Hi all.

Home Sale Prices & Stats are now posted on my website for May. If you're interested in receiving these in your inbox monthly, just sign up for latest listings or latest news. For those of you who already receive these updates, thanks so much for all of your positive feedback on last night's update!

If you'd like the latest Otteau Report, it really backs everything I have experienced in this market. I have it in pdf so I can email it to you at your request, but I can't seem to figure out how to post a pdf here.

Its finals week for my daughter at Millburn HS, and I'm sure many of your kids too, so good luck getting through the week!

Sue

Listings/Sales Update

Listings Update for the week:

I just listed a house at 149 Sun Valley Way , Morris Plains, which by the way, DOES have a train 5 minutes away that goes into NYC. Its a 4 BR, 2 1/2 bath contemporary with a wooded lot in move in condition for $725,000 ( would be around $1.2M in Short Hills!) . The owner is relocating at the end of the month so its priced for a quick sale and available for a quick closing. The listing will be appearing on the site later tonight. Please join us at our open house this Sunday from 2-5.

Short Term Rental Listing: 132 Ormont Rd, Chatham Twp, Beautiful executive rental for $4300/month available immediately through October 2006.

Market Adjustments:

6 Woodhill in Maplewood was just reduced for a quick sale to $749,000. Its a 4 BR, 3 1/2 bath colonial with a new kitchen and a breakfast/family room addition w/ 2 story cathedral ceiling, truly a great buy!http://www.adlerbenjamin.com/MyHomeDtl.asp?lstPages=1&HomeID=367716

140 Mountain Rd, Basking Ridge was just reduced to 3.3M. Its new construction, boasting the most spectacular setting of any listing I've ever seen in NJ, and the quality of the construction is truly superior. http://www.adlerbenjamin.com/MyHomeDtl.asp?lstPages=1&HomeID=331078


Closed Sales in last 2 weeks:

15N. Crescent, Maplewood. ( buyer-side sale) Relocation buyers from Chicago.
706 Springfield Ave, Summit. (listing-side sale) Sold in 3 weeks! Relocation buyers from California
458 Lenox Ave, South Orange. ( listing-side sale) Sold full price first weekend!

Welcome to my blog. Hmmm. Where do I start about this market? Inventory has definitely grown, interest rates have gone up, but I'm finding that homes are definitely still selling if the buyer sees the value. That's the key. Anything overpriced is sitting. My favorite analagy to use is Simon Cowell saying "That performance will be forgotten. In order to win this competition your performance has to be memorable." ( or something along those lines)
Its the same thing with the housing market. If a buyer has 50 homes to look at in their price range, the question to ask your agent is " How are you going to present my house so that its one of the 7 or 8 homes they pick to see?"