Price Reduced 6/23 - 7/15
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.
Sine the bulk of the large reductions seem to have been to higher priced properties this week, I'm devoting this week's list to high-end properties and towns. On to the list!
MLS# 2269098 - Millburn, NJ
Previous Price $1,199,000
List Price $849,000 (Price Reduced 29.2%)
MLS# 2285070 - Montclair, NJ
Previous Price $1,349,990
List Pirce $995,000 (Price Reduced 26.3%)
MLS# 2255200 - Delaware Twp, NJ
Original List Price $1,125,000
Previous Price $999,990
List Price $749,900 (Price Reduced 25%, 33.3% off OLP)
MLS# 2285057 - Montclair, NJ
Previous Price $1,299,990
List Price $995,000 (Price Reduced 23.5%)
MLS# 2272553 - West Orange, NJ
Previous Price $759,000
List Price $599,900 (Price Reduced 21%)
MLS# 2290250 - Summit, NJ
Previous Price $1,250,000
List Price $997,500 (Price Reduced 20.2%)
MLS# 2241462 - West Orange, NJ
Previous Price $1,250,000
List Price $999,900 (Price Reduced 20%)
MLS# 2260657 - Franklin Lakes, NJ
Original List Price $1,299,900
Previous Price $1,249,000
List Price $999,999 (Price Reduced 19.9%, 23.1% off OLP)
MLS# 2236725 - Fredon, NJ
Previous Price $1,100,000
List Price $890,000 (Price Reduced 19.1%)
MLS# 2254535 - Ridgewood, NJ
Previous Price $849,000
List Price $699,000 (Price Reduced 17.7%)
MLS# 2237983 - Lake Mohawk, NJ
Previous Price $850,000
List Price $699,900 (Price Reduced 17.7%)
MLS# 2258527 - Harding, NJ
Original List Price $1,460,000
Previous Price $1,275,000
List Price $1,050,000 (Price Reduced 17.6%, 28.1% off OLP)
MLS# 2255569 - Kingwood, NJ
Previous Price $2,895,000
List Price $2,400,000 (Price Reduced 17.1%)
MLS# 2294804 - New Providence, NJ
Previous Price $587,500
List Price $487,500 (Price Reduced 17%)
MLS# 2261570 - Verona, NJ
Previous Price $1,200,000
List Price $999,999 (Price Reduced 16.7%)
MLS# 2268840 - Clifton, NJ
Previous Price $679,900
List Price $569,900 (Price Reduced 16.2%)
MLS# 2246435 - Bernardsville, NJ
Original List Price $1,650,000
Previous Price $1,490,000
List Price $1,250,000 (Price Reduced 16.1%, 24.2% off OLP)
MLS# 2202280 - Weehawken, NJ
Original List Price $3,325,000
Previous Price $2,975,000
List Price $2,498,000 (Price Reduced 16%, 24.9% off OLP)
MLS# 2272959 - Bedminster, NJ
Previous Price $2,395,000
List Price $2,025,000 (Price Reduced 15.4%)
MLS# 2271975 - Kinnelon, NJ
Previous Price $1,750,000
List Price $1,499,999 (Price Reduced 14.3%)
MLS# 2235696 - Washington Twp, NJ
Previous Price $849,000
List Price $729,000 (Price Reduced 14.1%)
MLS# 2276910 - Westfield, NJ
Original List Price $1,250,000
Previous Price $1,160,000
List Price $999,900 (Price Reduced 13.8%, 20% off OLP)
MLS# 2254357 - Watchung, NJ
Previous Price $899,000
List Price $775,000 (Price Reduced 13.8%)
MLS# 2110877 - Harding, NJ
Previous Price $7,900,000
List Price $6,900,000
MLS# 2281454 - Bernardsville, NJ
Previous Price $10,700,000
List Price $9,395,000 (Price Reduced 12.2%)
MLS# 2267390 - Summit, NJ
Previous Price $1,695,000
List Price $1,495,000 (Price Reduced 11.8%)
MLS# 2269817 - Franklin Lakes, NJ
Previous Price $1,449,000
List Price $1,279,000 (Price Reduced 11.7%)
I'm going to give up at this point, I could go on for pages and pages. The list was incredible this time.
6/23 - 7/15
Total Price Reductions: ~4400
Average Price Reduction: 4.3%
Total Dollar Reduction: $105,086,522
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.
Sine the bulk of the large reductions seem to have been to higher priced properties this week, I'm devoting this week's list to high-end properties and towns. On to the list!
MLS# 2269098 - Millburn, NJ
Previous Price $1,199,000
List Price $849,000 (Price Reduced 29.2%)
MLS# 2285070 - Montclair, NJ
Previous Price $1,349,990
List Pirce $995,000 (Price Reduced 26.3%)
MLS# 2255200 - Delaware Twp, NJ
Original List Price $1,125,000
Previous Price $999,990
List Price $749,900 (Price Reduced 25%, 33.3% off OLP)
MLS# 2285057 - Montclair, NJ
Previous Price $1,299,990
List Price $995,000 (Price Reduced 23.5%)
MLS# 2272553 - West Orange, NJ
Previous Price $759,000
List Price $599,900 (Price Reduced 21%)
MLS# 2290250 - Summit, NJ
Previous Price $1,250,000
List Price $997,500 (Price Reduced 20.2%)
MLS# 2241462 - West Orange, NJ
Previous Price $1,250,000
List Price $999,900 (Price Reduced 20%)
MLS# 2260657 - Franklin Lakes, NJ
Original List Price $1,299,900
Previous Price $1,249,000
List Price $999,999 (Price Reduced 19.9%, 23.1% off OLP)
MLS# 2236725 - Fredon, NJ
Previous Price $1,100,000
List Price $890,000 (Price Reduced 19.1%)
MLS# 2254535 - Ridgewood, NJ
Previous Price $849,000
List Price $699,000 (Price Reduced 17.7%)
MLS# 2237983 - Lake Mohawk, NJ
Previous Price $850,000
List Price $699,900 (Price Reduced 17.7%)
MLS# 2258527 - Harding, NJ
Original List Price $1,460,000
Previous Price $1,275,000
List Price $1,050,000 (Price Reduced 17.6%, 28.1% off OLP)
MLS# 2255569 - Kingwood, NJ
Previous Price $2,895,000
List Price $2,400,000 (Price Reduced 17.1%)
MLS# 2294804 - New Providence, NJ
Previous Price $587,500
List Price $487,500 (Price Reduced 17%)
MLS# 2261570 - Verona, NJ
Previous Price $1,200,000
List Price $999,999 (Price Reduced 16.7%)
MLS# 2268840 - Clifton, NJ
Previous Price $679,900
List Price $569,900 (Price Reduced 16.2%)
MLS# 2246435 - Bernardsville, NJ
Original List Price $1,650,000
Previous Price $1,490,000
List Price $1,250,000 (Price Reduced 16.1%, 24.2% off OLP)
MLS# 2202280 - Weehawken, NJ
Original List Price $3,325,000
Previous Price $2,975,000
List Price $2,498,000 (Price Reduced 16%, 24.9% off OLP)
MLS# 2272959 - Bedminster, NJ
Previous Price $2,395,000
List Price $2,025,000 (Price Reduced 15.4%)
MLS# 2271975 - Kinnelon, NJ
Previous Price $1,750,000
List Price $1,499,999 (Price Reduced 14.3%)
MLS# 2235696 - Washington Twp, NJ
Previous Price $849,000
List Price $729,000 (Price Reduced 14.1%)
MLS# 2276910 - Westfield, NJ
Original List Price $1,250,000
Previous Price $1,160,000
List Price $999,900 (Price Reduced 13.8%, 20% off OLP)
MLS# 2254357 - Watchung, NJ
Previous Price $899,000
List Price $775,000 (Price Reduced 13.8%)
MLS# 2110877 - Harding, NJ
Previous Price $7,900,000
List Price $6,900,000
MLS# 2281454 - Bernardsville, NJ
Previous Price $10,700,000
List Price $9,395,000 (Price Reduced 12.2%)
MLS# 2267390 - Summit, NJ
Previous Price $1,695,000
List Price $1,495,000 (Price Reduced 11.8%)
MLS# 2269817 - Franklin Lakes, NJ
Previous Price $1,449,000
List Price $1,279,000 (Price Reduced 11.7%)
I'm going to give up at this point, I could go on for pages and pages. The list was incredible this time.
6/23 - 7/15
Total Price Reductions: ~4400
Average Price Reduction: 4.3%
Total Dollar Reduction: $105,086,522
Caveat Emptor!
Grim
25 Comments:
Prices are still rather rich. Very nice work.
I noticed rather substantial price drop in central new jersey in the past few weeks, such as 1.1M dropped to 990K on nicer properties too.
I feel that sellers who are trying to sell started to face the real market.
Good work Grim.
I was surprized by this one the most:
MLS# 2254535 - Ridgewood, NJ
Previous Price $849,000
List Price $699,000 (Price Reduced 17.7%)
I know Ridgewood pretty well. I know a guy, good pal, who owns a sushi joint down there (and he is a god damn Korean, figure that one out?..he he..)
SAS
Richard, that is O.K. if all houses were required to be sold by auction to the highest bidder [or on Ebay], if someone chose to sell. No false sales.
But folks are allowed to just test the water - dabble- just to see what bites. That's what has to get filtered off of grim's list before the true reductions are known.
I see ya fellas points about the asking price.
But keep in mind, this was unheard of last summer. Houses like this were in fact being bid up (not down).
I think Grim's main point is that he is showing us that the times are a changing. The market psychology is changing. Yes, these are still third grade tricks, but last summer things were selling like hotcakes, the RE agents need not such tricks.
There is a shift in market.
SAS
grim
can we see reductions in the $500,000 and below level?
thanks
A neat thing to look at is TaxRecords.com, to see what sellers paid 1-2 years ago. Many hoped for a quick turnaround, to cash in on a year of wild property appreciation, but now they're underwater, and their adjustable rate mortage is adjusting upwards, as the value of their house is adjusting downwards.
unrealtor said
a neat thing to look at is TaxRecords.com, to see what sellers paid 1-2 years ago. Many hoped for a quick turnaround, to cash in on a year of wild property appreciation, but now they're underwater, and their adjustable rate mortage is adjusting upwards, as the value of their house is adjusting downwards.
ive noticed that myself in the area im looking. some listings are just above the realtors commission and closing costs, leaving no room for reductions. the sad thing is i watched a house on the market for a year sell (uc)waiting to see sale price
i recently saw a house like this. was bought in 7/04 for $549k now asking $589k which is 7.2% more than original purchase price. that would cover RE commissions and closing costs somewhere else, or maybe their risky loan is resetting and they need out. unfortunately for them this property won't sell for $589k, no way no how. i can see a greater fool coming in and giving $560k at the most so they might come close to breaking even IF they paid off some of that principal.
what this shows (and we'll see more of) is houses bought 2 years ago and less on the sales block won't fetch what they paid for it, more so if you paid too much during the frenzy just to 'get in'
These are NOT LOW PRICES!
When soemthing goes parabolic upwards a significant correction is in order to adjust to fundamentals.
lots and lots of people getting squeeeeeezzzzzed now with escalating Prop taxes , utility expenses and re-adjusting mtg ARMs, adjusting HELOCs and credit cards.
Something has to give and it ain't utility bills or property taxes.
Assets that are inflated will DELATE. Bad news Bubbleheads.
Babababababa
Bob
A MAJOR DOWNSIZING IS COMING!
Are you stretched and own a McMansion you can't afford?
Bad news.
Watch all the finger pointing when this cooooolllapse is in full force.
The House of Ponzi is ready to Coooooollaspe!
An economy built on escalating debt is not strong, a disaster in the making. The FOOLS that had the urge to get sucked in by the slick realtors will be underwater next year. Then what?
Papapapapapa
PANIC!
Bob
About 30% of car loans are underwater; meaning that the avg car loan being rolled into the new car loan averages about $3,600.
$3,600 in the whole already not including the new car loan.
This is going to be a dooooooozy.
Babababababa
BOOOOOOOOOOOYcoot Houses!
Cacacacacaca Cash is King.
Patience.
Patience sacrifice and rational behavior should be rewarded in the end. Make sure you are compensated for that sacrifice and time! Do NOT be a FOOL and sign up for monthly slavery. THINK for yourself!
Bababababa
Bob
See foreclosures hitting up in some the Snoot raised towns. wow even the so called blue bloods going under.
It's only the beginning. The show and tell society ready for a lesson.
Babababbababababa
BOOOOOOOOOOOOOOOycott Ripoff Houses!
Bob
Spoke to a friend. Sees some ackwards things happening with neighbors. Upper class neighborhood.
The pool lights were on, but the windows in the house were open. HAHHAHAHA!
No air conditioning on but pool lights on.
I am impressed! NOT!
Show and tell society about to cooooolllapse.
Babababababa
Bob
Bob's right. Its over.
Some of thes price reductions
are overwhelming. What can we
conclude from these results?
And it seems to me that many
houses are still way overpriced.
grim
can we see reductions in the $500,000 and below level?
thanks
I second that request! Any hope for us poor bastards at the $400K - $500K range?
Ms. Poor
How $250k or $300k?
This is alot of money!
But everyone appears to beloaded.
Anon. said
"I second that request! Any hope for us poor bastards at the $400K - $500K range?"
just to let you know this poor bastard doesnt want to spend more then $300,000 i must be nuts this is nj in a hoyty toyty area to boot
Rich52
Thanks for sharing 617759...boy it really made my day. I never saw anything like this before. The RE agent is going along with the BS.
It is simply pathetic.
What do you think about a house like 617759? I will be ready to buy in a year or so and that area seems to be pretty nice. The thing I have been noticing is that there are alot of houses in these cookie cutter developments (Toll, etc) that are now for sale.
Look at GSMLS listings for Warren county, many houses built 2001 and after are now for sale, with many of them being from developments like these.
I guess these are the people that are having issues with their ARMs and other debts. What do you think the chances are for a house like 617759 coming down to the 500 to 550 k range?
Hi,
Extremely informative blog congrats on the Good work.
As you know Mr.Trump n others are planing on huge building projects in JC
what you think of the below?
MLS ID#: 60003109 $569,000
MLS ID#: 60002120 $600K
These are the highest prices I have ever seen ..Do you think prices have a sot @ coming down? if so by what percetile?
Poor person wanting a home!!
Without taking an ARM head on
Prettyria
Rich52 said...
Nice to see bob back. Where have u been?
Thanks Rich52.
I will be away again soon so had to make up for my absence.
Things are getting ugly in housing land. Don't let a slick talking realtor tell you otherwise.
NO BIDS NO NOOOTTT"""ING!
Bbabababa
Bob
Hello Everyone,
Does anybody know if prices in Jersey city Heights section..Downtown asking a million plus thanks to people like Trump. Are home prices going to ever come down?
A year back - may 2005 the home I wanted was priced @ 520k now they are asking 700k for brand new construction ???
weird I have to shelve $5000/month on housing alone?
What about shots for my kid?
Medical , life insurance food or increased utility expenses?
these homes in 2000 would sell for $200k now they are asking $700k
Please help/advise
I think centex and others ike Trump are overbuilding the area Jersey city so there might be a huge drop in prices
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