Aug. 31, 2008 - Happy Labor Day

The Origins

The origins of Labor Day in the United States are not well known.  It is generally believed that this “last summer holiday”, as we now know it, began more than 100 years ago n New York City. 

The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union. The Central Labor Union held its second Labor Day holiday just a year later, on September 5, 1883.

We might pay homage, as a memorial, to the men and women of the l9th century who gave us the economic base our working men and women enjoy today. 

For more on Labor Day visit the U.S Department of Labor online.

Aug. 28, 2008 - South Asian Film Festival Planned

Festival Dates and Venue

You don't need to be South Asian to enjoy this festival.  I attended last year's New Jersey Independent South Asian Cine Festival (NJISACF) held at the Franklin Township Public Library.  For those who missed it, the international films were great! 

The dates and venue for the NJISACF 2008 have been announced. The dates are September 19th to 21st, 2008. On the 19th, there will be a gala opening event, while the film screenings will be held on September 20th and 21st at the Rutgers Busch Campus Center, Rutgers University, Piscataway, New Jersey.

At this year's free festival presents 13 feature films, 6 docu-features and 14 short films with a broad range of themes like identity, sexuality, politics and religion are scheduled. Here is a sample of what you can expect to see.

For more information contact: Asian American Film and Theater Project, PO Box 136, Monmouth Junction, New Jersey, 08852, USA  Telephone: 732.310.0236   E-Mail: saktis@njisacf.org

Aug. 23, 2008 - What is the life expectancy of your home’s components?

Take the quiz

Knowing the life expectancy of your home’s components can help you to maintain and increase its value over time.  Timely replacement of kitchen appliances, cabinets and counters not only increases efficiencies but can add intrinsic value.  Do you know how long that gas range is supposed to last? 

1. Which type of warm-air furnace has the longest life expectancy? 

Electric __       Gas  __      Oil __

2. Laminate flooring has a life expectancy of:

15-25 years  __           20-40 years  __     Lifetime  __ 

3. Heat/Smoke Detectors have a life expectancy of:

            Less than 10 years  __           More than 10 years  __  

4. Central Air Conditioning has a life expectancy of:

            15-20 years   __          20-40 years  __      10-15 years __

5. Aluminum clad windows have a life expectancy of:

            15-20 years  __           20-40 years __       10-15 years __

For the answers to these questions and a complete study for the Life Expectancy of Home Components, produced by the National Association of Home Builders and Bank of America Home Equity, click HERE

Aug. 21, 2008 - Study shows first time buyers’ wants are in conflict

Buyers search for low price and move-in condition

Reported by MarketWatch today, first time home buyers still consider affordability as the top priority.  However, 81% also regard the move in condition to be highly important.  In short, they want it all.

It is believed this group’s expectations stem from growing up in the lifestyle of their parents; with only 7% considering the option of purchasing a fixer-upper.  The expectations may be too high for buying power of a first time buyer.

In not considering a home needing a little tender lovin' care (TLC), buyers could miss the chance to move into an area otherwise that would be out of reach.  Buyers could gain greater room for price negotiation.  And they might be able to finance the cost of the home and renovation costs over the life of the mortgage loan.

Other findings show that compared with ten years ago, first time buyers are looking for larger homes, proximity to the job is paramount, they see a home purchase as an investment and first time buyers look at five to ten homes before buying,

For the complete article, go to:  MarketWatch.com

Aug. 16, 2008 - Getting beyond the cover

10 things you probably didn’t know about me

1. I’ve stood on the Great Wall of China and in the alleys of a Moroccan Casbah.
2. True to my astrological sign, I’ve always been a “homebody” and consider my home to be a sanctuary from the world.
3. My Franklin Township home is located approximately 60 miles from my childhood hometown, where my family has had the same neighbors for more than 50 years.
4. I still keep in touch with childhood friends.  In fact, we get together in our hometown every year. The next reunion is only weeks away.
5. Some people don’t get past my hard shell to find a soft heart.
6. Two passions of mine are music (from classical to R&B)  and art. Favorite artist are: Salvador Dali, Jacob Lawrence and Picasso.
7. I hope to travel to Dubai, United Arab Emirates within the next 6 months.
8. It’s the creative marketing of real estate, new technologies and problem solving that really excites me about this business.
9. I’ve owned at least one pet for most of my life.  My last two pets, cats named Kidd and Pharaoh lived for 16 and 22 years, respectively.
10. One of my great pleasures in life is helping others in need which is what lead me to a carreer in real estate.  

Aug. 11, 2008 - Note to Sellers: A higher commision works

An old reality in a buyers' market stands true

Building upon Zillow's report on home sellers in denial about current home values, I am finding some Franklin Township sellers are equally unrealistic of what it takes to aggressively market their home in today's tough environment.

On a recent listing presentation, I provided the customary Competitive Market Analysis (CMA) and my personalized and complete Marketing plan to sell a 3 bedroom ranch home.  The homeowners seemed to be motivated, as they were unsuccessful in their attempt to sell on their own, without representation.

Among the things that I explained is the best way to have their home stand out from the crowd is to first price it right from the start.  The CMA provided the suggested price range based upon recent sales and direct competition was identified.  Next, I explained that incentives will differentiate the property for potential buyers and their agents.

When it came to discussing the commission, which is negotiable here in New Jersey, there was resistance by the sellers to paying 6%, with the homeowner stating, "why are all you real estate agents back to asking 6%?"  I calmly responded, "I thought you told me that wanted to sell your home."  That was a couple of weeks ago, and the house is still not active in the local MLS, at this time.

A posting on The Real Estate Bloggers asks the question; Is the 6% Commission the Winning Formula...?  Their conclusion, as well as mine, is a resounding yes.  A full commission, "to get the word out as effectively and powerfully (to buyer agents) makes a great deal of sense." In fact, truly motivated sellers might consider paying 6.5-7% to generate increased showings and possibly a quicker sale.

Here is the math behind my reasoning.  You are selling a $250,000 dollar home. The commission at 6 percent is $15,000. If you added a 1% bonus to the buyer’s agent the commission would be $17,500, a difference of $2,500.  It would also put you at the top of the chart on buyers commission paid in the local area and improve the odds that your house would be shown a great deal more than others in your price range.

If the house sells a month quicker you would be very close to breaking even at a 6.35% mortgage and with typical utility and tax costs added in.

Aug. 9, 2008 - Homeowners in denial

Zillow finds homeowners' confidence is unrealistic

This should come as no surprise to most other New Jersey real estate professionals.  Getting sellers to price homes correctly from the start is a huge hurdle to overcome.

Earlier this week, Zillow Blog  stated that 72% of homeowners believed their home value increased or remained the same the second quarter of 2008, according to a recent Zillow survey.

The report goes on to say, "Zillow.com, an online real estate community based in Seattle, said the reality is that 77% of U.S. homes had declined in value over the previous year. "Our survey reveals a wide gap between the perception homeowners have about their own home's value and the realities of a market in which three-quarters of homes declined in value in the past year," said Stan Humphries, vice president of data and analytics at Zillow.com. "We attribute this gap to a combination of inattention and a fair bit of denial that causes people to believe their home is insulated from the woes of the market that affect others, but not them." The survey was conducted by Harris Interactive. "

The reality of current market value can be obtained by a Competitive Market Analysis (CMA) available from real estate agent or through a professional appraisal of your home. Here in Franklin Township, depending on your location and home specifics, a CMA might encompass a period greater than 3-month for recent comparative sales.

Zillow can be found online at http://www.zillow.com.

Aug. 7, 2008 - Living the DREAM

A visit to Caberete's DREAM Project 

Last month I posted that my family had undertaken a fund raiser for the DREAM Project, an organization that provides a quality education for disavantaged youth, in the Dominican Republic.  This was in conjunction with our family reunion located in Puerto Plata, Dominican Republic. A visit to the DREAM Project was also planned.

Along with nine other family and friends, I saw firsthand, the work being accomplished with our donations to this worthy cause.  Thanks to the generosity of my family and friends, together we trippled our fund raising goal.  While at the school, we learned that not only do these kids get a quality education, they also receive breakfast and lunch. The day we visited was next to the last day of summer camp where learning is disguised as fun. You will notice the kids learning math while playing UNO.

Below is a short video created from photos of our visit to the DREAM Project, located in nearby Caberete.  

Click to view

For more information on how you can help go to: http://www.dominicandream.org/ or contact them at: P.O. Box 4136, Ithaca, NY 14852, Tel: (607) 257-1981.  Their 5-year report can be downloaded at: http://www.dominicandream.org/documents/fiveyearreport.pdf

Aug. 7, 2008 - July 2008 Residential Sales

Franklin Township Residential Sales

Aug. 6, 2008 - Carriage Homes at Quailbrook- August, 2008 Report

What’s happening in the marketplace, now - August 6

According to the Garden State MLS, currently there are four (4) homes actively listed for sale in this Franklin Township delevopment, at the time of posting.  Of the four, one ranch is in attorney review, meaning an offer has been accepted.

There are no new listings since the last report to you on July 8th. Listing prices remain between $264,900 and $318,000.  One 2-story, 3Bdrm/2.5Bth townhome shows a $7,300 price reduction from the old list price.

The following homes sold since my last report to you:

400 Glastonbury Ln - SP $240,000    LP $249,900     Ranch

345 Glastonbury Ln - SP $240,000    LP $265,900     Ranch

392 Glastonbury Ln - SP $305,000    LP $313,800     Ranch

296 Shilling Dr        - SP $323,000     LP $322,500     2-Story 3Bdrm/2.5Bth

That's what is happening in the marketplace now, August 6th.

If you have specific questions about a Carriage Home proprerty or any local property, email me at: mjadams@century21.com or call (908) 583-0409.

Aug. 2, 2008 - A Week of the people 2008

The week long festivities are underway

This is what helped to make our town Money/CNN's  #5 of the 100 Best Places to Live.  The theme for this year's Week of the People celebration is "Franklin's Cultures in Harmony" that runs from Sunday, August 3rd through Saturday, August 9th.  This year's events includes more youth events including a basketball tournament and a music festival. Here is the schedule of events:

Aug 3 - The Bridge in the Gap (B.I.G.) Basketball Tournament, Time: 11:00am – 7:00pm,  FREE ADMISSION!! BRING LAWN CHAIRS   Venue: Naaman Williams Park, Matilda Ave., Somerset, NJ

Aug 4 - Taste of the Week (formerly A Taste of Franklin) will be held at the Senior Community Center. This is the only fee based event.  Cost is $10 for adults and $5 for children under age 12.  Up to 20 local restuarants are expected to participate.  Time: 6 - 9 pm, Venue: 505 Demott Lane, Somerset, NJ

Aug 5 - National Night Out and Getting to Know Franklin. Time: 6:00 – 8:00pm FREE ADMISSION!! Venue: Municipal Complex & Public Safety Building, 495 DeMott Lane, Somerset, NJ

Aug 6 - An original play, "Yesterday I Died" performed by Khristi Adams (no relation) may be seen at the Franklin Middle School auditorium.  FREE ADMISSION!!  Time: 6:30PM Venue: Franklin Middle School Auditorium, 415 Francis St., Somerset, NJ

Aug 7 - No events scheduled

Aug 8 - A diversity leadership breakfast will be held at the Community/Senior Center.  FREE FOR BUSINESSES  Time: 8:30 – 10:30am Venue: Franklin Towship Community/Senior Center, 505 DeMott Lane, Somerset, NJ

Aug 9 - New Dawn Music Fesival at Naaman Williams Park.  FREE ADMISSION!!  Time: 2:00 – 8:00pm Venue: Naaman Williams Park, Matilda Ave., Somerset, NJ BRING LAWN CHAIRS

For more information: Tel: 732-846-8888 Ex. 201, Email: idorsey@somersetcap.org