Recycling Opportunity to Go Green

We have a golden opportunity this next month to get rid of old electronic devices which we have put aside in our garage or basement. They are gathering dust in our homes because we don't want to send them in to our landfills and yet don't know what else to do with them.
A local recycler AERC has made arrangements with our municipalities and Peapack Gladstone Bank to provide a special collection day on September 13, 2008 9:00 am to 2:00 pm. to accept computers,TVs ,Telephones,Printers etc. from residents.

We can bring them to the Administrative Building of the Peapack Gladstone Bank which is on Route 206 in Gladstone.They tell us everything will be recycled with a donation going to COTA,Children's Organ Transplant Association.

If you have defunct cell phones it is even easier to recyle .Rotary has several sites where they can be dropped off. They will be recycled and the money used by Rotary to fund a project which is focused on bringing clean water to villages in Africa and India. It is hard to imagine poverty so intense that sickness and death occur due to a lack of potable water.
Drop off your old cell phones at:

Coldwell Banker 21 East Main St. Mendham
Provident Bank East Main St. Mendham
Brookside Post Office Brookside

If you have more questions about the September 13th Recycling Event you can direct your inquiries to AERC at info@aercrecycling.com or 866-447-5177

Labor Day Parade

Mendham celebrates Labor day with bands ,fire engines and marching teams waving flags and blowing horns.The Pastime club organizes the parade and the carnival which beckons all the children to try the rides and eat the popcorn.

You are invited to come visit Coldwell Banker at 21 East Main St. for a front row spot to review the passing scene. You will have to bring a lawn chair for total comfort. We serve coffee, orange juice and bagels to all our friends who come
share the fun. We would appreciate it if you would call Betty,Diane or Joe if you are planning on coming so that we can tell Sandi our office manager to order enough bagels etc. Even if you don't know us now ,come and get acquainted !If you forget to call come anyway! We will split our bagel with you.

The parade offers an opportunity to celebrate the essence of small town community spirit which is enthusiastically embraced as we clap and cheer our neighbors marching by!

Mendham/ Chester home market news the week of Aug. 10

New listings:

Chester Twp.
53 Furnace Road --$849,000. --listed by Coldwell Banker
8 Cromwell Drive -- $879,000. -- listed by Coldwell Banker
2 Meadow Brook Road -- $$1,099,000. -- listed by Weichert
2 Oak Forest Lane -- $4,300,000. -- listed by Turpin

Under Contract:
43 West Main Street -- $890,000. -- listed by Turpin

Sold:

Chester Twp.
11 Drake Lane -- $639,900. -- listed by Coldwell Banker -- $605,000. sold by Coldwell Banker
1 Ryan Court -- $950,000. --listed by Coldwell Banker-- $925,000. sold Coldwell Banker
11 Forest View Drive -- $1,075,000. listed by Coldwell Banker -- $1,037,500. sold by Weichert

Mendham Boro.
10 Hampshire Drive -- $387,500. listed by Realmart Realty --$369,000. sold by Weichert

Mendham Twp.
15 Browning Court -- $749,000. --listed by Weichert --$732,000. sold byBurgdorff
6 Winston Farm Road -- $2,450,000. -- listed by Coldwell banker --$2,062,500. sold by Keller Williams
Please give me a call if you would like further information Joe Rhodes (O) 973-543-2552
or click here CLIENT2UP

Mendham/ Chester homemarket news (sold) the weeks of July 27 & Aug 3

Sold:

Chester Boro.
195 West Main Street-unit 3 -- $39,900 -- listed byWeichert
/$39,000. sold by Weichert

Chester Twp.
2 Cowie Road -- $469,000. -- listed by Weichert/ $390,000. sold by Weichert
20 Benjamin Road -- $669,900. -- listed by Coldwell Banker/ $671,000. sold by Coldwell Banker

803 Old Chester Road -- $819,000.-- listed by Weichert/ $768,000. sold by Weichert
429 Route 24 -- $1,119,000. --listed by Godby/ $1,050,000. sold by Prudential

Mendham Boro.
14 Park Ave. --$525,000. --listed by Burgdorff/ $497,000. sold by Coldwell Banker
39 Hampshire Drive -- $659,000. --listed by Coldwell banker/ $624,500. sold by Coldwell Banker
5 Village Circle -- $660,000. --listed by Coldwell Banker/$630,000. sold by Coldwell Banker
12 Franklin Road -- $859,000. --listed by Re/Max Classic Group/$842,000. sold byWeichert
17 Hilltop Road --$899,000. --listed by Turpin/ $860,000. sold by Weichert

Mendham Twp.
3 Franklin Drive $495,000--listed by Turpin/ $463,00. sold by Weichert
1 Corey Lane -- $645,000.--listed by Weichert/ $620,000. sold by Weichert
16 Springcroft Road -- $2,850,000. --listed by Coldwell Banker/$2,850,000. sold by Coldwell Banker
34 Corey Lane --$3,900,000. --listed by Coldwell Banker/ $3,750,000. sold by Coldwell Banker
Please give me a call if you would like further information regarding these properties Joe Rhodes (O) 973-543-2552 or click here
CLIENT2UP

Mendham/ Chester home market news (under contract) the weeks of July 27 & Aug 3

Under Contract:

Chester Boro.
90 Maple Ave. -- $665,000. --listed by Weichert

Chester Twp.
59 Route 24 -- $359,000. -- listed by Weichert
356 North Road -- $444,000. -- listed by Coldwell Banker
17 Dellwood Road -- $515,000. -- listed by Coldwell Banker
7 Ming Court -- $819,000 -- listed by Weichert
4 Wood Stone Road -- $949,000. -- listed by Weichert

Mendham Boro.
29 Drake Road -- $649,000. -- listed by Weichert

Mendham Twp.
2 Wedgewood Lane -- $789,000. --listed by Weichert
3 Glenbrook Drive -- $1,849,000. -- listed by Coldwell Banker
4 Tall Oaks Court -- $1,849,000. -- listed by Coldwell Banker

If you would like further information on any of these properties, please call Joe Rhodes (O) 973-543-2552 or click here CLIENT2UP

Mendham/ Chester home market news (new listings) weeks of July 27 & Aug 3

New Listings:

Chester Twp.
54 Ironia Road -- $499,000. -- listed by Weichert
277 Pleasant Hill Road --$575,000. -- listed by Coldwell Banker
17 Cramer Drive -- $599,900. -- listed by Coldwell Banker
53 Furance Road -- $849,000. -- listed by Coldwell Banker
8 Cromwell Drive -- $879,000. -- listed by Coldwell Banker
12 Burnett Brook Drive -- $899,900. -- listed by Coldwell Banker
2 Meadow Brook Road -- $1,099,000. -- listed by Weichert
3 Pine Ridge Court -- $1,799,000. -- listed by Weichert

Mendham Boro.
44 North Aberdeen Drive -- $475,000. -- listed by Pinnacle Realtors
42 Wexford Drive -- $475,000. -- listed by Coldwell Banker
6 South Aberdeen Drive -- $530,000. -- listed byWeichert
7 Country Lane -- $600,000. -- listed by Coldwell Banker

Mendham Twp.
304 Mendham Road West -- $429,000. -- listed by Weichert
330 Pleasant Valley Road -- $1,499,000. -- listed by Re/Max Premier
6 Olmstead -- $1,540,250. -- listed by Weichert


If you would like further information about these listings please give me a call.
-Joe Rhodes (O) 973-543-2552 or click here CLIENT2UP

The New First-Time Homebuyers Tax Credit

Our Mortgae "Guru" Phyliss Byrne Nelson of Coldwell Banker Home Loans sent along this artcle to share with everyone on our blog about the new tax credit passed by the Congress for first-time home buyers.

Housing tax credit beckons new buyers
By Kenneth R. HarneyWashington Post
Article Launched: 08/03/2008 01:36:37 AM PDT

WASHINGTON - Anybody who has been sitting on the sidelines hesitant to jump into real estate until conditions settle down should know these dates: April 9, 2008, through June 30, 2009.

They mark the eligibility time span to qualify for the home purchase tax credit created by the massive housing bill approved by Congress. If you have not owned a house during the past three years - or are considering buying your first home - and can go to closing before the end of next June, you may be eligible for up to a $7,500 credit against your federal taxes for 2008 or 2009 ($3,750 if you file taxes as a single person).

The new credit is expected to benefit hundreds of thousands of buyers, although Congress set no limit on how many people can qualify. Here's a quick overview.

• The basic idea: To jump-start housing sales and clear out local unsold real estate inventories, Congress is offering tax credits to pull in new purchasers. Buy any house - new, old, any location or condition, any price range within the designated time period - and the IRS will cut up to $7,500 off your tax bill for either this year or next. For example, if you're an eligible buyer of a home this year and you owe the IRS $4,000 on your total 2008 income tax bill, your $7,500 tax credit could wipe out everything you owe plus get you a $3,500 refund.
• Eligibility rules: Do you own a home now? If so, you're not eligible for the credit. Did you sell your home more than three years ago and now rent? You are eligible. The same is true if you've never owned a home before. Close on a house before next June 30, and you can claim a credit of up to 10 percent of the purchase price of the property up to a maximum of $7,500. If your adjusted gross income exceeds $150,000 ($75,000 for singles), the credit maximum begins to phase down in increments. You cannot claim the credit if you are a non-resident alien, financed the property using a state or local housing agency tax-exempt bond mortgage, or do not plan to use the house as your principal residence.
• Payback: Unlike some past tax credit programs, this one requires beneficiaries to repay the credit over an extended period of years. Starting in the second tax year after purchase and continuing for up to 15 years, taxpayers are expected to make pro-rata repayments to the government on their federal filings. Over a 15-year payback period for the full $7,500 credit, the cost would be $500 a year. If you sell the house before the end of the repayment period, and you have no gain on the sale, you won't be expected to pay the credit back from the proceeds. If you have a net gain, the "recapture" cannot exceed the amount of your gain.

Basically, the new tax credit functions very much like an interest-free loan for up to $7,500.

Rob Dietz, an economist for the National Association of Home Builders, says the new credit not only will pull first-time buyers into the market, but also will have a powerful "multiplier effect" as thousands of sellers of these credit-assisted houses go out and purchase replacement homes for themselves.
How do you claim the credit? If you pass the eligibility tests and buy before June 30, you simply request the credit on your tax return for either 2008 or 2009, which will be modified for that purpose. Even if you purchase in 2009, you can take the credit against your 2008 taxes by filing an amended return. For more information, go to https://mail.cbmoves.com/exchweb/bin/redir.asp?URL=http://www.federalhousingtaxcredit.com/.

Maybe the drop in housing prices along with this new tax credit is just the incentive you need to stop renting and become a buyer!

Don't forget to to call Phyliss Byrne Nelson for more information on this program or your pre approval. You can reach her at 973-224-2454 or email her at phyliss.byrne@mortgagefamily.com.

~Diane Tolley