RealtorIrene Blogs about Sussex County NJ Real Estate

For the first time, I just pulled together what I believe are a segment of Sussex County NJ's "Hot 10 homes for sale". There are so many great values and bargain prices right now, it was hard to narrow them down.

While a fair number of these are short sales and bank-owned foreclosures (REOs), not all are distressed properties in Sussex County NJ. A few require a lot of work because I have buyers seeking such, but many are in move-in condition. Some are new listings, others ones that recently hit my own value criteria.

My "hot 10 homes for sale in Sussex NJ" are the ones for which I'll suggest my buyers include in our upcoming house-hunting appointments. Given my current buyers' goals, many of these hot 10 are in Sussex County NJ lake communities, including Sparta's Lake Mohawk.  All, however, I view as bargain priced for what is offered.

Not all meet each requirement of those to whom I'll be showing houses in the next week, but I think there is at least 1 each party will insist on adding to our roster! I'm betting some of my buyers will want make offers on these Hot 10 homes for sale Sussex County NJ - Bargain-priced houses!

Copyright © 2010, Irene Kennedy, all rights reserved. This blog post represents Irene's personal musings.

Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. Her primary market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Lake Mohawk, Newton, Ogdensburg, Scenic Lakes, Sparta, Stockholm, Sussex, Vernon, Wantage.

As Sparta may well be Sussex County NJ's most popular real estate, let's take a peek at some solid market data on home sales. While for this report I haven't broken out Lake Mohawk separately, I often do so when working with sellers and buyers in the area.

In fact, I'm trying very hard to find the right, well-priced Lake Mohawk homes for sale for a variety of potential buyers. As these folks are seeking Sussex County vacation properties, their needs are quite different from those looking for a residence! I'm very determined to help each of these buyers find that right lake home in Sparta. But I digress...

I've based the following Sparta NJ market report graphs on GSMLS data: "Info. deemed RELIABLE but not GUARANTEED."

Average price for home sold in Sparta in 2009 was $440,583.

 Reinforcing what I said about Sparta's popularity, the 2009 average sale price for a Sussex County NJ home was $268,762. Now, there are umpteen reasons to explain the big difference. These are best covered face to face.

Copyright © 2010, Irene Kennedy, all rights reserved. This blog post represents Irene's personal musings.

Considering selling a home or looking to buy in Sparta or another Sussex County NJ area? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.

This Sparta NJ Real Estate Market Report is based on data recorded in GSMLS as of October 4, 2009. Statistics covering Lake Mohawks home for sale (below) are from the same source. While I don't publish monthly data on all Sussex County NJ homes for sale, I certainly can work it up for you as appropriate!

GSMLS market data for Sparta NJ real estate shows that only 11 homes were sold in September 2009. These had an average sale price of $455,773; the median price was $350,000. For 2009, 11 sales in a month are the second lowest; there were just 8 closings in Sparta in February. Given there are 26 Sparta homes for sale under contract, I'm optimistic that we'll have many more closings during October.

For the 45 new listings of homes for sale in Sparta in September, the average asking price is $524,912. The average list price for homes that went under contract in September is $660,098 - a significant jump aided by 2 very expensive Lake Mohawk properties!

A subset of my Sparta NJ real estate report, Lake Mohawk market data shows just 3 sales, recorded at $337,500, $365,000 and $615,000. During September, we had 9 Lake Mohawk homes for sale go under contract, ranging from just $239,900 up to $3,950,000. (Sure wish I represented the buyer of that big one!) As of the end of September there were still 66 active Lake Mohawk homes for sale.

Start looking at homes for sale in Sparta NJ listed between $350K - $500K.

Copyright © 2009, Irene Kennedy, all rights reserved. This blog post from RealtorIrene.com represents Irene's personal musings.

Considering selling a home or looking to buy real estate in Sussex County NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.

This Sparta NJ market report is based on information in GSMLS as of September 2, 2009. Data for previous months has been updated; for example, if a Lake Mohawk home for sale went Under Contract, the deal fell apart and the home is again on the market, the previous months were adjusted.

Market data for Sparta NJ real estate shows that 17 homes sold in August with an average sale price of $532,382 - an increase from the previous month. Sparta's average Sale to List price was 94% - typical.

For the new listings of 57 homes for sale in Sparta, the average price is $573,280 (another increase). The average list price for Sparta homes that went Under Contract $379,714 - a significant decrease from July and sad news for Sparta owners of the larger, more expensive homes for sale. Additionally, if one compares the closings in August to the active listings, we're looking at just under 5% actually closing a deal.

As of 9/2/09, Lake Mohawk real estate market data shows 6 sales - from $227,500 up to a lakefront Colonial selling for $995,000. A slight decrease as we hit September, the 74 active Lake Mohawk homes for sale still give buyers lots of options!

• Sparta NJ real estate up to $350K

• Homes for sale in Sparta NJ $350K-$500K.

• Sparta NJ homes for sale $500K and above.

Copyright © 2009, Irene Kennedy, all rights reserved. This blog post from RealtorIrene.com represents Irene's personal musings.

Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. In addition to Lake Mohawk and Sparta,her market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Newton, Ogdensburg, Scenic Lakes, Stockholm, Sussex, Vernon, Wantage.

This Sparta NJ Market Report is based on information recorded in GSMLS as of August 1, 2009. There may be unrecorded market data - closings or listings on July 30 - 31, for example.

GSMLS market data for Sparta NJ shows that 24 homes were sold in July 2009 with an average sale price of $469,812. For the 45 new listings of homes for sale in Sparta, the average price is $493,758. The average list price for homes that went under contract in July is $418,830 - so clearly buyers are still seeking incredible deals.

As of 8/1/09, Lake Mohawk real estate market data shows 7 sales - from a modest log cabin at $210,000 up to a lakefront Tudor at $725,000. With 81 active Lake Mohawk homes for sale, buyers still have a wide range of choices in this popular Sparta area!

Start looking at homes for sale in Sparta NJ $350K-$500K.

Copyright © 2009, Irene Kennedy, all rights reserved. This blog post from www.RealtorIrene.com represents Irene's personal musings.

Considering selling a home or looking to buy one around Sussex County, NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right or www.HomesIrene.com.

Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. Her primary market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Lake Mohawk, Newton, Ogdensburg, Scenic Lakes, Sparta, Sussex, Vernon, Wantage. With her vast network, however, Irene Kennedy also can help you find an equally talented real estate agent elsewhere.

As the number of Sussex County lake communities is at least 30, I will not even attempt to profile the relative benefits of each when considering a vacation home in Sussex County NJ. Residents of each one will be delighted to tell visitors why their lake community is better than the other 29. Community events, passing the home from one generation to the next, stopping for a neighborly chat when riding a bike or walking the dog are just some of the reasons the residents think their lake community rocks more than the others.  And me? I wouldn't argue with a single one of them!

The only one of the Sussex County lake communities that I've never seen is Rock Lodge Nudist Club in the Stockholm zip code section of Hardyston. There currently are no homes listed for sale in this community, but I would be glad to introduce prospective buyers of vacation homes in Sussex to any area that might be of interest.  We will just remain fully clothed at all stops, so I don't blow a sale.  ;-)

With such a vast number of choices, how would a non-local potential buyer even begin to focus on a couple of our lovely lake communities in Sussex County NJ? This is where I come in as a full-time, full-service Realtor® who handles all facets of residential real estate.

First, I listen very carefully to what you're seeking and your motives for buying a Sussex County vacation home. We'll respect your budget; not everyone is able or willing to pay the premium required for lakefront property - especially if it isn't a year-round residence. Say you mention boating, we'll chat about whether you mean kayak or motor boat. (Many Sussex County lake communities completely ban gas engines.) Even for a kayaker, portage might be important. As I learn more about what your dream is, we start narrowing the list.

Second, we'll discuss your maintenance goals - very important to your enjoyment of a vacation property! When I tell you we have quaint log cabins in Sussex County lake communities, I mean the real McCoy. These rustic homes might be just want you want; for others they are too old and demanding to be of interest. Most areas offer a choice of newer and older homes. In another post in this series, I'll be covering maintenance-light and maintenance-free options, such as townhouses and hotel condos.

Third is size. Expecting lots of city-slicker friends and family to freeload come visit? A 2-bedroom, 1-bath might not work, although it does give you the perfect excuse to regretfully decline company. Within most Sussex County lake communities, we have a nice variety of sizes and styles.

Fourth, we'll examine your non-lake goals for a vacation home in a Sussex NJ lake community. Will you or friends want to come ski at Mountain Creek? Then we'll focus on the areas closest to the slopes. I'd share rental information with you in case you don't plan to use the home for a season or more.

Fifth - Location, location, location. We have lake communities in Sussex County NJ that are more remote than others. From where will you be coming? How long a drive is acceptable to you? Do you have a 4-wheel drive that can tackle an icy mountain, just in case your arriving before the snow plows next sweep?

Irene Kennedy's 2009 series on Vacation Homes in Sussex County NJ:

• Part 1: Vacation Homes in Sussex County NJ - A Long Tradition!
• Part 2: Highland Lakes Vacation Properties
• Part 3: Sussex County NJ - Lake Communities

Copyright © 2009, Irene Kennedy, all rights reserved. This blog post from www.RealtorIrene.com/ represents Irene's personal musings.

Considering selling a home or looking to buy one around Sussex County, NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right or www.HomesIrene.com.

While there are many more interesting things to do around Sussex County, NJ, for the 4th of July weekend, I still want to give you the option to review the June market data for Sparta real estate transactions. Don't know about you but I prefer to be at Lake Mohawk this weekend...

GSMLS market report for Sparta shows that 19 homes were sold in June 2009, a significant drop given May's high of 29! The list to sale price ratio ticked up slightly - averaging 96% in June. Given the prices, however, this didn't have a major impact on either home sellers or buyers.

As you'll see, the number of listings are up - meaning great choices for buyers who have their eye on Sparta!

Start looking at homes for sale in Sparta, NJ.

 Whether you're considering selling your home or purchasing a home in one of Sussex County's fine communities (Lake Mohawk, for example), this is a better time than many folks think.  Statistics are a useful overview, but to really understand the outlook for your personal Sparta real estate goals - let's sit down and chat!

Copyright © 2009, Irene Kennedy, all rights reserved. This blog post from www.RealtorIrene.com represents Irene's personal musings.

GSMLS market data for Sparta homes for sale shows that 29 homes were sold in May 2009! This represents the most closings within the last 6 months.  While the average and median sale prices were down slightly, owners still benefited from a 93% list-to-sale ratio. (So did those buying homes in Sparta!)

Whether you're considering selling your home or purchasing a home in one of Sussex County's fine communities (Lake Mohawk, for example), this is a better time than many folks think.   Don't let gloomy newspaper reports dampen your hopes - let's sit down and chat about what these MLS statistics might mean for your real-estate plans!

Look for homes for sale in Sparta, NJ.

Copyright © 2009, Irene Kennedy, all rights reserved. This blog post from RealtorIrene represents Irene's personal musings.

Considering selling a home or looking to buy one around Sussex County, NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right or HomeIrene.com.

Irene Kennedy,  a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. Her primary market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Lake Mohawk, Newton, Ogdensburg, Scenic Lakes, Sparta, Stockholm, Sussex, Vernon, Wantage.

 In my areas of Sparta, Hamburg, Vernon, Wantage, Frankford, etc., more and more homeowners are having difficulty paying the mortgage.  Once a homeowner is several months late, the mortgage company/bank starts to consider its options.  Some options will keep the owner in the home by modifying the loan; some will mean the owner must list the home for sale.

 When a distressed property needs to be evaluated by the bank, one or more Broker Price Opinions are normally requested - very often through a third-party, outsourced vendor.  BPOs are not as detailed as an appraisal. A BPO is a quick assessment by a real-estate agent that gives the bank an idea of what the home could sell for within the next 90 - 120 days. It is based primarily on MLS listings of similar properties in the same neighborhood.

 I have done countless BPOs around Sussex County. I view BPOs as a discussion of list price with a potential seller, albeit one who is far away and has never seen the property. I am that bank's local real estate agent for the sake of a price opinion. (While my experience has been localized, I do BPOs for the same vendors and same banks that get them done across the U.S. Hopefully, my opinions and expertise might help someone elsewhere.)

Here are the main reasons I've been hired to do BPOs in Sussex, Morris and Passaic Counties:

1. A homeowner is late and the bank is weighing its options - perhaps deciding whether to foreclose or consider a work out;
2. The owners have no means of remaining in the home and have listed or are prepared to list it for sale, have had some hardship and are asking the bank to consider a Short Sale;
3. Potential buyers have put in a written offer and the bank needs to evaluate it based on today's market conditions;
4. Foreclosure has occurred. The property is now an REO and the new owner (the bank) needs to set a price for the sale of the home.

 Reason 1 is the type I like least. These owners are usually unaware that the bank is having a BPO done. (The mortgage documents specify the rights of the bank to inspect the property under prescribed conditions.) This will always be an exterior or drive-by BPO for which I need to get my outside photos very, very discretely and be prepared for some unpleasantness if the owners drive down the street and spot me...  Too, these home are not currently listed for sale, so there is no MLS listing with current interior photos. My research will take much longer.

 With the other 3 reasons, the sellers are typically supportive of the BPO. Many times I am hired to do an interior BPO. By appointment, I access the home and take interior & exterior pictures. Frequently, multiple BPOs are done on the same property within the same time frame. The current record for me is when I was in one Lake Mohawk home for sale at the same time 2 other agents were also taking their interior pictures! Triple opinions from real estate agents working for 3 different brokers but it was a very high-priced home. This indicates just how inexpensive a BPO is, but I'll return to that later.

 Future posts will detail which BPOS I will agree to do, what information I provide, the stumbling blocks I've encountered, how listing agents view my BPOs and my compensation for these efforts.

Part 2: Pink Elephant BPOs based on a case in Sparta, NJ.

Hubby Chip & I excitedly planning a short vacation from our comfy home in Sussex County, NJ. We're headed to the White Mountains of New Hampshire to car-camp. You know, where you pull up to a site, unload a 4 bedroom tent with hot & cold running water, ask James the butler to don his flannel shirt, throw a gourmet feast on the barbie, etc.

What prompts me to do this?  I want to see a moose in the wild. Better yet, many meese. (While I am aware that the plural of moose is moose, I have spent many sleepless nights worrying how geese feel about that.  Besides, it amuses me - if no one else - to use the term meese and watch reactions; I'm big on funny and you're most welcome to laugh at me along with me!)

To the right is a photo of the only moose I will ever see in the Sussex County vicinity!

So, with a real estate transaction in which I represent both the home sellers and the buyers closing this week and a great colleague to back me up while I'm away, I off to hunt real meese.

Our moose-hunting arsenal consists of a couple cameras and a tripod, so no need to alert PETA to my plans. I may never blog again because I've warned Chip that I am staying in the White Mountains until I see a moose. He pointed out that it is a very long walk home, lovingly adding that he'll miss me in the interim. Bet you will too!

So, Chip and I will relax, enjoy the beauty of Mother Nature for a few days and hunt meese.

Oh - and one other dream. I'm hoping to return with ONE picture that is of the quality that Richard Weisser - Coweta Fayette Real Estate - Newnan homes for sale shares with us day in and day out. 

The one to the left is from US wildlife authorities - free use. I intend to pose the meese against more greenery to yield better contrast. I'm utterly surprised that the wildlife folks didn't think of that but then again, they probably don't say meese either...