Price Reduced!
It's time for yet another episode of Price Reduced! For all the newcomers to this blog, Price Reduced! takes a good look at a handful of significant price reductions across Northern NJ. The purpose of this exercise is to serve as proof that the Northern New Jersey real estate market has long since been overvalued and has started the long hard decline back to the mean. These listings are in no way an endorsement by myself, nor do I believe they are a bargain or a value. Even reduced, I still believe these homes are still grossly overpriced. With that, the listings please!
Our winner by a longshot this week:
MLS# 2092591 - Mountainside, NJ
Original Price 1,100,000
Reduced Price 775,000 (29.5% Reduction)
(Not sure about this one, could be an error but certainly looks legit)
MLS# 2082700 - Montclair, NJ
Original Price 3,800,000
Reduced Price 2,950,000 (23.4% Reduction)
(This one is listed on the MLS twice, under both Cedar Grove and Montclair)
MLS# 2215549 - Bridgewater, NJ
Original Price 599,990
Reduced Price 459,990
MLS# 2110146 - Rahway, NJ
Original Price 225,000
Reduced Price 179,900 (20% Reduction)
MLS# 2211947 - Hillsborough, NJ
Original Price 564,900
Reduced Price 459,900 (17.7% Reduction)
MLS# 2111356 - Morristown, NJ
Original Price 549,000
Reduced Price 459,900 (16.2% Reduction)
MLS# 2107052 - Westfield, NJ
Original Price 1,750,000
Reduced Price 1,495,000 (14.6% Reduction)
MLS# 2065814 - Peapack, NJ
Original Price 5,500,000 (Originally 7 million dollars)
Reduced Price 4,700,000 (14.6% Reduction)
Listing Link
(If you win the mega millions jackpot tonite, I'd suggest buying this home)
MLS# 2105696 - Madison, NJ
Original Price 699,000
Reduced Price 599,000 (14.3% Reduction)
MLS# 2206532 - Sparta, NJ
Original Price 349,900
Reduced Price 300,000 (14.3% Reduction)
MLS# 2103335 - Clifton, NJ
Original Price 569,000 (Originally 649,000)
Reduced Price 519,000 (13.4% Reduction)
MLS# 2205636 - Montclair, NJ
Original Price 859,000
Reduced Price 749,900 (12.7% Reduction)
If you'd like to look up any of these listings, you can do so by doing an MLS# Search through realtor.com.
Caveat Emptor!
Grim
Our winner by a longshot this week:
MLS# 2092591 - Mountainside, NJ
Original Price 1,100,000
Reduced Price 775,000 (29.5% Reduction)
(Not sure about this one, could be an error but certainly looks legit)
MLS# 2082700 - Montclair, NJ
Original Price 3,800,000
Reduced Price 2,950,000 (23.4% Reduction)
(This one is listed on the MLS twice, under both Cedar Grove and Montclair)
MLS# 2215549 - Bridgewater, NJ
Original Price 599,990
Reduced Price 459,990
MLS# 2110146 - Rahway, NJ
Original Price 225,000
Reduced Price 179,900 (20% Reduction)
MLS# 2211947 - Hillsborough, NJ
Original Price 564,900
Reduced Price 459,900 (17.7% Reduction)
MLS# 2111356 - Morristown, NJ
Original Price 549,000
Reduced Price 459,900 (16.2% Reduction)
MLS# 2107052 - Westfield, NJ
Original Price 1,750,000
Reduced Price 1,495,000 (14.6% Reduction)
MLS# 2065814 - Peapack, NJ
Original Price 5,500,000 (Originally 7 million dollars)
Reduced Price 4,700,000 (14.6% Reduction)
Listing Link
(If you win the mega millions jackpot tonite, I'd suggest buying this home)
MLS# 2105696 - Madison, NJ
Original Price 699,000
Reduced Price 599,000 (14.3% Reduction)
MLS# 2206532 - Sparta, NJ
Original Price 349,900
Reduced Price 300,000 (14.3% Reduction)
MLS# 2103335 - Clifton, NJ
Original Price 569,000 (Originally 649,000)
Reduced Price 519,000 (13.4% Reduction)
MLS# 2205636 - Montclair, NJ
Original Price 859,000
Reduced Price 749,900 (12.7% Reduction)
If you'd like to look up any of these listings, you can do so by doing an MLS# Search through realtor.com.
Caveat Emptor!
Grim
9 Comments:
The Montclair house actually looks reasonable. Taxes are a pain, but the house looks to be a real classic old building.
Madison -- the owner wanted $699 K and now wants $599 K for an as-is house on .5 acre ? Way overpriced.
The Gladstone/Peapack place -- if the 50 acres it has are subdividable, this would be a bargain (but I'm sure they're not).
Mountainside --- the owner was originally hoping for $1.3 Million for a 3bed/2bath place ? The house may be nice from inside, but its still overpriced.
I agree about the Montclair home, it is a great looking home.
As a card carrying member of the National Trust for Historic Preservation these old homes call out to me. I'd rather live in a 150 year old 2 bedroom home than any new megabuck Toll or Pulte McMansion. There is a real lack of character and craftsmanship in the homes built today.
jb
The market sure is changing fast, I can't wait to see the Q4 numbers. It won't matter at that point, it'l be obvious the market is going downhill fast.
grim
Can't wait for the real markdowns to start.
Recently saw a house in East Hanover, "A Dump" asking $529k by realtor. Sat on market for at least 5 months. Was reduced down to a "Bargain" at $489k. Whooopeee.
Now I see it is for sale by owner.
HAHAHAHAHAHAHAHAHA
The house imo is worth NO more than $275k.
Shocking price drops coming soon.
The Corrupt real estate industry lead by Lereah the head cheerleader will be pumping and spinning the "positive" news.
HAHAHAHAHAHA
Homeowners that have owned for 15-20 years will be able to significantly undercut anyone who has purchased in the past 5 years.
Basically, anyone who didn't get swept up in the mania can accept a lower price without any risk, in fact, even with a huge cut in price many people will still get a handsome return.
I believe it will be these long-time homeowners will be setting the market prices in the upcoming years.
I really don't care what anyone paid for a home, it's irrelevant to me, I'll offer what I think it's worth. My offer won't be an insult to someone who purchased 15 years ago, but it'll be unthinkable to someone who purchased this year.
grim
By the way, that $749.9 house in Montclair was originally being sold by the owner at $975k. Then they brought in the agent and lowered the price to $859k. It is a grand house that needs work but most of the bathrooms are original 1900s era, rather than a tacky 60s redo. House is right next to Montclair High.
My personal favorite is a 3/2 ranch located in Caldwell. It sits on a dead end street where many college students park and the side yard includes a view of townhomes.
It was listed in late August for $825k, reduced to $750k the following weekend, and is now on the market for $650k where it has been for the last two months. Reduced a mere $175k....and IMHO it's still overpriced.
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