Westfield, NJ Real Estate News

By For Sale By Owner Flat Fee MLS Listing For $395, Save 3-6% Commission
(RealmartRealty.com)
Home for Sale By Owner in Westfield Town, NJ 07090 - Flat Fee MLS Listing $395 824 CEDAR TER Westfield Town, NJ 07090 - Realtors welcome, buyer agent commission paid at closing! 4 Bedrooms, 4 Bathrooms Beautiful 11 room Tudor, this vintage, custom-built home boasts closets, closets, and more closets. The first floor includes a sunroom, a Quality Custom Cabinetry cherry kitchen with granite countertops and two ovens, matching butler's pantry with sink and closet, formal living room with fireplace, formal dining room, TV room, one full and one half baths. Custom Marvin energy efficient windows and 50 year Estate roof add to the beauty and modern efficiencies of this property. Second floor consists of Master bedroom and bath with dressing area and seating area and 3 closets. Three addition...
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By Scott Gleason, Westfield NJ New Homes Specialist
(RE/MAX Select)
Year to date, 150 houses have gone under contract.  We don't know all the sale prices, but we do know the median final list price is $665,000, and the median days on market for the contracted houses is 36.  It's interesting that at this point in the year, 74% of the houses still for sale have been on the market longer than 36 days. So what are common factors in the sold stories? 1.  A coveted address combined with a sensible price is a sure bet.  Westfield is a small town, made up of discernible neighborhoods, some of which are clearly defined, even "branded" such as The Gardens, Wychwood, Stoneleigh Park, Indian Forest.  (for a thorough explication of Westfield NJ neighborhood "branding" please scroll down after you click here.  2.  New houses under $1million. 3.  As elsewhere, kitchen...
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By Scott Gleason, Westfield NJ New Homes Specialist
(RE/MAX Select)
Westfield NJ Spring Market Mixed Signals--volume way up, prices may be down. This is a little more detailed look at the Westfield NJ real estate market compared to last year, and with another month of data colllected. Nearly double the number of contracts have been signed in the 1st four and a half months of 2011 versus 2010.  But the market time, is significantly longer and prices of closed transactions are significantly lower on average.  You will also note steeper markdowns during the average listing and steeper difference between Original List Price and sale price.  Please note DOM=days on market. I also note that many properties seem to linger in attorney review and under contract status far longer than usual.  It could be contention between buyers and sellers following the price n...
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By Tara Stone, NJ Estates and Stables
(eXp Realty)
Westfield Sales and Promotions Blue Mercury Spring Makeup Parties - 4/15, 16, 30 & 5/13, 14 through 05/14/2011 - OVER Scott's Shoes Arche & Cole Haan Trunk Shows through 05/14/2011 - OVER Eileen Fisher Sample Sale May 19-22nd The Town Book Store New School Library Rewards Program through 06/23/2011 Hedgehog & Feather Theatre Co. Cast Announced and Summer Camp Update through 07/11/2011
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By Scott Gleason, Westfield NJ New Homes Specialist
(RE/MAX Select)
Many homeowners in Westfield NJ are listing their homes for "let's do business" prices.  The savviest and most motivated sellers, often owners of beautifully updated homes, are looking at this year's pricing, not last year and getting their houses on and off the market in weeks or days. The average sale price for Q1 2011 was 16% below Q1 2010 (don't forget Westfield started the year with just 103 houses for sale--a statistical sample small enough that change to average prices over one quarter may deceive in their magnitude. But the sales pace indicated a terrific 5 month inventory for Westfield NJ houses priced under $1 million (lower 75% of our price scale) and a respectable 7.6 months for the over a million set. For a thorough dissection and neighborhood specific listing and sales upd...
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By Tara Stone, NJ Estates and Stables
(eXp Realty)
 I always like to spread the word about local Fund Rasiers and Events. Here's a great one coming up on April 2nd!  Please come out to support not for profit Chamber member Liam's Room on Saturday, April 2, (Rain Date April 3) as the Liam's Room fund raising and planning committee has been hard at work organizing their 4th annual event.  The event is a Mini Olympics and Home Run Derby at Gumbert Park, from 12-5pm.  Please go to the website:  www.liamsroom.org to register to volunteer, as well as to register for the Home Run Derby or become a sponsor.  Please note in the "Comments" section the time frame that you are available to help (i.e. 11-12 or 12-2, etc.) as volunteers are needed throughout the day.Tickets will be sold for:30-Yard DashChildren will be timed as they run 30 yards.  Fa...
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By Tara Stone, NJ Estates and Stables
(eXp Realty)
Harrow Rd Westfield, NJ 07090 Square Feet: 1200 Foreclosure Status: Lis Pendens Listed: 02-28-2011 $300,000 ____________________________________________________________ Lawrence Ave Westfield, NJ 07090 Square Feet: 2028 Foreclosure Status: Notice of Foreclosure Sale Listed: 02-27-2011 $1,909,694 ________________________________________________________ Springfield Ave Westfield, NJ 07090 Foreclosure Status: Notice of Foreclosure Sale Listed: 02-26-2011 $30,939 _______________________________________________________ Hazel Ave Westfield, NJ 07090 Foreclosure Status: Notice of Foreclosure Sale Listed: 02-06-2011 $94,348 ______________________________________________ Connecticut St Westfield, NJ 07090 Foreclosure Status: Notice of Foreclosure Sale Listed: 02-06-2011 $931,708 ________________...
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By Tara Stone, NJ Estates and Stables
(eXp Realty)
The Holidays are almost be over as we come to a close of  2010...but we still have Two-Hour Free Holiday Parkingin Westfield, NJ! Parking will be free at all on-street meters from December 19, 2010 through January 2, 2011, compliments of The Town of Westfield.This gift of FREE two-hour parking is an effort to encourage shoppers and patrons of Westfield to enjoy holiday shopping and dining in downtown.  Happy Holidays! As I head in to my office tomorrow in the center of town, I may actually get some of this free parking! I am hoping the shoppers are not out in droves :)  
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By Tara Stone, NJ Estates and Stables
(eXp Realty)
Westfield, New Jersey -  Town  - Census Bureau map of Westfield, New Jersey Coordinates: 40°39′06″N 74°20′38″W / 40.65167°N 74.34389°W / 40.65167; -74.34389Coordinates: 40°39′06″N 74°20′38″W / 40.65167°N 74.34389°W / 40.65167; -74.34389 Country United States State New Jersey County Union Formed January 27, 1794 Incorporated February 21, 1798 Here's a Cool Personal Fact. The County of Union was formed on my Birthday (just a few years earlier).  It makes me even a bit happier to serve this great county in Real Estate.
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By Ashok R Singh (Shoookie), Working hard for YOU UP & DOWN THE EAST COAST!
(Samson Properties)
So our little company is growing, we are expanding into Union County, NJ.  More business for us, I can't wait to attack that market, I know we will have great success down there.  When we have found a location I will let you all know.  Wish us luck!
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By Scott Gleason, Westfield NJ New Homes Specialist
(RE/MAX Select)
Westfield Market Conditions are very like 2009 now.  Creeping into buyer's market, with a 6.25 month supply.  This "absorption rate" is computed by dividing the number of houses on market by average monthly sales since the end of the tax credit sales surge.  The unit inventory is 147, lots better than the 212 we saw end of 2007, but surely weak compared to the 2010 kickoff with just 105 houses looking for the spring swell of buyers. In any month now, 24 houses are selling, leaving 123 on the shelf.  To be among the 24, you'll need to be the best presented, best priced house in your cohort the day the buyer steps into your home. You'll need sound professional advice to achieve that.
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By Harold "Hal" Benz, Helping Home Sellers Preserve Their Home Equity
(Local Impact Real Estate Network)
One of the things that attracts so many people to our community is the lovely older homes. Many were built around the turn of the century, and some even earlier. We decided to purchase our Westfield home (built in 1927) because we love its character and architectural style.  But trust me...when your home is this old, one thing is certain: repairs and renovations! EPA Issues New Lead Paint Renovation Compliance Rules If your home was built prior to 1978, chances are pretty good that they used lead paint somewhere. It was in this year that there was ban placed on using leaded paint, because of the damaging health effects on children. (In New Jersey, if you purchase a home built in or before this year, you'll need to sign a lead paint disclosure form acknowledging the risks.) Since the ban...
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By Harold "Hal" Benz, Helping Home Sellers Preserve Their Home Equity
(Local Impact Real Estate Network)
Downtown Westfield Attracts Home Buyers Whenever I talk to home buyers looking to move to Westfield, the downtown business district always seems to come up. It is one of the many things that attracts home buyers to the area! Downtown Westfield has a wonderful mix of independent stores and boutiques as well as national chains. There are restuarants for your dining pleasure, coffee & pastry shops, and even and a neighborhood movie theatre to visit when you get tired of walking. Under the leadership of the Downtown Westfield Corporation (DWC), Westfield's downtown is a very special part of this community!   Driving Tour - Downtown Westfield If you haven't had the chance to see Westfield's downtown for yourself, come along with me for a short ride. I grabbed my Flip camers, and took a quick...
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By Sean Carroll, Real Estate Speaker and "Expert" Coach
(The Get Off Your A$$ Academy)
The first quarter of 2010 in Westfield, NJ showed a boost in sales from Q1 2009, which is not surprising, given the fact that the 2009 1st quarter was what most economists said was the height of the recession. Closed sales were up over 40% year over year, and as the first time buyers energized the market, it helped homes in the upper price ranges to sell, as folks started to "move up" For a full report: Westfield NJ Real Estate Market To find out what homes are selling for in your part of Westfield: Westfield NJ Market Snapshot Thanks for reading! Sean Carroll RE/MAX Supreme 908-418-7152 www.TeamCarrollNJ.com  
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By Harold "Hal" Benz, Helping Home Sellers Preserve Their Home Equity
(Local Impact Real Estate Network)
Westfield NJ Home Sales - March 2010 (The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.) Average List Price For Active Listings     =     $893,360 Number of New Listings Entering Market     =     56 Number of Listings Placed Under Contract     =     26 Absorption Rate     =     5.35 Months Number of Sales Closed During Month     =     21 Average Original List Price     =     $801,498 Average Sale Price     =     $757,973 Average OLP/SP Ratio     =     94.56% Average Days on Market     =     68 The Following Is The List of Closed Home Sales Sorted by Closing Date If you have any question about this information, please feel free to contact me! Read my other Local Market Reports
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By Scott Gleason, Westfield NJ New Homes Specialist
(RE/MAX Select)
Since the beginning of the year, the total inventory is up from 105 to 130 houses not spoken for. In the last 60 days, 45 contracts signed including the four in attorney review.  that's 22.5 per month 130/22.5=5.3 month supply of houses to sell. For in depth Westfield NJ Real Estate, Arts, Shopping, Sports, Dining and Schools information, please visit www.WelcomeToWestfield.com!
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By Harold "Hal" Benz, Helping Home Sellers Preserve Their Home Equity
(Local Impact Real Estate Network)
We've all read about the growing number of foreclosed properties out there. According to the Mortgage Bankers Association (MBA), one in 10 borrowers is seriously delinquent on their mortgage, up from one in 16 borrowers a year ago, and one in 33 two years ago. Increasingly, I'm being asked whether or not all these distressed properties are having a negative impact upon existing home values here in Westfield and our surrounding Union County towns. The short answer is...maybe. It all depends on where you live. Union County Foreclosure Levels Among The Highest In The State. It's important to understand that while foreclosures are a big problem nationally, they are not as common here in New Jersey. Nationally, over 50 percent of all foreclosures are concentrated in only 4 states... Californ...
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By Scott Gleason, Westfield NJ New Homes Specialist
(RE/MAX Select)
Brisk sales have really thinned the available in Westfield NJ real estate. Total Westfield Active and Available 109       Total Westfield Contracted Since 1/1/10 59 includes Offered and Accepted                 Contract Sale Rate per month   25.3 units     Absorption Rate     4.3 months                                                     New Construction Sold Since 1/1/10 6 Excludes condos   New Construction Available   6 Excludes condos & unbuilt  for more information on Westfield NJ Real Estate, Schools, Sports, Community, Shopping and Dining, please visit www.luxuryhomesNJ.com
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By Scott Gleason, Westfield NJ New Homes Specialist
(RE/MAX Select)
Seller's Market Returns to Westfield NJ Real Estate Scene Buyers are encountering short market times, multiple offers and no overabundance of selection of homes in Westfield NJ's brisk house market. Buyers of new construction, resale homes, affordable homes, relocation homes, starter homes, luxury homes are all a little surprised to discover they are not alone when they settle on the most attractively presented, most sensibly priced homes in this desirable town. Since the first of the year, 59 contracts have been signed on an inventory of just 120 homes.  A sales pace of 30 per month means we have a 4 month supply (or absorption rate, in industry jargon. Housing economy experts agree that 6 month supply is a balanced market, so this is a hot seller's market by that metric. If you are ho...
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