Summer thoughts in Summit NJ
Rendering of 'Summit Place' in downtown Summit NJ
Are you considering simplifying your life and downsizing from your home into a condo? As you may know, Summit Place, the newest development in Summit New Jersey, is just a breeze away from the town center and train. There are only 23 units total, and the development is already 65% sold out! Here are some lesser-known details about this opportunity:
- Remote doorman providing 24 hour, seven day a week visitor and delivery management in an elevator building with an inviting lobby.
- Seven packages of luxury design home finishings provided by well-known designer Letta Kirks.
- Prices of units that are still available range from $571,500 to $980,000.
- Homes are all one-level, and are either one or two-bedrooms with or without a den; many offer balconies or decks. Plus, there is a 1600 square foot open deck on the 3rd floor.
- There is a secure parking garage, offering 2 parking spots per unit.
- Just a few of the home amenities: 10’ ceilings, well thought out architectural details, furniture-quality custom wood cabinetry, and complimentary granite or quartz countertops.
- There are no pet restrictions.
If you would like more details, call Judi for a no-obligation consultation. For current statistics and graphs about Summit Real Estate go to: www.SummitTrends.com. If you are thinking about making a move, or just curious to find out how much your home is worth in the current market, call Judi for a complimentary Market Analysis.
Judith “Judi” Paris, Broker/Sales Associate
Coldwell Banker Realtors- Summit, NJ
(O) 908-522-3631 (C) 973-902-HOME
Visit me at: www.BestHomeResults.com
Follow me on Twitter: @JudiParis
In Summit, the Spring Buying Spree Has Begun!
Real Estate is moving in Summit! In February of 2011 there were 38% more homes under contract than in February 2010, and 120% more than in 2009.
Homes Under Contract in Summit NJ
Absorption Rate, a real estate metric that measures the strength of the selling market can be calculated as the number of homes currently available on a given date, divided by the number of homes that went under contract in the previous 30 days. The indicator is a theoretical number of how many months it will take to sell off current inventory, given the current sales pace and quantity of inventory available. When the Absorption Rate is 5 or less, it is a Sellers Market, with rising prices.
Calculated on March 6, 2011, the Absorption Rate in Summit was 3.3, indicating a very strong market. Twenty-six homes went under contract in that period, almost a third of which went under contract between March 1st and March 4th! Not surprisingly, we have been seeing multiple offers on properties.
For more statistics on the current Summit Real Estate market go to www.SummitTrends.com. To find out how much your home is worth in the current market, call Judi for a free, no-obligation Market Analysis.
Judith “Judi” Paris, Broker/Sales Associate
Coldwell Banker Realtors- Summit, NJ
(O) 908-522-3631 (C) 973-902-HOME
Visit me at: www.BestHomeResults.com
Follow me on Twitter: @JudiParis
Statistics from Coldwell Banker Market Action Reports for February 2011
Summit NJ Sends Mixed Signals in the January Real Estate Market
Accepted offers were down in Summit in January. However, there is also a notable lack of ‘fresh’ inventory; inventory remains relatively low and very few homes are coming onto the market. Although the drop in the number of homes with accepted offers could be interpreted as a softening of the market, ‘in the trenches’ I still see buyers as very active in Summit; but buyers are waiting for ‘the right home’ to come on the market, and I believe that demand is actually growing because of the lack of new inventory. In January of 2011, there were 29.7% fewer new listings than in January 2009, and 10.3% fewer than in January 2010.
The Number of Properties Available for Sale in Summit NJ verses the Number of Accepted Offers
Some market indicators show the Summit market as stronger than in the past couple of years. The average number of ‘Days on the Market’ for homes sold in Summit in January of 2011 was down a whopping 70.9% from that of last January, and significantly down 52.7% from January of 2009. Meanwhile, the ratio of the Sales Price (SP) to the Original List Price (OLP) was 98%, up from 94.2% in January of last year, and up from 94.9% in January of 2009. For more statistics on the Summit Real Estate market go to: www.SummitTrends.com.
If you are wondering if now is a good time to sell your home, or if you are waiting for better weather to put your home on the market, it is not too early in the season for an in-home consultation. To find out what the current market value is for your home, you can call me to receive a free ‘Market Trend Analysis’. I can also provide input on how to ‘stage’ your home to get the highest possible net return. I look forward to being of service to you, or to your friends, co-workers or family members, to help you to steer with confidence through this complex and changing market.
Judith “Judi” Paris, Broker/Sales Associate
Coldwell Banker Realtors- Summit, NJ
(O) 908-522-3631 (C) 973-902-HOME
Visit me at: www.BestHomeResults.com
Follow me on Twitter: @JudiParis
Statistics from Coldwell Banker Market Action Reports for January 2011
SUMMIT, NEW JERSEY: 2010- Real Estate, A YEAR IN REVIEW
In the beginning of every year, I like to look back at many of the details of how the real estate market behaved during the course of the previous year(s), to look for patterns, which may offer insight on the market from the past year, and perhaps even shed some light on what to expect in the coming year.
Inventory is currently at the lowest level it has been at any given time in Summit in the last four years. This, in part, is due to the fact that fewer new listings came on the market in Summit over that period. Not only were there fewer new listings in Summit in 2010 as a whole, but also in December, this past month, fewer new listings came on in Summit than in any other month over the last decade! Current inventory is also currently at a low-level because more homes had accepted offers (i.e. went ‘under contract’) in all of 2010, than in either 2008 or 2009. In other words, supply in Summit is low both because demand is up and new supply is down.
The amount of supply of homes for sale, compared to the amount of demand for those homes, gives an indication of how strong the real estate market is. This is important information to know if you are purchasing a home, or considering selling one. More specifically, looking at the ratio of the number of accepted offers to the number of new listings in a given period is a good measure of market strength. By understanding how strong the market is, and how strong it appears it will be moving forward, I can help you to have a perspective about market values; which will impact how much you choose to price your own home for sale, or how much you choose to offer on one you wish to purchase.
Comparing the total number of new listings to the number of homes with accepted offers (i.e. how many went under contract) shows that in Summit, the market was clearly stronger in 2010 than it was in 2006, 2007, 2008 or 2009.
A look at market strength on a month-to-month basis shows trends, which again is helpful in giving perspective on where market values are going. The measure ‘Months Supply of Inventory’ (MSI) is another calculation often used to track real estate market strength over time. The lower the MSI, the stronger the market, and an MSI of 5 or less is typical of a ‘Seller’s Market’. Looking at the chart on the right, in 2010 the market strength in Summit has been strong since the Spring market began in April of this year. Comparing MSI year-over-year (because the real estate market is seasonal, this is more meaningful than comparing month-to month), we can see the largest difference between 2010 and 2009 in April and May. This year in Summit, overall, there has been a ‘Seller’s Market’ since April. For more statistics on the Summit Real Estate market go to: www.SummitTrends.com
If you are considering buying or selling a home, having a perspective on what direction the market is heading will help you to make informed decisions. I look forward to being of service to you, or to your friends, co-workers or family members in the coming year, to help you to steer with confidence through this complex and changing market. Please accept my wishes to you for a happy, healthy, and successful 2011! If you are thinking about moving, contact Judi for a free consultation and a market analysis of your home.
Judith “Judi” Paris, Broker/Sales Associate
Coldwell Banker Realtors- Summit, NJ
(O) 908-522-3631 (C) 973-902-HOME
Visit me at: www.BestHomeResults.com
Follow me on Twitter: @JudiParis
Statistics from Coldwell Banker Market Action Reports for December 2010
Strong Summit New Jersey 2010 Real Estate Market Bucking the Trend
The state of the real estate market is much stronger in Summit than it is nationally, than in the overall New Jersey market, than in the Union County Market, and even than in the real estate market of surrounding towns. The Months Supply of Inventory (MSI) is a measure of market strength, and is the theoretical number of months it will take to sell off the current inventory in a specific location, given the number of homes available for sale and the current rate of home sales. The lower the MSI, the stronger the market. An MSI below 6 is considered a Seller’s market, and above 7 is considered to be a Buyer’s market (an MSI between 6 and 7 is a neutral market). In November of 2010, Summit experienced a Sellers market with an MSI of 3.4, while the surrounding towns were in either neutral or Buyer’s markets. The 51% decrease in Summit’s MSI, shows that Summit’s market was actually 51% stronger in November ’10 than it was in November ’09. Not only was the November 2010 real estate market stronger in Summit than it was in New Providence, Millburn/Short Hills, The Chathams, and Berkeley Heights, but the percent change in it’s own market strength for November ’09 compared to November ’10 was more favorable than the percent change in market strength in those other towns. Additionally, the percent change in the Year-to-Date Sales (through November), comparing the number of homes sold in 2009 to those sold in 2010 was 30% greater in Summit, far more favorable than that in New Providence, Millburn/Short Hills, The Chathams and Berkeley Heights. For more statistics on the Summit Real Estate market go to: www.SummitTrends.com.
* % change of the data for November 2009, compared to that for November 2010
For more details on the local data statistics go to www.NJMarketTrends.com. If you are looking to buy or sell a home in Union, Morris, Essex or northern Somerset Counties of New Jersey- and, if you appreciate honest, savvy service contact Judi for a free, no obligation consultation.
Judith “Judi” Paris, Broker/Sales Associate
Coldwell Banker Realtors- Summit, NJ
(O) 908-522-3631 (C) 973-902-HOME
Visit me at: www.BestHomeResults.com
Follow me on Twitter: @JudiParis
Statistics from Coldwell Banker Market Action Reports for November 2010
How’s the Real Estate Market in Summit?
The focus is on Summit, New Jersey, and numbers talk! The market in Summit has been consistently improving. Because the real estate market is seasonal, the best way to look at a market is by looking at sales in a given month compared to the same month in another year. In Summit, the number of homes that have gone Under Contract (UC) are higher each month so far this year. Another market indicator, the Absorption Rate (AR), gives a read on the strength of the market, with a lower number indicating a stronger market (calculated by dividing the number of homes available on the market in a given month by the number of homes that have gone under contract that month). Looking at April 2009 compared to April 2010, there were 100% more homes that sold, and the Absorption Rate was 52.4% lower (ie. stronger). [Data from the Garden State MLS]
| 2009 | 2010 | |||||
| #UC | #Active | AR | #UC | #Active | AR | |
| January | 4 | 82 | 20.5 | 11 | 137 | 12.5 |
| February | 10 | 116 | 11.6 | 15 | 141 | 9.4 |
| March | 18 | 162 | 9 | 38 | 185 | 4.9 |
| April | 20 | 205 | 10.3 | 40 | 194 | 4.9 |
For the details of all homes that closed in Summit in April 2010 go to www.SoldInSummit.com. If you are looking to buy or sell a home in the Summit New Jersey area- and, if you appreciate honest, reliable, and tech-savvy service, you can contact Judi for a free, no obligation consultation.
Judith “Judi” Paris, Broker/Sales Associate
Coldwell Banker Realtors- Summit, NJ
(O) 908-522-3631 (C) 973-902-HOME
Visit me at: www.BestHomeResults.com
Follow me on Twitter: @JudiParis
Governor Christie Pledges to Support NJ Businesses
NJ Summit Area Chamber of Commerce
On Friday morning, May 7th, 2010 Christina Genovese, Director of Business for Governor Chris Christie, addressed the Suburban Chamber of Commerce, which supports Summit, New Providence and Berkeley Heights. Christine spoke about the tough budgeting issues the new administration is tackling, as well as structures Governor Christie is putting in place to support New Jersey businesses through the Deputy Governor. This new support should come in part from systems designed to expedite answers from the various state departments, from public/private partnership systems created to help with marketing and branding, and through legislation proposals that should have a positive impact on corporate tax structures.
For information on the local real estate market in the Summit New Jersey area go to www.BestHomeResults.com. If you are looking to buy or sell a home in Union, Morris, Essex or Northern Somerset Counties of New Jersey- and, if you appreciate honest, reliable, and tech-savvy service, you can contact Judi for a free, no obligation consultation.
Judith “Judi” Paris, Broker/Sales Associate
Coldwell Banker Realtors- Summit, NJ
(O) 908-522-3631 (C) 973-902-HOME
Visit me at: www.BestHomeResults.com
Follow me on Twitter: @JudiParis
Capital Gains Tax for Investment Properties to increase in 2011
Owners of Real Estate investments who are considering selling, should be aware of a noteworthy tax incentive to sell their investment properties in 2010, rather than afterward. The capital gains tax is expected to rise considerably in 2011. A capital gain occurs when the amount realized on the sale of the asset is greater than the taxpayer’s basis, loosely the purchase price plus any monies invested in the asset, less any fees, taxes and depreciation deductions claimed. Short-term capital gains are for investments held for a year or less before being sold, and incur a greater tax burden than Long-term capital gains, which are for investments held over a year.
American taxpayers have been on a ‘tax holiday’ since 2003, when legislation was passed which largely reduced capital gains taxes, but only through 2008. On May 17, 2006, George W. Bush signed the Tax Reconciliation Act, which extended this tax reduction through 2010, and additionally eliminated all capital gains tax for those in the tax brackets of 10 or 15%. Starting in 2011, the current maximum 15% Long-term Capital Gains Tax is scheduled to revert to 20% for those in the 25-35% tax brackets, and back to 10% and 20% respectively for those in the 10 and 20% tax brackets.
For more information about capital gains, go to www.IRS.gov and refer to Publication 550, ‘Investment Income and Expenses’, or Publication 17, ‘Your Federal Income Tax’. Please consult with your tax advisor on how the changing tax laws will affect you specifically. If you are considering selling or purchasing any residential investment properties in Union, Morris, Essex or Somerset Counties of New Jersey, you can call Judi Paris for a free, no obligation consultation.
Judith “Judi” Paris, Broker/Sales Associate
Coldwell Banker Realtors- Summit, NJ
(O) 908-522-3631 (C) 973-902-HOME
Visit me at: www.BestHomeResults.com
Follow me on Twitter: @JudiParis
