There were seven closings here in Basking Ridge during the first week of June:
47 Baldwin Court, Society Hill condo, List price $265,000, Sale Price $256,000
8 Countryside Drive, Countryside Manor townhouse, List price $349,900, Sale price $335,000
30 Peachtree Road, Homestead Village, List price $649,000, Sale price $588,000
146 Patriot Hill Drive, townhouse, List price $649,000, Sale price $630,000
7 Goltra Drive, List price $705,000, Sale price $680,000
323 Old Army Road, List price $1,100,000, Sale price $1,250,000
42 Old Farm Road, List price $1,395,000, Sale price $1,300,000
There have been 38 contract sales in the last 30 days and there are currently 231 homes available in Basking Ridge. This calculates to an inventory level of six months which is a relatively balanced market.
I am finding that home sale contingencies are becoming more popular; in fact, I have been involved in several recently. Each deal is structured a little differently, but essentially allows for the same thing: a purchaser who intends to use the proceeds from the sale of their home to complete their purchase. This is a classic problem for most move-up buyers and many downsizers. As we have worked our way through this challenging market, more sellers are willing to consider contracts that are contingent upon the sale of the purhcasers current residence. However, a property is considered to be Under Contract when Attorney Review has been completed per the attorneys involved, and the real estate commission requires that this status be fully disclsosed to all parties viewing the property. In the past, this meant that the listing status had to be changed to UC (under contract) and the listing was removed from the public eye – essentially defeating the purpose of the “continue to show” clause. The MLS has created a new status to accomodate this scenario. It is called “US” and instead of UC for under contract. This new status does NOT remove the listing from third party sites – it still stays active and can easily be shown until all contingencies are met.
In other news – don’t miss the Liberty Corner Fire Company’s 8th Annual Comedy Night on Saturday evening, June 5, 2010 in the ballroom of the firehouse at 95 Church Street at 8:00 (wine and beer bar opens at 7:00). Tickets can be purchased at the door for $45 – attendees must be 21 or older.
