Home Values: Testing the Waters with Higher Prices

Millburn-Short Hills continues to be a vibrant real estate market. We are starting to see an increase in activity, as homeowners are testing the waters by inching up prices and seeing what the market will bear. All indications are the spring market will be very active as we move in the direction of restoring some lost value from a few years back.

The number of active listings (according to Garden State MLS, a statewide listing service) has risen to 112. As we get deeper into the spring market, this number grows each month. In fact there have been 51 new listings in March alone. The total number of listings, however, is still more than 30 percent below the number of active listings at this time last year. The good news is we are starting to see an increase in prices, with the average list price up 5 percent over March of 2010. More than half of the homes on the market (54%) are listed over a million dollars.  Nearly a third (30%) are in that $600,000 to $1,000,000 range.

March was a busy month for deals. Fifty-one homes are currently under contract – 33 (or 65% of them) just since the beginning of March. And, houses are selling quickly. Of the 11 houses that have sold over the past month, only three were on the market for more than 90 days (and three went under contract is less than 2 weeks).

The following is a summary of what sold during the March 1-31 period:

28B Lakeside Drive - Apartment - 1 Bed/1 Bath - $208,000

130 Myrtle Ave. – Cottage - 1 Bed/1 Bath - $245,000

29 Rosedale Ave. - Bungalow - 4 Bed/2 Bath - $475,000

111B Millburn Ave.  - Townhouse - 4 Bed/2½ Bath - $500,000

165 Hobart Ave. – Split Level - 3 Bed/3 Bath - $760,000

513 Wyoming Ave. – Colonial - 4 Bed/2½ Bath - $820,000

154 Myrtle Ave. – Custom – 3 Bed/3 Bath - $850,000

82 West Road – Tudor – 6 Bed/3½ Bath - $1,120,000

2 Tall Pine Lane – Colonial – 6 Bed/4½ Bath - $1,315,000

340 Oxford Drive – Colonial – 4 Bed/3½ Bath - $1,508,000

5 Oswego Lane – Expanded Ranch – 6 Bed/5 Bath - $1,729,900

If you practice fence etiquette and bone up on local zoning regulations, you can avoid neighbor disputes - keep a good neighbor policy. If you follow zoning regulations and share basics with neighbors before construction, you can install a new fence AND stay on good terms with the folks next door.

Must-dos

Observe boundaries: Don’t risk having to tear down that fence by going even one inch over your property line. Study your house line drawing or plan or order a new survey (on average between $500 and $1,000) from a land surveyor to be sure of boundaries. Fence companies usually install a foot inside the line, to be on the safe side.

Respect limits: Fencing companies obtain permits and must know local zoning regulations for height, setbacks, and other restrictions. Height limits typically are six feet for side and back yards; four feet for front yards. More restrictive rules often apply to corner lots, where blind curves can limit driving visibility. To avoid disputes, review restrictions with your fence company before choosing a fence.

Follow HOA rules: Fencing companies are not responsible for knowing Homeowners Association dos and don’ts; that’s your job. Unless you want to suffer committee wrath, and engage in a dispute, follow Homeowner Association rules. HOAs can dictate style, height, and maintenance. If your HOA wants all structures to match, you won’t have much wiggle room.

Nice to-dos

Share your plans: No one likes surprises. Before installing, save yourself a fence dispute and have a conversation with neighbors. If property line issues exist, resolve them before installation. No need to show neighbors the design - that’s just inviting trouble. They have to live with your choice unless it lowers property values or is dangerous.

Put the best face outward: It is common practice to put the more finished side of your fence facing the street and your neighbor’s yard.

Maintain and improve: It’s your responsibility to clean and maintain both sides. If an aging section starts to lean, shore it or replace it.

Good-to-knows

▪  The term “fence” includes trees or hedges that create barriers.

▪  If you have a valid reason for wanting an extra high structure, to block a nasty view or noisy street, apply to your zoning board for a variance. Neighbors can comment on your request during the variance hearing.

If your neighbors are damaging your fence, take photos and try to work it out with them first. If they don’t agree to repair it, take your fence dispute to small claims court. Rules and award limits vary by state.