Price Reduced! 12/12-12/19
Welcome to another edition of Price Reduced!
For all the newcomers to this blog, Price Reduced! takes a 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!
MLS# 2225267 - Franklin, NJ
Asking Price $379,900
Reduced Price $259,900 (31.6% Reduction)
MLS# 2094887 - Washington, NJ
Asking Price $380,000
Reduced Price $299,999 (21.1% Reduction)
MLS# 2205767 - Roselle, NJ
Asking Price $339,900
Reduced Price $289000 (15.0% Reduction)
MLS# 2075967 - Hopatcong, NJ
Asking Price $1,175,000 (Originally $1,295,000)
Reduced Price $999,999 (14.9% Reduction, 22.8% from OLP)
MLS# 2220194 - Roxbury, NJ
Asking Price $995,000
Reduced Price $880,000 (11.6% Reduction)
MLS# 2213716 - Roseland, NJ
Asking Price $484,900
Reduced Price $429,900 (11.3% Reduction)
MLS# 2107696 - Kinnelon, NJ
Asking Price $2,195,000
Reduced Price $1,950,000 (11.2% Reduction)
MLS# 2209082 - Glen Rock, NJ
Asking Price $459,900
Reduced Price $409,900 (10.9% Reduction)
MLS# 2203247 - Bloomfield, NJ
Asking Price $399,000
Reduced Price $360,000 (10.0% Reduction)
Now, to all the potential buyers reading this blog, I am not posting this information for you to drool over thinking these are great deals. These are not great deals. These are the first price reductions along a very long road downward. If I threw a knife up into the air, would you try to catch it on the way down? No, you'd wait until it hit the ground and then pick it up. The same rule applies here. Alot of people lost alot of money buying on the downside of the stock market after the Nasdaq crash in hopes of a fast recovery. There will be no fast recovery here. Sit tight, grab some popcorn and enjoy the ride.
Caveat Emptor!
Grim
For all the newcomers to this blog, Price Reduced! takes a 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!
MLS# 2225267 - Franklin, NJ
Asking Price $379,900
Reduced Price $259,900 (31.6% Reduction)
MLS# 2094887 - Washington, NJ
Asking Price $380,000
Reduced Price $299,999 (21.1% Reduction)
MLS# 2205767 - Roselle, NJ
Asking Price $339,900
Reduced Price $289000 (15.0% Reduction)
MLS# 2075967 - Hopatcong, NJ
Asking Price $1,175,000 (Originally $1,295,000)
Reduced Price $999,999 (14.9% Reduction, 22.8% from OLP)
MLS# 2220194 - Roxbury, NJ
Asking Price $995,000
Reduced Price $880,000 (11.6% Reduction)
MLS# 2213716 - Roseland, NJ
Asking Price $484,900
Reduced Price $429,900 (11.3% Reduction)
MLS# 2107696 - Kinnelon, NJ
Asking Price $2,195,000
Reduced Price $1,950,000 (11.2% Reduction)
MLS# 2209082 - Glen Rock, NJ
Asking Price $459,900
Reduced Price $409,900 (10.9% Reduction)
MLS# 2203247 - Bloomfield, NJ
Asking Price $399,000
Reduced Price $360,000 (10.0% Reduction)
Now, to all the potential buyers reading this blog, I am not posting this information for you to drool over thinking these are great deals. These are not great deals. These are the first price reductions along a very long road downward. If I threw a knife up into the air, would you try to catch it on the way down? No, you'd wait until it hit the ground and then pick it up. The same rule applies here. Alot of people lost alot of money buying on the downside of the stock market after the Nasdaq crash in hopes of a fast recovery. There will be no fast recovery here. Sit tight, grab some popcorn and enjoy the ride.
Caveat Emptor!
Grim
9 Comments:
A good RE agent can generally tell you when people relist. Of course, watching the market for some time also tells you that.
I've seen houses pulled and relisted at lower prices, but relisting at higher prices .. well.
Grim -- are reductions rate at this time (with most people figuring on waiting till Jan at least, if not spring).
I meant -- are reductions rare at this time ?
Crash in progress. Speculators are starting to panic.
Grim,
Which Franklin and Washington are those in the price reduced? As you are aware there are alot of town names that are repeated throughout the state for example Washington in Warren County of which there are 2 and Washington in Bergen Cty, Morris Cty. and Mercer Cty.
As a xNJ resident I have been following the NJ real Estate market since moving to Florida 10 years ago, and read this BLOG daily. Does anyone know what's happening to the market in Sparta, NJ. I see surrounding towns prices are trending down rapidly, but can't find out information on Sparta.
Alot of homeowners in deep S%$# trouble. A friend of a friend has a condo he purchased 2 years ago. Going to have a baby so wife had to take time off. He has been borrowingon his so called expanded home equity line to pay the bills since his salary alone will not cover expenses.
Thinking long and hard about selling to lock in his profit if any now with equity line. Better move fast.
Lots of sleepless nights for many.
This List should be referred to FOOLS LIST.
Paying anywhere near the going rate is absolutely stupid with the ridiculous prices being asked. It's such a joke that most of the homeowners probably couldn't afford their own homes.
Best case scenario is a flat market for 3 years?
You must be kidding?
The best scenario I see is that these fools that bought in last 2 years will be "Lucky" to breakeven in 10 years.
The prices are so out of wack compared to incomes which have been stagnate for last 5 years that I do not think these people will ever breakeven.
China and India are putting massive pressure on incomes at the high level mgt positions. Outsourcing accoutants lawyers analyst research scientist.
INOCOMES ARE GOING DOWN.
THEREFORE HOUSE PRICES WILL GO DOWN SUBSTANTIALLY.
I have been following a site now for almost 2 years and I have found it to be both reliable and profitable. They post daily and their stock trades have been beating
the indexes easily.
Take a look at Wallstreetwinnersonline.com
RickJ
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