In our previous post we talked about the differing tax rates in various NJ communities and how certain municipalities face an unusually high property tax burden. One of the effects of higher taxes is reduced marketability. Roselle, NJ is one…
This is the first part in a multi-part series of posts regarding taxes and their effect on the NJ Real Estate market. It’s no secret that New Jersey is one of the most heavily taxed states in the US. Since…
As a New Jersey appraiser, I read an article about the effects of changing mortgage rates on housing market demand in the New York Times. One of its contentions was that even a small change in interest rates has a…
Seasonality affects the market every year in New Jersey. In order to fully understand the New Jersey residential single family housing market, one has to understand seasonality. It’s an effect similar to something else New Jerseyans should be familiar with: Traffic.…
Turpin Realtors in Bernardsville, NJ sold the Upton Pyne estate in Bernardsville for $12,880,000. Upton Pyne was originally a historic 500 acre estate built around 1900 on the Mountain Colony section of Bernardsville. It was built for Percy Pyne, daughter of financier…
Monmouth County’s shore towns of Avon-by-the-Sea, Belmar, Spring Lake, Sea Girt and Manasquan are the towns in Monmouth County most closely identified as being affected by the vacation housing market. One of the traditional measures of demand for housing is…
As someone about to order an appraisal you may or may not be asking yourself this question. Perhaps you know exactly what you need, maybe you do not. This article will explore that question and how to figure out the…
Ran some data for single family home prices in the Gregory section of West Orange (the area around Gregory Avenue). Unsurprisingly, the market is performing well. This seems to suggest we are experiencing property value increase rates of about…
Short sales are when a seller attempts to list a home where the value is expected to be less than the outstanding mortgage balance. Since market values in the area began declining beginning in 2006 or so, listings such as…
According to MLS, property flipping appears to be alive and well in West Orange NJ. Below is a table with raw data on properties which sold and resold less than 1 year later in a section of West Orange. Some…