Archive for the 'Real Estate' Category

Market conditions – Affordability & Inventory

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The spring housing market has been similar to 2017, inventory is tight and housing prices are strong. Hesitancy over new tax laws and the deductibility of prepaid property taxes has caused some sellers to ‘wait-and-see’, limiting supply, and causing New Jersey home buyers to wonder whether there is any relief in sight.
Trends to know for 2018:
1. Recent tax changes are keeping some home sellers on the sidelines.  The Tax Cuts and Jobs Act may have far-reaching effects for the New Jersey real estate market. In 2018, homeowners will have their state and local tax (SALT) deductions capped at $10,000. A work-around has been approved by Gov Murphy but how the feds react to it is still to be determined.
2. When the new tax bill was announced, many New Jersey residents prepaid their first and second quarter 2018 property taxes in the hopes they could deduct those payments on their 2017 tax returns. As it turns out, the treatment of these payments may differ for Federal and State returns.
New Jersey home prices continue to rise – Reduced inventory is underpinning home prices in NJ. Early indications for the 2018 spring market show strong demand for homes, due in part to wage growth and a strong job market. Both have contributed to a very competitive housing market, and home prices continue to rise. The Home Buying Institute anticipates home prices could increase by 3-5% this year in the United States, and northern New Jersey is seeing strong markets particularly along the Midtown Direct train line in towns such as South Orange and Maplewood.
3.  Although mortgage rates are expected to rise in 2018, they remain historically low. Current 30-year fixed mortgage rates are hovering at about 4.5%, and many forecasters predict they will end the year higher. Low interest rates are keeping home buyers (especially families) active. Many want housing contracts in place before the start of the school year in the fall so children can take advantage of highly-rated school districts along the Midtown Direct.
4. Millennials are moving to the suburbs from New York City
Although New York City rents are softening, Millennials are still migrating to the suburbs where there’s more square footage for the price. While overall rent levels may be starting to drift down, according to StreetEasy; New York City rents are still increasing twice as fast as wages. Compounded by the fact that many Millennials are starting families, city dwellers are leaving New York City in search of nice neighborhoods, more space, and excellent schools. And with plenty of options to facilitate the daily commute into New York, New Jersey has become a go-to place to live. In addition to Maplewood & South Orange, towns such as Montclair, Summit, Chatham, and Westfield are just a few more that are top of the Millennial list due to their walkable & fun downtowns, entertainment, shopping, and trending restaurant scenes.
Are you considering a move to northern New Jersey? I would love to assist you.
With 9 years of experience buying and selling homes, I can help you take advantage of current housing trends and find the home of your dreams. Contact me at 201 600 8141 or ken@kenkrasnerhomes.com

Link to Forbes article and more details

 

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Live, Relax & Entertain (repeat)

I have an inspiring new home on the market. The absolutely beautiful head-to-toe renovations were curated by a prominent advertising exec with excellent taste.   Get a look at some beautiful images and vibes in the link below and in the MLS link too.

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Yin Yang
What happens when you balance a high-powered job in the city with the opportunity to exhale … nightly? Well, that’s now on the market at 497 Prospect Street in Maplewood (NJ). The proximity facilitates a job in the city. The suburbs allow for four spacious floors, two wet bars, a designer kitchen and a heated, saltwater pool in a backyard oasis. Check out this home’s vibe at www.MaplewoodYall.com.

MLS link

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Ex-Brooklyners Find Style and Substance In Maplewood
It’s dubbed “Brooklyn West.” Maplewood (NJ) has become home to many from the NYC’s mammoth borough. Some say Maplewood is about 75% Brooklyn refugees. Naturally, the town is getting some high-style upgrades that adhere to its contented lifestyles. A good example: 497 Prospect Street on the market now. Its vibe and restoration are captured here: www.MaplewoodYall.com. We would be much obliged if you share this with your friends.
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Lifestyle meet Functionality
Maplewood (NJ) has become the darling of families and couples looking to “nest” in an environment that’s diversity-minded, up-tempo, near to the city … and good value. Few places offer all four … and that’s because the Township is a bastion of Brooklyn refugees. They’ve brought their verve, their unconventional lifestyles and their good taste to this NYC suburb. That’s all evidenced at 497 Prospect Street which is on the market now (MLS link). This space is ideal for the couple or family that appreciates the thoughtfulness of design, the attention to detail and the emphasis on entertaining. The home’s vibe is captured here: www.MaplewoodYall.com.
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An Entertaining Mecca
The one-bedroom Brooklyn flat may have been close to your friends but how many of them could you invite at the same time to that space? What if you had four floors, two wet bars, a designer kitchen and a heated saltwater pool in a backyard oasis? Well, your friends would bring their friends. Just 30 minutes from the city is Maplewood (NJ) and a home that’s ready for your guest list. Check out the vibe of 497 Prospect Street  which is on the market now: www.MaplewoodYall.com.

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Home

At the top of the hill in Maplewood sits a really beautiful home I just listed with lots of conveniences, fine details, a view and a history.  Check out the link below for more details.

Front View

http://7981collinwoodrds.thebestlisting.com/

 

 

Fourth & Valley

 

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I was encouraged at the most recent public SOPAC meeting which discussed plans for the proposed 106-unit development on the Southwest corner of 4th & Valley in South Orange. After many prior meetings over two years in which Village officials and neighbors worked with Meridia, the redeveloper, it appears that area residents are finally feeling that the project will improve the area and deal with potential issues regarding parking and traffic.
Architect James Haley of Haley Donovan made many changes requested by Academy Heights residents, breaking up the facades, setbacks and heights of the building to make it look more varied and organic to the neighborhood. The newest plan also shows a generous amount of public space to be enjoyed by neighbors – something residents said was missing at the Third & Valley development.  Now featured are extra wide (20′) sidewalks – generating more public space and potentially allowing for the widening of Valley Street should traffic studies call for a turning lane or other improvement.

Village President, Sheena Collum said the Village hoped to re-introduce the plan and agreements in January at a Board of Trustees meeting.  The redevelopment plan would then be referred to the Planning Board for approval, then back to the Board of Trustees for a hearing and a vote.

“Third & Valley did not have the robust public process this has had,” said Collum. “Credit the neighborhood for mobilizing.”  Neighborhood residents, David Kraiker, Andrew Kit, Linda Cappaze, Catherine Fisher and myself (and others) got together many times in preparation for our meetings with the town on this project.  Speaking at the SOPAC meeting, Andrew Kit said, “This is the ideal of what a public process should be like.”  We also were vocal about the 320 Valley project that has broken ground nearby.

As the town’s ‘vision plan’ has named the Valley St. corridor as one of the prime areas it’s looking to redevelop (in addition to South Orange Av & Irvington Av), it is very likely there will be interest in other sites nearby in the near future. If you’d like to get involved with contributing to shaping the future of the Valley St. corridor projects, please reach out to me – ken@kenkrasnerhomes.com

 

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Living Trust

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Dealing with a loved one’s assets before they pass away may be a good way to avoid many headaches.

A living trust is one way to avoid the length of a drawn out probate proceeding and the unwanted publicity that may result from dealing with a loved one’s assets prior to death. There are advantages and disadvantages.

Find out if a living trust is a good way for you to deal with family assets. Below is a good article about living trusts and avoiding probate.

Link to Living Trust article

Real Estate conditions in local area

 

The Market in our area looks pretty strong.  Absorption rate is how many months it would take for the entire inventory of that town to sell given current conditions.  Inventory levels remain low and buyers are very active.

Local Market Absorption_08.21.2016

 

TRID

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TRID, a set of regulations that came into effect in October is impacting the lending industry.  Most of the changes are embodied in two disclosure forms, THE LOAN ESTIMATE FORM & THE CLOSING DISCLOSURE FORM.

The new disclosure forms are designed to improve disclosures to consumers and also contain tolerance limitations that may cause lenders to refund fees to consumers when certain costs vary between the initial and final disclosure.

Borrowers must receive the new closing disclosure at least 3 business days before they close on the loan. The final Closing Disclosure must list all the actual costs of obtaining the mortgage.

http://www.consumerfinance.gov/regulatory-implementation/tila-respa/

 

 

 

 

 


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