The luxury condo project called 40 park located on the Morristown Green seems to be coming together very nicely. Just like the other projects that went forward over the past few years, such at the Vail Mansion condo project, Dehart Place, and Vail Commons, 40 Park seems to be selling well, dispite all the turbulence in the financial and real estate markets.
It is amazing that the condos at 40 Park are selling so well, compaired to home sales in general here in the Morristown NJ real estate market. Currently we have 134 homes activly for sale here in Morristown NJ. The average price of these homes currently for sale is about $510,000 and they have on average been on the market for 107 days so far. This is not to say that homes have not been selling here in Morristown New Jersey during 2008. For 2008 to date, we have seen 143 Morristown NJ homes sell. Of these home sales so far, the average listing price has been $437,690 the average selling price has been $417,576 with is about 95.4% of the final listing price. The average time to sell a Morristown NJ home this year has been 95 days.
I think that the statements made in today’s Daily Record newspaper that the 40 Park Luxury condominium project is defying gravity, are correct for now. Will 40 Park continue to defy gravity? Will the Morristown Nj real estate market continue on it’s current sideways path? To be sure, time will tell, but it is my opinion that unless the Morristown NJ real estate market just falls completly apart, the 40 Park condominium project will continue with it’s current sales success.
James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
For excellence in Morristown NJ Real Estate call upon James Boyer for service and knowledge above and beyond the norm.
4 responses so far ↓
1 Andrea in Westlake (1 comments.) // Oct 18, 2008 at 5:42 pm
It’s amazing how during a recession like this, some markets are crashing and burning, while others are managing to function almost as normal. I’m not sure why some markets are doing so much better than others, but it is encouraging that this housing downturn isn’t affecting the whole country — it’s nice to see some new projects doing just fine.
2 warren (1 comments.) // Oct 19, 2008 at 8:37 am
I think maybe this is just a frame, try to make people think that the housing market there is still hot.
But there is not easy to get loan in current situation. So for me I will not even consider of buying any.
http://mideastproperty.blogspot.com
3 James (22 comments.) // Oct 19, 2008 at 5:56 pm
I think right now is probably the best time to buy in forever to be a buyer of real estate in Northern New Jersey. Starting in January, when Obama takes office, people are going to become much more possitive than they are now, and you are likly to see lots more people being willing to buy homes. This will take all the best real estate off the market, and that perfect buying opportunity will have passed.
The mood right now is so negative that it cannot help but become more possitive over the next several months.
just my opinion of course, but one based on historical facts.
4 Dansko (1 comments.) // Nov 25, 2008 at 1:09 pm
I think there is a segment of people who “have” to move - due to a new job, family situation, or whatever, and they just wouldn’t think of renting - so regardless of the negative mood out there and the current market, some people are going to always be actively looking.
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