Friday, May 12, 2006

Lowball! 5/2 - 5/12

Lowball! takes a look at home sales over the past week from a very different perspective. For those new to Lowball!, a lowball offer is when a buyer offers a significantly lower bid than asking in hopes that the seller accepts the offer. We take a list of home sales over the past week and pick out the sales that have the highest percentage difference between asking price and selling price.

The purpose of Lowball! is to show buyers that the market has changed and buyers now have considerably more leverage than sellers. Just a short time ago, Lowball! offers would have been laughed at and discarded, however, not any more. The fact that so many under-asking offers are being accepted is clear proof that the market is changing.The list does not contain all sales, I hand-pick the most interesting sales from the list. These listings might be the highest dollar drops, biggest percentage reductions, or sales in towns that are thought to still be 'hot'. Please note, even with double digit percentage reductions, these homes are still incredibly overpriced.

Changed the format a bit this week to break the data up into useful price ranges.

$1M and Up

MLS# 2102176 - Franklin Lakes, NJ
Original List Price $1,499,000
List Price $1,350,000
Sales Price $1,175,000 (13% Lowball, 21.6% off Original List)

MLS# 2202458 - Upper Saddle River, NJ
List Price $1,299,000
Sales Price $1,140,000 (12.2% Lowball)

MLS# 2095346 - Chatham, NJ
Original List Price $1,695,000
List Price $1,595,000
Sales Price $1,400,000 (12.2% Lowball, 17.4% off Original List)

MLS# 2213151 - Essex Fells, NJ
Original List Price $1,499,000
List Price $1,350,000
Sales Price $1,195,000 (11.5% Lowball, 20.3% off Original List)

MLS# 2242020 - Westfield, NJ
List Price $1,200,000
Sales Price $1,075,000 (10.4% Lowball)

MLS# 2091270 - Essex Fells, NJ
Original List Price $1,950,000
List Price $1,840,000
Sales Price $1,660,000 (9.8% Lowball, 14.9% off Original List)

$750k - $1m

MLS# 2236912 - Sparta, NJ
List Price $1,149,900
Sales Price $996,000 (13.4% Lowball)

MLS# 2254695 - Montville, NJ
Original List Price $1,090,000
List Price $980,000
Sales Price $875,000 (10.7% Lowball, 19.7% off Original List)

MLS# 2246496 - Westfield, NJ
List Price $837,500
Sales Price $750,000 (10.4% Lowball)

MLS# 2258440 - West Orange, NJ
List Price $1,100,000
Sales Price $990,000 (10.0% Lowball)

MLS# 2065205 - Boonton, NJ
Original List Price $1,500,000
List Price $999,000
Sales Price $930,000 (6.9% Lowball, 38% off Original List)

$500k - $750k

MLS# 2107061 - Clark, NJ
List Price $729,900
Sales Price $662,500 (9.2% Lowball)

MLS# 2235618 - West Paterson, NJ
List Price $649,000
Sales Price $590,000 (9.1% Lowball)

MLS# 2243747 - Florham Park, NJ
Original List Price $699,900
List Price $670,000
Sales Price $615,000 (8.2% Lowball, 12.1% off Original List)

MLS# 2236567 - Rutherford, NJ
List Price $675,000
Sales Price $620,000 (8.1% Lowball)

MLS# 2234467 - Westfield, NJ
List Price $579,785
Sales Price $535,000 (7.8% Lowball)

MLS# 2235154 - Weehawken, NJ
List Price $585,000
Sales Price $535,000 (6.8% Lowball)

$250k - $500k

MLS# 2208103 - Newark, NJ
Original List Price $349,900
List Price $309,900
Sales Price $255,000 (17.7% Lowball, 27.1% off Original List)

MLS# 2261406 - Clifton, NJ
List Price $499,900
Sales Price $420,000 (16% Lowball)

MLS# 2232460 - Cranford, NJ
Original List Price $424,900
List Price $399,000
Sales Price $350,000 (12.3% Lowball, 17.6% off Original List)

MLS# 2205845 - Montclair, NJ
List Price $499,900
Sales Price $445,000 (11% Lowball)

MLS# 2105816 - Passaic, NJ
Original List Price $569,000
List Price $515,000
Sales Price $462,000 (10.3% Lowball, 18.8% off Original List)

MLS# 2206749 - Wayne, NJ
Original List Price $464,900
List Price $449,900
Sales Price $405,000 (10% Lowball, 12.9% off Original List)

$250k and Under

MLS# 2250016 - Hopatcong, NJ
List Price $175,000
Sales Price $120,000 (31.4% Lowball)

MLS# 2256965 - Wayne, NJ
List Price $229,000
Sales Price $180,000

MLS# 2101449 - Frankford, NJ
Original List Price $329,000
List Price $279,900
Sales Price $230,000 (17.8% Lowball, 30.1% off Original List)

MLS# 2230084 - Hampton, NJ
Original List Price $229,900
List Price $219,000
Sales Price $185,000 (15.5% Lowball, 19.5% off Original List)

MLS# 2200574 - Liberty, NJ
Original List Price $149,900
List Price $144,900
Sales Price $125,000 (13.7% Lowball, 16.6% off Original List)

MLS# 2241167 - Phillipsburg, NJ
List Price $183,000
Sales Price $160,000 (12.6% Lowball)

Caveat Emptor!
Grim

12 Comments:

Blogger Metroplexual said...

grim,

Again thanks for the NW towns.

5/12/2006 03:18:00 PM  
Blogger grim said...

Any time..

5/12/2006 03:31:00 PM  
Anonymous Anonymous said...

Thanks, grim.

Lowballs and price reduces are my favorite.

No panic yet. When it really starts, a 20% lowball will not make it to the list.

5/12/2006 03:47:00 PM  
Blogger rymingrealtor said...

This list is a little disapointing when looking for some indication of a market change, when I check these out, the prices that were paid are still way too much!
KL

5/12/2006 07:48:00 PM  
Anonymous Anonymous said...

In order to recognize possible price drops in list price itself, can we have the highest and lowest prices any house on that street got sold for in the last 6 years?

I was able get the below information on a house whose street address was mentioned on YHD.COM. Not all houses on the street are the same (my example is for a set of similar townhouses) but similar logic was used to justify prices last year.

Due to my non-member status, I don't see street names on MLS listings but the two below had the community name.

>>>>
Piscataway

Hidden Woods -

For Sale :
MLS ID#: (613681,616415) for $319K

Best sale at hidden woods
420K in Sep 2005 (from tax records)

worst sale -
110K in 2000

5/13/2006 07:18:00 AM  
Anonymous Anonymous said...

http://www.forsalebyowner.com/
Asking price $679K
Listing ID is 20612776

looking for 20+ percent year over year price and of course the asking price is firm.

#8 Breeze drive was bought for 550K in March 2005.

5/13/2006 08:29:00 AM  
Anonymous Anonymous said...

would like a link or pic for

MLS# 2234467 - Westfield, NJ
List Price $579,785
Sales Price $535,000 (7.8% Lowball)

could anyone help out?

5/13/2006 06:05:00 PM  
Anonymous UnRealtor said...

MLS# 2234467
604 Leigh Dr, Westfield, NJ

http://tinyurl.com/ztdge

5/13/2006 06:43:00 PM  
Anonymous Anonymous said...

I've been out of the mix for awhile, but this lowball made me smile. Me and the gf (fiancee soon?) are targeting 500k places in northern NJ, and we were hoping to get one for 400k in about 6 months.

On the flip side, I've got a place in Fla with a lot of equity in it, but I have to sell around nov/dec (moving for job) and i feel like a bunch of that equity will evaporate. oh well.

5/13/2006 07:32:00 PM  
Anonymous Anonymous said...

How do I search the MLS numbers for the house in Rutherford and Weehawken??

5/13/2006 11:54:00 PM  
Anonymous Anonymous said...

Unrealtor, Thanks for the link for the westfield house. BTW, could you share your secret on how you had a pic or was this a house you were looking at?

5/14/2006 03:53:00 PM  
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5/18/2006 04:38:00 PM  

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