July 2015 Market Update

Many decades ago, maybe before you were born, I was junior booker in a flagship NYC nightclub called The Ballroom. My bosses and I were discussing whether to bet $25,000 per week on a four week run of Peggy Lee in July. The fear was that her audience would all be in the Hamptons. The boss who most advocated for it argued “they can’t all be in the Hamptons simultaneously. If 25% of them are in town, we can easily fill two shows a night.” Miss Lee went onto mesmerize sold out shows for all four weeks.

Is that a real estate story? It is, in the sense that a fraction of the buyers and their agents are out of town every week in July, so the market is a little thinner—but there remain qualified and motivated buyers for the right proposition. I just spent a long weekend with a super client, whose above list offer, presented the day after a home hit the market, still wasn’t enough to vanquish a cash and more-above list offer from another buyer. Were they the only buyers in NJ that beautiful weekend? Maybe, and they were sufficient to make it a duel.

Click below for the market update of interest to you:

Cranford    Fanwood/Scotch Plains    Mountainside   Summit  Warren/Watchung

Westfield by Grade School:

Franklin     Jefferson     McKinley     Tamaques     Washington     Wilson

Scott Gleason scott@luxuryhomesnj.com RE/MAX Properties Unlimited

Originally posted on my Luxury Homes NJ blog here: http://luxuryhomesnj.com/blog/july-2015-market-update/.