Alpine, Bergen County New Jersey quarterly sales report shows zero NJMLS sales in the first quarter. Alpine being a small town of luxury homes, it is unusual but not dreadfully. Alpine sales volume peaked in the 1st quarter of 2006. Last recorded median sale price was approx. three million dollars. The second quarter should show a pickup in sales. There are homes for sale up to the Fifty million dollar plus range. Needless to say small interluded in sales closing is normal.  The market has slowed in Alpine as in other areas of the county. However, some early figures throughout Bergen County are showing a pickup in buying.

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Richard

note: Data source NJMLS deemed reliable but not guaranteed

Alpine, Bergen County New Jersey Real Estate sales:

report for the first 3 quarters of 2008. There was 16 sales closed for a total $48,415,500 with an average sales price of $3,025,968.75. This compares with the first 3 quarters of 2007 there were 21 sales closed, for a total of $78,747,000.00 with an average sales price of $3,749,857.14. Average sale price has declined by just over 19%. This is has no direct relationship to actual changes in value on a property by property basis.

The 2008 sales may be revised upward as further recordings may be available. Information deemed reliable but not guaranteed, reported by NJMLS off the Bergen County Recording office.

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Alpine, magnificent new stone manor home now, under final stages of construction. Located in New Jersey's most prestigious area, minutes form New York City.  No doubt, a truly spectacular, one of a kind, all stone, custom graduated slate roof, European Manor home.  The Manor is situated on a 2 acre, beautiful prime piece of real estate.

Spacious elegance flows throughout the grand scale rooms. The floor plans for this 7 bedroom, 9 full bath and 2 half bath are masterful. With elevator to all three floors which have 10 foot ceilings throughout. The first level on grade in rear flowing to a architecturally designed pool and spa and landscape.

Completely custom made kitchen, vanities, built-ins, closets, ceilings and library. All made with extreme woodworking craftsmanship. Also included is a 4 car garage, extensive use of indoor and out door lighting, integrated audio, lighting and security system. This one of a kind estate features the ultimate in design and craftsmanship. Luxury at it best, built to the highest architectural standards. This is a sophisticated home built to unsurpassed standards and quality.

Richard Stabile, REMAX real estate associates.

201 573 8811 ext 331

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GMAC mortgage company is shutting down its retail operations, offices, loan officers et al. In our office we have a GMAC representative who was given the news today. He will have a space till October and then they are closed. I believe they have been in business since 1982 and were in the top 10 of mortgage originators. One by one the market is dissolving the players who can't continue to fund in a profitable manner.

This is trying times, the worst since the great depression. Although, I believe we will turn the corner after the election the field is full of broken dreams. Less players and a need for the government to assist in new good loans. The past is the past, those loans are clearing the books with record foreclosures. In many parts of the country foreclosures comprise over 40-45% of the sales. This will eventually end. The property and mortgages in question are mainly the sales in 2005 area and later. Most areas report about a 30% drop in pricing from the highs. That would not wipe out most properties bought in 2004 and earlier in most areas.

At some point we will clear the books of bad debt. When this happens we can begin a new. Lets hope this time another financial genius doesn' t come up with a plan to innovate the industry with great ideas of prosperity for all.

Richard

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