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Archive for the 'Sue's Picks' Category

Sue Adler To Have Her Own Signature Sandwich at Millburn Deli

Last night my husband and I attended the Millburn-Short Hills Newcomers Club Winter Gala at the beautiful Beacon Hill Club in Summit. There was an amazing turnout and I got to see so many of my clients -so it was alot of fun for me. There was a silent auction, and the first item, which quickly caught my eye, was  “Create your own signature sandwich at the Millburn Deli. Your sandwich will appear on the sandwich board for six months.” I instantly got excited  – I mean how amazing would this be for marketing? – seriously!  

Well, I  put in a bid. A few hours later I noticed that I was outbid and the auction was nearing the end, so I stood by the table, feeling really competitive ( I cant help it, I’m just that way when I really want something) and made sure my bid was the highest.  So, yes, YAY, I won my own signature sandwich!!!! So here’s where I need your help.

What should I name my Millburn Deli sandwich? And what should be IN this signature sandwich?

At first I thought “The Sassy Sue Adler” – roast beef with melted provolone with sassy horseradish sauce. But it’s too much like another griller they have.

Then in the middle of the night I thought…. how bout “The SueAdler.combo”? ( SueAdler DOT combo -  Get it? ) But what to put in the combo?  Between appointments today I built my ideal sandwich in my mind… Turkey, avocado, sun dried tomatos, cucumbers, and goat cheese on a whole grain roll or a whole grain something or other. 

Please be creative and share your ideas and do NOT be shy. And if you had to name your own deli signature sandwich, what would you name it and what would you put in it? Feel free to share your ideas here or on my facebook page:  http://www.facebook.com/sueadlerteam .   And if I like your idea better than mine, I’ll buy you deli sandwich!

Yours to count on,

Sue

Sue Adler Team Client “Mix and Mingle” Party Buzzzzz

Sue Adler Team Client Party Buzz from Sue Adler on Vimeo.

Four years ago,  I started throwing an annual client party for two reasons. The first is obvious – to show my clients appreciation for being so amazing to me.  After the first party I realized how many friendships were formed from my party because so many of our team’s buyers are new to Short Hills, Maplewood, Livingston, Summit, Chatham, etc..  So in many ways, I feel like its become more of a Newcomers Club party, where we have new relocation buyers coming each year, as well as our yearly regulars, who have made friends with each other. Its always alot of fun.

Needless to say, when I saw the client inverviews in the video, it made me smile. I’m really proud of my team.  Other agents always are trying to figure out our success but the truth of the matter is -  at the end of the day, aside from the skill it takes to do what we do, if you work from your heart and are truly an advocate for your client, and care, that’s what matters most and what the clients remember in the end.

Analysis of our New Jersey Housing Market

    Last night I came across a  brilliant vlog post  by my good friend in Austin, Krisstina Wise from The Good Life Team. Before you read on, watch her video, especially if you’re looking for a house, but really want to be sure we’ve hit  bottom first.  Krisstina  beautifully explains “the buying zone”, the  the window of opportunity buyers currently have in this market while the prices and interest rates are this low at the same time.

On a local level,  NJ home sales have risen for 6 straight months compared to the national existing home sales rise of 3 consecutive months.

Jeffrey Otteau, New Jersey real estate market analyst, shows in his graph below, that in June contract sales in NJ were higher than June 2008’s pace, signaling a significant break through for our market. The last time NJ home sales have risen for 6 straight months was back in  2003 during the home buying frenzy fueled by the sub-prime lending boom. The monthly sales pace in NJ has increased 115% since the beginning of the year.

Clearly  many home buyers are taking advantage of these low prices, low interest rates and the first time buyer tax credit , which are all adding to  the housing   market recovery. The problem for buyers who really want to buy is the lack of inventory right now in our Midtown direct towns. Unsold inventory declined by 600 homes in June primarily due to the 7,500 home sales during the month, causing a rise in demand for good, well priced homes , especially in the entry level market.  

So why is inventory so low?  I hear many potential sellers say that they are “waiting until the market comes back” – how long will that take and what will the rates be then?  Certainly we cant expect the market to increase more than 3-5% a year once we do have a recovery.  Today many home owners are  in a catch-22  because they need to sell first, yet don’t want to sell without having found their dream home first,  which they ultimately miss out on because they aren’t in a position to buy.  There are many options that your Realtor can help you with to avoid the catch 22 ( which I will write a blog post on another time) 

What can we expect in the next few months? Read the rest of this entry »

A little real estate humor

People always ask me ” Sue, how do you do it? How do you sell so many houses in such a bad market?” Well, check out the video below and meet my real estate coach.  I make sure to use his tactics with all of my clients. Watch and enjoy!

Mortgage Guidelines for purchasing a NJ home without selling your existing home first

 

Interested in purchasing a home in New Jersey, but have not sold your existing property? 

 

 

I’m not an advocate of buying before selling in today’s market unless you understand and are comfortable with the risks involved, but if you insist on going this route, according to Rich Hirsh, from Mortgage Masters, here are Fannie’s guidelines:

 

If you are applying for a conventional loan, Fannie Mae requires that you either have 30 percent equity in your CURRENT residence OR 6 months cash reserves for BOTH homes. 

 

 

  Home Buying Scenarios

 

     #1 – Current Home is SOLD but not CLOSED prior to purchasing other one.

 

o   Must qualify for BOTH house payments and have 6 months worth of payment reserves for BOTH homes

 UNLESS

o   There is an executed purchase contract and all finance contingencies have been cleared on the home you are selling

    OR

o   Have 30 percent equity in current residence (Appraisal/BPO) PLUS 2 months worth of payment reserves for both homes

 

     #2 – Existing Home Converts to Second-Home Status

 

o   Must qualify for BOTH house payments

 

AND

o   Have 6 months worth of payment for BOTH homes

 

 OR

o   Have 30 percent equity in home being converted to 2^nd home

 

(Appraisal /BPO) PLUS 2 months worth of payment reserves on BOTH homes.

 

     #3 – Existing Home converts to Rental Property

 

o   Must qualify for both house payments AND have 6 months cash reserves for BOTH homes

UNLESS

o   Rental income can be used to offset monthly payment ONLY if home being converted to rental has 30% equity (Appraisal /BPO) AND home is leased AND security deposit has been verified.

 

The bottom line:  If you are buying a home without selling your current home, there will always need to be cash reserves after closing in the amount of 6 months PITI unless there is 30 percent equity in their current home.  Then you will need 2 months reserves! 

 

 

Rich Hirsch Mortgage Master Inc. Phone: 908-410-9066  eFax: 908-325-0018 rhirsch@mortgagemasterinc.com

 

I’ve lost my job. Now what?

When job loss occurs, the effect on families can be absolutely traumatic. I feel I’m taking a risk by discussing this so openly because its such a sensitive, personal topic to so many people but I don’t think I could live with myself unless I get this information out there to people who may need it.   

If  job loss has affected your  family, its  important that you examine the answers to these questions:

1. Check your monthly expenses against how much money you have in savings. 

2. How many months can you live in your house at these current monthly expenses? 

3. What is the likelihood of finding the same paying  job? And to take that a step further, how long could it realistically take to find another job?

4. Have you called your mortgage company to see if loan modification is an option?  But is this the best long term solution for you?

Let’s say that you bought your house 2 years ago for $1,000,000.   You got a mortgage of $800,000.  The market for your house bears about $850,000 now, and you have about  6 months left of monthly expenses without going into your retirement funds.  If you wait 2-3 months to put your home on the market, then your risk is that you could be putting yourself in a distress situation if the market comes down further or you can’t sell your house or both.  At that point, without employment it will be hard to find a rental if you can’t show proof of funds for the term of the lease.  This is another reason waiting is not a good idea.

 I can’t stress enough how important it is to seek advice right away from a GOOD realtor or attorney you trust to advise you properly before you find yourself in this position.  The biggest eye opener to me is how quickly things can change and most people don’t realize this.

If you  can no longer  make your mortgage payments, get your house on the market right away and submit your financial hardship package  to your bank. Your realtor or attorney may be able to help you with this. The LAST thing you want to do is let your house go into foreclosure.  You can avoid this by selling during  the “short sale” or “pre-foreclosure” period!

There is a HUGE difference between foreclosures and short sales. I’m working on my CDPE ( certified distressed property expert) designation and learned the following from this eye opening course: 

• A homeowner who loses a home to a foreclosure is ineligible for a FNMA mortgage for a period of 5 years.  A homeowner who instead successfully negotiates and closes a short sale is eligible after only 2 years.
• If you have a foreclosure on your record, on  future mortgage loan applications, you will have to answer YES to the question that asks “Have you had a property foreclosed upon in the last 7 years? This will affect your interest rates.  However, there is no similar declaration or question regarding a short sale.
• Foreclosures will remain as public records on a person’s credit history for 10 years or more.  This can affect future employment because many employers require credit checks on job applicants. Short sales are not reported on a credit history so this is not an issue.
• If you foreclose, your credit score will be lowered about 250 to 300 points for about 3 years. If you have a short sale, only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. Your score will lower about 50 points, but this will only be for 12 to 18 months.
• The bank has the right to pursue a deficiency judgement for both foreclosures and short sales. However, for successful short sales, because the home is sold at a price that should be close to market value, the deficiency will be much lower than an REO sale.

The positive news is that our NJ midtown direct towns are still in demand, and I’m still selling homes the first weekend for very close to asking price, as long as they are priced right. With the interest rates as low as they are, buyers who have been waiting to jump into the market are out there now, and although price conscious, they’re jumping on the homes they feel are nice and view as a great value.  So do not despair.  This is positive news for those who need to get  top dollar and fast.

So you need to commute to NYC and you can’t spend $1Million on a house??? Check out these GREAT New Jeresy neighborhoods – in these midtown direct “walk to train” locations!

What a day! 3 open houses on our three new listings – Two are getting at least one offer, and we had 27-30 people at each one.  All three of these homes are priced in the $500’s.  My team was also booked all weekend with buyers. What does all of this mean?

1. There has been so much pent up demand for great AFFORDABLE homes that  the nice ones that are priced right  are flying off the market.

2. The entry level market has now come down to a level where buyers can jump into the market. Of course the low interest rates have added the cherry on the top.

3. Even in a “buyer’s market”, you will always be able to re-sell a well priced home with close proximity to trains to NYC. This is what most buyers moving out from NYC are looking for.

4. Has this segment of the market hit bottom?

So where can you find these more affordable homes? Below are neighborhoods in each of the midtown direct trainline towns that are under a mile to the train.

• South Orange – South of South Orange Ave, there are two neighborhoods that are easily walkable and you can find housing that won’t break the bank. The area between Walton Rd and Wyoming Ave is one ( Conway Ct, Rynda, West End Rd, Lenox Ave to name a few streets) and the streets surrounding Seton Hall University are the other. North of South Orange Ave there are the Hart Dr ranch homes, and further north you can occasionally find a smaller home nestled amongst the larger ones off of Wyoming Ave.  The same would be true of the Montrose Section.

• Maplewood- Much of Maplewood fits the bill and that’s why so many buyers move here from Park Slope, Brooklyn, and NYC.  East of Valley Rd, across from Memorial Park, is  very popular among the “walk to train” crowd. Here are two examples:  www.sueadler.com/35Kensington and www.sueadler.com/36Madison Houses within a few blocks of Maplewood Village may be in the $500k-700k range, but they don’t seem to come on the market very often. There are homes on Jefferson Ave and some of the surrounding streets such as Brookside Rd, have sold in the $500k’s and 600’s as well.

• Millburn- The South Mountain Section and Wyoming Sections are the two largest neighborhoods that are “walk to  train,  town, Taylor Park, Wyoming Elem or South Mountain Elem, middle and high school ”. There are also many small streets off of Millburn Ave that are close by as well.Homes range from the $400k’s to the 800k’s with a few exceptions in the South Mountain Section.In the Wyoming Section you can easily find homes in this range, but there are also more expensive homes over $1Million.

• Short Hills - The Glenwood Section ( where I live!) is the perfect place to be – walk to Glenwood Elem and top rated Millburn HS, Short Hills train station, and Millburn Ave restaurants and shops. Most homes range from the 600k’s to the $1Million range, but certain streets wth larger homes and properties such as Pine Terrace East  command much more. www.sueadler.com/11PineTerraceEast Generally speaking, the Glenwood Section runs between the Short Hills Train Station and Millburn Ave. The main roads running through are Woodland Rd, Baltusrol Way, and Short Hills Ave, with many small charming treelined streets in between. The Knollwood Section, behind the Millburn Middle School, is also similar in price to Glenwood. This neighborhood  comes in between Hobart Avenue and Old Short Hills Rd – Whitney Dr, Midhurst Dr, Haddonfield Drive are a few of the streets you find in this storybook enclave of charming colonials and tudors.

• Summit Most of the areas surrounding the Summit Train Station tend to be a bit pricier however there are certain streets close to the train station that do turn out homes for under $900,000. To name a few, Mountain Ave and Ashland Rd- south of the Summit Train station, and Waldron Ave, and DeBary Place- north of the station. I do need to mention a neighborhood that is just over a mile, but with comparable homes to the Glenwood and South Mountain homes in Millburn/Short Hills. Its the Memorial Field area by Brayton Elementary School. Don’t overlook this neighborhood if you’re looking for an awesome neighborhood in a great school district.

• Chatham Boro – The nice thing about Chatham Boro is that almost all of it is within a mile of the Chatham Train Station. The Station is located just off Fairmount Dr and Main Street so its central location and stellar school system, makes it a sought after town. The majority of homes in the Boro are in the “affordable” range and are close to Main Street shops and restaurants, and elementary schools as well.

• Madison -The Madison Train Station is situated between Waverly Rd and Greenwood Rd, just south of Main Street. On the northern side of Main Street in Madison you can easily find 3 to 4 bedroom homes starting in the $400’s, and ranging up to over $1M. Because Madison is home to Drew University, Main Street feels much like a college town with a jazz bar, trendy shops and a wide variety of restaurants.

So, there you have it! If you want to see your options in person, just give me a call (973)464-9129.

Yours to count on,

Sue Adler

Luxury homes in Midtown Direct “walk to train” locations

If you work in NYC and need the direct train to Midtown New York Penn Station or Hoboken (where you can then take the PATH downtown to the financial district), here are the most convenient New Jersey neighborhoods where you can find the beautiful upscale homes:

• Old Short Hills  is the area north of the Short Hills train station off of Hobart Ave.  Stewart Hartshorn originally developed this as the ideal community, and brought the train line from NYC into the magnificent rolling landscape of Short Hills, which was at the time, all countryside. Truly magnificent one of a kind homes off of quiet winding roads, its no wonder why Old Short Hills is such a sought-after area.  A major attraction of Short Hills is  that it is part of the Millburn School District, the  highest rated school district in NJ.  There are also private school options as well.
• Northside Summit - The area north of Springfield Ave between Woodland Ave and the Whittredge Green area consists of some of the most stunning homes you’ve ever seen. ( I really didn’t mean for that to rhyme!) From tudors to Victorians, to brick manor homes, you’ll pay a hefty price tag, but if you can afford it, this is truly the best of all worlds. Summit also has a very highly rated school system. There are many renowned private schools in Summit as well.
• Wyoming and Montrose Sections of South Orange  were planned as a haven for wealthy New York businessmen looking for stylish large homes away from the city – the area’s first commuters. The fact that the commute into Manhattan is only 25 minutes from South Orange is a big draw to commuters who aren’t willing to sacrifice a short commute for their estate home. These homes of history between Ridgewood Rd and Wyoming Ave in the Wyoming Section, and between Scotland Rd and Grove Ave in the Montrose Section, have magnificent craftmanship, beautiful mature plantings, and have historic gas lights along their tree-lined streets. Prices are much less than Summit or Short Hills, but the taxes tend to be equal to ( and sometimes a little higher) what the taxes for the same house in Short Hills or Summit would be, so keep that in mind because home buyers normally compare by price range town to town, not size of home. Check out “Tulip Hill” circa 1906! Asking $1,095,000.
• West of Maplewood Village- Maplewood Ave, and some of the tree-lined streets west of Maplewood Village, such as Woodland Ave, Mountain Ave are examples of streets boasting beautiful homes of character, and an easy walk to Maplewood train station, which is only 1/2 hr to NYC, as well as Maplewood Village shops, restaurants and Memorial Park. The upper bracket homes in Maplewood tend to cap in the low 1 Million dollar range, which is much more affordable than luxury homes in its surrounding trainline towns.
• Chatham -  The area between Fairmount Ave and Watchung Ave, near the Lafayette Elementary School and the Chatham High School are under a mile to the Chatham Train Station and  beautiful upscale homes can be found on these tree-lined streets. Highland Ave, Washington Ave, Dellwood Ave, and Chandler Ave are a few worth noting in Chatham Boro. Chatham is another Blue Ribbon School District and has a great down town area as well.
• Hill Section of Madison - Southwest of the Madison train station, you’ll find luxury homes that are walkable to the Madison Train Station and the trendy restaurants on Main Street. Midwood Terrace has the reputation for the most upscale homes in Madison. However, there are other beautiful streets with gorgeous new and older homes in the Hill Section. To name a few- Pomeroy Rd, Woodland Ave, Crossgates, Garfield Ave, and the small streets that come off of these.

Much of the luxury home market in Short Hills, Summit, Livingston, Chatham and Madison, Maplewood and South Orange still feels overpriced. However, the serious sellers have priced their homes to sell, and these gems are now trading at more affordable prices, ( although I guess “affordable” is a relative term considering we’re talking about luxury homes!) Just in the past few weeks, homes in the high end are starting to sell again, however we’re back to late 2003-early 2004 prices, which is very hard for many sellers to accept.

 It is more important than ever to get good advice in buying or selling a luxury home from realtors who KNOW the luxury home market.  Call Sue at 973-464-9129 to discuss your options.

Mid-Century modern home living in New Jersey

We are fortunate enough to have found one of the very few modern Frank Lloyd Wright inspired homes on Sagamore Road in the Wyoming section of Millburn. We enjoy floor to ceiling windows with dramatic NYC skyline views, open and clean living spaces, walking distance to town and the Midtown direct train into NYC, and appreciative comments from visitors and anyone who’s read Dwell Magazine. While some are not in love with modern design, we find freedom and think it’s just down right cool! We love living in our tree house, or a sculpture of sorts with Eichler, Mondrian, and Calder inspirations throughout.

Those who aren’t familiar with Sagamore Road, to me it’s a beautiful country road, nestled up against the South Mountain reservation, with over 2000 acres of trees and streams, but still conveniently located in walking distance to Down Town Millburn!

We’d always liked Modern design as architectural statements, never thinking we’d depart from our traditional roots, but when the opportunity came, we grabbed one (by the skin of our teeth). I can’t say we knew what it all meant at the time, but after living in our Jetsons styled home, it’s hard to imagine we could have ever lived anywhere else!

It’s not that traditional homes aren’t wonderful with their classic charms, but mid century modern homes call to a contemporary sensibility that’s very different and special in it’s own way.

Mid Century modern homes are rare here, but can be found in Millburn/Short Hills, Maplewood, South Orange, Warren, Mountainside and the surrounding towns.

These gems, or diamonds in the roughs, don’t come up every day.  Call or drop me an email, if you want me to keep my eye out for you.  Deirdre  973-985-0500 Deirdre@sueadler.com

Also, check out our web site for more info http://www.adlerbenjamin.com/

From Millburn Ave to Main Street in Chatham, I’m still home.

  

When I moved to Chatham  last year from Short Hills,  it felt like I was moving to another country, yet it is only one town over!  I was used to Millburn Ave, not Main Street!  and I swear the leaves on the trees were a duller shade of green.  After 25 years of living in Short Hills, I was “a woman without a neighborhood,” homesick and lost.

 

What I’ve come to learn, is that the Summit, Chatham and the Short Hills areas are more closely connected than I ever realized.  It just took a personal move to find out. 

 

Why the change in attitude?

 

Recently I had opportunities to dine at two local Chatham  restaurants; Gregorio’s and Scalini Fedeli.  Both are on Main St, within walking distance to everything in town, a convenience I love.

Gregorio’s can get really busy, so be sure to get a reservation and bring your own wine which I always consider a plus. A few other local hot spots on Main Street and not to be missed; Seranade , fine dining to perfection.  A Taste of Asia is Malaysian cuisine. For those who don’t know what that is, it’s a mix of Chinese and Thai food. Yum! Chatham of course has a Japanese restaurant. Mitsuba . I’ve been to my fair share of sushi places. This might be one my favorites of all times! 

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