Best Dog Park

If you have dogs and live in the area then you likely know that Short Hills is home to the best “unofficial” dog park.

Mortgage Rate Update

For those of you waiting for house prices to stop falling, read this important update to find out why now is the time to and sell to take advantage of historic lows and housing affordability.

Monday, April 27, 2009

This Week's Featured Listing 4/27/09

Posted by The Jill Smith Team at 6:49 PM 0 comments

This week’s featured listing is a pristine, updated 4 bedroom, 2.1 bath 1905 Queen Victorian located on a quiet, tree lined street in Millburn just a few short blocks to NYC trains, Downtown Millburn and Wyoming School. 47 Chestnut Street is a great house, perfect for a first time home buyer and not to be missed! It is in move-in condition and on a quiet, tree lined street, one where you’ll get to know you neighbors and feel like a part of the community. And with its location just a few blocks from downtown Millburn, the train station, library, doctors offices, pharmacy, banks, shopping and dining, you have the offerings of an affluent town with the convenience of city living.

This is a new listing offered at $749,000 and will have its first Public Open House this Sunday May 3 from 1-4pm. For a private showing please contact Jill Smith at 973-722-2234 or JillSmith@comcast.net.

Please click here for all the photos and details.

Thursday, April 16, 2009

Multiple Offers in a Buyer’s Market is Not an Anomaly

Posted by The Jill Smith Team at 7:04 PM 0 comments
The Millburn-Short Hills area is experiencing a buyer’s market for the first time in many years. Area home prices have been on a steady increase since 2000, with a dramatic spike in 2005 and 2006. They have been on a steady, albeit significantly less dramatic, decline since 2007. Prices are, however, expected to stabilize, if not this year, by 2010. Lower housing prices and a large inventory of available homes in all price ranges have created a buyer’s market. However, a buyer’s market does not necessarily ensure buyers have the upper hand.

The listings that defy the buyer’s market share two characteristics: they are priced aggressively and they are updated throughout. Buyers now demand a house to be renovated throughout; updated kitchen, updated baths, tastefully decorated and freshly painted. They are willing to pay a fair price for a good house but do not intend to spend cash on renovations and updates. The problem for buyers is they are all looking for the same thing. The houses that are priced well and updated are often receiving multiple offers. Buyers believing you never pay full price in a buyer’s market are typically caught off guard when they are in a situation of making an offer on a house along with three other buyers.

The best way to handle a multiple offer situation is to avoid one altogether. When a good house comes on the market make an appointment to see it right away. If it really is a great house for your taste and needs make an offer right away. Try to get it under contract before another offer can materialize. If you do find yourself in a multiple offer situation, carefully consider how much you like the house and how much you are comfortable paying for it. You may want to consider:
  • How long do you expect to live in the house? If you plan on staying for several years (4 or 5 years) you can feel relatively secure in our market area that you will at least break even if you sell.
  • How much do you like the house compared to other houses you’ve seen? Did it take several months to find the house that you want to make an offer on? How many houses have matched your search criteria in the past?
  • Will you feel ok if you lose the house by a difference of say for example, $10,000? But will you regret not offering $5,000 more than you did?
No one should pay more than they are comfortable paying but you also don’t want to regret losing out on a house that you really love over a few thousand dollars.

Whether it’s a buyer’s market or a seller’s market, multiple offers can be a stressful process. Be prepared and don’t let current market conditions prevent you from making a strong offer. Prices are lower than previous years, don’t miss out on getting a great buy. Yes, there will be other houses but more than a few buyers have regretted missing out on the one that got away especially in a buyer’s market.

Visit TheJillSmithTeam.com for updated market statistics.

Thursday, April 9, 2009

Current Mortgage Rates & Housing Affordability

Posted by The Jill Smith Team at 12:50 PM 0 comments

As the rate of house price declines begins to slow and the cycle nears its end, the math reality of this historic time will become clear and compelling. For those of you waiting for house prices to stop falling consider this:
  • NJ house prices are dropping at a rate of 1/2 % per month, predicted to bottom out in the 2nd half of 2009.
  • Interest rates are at historic lows. The federal government has indicated very clearly that they will hold mortgage rates artificially low until at most, late summer or early fall. Any thinking expert is certain of the impending rise in interest rates as a result of massive government spending.
  • The ratio of home affordability will begin to disadvantage those who choose to wait. WHY? The affordability ratio is 9 to 1. For every 1% increase in interest rates you lose 9% in buying power (or affordability).
Example: A $600,000 home declining at ½ % per month will be worth $576,415 in December (assuming that prices continue to drop till December…not likely). A 1% increase in interest rates (highly likely) will mean a reduction in buying power to $546,000! So the $600,000 home that you can afford today is out of reach by the fall! Plus, you will pay more in interest (a lot more) over the life of your loan.

For those who are fighting the headwind of media hype and misinformation, hopefully the straight numbers will help you make the right decision.

I’m happy to discuss further with you,

Steve
Steve Lupton
Loan Officer
American United Mortgage
(P) 908-522-6500
steve@americanunited.com

Wednesday, April 8, 2009

Unofficially, the Best Unofficial Dog Park

Posted by The Jill Smith Team at 11:59 AM 0 comments

If you have dogs and live in the area then you likely know that Short Hills is home to the best “unofficial” dog park. Off of Old Short Hills Road is, conveniently named, Old Short Hills Park. This beautiful park is a bucolic setting for picnics, kite flying, playing catch or reading a book. Adjacent to the park is Greenwood Gardens, a 28-acre public garden listed on the National Register of Historic Places. But to those of us with dogs, the true gem of this park is the access afforded to the South Mountain Reservation, a utopia for canines to run happily off leash over two large tree lined fields and miles of wooded trails.

Old Short Hills Park, the manicured field at the front (pictured above), does not allow dogs on or off leash as it is home to grade school soccer practice. To access the dog-friendly section, park on the gravel area up in the back beyond the paved parking lot (don’t block the dirt road though, maintenance crews need access). Walk down the dirt road to the first of the two fields (pictured below). From here, you can do a lap around the two fields divided by several rows of pine trees or follow the main trail into the woods where you can take any number of smaller trails.


Although, not officially organized as a dog park, for decades area residents have enjoyed the reservation for long walks with their canine companions in a serene setting far from roads. The regulars certainly don’t want to lose the privilege of enjoying this area with their dogs so if you are new to the park please only bring friendly, well behaved dogs that are good off leash. You can keep your dog on a leash but please understand this is a haven for those who want their dogs to be exercised off leash so if you are uncomfortable with other dogs running up to you, you may want to try another park. It is also requested that you pick-up after your dog though unfortunately there is only one garbage can and it is located in the parking area.

So, bring your dog, enjoy the park and meet local pet owners at this fabulous community offering…and don’t forget the Frontline!

Area Dog Friendly Links:

If you prefer a traditional fenced-in dog park you can try the South Mountain Reservation dog park located in South Orange. For more information click here.

A very pleasant on-leash place to walk is Loantaka Brook Park in Chatham Township. View the park’s website here.

If you are considering adopting a dog please visit the Jersey Animal Coalition in Maplewood. You can also find dogs for adoption in your area at PetFinder.org.

Tuesday, April 7, 2009

Millburn High School Ranks Best in NJ

Posted by The Jill Smith Team at 3:34 PM 0 comments
NJ Monthly Magazine ranked Millburn Public High School number 1 for 2008. Read the complete article below and view all rankings by clicking here. You can also view the State of New Jersey's School Report Card for 2008 by visiting the state's website here.

Millburn High School Ranks Best in NJ

Millburn High School grabs the top spot in the 2008 New Jersey Monthly rankings. Here’s why it’s the state’s best public high school.

by Jill P. Capuzzo
New Jersey Monthly Magazine
Posted August 11, 2008

At first glance, it looks like a typical suburban high school. The glass cases outside the gym are filled with dusty, gold-plated statuettes holding tennis rackets, kicking soccer balls, or crouched in wrestling stances. Repainted numerous times, the bathroom stalls are somewhere between green and gray, while the cinderblock corridor walls are on the gray side of white. More than 30 desk-and-chair sets are squeezed into classrooms meant to hold 25 students at most.

But a closer look at Millburn High School provides some clues that help explain its newfound status as the state’s number one public high school. First, there are the bumper stickers affixed to the guidance counselor’s office window: Yale, Harvard, Stanford, Dartmouth, Columbia, Johns Hopkins, Georgetown, Cornell. (Of this year’s 331 graduating seniors, thirteen are going to Cornell.) The professional-quality paintings that line the principal’s office walls and the giant mural in the cafeteria were all done by students. And the course catalog lists classes such as meteorology, Russian literature, film and society, American law, and architecture, among the hundred-plus electives available to the school’s 1,380 students.

After placing eleventh in the 2004 New Jersey Monthly high school rankings, and third in 2006, Millburn High School earned the top spot this year, in large part due to its students’ impressive test performances. Millburn outranked the state’s 315 other high schools on average SAT score and performance on the state-mandated High School Proficiency Assessment.

Among the 2008 seniors, 97 percent are set to attend four-year colleges, including 29 who are Ivy League-bound. In addition to being ranked among the top U.S. high schools by Newsweek, US News and World Report, and the Wall Street Journal, Millburn High has been named a Blue Ribbon School by the U.S. Department of Education, the highest award a school can receive.

“It comes down to motivated, hard-working kids, supportive parents, and excellent faculty and administration,” says Millburn schools superintendent Richard Brodow. “When you have that combination, it’s not hard to see why our kids do so well.”

Millburn High School principal William Miron agrees. Study halls are almost unheard of, he says—most students choose to take eight classes a day. Sixty percent of seniors during the last school year took AP classes, some as many as five or six. And students do not excel only academically; most are involved in enough extracurricular activities to stuff a day planner—not to mention a college application. More than 70 percent of students play one or more sports, and one-third participate in the expansive music program. With 29 varsity teams and more than 70 clubs and organizations, barely a day goes by when someone is not setting up a bake sale or some more elaborate fund-raiser.

“Our students are so diversified in their interests, very few of them are doing just studying,” says Miron, himself a 1974 graduate of Millburn High. “They have demanding lifestyles. It’s part of our society and of this community. And we support that.”

If the school has any real cause for concern, it is that all this striving for excellence can place enormous pressure on Millburn’s overachieving students. Alexander Mills is a typical 2008 graduate. During the school year, he spent his afternoons fencing, competing on the debate team, and rehearsing with the school orchestra, then staying up past midnight most nights to do homework for his numerous AP courses.

The competition to get into the best colleges is intense, and the buzz grows earsplitting each spring. “Every day you’d walk in and people would be asking, ‘What colleges did you hear from?’” says Mills, who learned early he had been accepted at Princeton. Mills says the desire to do well was largely self-imposed, but for many the pressure comes from parents in this largely professional community just fourteen miles from New York City. In fact, says head guidance counselor Nancy Siegel, many students prefer to check the status of their college applications online in her office rather than at home. “The idea that kids have to go to Ivy League schools is insanity. It’s a name, and that’s why they want it,” Siegel says. “By their senior year, most students recognize it could happen, or it could not.”

If you happen to be among the estimated 10 percent of students who are not academically oriented, Millburn High can be a pretty alienating place. Allison Dilyard, herself a high achiever who is headed to Barnard College this fall, says a couple of her good friends were more interested in art than academics and “had a tough time adjusting.” Still, she says, everyone she knows is “ending up where they belong.”

“You can be at the bottom of your class and still go to a good college,” Dilyard says. “That’s what Millburn does for you.” The school has sought ways to ease some of the stress, like doing away with individual class rankings (students are instead divided into deciles: top 10 percent, top 20 percent, etc.) and limiting to eight the number of AP classes for which students can earn added weight toward their grade point average.

Philip Roth put Millburn—or more specifically its upscale neighborhood of Short Hills—on the literary map with his novella Goodbye Columbus, in which a well-to-do Jewish family tries to break into the Waspy, upwardly mobile society there. Today, Millburn is home to a large Jewish population, and while the high school is still predominantly white–only 1 percent of the students are African-American and less than 5 percent are Hispanic—the school district has seen an influx of Russian, East Asian, and Indian families over the last ten years.

Siegel estimates the high school’s Asian population at 20 percent. About 15 percent of the school population falls under the special education classification, but these are mostly students with minor learning disabilities that require only slight accommodation, according to Siegel. And while some of the newer families do not come close to Millburn’s median family income of $152,300, only a handful take advantage of the free lunch program, she says, mostly because “they are very proud and don’t want anyone in the district to know.”

The student population has grown exponentially in the last ten years, from 189 graduating seniors in 1998 to 390 in last year’s freshman class, largely due to families moving to Millburn for its excellent schools. But while Millburn is frequently described as an education-oriented community, support for education does not automatically show up at the polls. Voters almost always pass the school budgets each year, but bond issues for infrastructure work have been known to fail in the first round. As a result, Miron says, the high school is “a patchwork of additions” dating to 1957, causing a severe space problem, with some classes held in the cafeteria and four or five teachers sharing an office the size of a large closet.

“Taxes are very high in this community,” says Miron. “People don’t mind paying [for school expansion] if they think there’s a need, but they find $10 million a lot easier to stomach than $20 million.” A $20 million bond issue for improvements at Millburn’s middle school and high school passed in 2006. Now under construction, the high school’s three-story addition, with eighteen new classrooms and an upgraded cafeteria, is expected to open in fall 2009.

Alex Mills could point to teachers who “really know what they’re talking about,” or the fencing coach who helped facilitate his entrĂ©e to Princeton, but he has trouble pinpointing one factor to explain his, or the high school’s, stunning achievements.

“It’s a school that gives you all the tools you need to succeed,” the college freshman says. “But no one is going to do it for you. It’s up to you to take advantage of it all.”



Millburn-Short Hills, Chatham, Summit, Madison and Westfield boast great public schools, lively downtowns and an easy commute into Manhattan. If you are considing a move to or within these towns contact Jill Smith to discuss your next home purchase at 973-722-2234 or JillSmith@comcast.net. Please visit our website at TheJillSmithTeam.com for available listings, area information and sales statistics.

Friday, April 3, 2009

Millburn-Short Hills 2008 Year End Statistics Review

Posted by The Jill Smith Team at 5:47 AM
The real state market in communities along the Morris and Essex train line exploded beginning around 2001. In 2001, the average priced home in Millburn-Short Hills was $738,052 and by 2004 it was $1,065,220, a growth of 31%. In 2005 prices went up an additional 19%, the average home selling for $1,314,908. In 2006, home prices in Millburn-Short Hills rose just 2% but still up 21% from 2004.

In 2007 the average sale price fell 9% over the same time period of 2006 and total dollar volume is at its highest ever, 10% over last year. In 2007, 157 properties sold, the average sale price was $1,231,395 and total dollar volume was $191,229,152.

Fewer properties sold in 2008 than in 2007, dropping from 157 to 121 and lowering the Total Dollar Volume 28% from the previous year. The 2008 Average Sales Price, however, remained unchanged from 2007.

Please e-mail me at JillSmith@comcast.net for a comprehensive statistical report for Short Hills and the surrounding towns which includes data from 2000-2007.

For comprehensive statistical reports please visit our Area Market Statistics webpage including statistics per school districts.

*Based on data from the Garden State Multiple Listing Service, comparing the first half of each year (January-June, the most active part of the year for real estate transactions).
 

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