Wed 26 Mar 2008
14 Fernwood Road, Livingston NJ
Purchase Price: $995,000
Purchased: 1/22/2007
Current Asking Price: $799,000 (Short Sale)
20% under 2007 purchase price
History
MLS# 2430585
Listed: 7/30/2007
Original List Price: $995,000
Reduced: $799,000
Days on Market: 240
Active
We discussed this one when the price was reduced to $899,000.
Am I missing something here? They bought in January 07 and listed in July 07? Did they even have time to unpack boxes? There must be more behind this story.
Every pre-foreclosure, short-sale, or REO is a “story home”.
These are all perfect examples of why it isn’t always possible to “wait for the market to recover”.
Right, but the dates & numbers are the part of the story that I’m questioning….they are correct and stand alone (not part of some ongoing history, fancy footwork for this property)?
It’s difficult (though not entirely impossible) for me to rationalize that somebody bought this house in Jan 2007 and within six months put it back on the market hoping to get that same purchase price…and within the next 240 days via a short sale reduced it to an amount that would be the equivalent of paying $200,000.00 for a year’s rent. (This would seem more like a case of personal financial Armageddon….more of a fluke than a true-blue comparable; like a neighbor’s house burning down.)
I’ve seen this house. It’s nice with a good sized lot but it isn’t a million dollar house. Is much closer to being priced well at 799K…would definitely fly off the market at $750…if there are still buyers out there that can get their “starter” home sold.
Could be job loss, death, sudden relocation demands from a company. Lots of things can happen. Unfortunately the overextended rarely take into consideration that lots of thing can happen.
Or divorce, for example…
Note - Remarks: BEAUTIFUL HARDWOOD FLOORS, CATHEDRAL CEILINGS, GRANITE COUNTER TOPS, TILED BATHS, JACUZI, IMPRESSIVE MAHOGANY FRONT PORCH, LARGE SLATE PATIO, PAVER DRIVEWAY, 30 MIN. TO NYC. “”"NEXT TO MILLION PLUS HOME”"”.
I guess that alone made it worth 995K! Anyone who knows this town knows that “million plus homes can aften be found next to capes and smaller colonials. And the lot isn’t that big that a larger house would be appropriate. in fact, that house is about perfect for the lot.
The taxes are also in line with a 400-450K house in Livingston, so money must have gone into upgrades fairly recently. Any buyer should note that a reassesment is coming soon and the taxes on that house will increase substantially!
30 minutes to NYC????? I don’t think so unless you are flying via helicopter…
30 mins? it’s possible….on a monday morning at 2am.