When researching data for a client who is looking at a possible short sale in Long Hill Township, I reviewed listings available, under contract and sold in the last 12 months, in both Long Hill and Basking Ridge. The raw data, along with some percentage calculations follows. While I make an attempt to come to some conclusion, please feel free to comment – I will certainly take your comments into consideration when doing my analysis and I look forward to some dialog!!
Long Hill Township
Available properties: 65, 5 disclosed as either short sales or bank-owned (8% distress properties).
Properties closed or under contract in the last 12 months: 77, 3 disclosed as either short sales or bank-owned (4% sold distressed properties) Current market absorbtion is 16 months.
Basking Ridge (Bernards Township)
Available properties: 256, 11 disclosed as either short sales or bank-owned (4% distress properties).
Properties closed or under contract in the last 12 months: 389, 8 disclosed as either short sales or bank-owned (2% sold distressed properties) Current market absorbtion is 7.5 months.
Further analysis of the data looks like this:
In Long Hill Township, all of the sold sales closed under $300,000 and all of the available distressed properties are listed well over $300,000 going as high as $799,000. The closed distressed sales sold between 94 and 117% of list price.
In Basking Ridge, the price range of the sold properties varied as follows:
2 under $300,000
3 between $300,000 and $400,000
1 between $400,000 and $500,000
1 between $900,000 and $1,000,000
1 over $1,000,000
With sale prices between 90 and 101% of list price. Available properties in Basking Ridge that are disclosed as distress sales range in price from $228,400 through $699,900.
Please share your comments!
If you are considering purchasing a property that is disclosed as a short sale or a bank owned property, please take a look at this article that highlights some benefits and possible pitfalls. Sign up for listing alerts or call me for more information.
