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Archive for the 'Ridgewood Real Estate' Category

Ridgewood Home Values Fall to Zero – Real Estate Agents Must Repent

July 1st, 2010 categories:Ridgewood Real Estate

Cynical “Experts” Proven Wrong Nationwide and in Ridgewood

Ridgewood Home Values Fall to Zero

Many “experts” and some commenters to this blog predicted that Ridgewood and National home values would fall in the first half of 2010, transactions would be down and interest rates would rise. Check out what Time.com had to say back in January.

Today is July 1st.  Let’s see how the experts fared…

Have Ridgewood Home Prices Fallen?  Well, not according to the New Jersey Multiple Listing Service (see chart below).

 Ridgewood_Median_Sales_Price_First_Half_of_2010

Well, then surely the number of Ridgewood transactions are down in the first half of 2010 versus the first half of 2009, right?

Wrong.  The number of Ridgewood real estate transactions nearly doubled from 70 in the first of 2009 to 129 in the first half of 2010.

At least they were correct about mortgage rates going up, right?  Wrong.

Here’s what they were saying about rates at the end of 2009…

…And the chart below shows the reality.

Mortgage Rates - Jan 20th to June 20th 2010

Mortgage Rates - Jan 20th to June 20th 2010

Predicting the real estate market is a lot like predicting the stock market or even the weather.   That’s why folks need to consider whether buying a Ridgewood Home makes long term sense for themselves or their family and not look at Ridgewood Real Estate as a short-term investment because, as you can see, not even the experts can predict what will happen in the real estate market.

Related Articles

Top Ten Reasons to Relocate to Ridgewood New Jersey

Ridgewood Real Estate Recovery Keeps Rolling Along…Even at the High End

What Clients Are Saying About Al Donohue…

John and Ginny Fitzgerald – formerly of Fairway Road, Ridgewood

In selling our house in Ridgewood, New Jersey, we were extremely fortunate in finding Al Donohueas our Realtor. Al has been a real pleasure to work with. Not only is he a consummate professional, but he went out of his way to make what is usually a painful process quite the reverse. He is industrious, knows his business, innovative, totally honest, and keeps you fully informed. I can’t imagine that anyone does it better than Al does. On top of all this he has a great sense of humor !!!

Click below and let’s connect on Facebook, Twitter, LinkedIn, FriendFeed…

Connect with me on FaceBook Follow me on Twitter Connect with me on LinkedIn Connect with me on FriendFeed

Posted by Al Donohue | Discussion:2 Comments »

Ridgewood Real Estate Recovery Keeps Rolling Along…Even at the High End

May 2nd, 2010 categories:Ridgewood Real Estate

New Jersey Home Sales Improve for 10th Month in a Row

The numbers speak for themselves.  See article and accompanying chart below from the Otteau Valuation Group.  Jeffery Otteau is considered by many to be the foremost expert on New Jersey Real Estate.

Ridgewood’s Higher-End Homes Are Participating in the Recovery As Well

The chart below shows the number of Ridgewood Homes “under contract” for each of the past twelve months in the $1 million and above price range.  As you can see, the the number of higher-end homes under contract is roughly double what is was at this time last year.

Ridgewood Homes Under Contract

Related Articles

Home Buyers Out in Force in Ridgewood

Ridgewood Real Estate Looks Solid – Regardless of what the “Doom and Gloom” Set Have to Say

 

What Clients Are Saying About Al Donohue…

Patricia Paul and Ed Dabagian – Alpine Terrace, Ridgewood

At a time when the market was very bad, and during the absolute worst time of year to sell a home- right before Christmas- Al gave us invaluable advice about how to stage our home, and his efforts brought a huge amount of traffic to the home. Thanks to Al, we had an offer days after putting our home on the market, and we accepted the offer, which was very close to our asking price. Al was also invaluable in providing advice every step of the way.

If I had a close friend putting their home on the market, its not just that I would recommend Al: I would tell them it would be a serious mistake to use anyone else.

Click below and let’s connect on Facebook, Twitter, LinkedIn, FriendFeed…

Connect with me on FaceBook Follow me on Twitter Connect with me on LinkedIn Connect with me on FriendFeed

Posted by Al Donohue | Discussion:3 Comments »

Ridgewood Real Estate Looks Solid – Regardless of what the “Doom and Gloom” Set Have to Say

March 16th, 2010 categories:Ridgewood Real Estate

The Median Price of Ridgewood Homes Have Increased in the Last One, Five and Ten Year Periods*

Ridgewood Homes – 10 Year Chart

Ridgewood Median Sales Price 10 Year Chart

People love to talk about bad news and no other industry has seen more “doom and gloom” reports over the past few years than the Real Estate Industry.  How many of you heard this a few years back?

“Prices are going up too fast in Ridgewood - this is a bad time to buy”

Today you hear:

“Prices are going down, it is a bad time to buy”

Ridgewood Homes – 5 Year Chart

Ridgewood Median Sales Price 5Year Chart

Ridgewood Homes – 1 Year Chart

Ridgewood Median Sales Price 1 Year Chart

* Sales figures taken directly from Zillow.com on 3/16/2010.

Related Ridgewood Articles

Ridgewood’s High(er) End Real Estate is Starting to Move

Ridgewood Real Estate Market Looks Strong

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Posted by Al Donohue | Discussion:No Comments »

Ridgewood’s High(er) End Real Estate is Starting to Move

March 9th, 2010 categories:Ridgewood Real Estate

The More Expensive Ridgewood Homes Are Beginning to Look More Attractive to Home Buyers

Much has been said about the impact of the Home Buyer’s Tax Credit  on lower priced homes.  However, I believe we are also starting to see its impact on the higher end.  We are seeing lots homeowners from Ridgewood, and other nearby towns, trading up from homes in the $300,000 – $500,000 range to more expensive Ridgewood homes.  Buyers are snapping up the moderately priced homes because they want to lock in the tax credit and many of these homeowners are deciding to roll the proceeds from their sale into a larger/more expensive Ridgewood Home.

Ridgewood Home Sales by Price Range: 1/1/2010 - 3/9/2010

Ridgewood Home Sales by Price Range: 1/1/2010 - 3/9/2010

The chart above shows the price breakdown of Ridgewood Home Sales from 1/1/2010 through 3/9/2010 (today).  The chart below depicts the same time period in 2009.  A few items to note:

  1. At this point in 2009 no homes over $1,750,000 had sold in Ridgewood.  This year two have sold.
  2. Five homes over $1 million have sold thus far this year – at this point in 2009 only two had sold.
  3. Seventeen homes over $600,000 have sold this year.  In 2009 only ten had sold by the same time.
Ridgewood Home Sales by Price Range: 1/1/2009 - 3/9/2009

Ridgewood Home Sales by Price Range: 1/1/2009 - 3/9/2009

Multiple Offers and Re-Listed Homes

I also have a bit more personal anecdotal evidence that the market is improving.  In 2009 I had listed two beautiful Glen Rock homes that eventually wound up being taken off the market because of lack of interest.  I re-listed these same two homes in 2010.  Both homes enjoyed many more showings, and significantly more interest this year, and both have now had offers accepted.  Additionally, I recently listed a wonderful Ridgewood home that was fairly priced – but certainly not under priced.  It received 7 offers within the course of a few days and is now under contract for a number significantly higher than what the homeowners were asking. 

I am bracing for a backlash from two of my most active and intelligent, but sometimes equally harsh, commenters (LaLaLand and Barney).  They both feel I see the real estate market through rose colored, or perhaps dollar-bill-tinted, glasses.  Oddly enough, I disagree.

Related Ridgewood Articles

Ridgewood Home Sales Rise 40% in January

Ridgewood Real Estate Market Looks Strong

Ridgewood Real Estate Report – Average Sale Price Up 5.4% in October

Click below and let’s connect on Facebook, Twitter, LinkedIn, FriendFeed…

Connect with me on FaceBook Follow me on Twitter Connect with me on LinkedIn Connect with me on FriendFeed

Why Choose Aloysius Donohue?

It’s hard to answer this question myself without sounding like a complete blowhard so please click below to see what clients and local newspapers had to say.

Clients Are Saying…

Local Newspapers are Saying…

Click here to see some of my current listings…

Posted by Al Donohue | Discussion:8 Comments »

Ridgewood Home Sales Rise 40% in January

February 5th, 2010 categories:Ridgewood Real Estate

14 Ridgewood Properties Sell in January 2010 – Versus 10 Properties in January 2009

Ridgewood January Sales 2010

The chart above represents the number of properties sold in January 2010 versus the same period in 2009.  Obviously, this is a very small sample and taken alone it might not be very significant – but when added to the other recent, positive reports on Ridgewood Real Estate I think we can say it is starting to look like a trend.   That said, the big test will come when the home buyer tax credit  expires at the end of June.   How the market reacates in the Summer and Early Fall will tell us a lot about the health of the National and Ridgewood Real Estate markets.

Related Ridgewood Stories

Ridgewood Real Estate Market Looks Strong

Ridgewood Real Estate Report – Average Sale Price Up 5.4% in October

New Jersey Home Sales Rise for Sixth Month In a Row

search-for-home-call-to-action-button.gif featured-listings-call-to-action-button.gif whats-my-home-worth-call-to-action-button.gif

 

About Al Donohue

Al Donohue heads up Marron Gildea & Donohue’s Ridgewood office and is one of the top agents in Bergen County.

ibs-photo.jpg

Al attributes much of his success to lessons learned during his years as a top sales executive on Wall Street. Most of Al’s clients are busy professionals and business owners and they love the fact that he speaks their language and understands the incredible demands on their time. Al stays in constant touch with his clients not only through phone calls and face-to-face meetings but also through email, instant messaging, and web pages created specifically for his clients. Clients can view the status of the sale of their home, read feedback from agents that have shown their home and review the status of their personal marketing plan 24-hours-a-day via their personal web page.

Al understands that technology is just a tool and says it is really his focus on providing world class customer service that has enabled him to achieve great results for his clients. He says the key to his success has been his ability to listen more than he speaks and always put the needs of his clients first.

Click below and let’s connect on Facebook, Twitter, LinkedIn, FriendFeed…

Connect with me on FaceBook Follow me on Twitter Connect with me on LinkedIn Connect with me on FriendFeed

 

Posted by Al Donohue | Discussion:2 Comments »

Ridgewood NJ Real Estate – 2009 Year End Report

January 2nd, 2010 categories:Ridgewood Real Estate

Ridgewood Ends Challenging Year on High Note

2009 was a pretty volatile year in Ridgewood real estate.  However, the numbers improved significantly toward the end of the year and hopefully that bodes well for 2010.

The Number of Ridgewood Homes Sold in 2009 was down by 9% Overall but Increased in the Last 4 Months of the Year – And in 5 out of the Last 6 Months.

2008 vs 2009 Ridgewood Homes Sold

2008 vs 2009 Ridgewood Homes Sold

Total Ridgewood Real Estate Dollar Volume was down by 17% Overall but Volume Increased in the Last 4 Months of the Year – And in 5 out of the Last 6 Months.

2008 vs 2009 Ridgewood Sales Volume

2008 vs 2009 Ridgewood Sales Volume

The Average Sale Price of Ridgewood Homes fell by 9% in 2009.  However, the Average Sales Price Increased in 3 out of the Last 4 months of the Year.

2008 vs 2009 Ridgewood Average Home Sales Price

2008 vs 2009 Ridgewood Average Home Sales Price

Click image below to see the full-size statistical table.

Year End Ridgewood Statistics

The information in this blog post is based on data provided by the New Jersey Multiple Listing Service, Inc. for the period of 1/1/2009 through 12/31/2009.

Related Ridgewood Real Estate articles:

Ridgewood Real Estate Market Looks Strong

Ridgewood Real Estate Report – Average Sale Price Up 5.4% in October

If You Don’t Buy a (Ridgewood) Home Now- You’re An Idiot

Why Choose Aloysius Donohue?

It’s hard to answer this question myself without sounding like a complete blowhard so please click below to see what clients and local newspapers had to say.

Clients Are Saying…

Local Newspapers are Saying…

Click here to see some of my current listings…

Posted by Al Donohue | Discussion:8 Comments »

Ridgewood Real Estate Market Looks Strong

December 20th, 2009 categories:Ridgewood Real Estate

Ridgewood Real Estate: Sales Volume Up Over 30% in Each of the Past 3 Months

Ridgewood Real Estate Market is Strong

The table below is a comparison of 2008 versus 2009 (through 12/14) in 9 key real estate categories.  It would appear to paint a picture of a declining real estate market but when you dig a bit deeper the numbers tell a different story. For instance, inventory is lower than it was at this time last year.  Generally, in real estate as in most other industries, lower inventory = higher prices.  More importantly, since the table looks at (nearly) an entire year you can’t see the trends.  Consider the following trends:

Ridgewood Real Estate Trends

  • The dollar volume of Ridgewood Residential sales have increased in each of the past three months versus the same month last year – and the increases were significant.
    • September – Sales Volume up 35%
    • October- Sales Volume up 79%
    • November – Sales Volume up 39%
  • The number of homes sold have increased in each of the past three months versus the same month last year.
  • The average Sales Price of Ridgewood Homes have increased in 2 of the past 3 months (versus 2008) and the average price in December (as of 12/14) is up 27%.

9 Key Ridgewood Real Estate Statistics


 2008
2009*
Total Active Residential Listings 89 75
Average List Price $873,590 $833,372
Average Sales Price $823,942 $747,875
List Price vs Sales Price Ratio 94.3 89.7
Average Days On the Market 65 77
Number of Sales YTD 228 198
Number of Expired Listings 121 120
2007-2008
Overall Appreciation or Depreciation -3% -9%
Number of Months of Supply 4.7 4.5
*as of Dec 14th

The information in this blog post is based on data provided by the New Jersey Multiple Listing Service, Inc. for the period of 1/1/2009 through 12/14/2009.

Posted by Al Donohue | Discussion:13 Comments »

If You Don’t Buy a (Ridgewood) Home Now- You’re An Idiot

December 13th, 2009 categories:Ridgewood Real Estate

I didn’t say it – BusinessWeek Did!

Buy a home now or your are an idiot quoteThe actual headline from the Business Week article is…

“If You Don’t Buy a House Now, You’re Stupid or Broke”

The article’s thesis is that home prices have begun to rise in many areas but interest rates are still at/near all-time lows.  So folks should be paying  much more attention to interest rates rather that trying to time the exact “bottom” of the real estate market which is nearly impossible to do – just as it is in the Stock Market.  We have definitely seen a firming of prices in Ridgewood Real Estate.

Here is a brief excerpt from the article:

“If you are someone who is looking to buy or upgrade in the $350,000-to-$800,000 home price range, and many people out there are, then you’re borrowing $300,000 to $600,000. At 7%, the $300,000 loan will cost just under $150,000 more over the lifetime, and the $600,000 loan an additional $300,000, if rates move up just 2% before you pull the trigger.

What I’m trying to impress upon everyone is that if you are planning on being a homeowner now and/or in the foreseeable future, or if you are looking to move your family into a bigger home, then pay more attention to the interest rates than the price of the home. If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime.”

Click here for the full article.

Below are two related Ridgewood Real Estate articles:

Ridgewood Real Estate Report – Average Sale Price Up 5.4% in October

Good News for Ridgewood Home Buyers and Sellers: Home Buyer Tax Credit to be Extended…and Expanded

Click below and let’s connect on Facebook, Twitter, LinkedIn, FriendFeed…

Connect with me on FaceBook Follow me on Twitter Connect with me on LinkedIn Connect with me on FriendFeed

Why Choose Aloysius Donohue?

It’s hard to answer this question myself without sounding like a complete blowhard so please click below to see what clients and local newspapers had to say.

Clients Are Saying…

Local Newspapers are Saying…

Click here to see some of my current listings…

Posted by Al Donohue | Discussion:3 Comments »

Ridgewood Real Estate Report – Average Sale Price Up 5.4% in October

November 9th, 2009 categories:Ridgewood Real Estate

October Ridgewood Home Sales Numbers…A Mixed Bag but Mostly Positive

The number of Ridgewood home sales were down ever so slightly (20 in October versus 21 in September) while the Average Days on Market declined from 79 in September to 72 in October.

Ridgewood Homes Sold and Days on Market for Oct 2009

Another positive sign was the increase in average sales price which rose roughly 5.4% from $752,614 in September to $793,550 in October.

Ridgewood Average Sales Price October 2009

Inventory levels have also come down conisdiderably over the past few months.  This is a good sign especially when combined with the other recent positive real estate news on both a local and national level.

Ridgewood Home Inventory Through November 2009

Related Articles

Good News for Ridgewood Home Buyers and Sellers: Home Buyer Tax Credit to be Extended…and Expanded

Bergen County Real Estate: Lower Inventory Levels and More Homes Under Contract

New Jersey Home Sales Rise for Sixth Month In a Row

The information in this blog post is based on data provided by the New Jersey Multiple Listing Service, Inc. for the period of October 1st, 2009 to October 31st, 2009. .

—————————————————

Click below and let’s connect on Facebook, Twitter, LinkedIn, FriendFeed…

Connect with me on FaceBook Follow me on Twitter Connect with me on LinkedIn Connect with me on FriendFeed

Why Choose Aloysius Donohue?

It’s hard to answer this question myself without sounding like a complete blowhard so please click below to see what clients and local newspapers had to say.

Clients Are Saying…

Local Newspapers are Saying…

Click here to see some of my current listings…

Posted by Al Donohue | Discussion:4 Comments »

Ridgewood Home Sales – Strong Late Summer/Early Fall

October 11th, 2009 categories:Ridgewood Real Estate

48 Ridgewood Homes Sold in the August 15th – October 9th Time Period

The image above probably does not fit with the title of this post .  However, I thought it captured how I have felt over the past couple of months which is good news specifically for for me – and for Ridgewood Real Estate in general.  My goal is to post a Ridgewood Real Estate report on a weekly basis.  However, you will notice that the time period covered here is 2 months.  The reason for the huge time lapse from the last report, to this one, is that Ridgewood Home sales have been very hot and there has literally been zero time to write this weekly report.  I have been extremely busy as an individual agent and my entire firm (Marron Gildea & Donohue) has experienced the same surge in activity and I am hearing the same from Realtors at other local firms.

This is good news for agents but it is also good news for Ridgewood Homeowners as well.  We are seeing more homes with multiple offers and some homes are selling very quickly.  These local indicators coupled with the positive news on the national real estate market seem to indicate that we have found a bottom and may have already started to turn back up.

Ridgewood Real Estate Round-Up:August 15th – October 9th

  • 59 Ridgewood Homes were Listed in this time period.
  • 44 Ridgewood Homes went Under Contract in this time period.
  • 48 Ridgewood Homes were Sold in this time period.

    • Click Here  for a link to the detailed information on all of the Ridgewood Homes listed above.

    search-for-home-call-to-action-button.gif featured-listings-call-to-action-button.gif whats-my-home-worth-call-to-action-button.gif

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    The properties in this blog post were listed and sold by various participants of the NJMLS based on information from the New Jersey Multiple Listing Service, Inc. for the period of August 15th through October 9th 2009. 

     

    —————————–

    About Al Donohue

    Al Donohue heads up Marron Gildea & Donohue’s Ridgewood office and is one of the top agents in Bergen County.

    ibs-photo.jpg

    Al attributes much of his success to lessons learned during his years as a top sales executive on Wall Street. Most of Al’s clients are busy professionals and business owners and they love the fact that he speaks their language and understands the incredible demands on their time. Al stays in constant touch with his clients not only through phone calls and face-to-face meetings but also through email, instant messaging, and web pages created specifically for his clients. Clients can view the status of the sale of their home, read feedback from agents that have shown their home and review the status of their personal marketing plan 24-hours-a-day via their personal web page.

    Al understands that technology is just a tool and says it is really his focus on providing world class customer service that has enabled him to achieve great results for his clients. He says the key to his success has been his ability to listen more than he speaks and always put the needs of his clients first.

    Posted by Al Donohue | Discussion:No Comments »

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