Marketwatch Fall 2011

MarketwatchFall 2011

WWW.TURPINREALTORS.COM

The New Jersey Housing market continued to show signs ofstabilization as combined purchase contracts for resales andnew construction in July increased slightly over July 2010.Furthermore, July marked the third straight month of year overyear gains, reversing a trend of home sale declines that beganwith the expiration of the federal tax credit in mid 2010. Whileour economy continues to face its fair share of challenges, it isencouraging to see signs of organic and sustainable growth inour local real estate markets.

Home Purchase Contracts Rise Again in JulyNew Jersey July Home Purchase Contracts

Chatham TownshipRenovated 5-bedroom Custom Colonial with cul-de-sac location on.34± acres in the Meyersville area. 2006 updates include roof, siding,kitchen, baths and more. 2 full and 1 half bath, finished basement,2-car garage, backs to parkland. Offered at $700,000

Harding TownshipSpacious 6-bedroom classic Colonial situated on 3± acres along aprivate road in New Vernon. First floor bedroom, 5 full and 1 half baths,gourmet kitchen, 3 fireplaces, 4-car garage, pool and professionallandscaping. Offered at $1,995,000

BernardsvilleCharming Colonial offers views and is beautifully sited on 5± levelacres with pond, pool and pool house. 5 bedrooms, 3 full and 2 halfbaths, family room and den, custom moldings, elegant interiors andlovingly updated. Offered at $2,589,000

Bedminster Township – RiverisleRare opportunity to own one of four houses on a small island with riverfrontage in Pottersville. Spacious, antique 3-bedroom, 2 full and 1 halfbath Victorian Farmhouse on 1.7± acres. Large open kitchen/familyroom, screened porch, deck, and small barn. Offered at $694,900

Source: Otteau Valuation Group

2 | MARKETWATCH FALL 2011

The more information you have regarding your local market, the better able you will be to make informed and intelligent decisions — whether buying or selling a home. To that end, we are pleased to present you with our newly redesigned MarketWatch. Alongside a sampling of our fine listings, you will also find data, insights and analysis of important real estate trendsacross New Jersey and closer to home.

We hope that you find the information in thispublication of value, especially during this challenging housing market, and invite you to contact us with anyquestions or comments.You can reach us by phone,email or by stopping in any one of our local offices.

A Message from the President

Bernards TownshipBeautifully renovated and updated 5-bedroom, 5 full and 2 halfbath Colonial on 2± acres in sought after neighborhood. Elaboratemoldings, gracious rooms, designer kitchen, 3-car garage. Resortlike rear yard includes custom designed pool with waterfalls. Offered at $2,650,000

Morris Township - Peacemeal FarmPride of ownership shows in this elegant updated 5 bedroom, 4 fulland 2 half baths c1790 Colonial. Carefully renovated and restoredon 6.7± acres with carriage house, guest suite, caretaker’s quarters,5-car garage, antique restored 5-stall barn, vintage greenhouse andstunning gardens. Offered at $2,900,000

Tewksbury Township – Seven SpringsOften admired antique Farmhouse with later additions, on6.6± acres near Pottersville, is full of charm and offers 4 bedrooms,4 full and 2 half baths, a very spacious great room, 3-car garage,barn, paddocks and outbuildings.Offered at $1,375,000

Bernardsville – Antenna FarmSophisticated combination of the elegance of yesteryear withmany of today’s expected amenities, this 5-bedroom, 6 full and 2 half bath Custom Colonial is situated on 7.4± acres of theBernardsville Mountain with a pool and beautiful grounds.Offered at $2,995,000

Jan JulJunMayAprMarFeb

300

250

200

150

100

50

0

350

400

450

500

2010 2011

Somerset County Contract Sales 2010 vs. 2011


300

200

100

0

400

500

600

2010 2011

Morris County Contract Sales 2010 vs. 2011


40

20

0

2010 2011

Hunterdon County Contract Sales 2010 vs. 2011

60

80

100

120

140

160

Understanding Our Local Markets

A similar trend can be observed in each of the 3 county charts showing contract sales surpassing the previous year’s performance beginning in May. This broad and consistent improvement suggests that the housing market is beginning to stabilize.

John Turpin

Information supplied by GSMLS which does not guarantee its accuracy.

Bernardsville – FairfieldOriginally built in the 1800s with later additions by the George B. Post firm,this 6-bedroom, 5 full and 2 half bathColonial Revival home is a one-of-a-kind.Set on 10.2± acres, the MountainColony Estate offers gracious rooms and timeless elegance.Offered at $2,850,000

BernardsvilleCharming vintage 3 bedroom, 2 full and 1 half bath Colonial in Twin Lakesneighborhood offers custom cabinetry,newer kitchen appliances, large living roomwith fireplace, spacious deck, 2-car garage.Convenient to Route 202, Bernardsvillecenter and rail transportation.Offered at $599,000

BernardsvileExceptional value and opportunity on the Bernardsville Mountain.Elegant 7-bedroom, 8 full and 2 half bath French-style residencedecorated by Diamond-Baratta NYC offers formal and informalspaces. Gated, professionally landscaped, and deer fenced withterraces and pool on 5±acres. Offered at $2,975,000

BernardsvilleCustom 17-room Contemporary with architectural interest and sophisticated design offers single-story living withtwo expansive wings. 6 bedrooms, 6 full and 3 half baths, 4 fireplaces, indoor pool, 4 garage spaces, and moreon scenic 5± acres.Offered at $1,750,000

Contract Sales Up, Months Supply DownMuch of the 2011 data for Bernardsville shows solid improvement over2010. Fewer homes have come to market during the first 7 months of 2011than did last year, while contract sales have risen 18% year-to-date over thesame period last year. The result is a more attractive months supply of inventory, bringing us ever closer to a balanced market and price stabilization,considered by most to occur at about 6 months supply. Sellers are achievinga higher percent of their final asking price in 2011 and experiencing fewerAverage Days on Market, most likely due in large part to more competitivepricing practices.

Bernardsville Office

MARKETWATCH FALL 2011 | 3

New Listings 149 143

Contract Sales 56 66

Months Supply 7/10 vs. 7/11 12.9 9.1

Average Sale Price $1,027,462 $947,259

Sale Price/List Price % 90% 92%

Average Days on Market 121 105

Highest Sale Price $7,875,000 $3,800,000

Market Snapshot Bernardsville

2010 2011YTD thru July 31

Information is supplied by Garden State MLS and Broker Metrics, neitherof which guarantee its accuracy in any way.

For a complete listing of properties visit www.TurpinRealtors.com

Morris TownshipThe SycamoresAn elegant landmark estate with greatpresence. 5 bedrooms, 4 full and 1 halfbaths, 8 fireplaces and spacious publicrooms, level lot and tennis court. Toweringtrees complement the lush 3± acre property.Offered at $1,950,000

MadisonSpacious 4-bedroom, 2 full and 1 half bathhome on large, level lot in the Oak Knollsection. Open floor plan, lower level recre-ation room, hardwood floors and central air conditioning. Convenient to shopping,restaurants and train station.Offered at $578,900

Harding TownshipLee’s Hill FarmDating to 1776, this wonderfulproperty is a rare offering. CountryColonial with 6 bedrooms, 6 fulland 3 half baths, on 10.91± acresin New Vernon, has been carefullyrenovated with attention to detail.Property includes carriage housewith 2 apartments. Offered at $5,900,000

Chatham BoroFreshly painted in and out, new roof andwater heater, new bathrooms, updated appliances, granite counters, new driveway,refinished hardwood floors and more. 4 bedrooms, 2 full and 1 half baths andcentral air on .26± acres. Offered at $799,000

Among the Strongest Markets in New JerseyConsistently outperforming most towns across the state, Chatham Boroughand Chatham Township continue to post excellent stats. With ContractSales up by 14% over 2010, and Months Supply down to 4.8 in July 2011,

sellers in theChathams areexperiencingone of the lowest AverageDays on Marketin the state, and achieving a stunning 98%of final list price.Our Chatham

office, up and running since March 2010, has experienced strong and consis-tent growth and offers a full compliment of experienced and professionalagents to assist you.

Chatham Office




Months Supply 7/10 vs. 7/11 9.3 4.8

Average Sale Price $801,430 $835,757



Highest Sale Price $2,710,000 $2,500,00*

Market Snapshot The Chathams



*Though outside the time frame of this report,a new 2011 Highest Sale Price of $2,900,000was achieved in a Chatham Township sale thatTurpin made in August.

Peapack-GladstoneBeautifully appointed 5-bedroom, 6 fulland 1 half bath Classic Colonial on 2.4±acres with 2 ponds and stream. Finishedwalk-out basement, wine cellar, andmedia room. Professionally landscaped,perennial gardens, bluestone patio.Offered at $1,995,000

Bedminster TownshipExtensively renovated 4-bedroom, 4 full and1 half bath Custom Colonial with stunningvistas on 5± acres off a private lane. Deerfenced, gated property with pool, and largeclimate controlled barn/outbuilding for acar collection or livestock.Offered at $1,950,000

Far HillsCharming antique Farmhouse with 3 bedrooms, 2 full and 1 half baths. 9 garage spaces make for the perfect opportunity for the car enthusiast. Pool, outbuildings and open porchenjoy the sounds of nearby waterfall. Offered at $795,000


Upper End Shows StrengthThough each of the three towns represented in this “Snapshot” deserves closer scrutiny, on the wholethey show a relatively flat to slightly poorer performance year over year across all price ranges. The realstory, however, lies in sales above $1,000,000: Through July 31, 2010 there were 5 sales of homes listedabove $1M with an average sale price of $1,456,400. That same period this year has yielded 14 sales ofhomes listed over $1M with an average sale price among those that have closed of $1,892,127, showingstrong improvement in the upper end of these towns

Far Hills Office

Bedminster Township – Deerfield FarmAn exceptional residence and equestrian facility situated on 34.4±acres with riveting views. Country Estate offers sophisticated 6-bedroom home with 5 full and 3 half baths, plus 2-bedroomguest cottage and 2-bedroom apartment. Stable complex has8 stalls. Offered at $8,475,000




Months Supply 7/10 vs. 7/11 5.4 7.2





Number of Sales of Homes Listed over $1M 5 14

Average Sale Price of Homes Listed over $1M $1,456,400 $1,892,127

Market Snapshot Far Hills, Bedminster, Peapack-Gladstone



Mendham Township Custom 5-bedroom, 3 full and 1 half bathbrick Colonial on 1.98± acres in Brookrace.Superb architectural elements, customcabinetry, chef ’s kitchen, 4 fireplaces, pool,spa with waterfall, terraces, gardens andstone walls. Private neighborhood lake.Offered at $1,525,000

Mendham TownshipTraditional 4-bedroom, 2 full and 1 halfbath Colonial nestled on 3± acres of a cul-de-sac on the east side of Mendham.Updated kitchen, fireplace, many oversizedwindows and finished lower level. Streamand invisible dog fencing.Offered at $749,000

Mendham TownshipLocated on .81± acres in the charming Brookside section, near the Village of Mendham,the c1930 residence has been rebuilt and expanded to 10 rooms. 4 bedrooms, 2 full and1 half baths, many wood floors, stone fireplacein living room, and 2-car garage. Offered at $579,000

Months SupplyHolds SteadyMendham Township andMendham Borough haveseen significantly morehomes come to marketthis year compared with2010, as well as a slightreduction in the numberof contract sales. The goodnews in this picture is that

July’s Months Supply has remained flat at 9 monthsyear over year, indicating that contract sales relativeto inventory have stayed steady. This somewhathealthy Months Supply number (6 months is ideal)may help to keep depreciation at bay. Another brightspot is the Average Days on Market, which is downslightly this year.

Mendham Office

Mendham BoroBuilt in 1998 on 5.7± acres, thisFrench Normandy Manor offers 7 bedrooms including a 1st floor master, 7 full and 2 half baths, a

32± foot two-story salon, gourmetkitchen, home theater, French doors,limestone terrace, pool and pool house.

Offered at $5,250,000




Months Supply 7/10 vs. 7/11 9 9





Market Snapshot The Mendhams



Tewksbury TownshipGracious 4-bedroom, 3 full and 1 half bathClassic Colonial nicely situated on 5± acresin a neighborhood near Pottersville. Lightand bright, well proportioned rooms, hardwood floors, 3 fireplaces, large deck andopen lawn areas. Full, walkout lower level. Offered at $649,000

Tewksbury TownshipShallow BrookLocated near the center of Mountainville andconvenient to Route 78. Privately situated, 5-bedroom, 6 full and 2 half bath stone andstucco residence in a magical setting with pool,patios, horse barn and pond on 7.8± acres.Offered at $1,450,000

Tewksbury TownshipTurkey HillScenic location near the village of Oldwick.This Custom Colonial is on 14± acres with 5 bedrooms, 3 full and 2 half baths, cook’skitchen with commercial range/hood and4 ovens, and elegant millwork. Offered at $1,175,000

Signs of Recovery EvidentThough among the most beautiful areas that we serve, Tewksbury Township has also been one of the harder hit markets. That said,Tewskbury is showing strong signs of improved health this year comparedwith 2010. With fewer homes coming to market and Contract Sales up16%, Tewskbury’s July Months Supply is markedly improved over July2010, while Average Days on Market are down. Like many towns, thisone is not out of the woods, and a 16 month supply may spell more depreciation, but many of the trends we see here are very encouraging.

Oldwick Office

Tewksbury Township – Little Brook FarmCharming “Gentleman’s Farm” with antique 4-bedroom, 3 fulland 2 half bath Colonial on nearly 14 farm-assessed acres. Privacyand sweeping views, stone patio, stream, 2 ponds, pool, and orchard. Renovated 3-bedroom cottage, 3 large barns, 2-stall stable.Offered at $1,475,000





Months Supply 7/10 vs. 7/11 33 16





Market Snapshot Tewksbury



Turpin Real Estate, Inc.Post Office Box 100Far Hills, New Jersey 07931

CHATHAM 973-635-5555FAR HILLS 908-234-9100MENDHAM 973-543-7400OLDWICK 908-439-3300BERNARDSVILLE 908-766-6500

WWW.TURPINREALTORS.COM

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morris townshipCharming Colonial on .75± acres in sought-after Spring Brooksection. 4 bedrooms, 3 full and 1 half baths, a front-to-back living room with fireplace and built-ins, eat-in kitchen, den andfamily room, 2-car garage. offered at $650,000

Bernards TownshipPristine Custom Colonial on 1.25± acres of a cul-de-sac location inBasking Ridge. Cook’s kitchen, spacious family room, 5 bedrooms,5 full baths including two in master, and 2 half baths, 4-car garageand convenient location. Offered at $1,650,000

Harding TownshipClassic Colonial built in 2000 with 6 bedrooms, 7 full and 2 halfbaths, 4 fireplaces including one in the master suite, hardwoodflooring, extensive millwork, custom kitchen and more on 3.9± acresin sought-after Hartley Farms. Offered at $3,850,000

BernardsvilleAdirondack-style residence with unique architectural elements, pas-toral views, pond and fruit orchard on 5± acres. 3 bedrooms, 5 fulland 1 half bath, open floor plan, reclaimed brick entry, mahoganycross-vaulted ceiling, designer kitchen.Offered at $2,750,000

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Marketwatch Fall 2011