Montclair, NJ Real Estate Market Trends

Montclair NJ -Sign

Montclair, NJ Real Estate Market Trends – Listing vs. Sold Prices

If you are planning to buy a home in Montclair, NJ or if selling a home in Montclair, NJ is in your future, then you might be interested to find out more regarding current Montclair, NJ Real Estate Market Trends.  First, it may be helpful if you have a clear understanding of the difference between a “listing price” and a “sold price”.  A listing price is the dollar amount a seller is asking for their home. How much a buyer is willing to pay is the sold price. Looking at the listing price vs the sold price gives us a good idea of where the real estate market is heading. The median listing and sold property prices are calculated based on the market activity each month. When we look at the chart below, we see the median list price peaked in June and February 2016. The median list price hit a peak again this month. The median listing price was at its lowest in Montclair NJ between December 2016 and January 2017. The median sold price spiked in mid-August and then began to decline. It has been on a steady increase between September 2016 and now.

Montclair, NJ Real Estate Market Trends

Montclair, NJ Real Estate Market Trends – Market Inventory Trends

As we further explore recent Montclair, NJ Real Estate Market Trends, we see the number of active listings in Montclair, NJ increased 8% from the previous month.  The median number of days active properties have been listed is 39, which is significantly shorter than the national average.

Springfield, NJ Market Inventory Trends

Springfield, NJ Market Inventory Trends

Montclair, NJ Real Estate Market Trends – Learn More!

Other important statistics to note when we look at single family homes and condos in Montclair, NJ are: The median listing price is:  $817,980, the Median Days on Market is: 30, and the number of active listings are: 109.

I hope you found this information helpful. If you have any questions, or would like a copy of our FREE town snapshots, please contact me. You can reach me by phone at 973-637-0004 or via email at Shannon@ShannonAronson.com. If you are interested in seeing any of the homes for sale in Montclair, NJ, please contact me. I’d be happy to arrange a showing for you. To learn more about Montclair, NJ, and other surrounding communities, please visit my website at www.NJRealEstateDirect.com.

New Listing in West Orange NJ

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Check out the Shannon Aronson Team’s new listing in West Orange NJ. 241 Crescenzi Drive is a lovely townhome in the desirable Villas at Eagle Ridge. This amazing townhome allows you to enjoy all the benefits of townhome living with the comforts of a single family home.

MLS Number: 3379626
Bedrooms: 3
Baths: 2.5

The Main Floor Offers Just What You Need!

Step inside 241 Crescenzi Drive, the Shannon Aronson Team’s new listing in West Orange NJ, and you are greeted by an open floor plan and versatile decor, setting the stage for entertaining on a grand scale. Make your way to the fabulous bright and efficient kitchen offering plenty of gorgeous granite counter space and a plethora of cabinet storage. The nearby breakfast area redefines casual dining. The living room boasts a gas fireplace which is the perfect spot to cozy up with your favorite book. You will absolutely love the formal dining room with sliders leading to your private deck with gorgeous NYC views!

There is Plenty More Featured Upstairs

As you ascend the stairway at the Shannon Aronson Team’s new listing in West Orange NJ, 241 Crescenzi Drive, you will surely be impressed by the finished loft which offers you a great space to make your home office. The loft opens to two spacious bedrooms, one of which is the master bedroom boasting an ample walk-in closet and full spa-like bath. An additional full bath completes the upper level.

Just When You Thought it Couldn’t Get Any Better!

The walkout lower level found at the Shannon Aronson Team’s new listing in West Orange NJ boasts a rec room, third bedroom, and plenty of storage space.

Please be sure to contact me if you would like more information regarding 241 Crescenzi Drive! Click here to search additional homes for sale. Don’t forget to visit my website at www.NJRealEstateDirect.com for more great real estate information.

Considering a Move to the Suburbs?

Puzzled Confused Lost Signpost Showing Puzzling Problem

Are you considering a move to the suburbs? Buyers come in all shapes and sizes, but their concerns are universal. What is my buying power in the suburbs? What are the schools like? How could I commute to the city? If you were unable to join us for our Decoding the Suburbs presentation, please check out the information below.

Considering a Move to the Suburbs? What is my Buying Power?

If you are considering buying in the Millburn Short Hills area, $1M spent on a house will, on average, allow you to purchase a 4 bedroom house with between 2.5 and 4.5 baths. You can expect taxes to be between $14,000-$18,000 annually. If Summit NJ is the town that has piqued your interest, $1M spent in Summit, on average, will allow you to purchase a home with 4-5 bedrooms and between 2.5 and 4.5 baths. Taxes are approximately $16,000-$18,000/year. If you decide to move to the Chathams, spending $1M on a home there will give you the purchasing power to buy a home with approximately 4 bedrooms and between 2 and 3 baths. Average annual taxes in the Chathams are approximately $11,000-$15,000. To learn more about your purchasing power for other suburban towns, please be sure to contact us!

Considering a Move to the Suburbs? What are the Schools Like?

School rankings are a cause of angst and confusion for many people. If one source ranks a particular school fairly high, while another ranks it lower, which source should you believe? In short, the answer is all of them. You should see where a particular school or district ranks between one source and the next, and then check it against the previous ranking. Was there a dramatic drop in ranking? Are all of the rankings within a few numbers of each other? These are the things you want to take into consideration. Now, the long answer goes into knowing the criteria that goes into the formula that produces the school or school district’s rank. Often the factors that go into the ranking include standardized test scores, graduation rates, extracurricular offerings, student-to-teacher ratios, and class size. Great places to get school ranking information include: Niche.com, GreatSchools.org, NJMonthly.com, and the Board of Education websites. On a sidenote, often school information that is reported in Zillow is incorrect. Zillow does a radius search, and sometimes a school is listed for a property for which that property is not zoned. Reach out to us if you would like more information regarding local school districts!

Considering a Move to the Suburbs? How Could I Commute to the City?

For your commute into the city, consider the Midtown Direct Train Line. The Midtown Direct Train Line offers you direct access to NY Penn Station. Suburban towns on this train line are at a premium demand and are highly sought after. Other commuting options to consider are commuting by bus or jitney service. Commuting by bus may offer you more affordability and flexibility. Some towns offer jitney service to area train stations. More information regarding commuting can be found at NJTransit.com and DeCamp.com.

If you were unable to join us for our Decoding the Suburbs presentation, and if you still have questions, please be sure to contact us for a FREE copy of our presentation and to schedule a phone consultation. You can reach us by phone at 973.637.0004 or via email Shannon@ShannonAronson.com. To search properties for sale, click here. If you see a property that interests you, please contact me to set up a private showing! For additional real estate information, or to learn more about any suburban towns, please be sure to visit my website at www.NJRealEstateDirect.com.

4/9/17 Open House in Short Hills NJ

Please join The Shannon Aronson Team for a 4/9/17 open house in Short Hills NJ from 2-4 pm. 75 Hemlock Road is a wonderful 6 bedroom colonial situated on 1.6 acres on a private road in Short Hills NJ. From the finished basement to the stunning upgraded kitchen to the amazing outdoor area, this home has everything you want and more!

MLS Number: 3369323
Bedrooms: 6
Baths: 5.1

This Kitchen is Sure to Delight Even the Most Discerning Chef!

When you join us for the 4/9/17 open house in Short Hills NJ, be sure to make your way to the kitchen featured at 75 Hemlock Road. The spectacular Viking Stove cooks like a dream. Sip your favorite wine after you grab the bottle from your very own wine refrigerator. Your guests will love gathering around the large center island or in the formal dining room. A spacious living room, family room, powder room, full bath, laundry/mud room, as well as a bedroom/office, complete the main level.

The Upstairs Offers Just as Much!

Make your way up the stairs at the 4/9/17 open house in Short Hills NJ, and you will find the perfect place to relax after a long day. The sumptuous master bath provides you with your own private sanctuary. Four additional bedrooms, each with full jack-and-jill baths, complete the upper level.

Your Own Entertainment Mecca!

As you make your way down to the finished basement during the 4/9/17 open house in Short Hills NJ, you will begin to ask yourself if you’ll ever need to leave your new home. The finished basement at 75 Hemlock Road provides you with plenty of space to entertain. The summer is almost here! Soon you will be enjoying the heated in-ground pool. Stressed? Relax in the fabulous hot tub!

If You Cannot Make the 4/9/17 Open House in Short Hills, NJ . . .

No worries. Just contact me to set up a private showing at 75 Hemlock Road. You can reach me by phone at 973.637.0004 or via email at Shannon@ShannonAronson.com. To learn more about Short Hills NJ and other surrounding communities, please visit my website at www.NJRealEstateDirect.com.

New Listing in Millburn NJ

The Shannon Aronson Team is excited to announce our new listing in Millburn NJ. 28 Parsonage Hill Road is nestled on nearly one acre in the prime location of Short Hills NJ. The public is welcome to attend the Broker’s Open House on Thursday, 3/23, from 11 am-1 pm.

MLS Number: 3372448
Bedrooms: 4
Baths: 5.2

Charming Colonial with Old World Charm

The curb appeal is the first thing you’ll notice as you pull into the circular driveway at 28 Parsonage Hill Road, the Shannon Aronson Team’s new listing in Millburn NJ. Your guests will be impressed as they step into the foyer featuring a formal sitting area. Cozy up by the fireplace in the living room as you enjoy a cup of warm cocoa. Once the weather warms up, step out into the screened porch, marrying the scenic outdoors with the beautiful indoors.

The Kitchen is a Chef’s Dream

Fresh white cabinetry, granite counters, and a bountiful center island allow for easy meal prep. Entertaining has never been easier.  The adjacent formal dining room as well as the breakfast room allow you to host formal or informal get-togethers.

Wait! There’s More!

Ascend the stairway at 28 Parsonage Hill Road and find a large master suite with sitting room, the perfect place to have your morning coffee. Two additional bedrooms and 3 full baths complete the second floor. The finished 3rd floor features another bedroom and full bath. Not to be missed is the fabulous finished basement featuring a rec room, full bath, half bath, laundry area, and storage.

To learn more about 28 Parsonage Hill Road, or to set up a private showing, please contact me! You can reach me by phone at 973-637-0004 or via email at Shannon@ShannonAronson.com. To see additional homes for sale in Millburn NJ, click here. For more great real estate information, please be sure to visit my website at www.NJRealEstateDirect.com.

South Orange NJ Real Estate Trends

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South Orange NJ Real Estate Trends – Listing vs. Sold Prices

If a move to or from South Orange NJ is in your future, it is a good idea to familiarize yourself with the current South Orange NJ real estate trends. Prior to looking at the specifics, it’s beneficial to have an understanding of the difference between a “listing price” and a “sold price”. The dollar amount a seller is asking for their home is called a “listing price”. On the other hand, the dollar amount a buyer is willing to pay for a home is referred to as a “sold price”. As we look at the chart below, we see the median listing price was fairly steady from March through mid-June 2016, then started to decline from July through September. It then raised slightly through December 2016 and hit a 12-month low in mid-January 2017. The median sold price, on the other hand, was at its lowest in March 2016 and has been rising steadily between August and February 2017, when it reached a 12-month peak.

South Orange NJ Real Estate Trends – Market Inventory Trends

As we further explore the South Orange Real Estate Trends, we see the number of active listings that were on the market in South Orange NJ and the number of days they’ve been listed. The number of active listings in South Orange NJ increased .4% from the previous month. The median number of days active properties have been listed is 57.

South Orange NJ Real Estate Trends – Learn More!

As we conclude our look into the most recent South Orange NJ Real Estate Trends, other trends to consider are: $498,330 is the median listing price, 57 is the median days on market, and the number of active listings is 45.

If I can arrange a showing for you at any of the wonderful homes for sale in South Orange NJ, please contact me. You can reach me by phone at 973.637.0004 or by email at Shannon@ShannonAronson.com. Want to learn more about South Orange NJ and other surrounding communities? If so, please be sure to contact me for a FREE copy of our town snapshots. For more great real estate information, including helpful insider tips, please visit my website at www.NJRealEstateDirect.com.

Open House in Bernards Township NJ on 3/5/17

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Please join The Shannon Aronson Team for an open house in Bernards Township NJ on 3/5/17. Newly listed 85 Fieldstone Drive is a stunning 4 BR colonial situated in a gorgeous park-like setting in the sought after Basking Ridge community.

MLS Number: 3367293
Bedrooms: 4
Baths: 2.5

Neutral Décor is Just Waiting for YOU to Add your Touch!

With neutral décor and refinished hardwood floors, this amazing 4 BR, 2.5 bath home just needs you! As you enter the open house in Bernards Township NJ on 3/5/17, you are welcomed by a main floor boasting plenty of space to entertain. Features include a living room, dining room, family room, and spacious eat-in kitchen with center island! With Spring right around the corner, picture yourself relaxing outside by the lovely in-ground pool nestled on 1 beautiful acre of park-like property.

There’s So Much More!

As you continue your tour at the open house in Bernards Township NJ on 3/5/17, you are sure to notice that 85 Fieldstone Drive offers the perfect space for rest and relaxation in the large master bedroom boasting an ensuite bath and his and hers walk-in closets. The upstairs is completed by three additional bedrooms and a full bath.

If you cannot make it to the open house in Bernards Township NJ on 3/5/17, please contact me. You can reach me by phone at 973.637.0004 or via email at Shannon@ShannonAronson.com. To search other properties for sale click here. To learn more about Bernards Township, NJ and other surrounding communities, please visit my website at www.NJRealEstateDirect.com.

New Listing in Bernards Township, NJ

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The Shannon Aronson Team is proud to announce our new listing in Bernards Township, NJ. 85 Fieldstone Drive could very well be the house you’ve been waiting for! A gorgeous, resort-like setting awaits you at this stunning Colonial in the desirable Basking Ridge community.

MLS Number: 3367293
Bedrooms: 4
Baths: 2.5

Move-in Ready!

This fantastic 4 BR, 2.5 bath home is move-in ready offering refinished hardwood floors and neutral decor. The main floor offers plenty of space to entertain featuring a living room, dining room, family room, and spacious eat-in kitchen with center island! The party continues outside where you’ll find a lovely in-ground pool nestled on 1 beautiful acre of park-like property.

You’ll Find Your Perfect Retreat Upstairs

Make your way upstairs at 85 Fieldstone Drive Bernards Township, NJ, and you will find your perfect retreat in the large master bedroom boasting an ensuite bath and his and hers walk-in closets. The upstairs is completed by three additional bedrooms and a full bath.

To arrange a private tour of 85 Fieldstone Drive, please contact me. I can be reached by phone at 973.637.0004 or via email at Shannon@ShannonAronson.com. To search other properties for sale click here. To learn more about Bernards Township, NJ and other surrounding communities, please visit my website at www.NJRealEstateDirect.com.

Buying Real Estate in Manhattan

manhattan skyline

If you were unable to join us on Tuesday, 2/7, for our presentation on “Buying Manhattan Real Estate”, and you are considering making a move to the city, below are some of the key points from the presentation.

The island of Manhattan is 88 km2 / 23 mi2. The population is 1.64M (July 1, 2015 U.S. Census Bureau Estimate). 64.2% of the Manhattan population rent (unchanged since 2015). The vacancy rate has been under 5% for six decades. By 2030 population will rise to 1.869M (city of New York Population Projection). For the first time in a long while, Manhattan is turning to a buyer’s market. Julia Hoagland, Manhattan Real Estate Agent, whose team has been the #1 ranked team from 2013-2016, said that she and her team have increasingly been able to negotiate with sellers and builders when that has not been the case historically. Other shifts seen in the Manhattan market include:

  • New development paradigm shift: supply, negotiability up; bedroom count, permits down
  • Rental market softening: inventory, concessions, vacancy up; rents, cap rates down
  • Fed increased fed funds 25bps; mortgage rates up 4.81% YOY but still at historical lows
  • Technology challenging Wall Street: Amazon, Google, Facebook all increasing Manhattan footprint
  • Strengthening dollar up against euro and pound; uncertainty abating effect
  • Brexit: mixed effect on Manhattan. Finance jobs increasing in NY; investment opportunities increasing in London/pound
  • Trump elected U.S. President

If you aren’t looking to live in Manhattan, but are considering buying an investment property, you might want to consider the differences between investing in a new property vs. investing in a resale.  Below are two examples:

100 East 53rd Street (New Development Condo)

  • 2BD, 2.5BA (1638SF)
  • Purchase Price: $7,325,000
  • Annual Rental Income: $360,000
  • Annual Costs (cc+tax): $59,556
  • NOI: $300,444
  • Cap rate: 4.1%

200 West End Avenue (Resale Condo)

  • 3BD, 2.5BA (1627SF)
  • Purchase Price: $3,875,000
  • Annual Rental Income: $144,000
  • Annual Costs (cc+tax): $40,392
  • NOI: $103,608
  • Cap rate: 3.0%

Are you intrigued to move to Manhattan but have a home to sell in Millburn Short Hills NJ?  If so, the Shannon Aronson team would love to help you sell your home!  The market is good.  In 2016, 299 homes sold.  The majority of the homes that sold were between 1 and 2 million dollars with an average of 47 days on the market.  The listing to sold price ratio was 98%.  2017 is off to a great start.  The number of homes under contract between January 1 and February 7 in 2016 was 14.  For the same period is 2017, that number is 27.  A number of factors go into determining if you need to sell before you buy.  These factors include financial package, optimum timing, preparing your home, and pricing.

The Shannon Aronson team would be happy to meet with you to walk through what is best for you and your situation.  You can contact us by phone at 973-637-0004 or via email at Shannon@ShannonAronson.com.  To learn more about current Millburn Short Hills NJ real estate trends, click here.  For more real estate information, please visit my website at www.NJRealEstateDirect.com.

 

Buying Manhattan Real Estate – A Special Presentation from Shannon Aronson

Are you or someone you know THINKING OF MOVING TO MANHATTAN?


SHANNON ARONSON hosts a special presentation on

BUYING MANHATTAN REAL ESTATE

Purchasing a Home in New York City

with special guest presenter, top NYC agent, Julia Hoagland

February 7 from 7:30pm to 9pm at Common Lot

Join Shannon and Julia for a delightful and informative evening at Millburn’s in-demand new restaurant, Common Lot.

The prospect of moving to New York City is exciting but the process of buying a home there is complex. Make yourself an expert before you get started in your search.  Julia Hoagland is one of the Top Real Estate Agents in NYC.  Join us to learn about the buying process, the values of different neighborhoods, nuances of condos, co-ops and how to get started.

Complimentary appetizers and drinks will be served.

Seating is Limited. RSVP a MUST. Follow this link:

https://www.eventbrite.com/e/buying-manhattan-real-estate-purchasing-a-home-in-new-york-city-tickets-31683080948

 


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