Fri 17 Nov 2006
Welcome to another edition of Price Reduced!
For all the newcomers to the site, Price Reduced! takes a look at a handful of significant price reductions across Northern NJ. The purpose of this exercise is to serve as evidence 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, nor do I believe they are a bargain or a value. It is very possible that even with reductions, many of these homes may still be overvalued.
These listings are from GSMLS and consist of Single Family Homes, Condos, and Coops. We’re going to change to format a bit this week, yet again. Below you’ll find two tables, the first displays price reductions of greater than $200,000 and the second displays price reductions greater than 20%. All other price changes can be found in the Excel file below. With that, the listings please!
| MLS # | Town | OLP | LP | % Reduced | $ Reduced |
| 2273354 | Mendham Boro* (2319) | $3,975,000 | $3,375,000 | 15.1% | $600,000 |
| 2252213 | Bernardsville Boro* (2703) | $4,495,000 | $3,995,000 | 11.1% | $500,000 |
| 2329510 | Cedar Grove Twp.* (1604) | $1,999,999 | $1,599,999 | 20.0% | $400,000 |
| 2287351 | Bernards Twp. (2702) | $2,650,000 | $2,250,000 | 15.1% | $400,000 |
| 2289410 | Clinton Twp.* (1906) | $1,295,000 | $899,999 | 30.5% | $395,001 |
| 2246211 | Kinnelon Boro (2315) | $1,649,999 | $1,274,900 | 22.7% | $375,099 |
| 2269927 | Mendham Boro (2319) | $2,150,000 | $1,839,000 | 14.5% | $311,000 |
| 2318993 | Westfield Twp. (2920) | $3,300,000 | $2,995,000 | 9.2% | $305,000 |
| 2332257 | Millburn Twp.* (1612) | $1,795,000 | $1,495,000 | 16.7% | $300,000 |
| 2318151 | Tewksbury Twp.* (1924) | $3,395,000 | $3,095,000 | 8.8% | $300,000 |
| 2268967 | Tewksbury Twp. (1924) | $1,449,900 | $1,179,900 | 18.6% | $270,000 |
| 2236708 | Alexandria Twp. (1901) | $1,250,000 | $999,000 | 20.1% | $251,000 |
| 2279075 | Mountain Lakes Boro (2328) | $1,549,000 | $1,299,000 | 16.1% | $250,000 |
| 2303051 | Ridgewood Village (1151) | $1,199,000 | $949,900 | 20.8% | $249,100 |
| 2318485 | North Caldwell Boro (1615) | $1,199,000 | $949,900 | 20.8% | $249,100 |
| 2302214 | Tewksbury Twp.* (1924) | $2,195,000 | $1,949,000 | 11.2% | $246,000 |
| 2319752 | Chatham Twp. (2305) | $2,395,000 | $2,149,000 | 10.3% | $246,000 |
| 2274251 | Harding Twp.* (2313) | $1,695,000 | $1,450,000 | 14.5% | $245,000 |
| 2291554 | Montville Twp.* (2322) | $1,228,000 | $998,000 | 18.7% | $230,000 |
| 2298611 | Warren Twp.* (2720) | $1,975,000 | $1,750,000 | 11.4% | $225,000 |
| 2303514 | Westwood Boro* (1167) | $1,095,000 | $879,000 | 19.7% | $216,000 |
| 2279683 | Union Twp. (1925) | $1,925,000 | $1,720,000 | 10.6% | $205,000 |
| 2319540 | Chatham Boro (2304) | $2,095,000 | $1,890,000 | 9.8% | $205,000 |
| 2288923 | Scotch Plains Twp. (2916) | $1,400,000 | $1,199,000 | 14.4% | $201,000 |
| 2323505 | Pequannock Twp.* (2331) | $850,000 | $650,000 | 23.5% | $200,000 |
| 2309488 | Morris Twp. (2324) | $1,200,000 | $1,000,000 | 16.7% | $200,000 |
| 2326813 | Chatham Twp. (2305) | $1,495,000 | $1,295,000 | 13.4% | $200,000 |
| 2304099 | Morris Twp. (2324) | $1,495,000 | $1,295,000 | 13.4% | $200,000 |
| 2304156 | Bernardsville Boro (2703) | $1,599,000 | $1,399,000 | 12.5% | $200,000 |
| 2296357 | Mountain Lakes Boro (2328) | $1,895,000 | $1,695,000 | 10.6% | $200,000 |
| 2295767 | Wyckoff Twp.* (1170) | $2,649,900 | $2,449,900 | 7.5% | $200,000 |
| 2278602 | Franklin Lakes Boro (1120) | $3,699,000 | $3,499,000 | 5.4% | $200,000 |
| 2279083 | Morris Twp. (2324) | $4,150,000 | $3,950,000 | 4.8% | $200,000 |
| MLS # | Town | OLP | LP | % Reduced | $ Reduced |
| 2291217 | Mansfield Twp. (3016) | $41,000 | $27,500 | 32.9% | $13,500 |
| 2289410 | Clinton Twp.* (1906) | $1,295,000 | $899,999 | 30.5% | $395,001 |
| 2300872 | Rockaway Boro* (2334) | $489,900 | $349,900 | 28.6% | $140,000 |
| 2337241 | Prospect Park Boro (2510) | $379,000 | $279,000 | 26.4% | $100,000 |
| 2272319 | Clinton Twp. (1906) | $399,000 | $299,900 | 24.8% | $99,100 |
| 2276485 | Roxbury Twp.* (2336) | $419,000 | $315,000 | 24.8% | $104,000 |
| 2241307 | Hillside Twp. (2907) | $380,000 | $289,000 | 23.9% | $91,000 |
| 2226538 | Blairstown Twp. (3004) | $650,000 | $495,000 | 23.8% | $155,000 |
| 2240180 | Paterson City (2508) | $299,900 | $229,000 | 23.6% | $70,900 |
| 2323505 | Pequannock Twp.* (2331) | $850,000 | $650,000 | 23.5% | $200,000 |
| 2338999 | Mount Olive Twp. (2327) | $299,900 | $229,900 | 23.3% | $70,000 |
| 2279050 | Washington Twp.* (3022) | $649,000 | $499,900 | 23.0% | $149,100 |
| 2246211 | Kinnelon Boro (2315) | $1,649,999 | $1,274,900 | 22.7% | $375,099 |
| 2252471 | Midland Park Boro* (1135) | $750,000 | $580,900 | 22.5% | $169,100 |
| 2248078 | West Orange Twp. (1622) | $599,900 | $465,900 | 22.3% | $134,000 |
| 2235892 | Belvidere Twp. (3003) | $125,000 | $97,500 | 22.0% | $27,500 |
| 2330381 | Raritan Twp.* (1921) | $269,000 | $209,900 | 22.0% | $59,100 |
| 2284699 | Ringwood Boro* (2511) | $255,000 | $199,000 | 22.0% | $56,000 |
| 2301568 | Passaic City (2507) | $575,000 | $449,900 | 21.8% | $125,100 |
| 2302639 | Hopatcong Boro* (2812) | $139,900 | $110,000 | 21.4% | $29,900 |
| 2322193 | Westfield Twp. (2920) | $799,000 | $629,000 | 21.3% | $170,000 |
| 2324004 | Jefferson Twp. (2314) | $379,900 | $299,900 | 21.1% | $80,000 |
| 2295952 | Old Bridge Twp. (2115) | $239,900 | $189,900 | 20.8% | $50,000 |
| 2303051 | Ridgewood Village (1151) | $1,199,000 | $949,900 | 20.8% | $249,100 |
| 2318485 | North Caldwell Boro (1615) | $1,199,000 | $949,900 | 20.8% | $249,100 |
| 2308328 | Newark City* (1614) | $469,900 | $374,000 | 20.4% | $95,900 |
| 2266394 | Woodbridge Twp. (2125) | $339,000 | $270,000 | 20.4% | $69,000 |
| 2284016 | Nutley Twp.* (1616) | $989,000 | $789,900 | 20.1% | $199,100 |
| 2236708 | Alexandria Twp. (1901) | $1,250,000 | $999,000 | 20.1% | $251,000 |
| 2319199 | Elizabeth City* (2904) | $269,000 | $215,000 | 20.1% | $54,000 |
| 2330460 | Jefferson Twp. (2314) | $49,900 | $39,900 | 20.0% | $10,000 |
| 2322063 | East Orange City* (1605) | $250,000 | $199,900 | 20.0% | $50,100 |
| 2326990 | South Orange Village Twp. (1619) | $599,000 | $479,000 | 20.0% | $120,000 |
| 2305893 | Paterson City (2508) | $300,000 | $239,900 | 20.0% | $60,100 |
| 2297465 | Phillipsburg Town (3019) | $74,900 | $59,900 | 20.0% | $15,000 |
| 2285964 | Plainfield City (2912) | $224,900 | $179,900 | 20.0% | $45,000 |
| 2329877 | Sparta Twp.* (2820) | $374,900 | $299,900 | 20.0% | $75,000 |
| 2299401 | Hardwick Twp.* (3009) | $499,999 | $399,999 | 20.0% | $100,000 |
| 2329510 | Cedar Grove Twp.* (1604) | $1,999,999 | $1,599,999 | 20.0% | $400,000 |
| 2310284 | Kingwood Twp.* (1916) | $749,900 | $599,999 | 20.0% | $149,901 |
| 2310256 | Guttenberg Town (1803) | $199,900 | $160,000 | 20.0% | $39,900 |
This data is also available in XLS format here: PriceChange-Nov06a.xls
Grim,
u sure about this one?
whats the skinny?
“2319146 Branchburg Twp.* (2705) $824,000 $249,800 69.7% $574,200″
SAS
Jim
I believe from checking the MLS 2319143 was a mistake.
Maybe a typo. Corrections if not done “correctly” will show as olp
KL
Looks like a mis-key. I’ll get rid of it.
jb
** New Bubble Alert**
Buy the lastest bestest investment yet!! Already quadrupled in value…. Get in now sure to go to 10x what it is already!!!
** Sony Playstation3 *
Yeah that’s the ticket.
KL
hymingrealtor Says:
November 17th, 2006 at 9:03 am
** New Bubble Alert**
Buy the lastest bestest investment yet!! Already quadrupled in value…. Get in now sure to go to 10x what it is already!!!
** Sony Playstation3 *
Yeah that’s the ticket.
What Amazed me is all those people who were camped on the streets since Monday all over the country - don’t people work anymore???
Plus PS3 is Crap :) Blue ray is not debugged yet and very expensive.
Can some one please list details of following listing
2282462
2295075
2297438
Many thanks!
Actually, nevermind :-) I was able to get details on GSMLS :-)
I love these posts! Thanks.
ps - Do you have info like this for Monmouth/Ocean Cty?
JB..of the listings for, say 3 counties, how many would say have been reduced by 20%?
5% of house inventory, 10% of inventory?
The real money was not actual in the purchase and resell of a PS3 but would have been made if someone went down to Best Buy at 3 a.m. and rolled the geeks waiting in line for their $600.00.
Mike Says:
November 17th, 2006 at 10:08 am
I love these posts! Thanks.
ps - Do you have info like this for Monmouth/Ocean Cty?
Check with Little Silvered at the NJ Shore Blog
The real money was not actual in the purchase and resell of a PS3 but would have been made if someone went down to Best Buy at 3 a.m. and rolled the geeks waiting in line for their $600.00.
Someone did, and someone was shot for not giving up the money.
People deserve some kind of ass-whipping for standing in line for these things for their kids.
KL
Wow I just got PS2 a few months ago. I mean, it wasnt expesnive, tons of game for real cheap.
Yeah maybe its been out for a few years, but I have my Grand Theft auto San Adres so I can pretend all the people I am running off the road are the Drivers that irritate me on the road and all the people I am beating up are all the greedy home sellers and realtors :)
Off topic post: for those very familiar with New Jersey (I’m new to the State)… which is a better town (eg, more desirable location, better schools, less crime, etc.) to purchase a home in: Maplewood or Bloomfield?
Lina
At the very least you might want to try sperlings best place - look at every type of info they have on both.
KL
lina:
b/w the two I’d choose maplewood (but depends on what part of the town)…there are nice parts of bloomfield, but the town as a whole (and the schools, especially) are a mess.
have you thought about nutley? a similar town but w/ very good schools and actually closer to the city (if that matters to you).
can anyone help me out … i’d like to know the status of MLS #2282306 in Parsippany…I don’t see it listed on GSMLS anymore and I am sure it’s still for sale…any help? Grim?
Thanks.
forget it…i found it…sorry.
maplewood and bloomfield, make sure you have
a permit for a handgun.
By far my favorite posts. Salivating about the houses in the 425-500k range that are going for under 400k.
I think great deals can be had in Dec, Jan, Feb … but then there will be a slight uptick for Mar-April-May and then slow summer, and then back to shit by Sept, Oct Nov of 2007
just a guess
Lucky Dog,
“By far my favorite posts. Salivating about the houses in the 425-500k range that are going for under 400k”
Don’t jump the gun so quick, for nobody knows where the bottom lies, clearly….we are not there yet.
Cross off 07 and than reevaluate going into 08.
Like shytown says: Beware of the false bottom.
SAS
A few months ago (maybe more..May/June?), J.B. asked the posters for predictions on the drop, and I think it was how much by year end or in 2007. This was well before any drop was commonly accepted.
The price reductions I’m seeing are blowing through many predictions. And those were predictions from contrarians.
I never see my fair burg, Leonia, here.
Guess it really is bubble-proof! (Or invisible.)
;)