the Resourceful Realtor

Below is a copy of the 2009 Monmouth County Luxury Home Market Report.

In addition to a discussion of the luxury market, there's also an overview of the market in general across all price tiers throughout Monmouth County, New Jersey.

Included in the report:

• Luxury Top Ten
• Highest Prices Paid in 2009
• Top Waterfront Homes Sold
• Top New Construction Sold
• Unit Sales Comparison: '09 vs. '08
• Dollar Volume Sales Comparison: '09 vs. '08
• Links to currently available luxury homes

Further discussion to come!  Please let me know your comments!

Prepared by Thomas McCormack, Sales Associate, Resources Real Estate.

Link to 2009 Monmouth County Luxury Home Market Report

Every year since 2003 I have been proud to receive the New Jersey Association of Realtors Circle of Excellence Award and I'm am pleased to announce I have once again been named recipient for 2009. 

The NJAR Circle of Excellence Award is given to real estate agents who have demonstrated excellence in their field and who have exhibited superior sales during the year. 

I don't know how many licensed real estate agents there are in the state but there are currently 9472 active agents belonging to the Monmouth County Association of Realtors which also includes Ocean County agents.  A total of 353 agents were recognized with this year's award.

While I don't solely view sales statistics as an indicator of my success, it's a welcome acknowledgement especially in what has been a challenging year at best and a heartbreaking year for many agents.  I am also aware of how customers who come into my office respond to the awards & plaques hanging on my wall.  It provides an objective perspective and confirms their decision to work with me as their representative.

What such an award doesn't acknowledge are the great efforts we agents expend on behalf of our clients that don't yield a closed sale (or a paycheck): 

• In a changing market, sometimes we are unable to convince a seller that our buyer's offer is reasonable (and we watch, sadly, when the price of that home subsequently falls below our client's offer and the buyer, discouraged, has decided to 'wait it out'...)
• Sometimes we cannot keep the principals in the game when waiting for a bank to negotiate a short sale contract (and watch, sadly, when the price of the home subsequently falls below what the buyer was willing to pay and that buyer has now purchased another property...)
• Sometimes despite attention to the market, thoughtful pricing, and strong marketing a listing doesn't find its buyer because the inventory is high and the demand is low.

It may sound trite but it's true: the greatest "award" is when a past client refers me to a friend or family member or when a client - buyer or seller - who has yet to make it to the closing table recognizes the work I've done and remaining confident in my abilities, chooses to continue working with me. 

More personal? Certainly.  And probably more meaningful.  I take pride in providing service to my clients and community. And I think of myself as a service provider first, then a salesperson.

So to NJAR I offer my thanks for the recognition, but even moreso to my clients past and present I say thanks for your faith in my service to you.

Thomas McCormack, Sales Associate, proud recipient of 2009 NJAR Circle of Excellence Award.

In a surprising turn of events the Dad Vail Regatta, previously announced to be moving to the Navesink River in May 2010, is actually now going to stay put in Philly. 

J. R. Hanna, president of the Dad Vail Regatta organization issued a statement: "After carefully evaluating all of the factors related to optimizing the success of staging the year 2010 Dad Vail Regatta at which attendance is expected to exceed 3,500 rowers, and after serious deliberation taking into consideration the many voices of Dad Vail stakeholders near and far, an official, final decision has been made to stage the year 2010 Regatta on the Schuylkill River in the City of Philadelphia."

Although the Rumson borough council tentatively agreed to host the Dad Vail Regatta, which made the rowing competition's departure from Philadelphia one step closer to becoming official, it never quite got there. 

"Certainly, it is a disappointment," Rumson Mayor John Ekdahl was quoted in the Philadelphia Inquirer. "I'm frankly shocked at the turn of events."

According to that newspaper, despite the surprise, Ekdahl said Rumson would not sue for breach of contract.  "From a technical standpoint, we only had a handshake," he said. "We're not litigious. There's no way this is going near a courtroom.

Yikes.... another year.  Bailouts & Layoffs.  Swine Flu & Health Care.  Even Christmas Day terrorism.   

Are we having fun yet?   

In real estate terms, the year was quite a thrill ride with all sorts of twists and turns like tax credits, loan modifications, shorts sales, foreclosures, and the Return of the Buyer. 

While many buyers remained in hiding, increasingly, especially toward the end of the year, die-hards were returning to the game poised for action, convinced they were the only ones crazy enough to be playing:

• Many came expecting the Deal of the Century and left disappointed.
• Others came making what appeared to be perfectly reasonable offers only to learn of a seller's sharp difference of opinion. 
• Sometimes these sellers actually found another buyer who was more in sync with their idea of their home's value. 
• Other buyers still found realistic homeowners who were receptive to their reasonable purchase offers and now are in their new homes. 

I'm nothing if not exhausted by it all.  Stay tuned for my annual market reports, they'll be posted on my blog in a week or so.  I'll be sure to let you know they're available.   

Happy New Year!

UPDATE: PHILADELPHIA DID NOT TAKE THE NEWS LIGHTLY THAT THEY WERE GOING TO LOSE THE REGATTA... AND IT LOOKS LIKE THEY'VE WON IT BACK.  SEE RELATED UPDATED POST.

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The Dad Vail Regatta, the biggest U.S. collegiate crew event, announced Tuesday it is moving from Philadelphia to Rumson, N.J.  It is expected to bring thousands of athletes and visitors to the area.

The headquarters will remain in Philadelphia but at least next year, the event will be held on the Navesink River, 90 miles from the Dad Vail's home of 56 years.

According to organizers, the Dad Vail had been caught in a squeeze between rising costs in Philadelphia and reduced corporate sponsorship. Rumson guaranteed $250,000 in sponsorship support for the event.

The first Dad Vail race was held in Rumson back in the 1930s.  Last year the two-day event attracted 122 schools and typically draws about 30,000 to 35,000 spectators.  A decision on 2011 will not be made until after next year's race. 

Next year's Dad Vail Regatta will take place on May 7 & 8, 2010.

The Dad Vail is named after Harry Emerson "Dad" Vail, a longtime University of Wisconsin rowing coach who died in 1928. The first regatta was held on the Schuylkill River in Philadelphia in 1934 and the location rotated until 1953, when it moved to the city near the famed Boathouse Row.

To assist homeowners with plumbing, electrical, structural, roofing, heating, ventilation and lead-based paint remediation, the Monmouth County Planning Board has a program that will provide up to $20,000 in assistance to 70 financially qualified Monmouth County households who apply by Dec. 16.

"This program helps homeowners on tight budgets make necessary home repairs and upgrades and encourages them to stay in their homes," said Monmouth County Freeholder Deputy Director John D'Amico, liaison to the Planning Board.

"Applicants must meet gross income limits based on their family size to be eligible for the 10-year, interest-free, deferred payment loan," D'Amico said.

To qualify, a homeowner must be listed on the deed to the home, live there yearround and be up-to-date with all mortgage payments, water and sewer charges, and real estate taxes. The loan will be totally forgiven if the homeowner resides in the home for 10 years after the repairs are completed, according to a press release.

Interested homeowners should submit a "Monmouth County Housing Improvement Program Coupon" to the Monmouth County Planning Board - Housing Improvement Program, 1 E. Main St., Freehold, NJ 07728 by Dec. 16. A coupon can be obtained on the county's website or by calling 732-431-7460.

A random drawing will be held for the available spots in the 2010 program. There is a limit of one coupon per household.

Homeowners in the following towns are eligible to apply: Aberdeen, Allenhurst, Allentown, Atlantic Highlands, Avon-by-the- Sea, Belmar, Bradley Beach, Brielle, Colts Neck, Deal, Eatontown, Englishtown, Fair Haven, Farmingdale, Freehold Borough, Freehold Township, Hazlet, Highlands, Holmdel, Howell, Interlaken, Keansburg, Keyport, Lake Como, Loch Arbour, Manalapan, Manasquan, Marlboro, Matawan, Millstone, Monmouth Beach, Neptune, Neptune City, Ocean, Oceanport, Red Bank, Roosevelt, Rumson, Sea Bright, Sea Girt, Shrewsbury, Shrewsbury Township, Spring Lake, Spring Lake Heights, Tinton Falls, Union Beach, Upper Freehold, Wall and West Long Branch.

This program is funded by the Monmouth County Board of Freeholders through a grant from the U.S. Department of Housing and Urban Development (HUD).

As was hoped by many, Congress passed an extension of the First Time Homebuyer credit and expanded the program to include qualified current homeowners.  New deadline isn't until June 30, 2010 for settlement, with contracts executed no later than April 30th.  We saw many First Timers wait until the last minute and some executed contracts with insufficient time to close before the previous deadline of November 30, 2009.  This will help them and hopefully bring many other buyers into the marketplace.  Below are some details.

Tax Credit for Homebuyers

First-Time Homebuyers: First-time homebuyers (i.e. people who have not owned a home within the last three years) may be eligible for the tax credit. The credit is valued at 10% of the purchase price of the home, with a maximum credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: This is new: the tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

New Deadlines

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Tax Credit Vs. Tax Deduction

It's important to remember that the tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Best of all, the tax credit is refundable, meaning the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $5,000 in income tax, she can still receive a check for the remaining $3,000!

Higher Income Limits

The amount of income someone can earn and qualify for the full amount of the credit has been increased.  This will be welcome news to Monmouth County homebuyers where the median income tends to be higher than most other parts of the country.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to  $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

Just last week Highlands was the lucky recipient of some community outreach from over 30 sailors from the USS Nassau which was docked at Naval Weapons Station Earle. 

They helped restore the Kavookijian War Memorial Field, an ongoing project, did some cleanup landscape work at War Memorial Monument nearby, and more. 

Later in the week they volunteered at the Robert D. Wilson Community Center where their work included painting the skate park.

Read Carla Cefalo Braswell's full story visit www.highlandsnj.com.  Photos courtesy of Ken Braswell/Shoregrafx and highlandsnj.com.

Since the National Association of Realtors made such a positive announcement today ("Big Rebound in Existing-Home Sales"), I thought I'd check to see how we're making out in our neck of the woods.

Good news! In Monmouth County, we're experiencing the same thing... 

For single family homes September was up almost 15% for total number of homes sold compared with Sept '08.  Unit sales were down from August of this year by a little less than 4%.

Overall we're still trying to compensate for the heavy reductions in sales experienced in late 2008 thru May 2009.  Three of the past four months have shown an increase in unit sales.  Despite this, unsold inventory remains high (although even that has shrunken somewhat (about 1.5% since last year.)

Many are pointing to the 1st Time Home Buyer Tax Credit (trying to beat the Nov 30th Deadline) which very well may be.  Although the median sale price in September ($401,000) actually increased albeit ever so slightly.

All in all, still encouraging trends.  I know there's lots in the news to make people feel a bit uneasy but hopefully even modest gains on the housing front will help rebuild confidence.

Is your seasonal pride showing?  Does your front yard have a special Halloween, Thanksgiving or Harvest display?  Then go get your digital cameras and enter Resources Real Estate's inaugural Peninsula Harvest Home Decorating contest.  Tell them Thomas McCormack sent you!

Beginning this weekend, residents of Peninsula towns including Rumson, Fair Haven, and Little Silver are invited to submit photographs of their exterior autumnal decorations showcasing the creative, picturesque, and whimsical tastes of homeowners residing between the two rivers. 

All Halloween, Thanksgiving, and fall house decorations will be considered. 

As part of their community outreach program Sharing Resources, Resources Real Estate will donate a Thanksgiving pie for every home submitted to the contest to Lunch Break in Red Bank and will make a monetary donation to the firehouse of the winning home's town.

Entries can be submitted by uploading photos here or by depositing snapshots in the wall mailbox at the agency's 112 River Road address.  Submissions can be made by the homeowner or nominated by another party such as a friend or neighbor.

Voting will take place in person as well as online and the winning homeowner will receive an exquisite floral table arrangement for their Thanksgiving setting to accompany their seasonal style.

Resources Real Estate owner Carolynn Diakon said, "We hope this contest will inspire homeowners to take advantage of the beautiful, seasonal resources our area has to offer in an effort to complement the exceptional architectural detail of Peninsula towns."

Diakon hopes the contest will become an annual event - one in which area residents will anticipate and plan for each year during the months leading up to and including autumn.

Every Monday through Friday, Lunch Break serves over 2,500 free hot meals each month at its location on 121 Drs. Parker Boulevard with another 400 meals being delivered to home bound seniors. The Pantry also provides groceries to those who need help and more than 500 children receive Christmas gifts. Social, medical and legal services are available onsite and clothing in good repair is handed out once each month.

Peninsula Harvest Home Decorating contest submissions can be made until Monday, Nov. 23 and the winner will be announced by a special guest at the Resources Real Estate offices on Tuesday, Nov. 24 at 10:00 a.m. For more information call 732-212-0440.

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Local:  Monmouth County home sales experienced a staggering 120% increase in July, more than doubling the sales of the previous year (1678 vs 763).  Year-to-date Monmouth's sales are still down significantly ~ -36% ~ but the recent sales figures are certainly encouraging.  Condo sales also experienced a large increase, with an almost 65% increase over sales in July 2008.

Price-wise Monmouth's July figures show a median sales price increase of 7.3% from June but still 8.5% lower than July 2008.

National: In July new home sales across the nation jumped more than forecast, reinforcing signs the economy is rebounding from the the recession.  Nationally, home sales increased 9.6% in July, the most in four years, to a 433,000 annual pace, the Commerce Department said.  July's national home sales pace was the highest in 10 months and exceeded all estimates.

The median price of a new home decreased 12 percent to $210,100 from $237,300 in July 2008.

The jump in sales was led by a 32 percent surge in the Northeast. Purchases increased 16 percent in the South and 1 percent in the West. They dropped 7.6 percent in the Midwest.

Atlantic Highlands was the site for the beginning of the NYC to DC AIDS Ride and I was glad to be there to see the group of about 100 riders off. 

Although technically the start was in Manhattan, the riders took the Seastreak Ferry from Pier 11 and arrived in Atlantic Highlands at about 8:45am yesterday and gathered in front of the Blue Bay Inn on First Ave. 

After a brief intro, guidelines for the ride and basic "Rules of the Road" they were off on a 330 mile journey.

I was there to cheer on friends Chad Wolbrink and Toby Clark in what I think is an amazing feat (and, god bless them, their statue of libery hats clearly identified them from the pack). I can't even imagine making a ride of that length (let alone in green foam headgear) so I'm very impressed.

After their first day (85 miles!) they were scheduled to continue on today and arrive in Cape May this evening - but the weather made riding today pretty much impossible.  They are supposed to arrive in Washington D.C. on Sunday.

To keep up to date on their journey (and donate to the cause if you're so inclined) visit the ride websites of Chad or Toby.

All aboard!

The 2nd Annual Taste of Sea Bright is coming Saturday, October 3rd from11:30a-5:30pm. You can enjoy a day-long eating & drinking excursion and ride the trolley from one end of Sea Bright to the other all in an effort to increase awareness of Sea Bright's thriving business community. 

We did this last year and had a blast!

Sampling everything from sushi to fried seafood to pizza, as well as various beers, wines & spirits, you can say that those participating were having a great time.  (Don't forget to bring your I.D.!) We met some new friends and were even thankfully able to call cab to take us home!

For $40 you get: an admission bracelet, map/passport, all food, drinks, cocktails, unlimited trolley/bus rides throughout the event - and you'll even a complimentary SBBA backpack to carry all the goodies you'll receive from the stops on the map! 

This year's participating businesses include:

I've already got my tickets, my backpack and my passport!  I heard that half of the tickets sold the first day they were made available so don't delay!  Only 1000 tickets will be sold!

Visit the Sea Bright Business Alliance website for more information

If you've been kicking around the idea of buying your first home ~ or, if you've owned a home before but haven't owned one during the past 3 years ~ TIME IS RUNNING OUT on the federal goverment's offer of a Home Buyer's Tax Credit up to $8000 for the purchase of a primary residence to qualifying buyers.

IMPORTANT:  You must close on the purchase before December 1, 2009. 

That means you need to:

1. Find the house,
2. Negotiate an accepatable offer,
3. Perform your inspections, appraisals, title search, etc.,
4. Apply for your mortgage, and
5. Reach the settlement table to close escrow

Within the next 90 days.  Given that most mortgages these days require a minimum of 45 days that means you have about 6 weeks to identify your next home and successfully negotiate an acceptable contract.

In short, that means you better GET TO WORK!

Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before December 1st receive up to $8,000, or $4,000 for married individuals filing separately. People can claim the credit on their 2009 tax returns next year. 

$8000! 

One would hope that if falling prices and historically low interest rates weren't attractive enough, the offer of FREE MONEY would sweeten the deal enough to get those procrastinators out there off the couch and into the car of their favorite real estate professional!  (If you need any recommendations, just let me know...)

Read the IRS press release about it here.  And you'll need IRS Form 5405 to claim the credit.

Six weeks... the clock is ticking!

Q:  Looking for at least a 2 bed, gas, central air, home or townhome in the $140,000 range. Was thinking about pre-foreclosures and foreclosures. Can we view these homes? What is a good resource to find these homes? Are sites like realtytrac and foreclosure.com worth paying for their services?

Rich, Home Buyer
Brick, NJ

A: Rich,

As a Monmouth County Realtor, I can certainly help you with homes in my market area. That said, most homes are selling for a good deal more (median single family sold price in June was $358,704; median condo sold price was $265,302). While there are some short sales and foreclosures in the market, many of those are trading for higher.

If you'd like a list of what's currently available in your price range let me know and I'll email it to you.

In terms of the sites you mentioned, it's important to understand that many of these types of sites are pulling information that may indicate that a homeowner is behind in payments but not necessarily indicating that the property is available for sale. If they're not for sale then you are unlikely to be able to view the home.

Keep in mind that if they foreclose on the property, most banks will list it with a realtor to ensure that it gets the maximum exposure which translates into a faster sale for the bank. Likewise, homeowners who are pursuing a short sale (wherein they're asking a bank to accept less than full repayment of the outstanding mortgage debt) must have their property listed for the same reason as listed above. So in either case, the vast majority of these homes will be listed in MLS.

While you may be able to identify properties owned by homeowners in some type of financial distress, there's no guarantee that they're interested in selling at this time or that they won't be able to work the problem out without a sale (e.g. loan modification, etc.) While you may be able to find a willing seller, chances are they'll be less likely to negotiate (for-sale-by-owners are notorious for having an inflated view of the value of their homes). In the interest of achieving your goal more quickly (and for you to have representation during the transaction), working with an experienced agent would be a wise choice. And the cost of the service is likely to be paid by the seller.

Hope that helps.

Q: Is it worth buying a house in Middletown, NJ in this current market?

A: It's a great time to buy a house if you're financially qualified.  If you thinkthat's simply a convenient answer for a realtor to offer, consider the following:
- prices have fallen considerably in the past few years ~ for the first half of 2009 Middletown, NJ,'s average price was down over 14% from previous year (and 2008 was down 19% from 2007), so affordability has returned to the marketplace something usually followed by buyers who are smart enough to pick up the best deals
- interest rates are still at historic lows; the money you save in interest on a 30 year mortgage can make the savings due to price reductions (see above) look like pocket change
- incentives abound: some from builders looking to sell inventory by including thousands of dollars in upgrades at no additional charge, some from sellers who offer to cover closing costs or concessions to help buy your mortgage rate down even more, and some from Uncle Sam who's offering 1stTime Homebuyers (or at least those who haven't owned for three years) a federal tax rebate of up to $8000.

So, if you have a job, a decent credit score and preferably some money for a downpayment (although there are still FHA programs available requiring as little as 3.5% down), it is very much worth buying a house, in Middletown or elsewhere. I'm very familiar with Middletown... If I can be of assistance, please let me now. 

Yes Virginia, it is good news.

It was announced Tuesday by NAR (National Association of Realtors) that sales of existing homes increased again in May, the first back-to-back monthly gain since September 2005.

Why?

Just a guess, but certainly increased affordability due to lower prices and the federal first-time buyer tax credit have been evident in our market.

According to NAR, nationally, existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent but remained 3.6 percent below the 4.95 million-unit pace in May 2008. Regionally, existing-home sales in the Northeast rose 3.9 percent to an annual level of 800,000 in May, but are 10.1 percent below a year ago. The median price in the Northeast was $243,600, which is 12.5 percent below May 2008.

Locally, Monmouth County single-family home sales rose 23% in May, but is down 18% from last year. The median price for a single-family home Monmouth County was $387,500, down 14% from May 2008.

But with the glimmer of hopeful news came some negative news as well regarding the housing recovery.  Due to changes in lender requirements, appraisals are more and more frequently souring the deal. Lawrence Yun, NAR chief economist, said the appraisal problem is serious. “Lenders are using appraisers who may not be familiar with a neighborhood, or who compare traditional homes with distressed and discounted sales,” he said. “In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment. There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected.” I myself recently heard of a transaction where the appraiser came from Delaware... not exactly someone familiar with the local market.

So... let's hope the encouraging news is a positive signs of things to come. The increase was less than what was expected so it is not surprising that it was less than enthusiastically received.  Nevertheless, in my opinion, good news is still good news.  Let's see what happens next month!

This Old House  has named Atlantic Hihglands as New Jersey's "Best Old House Neighborhood" in its second annual competition.

I am proud to say I was instrumental in identifying Atlantic Highlands for the magazine having nominated the town after having been informed by the folks at Preservation Directory of the upcoming contest. The editors of This Old House included Atlantic Highlands in its subcategories that highlighted the best of the Northeast, Waterfront communities, Bedroom communities, and of particular interest to Sportsmen, Cottage and Bungalow enthusiasts, Families, and Retirees.

"Unique, tight-knit neighborhoods are precisely what we looked for in selecting the winners of our second annual Best Old House Neighborhoods contest — places that might not be on your radar but deserve to be," according to Keith Pandolfi, editor with This Old House Online. "These communities are the best of the best places to buy an old house."

Part of the submission process was to describe the town, it's character and history, architectural styles, home values and also the community spirit that supports the preservation of historic homes. The Atlantic Highlands Historical Society offers a wealth of information regarding the special treasures that can be found in the historic residences in town and I was able to supplement this with other historical and MLS data.

After the town passed the initial screening process, I was asked to provide additional photos of local historic homes (they didn't have to be available for sale) and provide some additional information to the editors.

I was very pleased when they told me they had chosen Atlantic Highlands as New Jersey's "Best Old House Neighborhood." I've long been a cheerleader for the town ever since moving to the area ten years ago. There's wonderful Victorian architecture found in both large & small houses, as well other historic styles, and there's a great downtown area with shops, fine dining, a movie theater and the marina.

It's because of towns like Atlantic Highlands that inspired me to help create the "Legacy Homes" division at Resources Real Estate.

Atlantic Highlands seemed an appropriate choice for the contest also because of the local community spirit that seeks to preserve and promote the historical character of the town. The historical society's efforts, such as this weekend's Historic Home Tour,  and groups such as the online "Older Homes Group" which helps homeowners connect with available resources of particular interest to those with historic homes.

Currently available historic homes in our area ~ Victorian, Craftsman, Colonials, and more.  Some fixer uppers, some fixed up. If you're looking for a more comprehensive list of available historic homes throughout Monmouth County, please contact me.