Hello and welcome to the Basking Ridge Townhouse news and information blog. Here you will find up to date information about real estate in our town. Check back often or subscribe to be notified of new articles as I publish them.

Lin Crabtree

Every Townhouse or Condominium community in Basking Ridge and everywhere else has monthly fees that are paid to an association or a property management company.  These fees vary widely throughout each condominum and townhouse community.  Sometimes these fees are based on a particular model, number of bedrooms,  square footage of the townhouse or condominium, number of shares if  a co-op , or they may be the same for everyone.

These monthly fees cover a wide variety of services and maintenance.  In most cases – yes, there are exceptions – it covers everything that needs maintenance on the exterior of the townhouse or condominium. Trash and snow removal is almost always included in the monthly maintenance fee.  Maintenance of the exterior of the building, maintenance of the common areas and landscaping are also included.  If you live in a townhouse community that is well established, has a high density or lots of sloping land the maintenance fees may be higher because it takes more time to mow the lawn, shovel the snow off the walkways and or weed, mulch and maintain the landscaping.  This versus a wide open space that the landscape company can just get on one of those wide mowers and be done in 10 minutes.  The Maple Run Townhouse community in Basking Ridge is one example of that.  Lots of nice level open grass to mow!  Then if you look at  The Ridge townhouse community there are very mature and specimen plantings that need a little extra time to hand mow or shovel.  Number of units in the community can and will affect the monthly fee also.  The Ridge townhouse community for example only has a little over 100 units.  Compared to various communities and sections in The Hills of Basking Ridge which have hundreds of units.

The exterior of the buildings are also maintained.  This includes the roofs, siding and in some cases maintenance of the decks and or patios. In most cases however, windows and doors are not included.  the Amherst Mews Townhouses even have their mailboxes included!  Townhouse owners may be limited as to what they can leave outside or plant.  Usually the townhouse association doesn’t mind if you plant a few flowers along your side of your unit. Planting or removing a tree however is a different thing and you must seek permission of the association.

In some cases your water will also be included in your monthly fee.  The Ridge Condominium complex includes the water in the fee whereas Lord Stirling Village townhouses do not.  Various amenities can affect your monthly fee.  If you have a pool, tennis courts, playground, etc.  All these things need maintenance as well.

If you live in The Hills you pay a monthly sewer charge to EDC of around $59 per month.  No exceptions.  Other townhouse communities get billed a flat sewer fee semi annually like singe family homes.  Currently, in Basking Ridge  that fee is $160 semi annually.

There are townhouse communities that are fee simple where the owner must maintain some or all of the exterior of their property.  The Patriot Hill townhouse community in Basking Ridge is one of them.  You must shovel your own driveway there so if you are not going to be home during the winter make sure you have this taken care of.  In the Spring Ridge Condominium community there is a section that has many duplexes and several single family homes that are fee simple.  The fee is drastically reduced – currently under $50 per month – but you not only maintain your grounds you maintain the exterior siding and the roofs.  Better like your neighbor because if your side of the roof needs replacing you should really do the whole building.  You wouldn’t want two different colors on the same building!  And, you could have one side that is well landscaped on the exterior and the other side isn’t.  This could significantly affect resale of the townhouse or duplex.

Every townhouse and condominium community is subject to special assessments for capital improvements.  That’s another blog, another day.  And when buying in any Townhouse or condominium community in Basking Ridge the buyer will pay a one time, non refundable, contribution fee for capital reserves to the management company.  This fee is usually a factor based on the monthly fee and is usually the same for all the units in the townhouse community.

If you would like more information about any townhouse or condominium community in Basking Ridge, click here.

Whoa!  Here’s a touchy situation.  My opinion is “absolutely not”. Here’s why. ( Just remember there are always exceptions!)

If a seller lets the buyer move in prior to the closing so many things can and do go wrong.  I just read where the sellers gave the buyers permission to paint a vacant house prior to closing.  Although the painters covered the hardwood floors to keep them clean, one of the drop cloths was covering a floor furnace.  The furnace came on during the night and — you guessed it — the house burned down!

In another situation a seller agreed to let the buyers take occupancy in return for releasing part of the deposit to the seller.  Once inside the sellers refused to close and the buyers had to file a lawsuit.  This can take months and even years.

I had another situation where the seller let the buyers take occupancy without telling their realtor or attorney. Turns out this ’seller’  didn’t even own the house – her ex husband did and he didn’t agree to the sale!  Very messy.

In my opinion if the buyer needs a place to stay until the property closes let them stay with a relative, hotel or go on a vacation.  Do whatever you need to do to avoid letting them take possession of the property prior to closing.  If a problem arises, a resolution can result in a lengthy and expensive litigation.

There ARE however exceptions and I have had several very successful situations where the buyer has taken occupancy prior to closing. 

First, get the attorneys involved.  If they agree, have the attorneys draw up an agreement to be signed by both parties.  Similar to a lease agreement and there should be monetary consideration to the seller as well.

There is something called a “hold harmless” agreement.  The buyers do a final walk through of the property agreeing that all is in place for the closing.  Sellers should take extensive photos and/or a video of the property and its condition so that there is no dispute abut the condition of the property if the buyer fails to close.  The hold harmless agreement basically releases the seller of all future responsibilities for the property.

Make sure the buyer, now a tenant, gets the proper insurance.  The seller should check with their insurance company as well to inform them of this situation.  This is now basically a short term rental.

The bottom line is I would not want any of my clients to do what I wouldn’t do.  Would I let the seller take possession of MY home prior to closing.  Absolutely not.

I have personally been on over 1,200 home inspections throughout my real estate career. I have learned so much and it never ceases to amaze me how  much you can learn from this experience.  I am still learning!  It is critical that every buyer have a home inspection whenever they buy a house or townhouse.  It is an education into the workings of the mechanicals, plumbing and electric of the home.  A buyer buys a home assuming it is in good working order.  If the home inspection reveals that it is not, then it is up to the seller and buyer to address any repair issues.  Make sure you use a licensed home inspector whenever you have a homeinspection on a home or townhome. The inspector should test the HVAC systems, plumbing and electrical.  The home isnpection is also meant to inform the buyer about normal maintenance items that should be addressed in the future.  Like caulking around tub and tile work; remembering to turn off the water to the washer and dryer at the main valve (I never remember this); or even how to unclog a garbage disposal.  I learned that one from a home inspection last week!  What a buyer should NOT do however is expect the seller to bring the home up to today’s standards or codes.  If the code has changed since the home was built and there is no hazardous or safety issue then the buyer should tuck that issue in the back of their minds in case that issue should need repair or maintenance in the future.  One such issue I am having with 2 of my townhouse listings is the distance that the microwave is above the stove.  The home inspector says it should be a minimum of 18 inches.  Mine are 16 and 17 inches respectively.  Both buyers want the seller to move up the microwave!  The code for microwave clearance in 1984 was different than today.  Both these microwaves vent to the outside and that was how they were originally installed and the townhouse received approval from the town back then.  The buyers should not expect the seller to get in a qualified kitchen installer to redirect the micorwave.  Another issue I am having:  One of my listings had a jetted tub in the master bath without an access panel to the motor.  Today when jetted tubs are installed it is code to install an access panel to the motor.  That was not the case in 1984 yet the buyer wanted an access panel installed for the jetted tub. That was not the code then so the buyer should accept that.  However, if they replace the jetted tub in the future, they will need to put in an access panel to the motor in order to be properly approved by the town.  Oh, and if you have a window above the tub — today it must be tempered glass.  When the townhouse was built that was not the code.  Don’t expect the seller to replace it.  I wrote another blog about home warranties a while ago.  Older homes should offer it to the buyer.  However if say the  furnace is original and it is working and that was disclosed to the buyer on the Sellers Disclosure, a buyer should not expect the seller to replace it if the home inspector says it is at the end of its life and should be replaced in the near future.  Because this was disclosed, the buyer should have taken this into consideration with their original offering price.

I could go on and on with my experiences and I realize it is still a buyer’s market out there but I wish the buyers would be more reasonable.  They usually negotiate a pretty good price for themselves yet when it comes to the home inspection issues they want every minor maintenance issue repaired or a hefty credit that far exceeds the actual cost of the repair items.  Sellers are willing to resolve these issues fairly in most cases but there are times when a deal falls apart because the buyer gets greedy and the seller finally just says no.

If everyone just plays fair and realizes they are not buying a new townhouse and they can’t expect everything to be perfect then everyone will live happily ever after!

OccasionallyI have a townhouse listing in Basking Ridge where the homeowner requests that agents and clients remove their shoes.  The reason for this is that they may have light colored carpeting, in inclement weather shoes track things (eeeww) into the home, it may be  their culture , or they might have a little baby that crawls around the floor on hands and knees.  This is not an unusual request yet I am amazed at the number of people that get offended at having to do this.  I really don’t care that your socks don’t match, are dirty or that you are not even wearing any.  I am only there to carry out the homeowner’s wishes. I actually had one prospective buyer come to one of my open houses in The Ridge townhouse community during an open house with her agent (thankfully)  that left  wearing MY shoes!  Luckily I was able to call her agent to come back with them!

I provide cloth and plastic shoe covers in a basket by the front door for clients to put over their shoes if they wish instead of removing them.  I think all Realtors should do this.  Then everyone is comfortable.  It is a courtesy to the homeowner as well.

Click here to view sales and  information about all Basking Ridge Townhome Communities

If you are driving through the Amherst Mews townhome community lately you will see a lot of “construction” work going on.  The EFIS or “fake stucco” litigation has ended and the repairs are nearing completion.  All the buildings are getting the exteriors remediated.  This is a good thing.  Also all the mail boxes will be getting replaced soon.

I have a great listing at 47 Dickinson Road in Amherst mews.  Thankfully this unit did not have any damage but the exterior is being remediated on all buildings anyway.  If you visit one of my open houses there you will be able to read the remediation letter from the President of the Board explaining this situation in more detail.

Click here to see information about all Basking Ridge Townhouse communities

Basking Ridge has open houses for townhouses available every Sunday and in some cases on Saturdays.  I hold my townhouse listings open every Sunday (or Saturday) that the homeowner allows.  Open houses are usually in the afternoons from 1:00 to 4:00 or 5:00pm.  I like to spend as much time as an open house guest wants giving a tour of the property and answeringany questions.  We ask that people that attend open houses sign in a “register” before touring the townhome.  An open house guest should not be intimidated by this request.  I do NOT  hound you later vying for your business.  Almost all my business is from personal referral or via the comprehensive internet marketing that I do.  It is simply a courtesy to sign in at the open house.  Weichert tracks open house traffic to see where the guests are coming from — the signs — the Internet — or an ad.  The Jim Weichert can decide where to put his marketing dollars to work  for the Realtors and the company.  If you ask that I provide you further information or follow up, then I will. I do try to get the open house guests candid feedback about my townhouse listing and some of them are too funny for words!  If however, you are working with another realtor and intend to continue to work with another realtor if you decide to purchase the townhome you are visiting, please put that Realtors name next to yours or in the comments area.  Then I can give your realtor a call to let him/her know that their client visited my townhouse listing. The homeowner also likes to know how many people were in attendance and their feedback.  Even if you are a neighbor in the same townhouse community I welcome your visit.  Who knows maybe you will know of someone who may be interested!

I pride myself when I go on a listing presentation that I can say I have NEVER had a transaction fall apart — for any reason  other than that that is out of my control.  I am very proactive about making sure another realtor’s buyer is pre-approved and is financially qualified to purchase my listing.  I had a very disturbing experience lately with one of my listings.  A brand X realtor brought in an offer the very first day my listing was active.  It was not a full price offer but we were able to negotiate it to terms agreeable to both the buyer and seller.  The buyer’s agent pleaded with me to not show the property until we get out of the attorney review process.  I got every song and dance about how sincere her buyers were and how much they loved the property; they were getting married (second marriage for both) in August and everything was perfect. The buyers agent went on to say her buyers were personal friends of  hers and she knows them well etc., etc.  I requested a re-vised mortgage pre-approval that specifically said they did NOT need to sell their current condominium in Basking Ridge in order to proceed with the purchase of this townhome listing. Red flag  number one:  The buyers attorney RE INSERTED in his attorney review letter that the contract was subject to the sale of their property. We were able to get that reduced to wording that said they needed to get a clean commitment letter that would not be subject to the sale of their current property.  I verified with their lender that they did indeed qualify without selling.  Red flag number two:  They used a “friend” for an attorney that was not a real estate attorney.  The attorney review process dragged on and on – well over a week. The buyers were  overly concerned minor details and  about the life span of furnace and a/c when we were offering a home warranty with this sale.  Again, I was re-assured by the buyer’s agent that “they were very serious buyers”.  Attorney review finally concluded and the property was under contract.  Red flag number three:  The home inspection.  That’s another blog subject for another time.  BUT the average home inspection for a townhouse is maybe 2 hours.  This one dragged on for almost 4 hours. The home inspector drastically blowing things out of proportion like – the master bedroom slider is broken – when the fact was there was a little dirt in the bottom tract and when it was vacuumed up is slided like butter.  Only one of many mistakes like that.  The result was that we received a repair request letter on the very last day possible with 17  items the buyers wanted repaired.  They wanted history for items beyond the possible scope and knowledge of the seller.  They wanted a 1984 built townhouse to be brought up to today’s standards and codes.  Usually what happens now is that the seller responds with what they will and will not repair and buyer and seller negotiate until both parties are satisfied.  The Sellers Property Condition Disclosure clearly outlined the details of all the mechanicals of the townhome and the buyer signed acknowledging receipt of this disclosure.  The seller  (to my surprise) wanted to fix everything except 2 items.  In 1984 it was not code that you needed to provide access to a Jacuzzi motor.  The buyers wanted the seller to put in an access.  The microwave did not vent outside.  It is a recirculating microwave with the  filter underneath.  The buyer wanted the seller to vent it outside.   Both worked properly and the seller said these items did not need repair.  Fair enough and we replied as such.  Red flag number four:  The appraiser called me late on a Friday to say the lender cancelled the scheduled appraisal for the following Monday. I knew that was the end.  I called the buyer’s agent all weekend and emailed her with no reply or response.  Monday morning we received a letter from the buyers attorney terminating the transaction and using the excuse of the home inspection paragraph of the contract as reason for terminating.  Again no return call from the buyer’s realtor.  Bottom line is that the buyers just changed their minds and wanted out for whatever reason.  Who knows.  My seller was prepared to offer them monetary consideration for the Jacuzzi access and microwave venting but they just terminated without cause or reason.  Further legal action from the seller would tie up this townhome in litigation for a very long time and not worth it.  I don’t know how some buyers can look at themselves in the mirror in the morning after taking advantage of a situation like this.  It just shows that that realtor never really knew her buyers and should never have made representations about their sincerity.

Buying a home is a serious decision and should never be entered into lightly.  These were not serious buyers and we lost a month of marketing time being “the nice guy”.

P.S.  New Jersey is the only state that has “the attorney review” process. A signed contract means nothing until it is out of attorney review.  During that time either party can back out of the transaction for any reason at all.  In every other state the contract is legally binding when signed by the seller and buyer.

The new and reduced assessment is out and will soon auto populate into new listings.  Buyers think that the sales price should be tied to the assessment amount.  This is not true.  In Basking Ridge assessments are done every year.  In the declining market assessed values were affected just like sale prices.  This does not necessarily mean your taxes will go down (we could only wish).  Ususally to compensate for a reduced assessment the tax rate goes up.  Rarely will taxes decrease.  This year although assessments are lower yet again, the tax rate is going up enough to mean a tax increase.

Back to the relationship to sales price.  What buyers need to know is that the assessments for all the townhouses in any Basking Ridge Community should be apples to apples.  Often when a realtor does a comparable market analysis this is not taken into consideration.  If the assessment has changed for one property to the new year’s number, your realtor should take the time to either call the tax assessor or pull up the new assessment on line to correct the comparable properties he or she is using for the analysis.

Sales price is based on so many other things other than assessments for townhomes in Basking Ridge.  The particular model, the floor plan, the number of bedrooms, a finished lower level, the location within the community.  All will affect the value and the price at which a property should sell.

 Market Update for The Barons Townhouses in Basking Ridge:

Active:

34 Dexter Drive N                                   $478,900

13 Bradford Lane                                     $499,000

1 Dexter Drive N                                      $499,900 * (In attorney Review)

4 Bradford Lane                                       $509,900

3 Deerfield Ct                                             $518,000

21 Dexter Drive N                                    $519,900

19 Bradford Lane                                     $524,900

3 Fairbanks Lane                                      $525,000

30 Fairbanks Lane                                   $525,000

Under Contract:

16 Fairbanks Lane                                    $539,000 (Anticipated Close Date 4/9/10)

Sold:

11 Fairbanks Lane                    Listed for $449,999,  Sold for $436,250 on 12/15/09

24 Fairbanks Lane                   Listed for $450,000, Sold for $387,500 on 2/12/10

20 Dexter Drive N                    Listed for $545,000, Sold for $522,500 on 12/16/09

13 Dexter Drive S                      Listed for $578,500, Sold for $570,000 on 8/18/09

You can see by this information that the market continues to decline in this community.  The Barons townhouses took longer to reach a decline in this market but ultimately succombed and fell harder and faster than other communities.  Many of the owners in here are original owners and many of these townhomes need updating.  Although if you look at 19 Bradford with its new kitchen and stainless steel appliances it still has been on the market 33 days with little activity. Nine active listings in The Barons townhome community is very rare.  Not too long ago one would find notes in your mailbox from a buyer begging for a private sale because there was nothing on the market.  These townhomes are sizeable and are attractive to buyers who are downsizing or want the spacious feel of the floor plans.  There is one model with a first floor bedroom and those seem to sell more quickly.  Finding a townhouse with a first floor master bedroom is rare and a plus for any seller.  The Barons offers four different models:  the Aristocrat, the Dexter, The Bradford and The Classic.  The Classic model offers the first floor bedroom and a two car garage. 

To see more information about this community and other townhouse communities in Basking Ridge Click here.

Choosing whether or not to rent your single family home or townhouse because it isn’t selling or just because you want to wait until the market improves to sell can be a daunting task.  The experience can be either positive or negative.  Plus there are tax implications(consult your accountant).

Tenants are not in favor of accommodating a seller while they are living in the same single family home or townhouse.  Quite simply  they have no vested interest in accommodating showings or keeping the property in proper showing condition.  Tenants can really kill a chance of a sale.  In one extreme case I heard of the tenant required one week’s notice to show.  They had large dogs and needed to get them out of the house.  The agents client flew in to see just that one property and when they got there there was no one home, no key or lockbox, hence no showing.  If your tenant is not clean or tidy and especially if they have animals, be prepared for them to cause delays or not allow showings.  Unlike a seller, they may leave the property a mess which will really turn off a buyer.  Unmade beds, soiled carpeting and walls, dirty dishes in the sink, clothes all over the floor and an unscooped kitty littler box are just a few of my experiences.  Sellers should be prepared when a tenant leaves that their home will not longer be as perfect as they had kept it when they were living there.  Sellers should be prepared to paint, replace carpeting and repair “normal wear and tear” damages. Sure you might have a security deposit but it won’t cover much if there are significant issues.

I am the “queen” of rentals in the Basking Ridge area.  I teach rental classes to other agents and I have several investor owners that own properties in Basking Ridge, Bernardsville, Bedminster, Bridgewater and Branchburg.  The “B” towns I call them.  For as much due diligence you do in the beginning with credit report, verification of income, security deposit etc. you can never be prepared for what happens after the tenant moves in.  The worst case I have ever seen was a tenant that moved into a townhouse in Branchburg.  Credit was perfect, he worked for a reputable company etc. etc.  From the day he moved in he never paid a dime in rent or utilities.  All his initial checks for security rent etc bounced.  The eviction process took almost a year and when the property was finally vancant we saw they had taken everything that was and wasn’t bolted down.  Sinks, toilets, washer, vent coverings, outlet plates.  It was bizzare. their 2 large dogs that they were NOT supposed to have destroyed the carpeting and they left a nice pile of trash on the kitchen floor.  $35,000 later the place was habitalbe again and we sold it.

There are positive experieces as well.  If you do your homework up front, call references, call prior landlords, you will have a positive experience!  Also ALWAYS ask for Bank or Certified checks or Money Orders up front.  Put a clause in the lease that the tenant will accommodate any showing;  that a lockbox can be placed on the property and that the tenant will keep the property in proper showing condition.  The positives far out weigh the negatives, but still be aware the property will not show as nicely as when you were living there with your designer decor!

Click here to learn more about all Basking Ridge communities.