I came across this listing on the GSMLS hotsheet late yesterday evening. It comes to us from Washington Twp, Morris County NJ. It is a relatively young home, the prior owners purchased it new in September of 2003. Since this was a new home sale, the prior sales data wasn’t found in the MLS, however, the last sale price was easily found by using tax records. The prior owners purchased the house for $779,988 in 2003.
The home was listed for sale again, approximately 3 1/2 years after purchase, with an asking price of $939,000. That was recued to $879,900 over the next six months. The home was relisted, but this time with an asking price of $839,900, $100,000 less than the original asking price. Again, the price was too high, and the property saw price reductions down to $799,900. The home finally sold, with 46 days on the new listing, at $780,000, $12 more than what it sold for 4 years prior.
MLS# 2375357/2430903 – Northridge Court, Washington Twp
Original List Price: $939,900
Reduced to: $799,900
List Date: 2/14/2007
Days on Market: 213
Purchase Price: $779,988 (2003)
Sales Price: $780,000 (2007)
Post Commission: $741,000
Loss over 4 years of ownership: $40,000
Nominal loss over 4 years: ~5%
Real loss over 4 years: ~16%