Yes, there are choices in Basking Ridge for the first time home buyer or the investor looking for a rental unit close to home.   Located off of Valley Road are three of Basking Ridge's most popular townhouse and condominium communities: Society Hill, The Cedars and Spring Ridge.  This is the lowest priced segment of the Basking Ridge market – with an average sale price this past year of $290,500 (compared to $299,581 in 2008).   At this price point, it is also the segment of the Basking Ridge real estate market that is seeing the biggest change as we move (albeit slowly) into a market recovery. 

2009                     Number of Sales     average sale price    average LP to SP

Spring Ridge                     71                           $262,182                          96%

Society Hill                        32                          $265,575                          96%

The Cedars                        16                           $343,750                          97%

2008                     Number of Sales    average sale price    average LP to SP

Spring Ridge                    41                           $262,491                           96%

Society Hill                       23                          $288,843                           96%

The Cedars                        11                          $347,409                            97%

I love looking at small samples of data such as this one.  The national news would have you believing that every other listing on the market is a foreclosure or a short sale, that list prices are way out of line with market value and that nothing is selling.  These statistics prove otherwise – while they support the fact that prices have come down, they illustrate that these properties are selling, and that they are selling within 3 or 4% of list price! 

It seems that Spring Ridge has done very well – there were so many more sales in 2009 and average sale price was virtually unchanged. What really resonates, though, is the difference between the past two years and the year we all love to talk about.  In 2005, there were 82 sales and the average sale price was $315,580!

Society Hill faced a period of time early in 2009 where NOTHING was selling. I had a listing during that period – it was unbelievable how many showings we had – and even after we adjusted the price to come in line with what I felt the market would bear, we finally got an offer, but it was very low and at that point my client had no choice but to work with it.  Soon after that property closed, Society Hill started to move again – but as you can see from the numbers, average sale price took a pretty big hit.  In 2005, there were 55 sales with an average sale price of $324,171.

Over the last two years, The Cedars saw an increase in sales and not much of a change in the average sale price.  I think this community is probably one of the most stable – in 2005, there were 15 sales, not very different from 2008-09, and the sale price was $375,206.  This makes sense to me given that the average sale price is higher overall than the other two developments: they are bigger units and appeal to a different buyer than the one looking in Spring Ridge or Society Hill.

Read on for more information about each of these communities.

Society Hill is a K. Hovnanian-built development of about 800 units – townhouses and condos – constructed in 1985. Some of these units back to woods and several have lovely pond views. The community features a pool and a club house.  These units do not have basements or garage.  The community allows dogs.  Students attend Liberty Corner School.

• Condos: Three levels – penthouses have cathedral ceilings and fireplaces.
• Two bedroom town house units: An interior and an end unit. Featuring 2.5 baths, and two master bedrooms, one model with an added sunroom (an extension of the living room).
• Three bedroom town house units: Several models including end units as well as interiors. Each featuring three bedrooms and 2.5 baths, one model with an added sunroom.

The Cedars is a community of about 500 units – duplexes, townhomes, condominiums, and low to moderate income housing.  It is the only development under $500,000 where the units offer garage AND basement.  The community features a pool, tennis courts, playgrounds, clubhouse and jogging paths.  Students attend the Liberty Corner elementary school.

• Townhouses – two models (interior and end units) each with 2 bedrooms + loft, 2.5 bathrooms, kitchen, living, dining & laundry areas, fireplace, basement, garage, deck. Currently listing and selling just under $350,000.
• Duplexes – four models: each with 2 or 3 bedrooms + den, 2.5 bathrooms, kitchen, living, dining & laundry areas, fireplace, basement, garage, patio. Currently listing and selling around $420,000.
• Condos – two models, each with 1-2 bedrooms and a den, 1-2.5 bathrooms, kitchen, living, dining and laundry areas, fireplace, and garage. Currently listing and selling between $269,000 and $325,000.
• Affordable housing units – Studio apartments, 1 BR, 2 BR, 3 BR. Contact me for more information on affordable housing in Basking Ridge.

Spring Ridge is a community is comprised mostly of two and three bedroom condos, but there are a handful of duplexes as well as single family homes.  The condo buildings are typically three stories - ground, first and second floor units. The community features a swimming pool, a club house, tennis courts and a playground.  There are no dogs allowed in the complex. Students attend Cedar Hill School.

• The Ardsley (one bedroom, one bath)
• The Baxter (one large bedroom, one bath)
• The Chesterfield (one bedroom, a den and one bath)
• The Drexel I and the Drexel II (two floor plans, both featuring two bedrooms and one bath)
• The Essex I and the Essex II (two floor plans, both featuring two bedrooms and two baths)
• The Fairfax (two bedrooms, a den and two baths)
• The Greenbriar (1/2 duplex with three bedrooms including a first floor master, attached garage and a basement)
• The Hamilton (1/2 duplex with three bedrooms including a first floor master, attached garage and a basement

Jennifer Blanchard is a sales associate with Weichert Realtors in Basking Ridge. She writes a real estate blog at http://basking-ridge-real-estate.com/blog.