High-End Newly Built Custom Homes High on Buyers’ Want List

Watch on your mobile device >>

When you consider moving to this area you will notice that many people tend to gravitate toward new construction homes. There are several reasons for that. It’s safe to say that most people love new and shiny things – and when buying a home it’s no different. But aside from that, quality brand new homes are constructed with the latest trends in mind. They are built to code, sometimes using state-of-the-art features and materials and often have high trending features that buyers today want.

Depending on when you get in on the process of buying a brand new home, there is the added benefit of being able to customize homes to suit them to one’s specific needs. The luxury features that come with new construction are exactly what buyers are often seeking and no matter how updated a resale home is sometimes it’s just not enough.

Currently in our marketplace we have homes that are completely move-in ready, some are waiting for your input on things like counters, floors, and other finishes and still more homes are so early on in the process that you can completely customize them.

New homes are a little harder to come by – there is not always enough land in the areas that people want new homes in so unless builders come in and tear down existing homes sometimes finding the perfect combination is a stretch. Most of these homes in our area start at around $2M; if you’d like to see one of my listings or any other on the market right now – call me today!

Downsizing to Condos Offers Much Relief to Longtime Homeowners and Renters

Watch on your mobile device >>

When you think of downsizing from your home, usually the word “condo” comes to mind. The switch is an ideal one for people from many walks of life, whether a young professional looking for the amenities you get with a condo or an older couple wanting to slow down on maintenance.

What makes a condo so attractive in the downsizing process?

Live More, Work Less
The number one most popular reason for many condo buyers is that owners no longer have the need to worry about maintenance. Most condo associations include lawn and garden upkeep plus snow and trash removal. Gone are the days of needing to  water your lawn, shovel the driveway or deal with some utility companies month after month.

Resort-Like Amenities
Unlike single-family homes, condo associations often come with some amazing amenities. Pools, hot tubs, club houses, fitness centers and other features depending on the association – are just a few of the perks condo owners get to enjoy. Your Realtor® will help you choose an association that meets all your needs, including finding one with association fees that work with your budget.

Convenience and Ease
Oftentimes people that sell their larger homes and choose to go to smaller condos do so for the ease and convenience as they get older. Single floor and apartment-like living is an added benefit of the condo lifestyle, a choice many people make as they moving to the next stage in their lives.

Added Insurance Coverage
Since the association has a master insurance coverage that typically includes exterior surfaces of the home, condo owners enjoy some perks when it comes to home insurance premiums. The association is also under pressure to maintain the exterior for consistency almost guaranteeing a home that is kept up.

New or Newer Construction Available
There are a lot of new or newer condos that have built in the recent past, allowing buyers to enjoy the amenities and finish that comes with newly built homes. Depending on price range and specific condo association, some units are not small at all and they are decked out with all the bells and whistles you may have wanted in a single-family home!

~

We are seeing a lot of condo sales moving and the price range varies widely, anywhere from $300,000 to as high as $1.5M on average.

The process of making a decision to downsize, then getting rid of years worth of belongings to move to a smaller place can be overwhelming. Having a professional by your side will help you to organize the process as well as assist you to get through some of the hurdles that come with such a big lifestyle change.

Contact us today!

Multiple Offers – How to Win

Watch on your mobile device >>

Everyone’s talking about it. The market is on fire and if you’re a seller, THAT’S GREAT! But if you’re out there trying to find a home to purchase right now there is plenty of competition and quite frankly, it’s probably getting to be very difficult.

But through my many years of experience and dealing with multiple offer situations while representing the buyer’s side of the transaction, I’ve developed some very effective strategies to help you win the bid. Here are five tried and true ways to turn up the heat on your offer and get it noticed.

Know Your Limits Then Reach for the Sky
Now’s definitely not the time to be playing negotiating games. Sure, that might have been a strong strategy just a few years ago when there was an overabundance of homes on the market and not near as enough buyers to accommodate them. But today, it’s a completely different story. Figure out the highest price you are able and willing to comfortably pay in a multiple offer situation and don’t be afraid to offer that much.

Make It Clean, Make It Simple
As a Realtor® that also represents sellers, I often come across a stack of offers and am sitting there sorting through them with the expectation they will be presented to the seller. The last thing I want to do is confuse the seller with jumbled language, lengthy verbiage or unreadable handwriting leaving us both to wonder what an offer says. Write a simple, clean offer with as little room for confusion as possible without being vague. A simple cover letter summary page is a great way to highlight the bullet points of your offer.

Demonstrate Financial Strength
No seller wants to dapple with offers that are not 100% solid in terms of financial viability. When looking at several offers, a small earnest money deposit or limited down payment can be viewed as lack of interest of worse, appear to be an inability to afford the property. If you are offering to make a down payment, show proof of funds through a letter from your bank or investment firm and make sure to include a preapproval letter from your lender.


With Down Payment and Deposit, Less Is Not More
When sellers are reviewing offers they are looking for what they perceive as strong interest. It goes without saying that more money is a demonstration of high interest level but how you offer to pay is another consideration. Cash offers are always very attractive since they entail fewer contingencies and procedural hurdles to jump through. But even a larger down payment is more attractive than very little money down. If you can afford it, put down at least 10 percent on the home and submit an earnest deposit amount of at least 1% of the purchase price.


Minimize Contingencies
Many offers contain contingencies, upon which the purchase agreements depend before being executed. For instance, a buyer might make an offer on a home contingent of the sale of their existing home. There are also inspection and mortgage contingencies. You may not be able to eliminate all of them but whenever possible try to be flexible. Shorten the length of time for buyer investigations by offering to schedule your inspections soon after your offer is accepted.
~
These are just a few of the strategies we employ when serving our buyer clients in what is a very strong seller-controlled marketplace. If you’d like to hear some more of the tricks we have to get you the home of your dreams, contact me today at 973-214-0691.

Real Estate Market Update – March 2013

Watch on your mobile device >>

As we speak, there are more sales and homes going under contract than we have seen in a long time. And when you consider that our inventory levels are also at an all-time low, it’s apparent just how hot the real estate market really is these days! We did a review of this year’s numbers compared to the same time last year and the numbers are staggering. Here’s a look:

Buyers Want to Buy But There is Almost No Inventory Out There

Our marketplace has seen some interesting ups and downs throughout the past but who could have predicted such low inventory levels? In fact, if you look across the board at all our towns hitting the MIdTown Direct Train lines, we have tons of buyers out there eager to buy and hardly any houses for them to choose from.

Multiple Offers, Bidding Wars and Artificially Inflated Prices Are Back

With the staggeringly few homes available on the market, homes that are priced well and in great condition are the first to go. And they go with a bang – with multiple offers and bidding wars that have been resulting in artificially inflated prices. Sellers are enjoying the upper hand, often getting more than asking price for the sale of their homes.

Inventory Levels Drastically Reduced from Last Year’s Numbers

In South Orange we currently have 20% fewer homes on the market compared to the same time last year.  West Orange is down by 30% and Berkeley is also down on inventory. Conversely, the number of homes going under contract is dramatically higher, with New Providence experiencing the highest jump at 79% more homes under contract this year. Chatham Township saw a 169% increase in pending contracts in the year’s first three months. Chatham Borough has a 50% increase of pending homes, Berkeley Heights is up 61% -- the list goes on.
~
All this means one thing for sellers; now is the time to jump off the fence! If you’ve been wondering if your home would sell or if you haven’t been sure whether it’s the right time – trust me when I tell you that it could not be a better time.

Tax Appeals 101 for the State of New Jersey; How to Save Money on Property Taxes

Watch on your mobile device >>

Nobody likes to pay taxes. So when it comes time to pay taxes on your property, it’s the same drill every year; when on the one hand homeowners like to think their home has a high property value, at tax time they do their best to “lower” that value and pay less taxes.

Tax Appeal Filings Window Jan 1 to April 1, 2013
Right now, we are nearing the end of our window where homeowners can appeal their property taxes to their local municipality and attempt to lower their taxes. There is only one window of opportunity each year to do this and it has saved countless homeowners a lot of money. First, you need to find out whether your taxes are too high.

How to Investigate Your Property Taxes
The first thing you will need to do is to find out your tax ratio. This is the assessed value of your home, divided by the actual market value. The reason property values from the municipality are often different than what you might expect to sell your home for is that often due to limited resources a tax assessment can be one from a while back. Towns do not go back and assess all properties too often because of the sheer expense involved.

First, determine your home’s market value. Your Realtor® will pull comparable sales in your market to see what other similar homes have sold for in the previous year – and then come up with todays’ market value. Next, determine the ratio between your assessed value and the market value.

Finally, look up your municipality in Chapter 123 (New Jersey’s Statute that governs how properties are taxed) and if your ratio is more than 15% of the average ratio there is a good chance you will have a successful tax appeal.

Choosing a Real Estate Attorney for Your Tax Appeal
Once you realize there is a chance your tax appeal will be successful, meet with a qualified and reputable real estate attorney for a consultation. It is important to share accurate information and it is equally as important that you choose a good attorney that will be honest about your property. The risk with a failed attempt to appeal your property taxes is that you could end up having to pay higher property taxes.

Keep in mind, a good attorney will assess the likelihood of success in your case and let you know. Choose an attorney that will charge you based on a contingent fee, so that you only end up paying for their services if and when you have a successful tax appeal.
~
For more information on this topic or anything else real estate related, please contact our office today. You can reach Evan Drachman directly via phone or email and also visit his firm’s website (below).

Evan R. Drachman, Esq. | Dollinger Drachman, LLC
293 Eisenhower Parkway | Suite 310 | Livingston, New Jersey | 07039
p: 973-992-1700 x 106 | f: 973-992-6835 | direct fax: 973-629-1303 | edrachman@dollingerdrachman.com

Great Places to Eat in Summit, New Jersey

Watch on your mobile device >>

What is the cornerstone of a good life? Being happy! And how do many people define happiness? Being among the ones they love, in a place they adore, doing things they enjoy with the backdrop of fine entertainment and great food.

So today, we’re covering two aspects of this definition of happiness; a fantastic place and fabulous food. Summit, NJ is one of the most sought-after places to live with such amenities as gorgeous greens nestled among gardens, amazing parks and recreational facilities plus easy access to all areas in the region through the MidTOWN DIRECT train line. Add to that the many things to do and you’ll never tire of spending time in this laid back New England town.

Restaurants in Summit

There are a lot of great places to dine in Summit and here are just a few of our favorites. Although we only mention a few, there is much variety and ample availability of so many different types of cuisine in Summit. Enjoy!

La Pastaria

Nice family-owned Italian restaurant, perfect for dining indoors or outside for lunch or dinner.

www.lapastaria.com

908-522-9088

Menu: http://www.lapastaria.com/summit/menu.html

Food

This “contemporary comfort” restaurant, in their own words, provides delicious food for dining outside or inside.

www.foodinsummit.com

908-277-6222

Menu: http://www.foodinsummit.com/food./menu..html

Roots Steak House

The quintessential evening-out place for steak (and more)! This very popular restaurant rivals any high-end restaurant in NYC. Must try!

www.rootssteakhouse.com

908-273-0027

Visit their website for choice of menus

The Bombay Bistro (formerly Dabbawalla)

Enjoy delicious Indian cuisine through a variety of seasonal menus, with tasty Indian classics such as Chicken Tikka, Biryani, curries and more.

www.thebombaybistro.net

908-918-0330

Menu: http://www.thebombaybistro.net/pdf/Bombay-Bistro-Menu.pdf

~

Residents of Summit know and love all the wonderful things to do and places to go – and the delicious array of restaurants is no exception. If you’d like to explore this great town, contact us today! We’d love to show you around and help you find the perfect place so you, too, can call Summit NJ home.

973 214 0691

ACutAbove@ShannonAronson.com

Innovative, High-Tech Music Systems That No Homeowner of the 21st Century Can Live Without

Watch on your mobile device >>

What home would be complete without the surround sound of pristine quality music? Even if you’re not a music enthusiast, the moment you hear the notes vibrating through the air you are instantly transformed to another place.

Today, I wanted to share with you an amazing company that has been around for a long time now and continues to provide the utmost of quality service and products. We meet Ralph Tarnofsky of Professional Audio Consultants and he shares with us some of the most innovative products out on the market today.

As a new homeowner or even an existing one, there are some great things the company can do, ranging from assisting with existing music, audio and such systems to helping to install new systems. It can be anywhere from a simple set-up to as complex as you need.

Serving the Millburn and Short Hills area plus surrounding communities, some of the things PAC provides include home entertainment and electrical systems that can be remotely controlled from your smart devices. Lights, music, HVAC and other systems can be seamlessly integrated and controlled with ease from afar. Home theatres, unique music and media systems such as state-of-the-art wireless controlled music libraries that are accessible through your existing music network are just a few of the things PAC offers.

If you are in the process of moving, they also come out to your place and help to de-install, store and then redeliver and reinstall your complete home music and entertainment system. This is an ideal undertaking particularly during renovations as the walls and other building components are open and exposed, allowing added flexibility.

Some new products that are very popular are the Sonos system, which wirelessly gives you access to all Internet and iTunes based music systems plus Sirius, Pandora, Rhapsody and more. The new mirror TV is futuristic yet very much available today. You can set up a mirror that actually turns into a TV with the push of a button; ideal for bedrooms, bathrooms, rec rooms, even offices – the possibilities are endless!

You HAVE to check out this company! Push button, turnkey music, entertainment and convenience that you will realize you never could live without in the first place. Contact Ralph and his team. Visit their website at www.pac-nj.com. Check out their showroom: 182 Essex St. in Millburn. You will NOT regret it!

And of course, if you need anything at all with your real estate endeavors, please call your trusted real estate advisor Shannon Aronson at 973 214 0691.