Sunday, June 11, 2006

Lowball! 5/24 - 6/11

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.

The list is straight off the top this week:

MLS# 2210660 - Roxbury Twp. (Victrian)
Original List Price: $199,000
List Price: $180,000
Sales Price: $94,000 (47.8% Loaball, 52.8% off OLP)

MLS# 2101635 - Newark City (Colonial)
Original List Price: $699,900
List Price: $599,999
Sales Price: $350,000 (41.7% Lowball, 50% off OLP)

MLS# 2254058 - Hillside Twp. (CapeCod)
List Price: $269,900
Sales Price: $185,000 (31.5% Lowball)

MLS# 2248565 - Clifton City (HalfDupl)
Original List Price: $299,000
List Price: $269,000
Sales Price: $190,000 (29.4% Lowball, 36.5% off OLP)

MLS# 2041025 - Nutley Twp. (TwnIntUn)
List Price: $499,900
Sales Price: $360,000 (28% Lowball)

MLS# 2245054 - Linden City (CapeCod)
Original List Price: $319,000
List Price: $279,901
Sales Price: $205,000 (26.8% Lowball, 35.7% off OLP)

MLS# 2112093 - Pohatcong Twp. (Colonial)
List Price: $99,999
Sales Price: $75,000 (25% Lowball)

MLS# 2262368 - Denville Twp. (RanchExp)
List Price: $459,900
Sales Price: $345,000 (25% Lowball)

MLS# 2268442 - Pompton Lakes Boro (HalfDupl)
List Price: $264,000
Sales Price: $200,000 (24.2% Lowball)

MLS# 2265508 - Jefferson Twp. (Bungalow)
List Price: $169,900
Sales Price: $130,000 (23.5% Lowball)

MLS# 2252043 - Jefferson Twp. (Ranch)
List Price: $299,000
Sales Price: $232,500 (22.2% Lowball)

MLS# 2255209 - Raritan Boro (Colonial)
List Price: $257,900
Sales Price: $205,000 (20.5% Lowball)

MLS# 2085529 - North Caldwell Boro (Contemp)
Original List Price: $2,740,000
List Price: $2,499,000
Sales Price: $2,000,000 (20% Lowball, 27% off OLP)

MLS# 2256768 - Sandyston Twp. (LogCabin)
List Price: $135,000
Sales Price: $110,000 (18.5% Lowball)

MLS# 2260721 - Roselle Boro (Colonial)
List Price: $219,900
Sales Price: $180,000 (18.1% Lowball)

MLS# 2234416 - Montclair Twp. (Victrian)
List Price: $1,200,000
Sales Price: $999,000 (16.8% Lowball)

MLS# 2228633 - Clark Twp. (CapeCod)
List Price: $404,900
Sales Price: $340,000 (16% Lowball)

MLS# 2237267 - Belleville Twp. (Colonial)
List Price: $299,999
Sales Price: $252,000 (16% Lowball)

MLS# 2103267 - Andover Twp. (Colonial)
List Price: $589,000
Sales Price: $500,000 (15.1% Lowball)

MLS# 2262395 - Roxbury Twp. (CapeCod)
List Price: $374,900
Sales Price: $320,000 (14.6% Lowball)

MLS# 2230169 - Parsippany-Troy Hills Twp. (RanchRas)
List Price: $334,999
Sales Price: $290,000 (13.4% Lowball)

MLS# 2220948 - Parsippany-Troy Hills Twp. (Bungalow)
List Price: $339,900
Sales Price: $294,500 (13.4% Lowball)

MLS# 2234948 - Lake Mohawk Sparta (Colonial)
List Price: $1,148,000
Sales Price: $995,000 (13.3% Lowball)

MLS# 2206145 - Morristown Town (Colonial)
Original List Price: $1,300,000
List Price: $1,149,900
Sales Price: $999,900 (13% Lowball, 23.1% off OLP)

MLS# 2110458 - Wantage Twp. (RanchExp)
Original List Price: $389,500
List Price: $379,500
Sales Price: $330,000 (13% Lowball, 15.3% off OLP)

MLS# 2250663 - Raritan Twp. (Ranch)
List Price: $250,000
Sales Price: $217,500 (13% Lowball)

MLS# 2200943 - Far Hills Boro (CapeCod)
List Price: $1,750,000
Sales Price: $1,525,000 (12.9% Lowball)

MLS# 2266126 - Rutherford Boro (FirstFlr)
List Price: $149,000
Sales Price: $130,000 (12.8% Lowball)

MLS# 2242664 - Bernardsville Boro (Custom)
List Price: $1,525,000
Sales Price: $1,332,000 (12.7% Lowball)

MLS# 2082010 - North Brunswick Twp. (Colonial)
List Price: $599,700
Sales Price: $525,000 (12.5% Lowball)

MLS# 2043004 - Far Hills Boro (Custom)
Original List Price: $3,500,000
List Price: $2,995,000
Sales Price: $2,645,000 (11.7% Lowball, 15.3% off OLP)

MLS# 2092121 - Saddle River Boro (Colonial)
Original List Price: $3,100,000
List Price: $2,995,000
Sales Price: $2,650,000 (11.5% Lowball, 15.3% off OLP)

MLS# 2256331 - South Orange Village Twp. (Colonial)
List Price: $699,000
Sales Price: $620,000 (11.3% Lowball)

MLS# 2258251 - East Hanover Twp. (SplitLev)
Original List Price: $589,900
List Price: $559,900
Sales Price: $500,000 (10.7% Lowball, 15.3% off OLP)

Caveat Emptor!
Grim

21 Comments:

Blogger rymingrealtor said...

The nutley townhouse surprised me the most, since it is new construction and there are 4 I beleive I will have to find out if that was the first one to sell. I have seen the location and I thought they were in a terrible spot. Of course it was Dual Agency, of course no one knows who did the pushing on that price, the owner or the agent. Even at that price the owner is still making a killing.
KL

6/11/2006 07:41:00 AM  
Blogger grim said...

KL,

The Nutley property caught my eye as well. I'm not sure which was the first to sell, but the unit next door (2041029) closed at 495k..

grim

6/11/2006 07:50:00 AM  
Blogger InvestorDavid said...

What's the story on that first house? 52% off the price?

Was the owner in the peril of being foreclosed?

6/11/2006 08:29:00 AM  
Blogger Metroplexual said...

Wantage has water problems, very bad well production. Steer clear of that town. The last drought in 2002 everyone had BO up there. But on the other hand Lou Dobbs lives there.

6/11/2006 08:37:00 AM  
Anonymous Anonymous said...

GRIND!

LowBalls!

NOT!

Just insane prices lowered to rdiculous prices.

Much more pain to go.
Want to be qn underwater bagholder? Then buy now.

Bababababba

Booooooooooooycott

Bob

6/11/2006 08:54:00 AM  
Anonymous Anonymous said...

PAPAPAPAPAPPAA

Panic!!!!!!!!!

watch the greedy money grubbing sellers and starving realtors start feuding amongst themselves as sales dry up and prices tank!

BABABABBABABABA

BOOOOOOOOOOOOYcott Houses!

Bob

6/11/2006 11:22:00 AM  
Anonymous Anonymous said...

Grim,

I saw your comment on another blog re: posted slowdowns in NJ and traced you here through you link, then I saw Lowball!

Wow! I live in SJ (Burlington county) and I am wondering how I can get my hands on info like this for my area. I am not a professional just a buyer on the sidelines for a while. This looks like fantastic information to help decide when to get in. I think I have already avoided the very top of the market here, but don't want to be left holding the bag...thanks.

6/11/2006 11:44:00 AM  
Anonymous Anonymous said...

Grim, are the listed nutley townhouses, the new ones located on Franklin Avenue by shoprite? (where they tore down an old house and built 5 of these townhouses?)

6/11/2006 12:09:00 PM  
Blogger rymingrealtor said...

Grim

My research, leads me to believe w/o actually asking realtor is,
same buyer bought both 694 & 696 both closed on 06/20/06 both with same realtor, don't know why they just didnt split the diffrence in price to make comps look better but what leads me to believe this is all other units sold for 499, the whole complex, these were the last 2 and I think it was a deal for someone who bought both. Thats 430 each
KL

6/11/2006 04:25:00 PM  
Blogger rymingrealtor said...

Grim,

My last post was a little misleading should have said ... all other units sold for 499 or higher.

Sorry
KL

6/11/2006 04:41:00 PM  
Anonymous UnRealtor said...

Inventory climbing and climbing:


"Currently, there are 30,687 properties advertised for sale in NJ on our site. For Residential Properties that are Multiple Listed with Garden State, 99% are available to be searched on this site."

http://www.gsmls.com/

6/11/2006 05:52:00 PM  
Anonymous UnRealtor said...

RhymingRealtor, are things as dead as they seem?

It seems like no deals are happening -- none.

Even houses that are "priced right" are sitting and sitting.

6/11/2006 05:58:00 PM  
Blogger William said...

See http://westchesterny.blogspot.com

6/11/2006 08:48:00 PM  
Blogger rymingrealtor said...

{{{{Even houses that are "priced right" are sitting and sitting. }}}

Condos are still selling ( lower priced ) havent seen any price right anything!

KL

6/11/2006 09:59:00 PM  
Anonymous Anonymous said...

Thanks KL

Bababbababa

Bob

6/12/2006 06:52:00 AM  
Anonymous Lee S. said...

For those who don't believe realtors are just looking for their commission:

Posted from:
http://www.realestatejournal.com/columnists/housetalk/20060609-fletcher.html

Question: I am a first-time home buyer. The listing sheet and financing documents for the home said it was in Erlanger, Ky. But at closing, I found out that the house is actually in Elsmere, Ky., the neighboring city. I now own this house, but don't want to live in Elsmere. What can I do at this point?

-- John Dimitriadis, Elsmere, Ky.

6/12/2006 10:29:00 AM  
Anonymous Anonymous said...

Now the Lowball List is getting BIGGER and BIGGER !!

Way to go Bo-Bo-Bo-Bob !!

6/12/2006 11:43:00 AM  
Anonymous Anonymous said...

Any know anything about this development in Maplewood,NJ.

Maplewood Commons off of Springfield Avenue in Maplewood,NJ.

6/17/2006 03:01:00 PM  
Anonymous Anonymous said...

. Never Stay In Your House With House Hunters: Let the agent handle it, and remove yourself if possible. Remember that the Realtor´┐Ż has worked many hours with these people, and knows what they're looking for, and how to work with them. Let the Realtor´┐Ż do the job without interference.You may feel that an agent isn't showing the important features of your home to the prospect, but the agent knows people aren't sold by details until they've become emotionally involved with the "big picture" of your home. The presence of any member of the seller's family can't help. It always unnerves possible buyers. It often prevents a sale.
Go here for more ideas.

6/23/2006 03:46:00 PM  
Anonymous Anonymous said...

Anyone know anything about Springfield Commons, a new condo complex, in Maplewood.

I'm hearing that redevelopment is good. Is that a nice way of saying we are knocking down old buildings.

6/23/2006 05:00:00 PM  
Anonymous Anonymous said...

Does anyone have any comments about the condo market? I've noticed that many developers are starting to invest in the condo markets more also?

One large complex is being built across from Giants Stadium. I believe it's called Equinox. Huges building with many condos.

7/12/2006 09:18:00 AM  

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