Home Showings – Real Estate Demand

Here’s an Interesting graph showing increase in home showings (as measured by the company, Showing Time) from 2019 (blue) to 2020 (orange). After plummeting as the country locked down, buyers returned en masse in May and for the rest of the year. Showing Time is a company that arranges and monitors showings for realtors.

It’s interesting to see the dips show the traffic decreases during holidays that I communicate to sellers and buyers.

NJ Wind Power

You want clean energy NJ?  Here it comes.  So now the question is are you really ready for clean power in NJ or are you feeling a NIMBY attitude coming on?  People in Atlantic City, Margate, Ventnor, Longport and Brigantine may initially be worried about seeing wind turbines from their homes.

Hopefully building the wind turbines 15 miles out to sea is a good enough distance.  That far out officials believe you won’t see it most of the time from the shore because of the ocean haze.  The other reason for the distance is that there are also far fewer birds who could be hurt or hurt the equipment.

So the state’s first award for offshore wind to the Danish energy company Ørsted and Public Service Enterprise Group (PSEG) for a proposed 1,100-megawatt Ocean Wind project was granted by the NJ Board of Public Utilities.  This is all part of a push by Governor Murphy to raise the proportion of energy in NJ derived from cleaner sources.

So the plans for this $1.6 billion wind-energy farm is the largest of its kind in the U.S.  Let’s do this!

 

link to Wind Power article

link to deeper Wind Power dive

 

2019 Real Estate Projections

Where is the real estate market going in 2019?

Here are a few points I’ve boiled down and expanded upon (sourced from Realtor.com) that are likely to influence and illustrate the 2019 real estate market’s performance.

To see how this will affect you personally use the quick & complimentary home value estimator here – FIND YOUR HOME’S VALUE

1. Home price growth will slow – perhaps down to 2%.  Many homes are still selling for a strong price, but receiving 8 or more offers as some did from 2014-2017 is becoming a much rarer occurrence.  For more info on local sales click this link – HOUSING MARKET TRENDS   for more specific HOUSING MARKET TRENDS
2. Inventory will most likely remain moderate with only small increases, except for high-priced homes which will have significant inventory increases.  LOCAL INVENTORY INFO
3. Millennials getting mortgages will slightly outpace GenerationX’ers and far outpace Boomers getting mortgages.
4. The new tax law will be good for renters (keeping more income) and a mixed bag, but mostly negative for homeowners who may keep more income but will lose the SALT deductions.  The law no longer allows taxpayers the ability to deduct state and local taxes (SALT), so we’re being taxed twice on the same income. Those deductions on property taxes, along with a deduction on mortgage interest, used to provide a strong incentive for homeownership.  Maybe the new house representative class recently elected will stick up for the suburban voters who put them there and try to pass legislation to reverse or lessen the impact of the new laws, but I’m not holding my breath.
5. Most experts are predicting that mortgage rates will most likely hit 5.5 percent by the end of the year. Some buyers will be motivated to purchase before the rates get too high and some may begin sitting on the sidelines waiting for the next dip. HOWEVER, after a recent meeting between China and the US about trade and tariffs, interest rates actually dropped. So ‘most experts’ may change their tune if the tariffs/trade wars keep putting a scare into the market.  For more about Mortgage-related questions – link instantly to expert MORTGAGE RATE, FINANCE INFO & PRE-APPROVALS  
6. Most experts don’t see an obvious buyer’s market for awhile, because of moderate inventory and prices holding steady. Buyers will have to adapt their strategies to deal with higher rates and lower inventory.  Since higher end homes will have more inventory and more stagnant prices, there are more opportunities for buyers in the higher price ranges than in the entry level price ranges which have more buyer competition and less inventory.
7. Despite remaining nominally a seller’s market, increasing competition from increased inventory will most likely bring down expectations for bidding wars, multiple offers  and getting whatever price a seller thinks he can get.. Sellers who price competitively should still be able to come away with a good amount of equity if they didn’t buy at the 2006 peak.
8. The total number of home sales declined in 2018 compared to 2017 and is expected to decline further in 2019

link to full Realtor.com projections & article

Eats – NJ Monthly Top 25 Restaurants

NJ Monthly publishes a top twenty-five restaurants in the state and ten are within a 30 minute drive of SOMA.

Here are the top food destinations.  I’ve been to four of them, I’ve got some eating to do.

Maplewood (Lorena’s)

Maplewood (Verjus)

Montclair (Fascino)

Montclair (Laurel & Sage)

Millburn (Common Lot)

Westfield (Chez Catherine)

Hoboken (Cucharamama’s)

Jersey City (Maritime Parc)

Chatham (Serenade)

Morristown (Jockey Hollow Bar and Kitchen)

The full list of restaurants!

Cherry Blossoms in Branch Brook Park

Get yourself over to Belleville’s Branch Brook Park to catch the Cherry Blossoms before they’re gone!! http://www.essexcountyparks.org/parks/branch-brook-park/calendar/2015-essex-county-cherry-blossom-festival

Rahway River flooding update

 

Looks like a possible win-win situation in the ‘Dam Saga’. There are a number of smaller steps being taken to remediate flooding of the Rahway River in Millburn, Springfield, Cranford and further downstream.  The ‘Dam’ was defeated and now the The Mayors Council Rahway River Watershed Flood Control is endorsing ‘Rain Gardens’ in addition to other solutions.

There is state money to help with the solution as a result of our NJ Senators Booker & Menendez.

1) There will be more ‘storage’ upstream in the Orange Reservoir to lessen peak storm waters flowing to affected areas.

2) Channel widening and deepening downstream

3) Correcting bridge obstructions

4) Constructing Rain Gardens which divert runoff from buildings from going to the river and instead direct the water to a growing number of public gardens in several towns

For more info and a list of the ‘rain gardens’ see the link below.

http://www.nj.com/suburbannews/index.ssf/2015/03/mayors_council_rahway_river_wa_7.html

Reel Talk – South Orange Special Cinema Series

 

SOPAC in South Orange will be hosting ‘REEL TALK’ in March, April and May.  Reel Talk will be screening interesting films prior to their commercial release dates.

It’s a subscription screening series of eight original and provocative feature films and a Q&A discussion with a distinguished guest(s) (critic and/or professor and/or talent from the film). Stephen Whitty, the Star Ledger film critic and Chair of the New York Film Critics Circle will be involved. The films are a mix of independent, foreign-language, non-fiction, and mainstream, and all will hopefully be on your radar when ultimately released in theaters.

See links for details!

http://ruffin3179.wix.com/reeltalknj

http://tapinto.net/towns/south-orange-slash-maplewood/articles/part-3-tap-continues-reel-talk-interview-with-wh

Property Taxes and the Marylawn property in South Orange

The town of South Orange plans to put the Marylawn property on the tax rolls.

Marylawn of the Oranges Academy, 445 Scotland Road, closed in 2013 after operating as a private Catholic school for girls. The property is owned by the Sisters of Charity of St. Elizabeth and includes the school building and the Graves mansion, built in 1900.

The property is no longer being used for a religious school, so the trustees believe it should lose its tax-exempt status.  The property owners, the Sisters of Charity may be more motivated to sell the property once it is subject to property taxes.

Seton Hall University made an offer in March on the property but the proposal was withdrawn for a number of reasons.  After discovering that the property would not be purchased for use by another tax-exempt party, village officials put collecting property taxes on the table.

On one hand, the sisters are seeking a non-conforming use such as a developer who could build fairly large multi-unit building(s).  On the other, the Montrose Historical Society is hoping a developer will update and ‘save’ the historical property.  The town is in the middle and is hoping for a developer who could fit 5 to 7 single family buildings on the property that would be a conforming use (not require re-zoning).  For more details see the alternative press link.  For more background see my previous post from 2013.

http://thealternativepress.com/towns/south-orange-slash-maplewood/articles/south-orange-plans-to-add-marylawn-property-to-ta

Marylawn of the Oranges saga – To be continued

Art Curators treasure trove in South Orange, NJ

The homeowners at 128 Prospect Place in South Orange, NJ curate, support and sell a treasure trove of contemporary art thru Art For Progress, a charity they run. –

http://www.artforprogress.org

One of many such artists’ works are for sale and prominently featured at their beautiful Victorian home which is also currently for sale.  The artist, Juan Manuel Pajares created the above image, and has a number of other works which combine a street/graffiti vibe with major cultural icons.  Other works feature such icons as John Lennon, Derek Jeter, Mick Jagger, Steve Jobs, Marlon Brando, Angus Young of ACDC…

Stop by the home for this Sunday’s open house (October 5) if you’re interested in seeing a small sampling of this art or in purchasing their home or drop me a line if you can’t make it Sunday.

Here’s a link to my previous post showing their home –

128 Prospect Pl., South Orange, NJ

Maplewood 4th of July

 

 

 

 

 

 

If you’re going to be around on July 4th, attend Maplewood’s fun 112th Annual Day-Long Celebration @ Memorial Park, Oakview Av. and Valley Rd., Maplewood

Weather related Changes – 112th Annual Day-Long July 4th Celebration

Fourth of July Celebration Update
In expectation of inclement weather tomorrow, the Maplewood Fourth of July Committee would like to communicate adjustments to the day’s schedule:
8:00am: JULY 4th OPENING CEREMONIES – On schedule, weather permitting.
8:15am: KIDS’ BIKES, ETC. PARADE – On schedule, weather permitting
9:00am: KIDS’ DASHES & RELAYS – Weather permitting. May have a delayed start.
10:00am-2:00pm: CHS ROBOTICS CLUB – Moved to 60 Woodland Road (former Women’s Club)
10:00am: ART PROJECT – Weather permitting. May have a delayed start.
11:00am: ICE CREAM EATING CONTESTS – Moved to 60 Woodland Road
11:30am: BAKING CONTEST – Moved to 60 Woodland Road
12noon to 3:00pm: KARAOKE – On schedule near the stage by the baseball diamond in south Memorial Park
12:00noon: KIDS’ PERCUSSION – Moved to 60 Woodland Road
12:00noon: PET AWARDS SHOW – Moved to 60 Woodland Road
1:00pm. & 3:30pm & 6:00pm: ZERBINI FAMILY CIRCUS – On schedule rain or shine, north Memorial Park
4:00pm to 9:15pm: LIVE MUSIC – At the stage. May have a delayed start.
9:15 pm: FIREWORKS – On schedule

Support The Daylong Festivities with your tag purchase!  Buy in advance a $15 Combo Tag – admission to BOTH the CIRCUS and FIREWORKS!
Buy at the gate only on the day of the event a $10 Tag for the CIRCUS* (Circus concessions not included.) or a $10 Tag for the FIREWORKS.

SCHEDULE OF EVENTS for Friday, July 4, 2014:
7 am registration for 8 am 4TH OF JULY 5K RUN, Start & Finish – Dunnell Road near Civic House (separate registration and fee). Benefits CHS Cross-Country team.
8 am July 4th OPENING CEREMONIES Ricalton Square.
8:15 am KIDS’ BIKES, ETC. PARADE steps off fr Ricalton Square.
9 am KIDS’ DASHES & RELAYS in Athletic field south of Oakview Ave. Requires parent/guardian sign-up.
10 am to 2 pm CHS ROBOTICS CLUB students display & demonstrate at Skate House.
10 am Participatory Community Pixel/Box ART PROJECT by John Kaufman; all ages; sponsored by Memorial Post 10120 VFW & 1978 Arts Center. Ballfield backstop south of Oakview Ave./Valley.
11 am ICE CREAM EATING CONTESTS picnic area next to playground, sponsored and presented by Maplewood Rotary.
11 am TENNIS CONTESTS at Civic House tennis courts: fastest serve & most accurate serve; presented by Maplewood Recreation Tennis Program.
11:30 am BAKING CONTEST in Town Hall; all ages. Judging directed by Janet Crane. Baking Contest entries need to be at Town Hall btw 9–9:30 am.
Note that there is NO ENTRY to fireworks firing area after noon.
12 – 3 pm ADULT SOFTBALL – Field south of Oakview Ave., field near Valley & Baker.
12 – 3 pm KARAOKE by New Jersey DJ Services LLC in Athletic field south of Oakview Ave.
12 noon KIDS’ PERCUSSION in Athletic field south of Oakview Ave., presented by Ethical Culture Society and Children’s Music Network.
12 noon PET AWARDS SHOW in front of Town Hall: All types, all sizes! With support from PetSmart. Emceed by Art and Willie Gartenlaub.
One tag per person required for admission to Circus or to concert/fireworks spectator area.
1 pm & 3:30 pm & 6 pm Zerbini FAMILY CIRCUS under the Big Top in Athletic field NORTH of Oakview. Rain or shine! 1st come, 1st served! No reserved seats! SEATING IS LIMITED so line up early!
4 pm LIVE MUSIC Performances on lawn in Athletic field south of Oakview Ave. until Fireworks. Picnic until fireworks: Ice cream vendor; Blue Plate Special handcrafted meals; Maplewood BSA Troop 5’s burgers, hotdogs, sodas.[Alcoholic beverages are not permitted in Maplewood parks.]

9 pm Fireworks

http://www.maple4th.com/index.html