Sunday, April 09, 2006

Price Reduced! 4/2 - 4/9

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# 2111297 - Boonton, NJ
Previous Price $2,250,000
Current Price $1,796,000 (Price Reduced! 20.2%)

MLS# 2256305 - West Orange, NJ
Previous Price $1,200,000
Current Price $980,000 (Price Reduced! 18.3%)

MLS# 2256651 - Vernon, NJ
Previous Price $799,000
Current Price $659,000 (Price Reduced! 17.5%)

MLS# 2092540 - West Milford, NJ
Previous Price $174,900
Current Price $145,000 (Price Reduced 17.1%)

MLS# 2232407 - Mendham, NJ
Original List Price $2,595,000
Previous Price $2,349,000
Current Price $1,995,000 (Price Reduced! 15.1%, 23.1% off Original List)

MLS# 2256319 - Hillsborough, NJ
Previous Price $336,000
Current Price $289,000 (Price Reduced! 14%)

MLS# 2259042 - Independence, NJ
Previous Price $329,000
Current Price $284,500 (Price Reduced! 13.5%)

MLS# 2244250 - Millburn, NJ
Previous Price $2,299,000
Current Price $1,999,000 (Price Reduced! 13%)

MLS# 2040082 - Montville, NJ
Previous Price $799,000
Current Price $699,000 (Price Reduced! 12.5%)

MLS# 2247285 - Upper Saddle River, NJ
Previous Price $1,475,000
Current Price $1,299,000 (Price Reduced! 11.9%)

MLS# 2071704 - Watchung, NJ
Original List Price $3,800,000
Previous Price $3,400,000
Current Price $3,000,000 (Price Reduced! 11.8%, 21.1% off Original List)

MLS# 2254814 - North Caldwell, NJ
Previous Price $2,250,000
Current Price $1,995,000 (Price Reduced! 11.3%)

MLS# 2224715 - Bloomfield, NJ
Previous Price $479,000
Current Price $429,000 (Price Reduced! 10.3%)

MLS# 2225732 - Nutley, NJ
Original List Price $529,000
Previous Price $495,000
Current Price $445,000 (Price Reduced! 10.1%, 15.9% off Original List)

MLS# 2234405 - Sparta, NJ
Previous Price $2,990,000
Current Price $2,690,000 (Price Reduced! 10%)

The Short List this week will highlight the largest dollar reductions (not included above)
Town/Prev. Price/Curr. Price - $ Reduction
Westfield/$2,600,000/$2,399,900 - $200,100
Summit/$2,100,000/$1,900,000 - $200,000
Millburn/$2,295,000/$2,095,000 - $200,000
Mtn. Lakes/$2,950,000/$2,750,000 - $200,000
Millburn/$3,950,000/$3,750,000 - $200,000
Bernardsville/$2,595,000/$2,430,000 - $165,000
Essex Fells/$3,149,000/$2,995,000 - $154,000
Kinnelon/$1,649,999/$1,499,000 - $150,999
Kinnelon/$1,740,000/$1,599,000 - $141,000
Mendham/$1,835,000/$1,700,000 - $135,000
Watchung/$759,900/$629,900 - $130,000
Montville/$1,625,000/$1,499,999 - $125,001
Morris Twp/$2,495,000/$2,375,000 - $120,000

Caveat Emptor!
Grim

11 Comments:

Anonymous Anonymous said...

Housing Bust In progress.

Denial very slowly turning to panic.

Cash and little debt is king.

Boooooyaaaaaah!

Bob

4/09/2006 10:30:00 AM  
Blogger pesche22 said...

much denial still in play,, also
attitude of realtors

4/09/2006 10:55:00 AM  
Anonymous Anonymous said...

MAKE SURE YOU ARE COMPENSATED WITH MUCH LOWER PRICES WHEN YOU BUY A HOUSE. MANY PRUDENT FOLKS HAVE ENDURED MUCHO BS FROM GREEDY REALTORS AND RE PARTICIPANTS.

IT'S PAYBACK TIME SOON!

MAKE SURE YOU ARE COMPENSATED FOR YOUR TIME AND PATIENCE!

WHEN THE TIME OF CAPITULATION HITS (LARGE PRICE DROPS) GO FOR THE THROAT. DEMAND HUGE CONCESSION FOR CRAPPY HOUSES. STICK IT TO'EM!

4/09/2006 11:06:00 AM  
Anonymous UnRealtor said...

Boycott Open Houses!

4/09/2006 11:19:00 AM  
Anonymous UnRealtor said...

Saw lots of open houses today, did not set foot in a single one!

4/09/2006 06:33:00 PM  
Anonymous Anonymous said...

If you are putting an offer for NNJ property, make sure you cut the asking price by at least 60%. Don't make a fool of yourself by accepting the so called "asking price". That is number sellers make when they are drunk or pretend to be drunk.

4/09/2006 09:24:00 PM  
Anonymous Anonymous said...

Coastal housing markets still way overvalued

http://money.cnn.com/2006/04/07/real_estate/overvalued_housing_market_Q4/index.htm

4/09/2006 10:00:00 PM  
Anonymous Anonymous said...

Coastal housing markets still way overvalued

http://money.cnn.com/2006/04/07/real_estate/overvalued_housing_market_Q4/index.htm

4/09/2006 10:00:00 PM  
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4/18/2006 11:40:00 PM  
Anonymous Anonymous said...

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4/23/2006 11:53:00 PM  

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