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Real Estate News from South Orange to Morristown New Jersey, The Towns Of The Midtown Direct Line

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South Orange New Jersey Real Estate - July 2008

August 11th, 2008 · 10 Comments

The real estate markets have not been kind to many home sellers over the past few years here in New Jersey.  Those home sellers who have made the proper call and priced their homes properly have managed to sell at fair prices.  Those home sellers who refuse to listen to the experienced REALTORS when it comes to price, have for the most part ether not sold at all, or sold for a much lower price then they would have had they not let their homes get stale on the market while they sat a prices which were too high.

Here are the South Orange New Jersey Real Estate sales for July 2008.

  1. 28  FAIRVIEW AVE  $275,000  Victorian 6br 2.1ba $250,000  82 DOM
  2. 506  FINLAY PLACE  $329,800  Bi-Level 4br 2.1ba $310,000  76 DOM
  3. 10  MEWS LANE  $395,000  TwnIntUn 2br 2.1ba $385,000  19 DOM
  4. 236  IRVINGTON AVE  $410,000  Colonial 5br 2ba $401,500  123 DOM
  5. 349  IRVING AVE  $420,000  Colonial 4br 2ba $402,000  19 DOM
  6. 355  Turrell Avenue  $449,000  Colonial 5br 2ba $435,000  110 DOM
  7. 220  WAVERLY PL  $450,000  Bi-Level 4br 2.1ba $450,000  162 DOM
  8. 235  KINGSLAND TERRACE  $519,900  Colonial 4br 1.1ba $490,000  9 DOM
  9. 101  FAIRVIEW AVE  $535,000  Victorian 6br 2ba $525,000  24 DOM
  10. 224  WALTON AVE  $575,000  Colonial 5br 2.1ba $560,000  65 DOM
  11. 387  Thornden Street  $735,000  Colonial 6br 3.2ba $727,500  16 DOM
  12. 292  Melrose Place  $775,000  Colonial 6br 3.2ba $750,000  42 DOM
  13. 223  CRESTWOOD DR  $799,000  RanchExp 5br 3.2ba $777,000  50 DOM
  14. 627  MOUNTAIN AVE  $825,000  Ranch 5br 4ba $825,000  87 DOM
  15. 76  DUFFIELD DR.  $865,000  Colonial 5br 3.2ba $865,000  23 DOM
  16. 21  TILLOU ROAD W  $1,299,750  TwnEndUn 4br 5.1ba $1,250,000  100 DOM

James Boyer
South Orange NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

Tags: NJ Mid-Town Direct Real Estate Homes · South Orange New Jersey Real Estate · nj mls search

10 responses so far ↓

  • 1 Gradinita (1 comments.) // Aug 13, 2008 at 5:44 am

    That’s some heavy prices. But well, for that area, is normal.

  • 2 Houston Homes (6 comments.) // Aug 16, 2008 at 10:51 am

    I have noticed that many homewoners have overpriced their home and found out they are chasing the market down.

    My mother-in-law who happens to be an agent has done just this. She started off overpriced with her home priced above all the comps. Then did not drop the price for nearly 90 days and still stayed to high. Once she started getting agressive so did all the builders preventing her from selling her home for more than six months now.

    Sellers need to realize that in a declining market you can not be priced above the average sold price in the last 90 days for similar homes. And furthermore decor does not make the home some how superior to the others that have the same sqaure footage, bedrooms, bathrooms, lot size, and curb appeal.

    I know that it is sometimes hard to swallow but it is true.

  • 3 D Pease // Aug 24, 2008 at 2:10 am

    Hey James, I think that is the story in most of the country. I know I see plenty of homes in Oregon that have been on the market for 1 and even 2 years, and yet some homes sell within days or weeks and I even wrote 2 offers on one home recently that I closed for over 850k. So the market here in Oregon is not that bad, but some sellers still think their home should have gone up in value over the last 2 years or there are the sellers that say they have to walk away with so much money in their pocket regardless of the true value. Lol, those homes may never sell.

  • 4 Charles Richey (2 comments.) // Aug 24, 2008 at 3:26 pm

    Are you seeing any buy and bail activity there? We are a little bit, but nothing like California. There are several areas of town where home prices have fallen by 100k or more compared to a year ago. Naturally people are upset but there are no guarantees in life either. In the long term the prices will go up again.

  • 5 Tammy at Myrtle Beach Real Estate (1 comments.) // Aug 26, 2008 at 2:13 pm

    We’re having the same problem here in Myrtle Beach. People refuse to price their properties right and then get angry at the Realtor when it doesn’t sell. We’ve told our agents simply not to list the properties if the price is too high. It does look to good for the company to have the same sign sitting in the yard for a year because the price is way too high.

  • 6 James (22 comments.) // Sep 9, 2008 at 6:45 am

    Home pricing in the South Orange NJ Real Estate market is especially important. The message for this marketplace and for all of New Jersey is and should be, if you want your home to sell, price it slightly below the sold comps which are no more than 3 months old and if that is too low the market forces will bring the price up to where it should be.

    Yes these sold prices seem high, but for the South Orange NJ Real Estate market, they are quite normal actually.

  • 7 James (22 comments.) // Sep 9, 2008 at 6:48 am

    Hi Charles,

    I have not noticed any of the buy and bail activity that you asked about. But then again most of the homes purchased in South Orange and the surrounding communities were purchased with 10% or more down, and we have not seen the large drop in home prices that some parts of the country have seen. I think the number I have seen was on average home prices fell about 15% from their peak.

    The consensus is that the average real estate market here in northern New Jersey bottomed in about March of this year and has been moving sideways to slightly up since.

  • 8 James (22 comments.) // Sep 9, 2008 at 6:52 am

    Hi Tammy,

    I have turned down 10 listings now because the home owner just would not price their home properly. All of these homes have gone on to be listed with other agents, and none of these homes have sold to date.

    I did break down and took a listing for a higher price than I wanted to earlier this year, and then had to suffer though price reductions and constant questioning of my skills and work ethic by the seller, when the entire problem was the sellers and their inability to take my advice. I should have turned that one down as well, but in the end I managed to convince them to bring it down to about 25K lower then it should have been to start with and finally sold.

  • 9 Dotti Driver (1 comments.) // Sep 10, 2008 at 9:05 am

    In Austin, we have not had the drastic downturn that some communities have. However, we still have the same problem of sellers wanting more than the market shows their homes are worth. You are smart to turn those listings down, because the seller always blames their agent when they don’t sell.

  • 10 Curtis Reddehase (1 comments.) // Sep 22, 2008 at 10:03 am

    Right on , you can not take a listing with an over the top asking price. when you do and their homes sits on the market your the dunce in their eyes. alway do a “CMA” and if possible have them sign it off.

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