I wanted to give you a quick update on how the real estate market in Union is doing so far in 2018. I put together data from January 1st through Feb 15, sort of a "mid-quarter" summary. Here are the highlights:
The year-over-year data shows continued growth in the real estate market in Union. Inventory remains low, as evidenced by 53 fewer homes on the market this year compared to last. We except this trend to continue as many homeowners are still waiting for their home values to rise above "Pre -08' crash" levels before even considering to sell.
Of course there are some mitigating factors to consider: The stock market is currently experiencing a "correction", which could impact the real estate market if it continues to slide. Interest rates are also expected to rise, with some experts believing we could see a leveling off at 5% by the end of the year. However, it may be too early to predict to what extent these economic forces will effect our local market.
Union, however, continues to develop and expand. The town has initiated projects to improve the streetscape and attract new businesses to Union Center, and several large commercial developments are expected to be completed this year. I will follow up on these changes and how they impact home values in a future post.
13-15 Richelieu Ter, Newark - Asking Only $189,900!!
This one is FRESH off the press! We took this exclusive listing last week, and we haven't even put a sign outside yet. But I was so excited about the property that I had to put this out there right away.
What you are seeing is a great home in a great location on a quiet tree lined street, in the Vailsburg Section of Newark. It features 5 Bedrooms, 1 & 1/2 baths on an extra large lot with parking! This home was well maintained and is in move-in condition, with hardwood floors, updated kitchen, finished attic, and big yard with plenty of parking.
located conveniently two blocks from an elementary school and minutes to South Orange Ave, a main thoroughfare for dining and shopping. Easy access to South Orange NJ Transit Train Station direct to NYC Penn Station in 35 minutes. If you are looking for a home with 4+ bedrooms under 200k, you will definitely want to see this one.
This property is vacant and super easy to show.
Did I mention the taxes are only $5,000?!
Click HERE for interior pics
-5 bedrooms, 1 1/2 baths -Low taxes!!
-Hardwood floors -Partially finished basement
-Finished attic -Lots of parking
For more information or to schedule a showing please
call/text Silvio at 973-506-9866 or reply to this email.
Please reference *13-15 Richelieu Terrace*
WHAT IS ATTORNEY REVIEW AND WHY IS IT IMPORTANT?
Once an offer is accepted on a home for sale, the first stage of the process is called "attorney review".
What is attorney review?
Attorney review is a period of time that both buyer and seller can have the contract reviewed and disapproved by an attorney.
Here are 5 key things to know about attorney review:
1. It Can be Mandatory: In New Jersey and many other states, attorney review is only mandatory in a brokered real estate transaction. So, no realtor, no attorney review required.
2. It Starts Immediately: Once signed by both parties the contract is now in the “attorney review period”. It starts from the date of the last signature (usually the seller’s).
3. It Can Last longer than 3 days: Attorneys must both agree on all conditions of the contract. Until they do, attorney review cannot be concluded.
4. Choose Any Attorney: Buyer and seller have the right to choose any attorney they wish to represent them. Most lawyers in northern New Jersey will charge between $800-$1,200.
5. Contract Can Be Cancelled: During attorney review either party can cancel the contract for any reason whatsoever. No valid reason is required and the other party likely can’t seek damages or pursue legal action.
Once attorney review is over the contract become binding on both parties.
The information written here is intended for educational purposes and should not be construed as legal advise. Please consult directly with an attorney for legal questions!
Ivy hill is one of our favorite neighborhoods in Newark. Tucked behind Setan Hall University, this little community has a sophistication and charm that's very much it's own. Learn a little bit about what makes this neighborhood unique:
Ivy Hill a diverse neighborhood in the city's West Ward bordering South Orange, Maplewood, & Irvington. The Ivy Hill area had been part of the South Orange Township until 1890 when the city of Newark bought the land.
1927, the City of Newark designated land for the formation of Ivy Hill Park on Manor Dr. to accommodate the recreational needs of Maplewood, Newark, South Orange and Irvington. Ivy Hill Park includes hard surface tennis courts, softball/baseball fields, a combination football/soccer field, a lighted basketball court, a playground, a shelter and a band concert area.
Ivy Hill is known as a pleasing neighborhood of tree lined streets and single-family, detached homes. More than any other section of Newark, this corner of Vailsburg feels suburban. The area has many single-family, duplex homes and apartment buildings of various sizes. Throughout the years, it became home to an extremely diverse resident base. In 2011, residents from over 40 countries were represented. Due to its walking proximity to Seton Hall University, many undergraduate and graduate students live there, too.
Tree lined streets, stately brick-front colonials 🏫, beautiful buildings that hark back to the Newark of old, and most importantly - great neighbors that work hard and look out for one another. A true suburban oasis in the Brick City.
I came across this topic on Facebook today and thought I'd share it with you. The State just recently released data revealing the average SAT test scores for every high school in New Jersey. This data is part of the state Department of Education's School Performance Reports for the 2016-17 school year. An article from Path.com then ranked the public high schools in order from lowest to highest scores. I've highlighted a few towns from our area for consideration.
#1. Montgomery High School, Montgomery (1331)
#2. West Windsor-Plainsboro High School North (1327)
#3. Millburn High School (1326)
#385. Woodrow Wilson High School, Camden ( 821)
#386. Central High School, Newark (819)
#387. Barringer Arts High School, Newark (795)
Other Rankings for Union/Essex County:
#250. Union Senior High, UNION (1049)
#81. Columbia High School, SOUTH ORANGE-MAPLEWOOD, ESSX (1164)
#90. Montclair High School, MONTCLAIR (1159)
#17. Livingston High School, LIVINGSTON (1240)
#19. Union County Tech, UNION COUNTY VOCATIONAL (1239)
#183. Jonathan Dayton High School, SPRINGFIELD (1097)
#281. David Brearley Middle/High School, KENILWORTH (1015)
#259. East Orange STEM Academy High School, EAST ORANGE (1036)
#136. Elizabeth High School, ELIZABETH (1125)
#294. Linden High School, LINDEN (996)
#295. Rahway High School, RAHWAY (996)
#378. Irvington High School, IRVINGTON (847)
It's no secret that there is a direct correlation between home values and quality of schools. A recent study showed that on average, buyers pay $50 more per square foot for homes in top-rated school districts compared with homes served by average-rated schools. So where does your town rank? Check out the full list here.
At Realty 33, We tap into 25+ years of experience and market know-how to help our clients make streetwise real estate decisions.