Real Estate For May 3-4: Back To The Future

By on May 3, 2014

18 Brentwood, in the Laning elementary school district, is new to the market this weekend.

18 Brentwood, in the Laning elementary school district, is new to the market this weekend.

It’s 2004 this weekend, at least in terms of Verona real estate prices. According to an analysis by the Verona office of Prudential New Jersey Properties, while the average sale prices of Verona houses continue to recover from the recession,they are now only about what they were in 2004, a decade ago.

That’s not necessarily a bad thing. “Prices are still relatively low compared to 2006 and interest rates are low,” says Andrew Mensch, manager of the Verona office. “It is still a great opportunity to buy, and it’s particularly a good opportunity for move-up buyers, which is something that I haven’t said in years.”

But the market remains tight. There were only 170 closings of single family homes and condos in Verona in the 12 months ended March 2014, down from 175 in the like year-earlier period. The average selling price of all properties was $373,000 during the most recent period, up from $330,000 and the average listing stayed active for just 75 days. Remove condominiums from those statistics and the average home’s selling price was $448,500. At the height of the market in 2007, the average single family home in Verona sold for $516,000.

There are some key lessons for sellers in the current market trends. “With limited inventory, price is still important,” says Mensch. “If your house hasn’t sold in 30 days, you should be adjusting your price. You get the most people looking at your house in the first two to three weeks. Then it becomes a house lagging on the market.”

There are six properties new to the Verona market this weekend, seven open houses, and two homes with lower prices:

New Listings
1 Claridge Drive, Unit 903: 1 bed, 2 bath condo in full-service building. New kitchen, walk-in closet in master. $159,000.
1 Claridge Drive, Unit 117: 2 bed, 2 bath condo in full-service building. Some renovation done. $265,000.
9 Pease Avenue: 4 beds, 1 bath. Handyman special. $299,900.
18 Brentwood Drive: 3 beds, 1 1/2 baths. Eat-in kitchen, finished basement, slate patio. $399,000. Open house Sunday 11 a.m. to 2 p.m.
22 Marion Road: 4 beds, 3 baths. Bi-level with two kitchens. $499,000. Open house Sunday, 2 to 4 p.m.
35 Fells Road: 4 beds, 3 baths. Front porch, Craftsman style, gourmet kitchen. $519,000. Open house Sunday, 1 to 4 p.m.

Open Houses
18 Brentwood Drive: 3 beds, 1 1/2 baths. Eat-in kitchen, finished basement, slate patio. $399,000. Open house Sunday 11 a.m. to 2 p.m.
13 Cresthill Road: 3 beds, 2 baths. Expanded Cape. Possible 4th bedroom. Price cut $20,000 to $449,000. Open house Saturday and Sunday, 1 to 4 p.m.
35 Fells Road: 4 beds, 3 baths. Front porch, Craftsman style, gourmet kitchen. $519,000. Open house Sunday, 1 to 4 p.m.
85 Linden Avenue: 4 beds, 2 1/2 baths. Renovated kitchen opens to family room. $569,000. Open house Sunday 1 to 5 p.m.
74 Fairway Avenue: 4 beds, 3 baths. Split-level with gourmet kitchen. Deck, expansive views. Price cut $30,000 to $629,000. Open house Sunday, 1 to 4 p.m.
54 Afterglow Avenue: 4 beds, 3 1/2 baths. Updated contemporary. In-law/au pair suite. $659,000. Open house Sunday 2 to 4 p.m.
112 Fairway Avenue: 4 beds, 3 baths. Renovated kitchen, skyline views. $775,000. Open house Sunday, 1 to 4 p.m.

Price Changes
13 Cresthill Road: 3 beds, 2 baths. Expanded Cape. Possible 4th bedroom. Price cut $20,000 to $449,000. Open house Saturday and Sunday, 1 to 4 p.m.
74 Fairway Avenue: 4 beds, 3 baths. Split-level with gourmet kitchen. Deck, expansive views. Price cut $30,000 to $629,000. Open house Sunday, 1 to 4 p.m.

  • Real Estate For March 29-30


  • Before you comment, read our Comments Policy

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

    Get News Updates By Email

    Video

    Facebook