New Listing!

Absolutely stunning 3 BR, 2.1 Bath Tudor at 10 Cedar St. Basking Ridge. Beautifully updated and renovated with hardwood flooring, new kitchen with granite, stainless and drama lighting. All chestnut trim refinished with care, puddingstone fireplace in lviing room, central vacuum, lawn sprinkler system, updated baths, one with steam shower, paver patio, balcony off master bedroom, just to name a few.

A rare find - not your typical home. Loaded with charm and it's original character. A must see. Close to schools, houses of worship, restaurants, town, convenient to routes 287, 78, 202/206. The perfect location.

Bedminster, Somerset County  -  We invite everyone to visit our open house at 11 High Pond Lane on June 22 from 1:00 AM to 4:00 AM.

Property information

If you have any interest in a nice investment property or know a first time homebuyer, I have a new listing at 11 High Pond La. Bedminster (Wood Duck Pond) which is a dollhouse.

It has lots of light from skylights in the Dining Room and sliders in the Living Room that lead to the deck. Brand new hardwood floors throughout make it sparkle. A huge Paladium window in the second bedroom/office adds lots of character.

A gas fireplace, new fixtures, new carpeting on the entry stairs, freshly painted....it's beautiful, positively meticulous and ready to move into!

Minutes from routes 287, 78 , 206 and 202, it is convenient to everything. Lots of wonderful places to eat and shopping close by, not to mention the Bridgeater Mall that has it all.

Check my featured listings to see photos and additional information.

February, 2008

New Jersey Monthly Magazine and the Monmouth University Polling Institute rated Chatham Township the best place to live, out of 100 New Jersey communites (Feb 2008).

Chatham High school also ranked 19th in the state and had the highest SAT scores among all high schools in Morris County for the fourth time since 2000.

Impressive. There are also many other communities in Morris and Somerset counties that are wonderful to live in and have superb school systems. You can check them out on my website under "communities".

Market Update

Is your home a product or a commodity? Why won't it sell?

Many people think that during a “buyers” market, there is less of a buyer pool and when it’s a seller’s market, there is a huge buyer’s pool. The truth is, while financing has stopped some people from being able to purchase in this market, there is still a very large pool of people looking to move up, relocate, change school systems and just plain, “buy”. Particularly in this area where excellent schools and the Midtown direct train rules! So why are so many homes just sitting?

Most people believe a home is a product. You attach a price to it, you list it and you want your price for it…..and you barely budge because YOU think it’s worth that. After all, you paid that 3 years ago when YOU bought it. Or your neighbor sold 3 years ago and they got that much.

 Actually, a home is a commodity. Just like stocks, gold and bonds, it fluctuates with the market. It goes up and it goes down. A product is more like a burger that you buy from McDonalds. They put a price on it, you buy it or you don’t. It remains constant, for the most part. Most seller’s are having a difficult time understanding this concept. What helps when selling a home is that there is an emotional element involved. People come to see it and if they love it, they will buy it. They will even drive the price up if they love it enough and if they perceive value. This is what makes it different from most other commodities, but it is still a commodity, not a product. It goes up and down.

Now, even the best of towns are feeling the pinch of lower prices, some places much more than others. The trick when pricing a home in this market is to price it so the buyer see’s VALUE. Your agent should be honest with you and tell you what has sold in the last 2 months and sometimes that’s too old because we are in a declining market. Every month that your home sits on the market, it looses value. Prices are moving lower each and every month. If you are not pricing your home near where the last one sold, (and it is similar) you could be there a long, long time. No one wants to pay more for a home than the last one sold for in a declining market. Would you? Six months could cost you a fortune, depending on the price and size of your home. You really have about two weeks to capture a buyer and then the buyer pool declines rapidly. Of course the larger and more expensive the home, the longer it takes depending on condition and location. Homes that are completely updated, nicely painted, staged with good landscaping and in a good location will be the first to sell. No one wants to do renovations today but most buyer's will positively pay more for a home in pristine condition.

You need a great agent that can help you prepare your home to sell, stage it if necessary and price it so buyer’s will see tremendous “value” and your home will sell, even in this market. Anything less, and your home will become one of the statistics. It's proven over and over, market age kills! Pricing your home correctly is everything in this market.

Not so long ago, the modest shower offered faint competition for the jetted bathtub.

The bathtub was where one went to luxuriate, while the shower was a necessary but very functional cleanser.

But all that has changed.

These days the lowly shower is one of the most in demand luxuries. The shower could easily contain a steam shower, a multi-headed burst of warm water, or simply a place to stand under a rainfall of moderate temperature.

The more luxury homes we see, the more we are seeing the shower stall (or room) overtake the once "must have" bathtub. And even if the shower stall doesn’t have a steam feature, many luxury home buyers will often stand back and really consider the possibilities of extending glass walls to the ceiling so that a steam shower could possibly be installed.

What are these luxury buyers seeking? They want oversized showers, the bigger the better, with a tiled seat and multiple shower heads. They also like the option of sharing the shower with others.

So, dual shower heads are also popular. On busy mornings or playful evenings, it might be fun to shower together.

Today, the luxury bathroom is closer to a luxury spa than baths of the past. Owners now want the jacuzzi garden tub,along with a super shower system that can deliver calming massage sprays as well as invigorating jets that can awaken the most sleep-starved person.

Written by: Roberta Murphy, Courtesy of Luxury Home Digest

Lately it's been hard to open a newspaper or turn on a TV or radio and not be bombarded with stories about the sub-prime implosion and the ailing real estate market. More often than not, there is an economist being interviewed or quoting figures on national stats. The funny thing is that while these national statistics may be useful for economists, they often don't mean much for someone who is actually looking to buy or sell a home. For buyers and sellers, what really matters are the market forces acting on their home-- in other words, THE LOCAL MARKET. What's happening in aggregate at the national level isn't necessarily what is happening locally, and is often just distracting noise. (Jonathan Samuel had a good post about this on the Matrix blog, entitled, "There is no National Housing Market"). The other important thing to note is that at the local level, the market often behaves very differently at different price points. In one area you may find a glut of mid and lower-priced homes and the bulk market may be flat or trending down in price, while at the same time, high-priced luxury properties are in short supply and appreciating nicely. Chances are, the typical MLS summary stats won't show this. You have to look at the market by price segment to see the real story.

This information provided by: Luxury Insights.

Some of the wonderful benefits of living in Morris and Somerset County is the proximity that many of our towns have to the Midtown direct train service to NY. Combine that with wonderful schools and our markets have held up exceedingly well compared to other areas in New Jersey, not to mention the country.

I love my job. Not only because I enjoy helping buyers find their dream homes and helping sellers find the right buyers, but I get a kick out of seeing what fabulous and creative things people do in their homes as well as trends in new home construction. I thought you would enjoy hearing about the great design ideas in some of the luxury homes of Morristown, Basking Ridge, Harding, Bernardsville and the neighboring communities. Below is a list of What’s Hot and What’s Not in the beautiful counties of Morris and Somerset, New Jersey.

What’s In

Dedicated his and her spaces. A little solitude is just the ticket for those of you who love your significant other but occasionally want some alone time in a personal space to read, work on hobbies or just “chill.” These range from yoga/meditation rooms to scrapbooking centers to sumptuous spa areas.

Two home offices. Rising gas prices and long commutes have convinced many couples to work at home. Separate offices provide much needed privacy and quiet working space; you can always make an appointment to meet for lunch in the kitchen!  Don’t skimp on your home offices; the nicest ones are at least 10’ x 10’ each.

Snoring rooms. When ear plugs won’t do the trick, many master bedrooms now have adjacent sleeping spaces where the snorer (or the one with his/her head under the pillow) can go and have a decent night’s rest.

Heated patios, walkways and driveways. Winter is beautiful, but New Jersey’s boomers are apparently fed up with clearing snow. Heated outdoor driveways allow you to zip off to work without having to get up an hour early to shovel. An added bonus: heated patios extend the outdoor entertaining season.

What’s Out

Bedrooms too small for a bed. Cozy is one thing, but if you only have 6 inches of room on either side of the bed, you’re not going to be happy. At one time builders tried to crowd as many rooms as possible into a home and didn’t consider the fact that no one wanted such tiny bedrooms. Thank goodness this trend seems to be turning around and more spacious bedrooms are back.

Glass upper cabinet doors. Only in home magazines do people keep their baking supplies so neatly organized that they’re attractive through the glass doors. Besides, who wants to climb up there to clean them?

Above the vanity bowl sinks. They’re stunning to look at but so impractical. No matter how gently you turn on the faucet, it seems the water splashes up the sides, over the top and onto the vanity. 

Circular staircases. They were all the rage during the mid-seventies but they’re now deal-breakers--unloved by home buyers and unfriendly to pets and children. If you have one in your home and are planning to sell, rip it out and install a standard staircase.

Do you know of other unusual home trends? Please share them with me at Adrienne@adriennefrancis.com and I may use them in future columns. If you’re buying a home and would like some guidance or selling a home in Morris or Somerset counties and you’d like to schedule a free consultation about how to price it for maximum profit with minimal time on the market, call me at (908)766-2900 X288 or Cell (201) 259-4449. www.adriennefrancis.com

Home buyers reviewing loan options this year have a great new deduction to consider. A new tax deduction allows many qualified buyers the ability to write-off premiums for private (PMI) and government mortage insurance on loans that close in 2007.

 The deduction was adopted by congress and signed in to law by President Bush in December. It applies to borrowers who buy or refinance a home this year if their adjusted gross income is $100,000. or less. Families with incomes of more than $100,000.and up to $109,000.will be eligible for a reduced reduction. but

As always you need to check with your accountant or loan officer to see if this applies to you and remember it pertains to properties that close in the year 2007 and on federal taxes for the year 2007. For more information, go to www.privatemi.com.

During the month of May 2007, there will be a "one time only" construction code AMNESTY in Bernards Twp. If you have had work performed on your home and did not apply for the proper construction permits, you can apply for a permit during the month of May 2007 ONLY, WITHOUT being assessed a penalty.

This is wonderful news and a great time to take advantage of this offer. It seems like so many homeowners have done something, even if it was very small, that required a permit but they didn't realize it.

So check with the construction code office located at 277 S. Maple Ave. Forms will also be available during Charter day on May 19th at the construction code booth. You only have from May 1 to May 31, 2007 to apply. You can also go to http://www.bernards.org. This will outline the requirements for applying for the permits "after the fact".  If you try to sell your home without the proper permits, the fines could be significant or you could possibly not be able to close if work was not performed according to code. So now is your chance!!!

The traffic through open houses in Basking Ridge this Sunday was nothing short of amazing! People came out in droves, like I have not seen in at least 2 years. And it was cold, windy and snowing lightly to boot. The drop in mortgage rates must have motivated everyone who was "sitting on the fence". That combined with slighltly lower prices and lots of inventory only prove what I have been saying all along.......... THIS IS A GREAT TIME TO BUY!!!   And could it be the end of the slower market? You never know!

"We'd like to move...we're just not sure if we should with the market so slow."

This is a very common concern today. But it's reasonable considering the market shift from a "seller's" market to a "buyer's" market. Of course, most of us haven't seen a shift like this in almost 14 years, so it's unsettling to some to say the very least.

One of the unusual aspects of this market is that real estate has never had a down market when both the economy and mortgage rates were so attractive. So why are people waiting? When prices were being driven sky high by multiple offers and inventory was low but still moving at record paces, everyone wanted to chase that market.

Prices just became impossible to keep up with and there were many unhappy buyers that lost out on homes they loved, sometimes two and three times. Now, with more inventory to choose from, a good economy and great mortgage rates, why are you waiting? Even with homes selling just off their peaks of 2004-2005, most people's homes have appreciated significantly in the past 5-10 years so they will more than likely still realize tremendous gains. Buyers coming into the market for the first time will have incredible opportunities due to high inventory levels and LOW rates.

The question is, will they still be low 6 months or a year from now? Is price the only consideration in buying a home or is it also the mortgage rate, especially with so many buyers putting little or now money down? The answer is - it should be both. Price or interest rates alone should not determine whether you buy - who know where the rates will be tomorrow. To be on the safe side. If you have a home and you want to sell, give me a call and I will help you by presenting a market analysis. I will also show you how to best prepare and position your home for a successful sale and create a marketing program specifically tailored for your home. If you are buying or know someone buying for the first time, I can show you some very good values in this area

I realize that people do business with people they trust. I am interested in what is best for you, the client and am committed to establishing a long-term relationship based on that trust. I pride myself on being knowledgeable about the area and staying current with changes in the industry that will affect the success of your transaction. I want to help make your dreams a reality and pursue the solution that's best for you. I am committed to fulfilling your needs with the highest level of professionalism, expertise and service. My enthusiasm and hard work will benefit you and help reduce the stress and anxiety often associated with real estate transactions.

"Don't miss the golden opportunities that this market has created for you!"

Adrienne