Saturday, September 02, 2006

Lowball! 8/22 - 9/2 (Bergen and Passaic)

Welcome to another edition of Lowball!

Lowball! takes a look at home sales from a 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 from the past month and pick out the sales that have the highest percentage difference between list 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.

Here are the lowball sales for Bergen and Passaic Counties from 8/22 through 9/2:

Bergen:

MLS #TownOriginal ListList PriceSale Price% Off OLP% Off LP
2266747Mahwah Twp.$674,900$355,900$350,00048.1%1.7%
2236935Franklin Lakes$749,000$499,900$465,00037.9%7.0%
2260657Franklin Lakes$1,299,900$999,999$989,00023.9%1.1%
2256662River Vale$549,000$449,000$425,00022.6%5.3%
2276699Franklin Lakes$1,799,000$1,600,000$1,400,00022.2%12.5%
2257805Upper Saddle River$1,117,000$895,000$890,00020.3%0.6%
2250025Lyndhurst$489,999$469,999$407,00016.9%13.4%
2278352Englewood Cliffs$1,895,000$1,750,000$1,600,00015.6%8.6%
2262230Waldwick$579,000$499,900$490,00015.4%2.0%
2231246Ridgewood$2,149,000$1,949,000$1,825,00015.1%6.4%
2272332Ridgewood$1,345,000$1,150,000$1,150,00014.5%0.0%
2260752Mahwah$499,000$469,900$430,00013.8%8.5%
2270902Englewood$439,400$399,900$382,00013.1%4.5%
2245678Allendale$989,900$899,900$865,00012.6%3.9%
2248617Ridgewood$1,250,000$1,245,000$1,100,00012.0%11.6%
2256390Fair Lawn$659,000$614,900$580,00012.0%5.7%
2262348Franklin Lakes$1,869,000$1,699,000$1,655,00011.4%2.6%
2284576Allendale$579,000$579,000$515,00011.1%11.1%
2276196River Edge$860,000$799,900$765,00011.0%4.4%
2275731Wyckoff$869,000$789,000$775,00010.8%1.8%
2248671Fair Lawn$536,900$479,000$479,00010.8%0.0%
2234294Glen Rock$589,000$589,000$530,00010.0%10.0%
2259397Elmwood Park$399,900$399,900$360,00010.0%10.0%


Passaic:
MLS #TownOLPList PriceSale Price% Off OLP% Off LP
2241538Hawthorne$369,000$339,000$235,00036.3%30.7%
2245542Wayne$1,265,000$1,025,000$950,00024.9%7.3%
2225890Totowa$1,299,000$1,099,000$999,00023.1%9.1%
2268226Wanaque$299,000$299,000$235,00021.4%21.4%
2255537Wayne$799,900$679,900$640,00020.0%5.9%
2252289Totowa$1,149,000$1,090,000$950,00017.3%12.8%
2280117Wayne$619,900$545,000$522,90015.6%4.1%
2244484Ringwood$529,900$449,900$449,90015.1%0.0%
2279148Paterson$349,000$299,950$298,00014.6%0.7%
2283785Wayne$689,900$639,900$600,00013.0%6.2%
2272567Clifton$379,000$349,000$330,00012.9%5.4%
2271987Paterson$379,000$339,000$330,00012.9%2.7%
2231647Clifton$479,900$428,900$419,00012.7%2.3%
2273026Wayne$485,900$439,900$425,00012.5%3.4%
2258026West Milford$624,900$569,900$550,00012.0%3.5%
2280359Pompton Lakes$459,900$429,900$408,00011.3%5.1%
2262178North Haledon$534,900$524,900$475,00011.2%9.5%
2247015Pompton Lakes$274,900$249,900$245,00010.9%2.0%
2292014Paterson$159,000$159,000$142,00010.7%10.7%
2235944Bloomingdale$379,900$356,900$340,00010.5%4.7%
2274716Wayne$528,900$509,900$475,00010.2%6.8%
2286340North Haledon$475,900$459,900$427,50010.2%7.0%
2257116Clifton$639,900$589,900$575,00010.1%2.5%
2284893Wanaque$399,900$359,900$360,00010.0%0.0%


Caveat Emptor!
Grim

10 Comments:

Anonymous Anonymous said...

BLEED'EM DRY!!!!!!!!!

9/02/2006 07:40:00 AM  
Anonymous Anonymous said...

DO NOT BE A BAGHOLDING MONEY LOSING FOOL AND BUY.

AS SOON AS YOU BUY YOU ARE A LOSER!

NO MAAS TO BAILING OUT GRUBBING GRUBBERS.

9/02/2006 07:43:00 AM  
Blogger chicagofinance said...

% Off OLP Mahwah Twp. 48.1%

9/02/2006 09:06:00 AM  
Anonymous Anonymous said...

Looking at these charts is like shopping at Macy's--you can mark anything down when it was overpriced to begin with. It's why I shop at stores that don't play that game.

9/02/2006 10:12:00 AM  
Blogger Rich52 said...

These people will soon be underwater since prices are just starting to go DOWN !

9/02/2006 10:13:00 AM  
Anonymous Anonymous said...

“We call it an ‘adjustment of expectation,’ California Association of Realtors chief economist Leslie Appleton Young said.”

Listen to this jerk.

Adjustment of expectation....Nice spin.. How 'bout COOOLAPSE of home prices....

9/02/2006 11:40:00 AM  
Blogger Roadtripboy said...

Grim,

Your lowball table has columns for "Original List Price" and "List Price" for each property listed.

Does this mean that "relisting" by realtors (pulling the listing and relisting under a different MLS#) is on the increase? In the past, you only occasionally listed an "original list price" in the "Lowball!" thread.

Just curious. If this practice is increasing, it seems to indicate increased desperation on the part of sellers.

9/02/2006 06:30:00 PM  
Blogger grim said...

Original list price is the first list price set for a property. List price is the last price set for the property.

Neither Lowball nor Price Reduced take into account relisting..

jb

9/02/2006 06:55:00 PM  
Anonymous Anonymous said...

Grim-

Any more info on the Franklin Lakes
2236935? Why did they lower asking to $499 from 749, something drastic must have happened.

AFE

9/02/2006 09:48:00 PM  
Anonymous Anonymous said...

in 2000 i said my child will never be able to buy this house and wages will not rise fast enough for this to occur ever. now that my house has doubled to way way more than my child can afford i see at least a 50 % drop in price so these piddling 10 to 20 % decreases are great.... sell today if you can !!!!

9/07/2006 12:58:00 PM  

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