Archive for the 'Living in Montclair' Category

 

Walkablilty makes no sense unless we have somewhere interesting to walk to. Walking around the neighborhood in loops is only valuable if you’re looking for an exercise regimen. Destination walking is where it’s at and shops, stores and restaurants are at the top of the list. Have you ever tried to find parking in downtown Montclair on a Friday or Saturday night? Well, it takes some strategic planning to score a prime spot across from your favorite haunt. Imagine those lucky ducks who just stroll out their front door, walk a few blocks and BAM!- they’re in the hub of Montclair’s dynamic restaurant scene with 130 of New Jersey’s most fabulous places to eat.

Well guess what? It turns out commercial real estate benefits from walkability too.  Not that I’m surprised.  According to The Harvard Business Review, an increase of 10 points in walkability out of a score of 100 increases the value of the property by 9%.  What does this say to me?  That houses and retail have a symbiotic relationship and it’s good when they’re not too far away from each other.

Montclair NJ is a great example of how well this works.  Montclair has 5 thriving business districts all of which are nicely nestled among our neighborhoods.  From north to south there’s Upper Montclair Village, Watchung Plaza, Walnut Street, Montclair Central and South End Village. If you live in Montclair, what restaurant do you walk to?

I’ve always liked the idea of solar energy: it’s non-polluting, infinitely renewable, and available domestically. Now, thanks to a 30 % federal tax credit  and the ability to sell SRECs (solar renewable energy certificates) to power companies, it’s also financially feasible. So I am having solar energy panels installed on my roof.

As part of the solar panel system, I also needed to install 3 inverters in my home. Inverters convert the solar energy produced into usable voltages; Call me weird, but I really enjoy going down to my basement to watch them count up the kilowatts of energy being generated.

The panels are just about done; once I have the final approvals in place, they will generate around 1/3 of the electricity I need to run my house. This project has not been cheap, but I expect to recoup the cost in around four years. After that,  it will provide me with an annual cash flow of several thousand dollars. Putting solar panels up is a win-win situation: I will ultimately save money while I do my small part to save our planet. It’s something that anyone with a south facing roof can do – There are even free options if you don’t have the cash to pay for the panels.  If you’d like to know more about it email me or read more on the piece from Baristanet.

Some of my seller clients spend several months and thousands of dollars upgrading a home before putting it on the market.  But for homeowners who are short on time and cash, there are some very effective smaller  projects that will increase value and reduce time-on-market.

1. Expose hardwood floors..  There is a decided preference for hardwood floors in Montclair. Worn carpet is a real turn off to buyers and they often fret about what might be underneath.  With a hammer and a sharp knife,  carpet removal is an easy and free DIY project to raise the value of your home.

2. Paint rooms in a light neutral color with white or off-white trim. Montclair’s 1920s colonials look fresh and modern with this simple combination. Wall paper and dark colors can be an obstacle for some buyers and a new coat of paint is one of the best investments you can make for $25.

3. Hire a professional cleaning service right before the home goes on the market.  Even if you’re a clean freak and consider your home to be spotless, a professional cleaner will do things that are not part of your routine and make you home sparkle like never before. Cost: $100 to $300.

4.  Have the windows washed by a professional.  Most services will do inside and out as well as the storm windows.  Have them remove the screens from windows that you usually don’t open.  Shiny windows and a clear view let in more light and make a world of difference. The cost should be about $6 per window.

5. Power wash your house, front steps and deck- and the gutters too. Moss and dirt make a house look uncared for.  You can buy a small washer for under $200 or rent one for $50/day.  Or hire a professional for about $500.

6.  Remove dark, heavy drapes and vertical blinds and replace with wood blinds or sheer curtains – or just leave the windows bare if privacy is not an issue.  Let as much natural light in as possible.

7. Spruce up the bathroom with a new, high quality, white shower curtain. Recaulk the shower and tub.  Replace the toilet seat if it is yellowed or worn.

8. Refresh the front door with a new coat of paint in a complementary accent color.  Replace the mailbox, house number and door hardware to update the look.

9. Hire a landscaper to do a “spring clean-up” of the yard, even if it’s summer or fall.  Professional crews employ equipment and skills that most homeowners don’t have. It’s like doing a deep cleaning of your front yard. Having last season’s sticks, leaves and yard debris removed will boost your curb appeal and your home’s value.

After 12 months of declining year-on-year home sales (due in large part to the post-tax credit hangover of last April), the middle of May saw NJ’s first increase in the number of new contracts written. However, unsold inventory continues to be higher that last year’s. In June, there were an average of 268 homes on the market in Montclair as compared to 233 in June of 2010 and only 28 homes sold, this month compared to 54 last June.  It took on average 19 days longer to sell a home this June as days-on-market increased from 55 to74.  The good news for Montclair is that median sales price increased almost 9% to $620,000 from $569,000 pointing to a market that has strengthened since the crash of last June.

Last June only 2 of the 54 homes (4%) sold in Montclair were over the million dollar mark.  This June, of the 28 homes that sold 7 of them (25%) closed over the million dollar mark with one on Heller Drive selling for $2,549,000 -  a bright spot perhaps for the luxury market.

52 Dodd Street, Montclair

Seeing a lot of “For Sale” signs around town? Last month in Montclair there were 294 homes on the market as compared to 235 from May of 2010.  That’s the bad news.  The good news is that 30 homes sold, the same number as last May.  It took on average 17 days longer to sell a home this May as days-on-market increased from 61 to 78.  Median sales price dropped about 2%  to $608,00o from $622,000 pointing to a market that has weakened since last May. 

265 Highland Avenue, Montclair

Some Montclair homes, however, seem to have been unaffected.  265 Highland Avenue, a 4 bedroom 2.5 bath contemporary sold for $900,000 – $51,000 over the asking price of $849,00 and had an offer in the first week on the market.  More typical is the example of 52 Dodd Street which sold at 98% of its asking price of $529,000.

Montclair rental - gone in 1 day

Real estate is always a “good news-bad news” business. The most obvious example of this is an overheated market: great news for home sellers, lousy news for home buyers.  An article I read recently in RISMedia,  an online trade publication, discusses another good news-bad news situation: the current rental market.

The article cited a study by the Harvard Joint Center for Housing Studies, which concluded that the fledgling national economic recovery will actually hurt renters. More Americans are finding new jobs, but these jobs often pay less than their former ones, so they are choosing to rent a home instead of buying one.  In addition, the continuing foreclosure crisis means that many former homeowners can now only afford to rent. With no real increase in multifamily rental units planned by developers, rental units will almost certainly become scarcer and thus more expensive.

Montclair is already showing signs of upward pressure on the rental market – There are only 35 rental units at the moment listed on the MLS as compared to 230 that are currently for sale.  As a New Jersey Realtor, I have firsthand experience with this trend: I listed a 1 BR condo renting for $1850/month in a loft-type building in Glen Ridge, walking distance to the NYC train, on Saturday; by Monday, it was gone.

The good news in this scenario: a poor rental market often means it is a good time to buy a home. Mortgage rates are at their lowest in years, and home prices have dropped significantly from several years ago. Are you looking for more space for your growing family? Have you been considering buying a multifamily property as an investment? If you answered “yes” to either of these questions, then take advantage of the good news (for buyers) and make your move before the tide turns again.

I’m feeling very retro these days. A couple of weeks ago my dryer quit after a long and useful life.  Engrossed in my washing, I hadn’t noticed that the dryer was not keeping pace with the washer and so 4 loads later I found myself with 80 lbs of wet clothes. A quick run to Mr. Charlie’s (aka American Royal Hardware on Park Street in Montclair) and I was back on track.

40 foot retractable clothesline:  $19.99
50-pack of wooden clothespins:$ 5.99
2 stainless steel screws:$.0.50

A basket full of dry, sweet-smelling clothes: Priceless

I find myself actually enjoying this activity which my mother did on a regular basis, every Tuesday, weather permitting.  Besides feeling nostalgic, I feel virtuous and thrifty for allowing the sun and wind to do for free for what I usually pay PSEG.  My 14 year-old son – not so much.  He’s mortified that his friends might see his skivvies from Valley Road.

I don’t know about you, but I’ve certainly noticed a pattern and apparently, so has the mayor of Montclair. In yesterday’s Montclair Times, mayor Jerry Fried observes “In so many things green, Montclair has been there first”.  What is it about this town that fosters green innovation and attracts so many like minds? Fried attributes the phenomenon to two factors: The shared values and the physical characteristics of the town.

Perhaps the desire for diversity, education and tolerance attracts people with a certain mindset – according to Fried it’s the key to evolutionary and biological resilience as well as sustainability.  These same people seem also to appreciate Montclair’s layout – a sensible, tree-lined grid of streets with neighborhood commercial zones that evolved around the 6 train stations.  The walkable streets of Montclair, where housing is integrated in many areas with shops, restaurants, parks and public gathering places makes it a model for vibrant community living.

In honor of Earth Day, here now, a partial list of Montclair’s green accomplishments:

• $750,000 grant for NJ’s first Safe Routes to School program
• $100,000 grant for Bike/Pedestrian Plan
• NJ’s first “Boltage” program at Edgemont School, (a trip-logging system for walkers/bikers)
• First community to adopt a Complete Streets policy
• Streets Are For Everyone program (SAFE)
• Tour de Montclair bike tour sponsored by Bike/Walk Montclair
• First municipal electric car charging stations
• Montclair State University’s Institute of Sustainability Studies
• A designated EPA Climate Showcase Community
• NJ’s only  National Wildlife Federation Certified Community Wildlife Habitat
• www.OurPowerMontclair.org website
• www.SafeLawnsMontclair.org

Relaxing in Essex County's Brookdale Park

It’s unusually cold for this time of year, but since it is in fact April, I assume that we’ll see warmer weather soon. For me, that means more time outdoors, specifically in Brookdale Park.

I’ve been going to Brookdale Park since my kids were babies: I spent many afternoons pushing their strollers along the paths and later helped them navigate the equipment on the two playgrounds. Several years later, I found myself at the park again, cheering them on from the sidelines of the soccer and softball fields with fellow Montclair moms.

My kids have moved on to other activities, but I still love the park. Whenever I get a chance, I meet a friend for some tennis (there are 11 courts). I  also love the art shows held there in spring and fall, as well as the free summer concerts and July 4th fireworks. Note to gardeners: there are dozens of  different species of roses in the gorgeous rose garden.

Brookdale Park was designed by the Olmstead brothers, who also designed New York City’s Central Park. Since I grew up in the city and spent a lot of time in Central Park when I was young, I really feel right at home here.