Vanessa & Charles Pollock Founder/ REALTOR Sales Associate
Welcome to the latest edition of The Pollock Journal, where we delve into the exciting and evolving world of community, design and real estate In this issue, we explore the various facets of "Flourishing": through a home renovation, by downsizing, within the market, and by giving back.
The real estate market has seen significant changes in the last 18 months, and it's essential to keep up with the latest trends and strategies to thrive in this dynamic landscape Our team’s experts have diligently researched and compiled valuable insights, tips, and success stories to help you navigate these ever-changing waters successfully.
In this issues, we focus on the growing trend of "Downsizing" As families and individuals seek more practical and efficient living arrangements, downsizing has become a popular choice Our articles will explore the benefits of downsizing, clever spacesaving ideas, and how to embrace a minimalist lifestyle without sacrificing comfort and style.
With market dynamics ever-changing, it's crucial to stay ahead of the curve Our chief Economist Agent Kevin Kern has carefully dissected the latest trends and shifts in the real estate landscape We'll uncover the most promising investment opportunities, discuss emerging housing markets, and provide you with the tools to make informed decisions.
As you read through the pages of this magazine, we hope you feel inspired, empowered, and armed with valuable knowledge to succeed in your real estate endeavors Whether you are a seasoned investor, a first-time home seller, or an aspiring real estate agent, our mission is to support you on your path to success, caring about you and serving your needs always at the forefront
Thank you for choosing us as your trusted source for all things real estate Here's to flourishing together!
Warm
A before and after look at home renovation
I met the previous owners, Ihor and Oxana Rakowsky, in the foyer of 91 Plymouth on the morning of the walk-through, and they told me about how they had raised their 4 children there over 40 years I told them about all of the things I saw in that house where their love and thoughtfulness shined through. I asked if either of them was an engineer, because I am; I could see the forethought and attention to detail in everything they had done to the home. They were the SWEETEST couple and we all teared up and hugged there in the hall
When I first saw the house, it was the readiness for expansion that really sold me on it, exemplified by the sprawling attic, where they had installed the CAC and run all of the ductwork along the ceiling, not along the floor as people often do. They had obviously laid the groundwork for a renovated third floor, and there was no limit to what could be done with that space.
Since it was just me and my two girls, honestly, we had plenty of room, but I love having the option and ability to imagine They told me about the addition they had built onto the back of the house and how the yard used to be even larger and there was an above ground pool. I can just imagine the covered patio next to the garage as a pool house, complete with two changing rooms in the back I often imagined turning that into a detached office or studio
The house as I found it in 2018: The ceilings were high, the rooms were huge, all of the windows were new, there was already central AC and a finished basement, and the details were beautifully maintained.
What the house really needed was an update since all the work they had done had been for their family through the 1970s, 80s, and 90s
THE FAMILY ROOM:
The family room is a beautiful, light-filled space, but it was a bit disconnected from the rest of the rooms. When we refinished the floors, I had the vinyl flooring replaced with new hardwood maple flooring and stained to match the rest of the house When we remodeled the kitchen we had it painted the same color as the family room to allow it to flow into the adjacent rooms.
THE LIVING ROOM:
With the original chestnut molding, the living room didn’t need much but paint and updated window coverings We painted the fireplace brick white and the original plaster textured walls throughout the first floor got a fresh, more updated color in a flat finish to create a more modern and soothing look for the traditional texture
THE KITCHEN:
I loved this project because we were able to keep the footprint of everything but do a complete update and transformation of the materials, the look and the overall usability All the cabinets were replaced with full height, solid wood custom cabinetry to take advantage of the high ceilings White countertops, stone backsplash, porcelain flooring and recessed lighting brightened and modernized the look. We extended the counters across the full length of the breakfast nook to create a coffee and breakfast station At the same time, we removed saddles and built seamless flooring transitions from the kitchen into the hallway and dining room.
With the kitchen remodel, the powder room was also updated with stone flooring I also had all of the light fixtures throughout the first floor replaced with upgraded, transitional brass and glass fixtures to help connect the new modern updates with the traditional vibe. before
Over the years the shrubs in front of the house had taken over and obstructed the views through the windows across the front of the house. Working with a landscape designer, we completely relandscaped the front of the house as well as rearranged and cleaned up the backyard We also installed a sprinkler system to keep it all healthy, and hardwired uplighting to emphasize the texture of the house at night The deep purple of the japanese maple next to the front porch is visible from the sofa through the windows, and now the sky and beautiful homes across the way are a soothing landscape that decorate the entire front of this home
It was a tough decision to paint the exterior brick, but once it was done I never looked back This along with the landscaping and the copper accents of the window boxes and planters has made 91 Plymouth a house that people linger and comment on, and the exterior now signals the modern updates you find on the inside
The basement had been finished with vinyl tile and carpeting and that old fashioned acoustic tile ceiling. As my kids hit their teens, we wanted to make it a destination space for them and their friends for hangouts and sleepovers, so we did a gut remodel Keeping most of the storage along the right wall, we freed up the rest of the space for a living area, workout space, ping pong table and video games. We also built out a full bathroom with shower and a laundry area with new washer and dryer. Then we added recessed lights throughout. We actually use the basement as much as any other area of the house, and it also makes for a great, private guest suite There is even a separate entrance at the side door
THE BATHROOM:
Though the bathroom was large and the logistics worked for us, we longed for an update Out came the corner shower, the huge jacuzzi bathtub, and everything else down to the studs Not only is the new bathroom an update with luxury materials, but all the plumbing, base flooring, and electrical is brand new. Next to the bath, a very deep, cedar-lined closet had previously been used to hang coats which we never made good use. Instead, so we built in deep shelving (leaving the cedar walls) to make a sizeable linen closet While we had the walls open, we took the extra step to run plumbing up to the attic to prepare for what might have been the next step in realizing the possibilities of the house - a primary suite OR a pair of teen bedrooms with a shared bathroom and hangout space. Alas we never got that far, but someone else can take that next step!
I really hope the next owners see what I saw in this house, a graceful design and expansive space and possibility In my opinion, finishing the third floor would be straightforward and a really fun project!
Article by: Micheale Taylor, Seller of 91 Plymouth Avenue, Maplewood
The time has come. Maybe the kids are out, the home feels big and empty and you are finally ready to make a change! Change, you say?? “Arg!! But, where to begin? I have 20 years of "stuff" here!!”
Here are some steps to get you started:
Start to think about your future plans. Do you want to move to a condo? Go out of state? Go to a 55+ community? Do you need assisted living? Want to live with your children? The possibilities are endless No need to make a decision yet, but it is comforting to know there are many options
Talk things over with your family and friends Seek advice, but know this is YOUR decision!
Now is the time to assess your current home Does it need updating or repairs? Did you get rid of that underground oil tank?
Once you can breathe again, do the most important thing you can do:
The first thing for all Homeowners to be aware of is that the Covid Craziness has morphed into something that more closely resembles a “normal” marketplace We are definitely seeing the traditional, seasonal home sale schedule plant its roots once again The basics of this seasonality in Northern New Jersey:
Bustling Spring Market that runs from about the Super Bowl to Memorial Day
Somewhat slower Summer Market that runs until the kids go back to school after Labor Day
Vibrant Fall Market, all the way until right before Thanksgiving
The holidays tend to distract people on both sides of the housing market through the Winter months, but the “Spring” hits earlier and earlier, as listings historically do very well even in the first few weeks of January.
In an attempt to give you a 2023 market of the moment update, here is a highlight of the "Late-Spring/Summer" (LS/S) market over the past five years in South Orange/Maplewood.
The larger picture of this market continues to be the perfect storm of:
Low construction during the Great Recession Millennials deciding to buy later than previous generations
The golden-handcuffs many potential Sellers feel from their current low interest mortgage
The most current LS/S data fits this narrative, but, the inventory has actually almost doubled since this same period last year
The spike in interest rates in June of 2022 sent buyers reeling and sellers hiding. Even though the interest rates have not gone back down, the inventory has definitely returned this LS/S season; the important part to make note of is that the buyers were right there to scoop them up. The increase in supply did not lead to lower prices because the Millennial wave is years from being satiated.
The chart below for Maplewood and South Orange combined shows that during the same LS/S period over the past 5 years, prices went up, independent of supply.
This trend is because the demand in our area is so great that we could probably sell every house in SOMA three times over and still have some stragglers looking to make offers! This is particularly true of the standard 4BR/2BA home in our area which regularly sells in the $900K range or higher.
It’s also interesting to note that as the supply has increased, the gap between list price and sale price has actually widened
Bottom line for Sellers: If you have a life event which would incentivise you to move, it may be better to sell/buy now and refinance someday in the future, when inflation subsides and rates come down as a consequence
Bottom line for Buyers: If you are on the fence about buying a home, don’t be Home values continue to go up even in light of the higher interest rates, and owning (especially long term) is still better than renting Like the Sellers, if inflation subsides and rates come down as a consequence, you can always refinance.
The takeaway from all of this is that it is still a great time to sell your home.
You certainly haven’t “missed the market”. And waiting for the interest rates to go down may be counterproductive because, as we ’ ve seen, the rise in supply that would be created would still be far outpaced by the rise in demand. Prices will go up until the Millennial diners have eaten their fill.
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#CareServeGive!
Every member of our team is committed to: CARE about you and your famly, SERVE you to the highest level of professionalism + your complete satisfaction, and GIVE back to this community that we love, as well as to the charity of your choice
Like a garden of diverse blooms, our team flourishes together, nurturing growth and propelling each other beyond the limits
Vanessa Pollock, CEO of Pollock Properties Group and Founder of Care. Serve. Give., is committed to empowering the community by identifying and addressing their needs. She ensures the community's success by providing necessary support and resources to help them reach their objectives.
Through organizing frequent events, workshops, and initiatives, Vanessa fosters a culture of learning and bonding, facilitating collective growth By prioritizing transparent leadership and decision-making, she instills trust and a sense of ownership among community members and those working towards the mission of Care. Serve. Give.
Vanessa & Charlie Pollock attended a heartwarming gathering organized by the Vanessa Pollock Music Initiative to celebrate its scholarship recipients. The event served as a platform to showcase the talents and achievements of young musicians who received financial assistance and mentorship from the initiative. The philanthropic organization aims to empower and support the musical journeys of aspiring musicians During the gathering, scholarship recipients expressed gratitude for the opportunities provided by the initiative and shared their passion for music
The event exemplified the positive impact of the VPMI on the lives of these gifted individuals Thank you to all the donors to the VMPI and please SAVE THE DATE for the next fundraising extravaganza on December 1!
Thank you to everyone who came to the Pollock Arts Fair, where the community connected with local arts educators! If you missed it and want our directory of educators, just reach out to your PPG agent!
Community's embrace, Flourishing with boundless grace, Together we thrive.
“God is less interested in you performing well and more interested in seeing you flourish ”
- Jamie Arpin-Ricci