TheJillSmithTeam.com

4th Quarter Under Contract Inventory Up in Millburn-Short Hills, Chatham, Maplewood and Summit

2010-01-21T06:55:00.000-08:00

A sign that the market is improving in the Millburn-Short Hills area, 4th quarter under contact inventory is up from the same quarter in 2008. Under contract inventory is up in Millburn-Short Hills, Chatham, Maplewood and Summit. 3rd Quarter under contract inventory was also up from the 3rd quarter in 2008 except for Maplewood where the inventory remained unchanged from the previous year. 4th quarter under contract inventory was highest in 2009 since 2006 in Chatham, Maplewood and Summit. In Millburn-Short Hills 4th quarter under contract inventory more than doubled from 2008’s 4th quarter and is consistent with inventory figures from years 2005-2007.

View all of The Jill Smith Team’s comprehensive market statistics at http://www.jillsmithrealtor.com/AreaMarketStatistics.asp. With a combined 41 years of Short Hills, Summit and Chatham area real estate sales experience and unsurpassed market analysis, Jill Smith and her team offer professional, intelligent sales service demanded by today’s savvy buyers and sellers. Our experience will give you the advantage in buying and selling in the Short Hills, Summit and Chatham area. If you are considering moving in 2010, it is time to prepare for the spring market. Contact The Jill Smith Team today to plan your buying or selling goals for the next year.

Housing Market Continues to Improve

2009-12-02T15:03:00.000-08:00

According to The Otteau Report, the New Jersey housing market for the month of October recorded the highest number of sales in three years, a 55% increase from the same month of 2008. Local sales are also up from last year. Quarterly under contract sales in the 3rd quarter, typically a slow time of year, were higher than past years and 4th quarter under contract sales are already equal to or higher than 2008. This new data coupled with TheJillSmithTeam’s market statistics confirm that area real estate values have recovered from years’ past record lows. If you are considering moving in 2010, it is time to prepare for the spring market. Contact The Jill Smith Team today to plan your buying or selling goals for the next year.

View our statistics by clicking here.

To discuss your next real estate transaction contact Erin at ErinSmith@kw.com to arrange a phone or in-person meeting. We look forward to assisting you.

Easy Way to Clear Your Closet & Donate to a Good Cause

2009-11-18T08:35:00.000-08:00

If you are getting ready to put your house on the market or are just doing a house cleaning, there is an easy way to clean out your closets and storage areas while donating to a good cause. The United War Veterans Council offers a free pick-up service of a wide range of household goods. By recycling your unwanted items you help people in need and divert goods from landfills which helps the environment. Pick-ups can be scheduled online and items can be left outside your door. Items in good condition that can be donated include clothing (for adults and children), shoes, bedding, window treatments, dishware and glasses, cookware, tools, toys, electronics, small furniture and appliances. You can schedule a pick-up and see a comprehensive list of items that are accepted at www.UWVCPickup.org.

Quarterly Sales Data Signals a Recovering Real Estate Market

2009-10-08T10:03:00.000-07:00

Quarterly statistics for homes going under contract are in for the 3rd quarter and numbers reflect a noticeable increase from not only the previous quarter but also from previous years. "Under contract" sales for the 3rd quarter in Millburn-Short Hills are at their highest since 2005 and Chatham’s 3rd quarter sales are their highest since 2006. Sales in Summit are at their highest since 2003 with 62 single family homes going under contract between July 1 and September 30, 2009.

According to an October 7th article on Reuters.com, mortgage applications are also at their highest since mid-May and mortgage rates are at a 4 month low. With quarterly "under contract" statistics higher than previous years, mortgage applications at a high, mortgage rates at a low and the Dow at a 1-year high the local real estate market is showing strong signs of a recovery. Many potential buyers who have been in a “wait and see” holding pattern may want to take a cue from these financial indicators. As Realtors, we often hear “I want to wait until the market hits its lowest point.” Unfortunately, the market's low point is not evident until the market is on its way back up. Judging by these market indicators, we may very well have passed that low point.

See the quarterly statistics by clicking here.

“US mortgage applications at 4-mth high; rates fall,” Reuters, Julie Haviv, October 7, 2009

TheJillSmithTeam.com

Weekend Train Service Finally Arrives in Montclair

2009-10-01T08:42:00.000-07:00

Beginning Nov. 8, 2009 weekend train service will begin in Montclair, Glen Ridge and Bloomfield. This long awaited schedule addition will occur approximately every 2 hours and bring commuters to Hoboken where they can take the PATH train to Manhattan. Those wishing to take the Midtown Direct directly into the city can change trains at the Newark Broad Street stop. For train schedules visit NJTransit.com. To read the official press release for this new service please click here.

Contract Checklist: 5 Things Needed to Make an Offer

2009-09-22T11:31:00.000-07:00

If you are new to buying in New Jersey or have not bought a property in the area in several years it is important to know what documents are needed to make an offer. Often paperwork needs to be put together in a matter of hours and in multiple bid situations there are tight deadlines to meet. Buyers may be caught off guard and feel overwhelmed by how many items are required. Knowing what documents are needed to make an offer and addressing any questions early in your home search will facilitate the process when you find a property you want to buy. Below is a checklist of paperwork need to submit an offer. If you have any questions please contact Erin Smith at erinsmith@kw.com.

Making an Offer Checklist

1) Signed Contract
2) Initial Deposit Check
3) Signed Disclosures
4) Mortgage Pre-Approval (or proof of funds if paying cash)
5) Letter to Seller

Signed Contract: The information required to complete a contract includes offering price, down payment amount and closing date. Each page of the contract needs to be initialed and the contract signed where indicated. The Jill Smith Team and Keller Williams Realty Premier Properties use standard New Jersey Sales contracts issued by NJAR (New Jersey Association of Realtors®).

Initial Deposit Check: This money represents the buyer’s good faith that their offer is earnest. The amount of the check is the buyer’s choice however the standard is $1,000 - $5,000, depending on the price of the house. Any amount less than $1000 may make the seller feel the buyer is not financially qualified to purchase the property, or that it is not an earnest offer. This initial deposit is deducted from the total deposit amount that is due 10 days after the end of attorney review. The buyer’s agent will make a copy of the check to submit with the offer paperwork. Buyers working with The Jill Smith Team will be asked to make the check payable to Keller Williams Realty. Attorneys may decide that this check should be rewritten and made payable to an attorney trust account. If Keller Williams Realty holds the initial deposit it will be held in a trust account.

Signed Disclosures: Most properties will offer a Seller’s Disclosure and a Lead Paint Disclosure although state law does not require them. In our area it is standard to have Sellers Disclosure and Lead Paint Disclosures available and that they be signed and submitted with your contract. Please read the disclosures carefully and discuss any questions or concerns with your agent.

Mortgage Pre-Approval: A mortgage pre-approval must accompany your offer and ideally should reflect the exact amount you are offering. As a buyer, you may think that having a pre-approval for well over the offering price makes you look better qualified to buy the home. However, if your offer is under asking price it may make the seller begrudge a less than full price offer if they think you can afford well above the asking price. Even if you have been pre-approved for an offer above your initial offering price, your pre-approval letter should reflect the amount of your initial offer, so that you do not disclose to the seller that you can afford to make a higher price.

Letter to Seller: A letter to the seller is not a requirement but can be very useful. Typically in this letter you tell the seller a little bit about yourself and what you like about the house. If you are making an offer on a house you particularly love sellers appreciate hearing you will appreciate their home as much as they have. In a multiple offer situation, you never know what may appeal to a seller and make a difference. It is not an anomaly that a seller accepts a less than top offer because of such a letter. Two examples come to mind. In one case, the house was an estate being handled by several adult children who had grown up in the house. The top bid on their parents’ home was by a builder who intended to tear the home down and build a new construction house. A significantly lower bid was accepted from a family who wrote a letter telling them how much they loved the house just as it was and that they never dreamed they would be fortunate enough to make an offer on such a beautiful home. The other example is of a multiple bid situation where the two top bids were very similar. One of the competing buyers had written a letter stating that they noticed the diplomas on the seller’s office wall and stated that he had also attended the same college. Having to make a choice between two strong offers, the seller chose his fellow alum. I do not know of any situation of a letter hindering a buyer so it can’t hurt, especially if you really want a particular house. And if you are not in a multiple bid, a kind letter can only make the process go more smoothly. If you have questions about what to write or would like some help writing it please let your agent know.

It is important to know that a written offer is required by law to be submitted to the seller within 24 hours so only when you are truly ready to make an offer should you begin the paperwork. It is also advantageous to secure an attorney prior to making an offer so when your offer is accepted attorney review can commence without delay.

Kitchen Renovation: Build Green, Save Green

2009-08-31T14:32:00.000-07:00

If you are planning a kitchen renovation there are some great ways to save environmental and financial resources. Build-it Green! NYC offers a FREE kitchen de-construction for qualified kitchens performed by fully insured professionals. Build-it Green! NYC will deconstruct your kitchen and remove everything for free preventing building materials from being tossed in a landfill. You will also save money by not having to pay your contractor to do the work. If that wasn’t enough of an incentive, Build-it Green! NYC is a registered 501(c)(3) not-for profit organization, so every deconstruction project gets treated as a standard donation so you will also get a tax-deductible receipt!

Once your kitchen has been de-constructed, you can also construct it with materials from the Build-it Green! NYC’s salvaged and surplus building materials. They stock everything from cabinets, flooring, countertops and hardware to yes, kitchen sinks.

To see if your kitchen qualifies contact deconstruction manager Max Rubinstein at 718-777-0132 ext. 26 or max@bignyc.org. Send photos of your existing kitchen to Max at max@bignyc.org to speed the evaluation process along. Visit their website for more details at the link below.

Visit The Jill Smith Team's green webpage for more information on green building:

Link to Search for Local Farmers Markets

2009-07-08T10:18:00.000-07:00

Nothing beats buying fresh local produce and flowers from a local farmers market. Unfortunately, it always seems that the one in your town is always on a day you consistently can’t make it. Fortunately, most of the towns in the Short Hills area host farmers markets and there is nearly one nearby everyday of the week. To find the location and day of farmers markets in any town in New Jersey visit the Department of Agriculture’s search page by clicking here. I find it easiest to select a county and browse for the towns I’m interested in (you can leave the Business Name field blank). This is also a great search tool if you spend time at the shore. It’s so much easier to buy produce locally at the shore than to buy it up here and pack it up for your trip.

Save Energy While on Vacation

2009-07-08T10:04:00.000-07:00

Summer is a great time to take a vacation and just get away from it all. However, unless you take action, the appliances and electronic devices in your home will not get a break and your next month's energy bill may be business as usual. Before you leave on your next trip, take a few minutes and follow these simple steps. You can minimize energy consumption in your empty house and maybe save a few dollars for your next vacation.

Water Heater—Unless you have a tankless unit, your water heater will keep running (and costing you money) to keep the water warm until you get back. Turn down the setting to as low as possible to reduce this "standby" heat loss while you are away.

Refrigerator—Your refrigerator is one of the biggest energy users in a typical home. If you are leaving for a short period of time, change the refrigerator thermostat to a higher setting, such as 38 degrees for the refrigerator and 5 degrees for the freezer. For longer trips (such as four weeks or more), consider emptying your refrigerator and unplugging it.

Air Conditioner—There is no need to keep your house cool while you are sitting on the beach hundreds of miles away. Turn off your air conditioner or set the thermostat to 85° or higher. To avoid coming home to an overheated house, use a programmable thermostat and set it on vacation mode to re-cool your house shortly before your expected return.

Lights—Turn off all lights in your home before you leave. You may wish to maintain an outdoor or indoor light for nighttime security. Consider installing a timer. This will limit the illumination to only a few hours a day and help to make it appear as if someone is at home.

Electronics—There may be a “phantom load” haunting your empty home (and costing you money) while you are away. Turning off electronic devices is a good energy savings strategy, but remember, digital displays, instant-on features, and remote controls consume energy while not in use. Unplug all electronic devices while you are away.

Courtesy of PSE&G

Visit TheJillSmimthTeam's Your Green Home page for more ideas on how to reduce your energy usage and green your home.

Short Hills Area Summer Activities

2009-06-25T20:11:00.000-07:00

Although most of June didn’t feel much like summer, the sun is starting to come out more often and there are plenty of activities in the Short Hills & Summit area to try out this season including horse back riding, sailing, surfing, yoga, tennis and music lessons. All of these activities offer opportunities for children, adults and groups.

TOWN RECREATION DEPARTMENTS

Millburn-Short Hills:
http://twp.millburn.nj.us/Recreation

Chatham Borough & Township:
http://chathamrecreation.org/contacts.php

Madison:
http://www.rosenet.org/gov/recreation/default.htm

Maplewood:
http://www.twp.maplewood.nj.us/departments/recreation-cultural-affairs/recreation

South Orange:
http://www.southorange.org/TheBaird/

Summit:
http://www.ci.summit.nj.us/departments/recreation.cfm

ART:

Visual Art Center of NJ
Summit
http://artcenternj.org/

The Shakespeare Theater of New Jersey
Madison
http://www.njshakespeare.org/

Theater Arts
Papermill Playhouse
Millburn-Short Hills
http://www.papermill.org/outreach/theatreschool.php

GOLF:

New Jersey Golf Course Guide
http://www.new-jersey.com/col/golf/

GolfLink.com’s NJ Guide
http://www.golflink.com/top-golf-courses/state.aspx?state=NJ

HORSE BACK RIDING:

Dapple Hill Farm
Sara Goetz
Whitehouse, NJ
http://www.dapplehill.com/index.asp

Crewe Hill
Sand Spring Road
Harding Twp, NJ
973-267-2060
Boarding/Lessons

Hidden Brook Farm
Bedminster, NJ
http://www.hiddenbrookfarm.com/index.html

Palermo Show Stable
Bedminster, NJ
http://www.palermoshowstable.com/index.html

MUSIC:

School of Rock
My nephews (5 & 7y/o) go here and love it.
Chatham
http://www.schoolofrock.com/index.php

Millburn Music Center
Millburn
http://www.millburnmusic.com/

Summit Music Center
Summit
http://www.summitmusicstudio.com/index_new.html

SAILING:

New Jersey Sailing School
Point Pleasant
http://www.newjerseysailingschool.com/

Nelson Sailing Center
Island Heights (Toms River)
http://www.nelsonsailingcenter.com/

Offshore Sailing School
NYC & Jersey City
http://www.offshore-sailing.com/

True North Sailing
Jersey City
http://www.sailtruenorth.com/sail_school.html

SKATEPARKS:

Chatham Twp Skate Park
Outdoor, Public
http://www.chathamrecreation.org/actdetails.php?actid=40

Bloomfield Skate Park (allows bikes)
Outdoor, Public
http://www.bloomfieldtwpnj.com/Rec_SkateParkReopens2009.php

Garden Sk8
Indoor Skatepark
Pine Brook
http://www.gardensk8.com/

Shields Skatepark (allows bikes)
Flemington, NJ
Indoor
http://www.shieldsskatepark.com/

Small Empire Skatpark
Offers Summer Camps
Flanders NJ
http://www.smallempireskatepark.com/

SURFING:
Yes, you can surf in NJ. There’s actually quite a big scene in NJ. If you’re just starting, definitely begin with lessons!

Coastline Adventures/NJ Surfing School
Billabong Sponsored
Kids Camps, Adult Camps, Women’s Camps and Private Lessons
Mantoloking (Brick)
http://www.njsurfschool.com/

Beach House
Private & Group Lessons
Bayhead
http://www.beachhouseclassic.com/lessons.htm

Eastern Lines
Belmar
http://www.easternlines.com/knowledge/learn-to-surf

7th Street Surf Shop
Ocean City
http://7thstreetsurfshop.com/lessons.htm

TENNIS:

Center Court
Chatham
http://www.centercourtclub.com/

Summit Tennis Association
Summit
http://www.statennis.com/about.htm

Westfield Tennis Club
Westfield
http://www.westfieldtennisclub.org/

YOGA:

Liv Yoga
Livingston
http://www.livyoga.com/

Power Flow Hot Yoga
Chatham
http://www.powerflownj.com/

Shakti Yoga
Maplewood
http://www.shaktinj.com/

Surya Hot Yoga
Summit & Hoboken
http://www.suryayogaacademy.com/

-Erin Smith
http://www.TheJillSmithTeam.com

Closing Cost Estimates

2009-06-16T12:50:00.000-07:00

As with a lot of purchases and services one pays for in life, buying a home also involves fees and expenses beyond just paying the agreed upon sale price. The break down of closing costs was given to me by Steve Lupton with ISB Mortgage (908-522-6500) and represents a ballpark estimate for closing costs for 2 hypothetical purchases; one for a purchase price of $400,000 and one for $1,000,000. The information provided below is a general guideline used for example purposes only. Your actual closing costs may be more or less. Also, these costs do not include the cost of a home inspection which depending on the size of the home could cost $300-500. The total closing cost estimates are in bold type.

Purchase Price: $400,000
Loan Amount: $320,000
Down Payment: $80,000
Interest Rate: 5%

Estimate for Closing Costs:
Appraisal Fee: 500.00
Credit Report: 14.00
Loan Application: 395.00
Commitment Fee: 150.00
Flood Certification Fee: 8.00
Attorney Fees: 3,200
Recording/Filing Fees: 350.00
Location Survey: 550.00

Sub-Total: $5,017.00

Prepaid Escrow & Adjustments:
Hazard Insurance (12 months): 780.00
Real Estate Taxes (4 months): 3000.00
Interest: 44.44

Sub-Total: $4,446.67

Details of Purchase:
Purchase Price: $400,000
Closing Costs: $5,017.00
Pre-paids: $4,446.67
Total Costs: $9,463.67
Total: $409,463.67
Less Mortgage Amount: $320,000
Down Payment: $80,000
Total Cash Required for Closing: $89,463.67

Purchase Price: $1,000,000
Loan Amount: $800,000
Down Payment: $200,000
Interest Rate: 5.750%

Estimate for Closing Costs:
Appraisal Fee: 500.00
Credit Report: 14.00
Loan Application: 395.00
Commitment Fee: 150.00
Flood Certification Fee: 8.00
Attorney Fees: 5,000
Recording/Filing Fees: 400.00
Location Survey: 550.00

Sub-Total: $7,017.00

Prepaid Escrow & Adjustments:
Hazard Insurance (12 months): 1200.00
Real Estate Taxes (4 months): 4800.00
Interest: 1916.67

Sub-Total: $7,916.67

Details of Purchase:
Purchase Price: $1,000,000
Closing Costs: $7,017.00
Pre-paids: $7,916.67
Total Costs: $14,933.67
Total: $1,014,933.67
Less Mortgage Amount: $800,000
Down Payment: $200,000
Total Cash Required for Closing: $214,933.67

Have a Certified Wildlife Habitat™ in Your Own Backyard

2009-06-05T20:05:00.000-07:00

Have a Certified Wildlife Habitat™ in Your Own Backyard

The National Wildlife Federation offers a great program to restore natural habitat in your community whether you have an apartment balcony or multi-acre estate. By addressing 5 categories you can apply to have your home habitat certified by The Nation Wildlife Federation. The categories include supplying food, water and shelter for wildlife and creating green space that uses native species and conserves soil and water. This is a great project for families or anyone wanting to help sustain their local ecosystems.

The application process includes a $20 fee and a simple form outlining the features of your habitat. Included in the application fee is a certificate recognizing your certified habitat, free NWF membership with a one-year subscription to NWF quarterly newsletter and your habitat’s listing with the NWF’s Certified Wildlife Habitat™ registry. Once certified you can also purchase a Certified Wildlife Habitat™ yard sign to show your neighbors your commitment to the environment.

I have reposted The Nation Wildlife Federation’s guidelines for the Certified Wildlife Habitat™ requirements. Please visit their website for all the details and particulars.

Provide Food for Wildlife

Your habitat needs three of the following types of plants or supplemental feeders: Seeds from a plant • Berries • Nectar • Foliage/Twigs • Nuts • Fruits • Sap • Pollen • Suet • Bird Feeder • Squirrel Feeder • Hummingbird Feeder • Butterfly Feeder

Supply Water for Wildlife

Your habitat needs one of the following sources to provide clean water for wildlife to drink and bathe: Birdbath • Lake • Stream • Seasonal Pool • Ocean • Water Garden/Pond • River • Butterfly Puddling Area • Rain Garden • Spring

Create Cover for Your Habitat

Wildlife need at least two places to find shelter from the weather and predators: Wooded Area • Bramble Patch • Ground Cover • Rock Pile or Wall • Cave • Roosting Box • Dense Shrubs or Thicket • Evergreens • Brush or Log Pile • Burrow • Meadow or Prairie • Water Garden or Pond

Give Wildlife a Place to Raise Their Young

You need at least two places for wildlife to engage in courtship behavior, mate, and then bear and raise their young: Mature Trees • Meadow or Prairie • Nesting Box • Wetland • Cave • Host Plants for Caterpillars • Dead Trees or Snags • Dense Shrubs or a Thicket • Water Garden or Pond • Burrow

Garden in an Environmentally Friendly Way

You should be doing two things to help manage your habitat in a sustainable way. Soil and Water Conservation: Riparian Buffer • Capture Rain Water from Roof • Xeriscape (water-wise landscaping) • Drip or Soaker Hose for Irrigation • Limit Water Use • Reduce Erosion (i.e. ground cover, terraces) • Use Mulch • Rain Garden Controlling Exotic Species: Practice Integrated Pest Management • Remove Non-Native Plants and Animals • Use Native Plants • Reduce Lawn Areas • Organic Practices: Eliminate Chemical Pesticides • Eliminate Chemical Fertilizers • Compost

Please visit TheJillSmithTeam.com's green page.

Neighborhood Market Updates Available at TheJillSmithTeam.com

2009-06-02T18:56:00.000-07:00

Have you ever wanted to keep updated with home sales in your neighborhood or a neighborhood you are considering moving to? We are pleased to announce a great new feature to TheJillSmithTeam.com that will send you monthly reports on the home sales within your neighborhood which includes selling price compared to list price, a map of currently available homes and recently sold homes, photos and details of each listing and much more. This incredibly helpful program is called Market Snapshot and you can start using it now. Just fill out a 2-step form with the address of your house or a house in a neighborhood you are considering and you will receive monthly neighborhood sales updates via email.

Data is pulled from the Garden State MLS so market information is up-to-date. If you live in or are considering a move to Essex, Morris, Union or Somerset county, your neighborhood will be covered in Market Snapshot. Sign-up by visiting this link also located on the right hand side of our homepage.

Luxury Statistics Now Available at TheJillSmithTeam.com

2009-05-19T09:03:00.000-07:00

Luxury sales statistics are now available at TheJillSmithTeam.com. These statistics cover the towns of Millburn-Short Hills, Summit and Chatham and are divided into two categories: houses originally listed between $1-$2 million and houses originally priced over $2 million.

Although dollar volume dropped dramatically for houses priced between $1-2 million in Chatham in 2008, average sale price was up 3% from 2007. Less houses sold but sellers who did not have to sell remained steadfast in their pricing even in a buyer's market. Average sales price in Millburn-Short Hills and dollar volume were both down in 2008 although sales for homes priced between $1-$2 million have historically fluctuated plus or minus 6-7% in the past 8 years. Millburn-Short Hills remains a top choice for luxury homes in the area and sales have always been strong. Summit's dollar volume in 2008 was well below that of 2007's totals, but prices in Summit's luxury market are even more consistent than Millburn-Short Hills, fluctuating no more than 2% annually since 2000.

For all the details please visit TheJillSmithTeam.com's Sales Statistics webpage for Luxury Statistics, Statistics by School District, Statistics by Town and Quarterly Under Contract Statistics.

Team Member Kathy Murphy Gets Green

2009-05-07T08:52:00.000-07:00

Local Realtor® Achieves National Association of Realtors® Green Designation

Summit, NJ. Kathy Murphy long time Short Hills resident and sales associate with The Jill Smith Team of Keller Williams Realty in Summit, NJ has been awarded the National Association of Realtors® (NAR) Green Designation, the only green real estate professional designation recognized by NAR.

Kathy Murphy achieved this designation after completing 18 hours of course work designed specifically for REALTORS®. The courses were created in collaboration with a multidisciplinary team of industry experts from across the country, ensuring designees gain comprehensive knowledge of green homes and buildings and issues of sustainability in relation to real estate.

More specifically, Kathy Murphy was trained in understanding what makes a property green, helping clients evaluate the cost/benefits of green building features and practices, distinguishing between industry rating and classification systems, listing and marketing green homes and buildings, discussing the financial grants and incentives available to homeowners, and helping consumers see a property’s green potential.

“As energy costs rise along with concern for the environment, homeowners are looking for innovative ways to save money and live responsibly,” said Dick Gaylord, NAR’s immediate past president. NAR’s Green Designation was developed in response to growing consumer awareness of the benefits of resource efficient homes and buildings. The designation helps consumers who care about energy efficiency and sustainable building practices identify REALTORS® who can help them realize green real estate and lifestyle goals.

As a NAR Green Designee, Kathy Murphy has gained the knowledge and tools necessary to become a trusted green resource for the residents of the Summit area. To find out how Kathy’s green expertise can assist you in buying or selling a home please contact her at KathyMurphy@kw.com or visit TheJillSmithTeam.com for more information.

This Week's Featured Listing 4/27/09

2009-04-27T18:49:00.000-07:00

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.

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

2009-04-16T19:04:00.000-07:00

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.

Current Mortgage Rates & Housing Affordability

2009-04-09T12:50:00.000-07:00

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

Unofficially, the Best Unofficial Dog Park

2009-04-08T11:59:00.000-07:00

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.

Millburn High School Ranks Best in NJ

2009-04-07T15:34:00.000-07:00

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 entrée 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.

Millburn-Short Hills 2008 Year End Statistics Review

2009-04-03T05:47:00.000-07:00

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).