New Construction Trends in Our NJ Midtown Direct Communities

One of my main objectives is client focus and to that end educating my clients about new trends and opportunities in our NJ Midtown Direct community marketplace.

What I have been seeing lately is a trend to completely gut , renovate or  tear down homes in many of the Midtown Direct communities including Short Hills, Summit, Chatham and Livingston, but on a smaller scale than what we’ve seen in previous years.  The trend is towards smaller,  high quality, with custom top of the line kitchens and baths, and high end finishes ranging from3,500 to 5,500 square feet in the $1.1 to under $2 million range.    I’m getting calls from builders and investors every day looking for these types of opportunities and properties to build on – the demand here again is huge! The larger properties on 1/2 plus acres in Short Hills, Summit, or Chatham Township would command a home that is larger since the builders would have to pay more for the property, so expect to pay at least low $2 Million’s for something like this becuase they can most likely put a 7,000+ sq ft home on this type of property.

I listed brand new custom home for $1,499,000 in Chatham built by S. DeMarzo & Sons, a family owned construction company, headquartered in Madison, NJ, featuring superior crafted, new construction custom-built luxury homes.  Modeled after their $2.5 million mansions, this smaller scale 4,800 SF colonial has been built to perfection in a neighborhood that is in the early stages of experiencing renovation and rejuvenation.

Another example of this recent trend is a home I just sold in Short Hills, which was a renovation in a neighborhood where homes are in the entry to mid range, with great walk to town & train location. This 2200 sq ft home was expanded to about 4500 sq ft and the list price was 1.495M. The trade off for buyers in this price range tends to be older larger homes that need some renovation, or brand spanking new but in the 4500 sq ft range.

For the first time in four years, we are experiencing those old familiar bidding wars for these types of properties.  My  Brantwood Drive listing, on the north side of Summit  just sold to a builder for $101k over list price!  This was on 1/3 of an acre, so again, the house won’t be a huge McMansion and the price will be in a more affordable range because of it.

We are representing quite a few builders who are looking for properties to renovate and expand or tear down. The more work it needs the better. It just has to be in a quiet location and have a flat rear yard.   If you know anyone thinking about moving who’s home fits the bill, please let me know.

Thanks!

Sue Adler

973-200-6261

Women’s Council of Realtors Recognizes NJ Realtor, Sue Adler as One of the “Leading Women” in the Industry

The Women’s Council of Realtors did a feature story on me last week, as one of the leading women in the real estate industry. What an honor!!!

Women’s Council of Realtors is a membership organization that connects women industry professionals and provides resources for training, real estate information and industry strategies.  The organization prides itself on offering networking opportunities and has done a series of interviews featuring women they consider to be the most influential leaders in the Real Estate industry.  This month I was honored to be their latest choice and thrilled to share some of my strategies for success with women all over the country.  Click here to read the article.

I’ve been in the real estate business for a quarter century and what I love is that things are always changing, which means we, as professionals have to constantly stay ahead of the curve to succeed.  Support organizations, like Women’s Council of Realtors, understand that you’re never too experienced to learn something new or too successful to share advice with peers and colleagues.  This is how we all learn, grow and build a much stronger and smarter industry.

I have built a team that understands the importance of being  consumer-centric , taking control and guiding our clients throughout the entire process.    Client focus, dedication and hard work go miles in generating positive results and several client and agent referrals of new buyers and sellers to our team each week. It is the most amazing feeling making  difference in people’s lives every day.

Being recognized by an organization that highlights the achievements of strong, ambitious, creative and successful women in the real estate industry is something that makes me especially proud. Thanks WCR!

Video: Give Home Buyers and Sellers What They Are Looking For! Sue Adler and Kenn Renner Share Video and Website Strategies at Keller Williams National Convention

I’ve been fortunate to speak at several major real estate conventions over the years, but this time, I was lucky to have the King of Video, Kenn Renner, on stage with me because he filmed our whole panel! Read more

Analysis of Maplewood & South Orange Home Statistics for August 2011

Whether you are buying or selling real estate in New Jersey, you can benefit from having an understanding of the local market.  The average listed sales price of a Maplewood New Jersey home for the month of August, 2011 was $327,400, with a median sales price of $517,500 for sold Maplewood homes.  Housing inventory has decreased in Maplewood when compared with  August of 2010, with 144 active listings being reported for the last day of August for Maplewood versus 161 in August of 2010.

The average listed sales price of a South Orange, New Jersey home for the month of August, 2011 was $422,000, with a median sales price of $397,000 for sold South Orange homes.  Housing inventory has decreased in South Orange when compared with August of 2010, with 110 active listings being reported for the last day of August for South Orange versus 134 in August of 2010. The big complaint of most buyers right now is the lack of inventory in these towns which are in such high demand, with their easy commute into Manhattan. Read more

Analysis of Millburn/Short Hills & Summit Home Statistics for August 2011

Whether you are buying or selling real estate in New Jersey, you can benefit from having an understanding of the local market.  The average listed sales price of a Millburn/Short Hills, New Jersey home for the month of August, 2011 was $1,250,000, with a median sales price of $947,926 for sold Millburn/Short Hills homes.  Housing inventory has decreased in Millburn/Short Hills when compared with August of 2010, with 94 active listings being reported for the last day of August for Millburn/Short Hills versus 107 in August of 2010. Read more

NJ’s Sue Adler Team Named #103 in Wall Street Journal Top 1000 List of Realtors Nationwide!

Last week, The Sue Adler Team was named #103 in the “The Thousand!”  This article is published every year by The Wall Street Journal and Real Trends, Inc. and highlights the Top 1,000 real estate teams in the United States. We are so excited to be a part of that exclusive list for 2011!  The teams are chosen based on the  amount of dollar volume   for 2010, and The Sue Adler Team is the only NJ Real Estate Team to be named on this list. Read more

Top Agent Magazine Features New Jersey Realtor Sue Adler for Client Service

This past month, Top Agent Magazine contacted me for an interview. Recognizing us as one of the top producing teams in the country, they wanted to know more about our innovative marketing and social media strategies, and the amazing results they have brought to our clients in our   New Jersey Midtown Direct Train Line Towns. This was the focus of the article which you can read here.

Our new website was once again brought up as a key tool to help relocation buyers understand commute times between our New Jersey towns and New York City, and our videos and robust community pages were highlighted as well!
The article pointed out that 43% of our business last year came from internet marketing strategies and with the new website and other services we are now able to offer our clients, that number will increase this year. Read more

IRS Shares Tax Tips On New Jersey Real Estate

When you are buying or selling your New Jersey home, it’s important to consider what changes, if any, may affect on your tax bill. The following tips, outlined by the Internal Revenue Service (IRS) in “Ten Tax Tips for Individuals Selling Their Home” may be helpful to review. This article is particularly important if you are selling your midtown direct home, although it contains information that may benefit anyone who works with New Jersey real estate. As always, please consult with your tax adviser or attorney before implementing any of the tips, as I can only share them, and am not an expert in this field. With that said, I hope you find the following tips to be extremely helpful. Please let me know if I can be of any assistance in helping you with your midtown direct New Jersey home sale or purchase.
Excluding Gain
Did you know you may be able to “exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale” or that you may also exclude up to $250,000 (500,000 if joint) on the gain of your sale, as well? This exclusion does not apply “if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.” However, according to the IRS article, “if you can exclude all of the gain, you do not need to report the sale on your tax return” and “if you have a gain that cannot be excluded, it is taxable” and must be reported. Also, you can exclude gain only on the sale of your main home, which if you have multiple properties, is considered to be the home where you live “most of the time.”
First Time Homeowners
Are you aware that your home needs to remain as your main residence for 36 months if you use the first-time homebuyer credit to retain the tax benefits? If you move prior to that, the full credit amount will need to be repaid “with the income tax return for the year the home ceased to be your principal residence” as credited amount will be seen as an additional tax on that year’s tax return.
Home Sales and Moving Note
Another item to note is that a loss from the sale of your main home is not deductible. You can, however, use IRS Publication 523, Selling Your Home, to help you figure the adjusted basis on your sold home. One more thing! If you move,
don’t forget to update your address with the IRS and the U.S. Postal Service so that you don’t miss out on any correspondence from the IRS regarding your taxes or the sale of your home. For specific details from the quoted article, please click here.

InmanNext features SueAdler.com as Great Example of Consumer-Centric Real Estate Website

Now there is even more national recognition for Sueadler.com!  Chris Smith from InmanNext interviewed Jim Marks, CEO of  Virtual Results about his “websites that work” and featured my new custom New Jersey real estate site as an example.

When Jim and I discussed how this site was going to be built, we had the Midtown Direct Trainline Town home buyer and seller in mind with each and every page.  Most of our buyers move here from Manhattan, Jersey City,  Hoboken or Brooklyn.  I joke that there is usually a dragger and a dragee out of the city and aside from the house, their priorities are often great schools, direct train for easy commute, and a walkable town. Read more

4.39% Mortgage Rates + Your Buyer Competition on Vacation = Opportunity for NJ Home Buyers!

If you are looking for a fantastic time to buy a home in Millburn or Short Hills or real estate in any of our Midtown Direct towns, now is the time to move quickly! Interest rates have decreased making you able to purchase New Jersey real estate for less or even qualify for more of a home in Chatham than you originally expected. The average 30-year fixed rate mortgage loan has dropped to 4.39%, the lowest rate since last November 2010. Even more exciting news is that buyer competition is really low due to vacations and that sellers want to sell now with the new school year approaching, to find their new homes before Fall.   Freddie Mac also reported that an average 15 year fixed loan has decreased to 3.54%, as well. Regardless of your mortgage product, these rates create a great buying market for people who want to live in Midtown Direct New Jersey homes.
The national economic slowdown is partially responsible for this change in lending rates, however Frank Nothaft, vice president and chief economist at Freddie Mac found the silver lining and shared good news for home sellers, as well. “On a positive note, there were indications that the housing market is firming. Real residential fixed investments added growth to the economy in the second quarter after subtracting from growth over the first three months of the year,” Nothaft said. ” The CoreLogic® National House Price Index rose for the third straight month in June (not seasonally adjusted) and was the first three-month gain since June 2010. Finally, pending existing home sales rose for a second consecutive month in June and was up nearly 20 percent from June 2010 when the housing tax credits expired.” So whether you are a buyer or a seller, this could mean great news for you and our local New Jersey housing market.
For up to date news on the mortgage industry, click here or email me your question. I’ll be sure to fill you in on what you need to know when purchasing or selling your New Jersey home!