According to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family houses in February 2011 were at a seasonally adjusted annual rate of 250,000. This is 16.9% (±19.1%) below the revised January rate of 301,000 and is 28.0% (±14.8%) below the February 2010 estimate of 347,000. This is the single biggest decline since the Kennedy administration in the 1960's.
The median sales price of new houses sold in February 2011 was $202,100; the average sales price was $246,000. The seasonally adjusted estimate of new houses for sale at the end of February was 186,000, a supply of 8.9 months at the current sales rate.
These numbers are based on signed contracts, not actual closings.
There are builders working in Mercer County NJ and surrounding counties, and they have houses to sell. If you are interested in purchasing a new home in Hamilton or Robbinsville, call or email me and let's talk about your options.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Thursday, March 24, 2011
How to Reuse when you Remodel
A growing number of homeowners, architects and builders are trying to reuse or recycle construction materials during remodel projects, for reasons both environmental and aesthetic.
For example, architect Anthony Garrett, of Bilow Garrett Group in Ridgefield Park, NJ, recently renovated a building in Hoboken. He reclaimed the wooden floor joists and trucked them to Montville Twp, where they were reused as flooring and exposed beams in a planned mixed-use development. He explained, "“I can’t think of anything more sustainable than that; there’s an embedded energy in that material that we salvage, and we don’t have to cut any more trees down.”
Construction waste can total 25-50% of the stuff in landfills, and this waste of resources has spawned interest in salvaging building materials. Anne Nicklin, executive director of the Building Materials Reuse Association, an Oregon-based trade group, said, "Reused materials are not just better for the environment; they also can be higher quality. You can’t buy old-growth timber at home improvement stores, but you can find it in a building that’s coming down.”
The trend can be seen in faster permits issued by municipalities for deconstruction, rather than demolition, in training for federal workers on salvaging building materials, and the increase in non-profit outlets creating a marketplace. Habitat for Humanity's ReStores are nationwide, and Build It Green in Queens are two examples. They both accept materials and give discounts to buyers.
Green Demolitions, in CT, targets affluent homeowners who just want to remodel. By donating materials to his company, homeowners can save disposal costs, plus get a tax deduction, because Green Demolitions’ profits go to support addiction treatment programs. The company sold 600 kitchens last year in its 3 stores. Most were donated by homeowners, but 1/6 by kitchen remodeling contractors. They estimate their efforts kept 2 million pounds of debris out of the landfills.
As reported by RISMedia.com, "Reusing or recycling materials can help builders get the environmental stamp of approval known as LEED, for Leadership in Energy and Environmental design. The LEED certification is awarded by the nonprofit U.S. Green Building Council, which gives builders credit for keeping materials out of landfills. Because reusing materials requires careful deconstruction of a room or building, it is usually more time-consuming and can be more expensive than simple demolition. But it also doesn’t create the clouds of dust—potentially laden with asbestos or lead paint—created by demolition."
A decade ago, “the marketplace was unsophisticated in its ability to effectively divert a large amount of materials from the landfill,” said Daniel Topping, an architect with NK Architects in Morristown, N.J. But it’s a lot easier these days to find a new home for old materials. “It’s just a little more legwork,” Topping said.
(read more at RISMedia.com)
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
For example, architect Anthony Garrett, of Bilow Garrett Group in Ridgefield Park, NJ, recently renovated a building in Hoboken. He reclaimed the wooden floor joists and trucked them to Montville Twp, where they were reused as flooring and exposed beams in a planned mixed-use development. He explained, "“I can’t think of anything more sustainable than that; there’s an embedded energy in that material that we salvage, and we don’t have to cut any more trees down.”
Construction waste can total 25-50% of the stuff in landfills, and this waste of resources has spawned interest in salvaging building materials. Anne Nicklin, executive director of the Building Materials Reuse Association, an Oregon-based trade group, said, "Reused materials are not just better for the environment; they also can be higher quality. You can’t buy old-growth timber at home improvement stores, but you can find it in a building that’s coming down.”
The trend can be seen in faster permits issued by municipalities for deconstruction, rather than demolition, in training for federal workers on salvaging building materials, and the increase in non-profit outlets creating a marketplace. Habitat for Humanity's ReStores are nationwide, and Build It Green in Queens are two examples. They both accept materials and give discounts to buyers.
Green Demolitions, in CT, targets affluent homeowners who just want to remodel. By donating materials to his company, homeowners can save disposal costs, plus get a tax deduction, because Green Demolitions’ profits go to support addiction treatment programs. The company sold 600 kitchens last year in its 3 stores. Most were donated by homeowners, but 1/6 by kitchen remodeling contractors. They estimate their efforts kept 2 million pounds of debris out of the landfills.
As reported by RISMedia.com, "Reusing or recycling materials can help builders get the environmental stamp of approval known as LEED, for Leadership in Energy and Environmental design. The LEED certification is awarded by the nonprofit U.S. Green Building Council, which gives builders credit for keeping materials out of landfills. Because reusing materials requires careful deconstruction of a room or building, it is usually more time-consuming and can be more expensive than simple demolition. But it also doesn’t create the clouds of dust—potentially laden with asbestos or lead paint—created by demolition."
A decade ago, “the marketplace was unsophisticated in its ability to effectively divert a large amount of materials from the landfill,” said Daniel Topping, an architect with NK Architects in Morristown, N.J. But it’s a lot easier these days to find a new home for old materials. “It’s just a little more legwork,” Topping said.
(read more at RISMedia.com)
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Friday, March 18, 2011
Multifamily Development Forecast Positive
Two quarterly indices produced by the National Association of Home Builders (NAHB) indicate a return to healthy market conditions for both new and existing apartment and condominium buildings. The Multifamily Production Index (MPI), which tracks developer sentiment about new construction on a scale of 1 to 100, is at 40.8—up more than five full points since the previous quarter and the highest number since the fourth quarter of 2006. The MPI component tracking developers’ perception of market-rate rental properties is at 51.7—the first time this component of the index has been above 50 since the second quarter of 2007.
The Multifamily Vacancy Index (MVI) is also positive, declining to 33.3, the smallest number since the third quarter of 2006,and half of what it was a year and a half ago. Smaller numbers indicate fewer vacancies.
“The renewed optimism evident in this index indicates that developers are beginning to increase production in order to meet pent-up demand,” said NAHB Chief Economist David Crowe. “However, the lack of construction financing constrains their ability to do so at levels sufficient to meet that demand.”
“Apartment developers are happy to be back in the business of building new rental apartment homes. The lack of adequate new supply, however, will put inflationary pressure on apartment rents for the next few years,” said Charles Brindell, Chairman of NAHB’s Multifamily Leadership Board and Chairman.
These conditions will increase rents in many areas of the country. So don't wait - start looking for a new home now in Mercer County NJ or surrounding counties and townships. Call or email me to talk about your dreams and options.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
The Multifamily Vacancy Index (MVI) is also positive, declining to 33.3, the smallest number since the third quarter of 2006,and half of what it was a year and a half ago. Smaller numbers indicate fewer vacancies.
“The renewed optimism evident in this index indicates that developers are beginning to increase production in order to meet pent-up demand,” said NAHB Chief Economist David Crowe. “However, the lack of construction financing constrains their ability to do so at levels sufficient to meet that demand.”
“Apartment developers are happy to be back in the business of building new rental apartment homes. The lack of adequate new supply, however, will put inflationary pressure on apartment rents for the next few years,” said Charles Brindell, Chairman of NAHB’s Multifamily Leadership Board and Chairman.
These conditions will increase rents in many areas of the country. So don't wait - start looking for a new home now in Mercer County NJ or surrounding counties and townships. Call or email me to talk about your dreams and options.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
New Home Starts Dip in February
New residential construction of single family homes was down in February, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development.
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 479,000. This is 22.5% (±9.8%) below the revised January estimate of 618,000 and 20.8% (±9.0%) below the February 2010 rate of 605,000. Single-family housing starts in February were at a rate of 375,000, 11.8% (±10.0%) below the revised January figure of 425,000. The February rate for units in buildings with five units or more was 96,000.
Privately-owned housing completions in February were at a seasonally adjusted annual rate of 581,000. This is 13.9% (±16.8%) above the revised January estimate of 510,000, but 13.0% (±14.9%) below the February 2010 rate of 668,000. Single-family housing completions in February were at a rate of 468,000, 11.2% (±15.6%)* above the revised January rate of 421,000. The February rate for units in buildings with five units or more was 107,000.
(resource: WorldPropertyChannel.com)
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 479,000. This is 22.5% (±9.8%) below the revised January estimate of 618,000 and 20.8% (±9.0%) below the February 2010 rate of 605,000. Single-family housing starts in February were at a rate of 375,000, 11.8% (±10.0%) below the revised January figure of 425,000. The February rate for units in buildings with five units or more was 96,000.
Privately-owned housing completions in February were at a seasonally adjusted annual rate of 581,000. This is 13.9% (±16.8%) above the revised January estimate of 510,000, but 13.0% (±14.9%) below the February 2010 rate of 668,000. Single-family housing completions in February were at a rate of 468,000, 11.2% (±15.6%)* above the revised January rate of 421,000. The February rate for units in buildings with five units or more was 107,000.
(resource: WorldPropertyChannel.com)
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Home Builder Confidence Rises in March
After four consecutive months hovering at the same low level, builder confidence in the market for newly built, single-family homes improved by a single point in March, rising to 17 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This is the highest level the HMI has reached since May 2010, when the survey period corresponded with the final days of the federal home buyer tax credit program.
"Builders are cautiously looking forward to the spring home buying season in hopes that improving economic conditions will help bring more buyers to the table," said NAHB Chairman Bob Nielsen. "However, the same factors that have been weighing down the market are still very much in play, particularly competition from short sales and foreclosures, consumers' inability to sell their existing homes, appraisals that are coming in below construction costs due to the inappropriate use of distressed properties as comps, and restrictive lending conditions for both buyers and builders."
"While many home buyers are still holding off on making a purchase, builders did indicate slightly increased optimism about the future with a two-point gain in the HMI component gauging sales expectations for the next six months," added NAHB Chief Economist David Crowe. "In fact, prevailing indicators portend some improvement in the overall economy, which should generate modest housing market gains later this year." But, he added, "Unfortunately, most small builders report that they are no more able to obtain credit for new construction today than they have been in the past year, and this is a major impediment that is keeping them from putting their crews back to work."
If you want to purchase a new home in Mercer County NJ or the surrounding areas, I am working with several small builders who are confident in the market and offer great products. Call or email me for suggestions.
(resource: WorldPropertyChannel.com)
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
"Builders are cautiously looking forward to the spring home buying season in hopes that improving economic conditions will help bring more buyers to the table," said NAHB Chairman Bob Nielsen. "However, the same factors that have been weighing down the market are still very much in play, particularly competition from short sales and foreclosures, consumers' inability to sell their existing homes, appraisals that are coming in below construction costs due to the inappropriate use of distressed properties as comps, and restrictive lending conditions for both buyers and builders."
"While many home buyers are still holding off on making a purchase, builders did indicate slightly increased optimism about the future with a two-point gain in the HMI component gauging sales expectations for the next six months," added NAHB Chief Economist David Crowe. "In fact, prevailing indicators portend some improvement in the overall economy, which should generate modest housing market gains later this year." But, he added, "Unfortunately, most small builders report that they are no more able to obtain credit for new construction today than they have been in the past year, and this is a major impediment that is keeping them from putting their crews back to work."
If you want to purchase a new home in Mercer County NJ or the surrounding areas, I am working with several small builders who are confident in the market and offer great products. Call or email me for suggestions.
(resource: WorldPropertyChannel.com)
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Thursday, March 10, 2011
New NAHB Study on New Homes Predicts Greening & Casual Trends
A recently-released study by the National Assn of Home Builders (NAHB) shows that the recent housing downturn has changed what buyers want in their next home. Presented at the annual NAHB International Builders' Show, the results strongly indicate the indelible mark left by the recession on home buying trends.
Here are some key findings:
- Builders who were surveyed expect homes to average 2,152 square feet in 2015, 10% smaller than the average size of single-family homes started in the first three quarters of 2010.
- To save on square footage, the living room is high on the endangered list—52% of builders expect it to be merged with other spaces in the home by 2015 and 30% said it will vanish entirely.
- 54% of builders said the family room is likely to increase, making it the only area on the new home to get bigger.
- The relative size of the entry foyer and dining room are likely to be diminished by 2015.
- The average new home of 2015 is likely to feature a great room comprised of the kitchen, foyer and living room; a walk-in closet in the master bedroom; a laundry room; ceiling fans; a master bedroom on the first floor in homes with two stories; and a two-car garage.
- 68% of builders said that homes in 2015 will include more green features and technology, including low-E windows; engineered wood beams, joists or tresses; water-efficient features such as dual-flush toilets or low-flow faucets; and an Energy Star rating for the whole house.
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
Tuesday, March 8, 2011
26 Wildflower Trail, Windsor Meadows, Robbinsville, NJ
Watch the video on this home for sale in Robbinsville:
26 Wildflower Trail, Windsor Meadows, Robbinsville, NJ
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
26 Wildflower Trail, Windsor Meadows, Robbinsville, NJ
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.njhomesource.blogspot.com/
www.activerain.com/blogs/josephgiancarli
Find homes for sale using my new mobile app. Just text JOEG to 87778 and you will be sent download instructions. Once installed on your device, you will be able to do searches and see complete listing details including photos and prices. If your device is GPS enabled you will also see the listings on a map. (Data rates may apply.)
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