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Market Conditions Report

Welcome > Local Info > About Summit ...

Vibrant Downtown, Easy Commute & Great Schools

Summit


Noted for its bustling downtown, top rated public schools and beautifully maintained homes on tree-lined streets, Summit is an idyllic American suburb.  Picturesque Summit, nestled in the Watchung Hills, is centered around its vibrant downtown, giving the city a real sense of community.  Downtown Summit offers cafes and restaurants ranging from burgers and burritos to upscale continental cuisine, clothing boutiques, jewelers, salons, antique shops, private businesses, elegant condominiums, a park and several community organizations. Summit’s NJ Transit station, also located downtown, offers two trains for commuting into Manhattan, the Midtown Direct and Hoboken lines, both roughly 45 minute rides.  The neighborhoods surrounding the downtown offer varied home styles but typically feature pre-war colonial homes.  The average home price in Summit is around $1,000,000 but there are properties available in all price ranges from $400,000 to over $4,000,000.

HISTORY

The region passed from Indian to Colonial possession by purchase on October 28, 1664 for "twenty fathoms of trading cloth, two made coats, two guns, two kettles, ten bars of lead and twenty handfuls of powder."

Summit's earliest settlers came here about 1710. Most of the founding fathers brought Puritan heritage from the British Isles, and from neighboring New England, Connecticut and Long Island. Finding a true paradise, the Summit area was abundant in timber for building cabins, rabbits for food and pelts, plentiful turkey, and a fertile valley for growing wheat and corn. Plus the Passiac River was full of fish to eat and water to float boats.

In 1837, the railroad came over the "The Summit" hill, whose name was later shortened to Summit. During the Revolutionary period and for some time afterwards Summit was called the "Heights over Springfield" and was considered a part of New Providence. The original name of Summit was "Turkey Hill" to mark it apart from "Turkey", as New Providence was known until 1750.

In 1869, Summit separated itself from New Providence and became the "Township of Summit".  Thirty years later on April 11 1899, The City of Summit was incorporated.

Originally, Summit was a cozy farming community populated by about 300 people until 1837. The community began to change from a rural farming and milling to quasi-commercial. After the Civil War, Summit became a summer resort area because of its crisp, clean mountain air and convenient proximity to New York City. Summit attracted extremely wealthy people who built extensive summer estates.

The landscape has had a definite influence in the development of Summit. This tree-dense suburban community is nestled in the hills of the Watchung Reservation with six square miles of broken hills at a 450-foot elevation. Summit sits above Springfield, to the east of Millburn, and just northwest, Chatham joins Summit to pinch the broad valley of the Passaic River.

Summit is a family-oriented residential community with light industry. Many Summit settlers and current residents have attributed significantly to the world's business, industrial and government affairs. More importantly, their relentless dedication for volunteerism has made the Summit community a leader in civic mindedness. The governing body has sought out experts on economics, communications, education, government administration, physical and mental health, recreation, social planning, transportation and safety; all adding to the great growth of Summit, then and now.


REAL ESTATE MARKET CONDITIONS

Single family home prices typically start in the $450,000s.
Single family home prices range up to about $4,000,000.
Condos start in the $225,000s.

The Summit real estate market is quite strong this year.The average price for a home in Summit rose 14% in 2006 over the previous year to $1,060,690.The average days on market for the first half of 2006 is on par with past years and overall dollar volume is up 21% over last year for a first half total of $142,132,464.

In 2007, the average sale price rose just 1% over the same time period of 2006 and total dollar volume is at its highest ever, 4% over last year.In 2007, 137 properties sold, the average sale price was $1,076,349 and total dollar volume was $147,459,808.

For comprehensive statistical reports please visit our Area Market Statistics including statistics per school districts.

*Based on data from the Garden State Multiple Listing Service, comparing the first half of each year (January-June, the most active part of the year for real estate transactions).

SUMMIT PUBLIC SCHOOLS

The schools of Summit-public, private and parochial-have continually molded good and able young people with 92 % of the students going onto college, contributing much to the community's development. Just recently, Summit High School was ranked the 6th best high school in the State of New Jersey. Many students return to live and raise a family in their home town of Summit.

Summit's public education system includes five kindergarten-through grade 5 elementary schools, a middle school for grades 6 to 8 and Summit High School. As Summit grew into a beautiful resourceful city for families, so too did the need to provide top-rated education and state-of-the-art school facilities for Summit's children. In 2003, the newly renovated Summit High School was dedicated after a $22.4 million capital expansion project. The project comprised of a new wing, library/media center, gymnasium, and the addition of academic courses, cultural arts, athletic and social club programs; all providing an enriched educational experience for all current and future Summit students.

Summit Public School Report Card from the State of New Jersey


Summit Public Schools Links

Summit High School
125 Kent Place
Boulevard, Summit  NJ 07901  908-273-1494

Summit Middle School
272 Morris Avenue, Summit  NJ  07901  908-273-1190

Summit Elementary Schools

Brayton Elementary School
89 Tulip Street, Summit  NJ  07901  908-273-1276

Franklin Elementary School
136 Blackburn Road, Summit  NJ  07901  908-277-2613

Jefferson Elementary School
110 Ashwood Avenue, Summit  NJ  07901  908-273-3807

Lincoln-Hubbard Elementary School
52 Woodland Avenue, Summit  NJ  07901  908-273-1333

Washington Elementary School
507 Morris Avenue, Summit  NJ  07901  908-273-0817

COMMUTER INFORMATION

Rail and bus links to Newark and Manhattan, Routes 24 and 78 and the Garden State Parkway and Newark-Liberty International Airport, commuters find this thriving community a perfect place to settle. The Summit Train Station has the Mid-Town Direct train -a less than 30 minute ride - from Summit to Penn Station. The City of Summit has numerous parking garages and lots supplying ample parking for resident commuters and downtown employees.

Applications may be mailed or dropped off at The Summit Permit Center, 71 Summit Avenue, Summit, NJ 07901.  They can be reached by phone at 908-522-1700.

All residents who use the long term resident parking lots need to have the new white permit displayed on vehicles.  Those vehicles without the new parking permit will be ticketed. Those with pre-paid permits are issued hanging tags to place on their rearview mirror.  Those who pay daily will receive a sticker.

Resident Owned Vehicles: Valid NJ registration showing your name and current Summit home address.

Lease of Company Owned: Valid NJ driver’s license showing your name and current summit home address and

Valid NJ registration for leased or company owned vehicle and

Valid insurance card showing your Summit home address, if you pay, or

Recent personal residential phone, internet or cable bill, if the company pays the insurance.

Permits can be prepaid or you can pay per day.  Pre-paid rates are $60 a month, $175 for the quarter or $600 for the year.  If you choose to pay daily, you will need to pay $3 per day at the machines located in the garage.

Non-Resident Parking Permits are available at the following rates: Monthly $110, Quarterly $330, Annually $1,165.


SUMMIT PLACES OF INTEREST

The Connection for Women and Families
79 Maple Street, Summit, NJ  07901
908-273-4242

The Grand Summit Hotel
570 Springfield Avenue, Summit, NJ  07901
908-273-3000

New Jersey Center for Visual
68 Elm Street Summit, NJ  07901
908-273-9121

The Reeves-Reed Arboretum
165 Hobart Avenue, Summit, NJ  07901
908-273-8787

The Summit Playhouse
10 New England Avenue, Summit, NJ  07901
908-273-2192

AREA GOLF COURSES

Essex County
Noteworthy: Rock Spring Country Club, East Orange Golf Course (Short Hills)

Morris County
Noteworthy: Madison Golf Club, Spring Brook Country Club

Somerset County
Noteworthy: Foxhollow Golf Club, Somerset Hills Golf Club

Union County
Noteworthy: Balusrol Golf Club, Canoe Brook Country Club




AREA GROCERY STORES

CHATHAM

Kings Supermarket
393 Main Street
973-635-4400
http://www.kingswebsite.com/index2.htm

Shop Rite
641 Shunpike Road
973-377-4788

MADISON

Super Stop & Shop
133 Main Street
973-593-8484

Whole Foods
222 Main Street
973-822-8444
http://www.wholefoodsmarket.com/

MAPLEWOOD

Kings Supermarket
159 Maplewood Avenue
973-761-4092
http://www.kingswebsite.com/index2.htm

MILLBURN-SHORT HILLS

Kings Supermarket
778 Morris Turnpike
973-258-4000
http://www.kingswebsite.com/index2.htm

Shop Rite
727 Morris Turnpike
973-376-3028

Shop Rite
220 Main Street
973-376-9886

Whole Foods
187 Millburn Avenue
973-376-4668
http://www.wholefoodsmarket.com/

SUMMIT

Kings Supermarket
784 Springfield Avenue
908-598-4502
http://www.kingswebsite.com/index2.htm

WESTFIELD

Stop & Shop
219 Elm Street
908-232-1292

Trader Joe’s
155 Elm Street
908-301-0910

WINE AND SPECIALTY FOODS

CHATHAM

Chatham Wine Shop
465 Main Street
Chatham
973-635-0088

Hickory Wine Cellar
641 Shunpike Road
Chatham
973-822-2121

MADISON

Madison Wine Cellar
29 Main Street
Madison
973-377-4075

MAPLEWOOD

Celebrated Foods
6 Highland Place
973-762-1722
www.celebratedfood.net

Village Wine Shop
1994 Springfield Avenue
Maplewood
973-762-7899

MILLBURN-SHORT HILLS

Tulip Chocolatier
537 Millburn Avenue
973-467-1930

Wine Library
586 Morris Avenue
888-980-WINE
http://winelibrary.com/default.html

SUMMIT

Chez Barbara To Go
40 Union Place
Summit
908-522-1359

Summit Cheese Shop
75 Union Place
Summit
908-273-7700

The Wine List
417 Springfield Avenue
908-277-6565

WESTFIELD

Westfield Wine Liquors
276 North Avenue East
Westfield
908-232-1133

Summit City, New Jersey Statistics and Demographics (US Census 2000)

 

 

Number

Percent

Summit Population:

21131

100.00%

 

 

 

Sex and Age

 

 

Male

10225

48.39%

Female

10906

51.61%

 

 

 

Under 5 years

1815

8.59%

5 to 9 years

1677

7.94%

10 to 14 years

1506

7.13%

15 to 19 years

935

4.42%

20 to 24 years

688

3.26%

25 to 34 years

3023

14.31%

35 to 44 years

3953

18.71%

45 to 54 years

2886

13.66%

55 to 59 years

1070

5.06%

60 to 64 years

809

3.83%

65 to 74 years

1373

6.5%

75 to 84 years

1047

4.95%

85 years and over

349

1.65%

 

 

 

Median age (years)

37.3

 

 

 

 

18 years and over

15434

73.04%

Male

7274

34.42%

Female

8160

38.62%

21 years and over

15071

71.32%

62 years and over

3196

15.12%

65 years and over

2769

13.1%

Male

1144

5.41%

Female

1625

7.69%

 

 

 

Race

 

 

One race

20783

98.35%

White

18546

87.77%

Black or African American

914

4.33%

American Indian and Alaska Native

19

0.09%

Asian

941

4.45%

Asian indian

307

1.45%

Chinese

264

1.25%

Filipino

119

0.56%

Japanese

52

0.25%

Korean

78

0.37%

Vietnamese

19

0.09%

Other Asian

102

0.48%

Native Hawaiian and Other Pacific Islander

3

0.01%

Native Hawaiian

1

0%

Guamanian or Chamorro

1

0%

Samoan

0

0%

Other Pacific Islander

1

0%

Some other race

360

1.7%

Two or more races

348

1.65%

 

 

 

Hispanic or Latino and race

 

 

Total Population

21131

100.00%

Hispanic or Latino(of any race)

2150

10.17%

Mexican

162

0.77%

Puerto Rican

207

0.98%

Cuban

159

0.75%

Other Hispanic or Latino

1622

7.68%

Not Hispanic or Latino

18981

89.83%

White alone

16926

80.1%

 

 

 

Relationship

 

 

Total Population

21131

100.00%

In households

21114

99.92%

Householder

7897

37.37%

Spouse

4825

22.83%

Child

6652

31.48%

Own child under 18 years

5521

26.13%

Other relatives

736

3.48%

Under 18 years

136

0.64%

Nonrelatives

1004

4.75%

Unmarried partner

207

0.98%

In group quarters

17

0.08%

Institutionalized population

0

0%

Non-Institutionalized population

17

0.08%

 

 

 

Households by Type

 

 

Total Households

7897

100.0 %

Family households (families)

5610

71.04%

With own children under 18 years

2820

35.71%

Married-couple family

4825

61.1%

With own children under 18 years

2492

31.56%

Female householder, no husband present

613

7.76%

With own children under 18 years

278

3.52%

Non Family households

2287

28.96%

Householder living alone

1887

23.9%

Householder 65 years and over

809

10.24%

 

 

 

Households with individuals under 18 years

2908

36.82%

Households with individuals 65 years and over

2054

26.01%

 

 

 

Average Household size

2.67

 

Average family size

3.18

 

 

 

 

Housing Occupancy

 

 

Total housing units

8146

100.00%

Occupied housing units

7897

96.94%

Vacant housing units

249

3.06%

For seasonal, recreational, or occasional use

41

0.5%

Homeowner vacancy rate (percent)

0.7

 

Rental vacancy rate (percent)

2.7

 

 

 

 

Housing Tenure

 

 

Occupied housing units

7897

100.00%

Owner-occupied housing units.

5378

68.1%

Renter-occupied housing units.

2519

31.9%

 

 

 

Average household size of owner-occupied units

2.86

 

Average household size of renter-occupied units

2.27

 

 

Summit NJ Crime Statistics (2002 - New Crime Data)

Crime Type

 

2002 Total

Per 100,000 People

National per 100,000 People

Overall Summit Crime Index

480

2225

4118.8

Summit Murders

0

0

5.6

Summit Forcible Rapes

1

4.64

33.0

Summit Robberies

13

60.26

145.9

Summit Aggravated Assaults

9

41.72

310.1

Summit Burglaries

82

380.1

746.2

Summit Larceny/Thefts

347

1608.49

2445.8

Summit Motor Vehicle Thefts

28

129.79

432.1

Summit Arsons

 

0

0

N/A

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School Reports in Chatham, Harding and Madison, New Jersey
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Real Estate Tips
Making An Offer >Creative Offers

Putting together an offer on a home is easy if the buyer has a lot of money, a terrific job and impeccable credit. Many buyers are not in that precise situation, however. And while sellers like to get their asking price, good listing agents prepare them for the possibility of receiving offers that involve some compromises.

Successful real estate agents know how to put together creative offers and do whatever it takes to make a transaction work. If a buyer is low on cash, the agent may structure an offer that shifts closing costs to the seller, minimizing the amount of cash that the buyer needs to close. A variation of a lease purchase arrangement might be effective if a buyer has recently changed jobs or is self-employed. Owner-financing for part of the loan can make a difference in some cases. If your agent brings you a complex offer designed to get a buyer into your home, don't say "no" until you understand the offer.

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Real Estate Trivia
Q 
Who is "Freddie Mac", and why is he a big name in real estate?

A 
"Freddie Mac" is the nickname for FHLMC, the Federal Home Loan Mortgage Corporation, which buys mortgages from lending agencies, thus allowing lenders to continually replenish funds for new mortgage loans.
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Jill Smith, REALTOR®, real estate agent and broker for Chatham, Harding and Madison New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

Jill Smith
Keller Williams Realty

488 Springfield Avenue
Summit, NJ 07901
Office: 908-273-2991
Fax: 908-273-2996
Mobile: 973-722-2234
erinsmith@kw.com

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