic Recovery

Smitha Ramchandani — 2009-05-08T21:28:26Z

This week brought many signs that the economy and the real estate market may be recovering from recession. Positive trends were reported in real estate, retail and consumer confidence.

In addition, a report on Friday showed that the pace of job losses slowed in April, as employers shed fewer jobs than in previous months. This is notable since employment tends to be one of the last areas where improvement is seen before an economic recovery takes place.

The positive news specific to real estate points to increased demand for home purchases, and included:

The National Association of Realtors' index of pending sales rose 3.2 percent in March. The index was 1.1 percent above last year's levels and has risen for two straight months. Pending home sales typically turn into closed transactions.

According to a Federal Reserve survey of loan officers, demand for prime mortgages was up substantially in the first quarter of this year, for the first time since early 2007.

While it is still early, these "green shoots" are encouraging signs of a brighter future to come.

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.Morris-Townhomes.com or http://www.MorrisCountyTownhomes.com.

Featured Townhome Community - Mazdabrook Commons in Parsippany, NJ

Smitha Ramchandani — 2009-04-30T12:58:32Z

Welcome to Mazdabrook Commons in Parsippany, New Jersey

The Mazdabrook Commons Townhome Community is conveniently located in Parsippany NJ and is a great place to Live, Raise a Family, Relax and Enjoy Life! Parsippany, which was recently rated Number 13 in the Top 20 Best Places to Live in the country by Money Magazine, lies about 30 miles west of New York City in Morris County, NJ and is just minutes away from all the conveniences necessary for today's lifestyles.

A Lovely Townhome Community of 2 and 3 bedroom townhomes with 2.1-3.1 Luxurious Baths and 1 Car Garages in Parsippany, NJ
All Units have Basements, some of them have Finished Basements
Modern Townhome Design, Truly Elegant Residences
Built in 2002-2004
Ultimate Convenient Location! Located in an Convenient area. Safe, Quiet & Beautiful.
2 +/- Miles to the Lakeland Bus Lines bus stop for bus to New York City.
NYC and Hoboken Trains service is available via the Mount Tabor Station in Nearby Denville.
40 +/- minute drive to Manhattan
25 +/- minute drive to Newark International Airport
15 +/- minutes drive to the Rockaway Townsquare Mall and Willowbrook Mall in Wayne, NJ
Minutes to Major Routes like 46, 202, 53 and Interstates 287, 80, 280 provide for the Ultimate Location and Home Values
Morris County, New Jersey was recently rated as the 6th Best Place to Raise a Family by Forbes Magazine ranking U.S. counties with populations over 65,000

A Complete Living Experience

Mazdabrook Commons was built from 2002-2004 and there are 222 units featuring 2-3 Bedrooms and 2.1 to 3.1 Baths and an attached 1 Car Garage. All Units have Basements, some of which are Finished and others which are not.

Mazdabrook Commons differs from other Townhouse and Condominium communities because it is a Planned Unit Development, which means each owner owns and is responsible for both the inside and outside of his/her unit. This allows the association to keep low maintenance fees. Contact us if you have any questions about this.

The interiors are spacious and designed to fit every homeowner's lifestyles. And there are 3 Floor Plans to choose from.

The community landscape is beautiful and gives each home lots of privacy. You can enjoy peaceful walks, jogs or bike rides. The amenities are perfectly maintained and offer a Community Pool and Tennis Courts. Parks and Shopping are nearby.

Community Details

Number of Units: 222
Beds/Baths: 2-3 / 2.1-3.1
Parking: 1 Car Garage
Year Built: 2002-2004
Price: $400,000 - $520,000
Amenities: Swimming Pool, Tennis Courts, Club House
Common Features: Modern Townhouse Designs. 1 Car Attached Garages with Direct Access to Units. Large Living Rooms with Formal Dining Areas. 9 Feet Ceilings on First Floors. Good Size Entry Foyers with Guest Closets. Large Eat-in Kitchen Spaces. Full Height Full Basements. Separate Laundry areas with Washer and Dryer hookups. Quality Faucets & Fixtures. Wood Burning Fireplaces. Central Air Conditioning. Economical Gas-fired Forced Air Heating System. Smoke Detectors. Colonial-Look Wood Railings Depending on Model. Maintenance Free Vinyl Siding. Professional Landscaping Around Units, Front & Rear. Underground Sprinkler Systems, Electric, Telephone & Cable TV, Public Water & Sewer System. Beligian Block Curbing. All units have Basements, some are finished. Extra parking for additional cars and guests.
Schools: Excellent Parsippany Township Public Schools. Mt. Tabor School (Kindergarten-5th Grades). Brooklawn Middle School (6th-8th Grades). Parsippany Hills High School. Many exclusive, private elementary and Prep/Boarding/Catholic high schools are also available within a few miles.
Colleges/Universities: Drew University, Fairleigh Dickinson University, Rabbinical College of America, Saint Elizabeth College, and the County College of Morris (Randolph and Morristown) are all within a few miles.
Public Transportation: Lakeland Bus Service to New York City is about 2 Miles away. NYC and Hoboken Trains service is available via the Mount Tabor Station. Routes 202, 53, 10 and Interstates 80, 287 and 280 are all nearby.
Fun & Recreation: Dozens of town (Knoll Park, Lake Hiawatha Park, etc.), county, state, and national parks with biking/hiking trails, water activities, etc. are just a few miles away. About 30 miles to New York City.
Special Features: Newer and Modern Community. Excellent Location in Historical Morris County. Convenient to all types of Shopping, Bus Service to New York City, Routes 202, 53, 10 and Interstates 80, 287 and 280. All these provide for the Ultimate Location and Home Values.
Pets Allowed: Yes. Contact Management Company for any restrictions.

Parsippany, NJ

Morris County’s most populous municipality is a business-oriented community with its share of traditional streets and neighborhoods. Four major highways bisect the township, which has seen a big increase in population since 1960. Parsippany is comprised of many diverse and charming neighborhoods, high quality business campuses, excellent school and library systems and an extraordinary park system.

The Township prides itself in its fine services with its own water and sewer facilities, one of the most friendly and effective recycling programs in the area and a fine police department, one of only three nationally accredited departments in New Jersey.

One of the most interesting communities is Mount Tabor. Owned by the Mt. Tabor Methodist Camp Meeting Association, Mount Tabor is a small community made up of approximately 350 houses, most of them small Victorian homes, clustered together on tiny lots of land. According to Parsippany mayor Mimi Letts, the community still has its original tabernacle and firehouse and much of the charm of an age long past.

Parsippany provides many other services aimed at improving the quality of life for its residents such as free bus service, three neighborhood branch libraries, a beautiful community center, a first-rate community theater company and attractive, well maintained community gardens. In addition, the Township owns 16 award-winning parks with 25 ball fields, plus two 18 hole golf courses, one of which is rated among the best in the State.

Parsippany is a great place to live, with its fine infrastructure, beautiful neighborhoods, excellent services and an extraordinarily convenient location.

Parsippany was recently rated Number 13 in the Top 20 Best Places to Live in the country by Money Magazine.

Public Schools
Excellent Parsippany Township Public Schools. Mt. Tabor School (Kindergarten-5th Grades). Brooklawn Middle School (6th-8th Grades). Parsippany Hills High School. Many exclusive, private elementary and Prep/Boarding/Catholic high schools are also available within a few miles.

Transportation
Easy access to Routes 202, 24, 46, 53, 10, I-80 and I-280 and I- 287. The Lakeland bus offers service to New York City. Limousine service is available to Morristown Airport and helicopter service to all major metropolitan airports is supplied by Morristown Airport. A few minutes drive to Morris Plains Train Station for the Midtown Direct train to New York City

Shopping
Excellent department stores, specialty shops, catering to virtually every taste. Morris County mall, Morristown Center (15 minutes), Livingston mall, Short Hills mall, Rockaway Townsquare Mall. Morris Hills and Green Hills malls, J.M. Fields Plaza, Baldwin Shopping Center, Rutgers Village, Hillside Terrace, Troy Plaza, and Parsippany Shopping Center.

LIBRARY: MOUNT TABOR BRANCH, 31 Trinity Park, Mount Tabor, NJ 07878, (973) 627-9508, Monday - Thursday 11 AM - 9 PM, Friday & Saturday 9 AM - 1 PM, Closed Sunday. PARSIPPANY - TROY HILLS, 449 Halsey Rd, Parsippany, NJ 07054, (973) 887-5150, Monday - Thursday 9 AM - 9 PM, Friday & Saturday 9 AM - 5 PM. Sunday 1PM - 5PM. LAKE HIAWATHA BRANCH, 68 Nokomis Av, Lake Hiawatha, NJ 07034, (973) 335-0952, Monday - Thursday 10 AM - 9 PM, Friday & Saturday 10 AM - 5 PM, Closed Sunday. Parsippany-Troy Hills Library Website

A Life Style We All Deserve

When you own a home at Mazdabrook Commons you spend your free time doing what you want to. Outside, extensive landscaping adds a full richness to the charm of this most desirable community. Additionally your tranquil and active moods can both be satisfied here. Relax by the swimming pool or actively pursue the Tennis Courts. The Choice is Yours.

If even more active life beckons, visit the township parks where you can try your hand at everything from bocce to baseball. The Morris County Park Commission operates 24 sites, including three golf courses, two aboreta and the Mennen Sports Arena and offers a year-round program of activities throughout the county like adult education courses, programs for school children, planned trail walks, golf tournaments and outdoor concerts.

What's nice to know is that at Mazdabrook Commons in Parsippany you will have the leisure and freedom to do everything. Or nothing at all.

If you would like more information about this lovely, vibrant community and its homes, please Contact Smitha at (973) 953-7777 (mobile).

She is the Mazdabrook Commons Expert!

Technorati Tags: Mazdabrook Townhomes Parsippany,Mazda Brook Town Homes Parsippany,Mazdabrook Townhouses Parsippany,NJ

Morris County Real Estate Recent Townhouse/Condo Sales- March 2009 Condo and Town home Sales Report

Smitha Ramchandani — 2009-04-01T13:48:19Z

March 2009 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Beds	Baths	Garages	Sold Price
Boonton Town	410 Cornelia Street	$255,900	One Floor Unit	1	1	0	$240,000
Butler	398 CAMBRIDGE DRIVE	$312,000	Multi Floor Unit	2	2	0	$301,500
Butler	139 DECKER RD	$319,800	Townhouse-End Unit	2	2.1	1	$300,000
Denville Twp.	124 E. Main St. Unit 307	$197,900	One Floor Unit	1	1	0	$187,000
Hanover Twp.	98 SUNRISE DRIVE	$320,000	Townhouse-End Unit	2	2	1	$328,000
Hanover Twp.	3202 APPLETON WAY	$380,000	Multi Floor Unit, Townhouse-Interior	2	2	1	$360,000
Hanover Twp.	1505 Riveredge Lane	$426,900	Townhouse-Interior	3	2.1	2	$390,000
Jefferson Twp.	13 PETERSBURG CT	$248,900	Townhouse-Interior	2	2	1	$238,500
Jefferson Twp.	44 RED OAK TER	$329,000	Townhouse-End Unit	2	2.1	2	$317,500
Kinnelon	16 WILSHIRE TER	$319,900	Townhouse-Interior	2	2.1	0	$278,000
Lincoln Park	55 Homestead Ln.	$314,900	First Floor Unit	2	2	0	$314,900
Lincoln Park	38 Homestead Lane	$317,900	Townhouse-End Unit	2	2	0	$295,000
Lincoln Park	287 GETTYSBURG WAY	$349,900	Townhouse-Interior	2	2.1	0	$343,000
Lincoln Park	14 NOELLE CT	$399,999	Townhouse-Interior	2	2.1	1	$375,000
Mendham	9 HAMPSHIRE DR	$429,000	Townhouse-Interior	2	2.1	0	$410,000
Mine Hill Twp.	400-16 E Randolph	$288,500	Townhouse-Interior	2	2.2	1	$278,500
Montville Twp.	66 Davenport Road	$469,800	Townhouse-End Unit	3	2.1	1	$443,000
Montville Twp.	10 JEFFERSON CT	$499,900	Townhouse-Interior	3	3.1	2	$495,000
Morris Plains	14G FOXWOOD DR	$275,000	One Floor Unit	2	2	1	$246,000
Morris Twp.	18 Village Drive	$339,900	Townhouse-End Unit	3	2	0	$317,500
Morristown Town	14A Cobb Place	$345,000	1/2 Duplex, Victorian	2	1.1	0	$325,000
Morristown Town	7 PROSPECT ST.	$375,000	One Floor Unit	1	1	0	$335,000
Morristown Town	51 Taft Lane	$439,000	Townhouse-Interior	2	2.1	1	$415,000
Morristown Town	14 TAFT LN	$449,900	Townhouse-Interior	2	2.1	1	$415,000
Morristown Town	22 Franklin PL	$519,000	Townhouse-End Unit, Victorian	4	2	1	$475,000
Mount Arlington	14 Brookside Lane	$225,000	One Floor Unit	1	1	0	$220,000
Mount Olive Twp.	17 TUDOR PL	$185,000	Townhouse-Interior	3	1.1	0	$185,000
Mount Olive Twp.	135 Stedwick Village	$199,900	Townhouse-End Unit	2	1.1	0	$195,000
Mount Olive Twp.	19 TUDOR PL	$225,000	Townhouse-End Unit	2	1.1	0	$227,000
Parsippany-Troy Hills Twp.	116 N. Beverwyck	$159,900	One Floor Unit	1	1	0	$147,500
Parsippany-Troy Hills Twp.	2467 ROUTE 10	$172,000	One Floor Unit	1	1	0	$160,000
Parsippany-Troy Hills Twp.	180-78 LITTLETON RD	$173,500	First Floor Unit, One Floor Unit	1	1	0	$163,000
Parsippany-Troy Hills Twp.	189-29 Littleton Rd	$181,900	One Floor Unit	1	1	0	$163,000
Parsippany-Troy Hills Twp.	2350 ROUTE 10-D13	$195,000	First Floor Unit, One Floor Unit	1	1	0	$180,000
Parsippany-Troy Hills Twp.	2467 Rt10E 18-4B	$210,000	One Floor Unit	2	1	0	$195,000
Parsippany-Troy Hills Twp.	2467 Rte 10 East, Apt. 30-2B	$218,000	Townhouse-Interior	2	1	0	$207,000
Parsippany-Troy Hills Twp.	90 STOCKTON CT	$425,000	Townhouse-End Unit	3	2.1	1	$405,000
Parsippany-Troy Hills Twp.	134 Gladstone Dr	$489,900	Townhouse-Interior	3	2.1	1	$478,000
Riverdale	726 CANNELLA WAY	$239,900	One Floor Unit	1	1	0	$210,000
Riverdale	8210 SANCTUARY BLVD	$280,000	Townhouse-Interior	2	2	0	$300,000
Riverdale	7311 COVENTRY CT	$315,000	One Floor Unit	2	1	1	$295,000
Riverdale	8 TIMBER RIDGE RD	$392,000	Townhouse-Interior	2	2.1	1	$372,500
Riverdale	6418 Brookhaven	$399,000	Townhouse-End Unit	2	2	1	$399,640
Rockaway	45 DANIEL LANE	$89,900	One Floor Unit, Ranch	2	2	0	$80,000
Rockaway Twp.	1304 HAMILTON DR	$187,000	One Floor Unit	1	1	1	$165,000
Rockaway Twp.	7201 POLK DR	$349,950	Townhouse-Interior	2	2.1	1	$290,000
Roxbury Twp.	12 PONDSIDE DRIVE	$229,000	Townhouse-Interior	1	1	1	$242,823
Roxbury Twp.	105 WOODS EDGE DR	$260,000	Townhouse-End Unit	2	1.1	1	$250,000
Roxbury Twp.	129 Drake Lane	$270,000	Townhouse-End Unit	2	2	1	$251,000
Roxbury Twp.	14 LOCH LANE	$312,500	Townhouse-Interior	3	2.1	1	$400,000
Victory Gardens	67 VICTORY COURT	$169,900	See Remarks, Townhouse-Interior	1	1.1	0	$162,500
Victory Gardens	20 Victory Court	$190,000	Townhouse-Interior	1	1.1	0	$192,000
Washington Twp.	119 WIMBLEDON SQ	$239,000	Townhouse-Interior	2	1.1	2	$220,000
Wharton	22146 WEST VIEW	$218,900	Townhouse-Interior	2	1.1	1	$210,000

Technorati Tags: Morris County NJ Condominium and Townhome Townhouse Recent Sales and Market Activity for March 2009

Positive Real Estate and Economic Data

Smitha Ramchandani — 2009-03-30T15:29:52Z

The news this week has been filled with increasing evidence that the housing market, and economy in general, may be stabilizing. On a local level, we are seeing a renewed interest in real estate. For example, the average attendance at Weichert Open Houses recently hit its highest level since March 2007.

Both homebuyers and sellers should be encouraged by the following reports and statistics that have made the headlines:

The National Association of Realtors (NAR) reported on Monday that existing-home sales rose 5.1 percent in February, with first-time buyers accounting for half of all home sales last month. This was the largest increase in nearly six years. Regionally, existing-home sales in the Northeast jumped 15.6 percent.

According to the U.S. Department of Commerce, sales of new, single-family homes increased 4.7 percent in February, compared to January.

In the weekly report from the Mortgage Bankers Association, mortgage applications were up 32.2 percent for the week ending March 20.

As a result of several government plans that were recently unveiled, mortgage rates fell to the lowest level on record, and the Dow Jones surged 21 percent in just 13 days.

Tax Advantages of Homeownership

Smitha Ramchandani — 2009-03-18T16:00:11Z

Owning a home invokes more than a sense of pride and freedom. It is also a long-term investment opportunity. With tax season in full swing, it is a great time to speak to your tax advisor about the tax advantages associated with homeownership.

Some of these benefits include:

Reduce your taxable income: On your itemized income tax return, you may be able to deduct mortgage interest payments, property taxes and points paid to lower your loan's interest rate.

Take advantage of new tax laws: The recent stimulus package included new tax laws such as an $8,000 tax credit for many first-time buyers, the elimination of a penalty for short sellers with forgiven mortgage debt, and the ability for certain homeowners to contest property taxes.

Lower tax on capital gains when you sell: When you sell your home, you will not have to pay federal income tax on capital gains of up to $500,000 for a married couple and $250,000 if you are single. This applies to the sale of a principal residence owned and occupied for at least two of the last five years.

You may also want to register for our "Know When Opportunity is Knocking" seminar taking place in many Weichert offices on Saturday, Mar. 21, at 11:00 a.m. A tax professional will be in attendance to explain the new $8,000 first-time buyer tax credit and speak about the tax benefits that come along with owning a home.

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com.

Technorati Tags: Tax Advantages of Homeownership

Housing Affordability at Record High

Smitha Ramchandani — 2009-03-09T12:58:52Z

Some great news for homebuyers was released this week. On Tuesday, the National Association of Realtors (NAR) reported that its Housing Affordability Index (HAI) rose 13.6% in January to 166.8, a new record high. In fact, the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.

The HAI is a relative index where a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced existing single-family home. The higher the index, the better housing affordability is for buyers.

According to NAR President Charles McMillan, "The buying power of a typical family has risen significantly. With the drop in interest rates, a median-income family can afford a home costing $20,000 more than a year ago for the same monthly mortgage payment."

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.MorristownCourt.com.

Featured Condo & Townhouse Community - Morris Place in Morristown, NJ

Smitha Ramchandani — 2009-03-01T15:45:35Z

Welcome to Morris Place in Morristown, New Jersey

Small Town Appeal, Big City Convenience and Maintenance-Free Living are only a few of the advantages you will experience when you reside at Morris Place. Conveniently located in Morristown NJ, Morris Place is a great place to live, raise a family, relax and enjoy life! Morristown lies about 32 miles west of New York City in Morris County, NJ and is just minutes away from all the conveniences necessary for today's lifestyles.

A Newer Townhome Community of 2 Bedroom Townhomes with 2.1 Baths and 1 Car Garages in Morristown, NJ
Location! Location! Location!
A Commuter's Dream: Less than 0.5 Miles Walk to Morristown Train Station for the Midtown Direct train to New York City.
30 +/- Miles from Manhattan
30 +/- minute drive to Newark International Airport
Conveniently located just 0.5 +/- Miles from the Morristown Green (Downtown Morristown)
2 +/- minute drive to the Morristown Green, the center of town, shops, and eateries
12+/- minutes to The Mall at Short Hills
Minutes to Major Routes like 10, 24, 202, 53 and Interstates 287 & 80
Morris County, New Jersey was recently rated as the 6th Best Place to Raise a Family by Forbes Magazine ranking U.S. counties with populations over 65,000

A Complete Living Experience

Morris Place was built around 2003 and there are 76 units featuring 2 Bedrooms and 2.1 Baths and an attached 1 Car Garage. The interiors are spacious and designed to fit every homeowner's lifestyles. And there are Two Floor Plans to choose from.

When you own a home at Morris Place you spend your free time doing what you want to. There are many recreational opportunities from the local township and county to sports arenas, hiking and biking areas. Memorial Park, Frelinghuysen Arboretum, James Park, Centennial Park and Morris County Park are just a few of the areas' recreational delights.

Suburban Life Style for Urban People
Morris Place is that unusual combination of a suburban lifestyle with in-town convenience! Major brokerage firms, professional services, abundant shopping facilities, mass-transit systems, a full service airport for private jets and planes, health care centers and fine restaurants are all a part of Morristown's wonderful combination of sophistication and charisma.

Community Details

Number of Units: 76
Beds/Baths: 2 / 2.1
Parking: 1 Car Garage
Year Built: 2003
Price: $379,000 - $499,000
Common Features: Innovative and Dynamic Floor Plans. Dramatic Entry Foyers. 9' Ceilings on First Floor and Second Floor. 8' Ceilings on Third Floor. Spacious Living Rooms, Some with Fireplaces, Formal Dining Area. Walk-in Master Bedrooom Closet(s) per plan. Ceramic Tile in Entry Foyer, Kitchen and Laundry Rooms, Ceramic Tiles in Master Bath, Main Bath and Powder Rooms. Custom Kitchens, Separate Laundry areas with washer and dryer hookup. Economical Gas-Fired/Natural Gas Heat, Central Air conditioning, Attached Garage with Direct Access to Units, Paved Driveways, Extra parking for additional cars and guests. Sodden Common Areas with irrigation.
Schools: Excellent Morristown Public Schools. Woodland School, Thomas Jefferson School, Frelinghuysen Middle School, Morristown High School. Many exclusive, private elementary and Prep/Boarding/Catholic high schools are also available within a few miles.
Colleges/Universities: Drew University, Fairleigh Dickinson University, Rabbinical College of America, Saint Elizabeth College, and the County College of Morris (Randolph and Morristown) are all within a few miles.
Public Transportation: Morris Place is a commuter's dream with easy access to I-287, I-80, Routes 24, 124, 202 and 10. The Morristown Train Station is within Walking Distance. Bus Service is also available with stops just a short drive away.
Fun & Recreation: Less than 1/2 mile to Morristown Green the center of town, shops, and eateries. Rockaway, Livingston and Short Hills Malls are nearby. About 32 miles to NYC. Dozens of town, county, state, and national parks with biking/hiking trails, water activities, etc. range from within walking distance to just a few miles away. Public swimming, fishing, golf and tennis facilities are also available.
Pets Allowed: Yes. Contact Management Company for any restrictions.

Morristown, NJ

Morristown is Morris County’s most famous municipality. Its history is part of the rich heritage of our country. The town and the region are known for their important role in the American Revolution. Early in the 1700’s, permanent settlers were attracted to the area by discoveries of iron ore. This vital resource and Morristown’s strategic location made the town extremely valuable to revolutionary forces.

During the winter of 1779-80 and on several other occasions, General Washington headquartered at the beautiful Ford Mansion, now a National Historic Park and Museum. Revolutionary soldiers spent the long winter of 1779-80 camped at nearby Jockey Hollow.

Today, Morristown retains its historic past in public as well as private construction. As the county seat and the region’s largest commercial and shopping center, Morristown is the scene of contemporary life surrounded by structures and sites of historic significance. Visitors and residents alike can shop-'till-they-drop on tree-lined South Street, or relax amid the history of the famous Green. Enjoy a meal or a drink at one of our more than a hundred restaurants and bars. Or just stroll along and soak up the atmosphere of our Colonial and Victorian architecture. And if business is where your head is, you've come to the right place. Morristown is the epicenter of North Jersey commerce, home to hundreds of national and international companies.

Morristown has undergone extensive renewal activity and expansion in recent years. In the downtown area, Headquarters Plaza offers a health club, hotel, shopping mall and office buildings: a bridge between old and new.

Morristown provides many housing choices for the buyer and renter. Morristown hosts a number of antique homes and unique properties, downtown townhouses, contemporary homes and "starter" properties. Children have the advantage of a strong school system and proximity to numerous activities. Morristown is home to a diversity of houses of worship.

Morristown hosts a year round schedule of events for the community. Events include "Explore Morristown" and the fall Morristown Festival on the Green. There are Halloween trick-or-treat programs as well as a Holiday Festival and Twelfth Night celebration at the New Year.

Come see all Morristown has to offer! Let us show you the beauty of Morristown and Morris County.

Transportation
Integrated into state and interstate highway network via I-287, Morristown area residents have access to all major freeways. Bus service is excellent between Morristown and Netcong. Rail transportation to New York City, Newark and intermediate stops is the area’s best via NJ Transit. Airport and limousine service is available from Morristown Airport. The township is in an excellent location with easy access to major highways, such as State Routes 10 and 24, U.S. Routes 46 and 202; and Interstates 78, 80, 280, and 287. The areas has three train stations with service to New York City - Morris Plains, Morristown and Convent Station. Bus service is excellent between Morristown and Netcong. Rail transportation to New York City, Newark and intermediate stops is the area’s best via NJ Transit. Airport and limousine service is available from Morristown Airport.

Shopping
Excellent department stores, specialty shops, catering to virtually every taste. Nearby Morris County Mall adds additional chain and discount stores. Area shoppers also have the convenience of being only minutes away from both the Livingston Mall and the Mall at Short Hills.

Education and Cultural Center
Residents of Windmill Pond soon discover the enormous educational and cultural opportunities available to them throughout the Morristown area. Colleges/Universities: Drew University, Fairleigh Dickinson University, Rabbinical College of America, Saint Elizabeth College, and the County College of Morris (Randolph and Morristown) are all within a few miles.

Recreational Facilities
Today, Morristown provides a plethora of social and cultural options for its residents. Morristown center is 45 minutes away from midtown Manhattan via the midtown direct train from the Morristown Train Station. Jockey Hollow and other county, state and federal parks, are within a 15 minute drive. Within the town proper there is a theatre, movie house, and shopping opportunities including department stores and specialty boutiques, as well as numerous, ethnically diverse restaurants. County and National Parks, hiking, biking, swimming, skating, movie theatres and health clubs.

Municipal Offices:
110 South Street
(973) 292-6600

Library:
1 Miller Road
(973) 538-6161

A Life Style We All Deserve

When you own a home in Morris Place you spend your free time doing what you want to. Both your tranquil and active moods can both be satisfied here. Visit the township parks where you can try your hand at everything from bocce to baseball. The Morris County Park Commission operates 24 sites, including three golf courses, two aboreta and the Mennen Sports Arena and offers a year-round program of activities throughout the county like adult education courses, programs for school children, planned trail walks, golf tournaments and outdoor concerts.

Come share in the carefree and elegant lifestyle of Morris Place.

If you would like more information about this lovely, vibrant community and its homes, please Contact Smitha
at (973) 953-7777 (mobile).

She is the Morris Place Expert!

Featured Condo & Townhouse Community - Morristown Court in Morristown, NJ

Smitha Ramchandani — 2009-03-01T15:36:17Z

Welcome to Morristown Court in Morristown, New Jersey

A Suburban Life Style for Urban People is one the many advantages you will experience when you reside at Morristown Court. Conveniently located in Morristown NJ, Morristown Court is a great place to live, raise a family, relax and enjoy life! Morristown lies about 32 miles west of New York City in Morris County, NJ and is just minutes away from all the conveniences necessary for today's lifestyles.

A Lovely Condo and Townhome Community of 1-2 Bedroom Condos and Townhomes with 1.1-2.0 Baths, some with Attached 1 Car Garages in Morristown, NJ
Convenient Location, A Commuter's Dream: Less than 0.5 Miles Walk to Morristown Train Station for the Midtown Direct train to New York City.
30 +/- Miles from Manhattan
30 +/- minute drive to Newark International Airport
Conveniently located just 0.5 +/- Miles from the Morristown Green (Downtown Morristown)
2 +/- minute drive to the Morristown Green, the center of town, shops, and eateries
12+/- minutes to The Mall at Short Hills
Minutes to Major Routes like 10, 24, 202, 53 and Interstates 287 & 80
Morris County, New Jersey was recently rated as the 6th Best Place to Raise a Family by Forbes Magazine ranking U.S. counties with populations over 65,000

A Complete Living Experience

Morristown Court was built around 1995 and there are 48 units featuring 1-2 Bedrooms and 1.1-2 Baths and some with an attached 1 Car Garage. The interiors are spacious and designed to fit every homeowner's lifestyles. And there are a few Floor Plans to choose from.

When you own a home at Morristown Court you spend your free time doing what you want to. There are many recreational opportunities from the local township and county to sports arenas, hiking and biking areas. Memorial Park, Frelinghuysen Arboretum, James Park, Centennial Park and Morris County Park are just a few of the areas' recreational delights.

Big City Convenience and Maintenance-Free Living
Morristown Court is that unusual combination of a suburban lifestyle with in-town convenience! Major brokerage firms, professional services, abundant shopping facilities, mass-transit systems, a full service airport for private jets and planes, health care centers and fine restaurants are all a part of Morristown's wonderful combination of sophistication and charisma.

Community Details

Number of Units: 48
Beds/Baths: 1-2 / 1.1-2.0
Parking: 0-1 Car Garages
Year Built: 1994-1996
Price: $325,000 - $400,000
Common Features: Innovative and Dynamic Floor Plans. Spacious Living Rooms, Some with Fireplaces, Formal Dining Area. Walk-in Master Bedrooom Closet(s) per plan. Custom Kitchens, Separate Laundry areas with washer and dryer hookup. Economical Gas-Fired/Natural Gas Heat, Central Air conditioning, Some Units have an Attached Garage with Direct Access to Units and Paved Driveways, Extra parking for additional cars and guests.
Schools: Excellent Morristown Public Schools. Woodland School, Thomas Jefferson School, Frelinghuysen Middle School, Morristown High School. Many exclusive, private elementary and Prep/Boarding/Catholic high schools are also available within a few miles.
Colleges/Universities: Drew University, Fairleigh Dickinson University, Rabbinical College of America, Saint Elizabeth College, and the County College of Morris (Randolph and Morristown) are all within a few miles.
Public Transportation: Morristown Court is a commuter's dream with easy access to I-287, I-80, Routes 24, 124, 202 and 10. The Morristown Train Station is within Walking Distance. Bus Service is also available with stops just a short drive away.
Fun & Recreation: Less than 1/2 mile to Morristown Green the center of town, shops, and eateries. Rockaway, Livingston and Short Hills Malls are nearby. About 32 miles to NYC. Dozens of town, county, state, and national parks with biking/hiking trails, water activities, etc. range from within walking distance to just a few miles away. Public swimming, fishing, golf and tennis facilities are also available.
Pets Allowed: Yes. Contact Management Company for any restrictions.

Morristown, NJ

A Life Style We All Deserve

When you own a home in Morristown Court you spend your free time doing what you want to. Both your tranquil and active moods can both be satisfied here. Visit the township parks where you can try your hand at everything from bocce to baseball. The Morris County Park Commission operates 24 sites, including three golf courses, two aboreta and the Mennen Sports Arena and offers a year-round program of activities throughout the county like adult education courses, programs for school children, planned trail walks, golf tournaments and outdoor concerts.

Come share in the convenient and carefree and lifestyle of Morristown Court.

If you would like more information about this lovely, vibrant community and its homes, please Contact Smitha
at (973) 953-7777 (mobile).

She is the Morristown Court Expert!

Technorati Tags: Morristown Court Condo and Townhome Community in Morristown New Jersey

Morris County Real Estate Recent Townhouse/Condo Sales- February 2009 Condo and Town home Sales Report

Smitha Ramchandani — 2009-03-01T14:31:20Z

February 2009 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Beds	Baths	Garages	Sold Price
Butler Boro	203 TERRACE LAKE DRIVE	$307,000	Multi Floor Unit	2	2	1	$301,000
Denville Twp.	33 DIAMOND SPRING ROAD 1-E	$289,344	Townhouse-Interior	2	1.1	0	$264,000
Denville Twp.	2 Joanne Drive	$359,900	Townhouse-End Unit	2	1.1	1	$345,000
Denville Twp.	130 Mackenzine Lane North	$784,625	Townhouse-End Unit	3	2.1	2	$756,445
Denville Twp.	16 Jade Circle	$832,995	Townhouse-End Unit	3	2.1	2	$792,995
East Hanover Twp.	32 Millie Lane	$358,000	Townhouse-End Unit	3	2	0	$335,000
Florham Park Boro	38 Park Street 24D	$369,500	Townhouse-Interior	2	2.1	0	$358,000
Hanover Twp.	105 Vista Drive	$349,800	Townhouse-End Unit	2	2	0	$333,000
Hanover Twp.	1905 Appleton way	$405,000	Townhouse-Interior	2	2.1	1	$385,000
Jefferson Twp.	48 RED OAK TERRACE	$269,000	Townhouse-Interior	2	2.1	1	$265,000
Jefferson Twp.	22 Pond Hollow Dr.	$320,000	Townhouse-Interior	3	2.1	1	$310,000
Lincoln Park Boro	12 GETTYSBURG WAY	$269,900	Townhouse-Interior	2	2.1	0	$273,000
Lincoln Park Boro	270 ROBERTSON WAY	$299,900	One Floor Unit	2	2	0	$275,000
Mendham Boro	58 ABERDEEN DR	$398,000	Townhouse-End Unit	2	2.1	1	$370,000
Montville Twp.	136 Changebridge Rd. H-6	$258,800	Townhouse-Interior	1	1	0	$240,000
Montville Twp.	77 Heritage Court	$459,000	Townhouse-End Unit	3	2.1	1	$440,000
Montville Twp.	137 Ridge Dr.	$549,900	Townhouse-End Unit	3	2.1	2	$531,000
Montville Twp.	11 Lalique	$675,000	Townhouse-End Unit	3	2.1	2	$635,000
Morris Twp.	21 INDEPENDENCE WAY	$525,000	Townhouse-Interior	3	2.1	1	$485,000
Morristown Town	44 Ridgedale Avenue	$322,000	Townhouse-End Unit	1	1.1	0	$315,000
Morristown Town	320 South Street	$350,000	Townhouse-Interior	2	2.1	0	$305,000
Morristown Town	2 RONA RD	$390,000	Townhouse-Interior	2	2.1	1	$360,000
Morristown Town	28 KING ST UNIT A	$595,000	Townhouse-End Unit	3	2.1	1	$645,000
Mount Arlington Boro	76 CRESTVIEW LN	$229,000	One Floor Unit	1	1	0	$214,000
Mount Arlington Boro	43 Maple Lane	$339,900	Townhouse-End Unit	2	2.1	1	$318,000
Parsippany-Troy Hills Twp.	2350 ROUTE 10-A31	$180,000	First Floor Unit	2	1	1	$167,040
Pequannock Twp.	2202 WENDOVER DR	$349,000	Townhouse-Interior	2	2.1	1	$325,000
Riverdale Boro	7401 coventry court	$249,999	One Floor Unit	1	1	0	$233,500
Rockaway Twp.	322 Richard Mine Road M4	$183,900	One Floor Unit	1	1	2	$177,000
Rockaway Twp.	322 RICHARD MINE RD U-4	$225,000	Townhouse-Interior	2	1	1	$216,000
Rockaway Twp.	12 POWDERHORN DR	$349,800	Townhouse-Interior	3	2.1	2	$345,000
Roxbury Twp.	183 WOODS EDGE DR	$249,000	Townhouse-End Unit	2	1.1	1	$239,500
Roxbury Twp.	82 Whisper Way East	$328,000	Townhouse-Interior	3	2.1	1	$320,000
Washington Twp.	108 WIMBLEDON SQUARE	$259,900	Townhouse-Interior	2	1.1	2	$245,000

Technorati Tags: Morris County NJ Condominium and Townhome Townhouse Recent Sales and Market Activity for February 2009

New First-Time Buyer Tax Credit

Smitha Ramchandani — 2009-02-27T22:42:19Z

The American Recovery and Reinvestment Act that was recently signed into law could be the key to achieving the American dream of homeownership for many first-time buyers. The stimulus plan includes a new and improved version of a first-time buyer tax credit originally passed last summer.

The 2009 first-time buyer tax credit includes these enhancements, and applies to any buyer who has not owned a home in the three years prior to their 2009 purchase:

The maximum tax credit amount was increased to $8,000 from $7,500.

Buyers are no longer required to repay the credit.

The time during which first-time buyers can benefit from the credit was extended by five months. It now applies to purchases of principal residences made on or after Jan. 1, 2009, and before Dec. 1, 2009.

The passing of this legislation is very positive news for anyone looking to buy or sell a home. Specifically, first-time buyers can now take advantage of the improved tax credit in addition to today's historically low interest rates and a large supply of homes to choose from.

Weichert has a resource for first-time homebuyers on its Web site that includes the most up-to-date information on the new tax credit. Click here or visit www.weichert.com/firsttimebuyer today to learn how this new legislation can help you achieve the American dream of homeownership.

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.MorrisPlaceLiving.com or http://www.MorristownCourt.com.

Technorati Tags: New First-Time Buyer Tax Credit

A Homeowner Affordability and Stability Plan Primer

Smitha Ramchandani — 2009-02-23T15:33:34Z

As you may know, President Obama presented a new plan this week to prevent foreclosures and stabilize the housing market. The Homeowner Affordability and Stability Plan will be funded with money from the $700 billion financial industry bailout passed by Congress in the fall.

The plan was designed to help up to 9 million families avoid foreclosure by restructuring or refinancing their mortgages. While it may seem that the main benefactors of the initiative are homeowners at risk of defaulting on their mortgage, we will all benefit. Defaults and foreclosures result in lower home values, lost jobs and economic troubles for local communities.

The main components of the Homeowner Affordability and Stability Plan are to:

Provide incentives for mortgage lenders and servicers to modify loans in a way that would reduce monthly mortgage payments to sustainable levels and aid up to 4 million homeowners struggling to make their payments.

Allow Fannie Mae and Freddie Mac to refinance mortgages they own or guarantee, even when more is owed on the home than what it is worth. By removing restrictions on the government-sponsored enterprises, monthly payments could become more affordable for up to 5 million homeowners.

Keep mortgage rates low for all buyers by doubling support for Fannie Mae and Freddie Mac, which were taken over by the government last year.

Said National Association of Realtors President Charles McMillan, "The administration's proposed plan, combined with provisions like the $8,000 first-time buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values and move the country closer to an economic recovery."

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.MorrisPlaceLiving.com or http://www.MorristownCourt.com.

New Real Estate Stimulus Package Signed Into Law

Smitha Ramchandani — 2009-02-18T15:04:09Z

President Obama signed the American Recovery and Reinvestment Act into law Tuesday afternoon. The $787 billion plan is designed to stimulate consumer spending and create jobs, in order to help families recover and prosper.

Realizing that an economic recovery is contingent upon improvements in the housing market, the package includes provisions that will help attract first-time buyers, reduce inventory, stabilize home values and improve liquidity in the overall mortgage market.

The bill specifically helps real estate in the following ways:

Increases the first-time homebuyer tax credit to $8,000 and eliminates the repayment requirement.

Reinstates the 2008 higher loan limits for FHA, Fannie Mae and Freddie Mac.

Both provisions were championed by the National Association of Realtors (NAR), which estimates that the new version of the homebuyer tax credit could stimulate up to 300,000 additional home sales.

Remodeling Projects That Add Value

Smitha Ramchandani — 2009-02-03T14:39:45Z

According to Remodeling magazine's 2008-2009 "Cost vs. Value Report," even despite the challenging economy, investing in your home still pays off at resale. Based on interviews with real estate professionals throughout the country, the Remodeling report found that homeowners could expect to recoup an average of 67.3 percent of their investment in 30 different home improvement projects.

Exterior projects that boost curb appeal and kitchen remodels generally get the biggest bang for the homeowner's buck. The right remodeling project, when done well, also has the potential to make for a quicker sale and reduce negotiations with buyers over perceived shortcomings.

Some of the projects that are paying off the most nationally this year at resale include the following. The number in parentheses represents the percentage of the project's cost that is recovered.

Upscale fiber cement siding (86.7 percent)
Midrange wood deck (81.8 percent)
Midrange vinyl siding (80.7 percent)
Midrange minor kitchen remodel (79.5 percent)
Upscale vinyl window replacement (79.2 percent)
Midrange major kitchen remodel (76 percent)

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com.

Morris County Real Estate Recent Townhouse/Condo Sales- January 2009 Condo and Town home Sales Report

Smitha Ramchandani — 2009-02-03T14:36:24Z

January 2009 Condos and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Beds	Baths	Garages	Sold Price
Denville Twp.	19 Savage Road A-1	$189,900	First Floor Unit, One Floor Unit	1	1	0	$185,400
Denville Twp.	33 Diamond Spring Road 2A	$329,900	Multi Floor Unit, Townhouse-End Unit	2	1.1	0	$323,900
Dover Town	54B Foxhill Drive	$120,000	Townhouse-End Unit	1	1	0	$115,000
Dover Town	64 C E Blackwell St.	$224,900	Multi Floor Unit, Townhouse-Interior	2	1.1	0	$208,000
East Hanover Twp.	8 KINGSBRIDGE DR	$479,000	Townhouse-Interior	3	2.1	1	$460,000
Florham Park Boro	38 PARK ST 12-G	$449,000	Townhouse-Interior	3	2.1	2	$423,000
Hanover Twp.	70 Sunrise Dr.	$349,900	Townhouse-End Unit	2	2	1	$330,000
Hanover Twp.	101 Appleton Way	$424,950	Townhouse-End Unit	2	2.1	1	$408,000
Hanover Twp.	601 COBBLESTONE WAY	$448,000	Townhouse-End Unit	2	2.1	2	$421,500
Jefferson Twp.	4 Pond Hollow Drive	$324,000	Townhouse-Interior	3	2.2	1	$324,000
Jefferson Twp.	44 RED OAK TERRACE	$345,000	Townhouse-End Unit	2	2.1	2	$225,000
Madison Boro	99 GREENWICH CT	$479,000	Townhouse-Interior	2	2.1	1	$465,000
Mine Hill Twp.	400-31 E RANDOLPH AVE	$280,155	Townhouse-Interior	2	2.1	1	$280,155
Montville Twp.	67 GENOBLE RD	$349,000	One Floor Unit	2	2	0	$315,000
Montville Twp.	62 Village Dr	$538,000	Townhouse-End Unit	3	2.1	2	$520,000
Morris Twp.	221 Pitney Place	$219,900	One Floor Unit, Townhouse-Interior	1	1	0	$212,000
Morristown Town	50B Ridgedale Avenue	$330,000	Townhouse-Interior	2	1.1	0	$310,000
Morristown Town	38 CHESTNUT ST	$439,000	Multi Floor Unit, Townhouse-End Unit	3	2.1	1	$415,000
Morristown Town	35 Community Place	$950,000	Townhouse-Interior	2	2.2	2	$900,000
Mount Arlington Boro	105 CRESTVIEW LANE	$219,800	First Floor Unit	1	1	0	$212,500
Mount Arlington Boro	4 RIDGEVIEW LN	$299,000	First Floor Unit	2	2	1	$285,000
Mount Arlington Boro	77 RIDGEVIEW LANE	$325,000	One Floor Unit	2	2	1	$315,000
Mount Arlington Boro	42 Zachary Way	$361,900	One Floor Unit, Townhouse-Interior	2	2	1	$361,900
Parsippany-Troy Hills Twp.	2467 Route 10 East, 19/7B	$184,777	One Floor Unit, Townhouse-Interior	1	1	0	$173,750
Parsippany-Troy Hills Twp.	2D YACENDA DR	$375,000	Townhouse-End Unit	2	2.1	1	$389,000
Parsippany-Troy Hills Twp.	106 Summerhill Drive	$429,900	Townhouse-Interior	2	2.1	1	$410,000
Parsippany-Troy Hills Twp.	18 GORDON CIR	$449,900	Townhouse-Interior	3	3.1	1	$425,000
Randolph Twp.	88 ARROWGATE DRIVE	$421,800	Townhouse-End Unit	3	2.1	2	$420,000
Rockaway Twp.	322 RICHARD MINE RD B2	$175,000	One Floor Unit	1	1	0	$165,000
Rockaway Twp.	322 Richard Mine Road Y-4	$199,000	First Floor Unit	1	1	1	$192,000
Rockaway Twp.	322 RICHARD MINE RD V-9	$205,000	One Floor Unit	2	1	0	$200,000
Roxbury Twp.	26 PASTURE CT	$214,500	One Floor Unit, Townhouse-Interior	1	1	1	$207,000
Roxbury Twp.	6 PONDSIDE DRIVE	$229,000	One Floor Unit	1	1	1	$229,000
Roxbury Twp.	47 DRAKE LN	$259,000	Townhouse-End Unit	2	2	1	$235,000
Roxbury Twp.	27 Drake Lane	$260,000	Townhouse-End Unit	3	2	1	$250,000
Roxbury Twp.	169 DRAKE LANE	$289,999	First Floor Unit, One Floor Unit, Townhouse-End Unit	3	2	1	$285,000
Roxbury Twp.	19 PONDSIDE DRIVE	$386,000	Townhouse-Interior	3	2.1	1	$376,000
Victory Gardens Boro	41 VICTORY COURT	$179,900	One Floor Unit, Townhouse-Interior	1	1.1	0	$179,900
Washington Twp.	39 Bennington	$275,000	Townhouse-End Unit	2	2.1	1	$250

Information Deemed Reliable But Not Guaranteed.

Technorati Tags: Recent Townhomes Sales in Morris County,Recent Condo Sales in Morris County,NJ,New Jersey

The Emotional Dividends of Homeownership

Smitha Ramchandani — 2009-01-28T13:24:10Z

By Jim Weichert

Real estate has always been a great conversation piece. But lately, it seems almost
impossible to chat with someone without the topic coming up. Don’t believe me? At your
next holiday party, see how long it takes for someone to start talking about the market.

With most of the discussion these days seemingly centered on mortgages, home sales and
prices, it seems one fundamental real estate principle has gotten lost in the shuffle.
Regardless of market conditions, the path to the “American Dream” will always involve
homeownership. That’s because it’s a dream based on more than just investment
potential and economic gains. It also involves sharing your life with a significant other or
having a place to raise your family. It includes finding a time and place to relax and enjoy
life’s special moments when you’re not working hard to get ahead.

Yet, somehow during the recent real estate boom we lost sight of the personal, social and
emotional benefits that accompany homeownership and got caught up in the monetary
gains buying and selling houses offered instead. Don’t get me wrong. I think it is great
that people can amass personal wealth through real estate investments. And over the
long-haul, real estate continues to be a sound financial decision. But it is short-sighted to
look at one’s own personal residence as only an investment.

Purchasing a home is always a worthwhile choice when you factor in the many positive
life benefits that go with it. Much of our nation’s culture is centered on the home.
Therefore, it’s no coincidence than many of life’s milestones involve a home purchase. A
new couple buys a condo to begin their life together. A single mom purchases a starter
home to have a little more room to raise her family. Retirees buy that vacation property
they always wanted to enjoy their golden years.

Owning a home offers so much more than just investment potential. A home gives a
sense of self-worth and accomplishment. A home provides shelter. A home offers
stability and security. A home offers a nurturing environment for children to grow. A
home serves as a place to gather with family and friends. A home provides a feeling of
belonging within the community. A home creates memories.

Homeownership isn’t just a good thing for the individual either. Putting people in houses
creates a stronger community as well. According to findings published by the National
Association of Realtors, communities with higher homeownership had better educational
performance, lower crime rates, more household participation in civic affairs and better
household health.

Still, while financial advantages shouldn’t be the first and only thing we consider when
we think about owning a home, it would be foolish to discount these benefits altogether.
The opportunity to take advantage of tax deductions for mortgage interest and property
taxes or the ability to benefit from the capital gains exclusion on the sale of a home up to
$500,000 are just two examples of how owning a home provides real financial rewards.

Yet, the true benefit these financial dividends offer isn’t a bigger number on your bank
statement. It’s the improved quality of life the additional money can provide. Whether
that means having more to spend on necessities like food, utilities or healthcare or being
fortunate enough to afford a new car, a vacation or a college education for your kids.

How many of us would evaluate our mutual funds, stocks and other investments on their
ability to provide personal, social and emotional rewards? Then why judge the value of
homeownership solely on investment potential? Remember, in addition to being a smart
long-term financial decision, owning a home also pays big emotional dividends.

James M. Weichert is president and founder of Weichert, Realtors®, one of the nation’s
largest privately held real estate companies, with nearly 18,000 sales associates in over
500 company-owned and franchised sales offices in key markets throughout the U.S.

Technorati Tags: Home Buyers in Morris County,NJ,New Jersey,Homeowner Benefits

It might be right time to Buy..

Smitha Ramchandani — 2009-01-09T15:04:49Z

Mortgage Rates Have Dropped

If you have been on the fence about whether now is the right time to buy a new home, here's the best reason yet to hop off: your dream home just became more affordable. That's because the federal government has now take steps that caused interest rates to drop considerably. For example a $250,000 30-year fixed rate loan could save you as much as $220 a month now versus just one month ago*.

Or if you are still happy where you are, you can get help refinancing your current mortgage or home equity line of credit at a fixed rate.

* From 11/24/08 - 12/18/08interest rates for a 30-year fixed rate mortgage dropped from 6.25% to 5.25% hence the $220 a month savings. Rates are subject to change.