White House For Sale?

by Jeffrey Bogert on June 14, 2010

Whitehouse for sale, FSBOWith the national debt spiraling out of control, two wars and an environmental disaster of epic proportions facing the country we understand that any source of revenue to our government coffers is welcome. In a what can only be describes as a creative attempt to raise funds, it seem that 1600 Pennsylvania Avenue NW is up for sale . We have to wonder if this is really something Mr. Obama should be exploring?

We are unsure just who  posted the property on the for sale by owner site Owners.com but we do know that when the pacific northwest’s Redfin  picked up the listing for the Whitehouse from the site, they inadvertently got it wrong. Sorry folks the presidential digs are not really for sale and your dreams of buying your way into that posh Washington address will have to wait.   CBS News has an explanation of the mishap. The question we have for our readers is if the Whitehouse really were for sale how much do you think if would be worth? Let us know what you think.

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One day it happens. You have to change your living arrangements. Whether you are moving up, moving down, relocating, divorcing, getting married, one thing that is clear is that whatever the reason you are selling your digs…it is usually not in your best interest to reveal the “Why”. While it is tempting to market your home yourself as a for sale by owner in this case some professional advice could have avoided this amusing but fatal home marketing mistake.

IHome Marketing to Avoid

If you are considering selling your Montclair home please give a call and we can discuss OUR comprehensive Montclair home marketing plan. Don’t make the same marketing mistake this by owner seller did.  If you are interested in knowing what your home worth you can fill out the Market Snapshot over on the right of this page.  Hat Tip to Curbed NY.

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The Montclair Million Dollar Homes Market

by Jeffrey Bogert on June 4, 2010

40 Edgemont RoadLets look at the Montclair million dollar home market. Before getting into the numbers we wanted to point out that 40 Edgemont Road  is back on the market. You may remember that this home sold in February of 2009 for $2,510,000 closing at a 25+ percent premium over the asking price just 5 months after the beginning of the financial crisis. This really is a lovely Montclair home located across from Edgemont Park is listed at$2,499,000.  It seems that buyers definitely perceive value when a home has been restored by the Van Notes. It is interesting to see that the home is listed not with Barbara Lewis who brought the buyer last February but rather with Bridget Van Note. 

Taking a looking at the absorbtion rate million dollar homes in Montclair we see that for homes originally listing above the 1 million dollar mark there is a 31 month supply. 11 homes sold last year where the original listing price was over 1 million dollars .  Divide that by the number months and them multiply by the active inventory of 34 home. I have excluded the$16 million dollar listing at 32 Club Way . If no other Montclair homes priced in the million dollar range came on the market today it would take a little more than 2.5 years to sell through the existing inventory. A Six months’ supply is considered a balanced market — when the number of listings roughly equals the number of buyers. Numbers over six represent a buyers’ market and those below a sellers’ market.

Of the 11 Montclair million dollar homes that sold over the last year the stats break out as follows:

  • Original list price was  $1,406,909
  • Average list  price was $1,368,363
  • Average sale price was $1,258, 500
  • Average price reduction was $106,000
  • Original list price to final sale price was 89.66%
  • Average Days On Market was 100
  • 18 homes were withdrawn from the market or the listing expired

Interesting numbers for sure at the top of the market here in Montclair. We would love to hear what you think.  As the baby boomer become empty nesters and choose to downsize or relocate we have to wonder if there are enough people who will move up to these great homes. One thing we know for sure is that no one cancelled the future and people are still buying.  With so much to choose from if you are in the market for a high-end home please contact us and we would be happy assist you. In the meantime feel free to search home available for sale in Montclair over a million dollars.

 

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Homebuyer Tax Credit In The Works For New Jersey

by Jeffrey Bogert on May 25, 2010

NJ Homebuyer Tax CreditOn April 30th, 2010 the federal tax credit expired but it looks like the New Jersey legislature has something in the works to try to ”jump-start the state housing market”  Couple this with the unbelievably low mortgage interest rates  and this could be good news for the Montclair, Glen Ridge and Bloomfield homebuyer.

Athena Merrit of the Philadelphia Business Journal reports:

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Mid-Century Modern Home Design In Montclair

by Jeffrey Bogert on April 30, 2010

Among the many Tudors, Colonials and Victorians that come up for sale here in Montclair, every now and again the rare Mid-Century Modern home becomes available to buy. These unique homes attract an equally unique type of home buyer.  Recently504 Highland Avenue  , a custom contemporary, was listed for sale and many potential buyers at the open house came out specifically to see this modern home.  Most were from Park Slope, Manhattan  or Hoboken and were looking to find a specific space in the suburbs that would be similar to their urban digs. Not surprisingly most of these potential Montclair home buyers only wanted to see this or other similar style homes. There was little interest in the traditional suburban housing stock.  Which begs the question, with such a limited supply of these mid-century modern homes available to the Montclair home buyer moving from New York City orNew Jerseys Gold Coast , is it possible to create an urbane environment within our suburban framework?Montclair's New Mid-Century Modern Furniture and Design Store

Rich Fostek and David Salvatore think you can and have just opened their new store named EDGE at 461 Bloomfield Avenue which is dedicated to mid-century modern design.  Born out of Mr. Fostek’s passion for mid-century design and Mr. Salvatore’s fashion design and retail background, the former corporate manager and his partner have created a place where anyone can benefit and enjoy these unique yet functional accoutrements.  “A mid-century modern home is not a prerequisite to enjoying their pieces. You can create this atmosphere in any style of home,” explains David. “Montclair homes have so much potential to blend elements of modern design into their more traditional style and interiors.”  “Just look at the design press and you will usually see one iconic piece of modern furniture design incorporated into the space,” say Rich Fostek

Mr. Fostek and Mr. Salvatore describe EDGE as the place to accessorize your space. Rich and David are committed to bringing good quality modern design to any style home at an affordable price.”We are looking to uphold the original spirit of modernist movement as it relates to furniture which was to bring good design that is easily replicated using modern materials and mass production methods to the masses. Over the last 50ish years there has been an evolution to more of an elitist niche. To own these original and/or licensed pieces are out of reach of many people in the new economy.  We are about 25$ to 30% of what these iconic pieces would cost regularly,” says David Salvatore.  Rich and David’s advice to the mid-century modern fan that may not have any mid-century inspired furniture yet, come into Edge take a look around at some iconic pieces and consider starting with one item.  Select a chair or coffee table to inject different color, texture and shape into a room bringing a much bolder modern feel to the space. “These are definitely statement pieces,” says David.

“We have had mid-century modern design enthusiasts come in to EDGE and comment that they have only seen these pieces in a museum.  We want to bring this experience off the screen and down to the street level. Our intent to have people come in and interact with the design and sit in the ball or egg chairs and gain a level of comfort with the pieces,” says Rich. Hell this author even witnessed Debra Galant  , the grand mistress of all things barista, having herself photographed in the ball  chaired when offered the opportunity to climb inside. Stop in and say hello to Rich and David and mention that you saw their story here on Burbtimes.

EDGE is open Tuesday – Thursday from 11-6 Friday –Saturday 12-7 and Sunday 12-5.  Phone 973-509-2400

In the meantime you can continue to search here for your Montclair Mid-Century Modern homes .

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