Sat 22 Mar 2008
MLS# 2491585 - Orchard Drive, Randolph NJ
Purchase Price: $700,000
Purchased: 6/23/2003
Current Asking Price: $469,000 (REO)
33% under 2003 purchase price
New Jersey Real Estate Report
Real Estate, Economics, and Politics
Sat 22 Mar 2008
MLS# 2491585 - Orchard Drive, Randolph NJ
Purchase Price: $700,000
Purchased: 6/23/2003
Current Asking Price: $469,000 (REO)
33% under 2003 purchase price
The prior owners didn’t leave this one in tip-top shape when they left. Needs finish work, but would have needed it to replace the dated baths/kitchen anyway. Mirrors anyone?
That house seems well priced. Is 469k around 2000/1 price?
Looks like several gray cheese wedges mashed together.
Contempos out West look 1,000 times better than this.
I think contempo architecture reached its nadir in NJ.
Nice of them to leave the bushes and trees touching the house.
Easier for the termites and carpenter ants to get in.
I may drive by this house today. Looks like a great value.. However, I wonder what the taxes are. probably 10 grand.
I didn’t have the specific house number, but just looked up Orchard Drive in Randolph and randomly #20 Orchard is taxed at $14,873.
That’s probably a good ballpark.
Goes w/ the theory that the farther out towns are getting hit first and things are imploding inwards to NYC. Randolph very similar to an area like Mendham, which I have kept my eyes on and prices are declining fairly steeply. Seems like train line towns are just beginning their descent relative to place like Randolph.
At what base year does everyone see towns like Chatham or Summit hitting this year. Seems like they are just crossing the threshold of 2005/6 prices. I would consider buying in the 2002/2003 range like this Randolph house.
These REO’s and short sales will really force the issue and set the bar for new comps. Anyone know if Chatham/Summit seeing any REO’s or short sales? I didn’t seem to see any in the sub $1mm price range.
This house has to pay about $12,000 for tax and has no public sewer service. SEPTIC! Who is going to pay such high tax and the town even doesn’t provide the sewer lines?
I will never ever sgain live in a house with Septic tanks!!!! My Mother told me so before we bought the septic tsnk house…sigh…BTW every house in pricey pricey Franklin Lakes in Bergen County is on septic…also Saddle River…
I do not see big price reductions in my corner of Bergen County. What I do see alot of is “for sale” signs on overpriced properties. But.. a sale in my neighborhood is in contract for a million and the house is almost 40 years old…oh well, the landscaping is all mature..