The Town Broker

Archive for September, 2010

Insuring Your Westfield Home

Of all the issues that need to be considered when buying a home, homeowner’s insurance always seems to end up as an afterthought. And that’s pretty crazy! When you think about it, your home is probably your most valuable material possession. And making sure it’s properly insured is a really smart idea!

In this short video, Ron Bansky- Owner of Ron Bansky & Associates in Westfield NJ, reviews some of the common insurance questions facing homeowners. Take a few minutes and check it out!

And fore more information, please call Ron Bansky & Associates at 908-301-0711. Or, stop in and visit them at 519 South Avenue West, Westfield NJ, 07090 (see map below).

 

Westfield Neighborhoods – Stoneleigh Park

Stoneleigh Park is one of the grand old neighborhoods in Westfield, NJ. Through the years, this community has been home to  many famous people, and has hosted  numerous dignitaries.

The Stoneleigh Park community is bordered by Westfield Avenue to the north and Rahway Avenue to the south, with Shackamaxon Drive to the east, and Dorian Road on the west.

As you enter this lovely community through it’s stone pillars, you’ll immediately be impressed by the grandeur of the homes, and the small town charm. With its slate sidewalks and manicured lawns, you’ll quickly see why this is one of Westfield’s most sought after communities! The homes in this neighborhood are very close to Westfield’s award winning downtown, the train station, and top notch public schools.

The Plaque At The Entrance to the Neighborhood Reads:

Stoneleigh Park was developed in 1904 by Henry and Charles Tremaine, President and Vice-President respectively of the Aeolian Company, a piano and organ manufacturing concern. One of the earliest examples of a planned neighborhood in America, Stoneleigh Park remains a close community preserved by its residents through the Stoneleigh Park Association formed in the 1920’s.

President Woodrow Wilson was entertained here by Congressman William Tuttle and his brother Arthur when they resided in the park. Other residents included muralist Gerald Foster and his brother William, solid rocket fuel pioneer and chief disarmament negotiator for the United States.

Former resident Commander Edward Ellsberg, famed naval salvage expert, captures the public imagination by his daring exploits between the two world wars in raising vessels from the bottom of the sea.  John Farrell, US Open winner and popular figure in the world of golf, was a resident for over twenty years.

The Stoneleigh Park Association remains active today, continuing its early traditions maintaining the quality of the neighborhood, and preserving its park-like setting.

Stoneleigh Park has been placed on the national register of Historic Places by the United States Department of the Interior. It has also been placed on the New Jersey Register of Historic Places by the New Jersey Department of Environmental Protection.

To learn more about homes in this Westfield neighborhood, call Hal Benz – Westfield & Stoneleigh Park real estate specialist. 908-216-4836

Tags: Stoneleigh Park, Westfield

Westfield Neighbors Remember 9-11

I just got home from Westfield’s memorial tribute to those lost on 9-11. It was a simple ceremony, really. Some words and reflection from local officials and clergy, the honor guard placing a wreath at the foot of the 9-11 memorial, the playing of taps.

I was moved by the number of neighbors who came out to take part. And I was struck my just how raw the emotions still are in the eyes of so many.

Where Were You On 9-11?

It’s become one of those things that we simply can’t forget. At the time, I was working in health care.  As the VP for Operations for one of the Saint Barnabas Health Care System affiliates, I remember the chaos of that day. We needed to figure out how to get medication to our home care & hospice patients since air traffic was shut down and our supply line stopped. We scrambled to empty bed space in our Monmouth Medical Center facility for the anticipated wave of incoming casualties. Sadly, they never came. And we needed to check in with our staff, make sure that they and their loved ones were OK, and sent as many home as possible to be with their families.

It wasn’t until I finally got home and saw the horrifying images of the towers collapsing on TV, that the full impact hit me. I pray that I never experience that feeling again in my lifetime. And after my wife, daughter and I talked, cried and tried to make sense of what was happening, I took a long walk.

There were Just So Many Cars.

I found myself standing on the eastbound platform of the Westfield train station. It was the place that so many of my neighbors started their day as they headed to work in the big city. And as I looked out into the parking lot, I was struck by the unusual number of cars that were still there. New ones, older ones, big ones and little ones. It was nearly 11pm, and there were just so many cars.

I realized that many of them were the cars of friends and neighbors who got caught up in the chaos of the day, and couldn’t get out of the city. But I also knew deep down, that some of them were the cars of neighbors who wouldn’t be coming home. Not this night, not any night. It was a haunting feeling. Still is.

And as I stood there looking at all the cars, I thought to myself  “if they knew that they wouldn’t be coming home tonight, I wonder what they would have said before they left? And to who?”

Today’s The Day.

If I’ve learned anything in the 9 years since 9-11, it’s that we always think we’ll have more time. We always think that we’ll have tomorrow to clean up our messes or let people know just how much we love them.  And sometimes, it just ain’t so.

If I could offer a prayer on this day, it would be that we learn the lessons of 9-11. I would pray that the world turns down the rhetoric of intolerance and revenge. And I would pray that each and every one of us uses the time we have as wisely as we can.

Life is precious, and far too short.

Tags: September 11, Westfield

Westfield Foreclosures? A Sign Of The Times.

Foreclosures continue to be a problem in New Jersey. According to Realty Trac (the nation’s leading source for foreclosure data and information) NJ was ranked #11 nationally in terms of foreclosure activity for the month of July. Right here in Union County, we have more than our fair share. But many of us think the issue is contained to the urban towns on the eastern and western ends of the county.

And increasingly, they’d be wrong.

Are the more affluent communities like Westfield immune from the county’s foreclosure epidemic? Unfortunately, the answer is no. While the number of mortgage defaults is relatively low compared to other hot spots in the county, new defaults in Westfield have risen in recent months.

What’s going on? And more importantly, what should distressed homeowners do?

Westfield Mortgage Delinquencies & Foreclosure – Getting Perspective

It’s important to step back and understand that when the media talks about “foreclosures’, they are often talking about 2 different things: 1) actual foreclosed properties, and 2) mortgage delinquencies. Recent estimates are that nationally, 1 out of every 7 households with a mortgage is either in some stage of foreclosure, or delinquent with the mortgage payment.

*Pause* Think about that number for a moment…it’s staggering. If you left your house today and drove down the street until you came to the 7th house, how long would it take? That’s the size of the problem nationally.

The government likes to focus on how their programs are reducing the total number of actual foreclosures. And while that’s a good thing, the number of homeowners falling behind on their mortgage is going up.

The graphic below shows that here in Union County (#2 behind only Essex Co. for the most foreclosures in NJ), we have a higher level of foreclosure activity than exists on either the national or state level. I don’t know how you feel about it, but to me, that’s kind of a big deal.

The next graphic shows the towns in Union County where the foreclosure activity is heaviest. And when you look at it, something startling is beginning to happen. Westfield, which has been trending upward each month in terms of new foreclosure activity, has now broken into the “top 10″ for the heaviest foreclosure activity in the county. Granted, the numbers are on a dramatically different scale than in some of the other towns. But it’s a trend that’s moving in the wrong direction.

Why Westfield you ask? As I talk to those neighbors facing foreclosure, as well as attorneys and other professionals dealing with this issue locally, I end up with the same conclusion: “It’s The Economy, Stupid!”

Sure…there has been the occasional case of someone who purchased a house beyond their means with an exotic mortgage product that blew up in their face. But more often, I’ve heard stories about good people who have experienced unemployment, underemployment, or an unexpected health issue. (And occasionally, all 3.) These crises have seriously challenged people’s ability to pay their mortgages on time.

But unlike some of the towns on the list with higher levels of foreclosure activity, many Westfielders had resources that carried them through…until now. At some point resources run out, and things begin to slip out of control.

If You Or Someone You Know Is Facing Foreclosure, Get Help.

The most important thing to understand if you or someone you care about is facing foreclosure is that time is of the essence. There are a wide range of options to help ranging from mortgage modification, to short sale. Not every solution requires selling your home… in fact, many don’t. But regardless of which solution you chose, they ALL take time end expertise. And once you’ve received a mortgage delinquency notice, the clock is running.

Feel free to visit another foreclosure prevention blog that I write to find resources that can help. Or, call me directly (908-216-4836). I’m one of the few broker/agents in this market that has the specific training and experience needed to get through these kinds of challenging situations.

But whatever you do, don’t just stick your head in the sand and hope things get better on their own. They usually don’t…

Tags: Foreclosure, Mortgage Delinquency, Westfield

Re-Thinking The Home Sale Contingency

The home sale contingency (conditioning an offer upon the sale another property) has been part of real estate contracts since…well… since there have been real estate contracts. Unless you can afford to carry one property and still qualify for the purchase of another, a home sale contingency is a fact of life.

But when making an offer on a home, buyers should do everything they can to make their offer look better than the rest. There are a lot of ways they can do this. They can put more cash down, make a larger downpaymnt “up front”, or even waive some of the traditional contingencies…like home inspections. (Although I strongly caution most of my clients AGAINST this one. Unless you’re an experienced builder/investor who knows what ”deal breakers” to look for, the down-side risk is just too high.)

When marketing a home, sellers are looking for ready, willing and able buyers. But if you really need to sell first, you’re not really an able buyer…at least, not yet. When the market was blistering hot, having a home sale contingency was the “kiss of death”. The idea simply makes a lot of sellers a bit nervous. What happens if their house never sells? Isn’t it better to accept a contract that doesn’t have this additional condition built in?

Possibly. But in today’s slower market environment, I think it’s time to re-think the home sale contingency.

Slower Markets Demand Flexibility and Creativity

Let’s face it…the local housing market hasn’t really been tearing it up lately. As the graphic below shows (data courtesy of the GSMLS), 2010 has seen fewer contracts written in Westfield than in most of the previous few years. And since the home buyer tax credit disappeared on April 30th, things have really slowed down. Incidentally…if it wasn’t for historically “stupid low” mortgage interest rates, I suspect that August 2010 would have under-performed all of the previous years as well. So what is a home seller to do?

Accepting Contingent Offers By Adding A “Kick Out Clause”.

Increasingly, home sellers are beginning to recognize that any offer is a good offer. And while the terms sometimes need to be negotiated in order to get something acceptable to all parties, no offer from a qualified buyer should be considered insulting in this market environment.

Assuming that the price and all other terms are acceptable, many sellers WILL now consider accepting an offer with a home sale contingency. But in order to protect themselves, they’ll have their attorney add what we call a “kick out clause”. (And yes, this really needs to be done by an attorney and not your agent. As much as I’d like to help, I don’t have legal authority in NJ to alter the standard real estate contract in this way. In my view, it gets into that area known as “practicing law with out a license“…a big no-no for all licensed real estate folks.)

The kick-out clause gives the seller the right to continue to actively market the home, and search for an offer that does NOT require the home sale contingency. If they get such an offer, the 1st buyer…who still has a legally binding contract…has a limited amount of time (usually about 48 hours) to remove their contingency. If they can do it, they stay in the deal. If they can’t, they’re offer is thrown out and the seller moves on to the new contract. (This is where buyers need to think outside the box. Is it possible to get a very short-term loan from a family member until your house sells? Is it possible to temporarily borrow from a retirement account?)

There is always the chance that as a buyer, you could end up losing the home of your dreams to another non-contingent offer. I guess this makes the case for making absolutely sure that your home is properly positioned to sell quickly.  But if you find the home of your dreams before you sell, it’s still worth making an offer and not letting it get away!

For additional information on this topic or any other real estate need, contact Hal Benz -Your Home Sale & Short Sale Specialist. 908-216-4836

Tags: Home Sale Contingency

Kenilworth NJ Home Sales – August 2010

Kenilworth NJ Home Sales - August 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Number of Listings on Market = 42
• Average List Price For Active Listings     =     $401,998
• Number of New Listings Entering Market     =     10
• Number of Listings Placed Under Contract     =     2
• Absorption Rate =      20 Months
• Number of Sales Closed During Month     =  7
  • Average Original List Price     =     $357,828
  • Average Sale Price     =     $320,800
  • Average OLP/SP Ratio =     89.65%
  • Average Days on Market     =     72

The Following Is The List of Sold Homes Sorted by Closing Date

Street#	Street	Town	OLP	SP	CLOSED	DOM
41	N 11TH ST*	Kenilworth Boro*	$324,900	$282,600	8/2/2010	41
746	NEWARK AVE*	Kenilworth Boro*	$285,000	$220,000	8/5/2010	56
27	S 19TH ST*	Kenilworth Boro*	$425,000	$395,000	8/9/2010	58
668	SUMMIT AVE*	Kenilworth Boro*	$410,000	$380,000	8/23/2010	141
12	N 23RD ST*	Kenilworth Boro*	$399,999	$390,000	8/26/2010	138
308	FAITOUTE AVE*	Kenilworth Boro*	$334,900	$308,000	8/27/2010	34
10	BOYD TER*	Kenilworth Boro*	$325,000	$270,000	8/30/2010	36

For additional information on these or any other homes sold in Kenilworth, contact Hal Benz -Kenilworth NJ’s Home Sale & Short Sale Specialist. 908-216-4836

Tags: Home Sales, kenilworth, market report

Mountainside NJ Home Sales – August 2010

Mountainside NJ Home Sales - August 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Number of Listings on Market = 51
• Average List Price For Active Listings     =     $786,188
• Number of New Listings Entering Market     =     6
• Number of Listings Placed Under Contract     =     11
• Absorption Rate =      3.63 Months
• Number of Sales Closed During Month     = 6
  • Average Original List Price     =     $591,967
  • Average Sale Price     =     $553,750
  • Average OLP/SP Ratio =     93.54%
  • Average Days on Market     =     69

The Following Is The List of Sold Homes Sorted by Closing Date

Street#	Street	Town	OLP	SP	CLOSED	DOM
1506	DEER PATH*	Mountainside Boro*	$519,000	$487,500	8/4/2010	100
1111	HECKEL DR*	Mountainside Boro*	$629,900	$527,000	8/6/2010	67
1035	RUTGERS RD*	Mountainside Boro*	$449,000	$430,000	8/12/2010	44
1260	POPLAR AVE*	Mountainside Boro*	$499,900	$490,000	8/12/2010	28
108	NEW PROVIDENCE RD*	Mountainside Boro*	$825,000	$773,000	8/26/2010	132
369	OLD TOTE RD*	Mountainside Boro*	$629,000	$615,000	8/31/2010	41

For additional information on these or any other homes sold in Mountainside, contact Hal Benz -Mountainside NJ’s Home Sale & Short Sale Specialist. 908-216-4836

Tags: Home Sales, market report, Mountainside

Roselle Park NJ Home Sales – August 2010

Roselle Park NJ Home Sales - August 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Number of Listings on Market = 112
• Average List Price For Active Listings     =     $275,299
• Number of New Listings Entering Market     =     16
• Number of Listings Placed Under Contract     =     9
• Absorption Rate =     11.44  Months
• Number of Sales Closed During Month     =  5
  • Average Original List Price     =     $292,360
  • Average Sale Price     =     $243,000
  • Average OLP/SP Ratio =     83.12%
  • Average Days on Market     =     86
    

The Following Is The List of Sold Homes Sorted by Closing Date

Street#	Street	Town	OLP	SP	CLOSED	DOM
321	HEMLOCK ST*	Roselle Park Boro*	$369,900	$341,000	8/4/2010	94
29C	COLFAX MNR*	Roselle Park Boro*	$195,000	$182,000	8/6/2010	23
471	MARKTHALER PL*	Roselle Park Boro*	$369,900	$350,000	8/12/2010	46
462	COLONIAL RD	Roselle Park Boro	$332,000	$185,000	8/13/2010	202
721	Filbert St.	Roselle Park Boro*	$195,000	$157,000	8/30/2010	63

For additional information on these or any other homes sold in Roselle Park, contact Hal Benz -Roselle Park NJ’s Home Sale & Short Sale Specialist. 908-216-4836

Tags: Home Sales, market report, Roselle Park

Springfield NJ Home Sales – August 2010

Springfield NJ Home Sales - August 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Number of Listings on Market = 116
• Average List Price For Active Listings     =     $460,595
• Number of New Listings Entering Market     =     20
• Number of Listings Placed Under Contract     =     15
• Absorption Rate =     6.73  Months
• Number of Sales Closed During Month     =  10
  • Average Original List Price     =     $461,090
  • Average Sale Price     =     $423,100
  • Average OLP/SP Ratio =     91.76%
  • Average Days on Market     =     60
    

The Following Is The List of Sold Homes Sorted by Closing Date

Street#	Street	Town	OLP	SP	CLOSED	DOM
12	KIMBERLY CT*	Springfield Twp.*	$695,000	$640,000	8/2/2010	42
7	LENAPE RD*	Springfield Twp.*	$499,000	$495,000	8/5/2010	2
31	GREEN HILL RD*	Springfield Twp.*	$700,000	$600,000	8/9/2010	92
112	TREE TOP DR*	Springfield Twp.*	$749,900	$680,000	8/11/2010	89
190	MORRIS AVE UNIT 4E*	Springfield Twp.*	$170,000	$120,000	8/12/2010	102
61D	TROY DR BLDG 8*	Springfield Twp.*	$295,000	$250,000	8/12/2010	82
100	S MAPLE AVE*	Springfield Twp.*	$325,000	$320,000	8/18/2010	31
39	BRIAR HILLS CIR*	Springfield Twp.*	$429,000	$410,000	8/20/2010	105
7	TOWER DR*	Springfield Twp.*	$439,000	$416,000	8/30/2010	46
43	KEW DR*	Springfield Twp.*	$309,000	$300,000	8/31/2010	12

For additional information on these or any other homes sold in Springfield, contact Hal Benz -Springfield NJ’s Home Sale & Short Sale Specialist. 908-216-4836

Tags: Home Sales, market report, Springfield NJ

Clark NJ Home Sales – August 2010

Clark NJ Home Sales - August 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Number of Listings on Market = 121
  
• Average List Price For Active Listings     =     $448,532
• Number of New Listings Entering Market     =     25
  
• Number of Listings Placed Under Contract     =     14
  
• Absorption Rate =     7.64  Months
• Number of Sales Closed During Month     = 13
  • Average Original List Price     =     $444,557
  • Average Sale Price     =     $416,557
  • Average OLP/SP Ratio =     93.7%
  • Average Days on Market     =     63
    

The Following Is The List of Sold Homes Sorted by Closing Date

Street#	Street	Town	OLP	SP	CLOSED	DOM
42	EMERSON RD*	Clark Twp.*	$ 424,900	$ 376,000	8/2/2010	129
34	GRAND ST*	Clark Twp.*	$ 424,999	$ 370,000	8/3/2010	227
31A	FLORENCE DR*	Clark Twp.*	$ 314,000	$ 314,000	8/6/2010	7
293	VALLEY RD*	Clark Twp.*	$ 210,000	$ 215,000	8/10/2010	21
14	CLAUSS RD*	Clark Twp.*	$ 379,900	$ 365,000	8/10/2010	32
73	MALVERN DR*	Clark Twp.*	$ 469,900	$ 430,000	8/13/2010	94
110	STONEHENGE TER*	Clark Twp.*	$ 549,000	$ 500,500	8/20/2010	26
159	Acorn Drive	Clark Twp.*	$ 424,900	$ 480,000	8/26/2010	12
92	MEADOW RD*	Clark Twp.*	$ 399,000	$ 375,000	8/27/2010	15
46	MILDRED TER*	Clark Twp.*	$ 499,999	$ 465,000	8/27/2010	76
54	IVY ST*	Clark Twp.*	$ 879,000	$ 765,000	8/27/2010	114
1168	LAKE AVE UNIT 11*	Clark Twp.*	$ 369,900	$ 340,000	8/30/2010	69
130	PROSPECT ST*	Clark Twp.*	$ 434,000	$ 420,000	8/30/2010	1

For additional information on these or any other homes sold in Clark, contact Hal Benz -Clark NJ’s Home Sale & Short Sale Specialist. 908-216-4836

Tags: Clark, Home Sales, market report