It was a pleasure to see the New York Times feature one of my favorite New Jersey towns.

Here’s the Article.

View Homes Currently For Sale In Union, New Jersey.

Roughly 10 homes are closing per week with an absorption rate of 41.5 weeks. That means that there’s currently 41 weeks of inventory on the market.

Here’s a look at the July Sales in Union.

Street Address – Last Published List Price – Sale Price
255 Tucker Avenue $115,000 $110,000
2049 Vauxhall Road $159,900 $155,000
317 Indiana Street $191,000 $191,000
423 Crawford Terrace $212,629 $215,000
600 Chestnut Street-C $214,000 $205,000
2670 Bancroft Avenue $225,000 $238,000
2680 Meister Avenue $229,000 $220,000
956 Salem Road $229,800 $237,800
1613 Edmund Terrace $237,000 $235,000
511 Clubhouse Drive- 12 $239,900 $210,000
521 Clubhouse Drive-10 $244,900 $228,000
702 Pinehurst Court $249,000 $220,000
1551 Barton Road $249,900 $242,500
1032 Pine Avenue $259,900 $254,000
1265 Wildwood Terrace $264,500 $245,000
1272 Coolidge Avenue $269,000 $250,000
39 Franklin $275,000 $225,000
2598 Audrey $275,000 $275,000
439 Rosetta Place $287,500 $250,000
1215 Carlton Terrace $289,000 $255,000
139 Walton Avenue $289,900 $280,000
815 Townley Avenue $290,000 $280,000
985 Greenwood Road $294,900 $275,000
1037 Creger Avenue $294,900 $285,000
1663 N. Andrew Street $315,000 $315,000
1301 Oxford Lane $319,900 $285,000
2775 Killian Place $334,500 $320,000
1426 Brookside Drive $348,500 $377,000
1035 Nicholas Avenue $349,000 $335,000
2607 Doris Avenue $349,900 $330,000
556 Homer Terrace $349,900 $356,000
782 Green Lane $350,000 $325,000
2534 Leslie Street $364,900 $349,000
446 Durling Road $369,900 $358,000
737 Colonial Arms Road $369,900 $350,000
565 Robinson Terrace $372,225 $372,000
394 Spring Street $375,000 $360,000
793 Mitchell Avenue $379,000 $360,000
218 Longview Road $379,000 $360,000
560 Golf Terrace $379,900 $332,000
2667 Hawthorne Avenue $389,900 $379,000
403 Prescott Road $399,000 $370,000
211 Buchanan Drive $399,000 $385,000
508 Fairway Drive $424,900 $410,000

Don’t leave this post just because it appears to be dated. This is actually the latest version of This Month In Real Estate. Rest assured, each month it automatically updates to the newest version. So have a look.

Ok. If you haven’t watched This Month In Real Estate before, here’s the deal. It’s a brief update on the state of the US real estate market. US. Not local. So please understand that what is being said may not apply to you. Real Estate is local — even hyper local so make sure you have all the numbers before you make any real estate decisions.

Enjoy.

So what have I been doing with my free time?

Well, I’ve been spending quite a bit of it on Twitter and Facebook jabbering mindlessly with old and new friends. It’s so refreshing. No burning buildings, plane crashes or economic Armageddon.

In addition, I’ve been watching a lot of reality television. Perhaps too much.

Yesterday, after I ripped a copy of Death In Venice out of my three year old’s hands, I brought him upstairs to watch American Idol.

“American Idol — How Lowbrow”

“Hell yes it’s lowbrow and I loved it.”

I can’t say as much for my son. He was cool with the first three contestants — but once that spikey haired kid started singing the Rolling Stones, my boy began flipping out.

“I don’t like this Daddy. Turn it off now! I want the other one. The girl.”

After swinging his wiffle ball bat at the television a few times he sprinted over to his room and cried on his pillow until he fell asleep.

That dude won’t be getting my son’s vote.

I skipped the evening news and went down to my office and read some very import stuff on the internet. My favorite thing was an article about family pets who use Twitter. There was also a cool piece discussing whether or not astronomers believe in aliens.

‘Trust me, there are aliens. I’ve met a few at my open houses. You should be frightened.”

Cut to the chase.

So I woke up this morning. Brought my son to daycare. Came home. Went to the gym. It’s in my basement. Turned on Regis and Kelly — and guess who appeared.

The Donald. For those of you from other galaxies. I’m talking about Donald Trump.

Anderson Cooper who was standing in for Regis threw out a question about the economy, probing Donald as to where he was putting his money.

I don’t remember exactly what Trump said, but he mentioned that he just signed a contract to purchase the Lowes Island Club, a property that he has been after for years.

He then looked at Anderson and Kelly and said, “It’s a great time to buy.”

What did Donald Trump say?

“IT’S A GREAT TIME TO BUY.”

What does Jesse Kaye say?

“ITS A GREAT TIME TO BUY IF YOU DO IT RIGHT.”

The Obama Administration has finally unveiled the Homeowner Affordability and Stability Plan.
Wrap your mind around it NOW

There are a lot of great values in the current real estate market, but it’s still possible to pay too much for a home. Here are a few simple things you can do to avoid making bad decisions.

1. Focus on the numbers. When making an offer, ask your agent to show you every like kind home that has closed recently in the area near the subject property. You’ll then come up with a target price. When making your offer, start off well below your target number and adjust accordingly. Never go above your target price.

2. DO NOT GET INVOLVED IN A MULTIPLE OFFER SITUATION. You’ll get sucked into the drama of the whole thing. If you lose you’ll be pissed. If you win, you’ll feel like you paid too much — and you probably did. If you absolutely must put in an offer — never go above your target price. Stay strong.

3. If someone tells you that “A house is worth as much as you are willing to pay for it.” Walk the other way. This is the biggest line of BS that I have ever heard. There are a lot of families who are upside down right now because they let their emotions get involved in the bidding process. My feeling is that a house is worth as much as the next buyer is willing to pay.

4. Do not try to keep up with the Joneses. You can afford what you can afford. Get into the market — don’t let the market get you.

5. Think with the end in mind. Look for a property that you will be able to resell easily. If the only thing you like about a property is the price, you may want to reconsider.

*6. Special Bonus. Ignore the beautiful furniture and artwork. Focus on the bones of the house. Homes that are staged well tend to sell for more. Sometimes a lot more — so be careful.

Happy house hunting.

The one thing that bothered me about this segment, however, was that it felt a little bit like a sales pitch. I would hope that the next edition focuses strictly on the numbers.

Enjoy.

Enjoy.

This has been a terrible year for sellers in Union, NJ. There’s no other way to say it. The median list price has gone from roughly $420,000 back in January of 2008 to $340,000 today. The market, however, seems to have paused (See details in my my report below). It’ll be interesting to see what home seller’s in Union do after the first of the year.

On the bright side, buyers who were priced out of the insane seller’s market a couple of years ago are now staking their claim. They’re finding gold. The best homes at the best prices.

In December two of my clients closed on homes in the Livingston School area of Union, a commuter friendly section just a few blocks from the train. Not only did they find amazing homes — they got jaw dropping deals. In one case the seller didn’t even counter our initial offer.

Are you sitting on the sidelines? You may want to rethink that strategy. In any case, you’ll probably want to have a look at my Union, New Jersey Market Report. Just click the link below. It’s free and very detailed.

Union, New Jersey Real Estate Market Report – Updated 12-29-2008

The numbers in my report are deemed accurate but not guaranteed.