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Marketwatch Fall 2011

WWW.TURPINREALTORS.COM

Home Purchase Contracts Rise Again in July The New Jersey Housing market continued to show signs of stabilization as combined purchase contracts for resales and new construction in July increased slightly over July 2010. Furthermore, July marked the third straight month of year over year gains, reversing a trend of home sale declines that began with the expiration of the federal tax credit in mid 2010. While our economy continues to face its fair share of challenges, it is encouraging to see signs of organic and sustainable growth in our local real estate markets.

New Jersey July Home Purchase Contracts

Source: Otteau Valuation Group

Chatham Township Renovated 5-bedroom Custom Colonial with cul-de-sac location on .34± acres in the Meyersville area. 2006 updates include roof, siding, kitchen, baths and more. 2 full and 1 half bath, finished basement, 2-car garage, backs to parkland. Offered at $700,000

Bernardsville Charming Colonial offers views and is beautifully sited on 5± level acres with pond, pool and pool house. 5 bedrooms, 3 full and 2 half baths, family room and den, custom moldings, elegant interiors and lovingly updated. Offered at $2,589,000

Bedminster Township – Riverisle Rare opportunity to own one of four houses on a small island with river frontage in Pottersville. Spacious, antique 3-bedroom, 2 full and 1 half bath Victorian Farmhouse on 1.7± acres. Large open kitchen/family room, screened porch, deck, and small barn. Offered at $694,900

Harding Township Spacious 6-bedroom classic Colonial situated on 3± acres along a private road in New Vernon. First floor bedroom, 5 full and 1 half baths, gourmet kitchen, 3 fireplaces, 4-car garage, pool and professional landscaping. Offered at $1,995,000


A Message from the President

Somerset County Contract Sales 2010 vs. 2011 500 450

Understanding Our Local Markets

400

The more information you have regarding your local market, the better able you will be to make informed and intelligent decisions — whether buying or selling a home. To that end, we are pleased to present you with our newly redesigned Market Watch. Alongside a sampling of our fine listings, you will also find data, insights and analysis of important real estate trends across New Jersey and closer to home.

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2011

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Jul

Morris County Contract Sales 2010 vs. 2011

Hunterdon County Contract Sales 2010 vs. 2011

John Turpin

We hope that you find the information in this publication of value, especially during this challenging housing market, and invite you to contact us with any questions or comments. You can reach us by phone, email or by stopping in any one of our local offices.

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120 400 100 300

80 60

200 2010

2011

2010

40

2011

100 20 0

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A similar trend can be observed in each of the 3 county charts showing contract sales surpassing the previous year’s performance beginning in May. This broad and consistent improvement suggests that the housing market is beginning to stabilize. Information supplied by GSMLS which does not guarantee its accuracy.

Tewksbury Township – Seven Springs Often admired antique Farmhouse with later additions, on 6.6± acres near Pottersville, is full of charm and offers 4 bedrooms, 4 full and 2 half baths, a very spacious great room, 3-car garage, barn, paddocks and outbuildings. Offered at $1,375,000

Bernardsville – Antenna Farm Sophisticated combination of the elegance of yesteryear with many of today’s expected amenities, this 5-bedroom, 6 full and 2 half bath Custom Colonial is situated on 7.4± acres of the Bernardsville Mountain with a pool and beautiful grounds. Offered at $2,995,000

Morris Township - Peacemeal Farm Pride of ownership shows in this elegant updated 5 bedroom, 4 full and 2 half baths c1790 Colonial. Carefully renovated and restored on 6.7± acres with carriage house, guest suite, caretaker’s quarters, 5-car garage, antique restored 5-stall barn, vintage greenhouse and stunning gardens. Offered at $2,900,000

Bernards Township Beautifully renovated and updated 5-bedroom, 5 full and 2 half bath Colonial on 2± acres in sought after neighborhood. Elaborate moldings, gracious rooms, designer kitchen, 3-car garage. Resort like rear yard includes custom designed pool with waterfalls. Offered at $2,650,000

2 | MARKETWATCH FALL 2011


For a complete listing of properties visit www.TurpinRealtors.com

Bernardsville Office Contract Sales Up, Months Supply Down

Much of the 2011 data for Bernardsville shows solid improvement over 2010. Fewer homes have come to market during the first 7 months of 2011 than did last year, while contract sales have risen 18% year-to-date over the same period last year. The result is a more attractive months supply of inventory, bringing us ever closer to a balanced market and price stabilization, considered by most to occur at about 6 months supply. Sellers are achieving a higher percent of their final asking price in 2011 and experiencing fewer Average Days on Market, most likely due in large part to more competitive pricing practices.

Market Snapshot Bernardsville

Bernardsvile Exceptional value and opportunity on the Bernardsville Mountain. Elegant 7-bedroom, 8 full and 2 half bath French-style residence decorated by Diamond-Baratta NYC offers formal and informal spaces. Gated, professionally landscaped, and deer fenced with terraces and pool on 5±acres. Offered at $2,975,000

Bernardsville – Fairfield Originally built in the 1800s with later additions by the George B. Post firm, this 6-bedroom, 5 full and 2 half bath Colonial Revival home is a one-of-a-kind. Set on 10.2± acres, the Mountain Colony Estate offers gracious rooms and timeless elegance. Offered at $2,850,000

YTD thru July 31

2010

2011

New Listings

149

143

Contract Sales

56

66

Months Supply 7/10 vs. 7/11

12.9

9.1

Average Sale Price

$1,027,462

$947,259

Sale Price/List Price %

90%

92%

Average Days on Market

121

105

Highest Sale Price

$7,875,000

$3,800,000

Information is supplied by Garden State MLS and Broker Metrics, neither of which guarantee its accuracy in any way.

Bernardsville Charming vintage 3 bedroom, 2 full and 1 half bath Colonial in Twin Lakes neighborhood offers custom cabinetry, newer kitchen appliances, large living room with fireplace, spacious deck, 2-car garage. Convenient to Route 202, Bernardsville center and rail transportation. Offered at $599,000

Bernardsville Custom 17-room Contemporary with architectural interest and sophisticated design offers single-story living with two expansive wings. 6 bedrooms, 6 full and 3 half baths, 4 fireplaces, indoor pool, 4 garage spaces, and more on scenic 5± acres. Offered at $1,750,000 MARKETWATCH FALL 2011 | 3


Chatham Office

Market Snapshot The Chathams

Among the Strongest Markets in New Jersey Consistently outperforming most towns across the state, Chatham Borough and Chatham Township continue to post excellent stats. With Contract Sales up by 14% over 2010, and Months Supply down to 4.8 in July 2011, sellers in the Chathams are experiencing one of the lowest Average Days on Market in the state, and achieving a stunning 98% of final list price. Our Chatham office, up and running since March 2010, has experienced strong and consistent growth and offers a full compliment of experienced and professional agents to assist you.

YTD thru July 31

2010

2011

New Listings

305

304

Contract Sales

155

177

Months Supply 7/10 vs. 7/11

9.3

4.8

Average Sale Price

$801,430

$835,757

Sale Price/List Price %

97%

98%

Average Days on Market

63

60

Highest Sale Price

$2,710,000

$2,500,00*

Information is supplied by Garden State MLS and Broker Metrics, neither of which guarantee its accuracy in any way.

*Though outside the time frame of this report, a new 2011 Highest Sale Price of $2,900,000 was achieved in a Chatham Township sale that Turpin made in August.

Harding Township Lee’s Hill Farm Dating to 1776, this wonderful property is a rare offering. Country Colonial with 6 bedrooms, 6 full and 3 half baths, on 10.91± acres in New Vernon, has been carefully renovated with attention to detail. Property includes carriage house with 2 apartments. Offered at $5,900,000

Morris Township The Sycamores An elegant landmark estate with great presence. 5 bedrooms, 4 full and 1 half baths, 8 fireplaces and spacious public rooms, level lot and tennis court. Towering trees complement the lush 3± acre property. Offered at $1,950,000

4 | MARKETWATCH FALL 2011

Madison Spacious 4-bedroom, 2 full and 1 half bath home on large, level lot in the Oak Knoll section. Open floor plan, lower level recreation room, hardwood floors and central air conditioning. Convenient to shopping, restaurants and train station. Offered at $578,900

Chatham Boro Freshly painted in and out, new roof and water heater, new bathrooms, updated appliances, granite counters, new driveway, refinished hardwood floors and more. 4 bedrooms, 2 full and 1 half baths and central air on .26± acres. Offered at $799,000


For a complete listing of properties visit www.TurpinRealtors.com

Far Hills Office Upper End Shows Strength

Though each of the three towns represented in this “Snapshot” deserves closer scrutiny, on the whole they show a relatively flat to slightly poorer performance year over year across all price ranges. The real story, however, lies in sales above $1,000,000: Through July 31, 2010 there were 5 sales of homes listed above $1M with an average sale price of $1,456,400. That same period this year has yielded 14 sales of homes listed over $1M with an average sale price among those that have closed of $1,892,127, showing strong improvement in the upper end of these towns

Market Snapshot Far Hills, Bedminster, Peapack-Gladstone

Bedminster Township – Deerfield Farm An exceptional residence and equestrian facility situated on 34.4± acres with riveting views. Country Estate offers sophisticated 6-bedroom home with 5 full and 3 half baths, plus 2-bedroom guest cottage and 2-bedroom apartment. Stable complex has 8 stalls. Offered at $8,475,000

Peapack-Gladstone Beautifully appointed 5-bedroom, 6 full and 1 half bath Classic Colonial on 2.4± acres with 2 ponds and stream. Finished walk-out basement, wine cellar, and media room. Professionally landscaped, perennial gardens, bluestone patio. Offered at $1,995,000

YTD thru July 31

2010

2011

New Listings

249

238

Contract Sales

128

121

Months Supply 7/10 vs. 7/11

5.4

7.2

Average Sale Price

$450,496

$516,227

Sale Price/List Price %

96%

94%

Average Days on Market

87

93

Highest Sale Price

$2,100,000

$3,100,000

Number of Sales of Homes Listed over $1M

5

14

Average Sale Price of Homes Listed over $1M

$1,456,400

$1,892,127

Information is supplied by Garden State MLS and Broker Metrics, neither of which guarantee its accuracy in any way.

Bedminster Township Extensively renovated 4-bedroom, 4 full and 1 half bath Custom Colonial with stunning vistas on 5± acres off a private lane. Deer fenced, gated property with pool, and large climate controlled barn/outbuilding for a car collection or livestock. Offered at $1,950,000

Far Hills Charming antique Farmhouse with 3 bedrooms, 2 full and 1 half baths. 9 garage spaces make for the perfect opportunity for the car enthusiast. Pool, outbuildings and open porch enjoy the sounds of nearby waterfall. Offered at $795,000

MARKETWATCH FALL 2011 | 5


Mendham Office Months Supply Holds Steady Mendham Township and Mendham Borough have seen significantly more homes come to market this year compared with 2010, as well as a slight reduction in the number of contract sales. The good news in this picture is that July’s Months Supply has remained flat at 9 months year over year, indicating that contract sales relative to inventory have stayed steady. This somewhat healthy Months Supply number (6 months is ideal) may help to keep depreciation at bay. Another bright spot is the Average Days on Market, which is down slightly this year.

Market Snapshot The Mendhams YTD thru July 31

2010

2011

New Listings

127

184

Contract Sales

86

76

Months Supply 7/10 vs. 7/11

9

9

Average Sale Price

$794,387

$840,496

Sale Price/List Price %

95%

94%

Average Days on Market

115

110

Highest Sale Price

$1,900,000

$3,000,000

Information is supplied by Garden State MLS and Broker Metrics, neither of which guarantee its accuracy in any way.

Mendham Boro Built in 1998 on 5.7± acres, this French Normandy Manor offers 7 bedrooms including a 1st floor master, 7 full and 2 half baths, a 32± foot two-story salon, gourmet kitchen, home theater, French doors, limestone terrace, pool and pool house. Offered at $5,250,000

Mendham Township Custom 5-bedroom, 3 full and 1 half bath brick Colonial on 1.98± acres in Brookrace. Superb architectural elements, custom cabinetry, chef’s kitchen, 4 fireplaces, pool, spa with waterfall, terraces, gardens and stone walls. Private neighborhood lake. Offered at $1,525,000

6 | MARKETWATCH FALL 2011

Mendham Township Traditional 4-bedroom, 2 full and 1 half bath Colonial nestled on 3± acres of a cul-de-sac on the east side of Mendham. Updated kitchen, fireplace, many oversized windows and finished lower level. Stream and invisible dog fencing. Offered at $749,000

Mendham Township Located on .81± acres in the charming Brookside section, near the Village of Mendham, the c1930 residence has been rebuilt and expanded to 10 rooms. 4 bedrooms, 2 full and 1 half baths, many wood floors, stone fireplace in living room, and 2-car garage. Offered at $579,000


Oldwick Office

For a complete listing of properties visit www.TurpinRealtors.com

Signs of Recovery Evident Though among the most beautiful areas that we serve, Tewksbury Township has also been one of the harder hit markets. That said, Tewskbury is showing strong signs of improved health this year compared with 2010. With fewer homes coming to market and Contract Sales up 16%, Tewskbury’s July Months Supply is markedly improved over July 2010, while Average Days on Market are down. Like many towns, this one is not out of the woods, and a 16 month supply may spell more depreciation, but many of the trends we see here are very encouraging.

Market Snapshot Tewksbury YTD thru July 31

2010

2011

New Listings

117

108

Contract Sales

37

43

Months Supply 7/10 vs. 7/11

33

16

Average Sale Price

$886,646

$739,100

Sale Price/List Price %

94%

92%

Average Days on Market

133

127

Highest Sale Price

$2,688,850

$2,000,000

Information is supplied by Garden State MLS and Broker Metrics, neither of which guarantee its accuracy in any way.

Tewksbury Township Gracious 4-bedroom, 3 full and 1 half bath Classic Colonial nicely situated on 5± acres in a neighborhood near Pottersville. Light and bright, well proportioned rooms, hardwood floors, 3 fireplaces, large deck and open lawn areas. Full, walkout lower level. Offered at $649,000

Tewksbury Township – Little Brook Farm Charming “Gentleman’s Farm” with antique 4-bedroom, 3 full and 2 half bath Colonial on nearly 14 farm-assessed acres. Privacy and sweeping views, stone patio, stream, 2 ponds, pool, and orchard. Renovated 3-bedroom cottage, 3 large barns, 2-stall stable. Offered at $1,475,000

Tewksbury Township Shallow Brook Located near the center of Mountainville and convenient to Route 78. Privately situated, 5-bedroom, 6 full and 2 half bath stone and stucco residence in a magical setting with pool, patios, horse barn and pond on 7.8± acres. Offered at $1,450,000

Tewksbury Township Turkey Hill Scenic location near the village of Oldwick. This Custom Colonial is on 14± acres with 5 bedrooms, 3 full and 2 half baths, cook’s kitchen with commercial range/hood and 4 ovens, and elegant millwork. Offered at $1,175,000

MARKETWATCH FALL 2011 | 7


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CHATHAM 973-635-5555 FAR HILLS 908-234-9100 MENDHAM 973-543-7400 OLDWICK 908-439-3300 BERNARDSVILLE 908-766-6500

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©2011 Turpin Real Estate, Inc.

EQUAL HOUSING OPPORTUNITY

morris township Charming Colonial on .75± acres in sought-after Spring Brook section. 4 bedrooms, 3 full and 1 half baths, a front-to-back living room with fireplace and built-ins, eat-in kitchen, den and family room, 2-car garage. offered at $650,000

Bernardsville Adirondack-style residence with unique architectural elements, pastoral views, pond and fruit orchard on 5± acres. 3 bedrooms, 5 full and 1 half bath, open floor plan, reclaimed brick entry, mahogany cross-vaulted ceiling, designer kitchen. Offered at $2,750,000

Harding Township Classic Colonial built in 2000 with 6 bedrooms, 7 full and 2 half baths, 4 fireplaces including one in the master suite, hardwood flooring, extensive millwork, custom kitchen and more on 3.9± acres in sought-after Hartley Farms. Offered at $3,850,000

Bernards Township Pristine Custom Colonial on 1.25± acres of a cul-de-sac location in Basking Ridge. Cook’s kitchen, spacious family room, 5 bedrooms, 5 full baths including two in master, and 2 half baths, 4-car garage and convenient location. Offered at $1,650,000


Marketwatch Fall 2011