Saturday, August 26, 2006

Price Reduced! 8/18 - 8/25

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 me, 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!


Bergen
MLSTownOriginal ListList PriceReduced
2287392Fort Lee$110,000$95,00013.6%
2262962Ridgewood$799,900$699,00012.6%
2285801Franklin Lakes$1,995,000$1,749,00012.3%
2289938Mahwah$1,699,000$1,499,99911.7%
2266632Glen Rock$649,000$579,00010.8%
2267028Waldwick$479,900$429,90010.4%
2075642Franklin Lakes$3,789,000$3,399,00010.3%
2273832Fair Lawn$489,000$439,00010.2%
2208225Wood-Ridge$489,000$439,00010.2%
2253634Teaneck$389,000$349,90010.1%
Essex
MLSTownOriginal ListList PriceReduced
2273549West Orange$149,000$89,90039.70%
2253911North Caldwell$1,750,000$1,199,00031.50%
2268122West Orange$699,000$499,00028.60%
2285068Livingston$1,275,000$999,00021.60%
2286310West Caldwell$719,000$570,00020.70%
2214626Livingston$1,550,000$1,285,00017.10%
2278542Roseland$1,489,900$1,250,00016.10%
2271512Livingston$1,599,000$1,350,00015.60%
2275264West Caldwell$945,000$799,90015.40%
2263349Roseland$789,000$669,00015.20%
2266913Nutley$699,000$599,00014.30%
2262771South Orange$885,000$765,00013.60%
2282469South Orange$749,000$649,90013.20%
2246458West Caldwell$759,000$659,00013.20%
2246469West Caldwell$759,000$659,00013.20%
2262324West Orange$399,900$350,00012.50%
2305276Livingston$535,000$470,00012.10%
2267895Bloomfield$419,000$369,00011.90%
2301094Belleville$169,000$149,00011.80%
2305129Belleville$260,000$230,00011.50%
2255184Bloomfield$434,900$385,00011.50%
2279566Verona$439,000$389,00011.40%
2312376Livingston$899,000$799,00011.10%
2304790Montclair$779,000$699,00010.30%
2285051Belleville$399,900$359,00010.20%
2281359Belleville$345,000$310,00010.10%
2284571Nutley$799,000$719,00010.00%
Passaic
MLSTownOriginal ListList PriceReduced
2261050Passaic City$409,000$329,90019.30%
2279176Wayne$1,400,000$1,149,99917.90%
2267782West Milford$347,500$289,00016.80%
2257195Wayne$279,900$234,90016.10%
2274861North Haledon$549,000$465,00015.30%
2262776West Milford$529,900$449,00015.30%
2249402West Milford$498,888$424,99914.80%
2296845Wayne$699,000$597,00014.60%
2279379West Milford$875,000$749,00014.40%
2112125Wayne$579,900$499,90013.80%
2272445Pompton Lakes$459,900$399,90013.00%
2309009Hawthorne$390,000$340,00012.80%
2241999Clifton City$334,900$295,00011.90%
2270206Wayne$339,000$299,00011.80%
2288240Little Falls$644,500$569,00011.70%
2298614Hawthorne$359,900$319,90011.10%
2292511West Milford$449,900$399,99911.10%
2280889Clifton City*$560,000$499,80010.80%
2292532West Milford$279,000$249,99910.40%
2295162Clifton City$344,700$309,00010.40%
2281765Little Falls$289,900$259,90010.30%
2308996Clifton City*$445,000$399,00010.30%
2293645West Milford$339,900$305,00010.30%
Union
MLSTownOriginal ListList PriceReduced
2273201Union$625,000$499,90020.0%
2266196Springfield$1,225,000$995,00018.8%
2292358Westfield$1,100,000$949,00013.7%
2263912Clark$574,900$499,00013.2%
2248541Scotch Plains$389,900$339,90012.8%
2267736Fanwood$479,000$419,90012.3%
2270272Westfield$649,500$569,50012.3%
2257882Elizabeth City$335,000$295,00011.9%
2279312Scotch Plains$634,900$559,90011.8%
2262295Plainfield City$349,900$309,90011.4%
2262411Clark$569,567$509,00010.6%
2296012Plainfield City$669,000$599,90010.3%
2271550Plainfield City$340,000$305,00010.3%
2289754Hillside$439,000$394,00010.3%
2288259Elizabeth City$299,900$269,90010.0%
Somerset
MLSTownOriginal ListList PriceReduced
2267697Bernards$1,150,000$899,00021.80%
2260908Hillsugh$414,900$344,90016.90%
2300614North Plainfield$599,000$499,00016.70%
2259928Franklin$184,900$155,00016.20%
2263259Hillsugh$272,900$233,00014.60%
2300770Franklin$329,999$282,90014.30%
2293109Warren$459,900$399,90013.00%
2254157Warren$859,900$749,90012.80%
2231213Bernards$315,000$275,00012.70%
2284452Hillsugh$319,900$279,90012.50%
2288392Watchung$1,129,500$989,50012.40%
2266499Franklin$347,500$305,50012.10%
2272155Bernards$1,695,000$1,499,00011.60%
2259382Bound Brook$250,000$222,00011.20%
2287921Franklin$450,000$399,90011.10%
2267202Hillsugh$359,900$319,90011.10%
2287416Bridgewater$364,900$324,90011.00%
2275858Bernards$829,000$739,90010.70%
2258320Franklin$529,900$474,90010.40%
Sussex
2205183Vernon$575,000$424,90026.10%
2269021Lake Mohawk$649,000$499,90023.00%
2289736Franklin$187,900$149,00020.70%
2222349Frankford$375,000$299,00020.30%
2263326Lafayette$1,150,000$950,00017.40%
2269726Vernon$599,900$499,90016.70%
2260291Frankford$499,900$419,00016.20%
2269709Vernon$249,900$210,00016.00%
2206399Fredon$795,000$675,00015.10%
2254925Sparta$1,169,900$997,50014.70%
2258343Frankford$469,000$399,99914.70%
2294450Hopatcong$219,000$189,00013.70%
2275226Byram$439,000$385,00012.30%
2258869Sparta$739,000$650,00012.00%
2285046Newton Town*$339,900$299,80011.80%
2257670Lake Mohawk$699,000$619,90011.30%
2301391Hopatcong$359,000$319,00011.10%
2282839Lake Mohawk$337,000$299,90011.00%
2301654Hardyston$549,000$489,00010.90%
2276313Lake Mohawk$749,000$668,00010.80%
2269465Wantage$369,900$329,90010.80%
2309620Stillwater$469,000$419,00010.70%
2237762Vernon$234,500$209,50010.70%
2279985Lake Mohawk$299,900$269,90010.00%
2279978Sparta$299,900$269,90010.00%
Warren
2289046Knowlton$47,800$39,90016.5%
2276585Phillipsburg Town*$129,900$109,90015.4%
2308912Harmony$169,900$143,90015.3%
2275329Franklin$209,000$178,00014.8%
2309089Harmony$339,900$289,90014.7%
2264867Allamuchy$459,900$393,00014.5%
2266201Pohatcong$320,000$279,90012.5%
2274939Washington$319,900$279,90012.5%
2298200Lopatcong$329,900$289,90012.1%
2274596Oxford$419,000$369,90011.7%
2307086Oxford$279,900$249,90010.7%
2299344Allamuchy$389,900$349,90010.3%



Caveat Emptor!
Grim

16 Comments:

Blogger rymingrealtor said...

Nice new format.

KL

Ooo first comment !

8/25/2006 06:24:00 PM  
Blogger njresident286 said...

loving the new format. you spoil us

8/25/2006 08:19:00 PM  
Anonymous Anonymous said...

Call me naive, but I'm amazed that people are buying at all right now. With prices clearly on the decline and dire warnings in the media almost every day, why would someone pounce on a house just because the price is lowered by $20,000?

Seems crazy to me, but then what do I know.

8/25/2006 09:11:00 PM  
Anonymous Anonymous said...

2309620 in Stillwater was reduced another $10K since this list was compiled.

It's now $409,000 from $469000.

And only on the market for 16 days!

Very "motivated" sellers?

8/25/2006 09:24:00 PM  
Blogger Richard said...

these reductions are nothing. reducing off an already ridiculous asking price is akin to using the same tactics apparel companies use when listing a 'retail' price for clothes and what you pay.

in this area most properties ran up 80-100% in the past 6 years. being happy with a 10-15% dip is IMO penny wise and pound foolish. the prices will come back down more until it's closer to a historical relationship with fundamentals (e.g. wages). stick around folks, by this time next year i think you'll see prices another 10-15% lower on an inflated adjusted basis, and that's being bullishly optimistic.

8/25/2006 09:52:00 PM  
Blogger Richard said...

meant inflation adusted basis. either way we're going down and the speed of the decline is shocking everyone, even us bubbleheads.

8/25/2006 09:53:00 PM  
Blogger Mr. Oliver said...

Grim,

Internet by the beach. Nice.

Great new format.

8/26/2006 12:52:00 AM  
Anonymous Anonymous said...

Could you get Morris County on the list too?
Thanks

8/26/2006 07:08:00 AM  
Blogger grim said...

Will do, Morris had too many price reductions to fit.

grim

8/26/2006 07:39:00 AM  
Anonymous Anonymous said...

i am amazed at the attitude
of many people. They are just
not familiar with whats going
on in the real estate market right
now.

they feel it effects everyone
else and not them.

also, well , its North Jersey,
cant happen here. The Bergen
County crowd, they know it
cant happen their.

Its a joke, and I feel many
of these people and in for an
education and wealth goes by by,

8/26/2006 08:55:00 AM  
Anonymous Anonymous said...

How about Hudson County too?

WM

8/26/2006 11:14:00 AM  
Anonymous Anonymous said...

Nice new format and very good job.

I hope the prospective buyer are reading it carefully and realzing that the trend is to go SOUTH.
We haven't reached there yet, so hold on to your hard earned money.
Wait on the side lines and watch where the market is heading.

Here in Central Jersey the prices are still sticking to the old norm.
Few reductions 5-10-15-20K, nothing drastic.
The number of SFHs have reduce in August because some homes are removed from the MLS and not because they are getting sold.
Market is very very slow...I mean dead slow.

Central Jersey Observer

8/26/2006 12:12:00 PM  
Anonymous Anth said...

Can you maybe trim the list for Morris? do a >15% or >20%, whatever fits best?

8/26/2006 05:35:00 PM  
Blogger grim said...

No problem, just give me until tomorrow night, I'm away for the weekend.

grim

8/26/2006 06:57:00 PM  
Anonymous Anonymous said...

"The Bergen
County crowd, they know it
cant happen their."

That's because it won't. Just look at history.
We're always better then anywhere else. Where else can you get so much status for your dollar and be so close to everything important.
Shopping, theater, etc.

8/27/2006 08:19:00 AM  
Blogger Rich52 said...

Grim,

How about adding this one to your lsit.

MLS ID: 2281010

OLP: 509K

Very recently reduced from 469K to 419K.

8/28/2006 03:10:00 PM  

Post a Comment

<< Home