Market Minute . . . Basking Ridge & Bernardsville 3/28/2010

Consistency is the word for the weekly trend in Basking Ridge with the market almost perfectly replicating last week. Basking Ridge saw 19 new listings hit the market this week with a total of 9 home listings going under contract during that same time-frame. Bernardsville had a slightly better week than last in terms of the new inventory to under contract ratios; with 4 new listings coming on the market and 1 going under contract. Though a bit punchy in spots, the market feels solid and well into its typical "spring swing." The $1.1M end of Basking Ridge almost couldn't be hotter. For 7 weeks, most of the well conditioned homes in that price position (that should be in that price point!) have seen multiple offers almost immediately. With only a few more weeks for folks to take advantage of the home buyer tax credit, we should see even more great market activity ahead!

The Week that Was - Basking Ridge Home Sales for 2/15 - 2/28

Currently, there are 179 Basking Ridge Homes for Sale. During the past 2 week, 14 Homes went Under Contract (with 10 of the 14 having a list price over $750K) and 6 Basking Ridge Homes Sold (Sale prices below).

• 94 Potomac Dr/ SP: $203,500 / LP: $215,000 / 1BR & 1BA.
• 6 Baldwin Ct / SP: $320,000 / LP: $334,900 / 3BR & 2.1BA.
• 18 Mayflower Dr / SP: $506,000 / LP: $518,000 / 3BR & 2.1BA.
• 93 ALder Ln / SP: $597,000 / LP: $635,000 / 4BR & 2.1BA.
• 20 Princeton Ct / SP: $682,000 / LP: $699,999 / 3BR & 2.1BA.
• 322 S Finley Ave / SP: $1,200,000 / LP: $1,299,900 / 5BR & 4.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales for 2/8 - 2/14

Currently, there are 170 Basking Ridge Homes for Sale. During the week, 6 Homes went Under Contract and 3 Basking Ridge Homes Sold (Sale prices below).

• 24 Fairbanks Ln / SP: $387,500 / LP: $450,000 / 2BR & 2BA.
• 49 Spencer Rd / SP: $442,000 / LP: $459,000 / 3BR & 2BA.
• 65 Vanderveer Dr / SP: $987,000 / LP: $999,000 / 4BR & 4.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

Tax Time!

It's everyones favorite time of the year - time to get your taxes filed. Are you eligible for the first time home buyers or the repeat buyer tax credit? If so, no e-filing for you. You will be waiting a few more weeks for a refund if you are entitled to one. Thanks to Peter DeVico of MetLife Home Loans for the following bit of information:

"Important IRS updates on claiming the home buyer tax credit have recently been announced, and you may want to alert your potential customers. The agency has published an updated version of Form 5405 as well as instructions for home buyers using it to claim the $8,000 first-time buyer credit as well as repeat buyers seeking to claim the $6,500 credit. Updates to the form include the extended purchase date window (tax credit-qualified homes must be under contract prior to May 1 and close before July 1). And yes, even though the revised Form 5405 still references the "First-Time Homebuyer Tax Credit," it is also intended to be used by repeat home buyers, who must have lived in a single principal residence for five of the last eight years prior to purchasing their new home for which they plan to claim the tax credit.

Beyond these updates, the IRS is also requiring additional documentation for home buyers who claim the credit for purchases after Nov. 6, 2009. Buyers must now provide a copy of the HUD-1 form or, in cases where that form is not used, a certificate of occupancy for a newly constructed home. For purchases taking place after April 30, a copy of the signed sales contract must also be supplied. Meanwhile, in order to claim the $6,500 repeat buyer tax credit, home buyers must attach one of the following for five consecutive years of the last eight to demonstrate that they meet the repeat buyer qualifications: a Form 1098 reporting mortgage interest; a property tax statement; or home insurance records.

Tax credit buyers should also know that, due to the new documentation requirements, those claiming either the $8,000 first-time home buyer credit or the $6,500 repeat-buyer credit cannot e-file. As a result, taxpayers should be prepared to wait at least 12 to 16 weeks to receive their refunds. On a final note, NAHB has recommended options to Treasury and IRS officials for homebuyers who do not use a HUD-1 form and whose local jurisdiction does not issue a certificate of occupancy. We are awaiting their response at this time. Get more information on NAHB's consumer tax credit Web site at: www.federalhousingtaxcredit.com."

The Week that Was - Basking Ridge Home Sales for 2/1 - 2/7

Currently, there are 159 Basking Ridge Homes for Sale. During the week, 8 Homes went Under Contract and 2 Basking Ridge Homes Sold (Sale prices below).

• 59 Sycamore Ct / SP: $330,000 / LP: $340,000 / 2BR & 2.1BA.
• 115 S. Alward Dr / SP: $650,000 / LP: $719,000 / 5BR & 3.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

Snowy Days - Out and About Basking Ridge

What do you do in Basking Ridge when it snows? Head to your favorite sledding hill, of course. Kids of all ages - some merely young at heart - bundle up and head out to enjoy the winter wonderland. It's a great way to "run into" someone you haven't seen for awhile or your neighbor down the street. Pictured here are some snow revelers at Oak Street School.

The Week that Was - Basking Ridge Home Sales for 1/25 - 1/31

Currently, there are 155 Basking Ridge Homes for Sale. During the week, 3 Homes went Under Contract and 6 Basking Ridge Homes Sold (Sale prices below).

• 17 Clark Ct / SP: $450,000 / LP: $469,999 / 3BR 7& 2.1BA.
• 158 Morristown Rd / SP: $582,000 / LP: $645,000 / 4BR & 2.1BA.
• 14 Cedar St / SP: $620,000 / LP: $649,000 / 3BR & 2.1BA.
• 57 Huntington Rd / SP: $690,000 / LP: $719,000 / 4BR & 3.1BA.
• 1 Brookfield Dr / SP: $776,700 / LP: $829,000 / 4BR & 3.2BA.
• 104 Tuxford Ter / SP: $948,000 / LP: $965,000 / 5BR & 3.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales for 1/18 - 1/24

Currently, there are 147 Basking Ridge Homes for Sale. During the week, 2 Homes went Under Contract and 4 Basking Ridge Homes Sold (Sale prices below).

• 125 Alexandria Way / SP: $250,000 / LP: $249,900 / 2BR & 1BA.


• 119 Alexandria Way / SP: $250,000 / LP: $264,900 / 2BR & 2BA.


• 4 Richmond Dr / SP: $645,000 / LP: $675,000 / 3BR & 2.1BA.


• 28 Fawn Ln / SP: $1,375,000 / LP: $1,450,000 / 4BR & 4.1BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

The Week that Was - Basking Ridge Home Sales for 1/11 - 1/17

Currently, there are 135 Basking Ridge Homes for Sale. During the week, 7 Homes went Under Contract and 5 Basking Ridge Home Sold (Sale price below):

• 185 English Pl / SP: $245,000 / LP: $249,900 / 2BR & 2BA.
• 101 Countryside Dr / SP: $358,000 / LP: $364,000 / 2BR & 2.1BA.
• 117 Cross Rd / SP: $560,000 / LP: $565,000 / 4BR & 1.1BA.
• 36 Cobble Ln / SP: $830,000 / LP: $865,000 / 4BR & 3.1BA.
• 164 Liberty Corner Rd / SP: $1,385,000 / LP: $1,499,000 / 5BR & 3.2BA.

SP=Sales Price, LP=List Price, BR=Bedrooms, BA=Baths
*All Information is Deemed reliable, but not guaranteed*

For more information on Basking Ridge Real Estate, visit:

BaskingRidgeHomesforSale.com.

How's the Market

Happy New Year! It’s time to turn the page, another year has begun. This past year, the Basking Ridge Real Estate Market has seen a dramatic shift - for the better this time around we are happy to report. The year started with the market falling; actually, there wasn’t much of a market as the credit crunch (and fear that the world was ending) seized up the market to a trickle of activity. Slowly with the Spring thaw, buyer activity increased spurred on by low interest rates, falling prices, and inventory to choose from. Summer saw the continuation of buyer demand - houses that were priced well were selling in multiple offers. The pent up buyer demand that has been whispered about in the media had started to come to the front stabilizing house prices in all but the upper end price points. This Fall, spurred on by the first time homeowner tax credit expiring (at the time), entry level homes and 1-2 bedroom townhomes were being gobbled up by people entering the market - hello Generation Y, glad to see you entering the market en masse. Further, the Winter months have continued to show respectable activity.

Where do we go from here? Right back to the double digit yearly appreciation numbers that we had grown accustomed to? Sorry, but NO. Look for the market to remain relatively flat for the next couple of years. After depreciating around 20% from the peak prices in 2005, we should start to see minimal appreciation this coming year and then move forward at about a 3-5% appreciation rate. Unfortunately, interest rates will be on the rise as the housing market rebounds - indirectly suppressing house values (for every 1% of increase in mortgage rates, buyers loose 9% of their buying power). As long as the economy has stabilized, the housing recovery that has begun should continue.

For many, this could be a great time to think about their real estate needs. If you are thinking of upsizing, now is probably the right time to make a move. With interest rates low and the market stabilizing, your biggest bang for the buck is at hand. Also, investors have started to come back into the condo market to take advantage of the drop in prices - is an investment property something you are considering? Know matter what your real estate needs are, “The Konicek Group” is here to assist you. Give us a call to talk about your Real Estate investments.