Lowball! 6/11 – 6/24

Lowball! takes a look at home sales over the past week from a very 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 over the past week and pick out the sales that have the highest percentage difference between asking 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.

The list is straight off the top this week:

MLS# 2258143 – Wayne Twp.(Ranch)
Original List Price: $65,000
List Price: $59,900
Sales Price: $3,5000 (41.6% Lowball, 46.2% off OLP)

MLS# 2225085 – Washington Twp.(Colonial)
List Price: $199,900
Sales Price: $140,000 (30% Lowball)

MLS# 2094182 – Franklin Twp.(Custom)
List Price: $1,299,000
Sales Price: $1,025,000 (21.1% Lowball)

MLS# 2257947 – Bloomingdale Boro(Colonial)
List Price: $379,000
Sales Price: $300,000 (20.8% Lowball)

MLS# 2261675 – Franklin Lakes Boro(Colonial)
List Price: $1,249,000
Sales Price: $999,900 (19.9% Lowball)

MLS# 2099342 – Sandyston Twp.(Ranch)
List Price: $159,900
Sales Price: $130,000 (18.7% Lowball)

MLS# 2052707 – Irvington Twp.(Ranch)
Original List Price: $225,000
List Price: $199,900
Sales Price: $164,500 (17.7% Lowball, 26.9% off OLP)

MLS# 2249227 – Hackensack City(Colonial)
List Price: $439,000
Sales Price: $370,000 (15.7% Lowball)

MLS# 1598757 – Harding Twp.(Custom)
List Price: $6,250,000
Sales Price: $5,272,000 (15.6% Lowball)

MLS# 2277394 – Newark City(Colonial)
List Price: $310,000
Sales Price: $262,500 (15.3% Lowball)

MLS# 2211310 – Millburn Twp.(Custom)
List Price: $2,250,000
Sales Price: $1,950,000 (13.3% Lowball)

MLS# 2250843 – Hope Twp.(Ranch)
List Price: $149,900
Sales Price: $130,000 (13.3% Lowball)

MLS# 2260725 – Bernards Twp.(Colonial)
List Price: $1,149,000
Sales Price: $999,999 (13% Lowball)

MLS# 2232084 – West Orange Twp.(Colonial)
Original List Price: $369,900
List Price: $335,000
Sales Price: $293,000 (12.5% Lowball, 20.8% off OLP)

MLS# 2256588 – North Arlington Boro(Colonial)
List Price: $399,900
Sales Price: $350,000 (12.5% Lowball)

MLS# 2272274 – Montclair Twp.(Bungalow)
List Price: $199,900
Sales Price: $175,000 (12.5% Lowball)

MLS# 2205368 – Califon Boro(Colonial)
List Price: $749,900
Sales Price: $665,000 (11.3% Lowball)

MLS# 2254633 – Ridgewood Village(Colonial)
List Price: $900,000
Sales Price: $800,000 (11.1% Lowball)

MLS# 2235824 – Millburn Twp.(RanchExp)
List Price: $1,350,000
Sales Price: $1,200,000 (11.1% Lowball)

MLS# 2216456 – Montgomery Twp.(Cottage)
Original List Price: $320,000
List Price: $297,900
Sales Price: $265,000 (11% Lowball, 17.2% off OLP)

MLS# 2246138 – Linden City(SplitLev)
Original List Price: $374,900
List Price: $359,500
Sales Price: $320,000 (11% Lowball, 14.6% off OLP)

MLS# 2258302 – North Bergen Twp.(Ranch)
List Price: $449,000
Sales Price: $400,000 (10.9% Lowball)

MLS# 2226156 – Livingston Twp.(Colonial)
Original List Price: $1,059,000
List Price: $849,000
Sales Price: $756,500 (10.9% Lowball, 28.6% off OLP)

MLS# 2252399 – Washington Twp.(Colonial)
List Price: $269,000
Sales Price: $240,000 (10.8% Lowball)

MLS# 2258113 – Clinton Town(Colonial)
Original List Price: $444,900
List Price: $424,900
Sales Price: $380,273 (10.5% Lowball, 14.5% off OLP)

MLS# 2266287 – Lincoln Park Boro(Colonial)
List Price: $479,900
Sales Price: $430,000 (10.4% Lowball)

MLS# 2112891 – Morristown Town(Colonial)
Original List Price: $1,500,000
List Price: $1,450,000
Sales Price: $1,300,000 (10.3% Lowball, 13.3% off OLP)

MLS# 2271049 – Scotch Plains Twp.(Ranch)
Original List Price: $479,000
List Price: $429,000
Sales Price: $385,000 (10.3% Lowball, 19.6% off OLP)

MLS# 2235985 – Nutley Twp.(Colonial)
Original List Price: $419,900
List Price: $389,900
Sales Price: $350,000 (10.2% Lowball, 16.6% off OLP)

MLS# 2246237 – Maplewood Twp.(Colonial)
Original List Price: $759,000
List Price: $724,000
Sales Price: $651,600 (10% Lowball, 14.2% off OLP)

MLS# 2251894 – Chatham Twp.(CapeCod)
Original List Price: $599,900
List Price: $425,000
Sales Price: $385,000 (9.4% Lowball, 35.8% off OLP)

MLS# 2108141 – Washington Boro(Colonial)
Original List Price: $164,900
List Price: $149,000
Sales Price: $135,000 (9.4% Lowball, 18.1% off OLP)

Caveat Emptor!
Grim