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The Beacon

Your Guide to West Orange Real Estate

Third Quarter

Has the Price Freefalling Stopped?

Be Careful: Average Price Doesn’t Tell the Entire Story

In the last issue we reported a 15% price drop in the average sale prices of residential homes when comparing the first half of 2009 with 2008.

Now, we’ve expanded the view over a three-year period (right). Our town peaked in 2006 with an average sales price of $491,836 be-tween July and Sep-

tember. The big freefall

began in early 2008 when the average sales price plummeted from $463,743 to $381,664 within nine months,

causing an 18% drop in the average sales price. There are also some myth-busters here. Myth: You will get your highest price only in the Spring market. You

get more buyers in the Spring market, but you don’t always get the highest

price. It’s more than just the time of the month, it’s what’s happening with interest rates, lending practices, government incentives and the world mar-ket. The highest price in 2007 came between April and June, which means for a house to be sold during these months the owners could have received an offer in February, March, or even a little earlier. The next price spike came with closings in the first quarter (January—March) of 2008, which

means an owner received an offer during the winter. This shows that the traditional logic that a seller will only get the highest price for a home in the Spring market just doesn’t always apply anymore in West Orange.

Another Myth: To figure out how much a house is worth use the average price in town and/or what the neighbor‟s house sold for. In West Orange, you can easily find two houses on the same block with a

$50,000 or more difference in price. We discuss average prices because

that is how the nation and the market tracks real estate. However, we can’t show it all here, but the abbreviated chart below gives a general idea of the huge price gap we are experiencing in town and how going by just the average price in town can be very misleading. If it wasn’t for the newer, high-end construction and the private gated community of Lle-wellyn Park the town’s average price would be lower: 50% of our sales this quarter are under $350,000. Sales taper off after you pass

$450,001 and our true sweet spot for sales really doesn’t make it too far pass $400,000. Sellers between $500,000 -$600,000, and even at $450,000, are truly feeling the pressure of proving their value because buyers are all but dis-

appearing. They are going to the competition in Maplewood and South Or-

ange now that their housing affordability range increased and our taxes continue to feel unbearable to many. For example, two West Orange

houses sold between $450,001-$600,000 in the first quarter this year compared to 14 in

Maplewood and South Orange combined. If a West Orange house

exceeds $600,000 it is either new construc-tion, a complete new renovation, or very well-appointed AND in a prime location.

On the next pages you’ll see the 116 single-family homes* that sold last quarter: 43 sold in July, 36 in August, and 37 in September. Keep this is-

sue handy and pull it out when you’re thinking of selling or talking with real estate agents. Most don’t track the market and take the time to know what’s really happening the way we do. You just may know more than them. If you want to learn even more about the market and how you can

play to win, give us a call or send us an email anytime. You can also find us on Facebook, LinkedIn, Twitter and all over the internet. To receive a copy of our previous issue that provides an analysis of the West Orange real estate market for the first six months of 2009, contact Bob at 201-647-6144 or Bought@BevAndBobHomes.com .

PREPARED EXCLUSIVELY

BY

BEV & BOB MEAUX

Produced by Beverly & Bob Meaux, Realtors®, 201-925-8199,Towne Realty Group, LLC

SALES „09 „09 „09 „08 „08 „08 „08

PRICE 3Q 2Q 1Q 4Q 3Q 2Q 1Q

<$250,000 17 23 12 8 8 7 4

$250,001-$350,000

42 36 21 32 64 31 18

$350,001-$450,000

33 25 9 26 50 52 35

$450,001-$500,000

7 4 2 8 16 11 5

$500,001-$600,000

4 2 0 4 6 13 10

$600,001> 13 14 8 10 8 18 15

Sub-Totals 116 104 52 88 152 132 87

2008-2009 Residential Sales by Price Range

Residential Home Sales July—Sept 2009

Robert T. Meaux, Jr. Beverly Meaux Sales Associate Broker-Sales Associate 201-647-6144 201-925-8199 e-Pro Certified Accredited Staging ProfessionalTM

AN EDUCATED CONSUMER IS OUR BEST CLIENT AND PARTNER

We take your house to the buyers Get Ready to be Impressed

No seller wakes up saying “I can‟t wait to work with an agent”; no, he/she wants to shout “where‟s my buyer, I can‟t wait to get that contract”. According to the National Association of Realtors, the top three places buyers found their home last year were: the internet (32%), a real

estate agent (34%), and a yard or open house sign (15%). Experience the Bev & Bob Method to selling. A 45-point delivery system for successfully selling your house in any market. We provide one of the most extensive exposure plans to market a house than anyone around and we deliver consulting services that simply can’t be beat — can’t you tell. We only give you realistic pricing strategy because we understand buyer be-

havior and the market realities. We leverage our creative, influential and internet-savvy real estate agency, too. Even if you have a line in the sand on how low you can go, you get the best chance only with us. Call us in. We bring results and the best peace of mind you’re able to have. Partnering with us, you’ll know you’ve done everything possible to sell your

home for the highest price available today.

Blog with us at http://activerain.com/blogs/HomeWhisperer Join the St. Cloud Neighborhood Group on Facebook to chat with neighbors.

Residential Home Sales July—Sept 2009

ADDRESS Sales Price Final LP DOM

126 Lowell Avenue $660,000 $699,876 228

59 Woodland Avenue $660,000 $659,900 24

15 Hage Terrace $715,000 $759,900 33

26 Baxter Lane $717,500 $739,900 95

29 Haggerty Drive $730,000 $699,000 86

32 Donlavage Way $744,585 $799,900 0

19 Haggerty Drive $808,000 $869,000 135

17 Haggerty Drive $842,500 $889,000 23

38 Oak Bend Road $2,800,000 $ 2,999,999 249

GLOSSARY DOM = Days on Market LP = List Price

Produced by Beverly & Bob Meaux, Realtors®, 201-925-8199,Towne Realty Group, LLC

START YOUR TAX APPEAL PAPERWORK The key part of your tax appeal is whether you can demonstrate more

than a 15% difference in the value of your home than what the town has

currently calculated. You cannot use information on any house that sold

after October 1, 2009 for your 2010 tax appeal. Contact Bob Meaux at

201-647-6144 or Bought@BevAndBobHomes.com if you need us to view

your home and deliver a list of comparable properties that you can use.

If you need help in the complete tax appeal process we can connect you

with Mark Bigos, our in-house lawyer and a broker who specializes in tax

appeals. Hundreds of appeals were filed this year. Don‟t be left out of

the chance to save some money. It‟s worth it to know if you have

a case.

WHAT IS YOUR HOME WORTH NOW? With all the numbers and details we reviewed — and so much more we

didn’t have the space to cover here — aren’t you curious what your home

is really worth today? Not what some online report will tell you or what a

real estate agent who doesn’t study the market will guess. Let us take a

15-minute walk-thru of your home and give you an analysis of its current

market value. We know our numbers. We know the neighborhood. We

know an educated consumer is the best around. Contact Bev today at

201 925 8199 or Sold@BevAndBobHomes.com .

Residential Home Sales July—Sept 2009

PREPARED EXCLUSIVELY

BY

BEV & BOB MEAUX

ADDRESS Sales Price Final LP DOM

12 Central Place $125,000 $140,000 55

43 Conforti Avenue $167,500 $175,000 78

21 White Street $175,000 $179,900 84

34 Westminster Avenue $178,000 $202,500 1

80 Valley Way $190,000 $205,000 205

92 Elm Street $210,000 $239,000 151

23 Robertson Road $210,000 $255,000 10

77 Valley Way $211,000 $199,000 107

4 W Park Drive $219,000 $219,000 8

43 Conforti Avenue $230,000 $237,000 22

15 Collamore Terrace $235,000 $239,900 221

51 Maple Avenue $239,000 $249,900 62

14 Hartshorn Terrace $240,000 $248,500 91

111 Cherry Street $241,000 $269,000 120

146 Marion Drive $245,000 $259,900 63

6 Lawrence Avenue $250,000 $299,000 49

811 Smith Manor Blvd $250,000 $250,000 5

3 Edisonia Terrace $254,000 $259,900 133

128 Walker Road $259,000 $259,000 73

220 Northfield Avenue $265,000 $299,900 55

17 Tenney Road $270,000 $350,000 160

294 St. Cloud Avenue $270,000 $279,900 92

63 Rollinson Street $270,000 $275,500 33

17 Dogwood Road $275,000 $325,900 129

170 Maple Street $277,000 $277,000 181

33 Sunnyside Road $279,000 $279,000 47

22 Valley Way $280,000 $285,000 48

27 Sheridan Avenue $282,500 $298,500 71

21 Greenwood Avenue $285,000 $300,000 18

10 Rutgers Street $285,000 $305,000 16

20 Hart Drive $290,000 $299,000 45

23 Perkins Drive $297,000 $309,000 11

69 Fairview Avenue $298,000 $314,000 126

518 Mt Pleasant Avenue $300,000 $329,900 61

44 Suburban Drive $305,000 $319,000 114

36 Suburban Drive $305,000 $324,900 171

545 Mt Pleasant Avenue $310,000 $350,000 186

PREPARED EXCLUSIVELY

BY

BEV & BOB MEAUX

PREPARED EXCLUSIVELY

BY

BEV & BOB MEAUX

Residential Home Sales July—Sept 2009 ADDRESS Sales Price Final LP DOM

12 Nottingham Road $310,000 $299,900 25

16 Osborne Place $312,000 $321,500 88

26 Watson Avenue $313,500 $325,000 39

268 De Rose Court $315,000 $325,000 76

16 Elmwood Avenue $315,000 $339,000 64

20 Mountain View Street $315,000 $339,000 31

158 Walker Road $315,000 $317,500 47

50 Fitzrandolph Road $317,000 $325,000 98

35 Nestro Road $318,000 $339,000 10

156 Dezenzo Road $320,000 $339,000 308

95 Giordano Drive $322,500 $369,900 288

19 Aspen Road $325,000 $359,000 200

335 St. Cloud Avenue $325,000 $325,000 113

18 Schmitt Road $340,000 $349,000 40

25 Larkin Circle $340,000 $359,900 102

36 Lincoln Avenue $340,000 $338,900 32

219 St. Cloud Avenue $345,000 $369,000 265

14 Hickory Road $345,000 $358,500 50

55 Benvenue Avenue $345,000 $349,900 30

539 Hillside Terrace $345,000 $369,000 33

10 Elliott Place $349,000 $359,000 149

20 Carteret Street $350,000 $359,900 149

28 Ridgeview Avenue $352,500 $369,000 148

41 Fitzrandolph Road $352,500 $379,000 83

40 Thorn Terrace $354,900 $369,900 84

23 Yale Terrace $360,000 $392,500 114

256 Crescenzi Court $360,000 $378,900 62

31 Yale Terrace $363,500 $369,000 72

107 Forest Hill Road $365,000 $345,000 11

14 Fowler Drive $369,000 $379,900 85

5 Helen Avenue $370,000 $385,000 50

29 Lowell Avenue $375,000 $389,000 144

5 Mellon Avenue $375,000 $399,900 157

33 Belgrade Terrace $375,000 $387,000 60

5 Oakridge Road $375,000 $399,000 46

106 Conforti Avenue $377,000 $385,000 16

PREPARED EXCLUSIVELY

BY

BEV & BOB MEAUX

Residential Home Sales July—Sept 2009 ADDRESS Sales Price Final LP DOM

170 Forest Hill Road $379,000 $399,900 44

66 Clarken Drive $380,000 $389,900 131

22 Fitzrandolph Road $380,000 $389,900 27

8 Crystal Avenue $385,000 $399,900 80

7 Cadmus Court $385,000 $410,000 0

122 Main Street $389,000 $419,000 70

75 Luddington Road $395,000 $399,000 17

181 Zeppi Lane $399,900 $399,900 90

13 Sheridan Avenue $400,000 $400,000 15

14 Gavin Road $410,000 $425,000 162

18 Gilbert Place $412,000 $419,000 37

5 Dogwood Drive $415,000 $419,999 103

98 Clarken Drive $416,500 $429,000 54

121 South Valley Road $417,000 $429,900 19

106 Coccio Drive $426,000 $439,000 67

9 Carteret Street $430,000 $449,900 118

12 Helen Avenue $435,000 $459,000 29

17 Carteret Street $440,000 $469,000 55

27 Bayowski Road $450,000 $450,000 75

46-48 Lessing Road $465,000 $465,000 113

6 Currey Lane $465,000 $479,000 22

704-705 Smith Manor $475,000 $498,238 217

1110 Smith Manor Blvd $475,000 $485,000 76

3 Ridgeway Court $480,000 $499,000 55

19 Oak Avenue $493,000 $528,500 120

9 O'Connor Circle $500,000 $519,000 55

200 Gregory Place $505,000 $569,900 127

9 Silver Spring Road $508,000 $532,000 100

71 Rosemont Terrace $535,000 $550,000 55

45 Lessing Road $572,000 $599,000 102

44 Rock Spring Road $625,000 $649,000 67

11 Howell Drive $635,000 $659,000 115

15 Lakeview Drive $635,000 $689,900 51

12 Hage Terrace $650,000 $689,900 0