Under Contract!

This Middletown Home went  "Under Contract" Two Weeks Ago

This Middletown Home went “Under Contract” Two Weeks Ago

I don’t know whether the Seller is happier or I am when I put up an “Under Contract” sign in front of a home that I’ve listed. Although there are still several steps to go (attorney review, homme inspection, Buyer getting a mortgage), most homes that go Under Contract go on to a closing. Ideally we have a win-win situation in which both the Seller and the Buyer are happy about the sale, and that’s exactly what I’m expecting in this case.

Len

#rumsonfairhavenLeonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

(732) 239-0739  (cell)    (732) 530-6686 (office)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com

@ListWithLen

Posted in Rumson Fair Haven Real Estate Agent, Rumson Fair Haven Realtor, Rumson Real Estate Market, Rumson-Fair Haven Real Estate Market | Leave a comment

Rumson Real Estate Market Update

This home at 33 Lafayette Street Rumson sold on November 3rd for $1,165,000

This home at 33 Lafayette Street, Rumson sold on November 3rd for $1,165,000

November was a slow month for Rumson real estate. Nine (9) Rumson homes sold in November this year compared to the 14 that sold last year. In addition, our year-to-date statistics still show 3 of the 4 key real estate indicators looking favorable for home buyers (fewer homes were sold, there are more listings, and the real estate absorption rate (months’ supply) is longer. The big negative indicator is that the median home price is up 6%:

 

    Rumson Single-Family Home Sales, January 1 – November 30

                                    2013                2014                Comment

Sales                            114                  98      14% fewer homes sold.

Listings                         73                    76      4% more homes on market.

Months’ Supply         6.1                  7.9      Weaker demand vs. supply.

Median Sale   $1,100,000     $1.170,000      6% higher median price.

Why are the numbers in red font bad for Rumson home buyers?  Fewer sales indicate lower demand, and lower demand tends to push prices down. More listings indicate greater supply, and greater supply also tends to push prices down. The real estate absorption rate (months’ supply) takes into account both supply and demand. It’s a calculation of how long it would take to sell ALL the homes on the market, assuming that homes continue to sell at the same rate they did in the past 12 months.

There are different ways to calculate the absorption rate. I use the average number of sales for the past 12 months and the average number of listings for the same period. An absorption rate of 5 – 7 months is considered to be a “normal market”; a rate less than 5 months is considered a “seller’s market”; and a rate greater than 7 months is considered a “buyer’s market”. So we have a paradox: the absorption rate says we’ve gone from a “normal market” last year to a “buyer’s market” now, and yet the median price is up 6%.

3 of the 4 key indicators are predicting lower Rumson home prices in the near future, so if you’re thinking of buying, 2015 might be a good year for you to make your move. If you’ll need a mortgage to finance your purchase, just keep an eye on mortgage rates. The “experts” are predicting several more months of stable rates, and then a significant rate increase in the 2nd half of 2015.

Len

Rumson real estate agent Len DunikoskiLeonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

(732) 239-0739  (cell)    (732) 530-6686 (office)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com

@ListWithLen

 

 

Posted in Rumson Fair Haven Real Estate, Rumson Fair Haven Real Estate Agent, Rumson Fair Haven Realtor, Rumson Homes Sold, Rumson Real Estate Market | Leave a comment

TriplePlay 2014

TriplePlay2014

Every December the Realtors® of New Jersey, New York and Pennsylvania meet in Atlantic City for “TriplePlay”, 3 ½ days of courses and seminars presented by nationally-known speakers. It gives us an easy way to get our required continuing education credits, learn about new laws/regulations affecting real estate, and hear about new technology.

This afternoon I attended a 3 hour real estate investment session entitled, “How to Determine What Rental Property is Really Worth”. We spent much of the time reviewing case examples and performing calculations of gross multipliers, capitalization rates and cash on cash returns. If you own rental property, I’d be glad to show you why you should consider increasing your returns by doing a tax free exchange after owning the property for a few years.

Len

#rumsonfairhavenLeonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

(732) 239-0739  (cell)    (732) 530-6686 (office)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com

@ListWithLen

 

Posted in Fair Haven Real Estate Market, Rumson Fair Haven Real Estate Agent, Rumson Fair Haven Realtor, Rumson Real Estate Market, Rumson-Fair Haven Real Estate Market | Leave a comment

Fair Haven Real Estate Update

Fair Haven Pole

November was another slow month for Fair Haven home sales, with only 3 homes sold, compared to the 9 sales last November. Last month, this year’s real estate absorption rate (months’ supply) became longer than last year’s for the first time in 2014 (good news for buyers), and it remains higher this month. Our year-to-date statistics still show that 2 of the 4 key real estate indicators look favorable for home buyers (fewer homes were sold and the real estate absorption rate is longer):

    Fair Haven Single-Family Home Sales, January 1 – November 30

                                    2013                2014                Comment

Sales                             98                   83      15% fewer homes sold (good for buyers).

Listings                         36                    33      8% fewer homes on market (bad for buyers).

Months’ Supply         3.4                  3.8      Weaker demand vs. supply (good for buyers).

Median Sale         $660,000      $699,000     6% higher median price (bad for buyers).

Fewer sales are good news for buyers because less demand tends to push prices down. On the other hand, fewer listings means less supply, and less supply tends to push prices up. The real estate absorption rate is important because it looks at both supply and demand. It’s a calculation of how long it would take to sell ALL of the homes listed for sale, assuming that homes continue to sell at the rate they have in the past 12 months. There are several ways to do the calculation, but I use both the average number of listings and the average number of sales for the past 12 months.

Even though, on average, there have been fewer homes for sale in the past 12 months, there have been, on average, even fewer sales in the past 12 months, so the real estate absorption rate is longer than it was 12 months ago. Although on the surface that should be good news for buyers, remember that in a “normal market” the real estate absorption rate is between 5 and 7 months; greater than 7 months indicates a “buyer’s market” and less than 5 months indicates a “seller’s market”. So even though the absorption rate is longer, we’re still in a “seller’s market”.

The other bad news for someone looking to buy a home in Fair Haven is that the median price is 6% higher than it was a year ago.

I’ve lived in Fair Haven since 1975, and if you’re considering moving here, please give me a call. I’d love to show you all the great things that Fair Haven has to offer.

Len

P.S.: This was my 300th post! Hope you’re finding the information interesting.

#rumsonfairhavenLeonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

(732) 239-0739  (cell)    (732) 530-6686 (office)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com

@ListWithLen

Posted in Fair Haven Homes Sold, Fair Haven NJ Real Estate, Fair Haven real estate agent, Rumson Fair Haven Real Estate Agent, Rumson Fair Haven Realtor | Leave a comment

Seen Around Town…

Sugar Maple Lane

What kind of tree is that one on River Road in Rumson- the one with the pretty yellow leaves?

 

Posted in Rumson Fair Haven Real Estate, Rumson Fair Haven Real Estate Agent, Rumson Fair Haven Realtor, Rumson Homes Sold, Rumson NJ Real Estate | Leave a comment

Making the Best Ricotta Cheesecake – Part 2

Cheesecake Ingredients

Yesterday I started telling you the story of my Thanksgiving project of making a real Italian ricotta cheesecake for Bill (Guglielmo), using his own recipe. We made the candied citron, and today we’re going to make the cheesecake itself. Here are the ingredients:

3 lbs Whole Milk Ricotta Cheese (get a good brand, like Calabro)

1 ½ cups Organic Sugar

8 Large Organic Eggs

2 teaspoons Organic Vanilla Extract

Start by preheating the oven to 375 degrees. Separate the eggs, putting the yolks into a food processor and the whites into the bowl of a mixer. Then add the sugar and the vanilla extract to the egg yolks in the bowl of a food processor and mix for about a minute. Add the ricotta cheese and mix for another 30 seconds or so.

Egg Yolks, Vanilla Extract and Sugar Mixture

Egg Yolks, Vanilla Extract and Sugar Mixture

Use the mixer to beat the egg whites on high speed until they form stiff peaks.

Egg Whites Beaten Until Stiff Peaks Form

Egg Whites Beaten Until Stiff Peaks Form

Add the beaten egg whites and the ricotta mixture (the bowl on my mixer was very large so I added the ricotta mixture to the egg whites). Add the chopped candied citron and orange peel (I used one of the small jars, about ½ cup) and mix everything together.

Add Candied Citron to Egg Whites, Ricotta Mixture

Add Candied Citron to Egg Whites, Ricotta Mixture

Coat two 8 inch spring form pans with generous amounts of butter, and then pour half of the ricotta/egg/citron mixture into each pan.

Coat Springform Pans with Lots of Butter

Coat Springform Pans with Lots of Butter

Fill Each Pan with Half of the Ricotta Mixture

Fill Each Pan with Half of the Ricotta Mixture

Bake in the 375 degree oven for 50 minutes, and watch periodically as the mixtures rise in both pans. At the end of the 50 minutes, check and see what the tops look like (see photo); they will have started to turn golden. Continue baking until the tops are deep golden brown and the sides begin to pull away from the pans (you might want to check every 5 – 10 minutes); I took mine out after 70 minutes.

Bake at 375 Degrees Until Golden Brown on Top

Bake at 375 Degrees Until Golden Brown on Top

Remove the pans from the oven and let them cool completely on cooling racks. It’s normal for the cheesecake to fall as it cools.

Let Cheesecakes Cool Completely on Racks

Let Cheesecakes Cool Completely on Racks

Cover with aluminum foil or plastic wrap and refrigerate. When you’re ready to serve them, release the sides of the spring form pans and cut them into small pieces. You and your guests will agree that this is the best ricotta cheesecake you’ve ever tasted. I hope Bill likes it when we serve it to him after our Thanksgiving dinner tomorrow. Maybe he’ll give me a pointer or two on how I can make it even better the next time I make it.

Happy Thanksgiving to your and your family and friends. I hope it’s full of wonderful memories of Thanksgivings past, and of hope for many more in the future. We truly have a LOT to be thankful for, don’t we?

Len

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Making the Best Ricotta Cheesecake

The Fingered Citron ("Buddha's Hand)

The Fingered Citron (“Buddha’s Hand)

For years our Italian friend Bill (Guglielmo) made his special ricotta cheesecakes and gave them to us and to other friends and family members. They tasted better than any cheesecake I’ve ever eaten, and I’d been told they took a long time to make. Bill is getting up in his age, and hasn’t made a cheesecake in several years, so this year we decided to surprise him and make him one of his cheesecakes for Thanksgiving.

I got out the recipe he had hand-written for us many years ago, and the cheesecake itself didn’t sound like it was that hard to make. However (and there’s always a “however”, isn’t there?), his recipe called for home-made candied citron, and I soon learned why his cheesecake took so long to make.

Citron is actually a primitive citrus fruit all its own, and not just some various lemons and oranges mixed together. We couldn’t find a “regular” citron in any of the local markets, but fortunately Whole Foods had the fingered citron variety, also known as “Buddha’s hand”, so that’s what I used.

Citron Sliced

I cut the fingers off the citron and sliced them in half. It’s the pulp and the skin of the citron that you want to candy, so the fingers seemed like the perfect starting point. Just for fun, I decided to candy a Navel orange too, so I sliced it up and separated the skin/pulp from the rest of the orange. The recipe I found on line said to boil them for 10 minutes, drain them, and boil them another 10 minutes in another clean pot of water. After the two boilings they were a lot more supple.

Orange Sliced

Then the recipe said to cut the blanched citron into small pieces and boil it in sugar water, using a candy thermometer and boiling the mixture until the temperature reached 230 degrees. I’ve never done anything like this before, and never used a candy thermometer. Little did I realize how long it would take to reach a temperature of 230 degrees! I guess in the old days when women spent all day cooking, it wasn’t uncommon to watch something boil on the stove for several hours. However, it certainly was a learning experience for me!

Citron Thermometer

After reaching the magical temperature I removed the citron mixture from the heat, cooled it, and separated it into small jars. I’ll use one of the jars tomorrow when I make the cheesecake itself, and I’ll give another one of the jars to Bill as a gift. The other two jars? We’ll just have to wait and see.

Citron Jars 2

Tomorrow I’ll give you Bill’s recipe for ricotta cheesecake, and we’ll follow it and see how it turns out.

Len

Posted in Rumson Fair Haven Real Estate, Rumson Fair Haven Real Estate Agent, Rumson Fair Haven Realtor | Tagged , | 2 Comments