I just listed this wonderful 1910 Craftsman Colonial on Montclair Avenue for $725,000. While always a desirable location, during the 2013 spring and summer markets this street has been incredibly popular with buyers and for good reason. The nearest elementary school which has a nice playground is .13 miles away*, the shops and restaurants in Watchung Plaza .2-.25 miles, the NYC bus and train .3 miles, the A & P .7 miles. All easily reachable on foot, bicycle or if you must by car. The entrance to the Garden State Parkway is 1.25 miles or about 4 minutes by car and beautiful Brookdale Park .75 miles.
Montclair Ave. is wide street of mature trees and older homes with no two exactly alike. With the majority built between the turn of the century through the 1920s, these homes are not only well constructed but also have architectural and design details you just don't find in more modern homes.
Sorry, no public open house but very easy to show beginning August 22.
*Montclair has a magnet school system so the school nearest your home is not necessarily where your children will attend school
We are now fully into the Spring market. Even if the weather hasn't warmed up, sales certainly have. Bidding wars are back in several local markets. Homes that are well priced and in tip top condition fare the best. A couple of properties had as many as nine offers, selling well over the asking price. Prices are still not up to the peak of the market before the recession, but with mortage rates remaining very low, now is the time to act.
Ask your realtor for a marekt analysis if you're thinking of selling. If you're thinking of buying, get your mortgage pre-approval in order and start shopping.
After lagging behind other nearby markets, it seems that the Bloomfield market is finally beginning to generate more buyer activity. I showed four houses today and two of them already have offers - one with multiples. Low mortgage rates, low prices, less inventory and the beginning of the spring market have spurred buyers to act now.
A number of homes that came onto the market last week are already under contract including those in the 400,000s and a couple that had been listed previously and gone unsold.
Let's hope for the sake of sellers that the bottom of the market has passed and prices contniue to move back up. Buyers should act quickly for the best deals.
The absorption rate for Bloomfield (that is the rate at which the inventory of homes for sale are being sold) has declined from 14-15 months a year ago to about 7-8 months now and should continue to decrease as the market improves. A
declining figure indicates that inventory is decreasing as more
homes are being sold than are coming onto the market.