July 2017 Summit & New Providence Real Estate News Roundup

While most people think of summer as a time to take a well-deserved break, the real estate market has been bustling. Continuing 2017’s trend, national average home prices are moving ever higher as demand outpaces supply, leaving buyers scrambling to get their bids in before they miss out. What’s occurring on a national level is also happening right in our own backyard as both New Providence and Summit saw an increase in average sale prices during the past month.

In our monthly real estate news roundup, we look into the cause that uptick in pricing as well as an innovative way to add a prefab office or guest cottage to your property in just 10 minutes. Sounds impossible, right? You have to see it to believe it! Meanwhile, those considering making an investment in a beach house will be interested to hear which shore town is enjoying a resurgence.

Let’s take a look at some of the most interesting real estate stories this month.

Median Home Sale Price Hits 7-year High

As has been the trend throughout 2017, home prices continue to rise as demand outpaces supply. In fact, according to Redfin, the median home sale price of $298,000 reached in June is the highest national median sale price recorded since the company began keeping track in 2010.

Rising Lumber Prices Cause Issues of Home Builders

As if finding a home weren’t already a challenge, the surging cost of materials is putting strain on builders as the cost of lumber in June was 17 percent higher than it was just one year earlier, making it the most expensive it’s been during the last decade.

Facebook Plans to Build a City Beside Its Headquarters

Most employees love the idea of convenience and a short commute, with that in mind, social media giant Facebook announced it will build a multi-use addition to its headquarters that includes housing, retail space, and even a pharmacy.

Prefab Home Assembles in 8 Minutes

Need a home office or guest room in a hurry? The uBox prefab home assembles itself in just eight minutes. As if that weren’t enough, it’s transportable. Want to visit relatives this summer but still have your own space? Here’s your new home away from home!

Asbury Park Returns to Its Glory Days

Located just an hour south of Manhattan, Asbury Park is enjoying a resurgence. Commonly known to Garden State residents as the shore town most likely to host an impromptu Bruce Springsteen appearance, the area is reliving its ‘glory days.’ Thanks to its beaches and thriving restaurant and bar scene, residential real estate prices are soaring as second home buyers seek out this summer haven.

Jersey City Becomes Overnight Foodie Hot Spot

Beloved for its Biergarten, Lutze’s, Jersey City’s new waterfront beer garden, is now joined by Lutze Eats. This pop-up event features over a dozen rotating food vendors weekly. Gourmands can enjoy the Manhattan skyline every Saturday and Sunday from noon to 7 pm through October 28th.

Council Approves Improvements to Oakwood Field

The New Providence borough council approved a purchase of seven security cameras which will be placed at various points at the Oakwood Field complex in the hope of reducing vandalism and “misuse” of the area. An additional parking space will also be established to alleviate current issues.

Summit Residents Can Begin Registering for Digital Permit System

The replacement of the previously used vehicle decal system is underway. The new digital permit system uses license plate recognition which will allow residents to park in municipal parking lots and garages as well as use the City of Summit Transfer Station, located on 40 New Providence Avenue, starting Oct. 1.