Residential real estate market heating up | Katonah Real Estate

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Are you thinking about jumping into the real-estate market, but don’t exactly know what the temperature of the market is right now?

While commercial properties are lagging in value and the ability to rent them, this home, located at 110 Mountain Ave. in Pompton Plains section of Pequannock, listed for $519,000 but sold for $525,000.
While commercial properties are lagging in value and the ability to rent them, this home, located at 110 Mountain Ave. in Pompton Plains section of Pequannock, listed for $519,000 but sold for $525,000.
Those at the Pompton Plains Weichert Realtors office have been gauging the temperature of both the commercial and the residential real-estate market.
“The commercial real-estate market in our service area of Morris and Passaic counties is not recovering at the rate of the residential real-estate market,” explained Aileen Williamson, SRES and Relocation Certified broker/manager of the Pompton Plains Weichert Realtors office.
“Commercial space for sale and for rent is moving at a slow pace. Days on market is an average of 242 days. Price per square foot must be very competitive and ‘location’ is key in order to secure an ‘intent to purchase’ or an ‘intent to lease’ in a short amount of time,” said Williamson.
She continued, “Our office area of expertise includes Pequannock (Pompton Plains), Lincoln Park, Riverdale, Pompton Lakes, Wayne, Wanaque (Haskell), Ringwood, Bloomingdale, lower West Milford, Butler, Kinnelon, and Jefferson. Our service area currently contains approximately $22 million of available commercial property, of which we are seeing a two-year supply.”
But on the flipside, the residential market tells a different story, according to Williamson.


Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Residential real estate market heating up | Katonah Real Estate

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