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Market Conditions in Summit : Real Estate Advice

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  • Local Info5
  • Home Buying26
  • Home Selling4
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Thu Mar 26, 2015
Debbie Clark, MBA answered:
As a 30+ year Summit resident, the town has several key strengths which drive its desirability -- walking, destination, vibrant town center with a myriad of lovely shops and restaurants, convenient commute to NYC, and a strong school system. In the Spring - Fall, the Farmers' Market is a highly frequented spot for Sunday morning gatherings. ... more
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Tue Nov 30, 2010
Edith Miller Angelo answered:
I have been a realtor in the area for 38 years and spent ten of those years as a manager for Weichert Rental Division in Summit, when they had free standing rental offices. The real truth is that listings posted on craigslist with NO FEE, rent in a week. The problem is the landlords are spoiled. For many years the tenant paid the rental commission. Now, even NYC apartments are not only having the landlord pay the fee but are even offering a month's free rent as an incentive in the winter. I will no longer accept a listing unless the landlord is willing to at least split the fee, because it is doing a disservice to the client. A property in a Summit Victorian that should have rented in three weeks sat empty for almost 7 months because the tenant had to pay the fee and the apartment was over $2500. When you consider that a tenant has to come up with 1 and 1/2 month's security and the first month's rent, an additional $2000 is practically a down payment on a house. The smart landlords who remodel their units AND pay the fee, rent very quickly. (There are a couple of units that were over improved for the neighborhood and they too are sitting empty, but that is because the builder obviously did not consult a savvy realtor before he put a $2500 rental in a $1300 neighborhood.) If you will notice, the craigslist things rent. But check on MLS and you will see that the majority of property on the market a long time is fee-to-tenant. If you remodel, write leases of 9 or 14 months to avoid being vacant in the winter and pay the fee, you will have no trouble renting your units. Edith Angelo RE/MAX Achievers, Summit 908-522-9444. Also a l;ot of realtors don't service rentals, take pictures with cell phones or worse, no pictures at all. My rental clients tell me that whether on MLS or craigslist, if there are no pictures, they do not even call. ... more
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