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Spitz
Supporter
Username: Doublea
Post Number: 1774
Registered: 3-2003
| | Posted on Monday, May 22, 2006 - 11:57 am: | 
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There seemed to be a lot of open houses yesterday, even taking into account that this is the time of the year when houses are put on the market. Also, the listings on realtor.com are the highest I've seen for a few years, once again taking into account the time of the year. Has the slowdown finally hit South Orange? |
Kibbegirl
Citizen
Username: Kibbegirl
Post Number: 586
Registered: 5-2003
| | Posted on Monday, May 22, 2006 - 12:12 pm: |
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According to our realtor, things are picking up, but gone are the days of bidding wars -- at least for a while. |
Kitchenguru
Citizen
Username: Kitchenguru
Post Number: 104
Registered: 9-2005
| | Posted on Monday, May 22, 2006 - 12:34 pm: |
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I guess we can all contribute to the "slowdown." Anyone else with anything negative to report? |
red_alert
Citizen
Username: Red_alert
Post Number: 256
Registered: 3-2005
| | Posted on Monday, May 22, 2006 - 12:54 pm: |
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Reference the "How to feel safe again?" thread. People are moving because of higher taxes, crime, traffic, reduction of public services such as police, fire, and rescue squad (per residental density) and lack of local commerce options.
How long can people wait while South Orange becomes a ghost town with its town leaders communciating empty promises. (Reference the "Days since the shovel in the dirt", Tau, Beifus, Pilot and other similar threads).
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Kitchenguru
Citizen
Username: Kitchenguru
Post Number: 105
Registered: 9-2005
| | Posted on Monday, May 22, 2006 - 1:02 pm: |
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There are just as many houses for sale in Millburn and Short Hills.
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HOMMELL
Citizen
Username: Hommell
Post Number: 191
Registered: 11-2005
| | Posted on Monday, May 22, 2006 - 2:26 pm: |
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Hyperbole really drives the point home. "ghost town"? |
Dave
Supporter
Username: Dave
Post Number: 9519
Registered: 4-1997
| | Posted on Monday, May 22, 2006 - 2:28 pm: |
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Many people often put their homes on the market in May/June. Prices seem high. |
Josh Holtz
Citizen
Username: Jholtz
Post Number: 436
Registered: 4-2004
| | Posted on Monday, May 22, 2006 - 2:38 pm: |
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From a housing standpoint I still believe there is great value in South Orange. |
Bob K
Supporter
Username: Bobk
Post Number: 11602
Registered: 5-2001
| | Posted on Monday, May 22, 2006 - 3:01 pm: |
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By rough count there are 110 homes for sale in SO. Maplewood with maybe a third more homes has just over 120. Part of this is that SO homes tend to be more expensive and more expensive homes (conventional wisdom) take longer to sell.
Has the upcoming reval had an effect? How do Realtors handle this? |
peteglider
Citizen
Username: Peteglider
Post Number: 1963
Registered: 8-2002
| | Posted on Monday, May 22, 2006 - 3:16 pm: |
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Last week I see from the MLS site that a $1.3 M house in SO sold in 8 days. That said, there are others in the $900k+ range that have been sitting a while. (and some quite obviously so, others not so clear why)
I've noticed some huge price drops in Short Hills -- and I'm wondering whether some potential SO buyers are now able to afford SH.
/p |
Josh Holtz
Citizen
Username: Jholtz
Post Number: 437
Registered: 4-2004
| | Posted on Monday, May 22, 2006 - 3:35 pm: |
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From what I have been told - the 800k - 1.2 mil price range is really slow but the 400k - 700k and over 1.2 mil ranges are still very strong.
It still depends on value. If there is a great value house out there it will sell quickly - not matter what range it is in. An overpriced house will not. |
Just The Aunt
Supporter
Username: Auntof13
Post Number: 5111
Registered: 1-2004
| | Posted on Monday, May 22, 2006 - 3:50 pm: |
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I noticed a week or so ago along Wyoming Ave from Millburn Ave to South Orange Ave there are at least ten houses for sale. Keep in mind, this Wyoming goes through Millburn, Maplewood, and South Orange. On the street a friend of mine lives on in Short Hills, there are at last count 7 houses for sale. This is not a busy street either. It's the time of year hosue go on sale. This way closings happen when school is out and families with school aged children have time to settle into the 'new' house before the new school year begins. |
Lewisinsov
Citizen
Username: Lewisinsov
Post Number: 13
Registered: 3-2006
| | Posted on Monday, May 22, 2006 - 4:57 pm: |
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Our neighbors in SO just put their house up for sale and there has been a steady stream of inspections. If the market is cooling down, somebody forgot to tell them. |
Sherri De Rose
Citizen
Username: Honeydo
Post Number: 224
Registered: 11-2005
| | Posted on Monday, May 22, 2006 - 5:59 pm: |
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Yes, Rich just did some work on Plymouth St in Maplewood and I understand the house sold in 8 hrs. |
Spitz
Supporter
Username: Doublea
Post Number: 1776
Registered: 3-2003
| | Posted on Monday, May 22, 2006 - 6:21 pm: |
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I've seen what pete described. I know of 3 houses in the $1million - $1.3 million which sold in less than a week. Two of them in two days. That was about 4-5 months ago. I've also noticed several houses on the market for a long period of time. As Josh says, it's no doubt a matter of pricing it right and condition.
South Orange, and Essex county in general, have held up pretty well in comparison to other counties. I know that this is the time of the year when people put their houses on the market because of school considerations. I'm sure that some of these sales are because of job relocations. I was just wondering whether there are more houses on the market this year than this time in the last few years. It just seems there are. |
red_alert
Citizen
Username: Red_alert
Post Number: 257
Registered: 3-2005
| | Posted on Monday, May 22, 2006 - 8:19 pm: |
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I see the majority of the homes bought in recent months are people from NYC. The Pulte homes off Tilou mostly have NY Plates parked in the driveways.
Compared to paying the same price for 1500 sq ft. on the upper west side, they can now afford a big house and "a patch of grass" for the same $.
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cmontyburns
Citizen
Username: Cmontyburns
Post Number: 1843
Registered: 12-2003
| | Posted on Tuesday, May 23, 2006 - 9:58 am: |
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"I see the majority of the homes bought in recent months are people from NYC."
That has been the case for recent years, not just months.
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tomp
Citizen
Username: Tomp
Post Number: 36
Registered: 5-2001
| | Posted on Tuesday, May 23, 2006 - 1:54 pm: |
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Most of the new families on our street in the last couple of years have come from New York, too. Interestingly, though, I know of two families that bought houses near ours in the last couple of years who moved over from Maplewood, after the reval (both from the Ridgewood Road area). Another family on our street moved here from within the area in that time, but I don't remember where from. And, the family that had been living in the house on Park and Valley, next to Maplewood town hall, are also moving within Maplewood. I wonder just how widespread that is? It certainly goes against the idea that any significant number of people are fleeing. |
Kitchenguru
Citizen
Username: Kitchenguru
Post Number: 107
Registered: 9-2005
| | Posted on Tuesday, May 23, 2006 - 4:36 pm: |
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I am living in my third South Orange house and can't wait to move to a fourth.
I love the energy here and the proximity to the airport, New York and Newark.
The only thing I would like to flee from is rude ignorant people who don't check their facts before they start spouting garbage. |
Dave
Supporter
Username: Dave
Post Number: 9560
Registered: 4-1997
| | Posted on Tuesday, May 23, 2006 - 4:43 pm: |
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Guru,
You're needed here:
/discus/messages/3131/115743.html?1148416892 |
Kitchenguru
Citizen
Username: Kitchenguru
Post Number: 108
Registered: 9-2005
| | Posted on Tuesday, May 23, 2006 - 4:56 pm: |
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Thanks,Dave! |
Spitz
Supporter
Username: Doublea
Post Number: 1778
Registered: 3-2003
| | Posted on Tuesday, May 23, 2006 - 6:24 pm: |
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The good point about still having a strong market in 2006 is that this is the year that will be used for revaluation purposes. Some of the BOT used to ask what happens if prices go down. |
Spitz
Supporter
Username: Doublea
Post Number: 1779
Registered: 3-2003
| | Posted on Tuesday, May 23, 2006 - 6:58 pm: |
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The fact that there aren't bidding wars anymore also makes the revaluation more reliable. A stable housing market is desirable. |
Spitz
Supporter
Username: Doublea
Post Number: 1782
Registered: 3-2003
| | Posted on Thursday, May 25, 2006 - 10:19 am: |
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BobK furnished this link on another thread. It shows that prices and sales are holding. http://www.adlerbenjamin.com/m_statistics.asp |
peteglider
Citizen
Username: Peteglider
Post Number: 1971
Registered: 8-2002
| | Posted on Thursday, May 25, 2006 - 3:18 pm: |
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Can someone else look at those stats and explain the math? Something seems off (for all ares, and all months, not just SO)
For example, SO, in April '06
Average listing price $733K, average selling price $566k, % Sale Price to List Price Ratio = 98% (?!?!?)
Unless there are 1 or 2 multimillion $$ mansions each month that sell for way less then list price -- the averages can't be right against the sale/list price ratio.
thx /p
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Josh Holtz
Citizen
Username: Jholtz
Post Number: 450
Registered: 4-2004
| | Posted on Thursday, May 25, 2006 - 4:25 pm: |
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Thought the same thing Pete. |
tomp
Citizen
Username: Tomp
Post Number: 41
Registered: 5-2001
| | Posted on Thursday, May 25, 2006 - 5:00 pm: |
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It could just be that only the houses listed for lower prices were selling, no? You seem to be assuming that every house that contributed to the listed-prices average also contributed to the selling-prices average. |
Spitz
Supporter
Username: Doublea
Post Number: 1783
Registered: 3-2003
| | Posted on Thursday, May 25, 2006 - 5:02 pm: |
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Maybe BobK can help. Is it because the the average takes into account all houses on the market, while the sales prices are the actual sales? Also, Bobk indicated on the other thread that there were more houses in inventory. If so, this reflects the housing market in general where there have been more houses in inventory.
Edited to add: My posting crossed with tomp's. I think we're saying the same thing? |
Innisowen
Citizen
Username: Innisowen
Post Number: 2038
Registered: 3-2004
| | Posted on Thursday, May 25, 2006 - 5:22 pm: |
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If red alert thinks this is a "ghost town," he/she should hang out at the South Orange NJT station between 6:45 AM and 9:00 AM any business day.
Some ghost. Some town.
Spring brings houses to market. Children can transfer from school to school over the summer. Or they can graduate and leave the nest empty.
And it's probably a positive that the bidding wars of the last two years are about over, and house sales can be transacted at close to real market value (which by any stretch is not bad at all).
IMHO. |
Bob K
Supporter
Username: Bobk
Post Number: 11624
Registered: 5-2001
| | Posted on Thursday, May 25, 2006 - 5:23 pm: |
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It is a little confusing.
My read is that the average listing price is what houses on the market, or listed that month, were listed with GSMLS at. I don't know which.
The average sale price is the price houses that closed that month sold for. The percentage is the average amount above or below the asking price houses sold for that month. However, it should be noted that houses that had a price reduction and then sold are compared to the reduced listing price, not the original price.
If you aren't confused enough with this, I will explain the Theroy of Relativity in my next post.  |
Spitz
Supporter
Username: Doublea
Post Number: 1784
Registered: 3-2003
| | Posted on Thursday, May 25, 2006 - 5:55 pm: |
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Hi Bob K. Hope everything is going well with you and your family in the new house. You're one of the real estate mavens - do you think there are more houses on the market? From your posts on the other thread, it seems you do. |
Flying_char
Citizen
Username: Flying_char
Post Number: 115
Registered: 8-2005
| | Posted on Sunday, June 11, 2006 - 11:38 am: |
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Too bad the houses are so expensive here. It is great little town, but way too expensive :-( |
Jersey_Boy
Citizen
Username: Jersey_boy
Post Number: 1032
Registered: 1-2006
| | Posted on Sunday, June 11, 2006 - 9:01 pm: |
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The current housing matket is only of interest to those who are either buying or selling. I just bought here last year (not quite a year.) I'm not selling anytime soon. When I do, the SOPAC will be up and running. Who knows what will have happened in Orange with its renaissance and Newark with its.
South Orange's renaissance is slow in coming, but I believe any purchase stands to be a gain with a ten to twenty year turn around. If you're flipping houses, this matters. For the rest of us, who cares?
Are you worried that the lower priced houses will be affordable to "undesireables?"
J.B. |
Spitz
Supporter
Username: Doublea
Post Number: 1791
Registered: 3-2003
| | Posted on Sunday, June 11, 2006 - 10:01 pm: |
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The original question was a very simple and basic question. Other towns in N.J. have seen a cooling off in the housing market. In many places, what had been a sellers market has become a buyers market. So far, SO seems to have held up very well. There is another thread where someone has said that they have also noticed more homes on the market. This doesn't mean that people are fleeing - it just means that houses aren't selling as fast. And a slowdown or cooling dosen't mean the bubble has burst. It's just a little air coming out, which actually is a very good thing.
As far as "who cares," my guess is that a lot of people do in light of the impending revaluation. |
Jersey_Boy
Citizen
Username: Jersey_boy
Post Number: 1041
Registered: 1-2006
| | Posted on Sunday, June 11, 2006 - 10:25 pm: |
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So, educate me: we want the housing market to drop precipitously before the revaluation, to keep our taxes lower?
J.B.
That's not the tone of this thread. Housing market is cooling off, yippee! |
Spitz
Supporter
Username: Doublea
Post Number: 1792
Registered: 3-2003
| | Posted on Sunday, June 11, 2006 - 10:31 pm: |
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J.B. - I have absolutely no problem if houses which are assessessed at $250,000 - $300,00 sell for $1.2 - $1.5 million. I love it. Trust me. |
Dave
Supporter
Username: Dave
Post Number: 9850
Registered: 4-1997
| | Posted on Sunday, June 11, 2006 - 10:35 pm: |
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We will collectively pay the same amount after the reval regardless of prices. |
Jersey_Boy
Citizen
Username: Jersey_boy
Post Number: 1044
Registered: 1-2006
| | Posted on Sunday, June 11, 2006 - 10:40 pm: |
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So you started this thread in celebration, and everyone misinterpreted and posted about how the market WASN"T cooling off?
J.B.
I'm not trying to be difficult. Maybe I'm missing some sarcasm or something in the postings. Use some emoticons if it'll help me catch your drift. |
Spitz
Supporter
Username: Doublea
Post Number: 1793
Registered: 3-2003
| | Posted on Sunday, June 11, 2006 - 10:49 pm: |
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I started the thread because one Sunday I saw signs for more open houses than I had seens in a long time. I do check realtor.com from time to time as I'm sure a lot of people do. I knew of some houses which had been on the market for a considerable amount of time. There's talk everday about the housing market. I know the market has cooled of in other towns. My question was just a simple question - you'll note that I said "has the slowdown finally hit SO." Others construed it in some other ways. That's their problem. |
Jersey_Boy
Citizen
Username: Jersey_boy
Post Number: 1073
Registered: 1-2006
| | Posted on Wednesday, June 14, 2006 - 9:15 pm: |
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Spitz,
I just got your PL. I don't know to which post it was referring, but I believe we have settled the matter. I was being provocative with the "undesirables" comment; sorry, I meant nothing personal.
J.B. |
Spitz
Supporter
Username: Doublea
Post Number: 1804
Registered: 3-2003
| | Posted on Wednesday, June 14, 2006 - 10:04 pm: |
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Thanks JB. I really was wondering, and that's why I first tried to Pl you. It really was something that seemed to come out of left field. You have a lot of friends and fans on MOL, and I'm one of them. That's why I really was surprised. Enjoy the pool this summer. |
Jersey_Boy
Citizen
Username: Jersey_boy
Post Number: 1075
Registered: 1-2006
| | Posted on Wednesday, June 14, 2006 - 10:37 pm: |
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Perhaps that should've been one for my "Cancel Post" thread. "Cancelled because I chickened out about beinig too controversial."
Oops, one got through the filter. Again, I meant nothing personal, and thanks for taking the time to straighten it out.
J.B. |
Bob K
Supporter
Username: Bobk
Post Number: 11822
Registered: 5-2001
| | Posted on Thursday, June 15, 2006 - 4:45 am: |
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There is a thread on this in Soapbox that actually has some facts and figures. South Orange fairs pretty well in comparison to many other towns as far as absorbtion rates and inventory, in spite of more houses on the market.
To be honest, this surprised me a little because of the pending reval and the uncertainty that brings to the table. |
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