On 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:
The measure(Assembly Bill 1678) would establish the New Jersey Homebuyer Tax Credit Program, which would allow refundable tax credits of up to $15,000 or 5 percent, whichever is less, for the homebuyer of new and previously owned homes during calendar year 2010. A qualifying homebuyer would be able to take the credit against the gross income tax. The total credits available under the program would be $100 million, with $75 million allocated for purchases of newly constructed houses and $25 million for previously occupied home.
The bill, sponsored by Assemblymen Lou Greenwald, D-Camden; Vincent Prieto, D-Hudson; and Albert Coutinho, D-Essex; was released by the Assembly Appropriations Committee on a 11-0 vote and one abstention.
“This is a creative and sensible way to revitalize our housing market and our economy,” Prieto said. “Much direct and indirect economic activity is generated through new home construction and home re-sales, so this is the smart thing to do in this tough economy.”
While The New Jersey Association of Realtors is working to have more money dedicated to the purchase of existing homes, the main focus of the bill is to put people in the building trades to work and stimulate the economy through income and sales tax revenue created by the new construction
The proposed tax credit would be spread over three years and would be determined on a first-come, first-served basis until the total amount is exhausted. An unknown number of buyers won’t get the credit once the program’s maximum amounts have been reached, according to the state Office of Legislative Services. The state Division of Taxation, in its analysis, estimated that the bill would reduce gross income tax revenue deposited into the property tax relief fund by equal annual amounts of $33.3 million in fiscal years 2011, 2012 and 2013.
Before this legislation can become law, it must be approved by the full state Senate and be signed by Governor Chris Christie. The full Senate may vote on the bill as early as its next scheduled meeting on June 10, 2010. There is no way to know at this point whether Governor Christie is inclined to support the legislation.
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?
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
The spring market is getting underway and there are many homes either on or set to hit the market. When preparing their Montclair home for sale one of the hardest discussions we can have with an owner is where to set the initial offering price on their property. We are seeing that this is a frenetic market with some homes still receiving multiple offers while others languish for month unsold. With the seismic shift that has occurred in the last few years in the Montclair real estate market, pricing a home at a level which will cause it to sell can be a tricky thing indeed. There is no doubt that we are in a buyers market and what you paid, what you need to sell for and what you want to get will not determine the price that your house will ultimately sell for. The key to getting your home sold for highest possible price in the shortest amount of times is to price the home where the buyers will see your home as the best value available in their price range, period. This New York Times article discusses this idea in more detail and it is worth a look if you are thinking of putting your home on the market.
The cold hard truth is this ANY home will sell if it priced correctly. From a timing perspective there are numerous ways to get to the final selling price and all will yield different results.
Price high with the expectation that “Lets see what happens and we can reduce the price later”
Price just at market price along with everything else available
Price to generate energy by positioning as the best value and ultimately moving the buyer(s) to action
Approach number 1 communicates to the potential home buyers that your home is essentially not on the market. The second approach generally results in buyers taking a look but taking a wait and see stance. In a buyers market the being price at or above market value will cause the days on market to become longer. The most action a property receives is during the first two weeks after the home is listed. Once the days on market for a home approach 30 days the buyer pool will see it as stale and shortly after begin to wonder if something is wrong with the property. In general the longer the days on market, the lower the final sales price tends to be.
The best way to recieve the highest possible price in the shortest time frame to initially be precieved as the best value available. The first two weeks will attract those buyers actively looking to buy a home in Montclair and they will haveseen what is available already. Energy pricing the home will in the long run move the buyer(s) to action and net you this highest possible price in the least amount of time. We can provide you with a list of specific properties where this strategy has worked so feel free to reach out via the contact page. Please know that we sensitive to and certainly understand that each situation is different for every seller. We encourage you to educate yourself about what is happening with home sales in Montclair. You can sign up for our Market Snapshot and also check out our Market Stats page. If you or someone you know are thinking of selling please contact us for a confidential discussion.
If the predictions are true we are about to get POUNDED with a crazy nor’easter. With all the recent talk of faked global warming data it is easy to forget that there really just doesn’t seem to be as much snow during the winter as there was when I was just a young lad. Back then the neighborhood kids would wake up early in a competition to see who could be the first out making money shoveling snow. Many a blustery morning in the late 70′s – early 80′s my brother and me would head out at first light after a storm, vying to be the ones to service the choicest of long driveways. We would trod up to the doors of our sometimes still sleeping neighbors in and effort to earn a little loot which we would most likely blow later at the video game parlor. (Yes, as unbelievable as it seems, there was a time when you actually had to leave the house to play video games AND they were played on *gasp* a stand-alone machine, but I digress.) Those days we would work as fast as we could, systematically moving from one house to another in hopes of expanding our pockets just a little more. We worked until are hands and feet were almost frostbitten, head back for 30 minute of hot chocolate and heat and then back out again until the early waning of the winter light when our bodies ached from a job well done. I remember back then thinking that these folk were lucky and that one day, god willing, I would be in my house and have industrious kids knocking on my door full of piss and vinegar ready to make a buck for a hard days work.
Now that I have that house, when it snows I wait for the knock. The knock that says, “Hey Mister I’m here and I am ready to work, I’ll do a bang up job for you, so please sir won’t you let me make a buck”? It is the knock that would complete the circle of life, the knock of tradition, continuity, the knock of faith. But alas it is the knock never comes. One time a kid from 2 doors down stopped over half heartily offering to shovel but performed in the same half-hearted manner, eyes darting side to side knowingly when sticking his hand out to collect his quarry, embarrassed to be leaving me to clean up his unfinished shoveling. Back in the day sidewalks were cleared side to side, not some pathetic single shovel path down the center. I later learned that the motive was not one of that of pulling ones self up by the bootstraps but rather that of a teen who need some dough for a party he was headed to later that evening. That didn’t bother me half as much as if he would have just taken some pride in his work. Who am I to judge what he was going to do with his hard-earned cabbage. One kids video game parlor is another kids keg party…but still.
I fear I am quickly becoming like that grumpy old curmudgeon Andy Rooney lamenting the passing of newspapers. Perhaps it was the proliferation of the snow blower or the various landscape crews on contract that will come plow the drive and clear the walk or maybe today’s kids have it easy but what ever the case it seems the fire is gone. Know this though I will still be here, be here waiting for the knock, the knock that may never comes with cash in hand ready, ready for the kid whose looking to pay his way by seizing the opportunity mother nature presents him or her, the kid looking to earn his keep. As I put the finishing touches on this post the NBC 4 had the most telling quote, “As PARENTS worry about the snow shoveling in their future, kids are just happy to see some flakes of the white stuff”
We would like to know your story do you have neighborhood kids who come by offering to shovel? Post a comment and let us know.
December 7th, a day that President Roosevelt told us, will live in infamy. The attack on Pearl Harbor decisively drew the United States in to the second world war. Today another significant event has taken place that will surely ignite the burger wars in Montclair, NJ.
SMASHBURGER . HAS . OPENED.
At 10 a.m. eastern standard time Smashburger , a Denver based company, opened its first New Jersey location in Glenmont Square at 15 Bloomfield Avenue in Montclair, NJ. Venturing to the new venue today for a grand opening day lunch, we arrived to a line of other like-minded folks waiting to try a smashed burger. I opted for 1/2 lb New Jersey Smashburger, Smashfires and a Stewart’s Root Beer for which a semi-frosted mug was provided. Once the meal was paid for, a number stand was handed over to be place on the table. It was 7 minutes from the time on the receipt to the delivery of the meal. During the short wait no less than 3 employees checked in to see if there was anything I needed or asked how I was doing. The order was delivered and I set upon my burger prey and it ended up as to be a 5 napkin meal. All in all it was a very nice experience and as for the NJ Smashburger, I will to defer to Samuel L. Jackson in Pulp Fiction. To see what else is available at Smashburger please see the Smashburger Menu .
We want to know what our readers think and in an effort to share the experience with others we are offering a five dollar gift card to 5 commenters on this post. Have you been to Smashburger yet, what did you think? If you are planning on going what has inspired you? So go ahead comment and you could be the lucky winner of one of the five gift cards to Smashburger.
Please be aware this IS NOT a sponsored post. The meal and gift cards have been paid for by Burbtimes. Look forward to hearing from you!
On 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.
