The October 2017 Real Estate Roundup

As we’ve been hearing for the past several months, starter homes, or those on the more affordable end of the real estate spectrum, are in demand. Reversing a 30-year trend, homebuilders in the U.S. are shrinking the footprint of the American home as land and labor become more challenging to find. Meanwhile, owners of large suburban homes are concerned that they may not be able to sell those sprawling estates.

Let’s take a look at some of the interesting real estate stories we read this month:

New Jersey’s Gov. Christie Attempts to Lure Amazon to the Garden State

New Jersey Governor Chris Christie hopes to entice Inc to open its second headquarters in Newark, NJ by seeking to deploy $7 billion in potential tax credits. Would this mean Garden State residents would receive even faster delivery? Time will tell.

New Homes Are Shrinking, But Still Larger Than a Decade Ago

U.S. homebuilders are downsizing the American home due to a shortage of land and labor, reversing a three-decade trend. The average floor area year to date of a new home is 2,420 square feet, which represent a 100 square foot drop from the record high set in 2015, according to a Capital Economics Ltd. analysis of federal data.

Unloading Large Family Homes May Take Longer Than You’d imagine

Though they were once considered the most coveted on the market, bigger homes no longer attract buyers like they once did. In fact, large single family homes — defined as 2,900 to 4,000 square feet— receive 12 to 45 percent fewer views on than the typical home in each market. In fact, so far these bigger abodes are selling up to 73 percent (or 50 days) slower on average than the typical home in each market.

Millennial Home Buyers Are Moving to the Midwest

Millennials are eager to own homes and if they can’t afford one on either coast, they’re not afraid to pull up stakes and start over where less expensive properties are plentiful: the Midwest. America’s bread basket is benefitting as those aged 25 to 34 are flocking to states like North Dakota, South Dakota, Ohio, and Wisconsin, where home prices are within their grasp.

Existing Home Sales Increase in September, Reversing Trend

After declining for three straight months, existing home sales posted an increase in September, according to the latest report from the National Association of Realtors. The news came as a surprise as expectations called for a drop in September sales following recent hurricanes.

Long Branch’s Ongoing Development Continues

Entering its third phase of development, Pier Village in Long Branch, New Jersey has announced its plans to build 269 condo units called The Lofts at Pier Village, as well as a boutique hotel, and 40,000 square feet of retail space. Construction is expected to begin this fall and the sales office for the condos at The Lofts at Pier Village is currently open.

City of Summit Reminds Residents to Pay Taxes

The City of Summit Office of the Tax Collector reminds property owners of several deadlines at the end of October and early November. Fourth quarter property tax payments are due on November 1. For property owners registered for automatic debit card payments, monies will be extracted November 6, 2017. The last day to pay taxes without a penalty is November 10. To make a payment online or to access additional information, visit