West Orange Home Sales Report 1H 2009

West Orange has been experiencing the economic downturn just as

much as the next town. When you compare the first half of this year, from January to June, with the first half of 2008, you begin to see at-

tempts of a marketplace trying to gain a sense of stability but losing ground.

In the first six months of this year there were 65 fewer West Orange residential homes sold, according to what’s reported in the GSMLS (Garden State Multiple Listing Service) by real estate

agents. A small number of private residential sales also occurred throughout the town but were not tracked for this report.

Along with this drop, West Orange sat

near the $400,000 mark as an aver-age final list price. We say ‘final’ because there are numerous cases

where the homeowner(s) reduced the asking price to attract an offer. The numbers in the chart on page 2 reflect the final list price shown on

the GSMLS when the seller(s) accepted a contract that ultimately went to a completed sale.

The average final sales price dropped below $400,000, with

continued on page 2

Your Guide to West Orange Real Estate

The Beacon

Residential Housing Prices Drop 15%

Amount of Homes Sold Trail 30%

Housing Price Analysis 1, 2

Sales by School District 3, 13

January—June Home Sales 5-11

Team with the Best to Win 10

Short Sales Infiltration 14

Tax Appeal Help 14

Get Ready to Sell 15

Inside this issue:

2

Housing Prices Drop continued from page 1

Produced by Beverly & Bob Meaux, Realtors®, 201-647-6144,Towne Realty Group, Inc.

homes selling, on average, 94% of the

final list price. The average in 2005 and 2 00 6 h ov e r e d around 98%. This

tells us most sellers are still grappling with the reality of the new price points

and have still been playing “catch up” with the market as

prices continued to drop; or they have begun to try and price their homes higher to leave room for negotiation. Unfortu-

nately, this usually yields less for the seller in the long run. A few sellers did time things right: eight homes sold over asking price; 20 sold at asking price.

The only parameter that remains almost constant year-to-year is the average days on market (DOM), which is hovering around 90. But this can be deceiving. This count is based on the last time a

house was placed on the market before it was sold. This does not take into account the potential number of times a home might have been re-listed by the same real estate agent or listed anew with another real estate agent. DOM less than 10 days can be

attributed to new construction sales that are listed at closing.

Homes

Sold

Average

List Price

Average

Sales Price

Average

DOM

2008 220 $462,000 $451,000 85

2009 155 $404,474 $382,291 89

% Change -30% -12% -15% 5%

2009 151 $378,480 $357,077 90

% Change -31% -18 % - 21% 6%

January—June

Year-to-Year Price Comparison

Comparison when the $1M+ sales are removed*

*No $1M+ sales in the first half of 2008.

Clients love working with the Meauxs...“During my arduous search for a

home, I found Beverly to be knowledgeable, extremely thorough and

resourceful. She was very patient (never the pushy agent) with me

and my many questions and always prompt in responding to my e-

mails and calls. What was most impressive about Beverly was that

she helped me as a first time buyer to explore all my options before

making a decision. She asked those thought provoking questions that

I needed to ask myself as a first time buyer. We have truly found a

lifetime friend in our agent. Beverly is a gem." — S. Stuart, Edgewood Ave

When you review the chart below you will notice clear distinctions

in sales prices and the number of residential homes sold based on school districts. This shows you where your home is located can

play an important role on the price of your home. Most people

are gravitating towards Mt. Pleasant, Redwood and St.

Cloud, while Washington contin-ues to be last on the list.

New construction and Llewellyn Park play key roles to the higher price points for Mt. Pleasant and Redwood. There’s a $40,000+

3

School Districts Matter; New Construction Does, too

$300,000 Price Swing Occurred

Produced by Beverly & Bob Meaux, Realtors®, 201-925-8199,Towne Realty Group, Inc.

price gap between Mt. Pleasant and Redwood in 2009 and a

130,000+ between Mt. Pleasant and St. Cloud in 2008. This is caused by the new Bel Air com-munity on the border of

Livingston that when complete will feature 250 luxury

townhomes. This, along with pockets of newer developments,

has consistently helped West Orange reach a higher price range outside of Llewellyn Park.

When you take the Bel Air home sales out of the picture for 2008

continued on page 13

January—June

Year-to-Year School District Comparison

School

District

# of Sales Average Sales Price

2009 2008 2009 2008

Mt. Pleasant 28 39 $472,876 $602,130

Redwood 43 55 $431,606 $424,767

St. Cloud 27 43 $350,907 $463,326

Gregory 21 36 $314,376 $420,347

Pleasantdale 20 24 $280,515 $378,787

Hazel 10 14 $276,225 $413,446

Washington 5 9 $198,190 $272,111

4 Produced by Beverly & Bob Meaux, Realtors®, 201-647-6144,Towne Realty Group, Inc.

• The first 30 days are wasted

• Extends days-on-the-market

• Eliminates urgency

• Results in price reductions

• Forfeits control to the buyer

• Encourages discounted offers

• Attracts bargain hunters & bottom

feeders who want a discount

• Creates a sense of urgency

• Promotes Realtor & buyer interest

• Generates showings & multiple offers

• Seller controls the negotiations

• Results in the highest price in the

shortest time

• Presents an opportunity to have back

up offers if first deal falls through

Mr. Otteau manages all facets of the Otteau Appraisal Group’s business

and has been actively engaged in real estate consultation and valuation

since 1974. He holds the State Certified General Real Estate Appraiser cer-

tification, the highest level offered, and is licensed in New Jersey, New York,

Pennsylvania & Delaware. Frequently quoted in the New York Times and

Wall Street Journal, and having made television appearances on CNBC,

Bloomberg and NBC News, Mr. Otteau is widely respected for his knowl-

edge and insight into real estate trends, and is the go-to professional for

almost all of the local Real Estate companies.

As recommended by Mr. Jeffrey Otteau, and used with

permission from, the Otteau Valuation Group, Inc.

Reproduced by Bev and Bob Meaux to better serve our clients

PREPARED EXCLUSIVELY BY

BEV & BOB MEAUX

ADDRESS STYLE SP FINAL LP % of LP DOM

0 Metzger Dr Twnhse $1,698,990 $1,698,990 100% 1

20 Bloomfield Way Tudor $1,495,000 $1,495,000 100% 46

52 Glen Ave Colonial $1,107,500 $1,299,000 85% 49

2 Lynwood Way Tudor $1,035,000 $1,050,000 99% 13

3 Honeysuckle Ave Colonial $825,000 $795,000 104% 28

51 Fredericks St Twnhse $765,000 $799,900 96% 0

6 Eagle Ridge Way Ranch $760,000 $850,000 89% 134

11 Whitbay Dr Twnhse $759,000 $759,000 100% 44

7 Hage Terr Twnhse $750,000 $810,900 92% 64

10 Baxter Ln Twnhse $750,000 $799,900 94% 1

1 Kinzel Ln Colonial $740,000 $769,000 96% 156

16 Luth Terr Twnhse $730,000 $799,900 91% 0

5 Hage Terr Twnhse $720,000 $799,900 90% 0

30 O'Connor Cir Twnhse $715,000 $729,000 98% 19

15 Haggerty Dr Colonial $700,000 $789,000 89% 98

14 Lonergan Ln Twnhse $680,000 $699,900 97% 65

23 Luth Terr Twnhse $675,000 $728,315 93% 97

21 Haggerty Dr Colonial $663,128 $679,000 98% 221

3 Hage Terr, #2 Twnhse $650,000 $749,900 87% 0

3 Hage Terr, #6.1 Twnhse $650,000 $749,900 87% 65

63 Terr Ave Colonial $649,000 $649,000 100% 70

23 O'Connor Cir Twnhse $615,000 $675,000 91% 35

61 Burnett Terr Cont $525,000 $519,000 101% 12


15 N Edgewood Ave Split $487,000 $499,000 98% 60

56 Clarken Dr Twnhse $485,000 $509,000 95% 81

West Orange Residential Home Sales January—June 2009

Produced by Beverly & Bob Meaux, Realtors®, 201-925-8199, Towne Realty Group, Inc. 5

Note: Glossary on page 8


BEV & BOB MEAUX



241 Crescenzi Ct Twnhse $473,500 $499,000 95% 2

26 Mcguire Dr Colonial $470,000 $529,900 89% 80

24 Bayowski Rd Twnhse $462,500 $489,000 95% 83

1 Carter Rd Colonial $450,000 $479,000 94% 162


67 Davey Dr Twnhse $437,500 $449,000 97% 38

401 Barringer Ct Twnhse $420,000 $450,000 93% 141

11 Carter Rd Split $420,000 $449,000 94% 162

327 Northfield Ave Colonial $410,000 $425,000 96% 98

12 Knollwood Dr Ranch $405,000 $429,000 94% 25

119 Fairview Ave Colonial $402,000 $429,900 94% 55

3 Bromley Dr Split $400,000 $439,900 91% 75

50 Winding Way Colonial $395,000 $399,000 99% 14

10 Devon Dr Split $390,000 $399,000 98% 26

238 Crescenzi Ct Twnhse $389,000 $398,800 98% 127

88 Lindsley Ave Colonial $380,000 $398,000 95% 28

5 Sheffield Terr Ranch $380,000 $389,900 97% 39

34 Dartmouth Rd Tudor $380,000 $385,000 99% 52

160 Dezenzo Rd Twnhse $380,000 $379,900 100% 33

3 Clearview Terr Colonial $376,500 $399,900 94% 21

24 Lapis Cir Twnhse $375,000 $443,000 85% 141

10 Currey Lane Twnhse $375,000 $419,000 89% 175

65 Rosemont Terr Ranch $375,000 $414,900 90% 142


30 Blackburne Terr Cape $375,000 $384,900 97% 21

6 Produced by Beverly & Bob Meaux, Realtors®, 201-647-6144, Towne Realty Group, Inc.



BEV & BOB MEAUX

7


19 Lincoln Ave Colonial $373,000 $378,500 99% 30

55 Davey Dr Twnhse $370,000 $389,000 95% 44

292 Gregory Ave Colonial $368,500 $372,000 99% 52


69 Lapis Cir Twnhse $365,000 $409,000 89% 99

55 Old Short Hills Rd Split $360,000 $395,000 91% 107

27 Devon Dr Ranch $360,000 $375,000 96% 334

31 Lapis Cir Twnhse $360,000 $375,000 96% 179

41 Thorn Terr Cape $360,000 $373,000 97% 35

9 Rutgers St Split $359,000 $369,000 97% 75


51 Mullarkey Dr Twnhse $355,000 $379,100 94% 24

78 Lawrence Ave Colonial $350,000 $375,000 93% 98

402 Digaetano Terr Twnhse $350,000 $349,900 100% 52

25 Wessman Dr Split $349,000 $349,900 100% 176


60 Glen View Dr Condo $345,000 $375,000 92% 122

19 Lenox Terr Colonial $345,000 $365,000 95% 126

2 So Mountain Way Ranch $345,000 $359,000 96% 3

23 Woodside Terr Colonial $345,000 $348,500 99% 28

40 Woodside Terr Colonial $340,000 $345,900 98% 53

94 Giordano Dr Twnhse $336,000 $349,000 96% 33

5 Paris Cir Twnhse $335,000 $339,879 99% 62

14 Orange Hghts Ave Colonial $332,000 $329,900 101% 29


149 Mt Pleasant Ave Colonial $330,665 $344,900 96% 63

Produced by Beverly & Bob Meaux, Realtors®, 201-925-8199, Towne Realty Group, Inc.



BEV & BOB MEAUX

8

ADDRESS STYLE SP Final LP % of LP DOM

9 Beasley St Colonial $330,000 $379,000 87% 358

11 Carolina Ave Cape $330,000 $349,000 95% 11

44 Glen View Dr Condo $329,000 $329,000 100% 56

39 Larkin Cir Twnhse $323,500 $339,000 95% 36

12 Harrington Terr SplitLev $322,900 $338,900 95% 15

98 Giordano Dr Twnhse $322,500 $337,000 96% 44

7 Virginia Ave Colonial $322,000 $335,000 96% 17

371 Digaetano Terr Twnhse $322,000 $329,900 98% 43

16 Schindler Terr Twnhse $320,000 $364,900 88% 112

29 Ashwood Terr Colonial $320,000 $349,000 92% 155


20 Beechwood Terr Colonial $317,000 $334,000 95% 67

125 Mitchell St Tudor $317,000 $315,000 101% 192

31 Lawrence Ave Colonial $315,000 $335,000 94% 96

409 Walker Rd Tudor $315,000 $325,000 97% 57

24 S Westwood Dr Cape $315,000 $310,000 102% 12

69-71 Fitzrandolph Rd Cape $310,000 $325,000 95% 52

6 Hooper Ave Colonial $310,000 $319,000 97% 15

30 Quinby Place Colonial $310,000 $309,900 100% 12

25 Rock Spring Ave Ranch $308,000 $308,900 100% 107

87 Leonardo Ct Twnhse $307,500 $325,000 95% 133

8 Phyllis Rd Cape $304,000 $329,000 92% 35

40 Oakridge Rd Colonial $303,000 $319,000 95% 84

2 Bauer Dr Split $300,000 $350,000 86% 90

Produced by Beverly & Bob Meaux, Realtors®, 201-647-6144, Towne Realty Group, Inc.


GLOSSARY Cape = Cape Cod Cont = Contemporary DOM = Days on Market LP = List Price SP = Sales Price Split = Split Level Twnhse = Townhouse % of LP = Sales Price as portion of List Price


BEV & BOB MEAUX

ADDRESS STYLE SP Final LP % of LP DOM

105 Forest Hill Rd Colonial $300,000 $335,000 90% 120

337 Araneo Dr Twnhse $290,000 $327,500 89% 52


7 Pillot Colonial $290,000 $299,700 97% 24

33 Lincoln Ave Split $285,000 $289,000 99% 117

81 Valley Way Colonial $283,000 $275,000 103% 17


2 Suburban Dr Split $280,000 $299,900 93% 102

350 St Cloud Cape $275,000 $299,900 92% 61

73 Rollinson St Colonial $275,000 $299,000 92% 244

52 Wildwood Ave Colonial $272,000 $290,000 94% 48

27 Glenview Dr Cape $267,500 $278,900 96% 111

14 Samuel St Colonial $265,000 $265,000 100% 402

65 Carter St Split $260,000 $299,900 87% 283

28 Wedgewood Dr Ranch $260,000 $279,000 93% 186


We don’t focus on how many signs we have in the ground. We focus on how many satisfied clients we have, how honestly we communicate and the many ways we will sell better. Most agents don’t go the extra mile; we do. We paint

the sky blue in pictures to make a house look more appealing and use a night-light to make your ‘For Sale’ sign visible in the dark. We work with 3-5 clients at a time to insure unparalleled service. Choose the best.

Produced by Beverly & Bob Meaux, Realtors®, 201-925-8199, Towne Realty Group, Inc. 9


BEV & BOB MEAUX



27 Overlook Ave Colonial $260,000 $259,900 100% 76

18 Wedgewood Dr Ranch $260,000 $259,900 100% 165

20 Freeman Pl Split $258,000 $269,000 96% 64

1 Nottingham Rd Ranch $257,500 $280,000 92% 239

60 Paris Cir, #60 Condo $250,000 $279,000 90% 177

35 Belgrade Terr Colonial $250,000 $274,500 91% 31

40 Musano Ct Twnhse $250,000 $258,000 97% 116

42 Paris Cir Ranch $249,900 $249,900 100% 46

23 Nestro Rd Cape $245,000 $279,000 88% 234

44 Sunnyside Rd Cape $245,000 $243,900 100% 147

26 Morris Rd Ranch $241,000 $239,900 100% 78

46 Hart Dr Twnhse $240,000 $259,900 92% 47

252 Gregory Ave Ranch $239,900 $239,900 100% 23

54 Kayser Ln Twnhse $238,000 $249,000 96% 17

29 Marmon Terr Colonial $233,000 $259,900 90% 15

2 Fairmount Terr Colonial $230,000 $230,000 100% 90

121 South Valley Rd Colonial $225,000 $279,900 80% 112

1454 Plsnt Valley Way Cape $225,000 $239,900 94% 21

43 Conforti Ave, #18 Condo $225,000 $237,000 95% 73

43 Conforti Ave, #19 Condo $220,000 $227,000 97% 63

32 Virginia Ave Colonial $215,000 $229,900 94% 114

59 Woodland Ave Split $210,000 $299,000 70% 35

55 Watchung Ave Colonial $205,000 $235,000 87% 70

36 Lincoln Ave Colonial $195,000 $235,000 83% 60

24 Hutton Ave, #73 Condo $193,000 $200,000 97% 186

24 Kling St Colonial $190,900 $189,900 101% 139


Note: Glossary on page 8


BEV & BOB MEAUX


9 High St Ranch $185,000 $199,000 93% 246

17 Barry Dr Split $180,000 $199,900 90% 31

47 Watchung Ave Colonial $155,000 $204,000 76% 90

508 Smith Manor Blvd Condo $150,000 $139,998 107% 8

4 Suzan Ct, # C3 Condo $140,000 $139,900 100% 12

56 Elm St Colonial $135,000 $139,900 96% 145

17A S Valley Rd, #6 Condo $125,000 $129,000 97% 22

23 Meade St Colonial $120,000 $129,900 92% 79

48 High St Colonial $105,000 $124,900 84% 344

24 Hutton Ave, #80 Condo $100,000 $124,900 80% 86

17 Elm St Colonial $95,000 $144,600 66% 544

19 Joyce St Colonial $47,250 $69,900 68% 178



We Are Your Home Towne Realtors

10 top website postings within 48 hours

Certified staging consultation and service

Assistance with completion of projects & cleaning

More pay per click advertising on Google, Yahoo & MSN

Virtual tours, PDF files of surveys, brochures & interactive

floor plans

Our company website www.TRGHome.com gets thousands of

hits per month

Larger display ads in local newspapers & periodicals like the

West Orange Chronicle and Map/SOR News Record

...and, oh, so much more

Search for our names and connect with us on LinkedIn, Facebook, Trulia, Twitter, TRGHome.com and on our personal web site,

BevAndBobHomes.com, where you will find weekly town information to keep you abreast of residential sales and listings. Get periodic HomeBuyer and HomeSeller Tips when you connect

with us on Twitter http://twitter.com/HomeWhisperer. Stop and chat with us while we are walking our dog Pearl around

Edgewood Avenue.

Connect with Bev & Bob Meaux to Win Whether it’s 1 day or 1 year we can help you plan to

get your house on the market

Although you may not you use a computer, be assured your buyer does. Most searches for listings and public open houses begin on

the internet. With us, you will find your house on over 20 websites.

Clients love working with the Meauxs...“We had the absolute pleasure working

with Bev (and Bob!) on the sale of our home in West Orange. From the

moment Bev walked in our door, we knew that we made the right

choice in terms of realtors! Talk about ‘top notch’ client service and an

incredibly knowledgeable, informed and thoroughly professional agent---

not to mention that she’s someone that’s wonderful to get to know and

work with as you navigate through all the aspects of a home sale.

She and Bob are a winning combination and both of them went above

and beyond what we’d have ever expected to ensure that the entire proc-

ess was both smooth and flawless for us all around.

We couldn’t imagine choosing anyone BUT them as realtors to repre-

sent us (and we’d surely recommend them to others)!”

—Laurie and Michele´Guzzinati, Sheridan Avenue, www.13Sheridan.com


and 2009, Mt. Pleasant’s average sales price drops to $361,000 and $296,000, respectively. Instead of the coveted top spot, these numbers would drop it to sixth place in 2008

and fifth place in 2009. Look at Redwood without Llewellyn Park and a simi-

lar change occurs, though not as drastic. The num-bers become $361,450

and $407,070 for 2009 and 2008, respectively. Redwood and Mt. Pleasant

stay in the fight for the first place regarding the number of residential

homes sold. St. Cloud holds its third place posi-tion, as does Gregory for fourth place.

Is it the school section, style of house or something else that plays the biggest factor in West Orange prices? Go to www.bevandbob.featuredblog.com and blog with us. Share your

thoughts about what makes West Orange houses sell and see

what others have to say. Before you do, look

through the next few pages to see a list of the 155 West Orange

residential homes that have sold in the first six months of this year.

Clients love working with the Meauxs...“The

difference between Bob Meaux and other

real estate agents is that he treated us as

people rather than clients. He understood

our needs and preferences and never

pushed us towards a property that we

didn't feel comfortable with. He

encouraged us to be patient, but at the

same time was honest and forthcoming

with advice and insight on properties

and neighborhoods. With Bob's guidance

we found a home that we can start a

family in." — Christa and Jas, West Orange

View by School District continued from page 3

Comparison by House Style

2009

Sales

Average

Sales Price DOM

Cape Cod 11 $295,591 67

Colonial 53 $343,980 107

Condo/Twnhse 54 $406,806 70

Contemporary 3 $493,333 106

Ranch 14 $330,450 126

Split Level 14 $322,279 88

Tudor 5 $708,400 72



Short Sales Infiltrate West Orange

With nearly 30% decline in New Jersey home values over the

past three years, the amount of short sales in the market have gone from non-existent to com-monplace, according to the Na-

tional Association of Realtors. As of early July 2009, short sales accounted for 12% of the overall residential properties currently

for sale through a real estate in West Orange.

What is a short sale? A house is being sold as a short sale when the house value is less than the mortgage amount and

the homeowner has gotten an agreement with the lender(s) to accept today’s market value. The

seller may still owe the differ-ence, however. A successful short sale can prevent foreclo-sure, minimize the negative hit

to the homeowner’s credit score, and reduce the lender’s bad inventory and costs.

If that is the case then why are short sales portrayed in

such a negative light? Many of these transactions do

not end in a successful closing, which leaves both the buyer and the Realtor tainted, and the seller bewildered. The

process is long and cumber-some, sometimes taking up to six months or longer. Sellers have a hard time accepting the

situation they find themselves in and delay the paperwork or otherwise hinder the process.

These, and other reasons, cause buyers to give up and walk away.

Bob Meaux, 201-647-6144, has successfully closed short sales and can patiently take

you through the process. A new government initiative, Foreclosure Alternatives

Program, will hopefully incentivize both sellers and lenders to complete short sale transactions while standardiz-

ing and streamlining the process.

IS A TAX APPEAL IN YOUR FUTURE?

This year we helped many clients, friends and neighbors prepare documentation

needed to file a tax appeal. Call us for usable comparables. Remember, you

cannot use information on any house that sold after October 31, 2009 for your

2010 tax appeal. If you need help in the complete tax appeal process we can con-

nect you with Mark Bigos, our in-house lawyer and Broker of Record, who special-

izes in tax appeals. He has won many this year for area residents.

15 Produced by Beverly & Bob Meaux, Realtors®, 201-925-8199,Towne Realty Group, Inc.

TOWNE REALTY GROUP

511 Millburn Avenue - Short Hills, New Jersey 07078 - 973-376-8300

Robert Meaux Beverly Meaux Sales Associate Broker-Sales Associate 201-647-6144 201-925-8199 e-Pro Certified Accredited Staging Knows Short Sales ProfessionalTM

DEDICATED TO TOTAL TRANSACTION SERVICE

Your Home is Not for Sale; Your House is

Get Mentally Prepared

• Your home has become a product. It can be difficult to think of

a home as a mere product, but it helps to do this in order to

get top dollar and sell it in a reasonable amount of time.

• You want to sell that product.

• As with any product for sale, your house will be marketed.

• You want to package your house so that it is attractive to cus-

tomers (Buyer) because you want them to choose your product

and not the competition.

• To gain an edge in the West Orange marketplace, work with

Bev and Bob Meaux to stage your product to look better, to

market it like no other and to price it right to sell for top dollar.

Go to www.BevAndBobHomes.com to learn more

Presorted

Standard

U.S. Postage

Paid

Short Hills, NJ

Permit No. 50

TELEPHONES:

Office: 973.376.8300

Bob Meaux: 201.647.6144

Beverly Meaux: 201.925.8199

MEAUX FAX: 973.528.0590

OFFICE ADDRESS: 511 Milburn Avenue

Short Hills, New Jersey 07078

WEBSITE: www.BevAndBobHomes.com

EMAIL:

Bob: [email protected]

Beverly: [email protected]

If your property is currently listed for sale with a Realtor, please disregard. This is not a solicitation of other Real Estate Broker Listings. All information

deemed reliable, but not guaranteed and includes information on single-family homes from the Garden State Multiple Listing Service(GSMLS).

Towne Realty Group, LLC. Independently Owned and Operated.

Check out www.26Fitz.com

Documents

West Orange Home Sales Report 1H 2009