HOW MUCH FOR THAT HOUSE?

How about the prices on homes in the area lately…they just about knock your socks off when you ask how much. I know it was ten years ago but I sold a house on Hill Top Terrace with an acre of property, 11 rooms and out side porches for $250,000. The house sold last year for $675,000 and God knows what it is worth just a year later. We in this area could all sell our homes for a profit but where would we go?

The neighbors on Irving Place got a jolt when a house on that block sold for $1,100,000 just two months ago. The house was purchased for about $470,000 three years ago. The owners worked their butts off to totally renovate the home over the past three years. The entire house was redone with new multiple colored wood floors, new dark rich wood molding throughout the entire house. Every room was re done as well as richly stoned garden both front and back of the house. New modern kitchen and baths were installed along with new doors and windows. The end result was the price tag it sold for.

In the Rumson area homes are selling for 2,000,000 and the people are KNOCKING THEM DOWN and rebuilding on the lot. Fair Haven will raise your eyebrows when you see a small home on a small lot listed for $550,000. I was told a couple of years ago that almost any Victorian on the Eastside of Red Bank would be selling for a $1,000,000 in five years. That time is quickly approaching as there are now waiting lists for people who want newly constructed homes, condos and townhouses.

Where are these people coming from you might ask? Well, Red Bank and this county has been discovered by people from Manhattan, Staten Island, Long Island and China and Russian immigrants. Lets face it…this is a great place to live work and play. I have been saying that for the past 20 years. The advent of the ferry to Manhattan, low interest rates and the need since 9/11 for people in the city to move out has caused a housing shortage and prices to skyrocket. Will that change…will the bubble burst? I don't know but I don't think this area will be as affected as the rest of the country if it does.

The townhouse next the bluffs are selling for $1,500,000 to $2,200,000 and two or three have contracts on them. The Union House Village (Union House condos) will be listed in the same range. These are 2100 to 2600 square feet of luxury space facing the river. The Old Union House has not been torn down yet and people are asking about them already. If you would like information on any of the above please call me at 732 241 1401.