In this "buyers" market or these "rocky" times, we hear all the bad, doom & gloom on the news as well as from some of our colleagues but here are rays of sunshine. There are great deals & hot market areas.
In Union City (Hudson county) I found a great deal on a 2bdrm condo for a client and it wasn't a short sale or foreclosure. She loved the property. The deal was put together & here comes appraisal time. I knew in my heart that she got a good price (plus comparables to back it up) but you never know these days when it comes to appraisal time. The appraisal came in and it was HIGHER than the sales price and HIGHER than the list price. Hooray!!! Lately many appraisals have come in at value but I know of others that have come in below the sales price. Due to the many new constructions and the light rail, Union City has done well in retaining it's value. Many of the new constructions within Union City have received FHA approval or the approval is pending. Union City has much to offer the young professional with a variety of styles, reasonable pricing, & commuting options. Is Union City hot or not? In my opinion, Union City is HOT!
Hudson View in Union City 
Altessa in Union City
Another hot area is Glen Ridge. Glen Ridge is a lovely town with really good schools and a midtown direct train. How can you ask for anything more? Except of course that "perfect" property to call home. In Glen Ridge there are properties that are receiving multiple offers. Again, these are not short sales or foreclosures. Some of these properties have gone under contract within 15 days or less. The properties that are going are the ones that are priced right for the condition of the house. The other properties, that are not priced right, are sitting, expiring and relisted with another agent. Most buyers know when the house is priced right and when it's over priced. If they don't their Realtor will educate them. Is Glen Ridge hot or not? You must know my answer to that, HOT!
A quiet street in Glen Ridge
A town can be "hot" for many reasons. Montclair at this time is "luke warm". There are too many properties in Montclair to choose from and not all are priced right. There have been a few that have been priced right on the money and those properties went under contract within a week but the majority are a "tad" high. At this time my opinion for Montclair is NOT (not quiet yet but the right pricing will get them there)!
These days some towns have been "hit" harder than others in this economic downturn. As a seller you should make sure to get a detailed market analysis from an experienced and knowlegeable agent so that you don't end up making the mistake to over price. Listen to your Real Estate Experts and price the home for this market not several years back. Buyers make sure to get a market analysis as well and listen to your Realtor in regards to the price because not everything is $50k-$70k below asking pricing.
If you have a city/town that you feel is "hot" please feel free to add it to the comments and share your experience or opinion. Explain why "hot" or not.
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