Central New Jersey Real Estate Professional

The 3rd Annual Lincoln Park Music Festival in Newark, New Jersey

2008-07-24T23:56:53Z

The yearly Lincoln Park Music Festival will start July 25th and run through July 27th, 2008. The festival will celebrate jazz, gospel, house and hip-hop genres of music.

Home Depot has joined the festivities with the sponsorship of a Green Vendor Marketplace where vendors will be on hand selling food and merchandise.

Fun-filled skateboard, double-dutch, golf and basketball clinics will be available to the youth.

The event planners will also be seeking to impart information on becoming more aware of we can reduce pollution in our environment. The focus will be carbon footprints. For more information visit www.terrapass.com.

All of the festivals offerings are free of charge.

Could This Be The Helping Hand?

2008-07-22T07:13:57Z

This morning's Washington Post featured an article entitled Congress's Fixer Upper with a subtitle of A plan to stabilize neighborhoods could create more foreclosures. There seems to be proposed legislation afloat to once again assist with the aftermath of the mortgage meltdown.

Real Estate professionals know the perils of foreclosure better than most. The article references the impact on the community, both from an aesthetic vantage point, as well as valuation. One area typically overlooked by those outside of the industry, is the cost to local government. Every time a police officer is dispatched to the property to investigate a complaint of vagrants, there is a cost to local government. During the summer months, the code enforcement divisions of local government are engaged in the removal of debris and the maintenance of lawns in order to safeguard public health. The monies expended will be recouped upon the sale of the property. However, the problem is that there is a glut of foreclosures and the sales are not happening quickly. Therefore, local governments are without funds that have been budget for other essential services.

The senate's 3.9 billion dollar bill proposal would provide funds necessary for the local governments to buy these distressed properties and make them available to private nonprofit groups. Obviously, all repairs and code enforcement issues would become the responsibility of the nonprofit. The properties would then be made available to low to moderate income families, buying their first home.

On the surface the concept sounds great. There is a remedy for the municipalities and their constituency and more Americans can realize the dream of homeownership. However, there is concern that this is a bailout for the lenders and in the eyes of some, it simply isn't worth it. Then there are the proponents for assistance to the hundreds of thousands who have been displaced....families forced out of their home.

What say you on the issue? What should the government be doing about this calamity or should they be doing anything at all??

Monthly Residential Property Market Analysis For Orange, New Jersey- June 2008

2008-07-19T23:39:12Z

Incorporated as a The Town of Orange on January 26, 1860. As far back as 1792, this town was the hub of of hat making. During the boom in hat making, Orange was home to the "No Name Hat Company", founded by the Stetson Brothers, before one brother went to Philadelphia and started the "Stetson" company, producing Fedoras.

In addition to hat making, Orange was also a hub for boot and shoe production. As is usual with such progressive mercantile, wealthy industrialist built fine homes to the north of Main Street. On the south side, laborers of the factories lived in small single family homes and mostly two and three family homes.

June 2008 has seen fewer single family homes for sale over June 2007, listings were down by 14.24%. Coincidentally, the average list price was down from $270,000 to $265,000. There were 29 new listings during the month with an average list price of $281,000. New listing prices were an average of $298,000 in 2007. Only six homes went under contract with an average price of $256,000. Noticeably different was the $317,000 average price of homes sold in June 2008. This is a 61.5% increase in sales price over June of 2007.

Monthly Residential Property Market Analysis For Newark, New Jersey- June 2008

2008-07-19T23:37:16Z

Newark's housing boom is evident the the volume of listings. June 2008 has seen fewer single family homes for sale over June 2007, listings were down by 4.2%. Coincidentally, the average list price was down from $266,000 to $240,000. There were 77 new listings during the month with an average list price of $227,000.

Listings under contract were an average of $184,000 in 2008. Only 24 homes went under contract. Noticeably different was the $170,000 average price of homes sold in June 2008. This is a 31.6% drop in sales price over June of 2007.

Monthly Residential Property Market Analysis For Plainfield, New Jersey- June 2008

2008-07-19T23:36:15Z

June 2008 has seen more single family homes for sale over June 2007, listings were up by 10%. Coincidentally, the average list price was down from $347,000 to $312,000. There were 80 new listings during the month with an average list price of $312,000.

New listing prices were an average of $324,000 in 2007. Only 14 homes went under contract with an average price of $281,000. Noticeably different was the $279,000 average price of homes sold in June 2008. This is a 20% reduction in sales price over June of 2007.

Monthly Commercial Property Market Analysis For Plainfield, New Jersey- June 2008

2008-07-19T23:35:18Z

June 2008 has seen fewer commercial properties for sale over June 2007. Coincidentally, the average list price was down from $768,824 to $543,268 . There were three new listings during the month with an average list price of $461,666.

New listing prices were an average of $644,700 in 2007. Only two properties went under contract with an average price of $827,500 . Noticeably no commercial properties were sold in June of either year.

First Time Home Buyer's Seminar

2008-07-12T23:56:57Z

The Attorney & The Short Sale Process Seminar

2008-07-12T23:56:09Z

Monthly Residential Property Market Analysis For Maplewood, New Jersey- Jube 2008

2008-07-12T23:54:45Z

The month of June 2008 captured a 16.9% increase in the number of single family/condominium listings. During the same period the average price was $481,722, down from the average of $532,358 in June 2007.

There were 41 new lisitings on the market in June. This represents a 43.9% drop, in comparison to June of 2007. With the lower prices, it comes as no surprise that the houses under contract increased by 21% over June of last year. Interestingly, the average price for homes that went under contract was $607,151, 14% higher than last June's average.

The rubber meets the road when it comes to closings. June had twenty seven closing with an average sales price of $591,389 and an average of 53 days on the market. Although selling prices are down over June 2007, in June 2008 homes sold for an average of 97% of the list price.

I'll Get By With A Little Help From My Friends.........

2008-07-12T23:53:47Z

I'm gonna try with a little help from my friends. Oh if it were only true. Millions of Americans are struggling to find support, a helping hand. Someone who not only understands but, who also demonstrates compassion. Someone who cares.

Who are these people? Where are they and why are they in need? No doubt there are a significant number of Americans in need, who have fallen victim to one of mother nature's natural disasters. However, I am not referring to that particular classification of Americans. There is a man made disaster of staggering proportions, the "mortgage financing debacle". Who's victims I might add, are not limited those on American soil. In point of fact people from all around the world are being impacted both directly and indirectly.

I won't bore you with a litany of the fallout. Discussion of who is at fault and how we came to be in such a mess, would be good fodder for another post. I am more interested in thoughts about where we go from here and what the long term affects are.

For quite sometime it was known that the real estate industry was carrying the American economy. In fact, it has been said that a significant number of transactions occurring during the the boom years, were transactions initiated by investors. The purchase of a distress property resulted in revenue generation for lumber yards, steel producers, gypsum board manufacturers, as well as work for plumbers, carpenters electricians and other trade professionals. These efforts brought turn key products to the market for the uninitiated do-it-yourself-er. The person(s) who simply wanted a nice home. This mix of commerce provided for a helping hand the American economy needed. In fact government regulators depended upon this helping hand from the consumer. All else was failing miserably. Skilled and unskilled Jobs were and are still going overseas. America had fallen and continues to be behind in technological advances.

Now that the profits have been taken and the market is a bust, what happens to the hundreds of thousands of children, who have never known another place to call home, but the one the sheriff is evicting them from. What other unpleasant memories will they have - perhaps of parents arguing about the absence of the necessary funds to sustain the family. What happens to the sanctity of their family?

Have you had the unfortunate task of witnessing an eviction? Bewildered children clinging to parents who are frought with guilt and embarrassment, trying to hold out hope, pleading through tears for a helping hand, some compassion. What happens to these families once they've fallen off the radar, what becomes of the evicted?

The glut of foreclosed properties on the market isn't creating a windfall for anyone. While some are selling far more lanquish and are bolstered by hundreds being added every month. Surely in this climate it is not cost effective. Would it not be more constructive and less costly to perform loan modifications that have a real chance of being successful. Properties would continue to be occupied and free from vandalism, families would be sheltered and the lenders would have some revenue.

Understated Elegance and Classicly Designed Center Hall Colonial in Plainfield, NJ

2008-07-12T23:52:09Z

William Collins | ERA Queen City Realty | 908-531-4979

1161 Thornton Avenue, Plainfield, NJ

Understated Elegance and Classic Design

6BR/2.5BA Single Family House

offered at $542,900

Year Built	1925
Sq Footage	2,500
Bedrooms	6
Bathrooms	2 full, 1 partial
Floors	3
Parking	2 Car garage
Lot Size	.5 acres
HOA/Maint	$0 per month

DESCRIPTION

You'll be drawn inside this alluring center hall colonial, where understated elegance and classic design prevails in this meticulous six bedroom home. Located on half of an acre.

see additional photos below

PROPERTY FEATURES

Central heat	Fireplace	Hardwood floor
Tile floor	Family room	Living room
Office/Den	Dining room	Dishwasher
Stove/Oven	Basement	Laundry area - inside
Balcony, Deck, or Patio	Yard

OTHER SPECIAL FEATURES

Trek Deck & Three Season Room

ADDITIONAL PHOTOS

Seller contact info:

William Collins

ERA Queen City Realty

908-531-4979

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 12, 2008, 3:50pm PDT

Classic Beauty in Forest Hills Section of Newark, New Jersey

2008-07-12T23:49:32Z

William Collins | ERA Queen City Realty | 908-531-4979

247 E. Elwood Avenue, Newark, NJ

Classic Beauty

3BR/2.5BA Single Family House

offered at $429,900

Year Built	1950
Sq Footage	2,000
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	.17 acres
HOA/Maint	$0 per month

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Hardwood floor	Tile floor	Family room
Living room	Bonus/Rec room	Office/Den
Dining room	Breakfast nook	Stove/Oven
Basement	Laundry area - inside	Balcony, Deck, or Patio
Yard

ADDITIONAL PHOTOS

Seller contact info:

William Collins

ERA Queen City Realty

908-531-4979

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 12, 2008, 4:32pm PDT

Lender Splinter

2008-07-12T23:48:08Z

Major league players folding their cards and leaving the game. Some numbers have indicated as much as$1.12 trillion worth of hybrid and traditional adjustable-rate mortgages were originated in 2005 and 2006, while $779.13 billion of interest-only ARMs were issued in that period, according to a survey from the Mortgage Bankers Association. During a recent symposium I conducted, a Vice President from Countrywide and a Loan Officer from Bank of America indicated that projections for this market extend to the end of 2009. Citimortgage's Vice president, said his firm was prepared for a run through 2010. In most cases borrowers with these products are expected to see higher interest rates and therefore greater challenges. Unfortunately, these challenges are expected to result in more foreclosures.

From my own assessment, it will be third quarter of 2010, before we see a leveling off in the market. This of course is only if the new President's economic stimulus plan is up to the task. Then and only then will major investors put up infusions of cash to create new businesses, hire staff and market products and services. In the meantime, the master plan is long overdue. Given the volume of nonperforming loans, we need a have a plan action going forward, one that engages both the government and the private sector. We shouldn't wait until the middle of 2009, hoping that it all works out. This is more than a simple market correction. There are other major factors at play that impact the economy and the real estate market cannot and will not be corrected in a vacuum.

The Attorney & The Short Sale Process

2008-07-09T00:10:41Z

*Free Seminar*

Wednesday July 16, 2008

The Attorney

The Short Sale Process

Time: 6:30 P.M.

- Avoid Forclosure

- Developing Your Short Sale Team

- Sell Your Home With Bank Approval

ERA QUEEN CITY REALTY

76 South Orange Avenue, ST04

South Orange, NJ 07079.

973-275-5454

www.eraqueencityrealty.com

Call To Register

All Our Welcome

HUD Certified - First Time Homebuyer's Certification Class

2008-07-02T16:51:35Z

A Partnership for a Better Tomorrow, Inc.

First Time Homebuyers

SUPER SATURDAY CLASS

Learn Everything You Need to Know About :

•· Homeownership in One Full Day!

•· Find Out Where You Can Obtain the Best Lenders

•· Which Grants Are Offering You "FREE" Grant Dollars For Closing Cost Assistance.

Take Advantage of this Life Changing Opportunity!

Saturday July 12, 2008

Time: 10:00AM - 5:00PM

215-B Rutgers Street - 2^nd Floor, Maplewood, NJ 07040

Registration Starts at 9:30AM

Class Begins at 10:00AM (Sharp)

ADMISSION: $20.00

Call 1.800.795.1048 or email us at laurie@lgoodmanconsultants.com

Reserve your seat today!

Facilitated by Laurie Goodman author of: It's Never To Late To Get Your Money Straight

Best Buy In Union, New Jersey

2008-04-18T20:28:46Z

William Collins | ERA Queen City Realty | 908-531-4979

2794 Vauxhall Rd, Union, NJ

Ground floor opportunity for one of Union's most affordable two
family homes.

2 Bdrm Multi-Family, 2 units

offered at $279,900

Year Built	1902
Sq Footage	Unspecified
Bedrooms	2
Bathrooms	2 full, 1 partial
Floors	2
Parking	1 Car garage
Lot Size	3,672 sqft
HOA/Maint	$0 per month

DESCRIPTION

The best buy in all of Union. Both apartments could easily be retro-fitted to be two bedrooms each.

see additional photos below

PROPERTY FEATURES

Central heat	Hardwood floor	Tile floor
Living room	Dining room	Stove/Oven
Basement	Laundry area - inside

COMMUNITY FEATURES

Garage parking

OTHER SPECIAL FEATURES

Finished basement

ADDITIONAL PHOTOS

Seller contact info:

William Collins

ERA Queen City Realty

908-531-4979

For sale by agent/broker

Equal Opportunity Housing

Posted: Apr 18, 2008, 4:19pm PDT

Elegant Half Duplex On West Orange Border

2008-04-18T20:09:56Z

William Collins | ERA Queen City Realty | 908-531-4979

486B Burnside Street, Orange, NJ

Elegant Half Duplex On West Orange Border

3 Bdrm Single Family House

offered at $285,900

Year Built	2002
Sq Footage	Unspecified
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	3
Parking	Unspecified
Lot Size	3,250 sqft
HOA/Maint	$0 per month

DESCRIPTION

Seven year young elegant half duplex with an abundance of living space and great for entertaining.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	High/Vaulted ceiling
Tile floor	Family room	Living room
Dishwasher	Stove/Oven	Laundry area - inside
Balcony, Deck, or Patio	Yard

COMMUNITY FEATURES

Garage parking

ADDITIONAL PHOTOS

Seller contact info:

William Collins

ERA Queen City Realty

908-531-4979

For sale by agent/broker

Equal Opportunity Housing

Posted: Apr 18, 2008, 4:05pm PDT

Grand Condos In Maplewood, New Jersey

2008-04-18T18:53:38Z

William Collins | ERA Queen City Realty | 908-531-4979

705 Irvington Avenue, Maplewood, NJ

Maplewood's Lauren Estates Condominiums

2 Bdrm Condo

offered at $255,000

Year Built	2008
Sq Footage	1,050
Bedrooms	2
Bathrooms	1 full, 0 partial
Floors	1
Parking	1 Car garage
Lot Size	Unspecified
HOA/Maint	$75 per month

DESCRIPTION

New York train jitney stops outside your door and makes the direct train line minutes away. Accessible to area merchants.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Hardwood floor
Tile floor	Dining room	Refrigerator
Stove/Oven	Microwave	Washer
Dryer	Laundry area - inside

COMMUNITY FEATURES

Garage parking

Storage space(s)

Elevator

OTHER SPECIAL FEATURES

100% ADA compliant.

ADDITIONAL PHOTOS

Seller contact info:

William Collins

ERA Queen City Realty

908-531-4979

For sale by agent/broker

Equal Opportunity Housing

Posted: Apr 16, 2008, 2:52am PDT