Morris Place Morristown NJ Condominiums
2008 is happily over and the 2009 spring Morristown NJ real estate market has already begun. This article will cover the condo sales in Morris Place during 2008. You will see the actual Morris Place addresses as well as list prices sold prices as well as comentary on each Morris Place condo.
The Morris Place Condominiums Sold 2008
Morristown 39 Taft Lane $435,000LP TwnEndUn 2br 2.1ba $411,000SP 146DOM
Morristown 85 Taft Lane $454,900LP TwnIntUn 2br 2.1ba $435,000SP 30DOM
Morristown 27 Taft Lane $455,000LP TwnEndUn 2br 2.1ba $435,000SP 37DOM
Morristown 46 Taft Lane $459,900LP TwnEndUn 2br 2.1ba $450,000SP 84DOM
Morristown 31 Taft Lane $465,000LP TwnIntUn 2br 2.1ba $435,000SP 87DOM
Morristown 64 Taft Lane $469,000LP TwnEndUn 2br 2.1ba $439,725SP 100DOM
Morristown 48 Taft Lane $489,000LP TwnEndUn 2br 2.1ba $470,000SP 119DOM
There were a total of 7 condos sold in Morris Place during all of 2008. This compairs to 6 Morris Place condos sold in 2007. So sales are not down in Morris Place, not a huge surprise to me since the sub $500,000 segment of the market has been the strongest by far all year in Morristown New Jersey.
Morris Place Condominium Price Statistics
The average sold price in the Morris Place condo community fell from $478,000 in 2007 to $439,389 in 2008. The median sold price fell from $480,000 in 2007 to $435,000 in 2008. The average time to sell a Morris Place condo went from 58 days in 2007 to 86 days in 2008.
Morris Place Condominium Sales Commentary
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39 Taft Lane A fairly plain (for Morris Place) condo, which was very over priced from the start. The starting list price was $484,500 which was a good $50,000 high to start things off, and kept the home buyers away in droves.
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85 Taft Lane A nice Morris Place condo with a fairly upgraded kitchen and was priced near right from the start. This condo sold in a reasonable amount of time for about the maximum the sellers were going to get.
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27 Taft Lane A nice Morris Place condo, more upgraded kitchen. This condo was priced about right from the start.
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46 Taft Lane A nice Morris Place condo, upgraded kitchen, new Brazilian cheery floors, condo showed very nice, hit the market at the end of the spring, and got hit by the credit crunch of the fall. Pricing was close to perfect, but if it had been a little lower likely would have sold faster.
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31 Taft Lane Nice condo without wood floors, priced to high to start with at $485,000 sat on the market for a while, had a price reduction then sold for $435,000. Should have been priced about $450,000 to start with, likely would have sold faster and closer to $450,000
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64 Taft Lane End unit Morris Place condo, Nice wood floors, moderately upgraded kitchen, priced to high for what it was. Then again it was listed for sale on 9/17/2007 which was a different real estate market in Morristown New Jersey.
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48 Taft Lane End unit Morris Place condo listed 10/24/2007 Nice upgraded kitchen, had nice upgrades and a loft. Sold in the spring market of 2008 and not affected by the credit crunch.
The views expressed in the Morris Place Condominium Sales Commentary are my own, based on my market experence working with many buyers and sellers in and around Morristown New Jersey.
2009 Morristown NJ Home Sales
2009 is likely to be a better year for home sellers. The Federal Government has vowed to do what ever it takes to end the housing downturn, they are even currently buying up mortgage backed securities (bundled mortgages). There are literally hundreds of would be Morristown NJ home buyers sitting on the sidelines timing the market, waiting for the giant news paper headlines saying it is ok to buy a home, and prices as well as interest rates are still down. Though I do not think that prices will start to move dramatically higher in Morristown New Jersey during 2009, I do think that the 20% of homes that are priced right show really well, will start to move even faster then they had been.
If you are a would be Morristown NJ home buyer waiting for those giant news paper headlines saying it is ok to buy a home please understand, those headlines will only come well after the optimum time to buy. The news media is always late to the table with news you can actually use.
Cheers,
James Boyer
Morristown NJ REALTOR
Morristown NJ Real Estate Specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
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