The New Jersey Luxury Real Estate Blog

Is Your Prospective Home a Good Asset Purchase?

Luxury Backyard Photo

Today, financial advisors believe that homes are either assets or liabilities. Technically, a liability is anything that costs money, and an asset is anything that creates positive cash flow.

From this definition, a home is technically a liability, because it costs you money—even if you’ve paid it off and are living in it debt-free. As long as you’re paying your utilities, insurance fees, etc,. your home is technically a liability that’s costing you money.

So, are we telling you not to buy a home? Absolutely not. Homes can be assets or liabilities—depending on their overall cash flow (or lack thereof).

Your home will require money as long as you live in it, making it an expense and liability. However, if your home eventually puts more money in your pocket than it costs you overall, it’s an asset.

Before you purchase your new home, consider if you will be able to walk away from it net positive. If you’re wondering what indicates a good asset purchase, read on:

Tabula Rasa, Tabula Conferta

If it’s been a few years since your last Latin class—or if you’ve never taken Latin—tabula rasa means blank slate and tabula conferta means packed slate. What does this have to do with houses, exactly?

Well, when you’re considering investing in a new home, you’ll want it to provide a blank slate. Of course, it should be immaculate, but more than that, it should allow you—and future buyers—to picture yourself in it.

Luckily,...

What Makes for a True Luxury Home?

Kitchen in Modern Home

If you’re left awestruck by the design and function of a home, chances are you’re viewing a luxury dwelling—these charming developments often possess features that are hard to fathom, let alone come by in the current market.

Although it’s hard to believe that these features exist, it’s not because they’re outlandish in any way. In fact, luxury homes offer the perfect amount of form and function.

What are we talking about, exactly? Well, read on to find out:

1) No Expense Spared

Whether we’re talking about luxury in terms of clothing or real estate, the first thing that comes to mind is often cost. Luxury goods—especially homes—are generally placed at the higher end of the market.

What makes a luxury home high value, though? It starts with construction and echoes throughout the entire home. 

When luxury homes are built, no expense is spared—everything is made with precious materials. In addition to utilizing the best materials, the way these materials work together to create both structure and design is unparalleled.

Aesthetically, luxury homes are unmatched. Their high-quality materials are beautiful on their own, but when they are used in a way that’s highly design-oriented and visually pleasing, they become remarkable.

Many luxury homes also feature stunning, large windows that let in natural light. Not only do they increase the home’s beauty and make it feel more open, but...

US NEWS & WORLD REPORT: 2017 New Jersey High School Rankings

Every year, US News & World Report publishes their ranking of all 424 New Jersey High Schools, both public and private. Many of the public high schools in our local communities ranked in the Top 25 for 2017:

These are all outstanding results and reflect one of the many reasons why the real estate market is so strong in our local area.

If you would like to receive the full list of the 2017 US News & World Report high school rankings, please contact the New Jersey Luxury Real Estate Group for more information at 973-477-2220 or info@njlre.com.

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New York Chic: 474 Long Hill Drive, Short Hills NJ

474 Long Hill Drive Front Photo

From the pages of a luxury magazine, this is a home that showcases both sophisticated high design and alluring warmth, a rare combination in today's plethora of new construction. Imagine purchasing an impeccably decorated house that feels just like home on the very first day. One where custom moldings, built-ins, marble countertops, designer plumbing and lighting fixtures, striking wall finishes, custom window treatments and draperies were all meticulously selected to perfection.

Designed by renowned architect Thomas Baio AIA and built by award-winning builder Highgate Hills, this 8 bedroom, 7 1/2 bath home features a chef-­inspired kitchen, spa-like master suite, outdoor kitchen, state­-of­-the-­art theater and flexible floor plan with bedrooms on all four levels. Your pursuit for the ideal home ends here.

8 Bedrooms, 7 1/2 baths, 3 car garage, 3 fireplaces, grand open spaces, soaring ceilings, custom moldings and wide plank oak hardwood flooring throughout, chef-inspired kitchen, high-tech systems, state-of-the-art theater, paver patio, outdoor gourmet kitchen and so much more. This is the home you have searched for to no avail, until now.

For more information visit www.474LongHillDrive.com or contact Tony Verducci at 973.477.2220.

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The Most Expensive Zip Codes in New Jersey in 2016

Quick facts:

  • Alpine’s 07620 still reigns supreme as the most expensive zip code in New Jersey;
  • Short Hills, Time magazine’s ‘Richest Town in America’ of 2014, boasts the second most expensive zip code in the state;
  • Hoboken’s 07030 (#33 on our list) was the setting for the largest number of residential transactions in 2016—830;
  • The biggest deals of the year in New Jersey were the $10M sales of 85 Ocean Ave. and 9 Wallace Road in Deal, N.J.

As New York City housing costs continue to skyrocket, pushing homeownership out of reach for many people, residents are shifting their focus across the Hudson River. According to a Q4 2016 report from Marcus & Millichap, households and businesses alike are flocking to New Jersey, adding thousands of new jobs and fueling both single- and multi-family development in the region. As a result, the market has blossomed into one of the most sought-after destinations in the Northeast.

At the end of last year, PropertyShark compiled a list of the most expensive zip codes in the U.S., and 2 New Jersey zip codes made the cut: Alpine’s 07620 landed the 44th spot on our list, and Short Hills’ 07078 landed the 88th. This year, we thought we’d take a closer look at the market and round up the most expensive zip codes in The Garden State.

The top three zip codes on our list will come as no surprise—these cities have made quite a few ‘most expensive’...

Iconic South Orange Tudor: 441 Overhill Road, South Orange NJ

441 Overhill Road Front Photo

Delightfully bright, fresh and modern, this stately English Tudor nestled at the top of Newstead is one of South Orange's most iconic, offering 7 generously sized bedrooms, 3 full & 2 half baths, 2 car garage, seasonal NYC views and many recent upgrades. Custom features abound including a sweeping marble staircase, roaring gas fireplace, slate roof, all brick exterior and intricate millwork throughout. Gleaming hardwood floors, crisp white walls and banks of windows set the tone. Bask in the grandeur of soaring ceilings and sunlight in every corner, featuring a front-to-back living room and banquet-sized dining room, first-floor office and elegant leaded glass windows. The spectacular lower level offers a cinema-quality home theater and at-home "diner", while an expansive patio offers al fresco entertaining and seasonal enjoyment. Less than a block to the NYC jitney, be prepared to fall in love.

7 bedrooms, 3 full and 2 half baths, 2 car attached garage, large rooms, gas fireplace, Conveniently located to NYC transportation and so much more.

For more information visit www.441OverhillRoad.com or contact Tony Verducci at 973.477.2220.

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186 Highland Avenue, Short Hills NJ

506 Longview Road, South Orange

Nestled in a prime section of Old Short Hills on prestigious Highland Avenue, this beautifully renovated English Cotswold home creates a commanding presence. Hardwood floors, crisp white walls, modern open floor plan, custom trims and banks of windows set the tone. Bask in the grandeur of a 600 square foot Great Room with soaring ceilings and sunlight in every corner, featuring separate living and dining areas, an arched fieldstone fireplace, three-sided property views and a Juliet balcony above. Nearby a beautifully renovated gourmet Kitchen, outfitted with an expansive center island and Viking professional appliances, is ideally positioned next to an expansive Family Room overlooking the lush rear grounds. Just minutes from the Short Hills train station, Short Hills Club and highly rated Short Hills schools.

4 bedrooms, 4 full and 1 half bath, 2 car garage, open floor plan, custom renovations and upgrades throughout, expansive property and so much more.

For more information visit www.186HighlandAvenue.com or contact Tony Verducci at 973.477.2220.

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Millburn Home Values Have Gone Up Since Recession

Millburn Home Prices

MILLBURN, NJ — A few housing markets in New Jersey have been hit hard by the recession. But according to a recent report, Millburn hasn't only been spared the agony, it's actually thrived since 2010 (see interactive map below). There's no better evidence of that than the below map provided by NJ Spotlight, which uses U.S. Census data to show the pain most homeowners are feeling as they watched their home values drop as much as 20 percent since their pre-2010 levels, when the Great Recession hit. But according to the report, the median home value is $1,021,700 in Millburn… a 10.6 percent increase from 2006-10.

Compare this to other Essex County towns which have seen double-digit drops, such as Newark (-22%), Caldwell (-18 %), West Orange (-15%), Belleville (-15%), Bloomfield (-13%), Nutley (-12%) and Cedar Grove (-12%). The median decline in residential values in New Jersey was close to 11 percent, according to the 2015 American Community Survey data released last week and published on NJ Spotlight. The reports said the typical home in the state was valued at almost $316,000 when averaged over the 2011-2015 period — 11.5 percent less than the 2006-2010 community survey estimate.

NJ Spotlight noted that 13 communities had a median home value of more than $1 million, with two of those — Alpine and Mantoloking — valued at more than $2 million. The lowest home value was in Camden, whose $84,600 estimate was below the $90,000 valuation in Winfield, the municipality with the second-lowest median value.

Commuter's Dream: 273 Harrison Street, Nutley NJ

273 Harrison Street Front View

About as perfectly situated as you can get, this completely renovated home is close to shopping, local highways and NYC transportation, making it a commuter's dream. The home just underwent an extensive top-to-bottom renovation, including a modern open-concept floor plan and the addition of amenities that even the most discerning buyers have come to expect. This home is truly ready for a very fortunate buyer. Gleaming hardwood floors, bright and airy rooms, rear Southern exposure, an open-floor plan, luxurious master suite and a convenient location just blocks to downtown, Lincoln elementary school and New York City transportation make this home so desirable.

3 bedrooms, 2 full and 1 half bath, 1 car attached garage, open-concept floor plan, cathedral master suite ceilings, chef-inspired kitchen, expansive property with paver patio and so much more.

For more information visit www.273HarrisonStreet.com or contact Tony Verducci at 973.477.2220.

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10 Hottest Real Estate Towns in New Jersey

NJ.com recently released a study of the ten hottest real estate towns in New Jersey. North Jersey communities dominate the list of the most in-demand markets for homebuyers. Using the median sales price, average days on market and average percent of list price received for properties that sold through July, NJ Realtors, the state arm of the National Association of Realtors, ranked the hottest real estate markets in New Jersey this year. The ranking, which gave equal weight to each metric, excluded the areas where no sales had closed. 

1. Millburn Township (Includes Millburn and Short Hills)

3. South Orange

4. Summit

5. Glen Ridge

6. Chatham Borough

7. Montclair

9. Maplewood

These are all outstanding results and reflect one of the many reasons why the real estate market is so strong in our local area.

If you would like to see the full list, please contact the New Jersey Luxury Real Estate Group for more information at 973-477-2220 or info@njlre.com.

 

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