Price Reduced! 2/26 – 3/12

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.

On to the list!
MLS# 2235518 – Montgomery, NJ
Previous Price $449,900
Current Price $350,000 (Price Reduced 22.2%)

MLS# 2249229 – Newton, NJ
Previous Price $246,900
Current Price $194,900 (Price Reduced 21.1%)

MLS# 2250186 – Bernards, NJ
Previous Price $1,125,000
Current Price $899,000 (Price Reduced 20.1%)

MLS# 2228176 – Montville, NJ
Previous Price $1,200,000
Current Price $974,900 (Price Reduced 18.8%)

MLS# 2111446 – Edgewater, NJ
Original Price $819,000
Previous Price $779,000
Current Price $639,900 (Price Reduced 17.9%, 21.9% off Original Price)

MLS# 2111426 – Edgewater, NJ
Original Price $639,000
Previous Price $609,000
Current Price $515,000 (Price Reduced 15.4%, 19.4% off Original Price)

(Note, both Edgewater listings are in the same hi-rise and owned by the same person.. Flipper?)

MLS# 2250090 – Parsippany, NJ
Previous Price $369,900
Current Price $309,000 (Price Reduced 16.5%)

MLS# 2238440 – Mountain Lakes, NJ
Previous Price $2,600,000
Current Price $2,200,000 (Price Reduced 15.4%)

MLS# 2227166 – Montclair, NJ
Previous Price $3,450,000
Current Price $2,950,000 (Price Reduced 14.5%)

MLS# 2241827 – Montclair, NJ
Previous Price $799,900
Current Price $699,900 (Price Reduced 12.5%)

MLS# 2251894 – Chatham, NJ
Previous Price $599,900
Current Price $525,000 (Price Reduced 12.5%)

MLS# 2246909 – Sparta, NJ
Previous Price $675,000
Current Price $595,000 (Price Reduced 11.9%)

MLS# 2108156 – Harding, NJ
Previous Price $959,900
Current Price $849,000 (Price Reduced 11.6%)

MLS# 2201693 – Totowa, NJ
Original Price $569,
Previous Price $539,900
Current Price $479,000 (Price Reduced 11.3%, 15.8% off Original Price)

MLS# 2227559 – Warren, NJ
Previous Price $1,795,000
Current Price $1,594,500 (Price Reduced 11.2%)

“The Short List”

Town/From Price/To Price/Reduction
Roselle/$425,000/$325,000/23.5%
Kearny/$399,000/$339,000/15%
Montgomery/$1,700,000/$1,475,000/13.2%
Vernon/$239,900/$209,900/12.5%
Union/$409,000/$359,000/12.2%
Plainfield/$339,000/$299,900/11.5%
Montvale/$5,500,000/$4,900,000/10.9%
Clifton/$415,000/$375,000/9.6%
Millburn/$3,300,000/$2,999,000/9.1%
Millburn/$1,975,000/$1,795,000/9.1%
West Orange/$549,000/$499,000/9.1%
Mountainside/$769,000/$699,900/9%
Kinnelon/$1,094,500/$999,900/8.8%

1243 properties were reduced over this two week period. The average reduction was 4.4%, up from the 3.8% seen over the previous period.

Caveat Emptor!
Grim