Sunday, March 12, 2006

Price Reduced! 2/26 - 3/12

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.

On to the list!
MLS# 2235518 - Montgomery, NJ
Previous Price $449,900
Current Price $350,000 (Price Reduced 22.2%)

MLS# 2249229 - Newton, NJ
Previous Price $246,900
Current Price $194,900 (Price Reduced 21.1%)

MLS# 2250186 - Bernards, NJ
Previous Price $1,125,000
Current Price $899,000 (Price Reduced 20.1%)

MLS# 2228176 - Montville, NJ
Previous Price $1,200,000
Current Price $974,900 (Price Reduced 18.8%)

MLS# 2111446 - Edgewater, NJ
Original Price $819,000
Previous Price $779,000
Current Price $639,900 (Price Reduced 17.9%, 21.9% off Original Price)

MLS# 2111426 - Edgewater, NJ
Original Price $639,000
Previous Price $609,000
Current Price $515,000 (Price Reduced 15.4%, 19.4% off Original Price)

(Note, both Edgewater listings are in the same hi-rise and owned by the same person.. Flipper?)

MLS# 2250090 - Parsippany, NJ
Previous Price $369,900
Current Price $309,000 (Price Reduced 16.5%)

MLS# 2238440 - Mountain Lakes, NJ
Previous Price $2,600,000
Current Price $2,200,000 (Price Reduced 15.4%)

MLS# 2227166 - Montclair, NJ
Previous Price $3,450,000
Current Price $2,950,000 (Price Reduced 14.5%)

MLS# 2241827 - Montclair, NJ
Previous Price $799,900
Current Price $699,900 (Price Reduced 12.5%)

MLS# 2251894 - Chatham, NJ
Previous Price $599,900
Current Price $525,000 (Price Reduced 12.5%)

MLS# 2246909 - Sparta, NJ
Previous Price $675,000
Current Price $595,000 (Price Reduced 11.9%)

MLS# 2108156 - Harding, NJ
Previous Price $959,900
Current Price $849,000 (Price Reduced 11.6%)

MLS# 2201693 - Totowa, NJ
Original Price $569,
Previous Price $539,900
Current Price $479,000 (Price Reduced 11.3%, 15.8% off Original Price)

MLS# 2227559 - Warren, NJ
Previous Price $1,795,000
Current Price $1,594,500 (Price Reduced 11.2%)

"The Short List"

Town/From Price/To Price/Reduction
Roselle/$425,000/$325,000/23.5%
Kearny/$399,000/$339,000/15%
Montgomery/$1,700,000/$1,475,000/13.2%
Vernon/$239,900/$209,900/12.5%
Union/$409,000/$359,000/12.2%
Plainfield/$339,000/$299,900/11.5%
Montvale/$5,500,000/$4,900,000/10.9%
Clifton/$415,000/$375,000/9.6%
Millburn/$3,300,000/$2,999,000/9.1%
Millburn/$1,975,000/$1,795,000/9.1%
West Orange/$549,000/$499,000/9.1%
Mountainside/$769,000/$699,900/9%
Kinnelon/$1,094,500/$999,900/8.8%

1243 properties were reduced over this two week period. The average reduction was 4.4%, up from the 3.8% seen over the previous period.

Caveat Emptor!
Grim

14 Comments:

Anonymous Anonymous said...

Kearny
MLS 2526978
Original Listing $499,999
First Price Reduction $479,999
Second Price Reduction $459,999
Total % reduction 9%
Home as been on the market at least 5 months and needs a lot of work.

3/12/2006 09:11:00 AM  
Anonymous Anonymous said...

Grim,

Do you have the MLS # for the Kearny property with the 15% reduction?

Thanks

3/12/2006 09:15:00 AM  
Blogger grim said...

2203618

3/12/2006 10:46:00 AM  
Anonymous Anonymous said...

$50,000 price drop:
MLS 2255716
93 Pine Street, Millburn
$849,000 => $799,000
Days on Market: 203

3/12/2006 12:04:00 PM  
Anonymous Anonymous said...

Grim, here's a typical realtor stunt, where the house was re-listed with a new MLS ID when they dropped the price.

I don't recall the old price, but the new price is a significant drop, any way to get that original price for this one?

2 Clive Hills Rd, Short Hills
New lowered price: $989,000
New MLS ID: 2252457

I think the current price is a drop of more than $100K.

3/12/2006 12:13:00 PM  
Anonymous Anonymous said...

Grim

I spotted this listing in Hillsdale.
MLS # 2530896

I beilive the pricew as about 620k at one time , now it is 589K and vacant. The house looks good from the outside. Have two problems it is on a no parking double yellow striped street and ovelooks a car repair shop.

Can you find out about the history of this MLS.

Thanks

3/12/2006 07:00:00 PM  
Anonymous Anonymous said...

Here's a 100K reduction in Long Hill Township:

MLS 2237365
Original Listing: $769,000
Now: $669,000
DOM: 44

3/13/2006 09:36:00 AM  
Anonymous Anonymous said...

$45,000 price drop:
MLS 2234712
242 Kent Place Blvd, Summit
$895,000 => $850,000
Days on Market: 58

3/13/2006 10:14:00 AM  
Anonymous Anonymous said...

Anon in Hillsdale,
What else have you looked at there?
K

3/13/2006 10:54:00 AM  
Anonymous Anonymous said...

Price reduction for 430.000

MLS#: 2254989
926 RIDGEWOOD ROAD, Milburn

Original Listing Price : $729,000
Reduced price : $699,000

3/13/2006 06:23:00 PM  
Anonymous Anonymous said...

I am sorry, the price reduction should be $30,000

3/13/2006 06:25:00 PM  
Anonymous Anonymous said...

Price Reduction? Yes, from the listing price. How about compare to the last year's price?
For me, when price is less then last year's price then it is a reduction..

3/15/2006 07:56:00 AM  
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4/18/2006 10:53:00 PM  
Anonymous Anonymous said...

found property in millburn that was mentioned here previously. still on maket 12+ months and reduced by 18% (only) of org listing price. This one has more room to go down. Called agent "no offers". no surprize.

11/14/2006 02:36:00 PM  

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