Archive for the 'Living in Montclair' Category

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.

I just read an article on usatoday.com that confirmed what I’ve suspected for awhile – that walkability leads to happiness.  The article cited a recent study from the University of New Hampshire which found that people who live in walkable communities are happier than those who don’t. Researchers interviewed 700 residents of three different communities and found that those who lived in the most walkable areas reported being happier, healthier and more likely to volunteer in their community than those who lived in less walkable areas.

Walkability is certainly one of the reasons I feel so connected to my own town. My sons bike to Montclair High School every day and to get to Edgemont park they just have to cross the street. On Sunday morning sometimes they walk over to Watchung Plaza and bring home a bag of Sunrise Bagels. I don’t need a car to get to the train station, my office is walking distance from our home and the supermarket is next to my office. For me, walking along a tree-lined street to a locally-owned store beats driving on a highway to the mall any day – it’s one of the things that makes Montclair a great place to live and Montclair real estate a great investment.

Heard this weekend while showing some Montclair houses for sale: “disappointed by the kitchens in the current inventory of Montclair real estate – even some of those that have been renovated”

It seems today’s Montclair home buyers expect more out of the kitchen than they did in years past. The dream kitchen of today is not just equipped with Sub-Zero and Viking appliances; it is also centrally located within the house and versatile. Susan Serra, a home designer on Long Island, explains in this month’s issue of Realtor magazine that “Living room and family room activities are merging into the kitchen, and it’s changing how kitchens look.” The kitchen has become the nerve center of the house, where party guests congregate and kids do their homework.

Homeowners are knocking down the walls separating the kitchen from the dining room and even the living room, creating a more open, inviting space. For sellers not looking to do such a drastic overhaul, there are a number of smaller steps that will create the same feel. Serra suggests using sconces and small lamps rather than overhead lighting, for a softer effect. Buyers love extra storage space, so adding a cabinet or wall shelving will add appeal. And most important, don’t skip the basics: make sure the countertops, flooring, etc. are in good condition.

Before you renovate or sell your Montclair home, give me a call or send me an email and I’d be happy to discuss what many of my buyer clients are looking for in the “current kitchen”.

I’ll be doing a series of posts that will look more closely at the neighborhoods of these walkable suburbs. Every neighborhood has something  unique to offer. Montclair’s Neighborhoods:

• Upper Montclair Village: Visitors to Montclair can explore what the township has to offer by driving down Valley Road, one of Montclair’s main streets, anchored by Montclair State University on the north end. A few blocks south of the University is the business center of Upper Montclair, a charming Tudor-style cluster of shops, restaurants and a movie theater, that fan out from the corner of Valley Road and Bellevue Avenue, and includes lovely Anderson Park just across from the Upper Montclair train station.
• PaNaMa: The combination of Patton, Nassau, and Macopin Streets, the northernmost part of Montclair between Valley and Park. This lovely residential area of bungalows and smaller Colonials, many with Toney’s Brook running through their backyards, has a real sense of community. Bradford School is just around the corner on Mt. Hebron Rd.
• Yantacaw: East of Valley, past Grove and north of Bellevue is Yantacaw Park, on a former golf course characterized by rolling hills, winding roads, and large lots of mostly rambling mid-century ranches and large split-levels. Yantacaw includes Windermere Road, Yantacaw Brook Road, Club Road, Heller Drive, Woodmont Road, and Capron Lane.  Northeast School, the international magnet is in the neighborhod
• Tuers Park: A smaller neighborhood tucked in between the Yantacaw neighborhood and Alexander Avenue. Smaller split-levels of the 1950s and ’60s sit next to Colonials of the 1940s. Streets include Stonehenge Road, Squire Hill Road, Lane Court, and Tuers Place.
• Fairway: South of the Yantacaw neighborhood, mainly large Tudors of the 1920s and ’30s on smaller lots. The Fairway section includes The Fairway, Greenview Way, Bellegrove Drive, and Glenside Terrace.
• Watchung Plaza: From there continue south on Valley Road to Watchung Avenue. Turn left on Watchung Avenue (or arrive by train at Watchung Station) to enjoy the centrally located Watchung Plaza, with its boutiques, independent bookstore, cafés and signature gazebo and historic flagpole.  Streets in this neighborhood include Fairfield, Waterbury, Beverley and Gordonhurst among many others.  Watchung School, the science and technology magnet lies between North Fullerton and Essex, just south of the plaza.
• Erwin Park: A secluded neighborhood near Edgemont Park with easy access to Watchung Plaza.  Streets include Holland, Erwin Park, Brunswick, Wendover and others.
• Marlboro Park: An historic district of Montclair which includes Christopher Court (a development of new homes built on the site of old Marlboro Inn), Fairfield Street, Waterbury Road, The north ends of Montclair Avenue and Christopher Street, Watchung Avenue between N. Fullerton and Grove Streets.
  Edgemont Park: Streets near this historic memorial park are loved for being centrally located and a stone’s throw from Edgemont Montessori School, Watchung Plaza shopping, train and bus stops.  These include Berkeley, Edgemont and Parkway.
• Frog Hollow: Heading south on Valley Road, pass Edgemont Park’s pond and stop in at Frog Hollow’s stores and eateries, anchored by historic Tierney’s Tavern. Turn right on Van Vleck Street and enter the Van Vleck House and Gardens, which are especially fragrant in the spring when the wisteria are in bloom.
• Walnut-Grove District: Continue down Valley, when The Montclair Times office is your right, turn left onto Walnut Street and discover the Walnut-Grove District, where you can pick up great bread and pastries, have a drink at Egan’s, eat at one of the area’s terrific restaurants, or listen to jazz at Trumpet’s. If you’re traveling by train, the Walnut St. Station is right there. In the winter, you can even catch a youth hockey game at nearby Clary Anderson Arena.
• Montclair Town Center: Return to Valley Road, turn left and proceed south; you will reach Bloomfield Avenue, Montclair Town Center. Up the avenue to the west, take in an art exhibition at the renowned Montclair Art Museum. Down Bloomfield Avenue, to the east, explore the Historic District: many retailers, the multi-screen cinema, and one of the largest collections of restaurants in northern New Jersey.
• The Estate Section: South of Bloomfield Avenue lies a neighborhood of mansions and stately historic homes, many on lots larger than an acre.  Prominent streets include South Mountain Avenue, Llewellyn Road, Stonebridge Road and Clinton Avenue. NJ Transit operates a shuttle from the Estate Section to the Bay Street train station.
• South End Village: Last, but certainly not least, go east on Bloomfield Avenue and turn right at Elm Street. Follow Elm as it turns into Orange Road to reach the South End shopping area shops and services, just a few blocks from beautiful Nishuane Park to the west and the recently renovated Canterbury Park to the east. Nishuane School, the gifted and talented magnet resides on Cedar Street in this neighborhood.

A recent New York Times article discusses the rise in short sales in Manhattan due to the recession. One market analyst said “2010 might well be dubbed the Year of the Short Sale nationally. ‘A short sale is going to be the only way for many people who bought at the peak and who are now underwater to move on with their lives if they have to relocate or downsize.’” Like Manhattan, Montclair, Glen Ridge Maplewood and the rest of Essex County have seen the number of short sales rise. When the alternative is foreclosure, selling a house through a short sale is a way for the owner to come out of the deal relatively unscathed. I discuss the issue of short sales further in Short Sales for Buyers and Short Sales for Sellers. If you have any questions about short sales, either because you’re thinking of selling your house short or you’re interested in buying a house that’s  a short sale, please email me for more information.