Category: NJ Real Estate News

It’s been a wild year in the real estate market. The coronavirus changed what buyers are looking for, with many of us shifting to work from home.

The demand for space supercharged North Jersey housing sales as people flocked from cramped city apartments to the (relatively) wide-open ‘burbs. Low interest rates and low inventory – who wants strangers walking through your home in a pandemic? – added to the frenzy. 

While prices have shown some signs of leveling off this year, it’s still a seller’s market, with open houses mobbed and bidding wars in full force. Homeowners can count on multiple offers, with cash buyers waiting in the wings. 

To keep you up to date, here’s a compilation of our recent real estate coverage. It’ll be updated periodically, as the market is ever changing.

What to know if you’re buying or selling

Where’s the most expensive place to live in pricey New Jersey? Alpine, the tony northern Bergen County town, followed by several Jersey Shore enclaves, ranked among the priciest locations in the country in a recent survey. (This story is for subscribers only.)  

‘You get more space’: 25 New Jersey ZIP codes with the biggest home price increases during the pandemic. We crunched data in almost 600 ZIP codes statewide. (This story is for subscribers only.)  

After a year of feverish bidding and buying, North Jersey’s housing market is showing signs of leveling off. What buyers and sellers should know. (Subscriber-only.) 

A study from financial technology company SmartAsset says Passaic County is one of the top real-estate values in the state. 

Some buyers are waiving home inspections to get an edge in the hot housing market, but is it worth the risk? Here’s advice from real estate agents on when to play the card and how to protect yourself if you do.   

What New Jersey county gives you the biggest bang for your property-tax buck? The answer may surprise you. 

Where home prices are soaring: Market data shows some of the biggest increases in western areas like Morris and Sussex counties. With remote offices and hybrid work schedules more of an option, a longer commute is no longer a turnoff for some buyers.  

Looking to buy a house? North Jersey may soon see more properties on the market. The lifting of pandemic restrictions means sellers are more comfortable with listing their homes. This subscriber-only story follows one couple who were finally enticed to sell – with a starting price of almost $1 million. 

Tales of the spring real estate frenzy: Cash offers, bidding wars, foregone inspections. When it comes to winning a bidding war, cash is king. “There’s no room for negotiations,” one shopper told us. “You have to be willing to pull the trigger right away.”

Buyers are wooing sellers with ‘love letters.’ But are they legal? Realtors are taking a closer look at the practice, worried that the missives will convince owners to sell to people like them – and run afoul of fair housing laws.

What does $600k gets you in North Jersey’s overheated real estate market? Our reporter shopped four counties to find out. I was a buyer too! Here’s what worked for me. 

Bidding $130k over asking: Why the housing market is red hot in 2021. A tiny home in Parsippany received 31 offers. This subscriber-only article looks at factors driving the demand. 

Housing trends

Jersey Coast Home Watch keeps an eye on your house while you’re gone. Home watch, a popular service in Florida, is growing rapidly in the northeast as well. Here’s a look at how it works. 

This Alpine mansion at $3.7 million showcases a real estate market for the rich. Big is back in vogue. The pandemic has prompted would-be home buyers to seek luxurious details in their abodes if they have the means. This story is for subscribers.

How the pandemic could change the direction of housing development in North Jersey. A tour for subscribers though the post-pandemic condo and apartment market, where builders are offering bigger units, shared workspace, touchless entries and other perks. This story is for subscribers.

Why these 10 towns are the hottest in NJ. These were the most popular towns for home sales in New Jersey last year. The list may surprise you.

Living and renovating

COVID has disrupted supply chains from New Jersey contractor’s offices to manufacturers halfway around the world. That means you can expect to pay more and wait longer to remodel your home. A subscriber-only story.

In the New York suburbs, “home for the holidays” took on a new meaning for a new crop of arrivals.  As the coronavirus took hold, families asked themselves: Is it time to flee to the suburbs or somewhere even more remote? 

Want a hot tub? You’ll have to wait, say NJ retailers slammed by demand. Hot tub and pool sales soared as owners stuck at home looked for new diversions. 

Why retro pink bathrooms are popular in North Jersey. More than 70 years after pink bathrooms appeared on the scene, they are in vogue again. And North Jersey has plenty of them.

Mary Chao 趙 慶 華 covers the Asian community and real estate for NorthJersey.com. To get unlimited access to the latest news out of North Jersey, please subscribe or activate your digital account today.

Email: mchao@northjersey.com

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On the hunt for a home last summer, Priscilla Gabela and her husband, Antonio Aluotto, gave up after a month. Bidding wars were everywhere, and the North Arlington couple decided to wait things out, taking a break from September through December. 

When they reentered the market early this year, they were in for sticker shock. If prices were too lofty in 2020, this year they zoomed into the stratosphere. 

“It’s been crazy,” Gabela said. “We’ve seen a lot of houses priced really high.”

Welcome to the post-pandemic North Jersey real estate market, where price appreciation is the brutal reality even with vaccines spreading, interest rates climbing and more homes going on sale. With demand still high, last year’s “COVID premium” isn’t fading away. 

In Bergen County, the median home sale price in Tenafly jumped 16% this May compared with a year earlier. Hackensack’s rose 19%, and Teaneck saw a whopping 33%, according to data from the state realtors’ association and individual agencies. 

Some axioms of North Jersey housing held true: Towns with quaint, walkable downtowns or easy access to NJ Transit fared well — Montclair prices leaped 22%.

NJ housing guide:Everything to know if you’re looking to buy or sell a home in North Jersey

New Jersey:Utility shut-off moratorium ends July 1. Apply for assistance by June 30

But some of the sharpest increases occurred farther to the west, as the trend toward hybrid and online work schedules encouraged buyers to settle farther from New York. Morris County’s median price surged by $100,000, or 23%, in April, the latest month available. Sussex County soared as well, led by Sparta’s 23% increase.  

“Sellers are taking advantage of escalating prices and buyers are feverishly absorbing the inventory — it’s still very much a seller’s market,” said Max Stokes, a real estate associate at Christie’s International Real Estate Northern New Jersey in Ho-Ho-Kus.

Hunting for a home

Gabela and Alutto, both 36, have been looking for a four-bedroom, two-bath Colonial under $900,000 in northern Bergen County — Upper Saddle River, Allendale and Wyckoff have been the main hunting grounds.

They’ve stood in long lines at open houses but found that even homes that need work are commanding high prices. One dated property in Allendale was selling for $900,000. While the pandemic’s decline means more houses have hit the market this year as compared with last, there are also more buyers, real estate agents said.   

Gabela knows they will pay more for the same house now after putting their search on hold. But she also expects to get more for her North Arlington home, which she plans to list at $430,000 once the couple buy a property. An agent priced the home at $350,000 last year, based on an analysis of similar homes.

“It’s a wash,” Gabela said.  

Bergen County program:How to get assistance if you’re behind on rent and utilities

Property taxes:Best counties with the bang for your property tax buck in NJ? Answer may surprise you

Median sales prices jumped 14% in Bergen County this April, compared with a year earlier; 19% in Passaic County and 21% in Essex. 

The market faces a major test in the coming months, as companies start asking employees to return to work, said Stokes, the Ho-Ho-Kus real estate agent. For now, Bergen County homes continue to sell quickly, with competition at every price point, he said.

Although the market ground to a halt when the pandemic erupted in March 2020, it recovered quickly with a momentum that has carried through into this year. Statewide, home sales were up 20% for January through April, compared with the same period in 2020. New Jersey’s median home price rose from $335,000 to $407,000, up 21.5%.

The market’s new reality is “multiple offers, shorter days on the market, more cash deals and higher prices,” said Noemi Morales Barile of Coldwell Banker Realty in Alpine and Closter. Buyers are waiving inspections; bidding wars are common. 

“I’ve seen $400,000 homes sell for $75,000 over asking price; I’ve seen $3 million homes sell for almost a million over asking price,” added Greg Rice, a Coldwell Banker agent in Spring Lake, in Monmouth County.

More space for your money

The virus pushed city dwellers to seek out more space in the suburbs, and buyers have been looking for more value by heading west, said Jeff Fellers, a real estate associate at KL Sotheby’s International Realty in Mendham. Towns in Morris County offer more room for the dollar, and with remote and hybrid working models an option, an extra 15 minutes for the commute doesn’t seem so bad two to three times a week, he said.

Towns with strong downtowns and direct train access to the city have been fairing well, a result of city dwellers moving out, said Rich Stanton of Stanton Company in Montclair. 

Buyers also like the small-town, walkable charm of Morris County towns like Denville, said Ilene Horowitz, a real estate agent at Coldwell Banker Mountain Lakes.

Lake communities such as White Meadow Lake in Rockaway Township are also seeing more demand from transplants like Meredith and Nick Huddy, who bought into the neighborhood in April. They were moving from Arlington, Virginia, with a new baby in March and found that homes were selling as soon as they were listed. 

So Meredith, 32, leaped into action when she saw a three-bedroom Colonial with a two-car garage that she liked online. The family drove to New Jersey the next day for a viewing and immediately made an offer. Competition was fierce: The Huddys had to bid $21,000 over the $439,000 price.

“It was the first house we saw, and we knew we had to make the move right now,” Meredith said. “We knew the market was hot. We didn’t know how crazy it was.”  

Mary Chao 趙 慶 華 covers the Asian community and real estate for NorthJersey.com. To get unlimited access to the latest news out of North Jersey, please subscribe or activate your digital account today.

Email: mchao@northjersey.com

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As we head into the hottest weeks of the year, New Jersey’s active housing market is apparently in the middle of a cool-down, and that could result in good news for folks who are interested in entering the market for a home.

According to the latest report from New Jersey Realtors, which covers home sales through May 2022, buyer activity is slowing as a result of high home prices and a surge in mortgage interest rates.

And, due to more inventory on the market, sellers aren’t seeing a deluge of wannabe buyers like they would have just a few months ago.

A continued softening of the market could put downward pressure on home prices.

“We’re now not seeing 20 to 25 offers on any given property, and we’re now not seeing offer prices going $40,000 to $100,000 over the suggested list price in certain markets,” said Robert White, president of New Jersey Realtors. “What we are seeing is five to 12 offers on any given property in certain markets, and $20,000 to $50,000 over that asking price.”

Sellers are still in the driver’s seat before and during a transaction, but they may not have as much power as they did one year or one season ago.

Compared to one year prior, according to the report, closed sales on single-family homes were down 8.7% in May 2022, and down 7.9% for all properties. The median sales price for single-family homes was $490,000, up 12.6% from 12 months prior.

The number of homes for sale today is significantly down compared to a year ago, but inventory has been growing recently on a month-to-month basis.

“We are going to continue seeing increasing inventory in all markets,” White said.

Mortgage interest rates are more than 2.5 points higher today than a year ago. This would logically push more buyers out of the market, particularly those who are first-time buyers, but that hasn’t been the case as of yet.

“They may not be pounding the pavement every day, but they’re still on top of the inventory coming in, and if something catches them, they’re on top it,” White said.

White noted that July and August are typically slow months for the housing market during any year.

Rising rates equate to higher monthly payments and a larger payout overall for buyers, but a calmer market would mean their purchase price may be lower than what it would have been months ago.

White expects rates to dip significantly in the first quarter of 2023.

Dino Flammia is a reporter for New Jersey 101.5. You can reach him at dino.flammia@townsquaremedia.com

Click here to contact an editor about feedback or a correction for this story.

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Well, that didn’t take long. CentralJersey.com is reporting that Mastoris Diner, on Route 130 in Bordentown will become an upscale restaurant.

The article states the investment group that owns Mastoris, the Foggia Restaurant LLC, will be renovating the iconic diner and reopening it as an Italian steakhouse under a new name.

The renovation will be a big one, as they plan to redo the entire building and outside terrace. If all goes well, it will be completed by the end of the summer.

The banquet hall and parking lot will also be remodeled to turn it into a space attached to the new steakhouse for private events…weddings, bridal and baby showers, and other parties.

Many will always remember that space as the best diner around, with fresh baked, legendary cinnamon and cheese bread.

The announcement that Mastoris would closed for good shocked many a few weeks ago. Click here for all those details.

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Living is expensive. Especially if you live in New Jersey right now.

Over the past few years, renters across the U.S. have experienced staggering increases in  rent. But if you take a look at the numbers at just how much they’ve increased, it’s pretty mind boggling.

Rent.com just calculated a list of “The 100 cities with the highest rent in the U.S” The data was pulled from their  multifamily rental property inventory for one and two-bedroom apartments, between June 2022 and June 2021, excluding cities with populations of less than 50,000. Their study found that the cities with the highest rent prices are near major technology hubs.

And guess what? New Jersey appeared twice in the Top 10. Yay.

It gets even worse. A New Jersey city is at the top of the list at #1. Which city, you ask?

Jersey City

Hats off to you if you’re making ends meet renting in Jersey City. You’re paying the highest rent in the country right now. The average monthly rent in in Jersey City has jumped from $3,308 in 2021 to $5,500 in 2022. Which is a whopping 66.25% increase.in just a year’s time!

Hoboken NJ

If you’re living in Hoboken, you’re also paying some of the highest rent prices in the country. With Hoboken, New Jersey has two cities in the Top 10 of this list. Hoboken comes in at #7 with an average monthly rent of $4,264, which is a 21.46% increase from June 2021.

Yeah, I’ll hang onto my <$2,000 rent for my South Jersey apartment. But as a New Jerseyan, this has me clutching my pearls!

Have you noticed trends like this happening in your city?

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I was surprised to hear the news that a popular hair salon in the Princeton area has closed its doors for good.

After hearing some rumors, I did a quick search and found out that yes indeed Cherry Blow Dry Bar Princeton is listed as Permanently Closed.

The salon was located in the Nassau Park shopping area, off of Route 1 and Quakerbridge Road, technically in West Windsor township, on the corner near Butterfly Nails, Party City, and the new Crumbl Cookies.

You could get your hair cut and blown out there as well as other add-on services like a scalp mass, braids, conditioning treatments, extensions, and more.

Memberships were also offered. There were month-to-month and yearly packages available. All of those are still available at the other nearby locations.

If you’re a fan of Cherry Blow Dry Bar, don’t worry, there are other locations not too far away in Marlton, Cherry Hill, Deptford, Glassboro and Wall Township.

No word on what will be talking over that space.

The Nassau Park Shopping Center seems to be having a problem keeping some of the stores filled, but, are also building additional spaces.

The old Walmart spot has been vacant for some time now. I had gotten word it was supposed to become an Ocean State Job Lot, but there’s been no progress at all. It was supposed to open in late 2021. That didn’t happen.

I did notice when I went to HomeGoods the other day that there’s new fencing up in the parking lot, so maybe some work will start soon. Although, that fencing may have been up for while and I just didn’t notice it.

When I find out any other information, I’ll let you know.

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The 2021 “A Look at Wealth” report profiles four Power Player demographics who are reshaping the wealth groups, marking shifts in home buying and lifestyle trends

MADISON, N.J., Oct. 25, 2021 /PRNewswire/ — Today, Coldwell Banker Real Estate LLC, a Realogy (NYSE: RLGY) brand, and the Coldwell Banker Global Luxury^® program released the “Real Estate’s New Power Players” report, part of the annual “A Look at Wealth” series. The luxury real estate market is seeing yet another dynamic year. Staggering wealth growth – driven by rebounding stock markets, cryptocurrency gains and higher 401(k)s – combined with soaring home prices and low interest rates meant buyers borrowed and saved more while reinvesting cash, leading to the emergence of a new set of Power Players redefining the meaning of luxury.

The report reflects that luxury real estate’s latest movers and shakers have had tremendous influence on the market over the last 18 months. Nearly three times as many individuals with a net worth of $5 million and up own real estate in the $1 million to $5 million range compared to numbers in 2019, an 180% increase of luxury property ownership in a three-year period.

About 71% of those with a net worth over $5 million now own properties in the $1 million to $5 million range. In fact, luxury homes purchased from January through August 2021 in the $1 million to $5 million range jumped 142% for single-family homes and 129% for attached properties compared to the same period in 2019.

The growth in the volume of wealth has also been extraordinary; between 2019 and 2020, it rose by over 21%, and escalated to 79% when compared to January through August 2021 during the same eight months of 2019. Data from the end of August 2021 already shows that the volume of real estate wealth in the luxury property market is greater than both the full years of 2019 and 2020.

Coldwell Banker Real Estate gathered the latest wealth research and data generated by WealthEngine, Wealth-X, and other third-party sources and combined it with anecdotal evidence from Coldwell Banker Global Luxury^® Property Specialists in the field to identify luxury’s affluent Power Players dominating the shifting wealth archetypes in the current market. The four core groups identified are having a major impact on the luxury real estate landscape in 2021:

Story 

• Baby Boomers: Representing 51% of the Power Players, Baby Boomers, those aged between 57-75, are speeding up their retirement plans and moving into the home of their dreams. Many Boomers have leveraged the equity of their primary residences and sought out dream homes in more remote locales, like the rural countryside or resort towns. There are 2,020,854 Boomers who own more than three properties — the most out of any age group.
• Golden Millennials: Golden Millennials, those aged 35-40, represent 60% of all millennial-owned luxury properties today. Holding more focus on values and the desire for sustainability and authentic living, this age group has shown a greater propensity for secondary cities and suburban locations that can offer them enough space for work, school and access to amenities. The influence of Golden Millennials will be important to watch as their wealth and real estate portfolios grow.
• Second Homeowners: Largely attributed to the pandemic, many consumers desired a “get-away” residence, resulting in a rise in second-home purchases. Their influence on the overall luxury property market is one to watch; nearly 70% of those with a net worth of $5 million and up own two or more properties.
• Urban Repatriates: As COVID-19 restrictions ease, a resurgence of the nation’s cities is prevalent. Luxury attached property values in 2021 increased an average of 14% compared to 2020 and 2019. Of the 184 U.S. cities reviewed by Wealth-X, there are 1,647,110 properties owned by the affluent with a net worth of $5 million and up in downtown cores as of August 2021.

With suburban settings, resort markets and secondary cities still booming, and major metropolises surging back, Coldwell Banker Global Luxury^® also identified the top markets where Power Players are moving:

Baby Boomers

Golden Millennials

• Atlanta, Georgia
• Chicagoland, Illinois
• Seattle, Washington

Second Homeowners

• Monterey, California
• Coeur d’Alene, Idaho
• Park City, Utah

Urban Repatriates

Shifting the priorities of all generations, the pandemic formed new hotspots in the luxury real estate market. As these Power Players continue to make moves in the high-end housing landscape, new definitions of luxury will emerge as they refine how and where their wealth is spent.

QUOTES:

“Our local luxury experts have once again identified the latest trends in luxury real estate. In 2021, we’ve seen a continuation of trends we began to see in 2020, from renewed focus on family, health and wellness, to what we have seen this year with surging stock markets, soaring home prices and increased savings – all of these variables created a perfect equation for a profound shift in the volume of wealth. These factors propelled the market to new heights, altering the definition of luxury along the way.”

– Michael Altneu, vice president of luxury for Coldwell Banker Real Estate LLC

“In 2021, luxury real estate market growth has remained at unparalleled levels. The emergence of new Power Players flush with cash has been transformative in many markets around the country as affluent buyers flocked to sleepy rural towns, resort markets and the suburbs, and are now contributing to the resurgence of major cities. As interest rates remain low, paired with all-time high demand and the return of international buyers, the luxury market will continue to experience low inventory levels that we anticipate will have a lasting effect in the years to come.”

– Judy Zeder, co-founder and broker-associate of The Jills Zeder Group, Coldwell Banker Realty

“The ALAW data show what I have seen this year: the L.A. lifestyle will never grow old with buyers. Our beach cities, including Malibu, Newport Beach and Santa Barbara are popular for second homes. International buyers are also beginning to return to the L.A. market, because people feel safe investing their money in the U.S. With just a few months remaining in the year, sales in 2021 are already outpacing both 2019 and 2020. In particular, our $5 million and up market fared extremely well.”

– Jade Mills, president, Jade Mills Estates and International Ambassador of Coldwell Banker Global Luxury, Coldwell Banker Realty

About A Look at Wealth

A Look at Wealth is a collaboration between the Coldwell Banker Global Luxury^® program and Wealth-X, WealthEngine and the Institute for Luxury Home Marketing. Released once a year, A Look at Wealth is a supplement to The Report, which combines industry research with anecdotal insights from local market experts affiliated with the Coldwell Banker^® brand.

Methodology

The Coldwell Banker Global Luxury^® program collaborated with WealthEngine, Wealth-X and the Institute for Luxury Home Marketing to provide insights into wealth creation, real estate and property investment, luxury spending preferences and new emerging trends regarding demographic and geographic changes.

To profile the affluent with a net worth of $5 million+ population and its combined wealth, this report leverages the unique and proprietary Wealth-X Database, the world’s most extensive curated research and intelligence on wealthy individuals.

Data was also collected from the WealthEngine platform, which is powered by more than 1,500 wealth and lifestyle attributes that support half a trillion data points, and uses proprietary learning science to create unique WealthEngine Profiles for more than 300 million people and 122 million households in the U.S. Information was gathered on individuals ages 18 and above, with a net worth (assets minus liabilities) of over $5 million as of August 31, 2021.

About Coldwell Banker Global Luxury^®

The Coldwell Banker Global Luxury^® program legacy traces its roots to 1933 and has been a world leader in luxury real estate since. Coldwell Banker Global Luxury Property Specialists are an exclusive group within the Coldwell Banker organization, making up under ten percent of independent sales associates affiliated with the brand worldwide.

Coldwell Banker affiliated agents conducted 32,663 transactions of homes priced at $1 million or more in 2020. This equates to $168.4 million in luxury sales every day (+16.6% YOY) with an average sales price of $1.9 million in this category. Coldwell Banker, the Coldwell Banker logo Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are registered marks owned by Coldwell Banker Real Estate LLC. Each franchise is independently owned and operated.

SOURCE Coldwell Banker Global Luxury

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My name is Rosy and I am a Realtor with Coldwell Banker in the Greater Princeton, New Jersey area.

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