To address "Morris County" comments in a non confrontational way...
I do plenty of work in Summit, Chatham, Basking Ridge, Bridgewater, Bernards, Bernardsville, Scotch Plains, New Providence, Millburn, Maplewood, Springfield, Berkeley Heights and in other areas of Essex, Morris, Somerset, Union and Middlesex counties. Extremely familiar with the market...
How can you make a broad sweeping statement that all homes are up 2% in Summit?
Show me that data I'm missing it somehow! My Glenside Ave listing disproves that on its own and I know off the top of my head about 10 others in the Hospital area of Summit which have sold for less than the asking and less for what they could have got just a few years ago, so tell me how that is UP 2%???
I'm not negative on the market at all but you've got to be realistic and not just throw out numbers from thin air.
28 Glenside Ave., it's not a distressed property either! It is corporate owned due corporate relocation not a foreclosure or short sale. Tell me how many homes in summit are priced at or below $359,000 and offer 3% sellers concession toward closing cost, have all appliances included, new central a/c, new hot water heater, all new electric, well maintained gas furnace, new'er roof, most of the windows are new. The only problem with the house is busy road and could spackle and paint inside. NOT DISTRESSED!!!
This house was just lowered to this price, previously it started at $382,500 and has been relisted several times, has not sold and been on the market for about 1 1/2 years before me it was listed with Weichert in summit. Still not seeing the 2% increase? ;-) "Not Being Confrontational"
I've got the cheapest single family home on the market in Summit PERIOD that includes Townhouses in the comps as well !!! Plus offering to pay closing costs, Go Figure!
Worst case scenario it's a partial handy man special without needing loads of work, just cosmetics.
Yet you say all of Summit is UP so I guess therefore it must be up! Sorry, my mistake...
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Victor Kaminski
Owner / Broker Manager
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Toll Free: 1-866-745-GMAC(4622) Ext.302
http://www.MarivicRealty.com
http://www.realrep.com - Sun Jun 1 2008, 14:02