Thoughts of summer may be fading into the backdrop, but property values remain as hot as ever and low inventory continues to be the driving force behind strong prices.
In our monthly real estate news round up, we look at a growing trend among senior citizens that’s making it increasingly challenging for would-be first-time homebuyers to find affordable housing. Meanwhile, a certain Garden State suburb has seen prices spike as a result of President Trump’s frequent visits.
Locally, the Summit and New Providence school districts ranked among the best in the state. Another feather in the borough’s cap: New Providence was named one of the safest cities in the country.
Let’s take a look at some of the most interesting real estate stories this month.
Seniors Wishing to ‘Age in Place’ Give First-Time Homebuyers a Run for Their Money
As baby boomers are deciding to stay put in homes they’ve owned for decades, millennials and first-time homebuyers are having a difficult time finding affordable houses for sale. According to real estate website Trulia, those 55 and older own 53 percent of U.S. owner-occupied houses, which is the largest percentage since the government started collecting data in 1900.
President Trump Sparks Renewed Interest in New Jersey Suburb
As President Donald Trump spends time at the Bedminster, New Jersey-based Trump National Golf Club, dubbed the “Summer White House,” property values in the rural yet upscale community are reaping the benefit. According to Turpin Real Estate, prices are up 14 percent for sales over $1 million over the past 12 months compared with the previous 12 months. Located just 40 from Manhattan, real estate professionals anticipate further interest from city dwellers seeking solace in this luxurious suburb.
Historic Beachfront Hamptons Home Up for Sale
In the market for a vacation home that features a glorious nod to the past but has been restored to incorporate the best of the modern world? The 5,000-square-foot beachfront Hamptons home known as Kilkare is on the market for the second time in its 140-year history. This sprawling estate, set on three acres, will set you back a cool $55 million.
A New Jersey Home Sells for $10 — What’s the Deal?
Though it might sound like the best deal in town, this 3,912-square-foot Montclair-based mansion may cost a bit more than its $10 asking price. The home, designed by Dudley S. Van Antwerp, must be moved off its foundation and relocated. Unless you’ve got a plot of land and a ready mover, that bargain may end up costing you a good deal more than you’d hope.
Summit School District Claims No. 5 Spot in 2018 Niche Rankings
Real estate website Niche.com released its 2018 rankings of the “Best School Districts in New Jersey” and the Summit school district is listed at No. 5 in the state.
New Providence School District Ranks 35th in 2018 Niche Rankings
The New Providence school district claimed spot No. 35 among the Garden State’s best school districts, according to real estate website Niche.com, which looked at data from the U.S. Department of Education as well as test scores, college data and ratings collected from Niche users.