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700K is a "bad" number for Ridgewood. It always has been, for some reason. There is simply nothing to look at in this price range. When we were looking in Ridgewood 5 years ago, it was exactly the same thing. Plenty of houses in the 600-range that are either too small or need a lot of work OR upper 800K. There was simply nothing in the 700K. Go figure :-)
I can understand your point ira. However, 5 years ago, puts you in the height of the market boom - 2006, where the frenzy was still alive and well.
276 CLOSED SALES this year, as in 2011 IN RIDGEWOOD? No way. Please be clear as you do have honest potential buyers in these forums. And you HAVE TO factor relists, otherwise that 2% that you mention is way misleading. So let me get this straight, you are recommending the OP give up her search on a $700k budget unless she is willing to OVERPAY for what sounds like a starter cape and ranch at $700k. That's the best advise you can provide as a professional realtor? Doing a quick search for 2011 Ridgewood SOLD homes
I run into this:
The list goes from JAN 2011 up to FEB 28th of this year.
Sold Homes: 40. Many ARE Colonials. In fact 20 out of the 40 were sold at $700k or less. Of those 20, 18 sold homes represented and avg reduction of 10.63% from LP...and remember these are recent comps. I think Ridgewood is a lovely town and I agree it holds up better then many. But prestige is only as deep as your bank account.
I don't think that's what he meant, that the OP should give up.
The OP said it themselves, that they weren't happy with the inventory. I think it was labeled as "terrible" in their price range. Sometimes that means that you have to adjust your expectations in terms of house or try a different town because your budget isn't going to get what you want in a certain town.
I don't even know what exactly the OP is looking for in a home, other than in RW or GR, but apparently the stuff they are seeing in their price range isn't it.
Colonial is not a very useful word, there are many different types of colonials, some of which can be quite small.
I don't think that's what he meant, that the OP should give up.
The OP said it themselves, that they weren't happy with the inventory. I think it was labeled as "terrible" in their price range. Sometimes that means that you have to adjust your expectations in terms of house or try a different town because your budget isn't going to get what you want in a certain town.
I don't even know what exactly the OP is looking for in a home, other than in RW or GR, but apparently the stuff they are seeing in their price range isn't it.
Colonial is not a very useful word, there are many different types of colonials, some of which can be quite small.
I guess I felt the data as it was presented by the RE poster was somewhat misleading. Looking at charts available for home sales in Ridgewood 2010, most closed sales occured from mid may-mid august (up to 3x the count of previous months). So while I know there aren't tons of pickings out there just yet, data does show that the majority of inventory doesn't likely start to hit the market until about mid March. It was just this past weekend that most of us started to really see grass, so I can see there being a bigger delay then norm.
I have been seeing the lack of inventory in the $400-$525k range also. I talked to a top listing agent in my area and she says she has been slow. Hopefully its the weather that is to blame and more homes will be coming on the market soon. Many of the 'new' listings I see popping up were previously listed and now back on the market.
276 CLOSED SALES this year, as in 2011 IN RIDGEWOOD? No way. Please be clear as you do have honest potential buyers in these forums. And you HAVE TO factor relists, otherwise that 2% that you mention is way misleading. So let me get this straight, you are recommending the OP give up her search on a $700k budget unless she is willing to OVERPAY for what sounds like a starter cape and ranch at $700k. That's the best advise you can provide as a professional realtor? Doing a quick search for 2011 Ridgewood SOLD homes
I run into this:
The list goes from JAN 2011 up to FEB 28th of this year.
Sold Homes: 40. Many ARE Colonials. In fact 20 out of the 40 were sold at $700k or less. Of those 20, 18 sold homes represented and avg reduction of 10.63% from LP...and remember these are recent comps. I think Ridgewood is a lovely town and I agree it holds up better then many. But prestige is only as deep as your bank account.
Sorry, I meant 276 closed sales in the past 12 months, in the last year, not in 2011 calendar.
And as far as re-lists, to repeat what I said, the sales-to-list is still north of 94%. And there are not all that many re-lists in Ridgewood. It happens of course, with the occasonal over-listed seller, but re-lists are very common in some towns, and are much less common in towns like Ridgewood.
So am I recommending giving up? No, not at all, just trimming expectations if the OP wants to stay in Ridgewood. I have worked with several buyers looking at $900,000, and what we looked at in Ridgewood was not great at that price. Lots of locationally challenged homes on busy roads and near mixed land uses or other negative influences.
Can you find a Colonial for $700,000? Sure, an old not-so-well-maintained something or other with more defects than you can shake a stick at, whether they be functional, physical, or locational. The house everyone wants: A 4 BR 3 Bath beautifully maintained Colonial 3000+ sqft in a quiet neighborhood far from noise with a flat landscaped 1/2 acre and no work to do? Well North of $1,000,000.
The median home in Ridgewood is not too good, and that is just a fact. $700,000 is starter territory and you are not going to get a lot of house in Ridgewood for that money. So as a professional realtor I would advise not spinning your wheels and trying to achieve the impossible. A big nice house IS possible for $700,000, but in a more modest town. Or if you want the schools and are willing to get real, then just settle in to a Cape or a Split or a Colonial with some problems and make the best of it.
You can have Ridgewood for $700,000. You can have "the house" for $700,000. But you can't have both.
By the way, your 10% off asking price figure is completely misleading. Look at the list you provided and you will see all the heavy discounts were skewed to the absolute junk house fixer uppers at the bottom of the range. Look at the $600,000-$700,000 range and 5% off asking is the norm, even with re-lists.
I think I will do an exhaustive study on this topic. I am interested how it would come out. The REAL percent off list price story behind the Ridgewood market. I am going to say 5% pre-study just based on instincts and experience in that market both as an agent and an appraiser.
You will NOT get the typical house in Ridgewood for 10% below asking, and for a really nice home it is going to be 2-5%, and you will probably not be the only offer.
Sorry, I meant 276 closed sales in the past 12 months, in the last year, not in 2011 calendar.
And as far as re-lists, to repeat what I said, the sales-to-list is still north of 94%. And there are not all that many re-lists in Ridgewood. It happens of course, with the occasonal over-listed seller, but re-lists are very common in some towns, and are much less common in towns like Ridgewood.
So am I recommending giving up. No, not at all, just trimming expectations if the OP wants to stay in Ridgewood. I have worked with several buyers looking at $900,000, and what we looked at in Ridgewood was not great at that price. Lots of locationally challenged homes on busy roads and near mixed land uses or other negative influences.
Can you find a Colonial for $700,000? Sure, an old not-so-well-maintained something or other with more defects than you can shake a stick at, whether they be functional, physical, or locational. The house everyone wants: A 4 BR 3 Bath beautifully maintained Colonial 3000+ sqft in a quiet neighborhood far from noise with a flat landscaped 1/2 acre and no work to do? Well North of $1,000,000.
The median home in Ridgewood is not too good, and that is just a fact. $700,000 is starter territory and you are not going to get a lot of house in Ridgewood for that money. So as a professional realtor I would advise not spinning your wheels and trying to achieve the impossible. A big nice house IS possible for $700,000, but in a more modest town. Or if you want the schools and are willing to get real, then just settle in to a Cape or a Split or a Colonial with some problems and make the best of it.
You can have Ridgewood for $700,000. You can have "the house" for $700,000. But you can't have both.
By the way, your 10% off asking price figure is completely misleading. Look at the list you provided and you will see all the heavy discounts were skewed to the absolute junk house fixer uppers at the bottom of the range. Look at the $600,000-$700,000 range and 5% off asking is the norm, even with re-lists.
I think I will do an exhaustive study on this topic. I am interested how it would come out. The REAL percent off list price story behind the Ridgewood market. I am going to say 5% pre-study just based on instincts and experience in that market both as an agent and an appraiser.
You will NOT get the typical house in Ridgewood for 10% below asking, and for a really nice home it is going to be 2-5%, and you will probably not be the only offer.
Great post. When I need an agent again in 5-10 years, you're my guy.
Last edited by Goldendoodle1969; 03-08-2011 at 09:55 AM..
Can you find a Colonial for $700,000? Sure, an old not-so-well-maintained something or other with more defects than you can shake a stick at, whether they be functional, physical, or locational. The house everyone wants: A 4 BR 3 Bath beautifully maintained Colonial 3000+ sqft in a quiet neighborhood far from noise with a flat landscaped 1/2 acre and no work to do? Well North of $1,000,000.
The median home in Ridgewood is not too good, and that is just a fact. $700,000 is starter territory and you are not going to get a lot of house in Ridgewood for that money. So as a professional realtor I would advise not spinning your wheels and trying to achieve the impossible. A big nice house IS possible for $700,000, but in a more modest town. Or if you want the schools and are willing to get real, then just settle in to a Cape or a Split or a Colonial with some problems and make the best of it.
Good post.
We spent a lot of time househunting, and we had to do exactly this. I was not willing to compromise on certain things about "the house" so we switched the town and we are very happy.
But I am someone who will give up certain things (like a "walkable downtown") for the right house. I was not willing to compromise on certain things regarding the house itself. But it's all about finding the right balance and knowing what's important to you and being realistic.
Not related to this poster specifically, but I think buyers have an idea that the market is slow so they should be able to get the house you describe for 500K now.
Sorry, I meant 276 closed sales in the past 12 months, in the last year, not in 2011 calendar.
And as far as re-lists, to repeat what I said, the sales-to-list is still north of 94%. And there are not all that many re-lists in Ridgewood. It happens of course, with the occasonal over-listed seller, but re-lists are very common in some towns, and are much less common in towns like Ridgewood.
So am I recommending giving up? No, not at all, just trimming expectations if the OP wants to stay in Ridgewood. I have worked with several buyers looking at $900,000, and what we looked at in Ridgewood was not great at that price. Lots of locationally challenged homes on busy roads and near mixed land uses or other negative influences.
Can you find a Colonial for $700,000? Sure, an old not-so-well-maintained something or other with more defects than you can shake a stick at, whether they be functional, physical, or locational. The house everyone wants: A 4 BR 3 Bath beautifully maintained Colonial 3000+ sqft in a quiet neighborhood far from noise with a flat landscaped 1/2 acre and no work to do? Well North of $1,000,000.
The median home in Ridgewood is not too good, and that is just a fact. $700,000 is starter territory and you are not going to get a lot of house in Ridgewood for that money. So as a professional realtor I would advise not spinning your wheels and trying to achieve the impossible. A big nice house IS possible for $700,000, but in a more modest town. Or if you want the schools and are willing to get real, then just settle in to a Cape or a Split or a Colonial with some problems and make the best of it.
You can have Ridgewood for $700,000. You can have "the house" for $700,000. But you can't have both.
By the way, your 10% off asking price figure is completely misleading. Look at the list you provided and you will see all the heavy discounts were skewed to the absolute junk house fixer uppers at the bottom of the range. Look at the $600,000-$700,000 range and 5% off asking is the norm, even with re-lists.
I think I will do an exhaustive study on this topic. I am interested how it would come out. The REAL percent off list price story behind the Ridgewood market. I am going to say 5% pre-study just based on instincts and experience in that market both as an agent and an appraiser.
You will NOT get the typical house in Ridgewood for 10% below asking, and for a really nice home it is going to be 2-5%, and you will probably not be the only offer.
Marc, I would love to see what you find based on your study. That would be really interesting information. My math was a very quick avg based on that list I found. At no point did I look at location, size of home, taxes, etc., so a deeper study would be great -- especially one that could help forecast what the coming months may look like in both listings/inventory and sold property.
The other thing to keep in mind --- (note I am NO realtor), is that just as higher interest rates can affect market conditions, so can the consequences of increased taxes. Meaning if I see a home that was purchased in 2006 for $700k with $8k in taxes and today carries a $12,000 tax burden, that will have a play into what I can afford to carry on a month to month basis --so what I was able to afford in 06' for the $700k may not be the same in '11. Now one can state, look elsewhere but you're also taking out of the mix more competition and more buyers in your market.
Ridgewood is never a buyer's market. You are talking absolutely top schools and convenient rail access, not to mention very elevated income levels, and prestige, which does mean something. There is always heavy demand for Ridgewood. And the unemployment rate at large does not reflect the extremely low unemployment rate for a place like Ridgewood.
In fact, the median home price for Ridgewood is up this year, from $650,000 to $700,000. Average days-on-market is under 60 days, and the sale to list price ratio is about 98%, meaning that the average house sells for 2% below list price. It's actually a bit higher than when you factor relists, but it's still North of 94-95%.
I am just surprised what kind of imaginary world realtors invent! )))
first, as for schools - I'd suggest that OP google Ridgewood's blogs and read what parents tell about Ridgewood's schools and math curriculum in particular... to touch the real ground
as for this detailed data on recent sales, I want to mentioned that the median home price doesn't reflect that the prices went up - just the fact that more houses were listed/sold on the expensive side of the inventory...
we were looking into this area for a while - it seems to me that the market was extremely soft for the median income families in Glen Rock/Ridgewood since the tax refund option expired and the houses were sold at deep discounts of about $30-40K off the list prices...
I think the current inventory is so bad because people are not willing to list their houses when they see what the comps were sold for recently...
my observation on their current market:
1. lousy houses were listed since the owners want to get out before interest rates, Fannie Mae disposal, and raise in the required downpayment % plunge their houses' value
2. increase in the luxury segment offering to catch the recently paid WS bonuses
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. Many ARE Colonials. In fact 20 out of the 40 were sold at $700k or less. Of those 20, 18 sold homes represented and avg reduction of 10.63% from LP...and remember these are recent comps. I think Ridgewood is a lovely town and I agree it holds up better then many. But prestige is only as deep as your bank account.
