Karen Eastman Bigos, e-PRO's Q&A

Evaluating appreciation of a house, without taking into account all of the improvements, renovations, expansions, etc. is not a truly accurate way of determining the present value. Since the purchase of this home for $160,000, several hundred thousand were spent on the kitchen remodel/expansion, new patio, new roof, central air installation, porch enclosure, basement steps added, extansive landscaping and many other improvements like interior and exterior painting, wood floor finishing, almost all new windows and many other items. In fact the house improved in value much more than this time line above. The seller acknowledges that the market has fallen since the home was listed in September and he the price repositioning is following that decline. Some might look at this as a falling knife, others ese it as an opportunity to grab a charming colonial just 3 blocks from the train at a decent value in a great neighborhood. I just got an email from another agent suggesting that a 3rd offer will be forthcoming tomorrow and the offers are nowhere in the range suggested above.

The true value of this home is what someone is willing to pay. Right now we have 2 offers and lots of interest since the price was just lowered. We are hoping to sign a contract soon. The house next door closed for $888,000 and the house across the street went for over $1mm in the last 6 months. This is a good value for the neighborhood and it is priced below the assessment value.

You and I disagree about what ZERO errors mean. Houses that were in foreclosure over 6 months ago, should not be on your list unless it says FORECLOSURES IN A SPECIFIC TIME PERIOD. Many of those homes ARE NOT IN FORECLOSURE, I did a title search and checked with the tax assessor, and I KNOW THIS FOR A FACT. If you are going to report this stuff, do it correctly. Again - writing This Just In and siting an article from June 2008, is hardly relevant in October. Having info from May regarding homes under contract is way out of date - much more important than what a house sold for, as we know, that is OLD NEWS.I will be glad to change my RECENTLY SOLD to reflect a more distinct time period as soon as you do the same on your pathetic website. What you describe as 'standard Realtor boiler plate defending' shows my enthusiam for a great community, salesmanship and it is ALL TRUE. Short Hills is a great area to live and I left several additional facts out: we are 20 minutes from Liberty Newark International Airport, less than an hour from ski resorts and less than an hour from shore resorts with great restaurants nearby in several communities. It IS different here and if people want to own a home, why not invest in a great area with all these features. People need to live somewhere and they either own or rent. If a buyer is out there and wants to pay off a mortgage for themselves, instead of paying off a landlord's mortgage, this is a sound place to do it. I am bored of communicating with you behind your mask. If/when you reveal yourself, I may be willing to continue. ONE LAST THING FOR THE RECORD: I have suggested to Zillow that several of your nasty comments go against the GOOD NEIGHBOR POLICY and they removed your remarks in agreement with me.

Just for the record, even in the best of times, houses have languished on the market when they were overpriced. Price has always been a factor and guess what? There are still plenty of banks that are lending money to qualified buyers, such as Sun Trush Mortgage, Wells Fargo, Hudson City, Investors Savings, Financial Resources and I have more if you want a longer list. I am happy to recommend the various people who represent these institutions and who can assure buyers that they can get financing if they meet the lending requirements, which are all different depending on their downpayment, their credit record and term of the loan.I have been selling residential real estate in Short Hills and Millburn for almost 25 years and my mother was a Realtor dating back to the 1960's. I have in my possession, the sales records as far back as the late 1940's. This community has fared far better than many others in comparison, in every downturn, and there have been several in my tenure alone. Prices have fallen the least and risen faster during the recoveries. I have offers on 4 of my listings right now that we are negotiating (not just for price, there are other terms to be considered) and I am assisting many buyers within NJ and from NY, PA, CA, FL, Mexico, and even England, all of whom are able to sit at a closing table with a checkbook. Vultures are not the only people who are credit worthy; there are even some decent folks out there are still want to get a piece of the American Dream, and it does not include feeding off of the greed and stupidy of others, as you are so proud to claim.One last thing - your website is FULL OF ERRORS. My listing at 116 Silver Spring is closing next week and you report it is no longer under contract. You have MANY inaccuracies on your honor roll scroll should be updated. Several homes that were in foreclosure in 2007 or 2008 have closed and are no longer bank owned. Your 'This Just In' Article from June is a bit out of date too.

I find it most interesting that you relish in focusing on only the negative and never point out how well so many houses have sold in Short Hills and Millburn over the last few years. I'd love to know what you paid for your house and how much it is worth today, but you are not willing or daring enough to reveal your identity. Instead you hide behind this ridiculous mask spreading your doom and gloom. For any buyer who wishes to know the history of a listing, I am happy to provide it and I am also qualified to offer commentary that you are not privy to.

Thanks for the clarification, so nice of you to spell it all out as I did not have a timeline. I have only had this listing for a short time and we are in the midst of negotiating an offer right now. As you have been so generous to point out, we're in a tough market.

This spacious home is priced well below the assessment given by the township and at this reduced price, it is a great value. Many homes have sold for less in the area and they are much smaller, with shallow yards, one narrow lane for parking, and in some cases no eat-in kitchen or central air. One house closed around the corner on Woodland, with little yard and only 3BR for $786,000. This home has 2 zones of new central air and much more space than some homes nearby. The yard is 199' feet deep and backs to a parking lot on a quiet dead-end street. This is one of the largest homes in the neighborhood since the previous owners built a large addition, so the dining room, family room and master suite are all much larger than the surrounding properties. Few homes boast this much space and rarely do you find a master bath with 2 sinks, a large tub, stall shower and linen closet. We have a lot of interest in this home so if you are considering an offer, don't hesitate.

This house is sold and there were multiple offers.

Actually - now we have 3 offers and we'll hear them after the open house tonight. No second thoughts. By the way - not all home purchases are financial decisions and they DO revolve around personal family decisions that have little to do with money, especially when the buyer has plenty of cash and does not require a mortgage. Since I just sold 3 houses with multiple offers, over the list price in the last 2 weeks, and have heard of MANY similar situations in town, I would not describe the Short Hills market as anything like the Titanic. I do think of the correction in this market as slight and the train line towns in general, with good schools and good downtowns, are suffering much less than some other areas.

Hi There - I cannot say how much money was put into this home by the previous owner but I'm sure it was a lot more than tens of thousands as you say. This charming home has a new roof, new windows, new 2 zone heat & air, 4.5 new baths, new kitchen, new garage, new siding, new deck and front porch, new patio, walk way, driveway and many more features like handsome moldings. I did not sell this house to the present owner but as the town has assessed the house almost at the present list price, we feel it is a great value for the convenient location and the fact that kids get bus service to a wonderful elementary school. Good news - we already have 2 offers coming in. Pls let me know if you would like to see it, unless you prefer to just see only sadness. Has anyone told you there has been a slight correction in the market?