Posts Tagged ‘New Jersey Transit’

Hey all you Manhattanites that are thinking of moving New Jersey think on this:  Morris Plains and Chatham NJ both have a lot in common.  They both are located in desirable Morris County New Jersey.  They both are about the same size ,2.5 square miles, they are both pedestrian friendly and they are both on the Morristown Line of New Jersey Transit with direct service to NY Penn Station and Hoboken. 

But there the similarities end. Chatham’s population density is almost 40 percent higher then Morris Plains.  Also the Average active listing for a home in Chatham currently is 35% percent higher then a home in Morris Plains.  In the last year on average buyers have paid 800,000 dollars for their home in Chatham where in Morris Plains homes on average have sold for 520,000 dollars.  That is almost a 300,000 dollar difference.

Lets break this down further.  In Morris Plains a 7 room 3 bedroom with 1.5 to 2 baths is currently selling on average for 460,000 dollars, while the same size home in Chatham is on the market for 550,000.  In the last year this same size home in Morris Plains sold for 425,000 dollars while in Chatham it sold for 565,000.  I don’t know too many people that have an extra  135 “G’s” to toss around do you?

In Morris Plains an 8 room 4 bedroom 2.5 bath home on average is selling for 550,000 while the same size home in Chatham on average is selling for 740,000.  Last year buyers in Chatham paid on average 290,000 dollars more for their 8 room 4 bedroom 2.5 bath home then the buyers in Morris Plains did for theirs.

What is really interesting for the price of a 7 room 3 bedroom 1.5 to 2 bath home in Chatham you could have an 8 room 4 bedroom 2.5 bath home in Morris Plains with a nice size lot and have money left over for food.

So let’s review.  Morris  Plains has less people, an easy rail commute to NYC, a friendly downtown with shops and restaurants  plenty of parks and recreation oh yea and home values that don’t take a chunk out of your ass. 

Here is an idea I will sell your home in Chatham I will find you a home in Morris Plains.  You take the 200,000 grand that is left over and  buy something really nice for your wife, maybe something shiney and sparkly with facets or buy your self that Red Corvette. Or you could do something mature and grown up and  invest it in the stock market where it may actually appreciate (because it isn’t happening in the real estate market in Chatham)   Give me a call at 862 222 4737 I can hook you up.

Thanks for Reading Morris Plains Homes, and here is the quote “Great minds discuss ideas, average minds discuss events, small minds discuss people”. Eleanor Roosevelt

Happy Saint Patrick’s Day