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.
I’m going to change things up a little bit to keep the content fresh. I’m sure readers here don’t need to be convinced that sellers are dropping prices quickly, so I’m going to look at Price Reduced! from some new angles in the upcoming weeks.
In this edition of Price Reduced! we’ll be looking at price reductions of properties with asking prices above one million dollars. Weakness at the high end has been known here for some time now, the media has started reporting about it lately as well. On to the Stratosphere Editition of Price Reduced!
MLS# 2093423 – Madison, NJ
Previous Price $2,100,000 (Reduced from $2,450,000)
Reduced Price $1,850,000 (11.90% Reduction)
MLS# 2219899 – Mahwah, NJ
Previous Price $2,100,000
Reduced Price $1,900,000 (9.52% Reduction)
MLS# 2206117 – Saddle River, NJ
Previous Price $8,699,000
Reduced Price $7,999,000 (8.05% Reduction)
MLS# 2213831 – Green Brook, NJ
Previous Price $1,289,000
Reduced Price $1,189,000 (7.76% Reduction)
MLS# 2210077 – Morris Twp, NJ
Previous Price $1,395,000
Reduced Price $1,295,000 (7.17% Reduction)
MLS# 2102493 – Montgomery, NJ
Previous Price $1,395,000
Reduced Price $1,295,000 (7.17% Reduction)
MLS# 2226156 – Livingston, NJ
Previous Price $1,029,000
Reduced Price $959,000 (6.80% Reduction)
MLS# 2202794 – Watchung, NJ
Previous Price $1,575,000
Reduced Price $1,475,000 (6.35% Reduction)
MLS# 2204629 – Montville, NJ
Previous Price $1,649,000 (Reduced from $1,699,999)
Reduced Price $1,549,000 (6.06% Reduction)
MLS# 2111633 – Essex Fells, NJ
Previous Price $1,485,000
Reduced Price $1,399,500 (5.76% Reduction)
MLS# 2107841 – Summit, NJ
Previous Price $1,749,900 (Reduced from $1,799,000)
Reduced Price $1,650,000 (5.71% Reduction)
MLS# 2211077 – Greenwich Twp, NJ
Previous Price $1,790,000
Reduced Price $1,690,000 (5.71% Reduction)
MLS# 2092292 – Warren, NJ
Previous Price $1,799,900
Reduced Price $1,699,900 (5.56% Reduction)
MLS# 2111240 – Bernardsville, NJ
Previous Price $2,950,000 (Reduced from $3,150,000)
Reduced Price $2,795,000 (5.25% Reduction)
Caveat Emptor!
Grim
This post has been removed by the author.
Grim,
The Summit listing was original listed for 1,999,900 in the middle of Summer. It has been reduced for a few times. It is a brand new construction right next to the Highway.
MLS# 2107841 – Summit, NJ
Previous Price $1,749,900 (Reduced from $1,799,000)
Reduced Price $1,650,000 (5.71% Reduction)
cc,
Thanks for the update on that one. Many of the same Realtor Games ™. Relist to hide the reduction history and reset the DOM counter.
They’ll keep reducing and relisting, and when it finally sells they’ll brag it sold for 10k over asking in only 15 days..
grim
Next to the highway, eh? LOCATION LOCATION LOCATION!!!
I should apply for my real estate license so I can be a realtor.
Why they hell are they called realtors anyway? They are salesman.
-Richie
“Realtor (r)” is a fancy made-up name trademarked by the NAR to represent their members. Thus, a member of the NAR who sells homes is a “Realtor” not a broker or agent. Those descriptions are crude and don’t flow off the tongue as eloquently as “reeeeeltor” does.
grim
Grim, this is outstanding work once again. It’s nice to see prices going down.
I’m actually looking forward to buying later this year, or possible early 2007 (esp consider the whole possibility of ‘dead cat bounce’) that someone mentioned.
Boy, I can’t wait for the Price Reduced, 300k-500k edition. I really do think that houses that are going for 550k now will be right in my wheelhouse of 350-400k by this fall.
Hello Grim,
I came across your blog the other day when I was looking for other New Jersey real estate blogs and I like it. Well, I don’t like the realtor bashing since I am one heh but I like the information you provide :)
I deal with mostly buyers moving into the Burlington County, Camden County area. Many inquiries I get are from people who live in Northern NJ and are trying to move farther south to get into homes they can afford. So, of course, keeping an eye on the housing prices of Northern New Jersey is of interest to me. Any chance of you posting the median sales price of each county? TrendMLS, which serves this area, just realesed the 2005. Im working on getting the information posted.
Anyway, great job on your blog and with the statistics. I have included a real estate horror story section, so if any of you had some bad experiences, funny, or unusual things happen you can email me your story and Ill post it. I have the guidelines listed on the site. http://www.realestaterox.info
Roxanne
Your summit example is one of the slightest corrections we have seen. We saw two homes go from 2.25 down to 1.9 and 1.85 then still take a while to sell- both in “highly desireable North Side” not next to the highway.
We also saw a beautful house on a wonderful street start at 2.5 and eventualy sold for 2.15.
One renovation went from 2.565 down to 1.9 before it sold. 600K less! Many properties in this range are falling HARD. No one here wants to think that property will ever decline…”oh but that house has something wrong with it..(unlike mine)”..well guess what these houses would have sold a year ago at the top of the mania.
People still want to feel rich and will proabably refuse to see it until their own overpriced house sits on the market should they ever have to sell.
Grim what say you to this. Bought a house in Chester, Morris County for 300K in 2002. 3 bed, 1 bath,nice fineshed basement on.5 acre. Crazy right??? Now faced with adding on and some minor upgrades or looking for something slightly bigger withthat extra 1.5 bath.Its nutty we went and looked at a place for 6ook on 1 acre 3 bed,2.5 bath partial finished basement probably needs a septic.We are really confused.We are leaning on staying put and doing the addition with a lot of “Sweat equity”…your thoughts??