Price Reduced! Stratosphere Edition 1/3-1/11
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.
I'm going to change things up a little bit to keep the content fresh. I'm sure readers here don't need to be convinced that sellers are dropping prices quickly, so I'm going to look at Price Reduced! from some new angles in the upcoming weeks.
In this edition of Price Reduced! we'll be looking at price reductions of properties with asking prices above one million dollars. Weakness at the high end has been known here for some time now, the media has started reporting about it lately as well. On to the Stratosphere Editition of Price Reduced!
MLS# 2093423 - Madison, NJ
Previous Price $2,100,000 (Reduced from $2,450,000)
Reduced Price $1,850,000 (11.90% Reduction)
MLS# 2219899 - Mahwah, NJ
Previous Price $2,100,000
Reduced Price $1,900,000 (9.52% Reduction)
MLS# 2206117 - Saddle River, NJ
Previous Price $8,699,000
Reduced Price $7,999,000 (8.05% Reduction)
MLS# 2213831 - Green Brook, NJ
Previous Price $1,289,000
Reduced Price $1,189,000 (7.76% Reduction)
MLS# 2210077 - Morris Twp, NJ
Previous Price $1,395,000
Reduced Price $1,295,000 (7.17% Reduction)
MLS# 2102493 - Montgomery, NJ
Previous Price $1,395,000
Reduced Price $1,295,000 (7.17% Reduction)
MLS# 2226156 - Livingston, NJ
Previous Price $1,029,000
Reduced Price $959,000 (6.80% Reduction)
MLS# 2202794 - Watchung, NJ
Previous Price $1,575,000
Reduced Price $1,475,000 (6.35% Reduction)
MLS# 2204629 - Montville, NJ
Previous Price $1,649,000 (Reduced from $1,699,999)
Reduced Price $1,549,000 (6.06% Reduction)
MLS# 2111633 - Essex Fells, NJ
Previous Price $1,485,000
Reduced Price $1,399,500 (5.76% Reduction)
MLS# 2107841 - Summit, NJ
Previous Price $1,749,900 (Reduced from $1,799,000)
Reduced Price $1,650,000 (5.71% Reduction)
MLS# 2211077 - Greenwich Twp, NJ
Previous Price $1,790,000
Reduced Price $1,690,000 (5.71% Reduction)
MLS# 2092292 - Warren, NJ
Previous Price $1,799,900
Reduced Price $1,699,900 (5.56% Reduction)
MLS# 2111240 - Bernardsville, NJ
Previous Price $2,950,000 (Reduced from $3,150,000)
Reduced Price $2,795,000 (5.25% Reduction)
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.
I'm going to change things up a little bit to keep the content fresh. I'm sure readers here don't need to be convinced that sellers are dropping prices quickly, so I'm going to look at Price Reduced! from some new angles in the upcoming weeks.
In this edition of Price Reduced! we'll be looking at price reductions of properties with asking prices above one million dollars. Weakness at the high end has been known here for some time now, the media has started reporting about it lately as well. On to the Stratosphere Editition of Price Reduced!
MLS# 2093423 - Madison, NJ
Previous Price $2,100,000 (Reduced from $2,450,000)
Reduced Price $1,850,000 (11.90% Reduction)
MLS# 2219899 - Mahwah, NJ
Previous Price $2,100,000
Reduced Price $1,900,000 (9.52% Reduction)
MLS# 2206117 - Saddle River, NJ
Previous Price $8,699,000
Reduced Price $7,999,000 (8.05% Reduction)
MLS# 2213831 - Green Brook, NJ
Previous Price $1,289,000
Reduced Price $1,189,000 (7.76% Reduction)
MLS# 2210077 - Morris Twp, NJ
Previous Price $1,395,000
Reduced Price $1,295,000 (7.17% Reduction)
MLS# 2102493 - Montgomery, NJ
Previous Price $1,395,000
Reduced Price $1,295,000 (7.17% Reduction)
MLS# 2226156 - Livingston, NJ
Previous Price $1,029,000
Reduced Price $959,000 (6.80% Reduction)
MLS# 2202794 - Watchung, NJ
Previous Price $1,575,000
Reduced Price $1,475,000 (6.35% Reduction)
MLS# 2204629 - Montville, NJ
Previous Price $1,649,000 (Reduced from $1,699,999)
Reduced Price $1,549,000 (6.06% Reduction)
MLS# 2111633 - Essex Fells, NJ
Previous Price $1,485,000
Reduced Price $1,399,500 (5.76% Reduction)
MLS# 2107841 - Summit, NJ
Previous Price $1,749,900 (Reduced from $1,799,000)
Reduced Price $1,650,000 (5.71% Reduction)
MLS# 2211077 - Greenwich Twp, NJ
Previous Price $1,790,000
Reduced Price $1,690,000 (5.71% Reduction)
MLS# 2092292 - Warren, NJ
Previous Price $1,799,900
Reduced Price $1,699,900 (5.56% Reduction)
MLS# 2111240 - Bernardsville, NJ
Previous Price $2,950,000 (Reduced from $3,150,000)
Reduced Price $2,795,000 (5.25% Reduction)
Caveat Emptor!
Grim
5 Comments:
cc,
Thanks for the update on that one. Many of the same Realtor Games (tm). Relist to hide the reduction history and reset the DOM counter.
They'll keep reducing and relisting, and when it finally sells they'll brag it sold for 10k over asking in only 15 days..
grim
"Realtor (r)" is a fancy made-up name trademarked by the NAR to represent their members. Thus, a member of the NAR who sells homes is a "Realtor" not a broker or agent. Those descriptions are crude and don't flow off the tongue as eloquently as "reeeeeltor" does.
grim
Hello Grim,
I came across your blog the other day when I was looking for other New Jersey real estate blogs and I like it. Well, I don't like the realtor bashing since I am one heh but I like the information you provide :)
I deal with mostly buyers moving into the Burlington County, Camden County area. Many inquiries I get are from people who live in Northern NJ and are trying to move farther south to get into homes they can afford. So, of course, keeping an eye on the housing prices of Northern New Jersey is of interest to me. Any chance of you posting the median sales price of each county? TrendMLS, which serves this area, just realesed the 2005. Im working on getting the information posted.
Anyway, great job on your blog and with the statistics. I have included a real estate horror story section, so if any of you had some bad experiences, funny, or unusual things happen you can email me your story and Ill post it. I have the guidelines listed on the site. http://www.realestaterox.info
Roxanne
Grim what say you to this. Bought a house in Chester, Morris County for 300K in 2002. 3 bed, 1 bath,nice fineshed basement on.5 acre. Crazy right??? Now faced with adding on and some minor upgrades or looking for something slightly bigger withthat extra 1.5 bath.Its nutty we went and looked at a place for 6ook on 1 acre 3 bed,2.5 bath partial finished basement probably needs a septic.We are really confused.We are leaning on staying put and doing the addition with a lot of "Sweat equity"...your thoughts??
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