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Where You Live Affects Home Prices

June 1st, 2011 Categories: Buying a Home in NJ, Commuting to NYC, Real Estate News

house-made-out-of-dollar-bills

Real Estate is Local!!!

There is no doubt about it!!!

If you live in a community adjacent to or along the Midtown Direct Train it is OK to step back from the bad news:

Yesterday Standard and Poor’s released the latest results of the S&P/Case-Shiller Home Price Indices. Data through March showed the following:

Â· The U.S. National Home Price Index declined by 4.2% in the first quarter of 2011, after falling 3.6% during the fourth quarter of 2010.

Â· The National Index has fallen 5.1% over the past year, pushing home prices back to their mid-2002 levels.

Not a pretty picture to say the least.

However, and this is a big however, where you live matters.

If you are fortunate to live in parts of Essex, Morris or Union counties that are easily accessible (30-60 minutes) to New York City along the Midtown Direct Train line and/or the NJ Transit/Coach bus system, you are not experiencing double-dip housing price drops. Towns such as Millburn/Short Hills, Summit, Chatham or Livingston for example.

In today’s NJ.com article Home Prices at Lowest Point Since 2006 Bust by Sarah Portlock:

“This monthâ€™s report is marked by the confirmation of a double-dip in home prices across much of the nation,” said David Blitzer, chairman of the index committee at S&P Indices, in a statement. “Home prices continue on their downward spiral with no relief in sight.”

The group defines a double-dip as the index dropping below its previous low, which was in April 2009 for the 20-city composite. The rebound in prices in 2009 and 2010 was largely due to the first-time home buyers tax credit, Blitzer said.

But there is some hope for buyers or sellers in well-priced communities and who understand the current market conditions.

“It is my job to educate buyers who are reading those national statistics and want to lowball their offers,” said agent Perri Feldman, an agent with Keller Williams Realty who works in Essex, Morris and Union counties. “When they see the real numbers in our area, their offers become more realistic.”

“A house that is marketed correctly, with realistic pricing and shows well, will be gone within the week,” she added.

At the end of the day…

Location, Location, Location

Yes, it matters.

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Houses ARE Selling Along the Midtown Direct Trainline

April 27th, 2011 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Open Houses, Real Estate News

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Spring has sprung here in New Jersey and home buyers are coming out in droves. A recent article in The Star Ledger and on NJ.com: Open Houses Are Opening Doors for Buyers

“After what has been a particularly rough housing market in the last few months, real estate agents said things may finally be looking up.”

“When people want to buy, they want to buy, and (homes are) moving,” said Perri Feldman, an agent with Keller Williams Realty who works in towns along the Midtown Direct train line.”

“Springtime is a popular home-buying season â€” warmer weather can encourage people to tour the neighborhood, plus buying now gives new owners enough time to finish renovations and move in by the time school starts in the fall. Add to that historically low interest rates, a glut of unsold homes, a job market that is slowly improving and homes priced under $600,000 that may finally align again with prospective homeownersâ€™ salaries, and buyers who were on the fence are starting to make decisions now.”

Just last weekend, I was out withÂ four buyers from Short Hills and Livingston, to Verona, to Roxbury, to Westfield and Scotch Plains…two strongÂ offers were written and we are waiting to hear back from the sellers.

Want to learn more about the towns adjacent to and along the Midtown Direct Line to NYC…please give me a shout at 973.650.4727 or email Perri@MidtownDirectHomes.com.

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Perri K. Feldman Named NJ 2011 Five Star Real Estate Agent

March 8th, 2011 Categories: Commuting to NYC, Millburn & Short Hills Living, NJ First Time Home Buyers, Real Estate News

New Jersey Monthly in partnership with Crescendo Business Services,Â named

Perri K. Feldman

one of New Jersey’s 2011 Five Star Real Estate Agents^SM.

This honor is awarded to real estate agents who have scored
the highest in a client and industry peer focused survey:

Based on Customer Service, Communication, Finding
the Right Home, Integrity, Negotiation, Marketing the Home,
Market Knowledge, Closing Preparation and
Overall Satisfaction.

Represents Top 2% of New Jersey’s 69,000 Real Estate Agents!

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NJ Needs The ARC Tunnel Gov Christie!

October 24th, 2010 Categories: Buying a Home in NJ, Commuting to NYC, Real Estate News

Reprinted from the NY Times:

How a Tunnel Would Help New Jersey Home Values

Benjamin Norman for The New York Times

If a third rail tunnel was built under the Hudson, homes close to a rail station offering direct service to Manhattan, like this one at Watchung Avenue in Montclair, would be likely to rise in value.

Â By ANTOINETTE MARTIN

Â WHAT is the real estate value of a one-seat train ride to Manhattan from a station close to oneâ€™s home in New Jersey? Leave it to statisticians to come up with a figure.

â€œIt has to be a lot,â€ said Perri K. Feldman of Keller Williams Realty, who has built a client base in towns along a section of the New Jersey Transit Midtown Direct line running from Morristown to South Orange. â€œItâ€™s the first question so many people ask about a house: â€˜How close is it to the train? Can I walk to the station?â€™Â â€

Now, the extra value that comes with proximity to a station with direct service to Manhattan â€” no transfer required â€” has been quantified: $19,000, on average, for homes within two miles of a station; $29,000 for houses within half a mile.

Home values would increase by those amounts in neighborhoods surrounding 10 New Jersey Transit lines and 2 Metro-North Railroad lines if a third rail tunnel under the Hudson River was ever built, according to a study by the independent Regional Plan Association.

For the full NY Times article

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