NBA veteran suffers big loss on NJ condo sale

Atlanta Hawks center Jason Collins sold his North Bergen condo — fully stocked with electronics and furniture — at a 58 percent loss this week, according to New Jersey Multiple Listing Service data.

Collins sold the 2,400-square-foot duplex penthouse he owns in the Mirabelle on the Hudson, at 8125 River Road, for $700,000 — exactly $1 million less than he paid for it in 2005, when it was a new development. He bought it when played for the New Jersey Nets, but has since signed with the Atlanta Hawks and settled on a home in that area.

“The real estate bubble hit everyone, [Collins] included,” said Joshua Baris, the Coldwell Banker agent who listed the property. “People made decisions based on the market at the time, and he obviously took a big loss, but he handled it gracefully.”

The Mirabelle is home to several other celebrities, and the rapper and reality TV star Ice-T lives two units down, according to a source with knowledge of the building.

Collins commissioned Baris through a mutual acquaintance, and Baris said it was “awkward” to tell the 7-footer what he realistically thought the apartment would sell for. Baris listed it in June for $788,000.

“It was priced like a short sale. But for him to hold on to a property that wasn’t going to increase anytime soon was a liability,” Baris said. “So he cut his losses.”
…
“My clients took advantage of the current market and received a great deal,” said Gershon Adjaye, the Keller Williams NYC agent who represented the buyer. “All the furnishings and electronics were included. A ‘pack-a-suitcase-and-move-in’ style purchase.” Adjaye, who has licenses in New York and New Jersey, would not disclose the buyer’s identity.

From AMHS:

Hi Grim. Hello all. I’m a long time lurker—thoroughly addicted to this blog for many, many years now. We just moved into our Montclair REO—-we paid $272,000 in July 2010—–previous owner paid $474,900 in 2005! Our mortgage payment (including Montclair’s outrageous taxes) is less per month than renting our old 2 bdrm apt.

————–

Congratulations to the blog regulars who made their way to what might possibly be one of the best comp killers I’ve seen to date!

Yes skeptics, blog regulars do buy, but the deal has got to be clearly in their favor. This is probably the best example I’ve yet seen of patience paying off in spades.

While not the largest percentage drop we’ve ever recorded (which always seem to fall in the lower-end urban areas), this was a huge percentage drop along with being in a town considered to be one of the top in Bergen County. Not only a top town, but a desirable area in a top town. Who says Bergen prices don’t fall?

I’m going to keep the details thin, because it isn’t my story to share, and the owners would like to stay private. But the new owners wanted to see it up, so I’ll oblige.

Oh, and thank you for letting me take part in the wholesale pillaging of JP Morgan (who lost somewhere near $400,000 in this transaction)!

The nasty truth:

Property went lis pendens in 2008, and was taken back by the bank at the BC sheriff sale 16 months later. National City lost close to $300k at this point, being a junior lien on the property. JPM kept the property off-market for almost 10 months.

Sale price was 50% off the 2007 asking price. Bubbly, but then again everything was bubbly.

Sale price was 30% off the last asking before the house went into foreclosure. This was an aggressive price at the time, very aggressive. The property had gone under contract at this price, but the deal fell through.

Sale price was on the 2-3% trendline from prior sales in the mid-80s and mid-90s. Clearly non-bubble pricing, if anything, the price is firmly in-line with the prior two cyclical troughs.

Sale price was approximately 10% under what the Case Shiller HPI (High Range) would have estimated for this area, given historical sales prices and prior asking prices. Tomorrow’s price today?

Property assessed at a value considerably higher than sale price.

The house represents a significant comp killer for the area. The neighbors (who live on one of those hoity-toity streets that people just HAVE to HAVE as a mailing address), probably aren’t very happy.

Springsteen Takes a Loss on House Sale

Bruce Springsteen, winner of 20 Grammy Awards, has sold one of his two neighboring homes in Florida’s Palm Beach County for $1 million less than its original list price, reported the Palm Beach Daily News. This is just further proof that celebrity real estate isn’t immune to the housing bubble.

The legendary rocker sold the home at 3561 Ambassador Road in Wellington for $2.95 million, a big cut from its original $3.95 million list price. The sale price is also less than the $3.1 million Springsteen paid for the 5-bedroom in the spring of 2008. The $150,000 loss (not including his real estate agent’s cut), may seem like a drop in the Atlantic Ocean for a man worth millions, but when you consider the short time he owned the home, it’s quite a chunk of change.
…
The Springsteens’ primary residence is in Rumson, N.J., and they also own a home in Beverly Hills, CA.

From the Palm Beach Daily News:

Bruce Springsteen sells one of two Wellington houses to Daniel, Ellen Crown

New Jersey rock star Bruce Springsteen, through his Los Angeles attorney Nancy G. Chapman, has sold one of his two Equestrian Club Estates houses in Wellington for $2.95 million, according to the warranty deed filed late Thursday afternoon.

The buyers, Daniel M. and Ellen Podell Crown, live in New York and Connecticut.
…
The property was listed for $3.95 million, according to several sources.

In June 2008, Springsteen bought 3561 Ambassador Road for $3.1 million; the following September, Springsteen’s Stone Hill Trust closed on an adjacent improved parcel, 3581 Ambassador Road, for $4.6 million, purchasing it from William Farish Jr. and Kelly Farish, according to Palm Beach County Property Appraiser’s Office records.

Jersey Shore Retreat

## River Rd, Island Heights, NJ (Ocean County)
4 Bedrooms
3.1 Baths
Riverfront with Dock

Purchased: 2006
Purchase Price: $1,825,000

Approximately $200,000 in updates.

Current Asking: $1,650,000

Reason for Sale: Can’t afford 3 homes.

Potential loss: More than $400,000 (Closer to $700,000 when you factor in mortage interest, taxes and commissions paid).

Hunterdon Comp Killers

660 County Rd 579, Alexandria Twp NJ
Purchased: 9/17/2004
Purchase Price: $440,000
MLS# 2670578
Listed: 4/2/2009
List Price: $429,000
Sold: 7/24/2009
Sale Price: $397,000
10% under the 2004 sales price

27 Inverrary Pl, Clinton Twp NJ
Purchased: 11/05/2004
Purchase Price: $330,000
MLS# 2651966
Listed: 2/20/2009
List Price: $359,900
Sold: 7/16/2009
Sale Price: $325,000
1% under the 2004 sales price

24 Willow Brook Ln, Clinton Twp NJ
Purchased: 2/1/2006
Purchase Price: $725,000
MLS# 2637608
Listed: 1/27/2009
List Price: $675,000
Sold: 7/1/2009
Sale Price: $590,000
18% under the 2006 sales price

81 Crestview Dr, Clinton Twp NJ
Purchased: 9/14/2005
Purchase Price: $762,000
MLS# 2677335
Listed: 4/26/2009
List Price: $675,000
Sold: 7/31/2009
Sale Price: $625,000
18% under the 2005 sales price

67 Crestview Dr, Clinton Twp NJ
Purchased: 3/30/2006
Purchase Price: $720,035
MLS# 2685869
Listed: 5/27/2009
List Price: $699,500
Sold: 7/30/2009
Sale Price: $650,000
10% under the 2006 sales price

88 Amwell Rd, East Amwell Twp NJ
Purchased: 9/18/2006
Purchase Price: $549,000
MLS# 2686676
Listed: 5/29/2009
List Price: $524,980
Sold: 7/24/2009
Sale Price: $488,000
11% under the 2006 sales price

1607 Spruce Hills Dr, Glen Gardner NJ
Purchased: 3/31/2006
Purchase Price: $163,000
MLS# 2688041
Listed: 6/23/2009
List Price: $150,000
Sold: 7/29/2009
Sale Price: $150,000
8% under the 2006 sales price

6 Manning Ct, High Bridge NJ
Purchased: 7/28/2004
Purchase Price: $419,000
MLS# 2673988
Listed: 4/15/2009
List Price: $399,900
Sold: 7/8/2009
Sale Price: $390,000
7% under the 2004 sales price

428 Bellis Rd, Holland Twp NJ (REO)
Purchased: 3/19/2004
Purchase Price: $396,000
Purchased: 2/27/2006
Purchase Price: $500,000
MLS# 2675791
Listed: 4/20/2009
List Price: $229,000
Sold: 7/30/2009
Sale Price: $210,000
47% under the 2004 sales price
58% under the 2006 sales price

6 Knox Ln, Lebanon Boro NJ
Purchased: 11/10/2005
Purchase Price: $516,000
MLS# 2662547
Listed: 3/12/2009
List Price: $539,000
Sold: 7/24/2009
Sale Price: $479,000
7% under the 2005 sales price

1309 Normandy Ct, Raritan Twp NJ
Purchased: 10/18/2006
Purchase Price: $178,000
MLS# 2653297
Listed: 2/23/2009
List Price: $169,900
Sold: 7/14/2009
Sale Price: $157,500
13% under the 2006 sales price

36 Elm Terrace, Raritan Twp NJ
Purchased: 12/1/2004
Purchase Price: $312,500
MLS# 2681325
Listed: 5/9/2009
List Price: $280,000
Sold: 7/16/2009
Sale Price: $280,000
10% under the 2004 sales price

145 Old Croton Rd, Raritan Twp NJ
Purchased: 12/1/2005
Purchase Price: $360,000
MLS# 2653967
Listed: 2/23/2009
List Price: $335,000
Sold: 7/17/2009
Sale Price: $310,000
14% under the 2005 sales price

40 Kentworth Ct, Raritan Twp NJ
Purchased: 8/25/2004
Purchase Price: $350,000
MLS# 2646673
Listed: 2/11/2009
List Price: $344,040
Sold: 7/2/2009
Sale Price: $324,000
7% under the 2004 sales price

3 Hartpence Ct, Raritan Twp NJ
Purchased: 6/18/2004
Purchase Price: $475,000
MLS# 2657407
Listed: 3/1/2009
List Price: $469,900
Sold: 7/24/2009
Sale Price: $427,000
10% under the 2004 sales price

127 Kuhl Rd, Raritan Twp NJ
Purchased: 2/28/2006
Purchase Price: $545,000
MLS# 2664015
Listed: 4/17/2009
List Price: $475,000
Sold: 7/27/2009
Sale Price: $456,000
16% under the 2006 sales price

3 Stirrup Ln, Raritan Twp NJ
Purchased: 5/1/2006
Purchase Price: $546,000
Purchased: 11/15/2007
Purchase Price: $517,500
MLS# 2667152
Listed: 3/25/2009
List Price: $519,900
Sold: 7/31/2009
Sale Price: $489,900
10% under the 2006 sales price
5% under the 2007 sales price

3 Haven Hill Rise, Raritan Twp NJ
Purchased: 8/24/2004
Purchase Price: $595,000
MLS# 2665054
Listed: 3/20/2009
List Price: $589,000
Sold: 7/30/2009
Sale Price: $530,000
11% under the 2004 sales price

15 Shurts Rd, Readington Twp NJ (REO)
Purchased: 9/16/2004
Purchase Price: $365,000
MLS# 2646348
Listed: 2/10/2009
List Price: $464,900
Sold: 7/1/2009
Sale Price: $350,000
4% under the 2004 sales price

35 Lance Rd, Readington NJ
Purchased: 12/15/2004
Purchase Price: $730,000
MLS# 2512084
Listed: 4/26/2008
List Price: $760,000
Sold: 7/1/2009
Sale Price: $691,000
5% under the 2004 sales price

11 Dogwood Dr, Readington Twp NJ
Purchased: 1/14/2008
Purchase Price: $945,000
MLS# 2646764
Listed: 2/12/2009
List Price: $929,900
Sold: 7/17/2009
Sale Price: $827,500
12% under the 2008 sales price

Warren Comp Killers

170 Old Farm Dr, Allamuchy NJ
Purchased: 10/2/2008
Purchase Price: $195,000
MLS# 2678184
Listed: 4/29/2009
List Price: $189,000
Sold: 7/10/2009
Sale Price: $181,000
7% under the 2008 sales price

9 Purple Martin Dr, Allamuchy NJ
Purchased: 6/3/2004
Purchase Price: $268,000
MLS# 2637593
Listed: 1/27/2009
List Price: $265,000
Sold: 7/10/2009
Sale Price: $246,000
8% under the 2004 sales price

821 Lopatcong St, Belvidere NJ (REO)
Purchased: 8/7/2006
Purchase Price: $295,000
MLS# 2672794
Listed: 4/9/2009
List Price: $134,900
Sold: 7/30/2009
Sale Price: $140,000
53% under the 2006 sales price

1308 Brian Circle, Greenwich Twp NJ
Purchased: 9/30/2004
Purchase Price: $334,000
MLS# 2664889
Listed: 3/19/2009
List Price: $297,500
Sold: 7/1/2009
Sale Price: $287,000
14% under the 2004 sales price

817 Mary Circle, Greenwich Twp NJ
Purchased: 4/30/2003
Purchase Price: $320,000
MLS# 2627439
Listed: 1/10/2009
List Price: $343,900
Sold: 7/9/2009
Sale Price: $312,000
3% under the 2003 sales price

503 Standish Pl, Greenwich Twp NJ
Purchased: 9/28/2004
Purchase Price: $455,000
MLS# 2679628
Listed: 5/4/2009
List Price: $415,000
Sold: 7/15/2009
Sale Price: $415,000
9% under the 2004 sales price

405 Parker Rd, Greenwich Twp NJ
Purchased: 3/30/2005
Purchase Price: $852,000
MLS# 2575409
Listed: 9/8/2008
List Price: $699,900
Sold: 7/10/2009
Sale Price: $650,000
23% under the 2005 sales price

105 Madison St, Hackettstown NJ
Purchased: 3/28/2005
Purchase Price: $289,000
Purchased: 4/9/2008
Purchase Price: $315,500
MLS# 2685622
Listed: 5/22/2009
List Price: $256,900
Sold: 7/23/2009
Sale Price: $257,000
11% under the 2005 sales price
19% under the 2008 sales price

21 Mitchell Rd, Hackettstown NJ
Purchased: 1/30/2006
Purchase Price: $350,000
MLS# 2580004
Listed: 9/18/2008
List Price: $314,900
Sold: 7/20/2009
Sale Price: $220,000
37% under the 2006 sales price

4 Heather Ct, Mansfield Twp NJ
Purchased: 3/26/2007
Purchase Price: $344,900
MLS# 2677763
Listed: 4/27/2009
List Price: $319,900
Sold: 7/27/2009
Sale Price: $315,000
9% under the 2007 sales price

133 Hudson St, Phillipsburg NJ (REO)
Purchased: 11/30/2004
Purchase Price: $160,000
MLS# 2689094
Listed: 6/5/2009
List Price: $61,555
Sold: 7/9/2009
Sale Price: $55,000
66% under the 2004 sales price

355 Grant St, Phillipsburg NJ
Purchased: 9/16/2008
Purchase Price: $234,500
MLS# 2611948
Listed: 12/1/2008
List Price: $199,900
Sold: 7/10/2009
Sale Price: $155,000
34% under the 2008 sales price

227 Natalie Dr, Phillipsburg NJ (REO)
Purchased: 3/22/2001
Purchase Price: $230,000
MLS# 2666636
Listed: 3/23/2009
List Price: $214,900
Sold: 7/2/2009
Sale Price: $225,000
2% under the 2001 sales price

250 Buckley Ave, White Twp NJ
Purchased: 12/1/2006
Purchase Price: $580,000
MLS# 2577582
Listed: 9/13/2008
List Price: $499,900
Sold: 7/22/2009
Sale Price: $470,000
19% under the 2006 sales price

Warren County Comp Killers, June 1st thru 30th.
Double hat tip to willwork4beer for providing the Warren killers as well. Some additional color:

Warren County Comp Killers. Out of 69 completed sales in June, 21 were comp killers. Almost 30 percent. I left in the Phillipsburg area (Pburg, Lopatcong, Pohatcong) just to be complete. Its getting shredded…

53 Marsh Hawk, Allamuchy NJ
Purchased: 8/17/2005
Purchase Price: $115,000
Purchased: 8/11/2006
Purchase Price: $125,000
MLS# 2612693
Listed: 12/2/2008
List Price: $99,999
Sold: 6/2/2009
Sale Price: $90,000
22% under the 2005 sales price
28% under the 2006 sales price

66 Wood Duck Ct, Allamuchy NJ
Purchased: 7/29/2006
Purchase Price: $212,500
MLS# 2644047
Listed: 2/7/2009
List Price: $194,900
Sold: 6/17/2009
Sale Price: $188,000
11% under the 2006 sales price

48 Barn Owl Dr, Allamuchy NJ
Purchased: 9/6/2005
Purchase Price: $279,900
MLS# 2674538
Listed: 4/15/2009
List Price: $249,900
Sold: 6/12/2009
Sale Price: $249,900
11% under the 2006 sales price

71 Bald Eagle Rd, Allamuchy NJ
Purchased: 8/1/2005
Purchase Price: $465,000
MLS# 2563443
Listed: 8/4/2008
List Price: $499,900
Sold: 6/29/2009
Sale Price: $360,000
23% under the 2005 sales price

615 Vulcanite Ave, Alpha NJ
Purchased: 5/28/2004
Purchase Price: $179,900
MLS# 2627272
Listed: 1/9/2009
List Price: $219,000
Sold: 6/30/2009
Sale Price: $158,500
12% under the 2004 sales price

13 Cook Ct, Greenwich NJ
Purchased: 5/18/2005
Purchase Price: $588,000
Purchased: 1/3/2006
Purchase Price: $614,800
MLS# 2682135
Listed: 5/11/2009
List Price: $479,000
Sold: 6/10/2009
Sale Price: $439,900
25% under the 2005 sales price
28% under the 2006 sales price

47 North Main St, Hackettstown NJ
Purchased: 8/25/2006
Purchase Price: $275,000
MLS# 2634858
Listed: 1/22/2009
List Price: $150,000
Sold: 6/26/2009
Sale Price: $150,000
45% under the 2006 sales price

63 Saxton Dr, Hackettstown NJ
Purchased: 4/16/2004
Purchase Price: $345,000
MLS# 2660513
Listed: 3/7/2009
List Price: $344,900
Sold: 6/12/2009
Sale Price: $330,000
4% under the 2004 sales price

4 Hope Rd, Independence NJ
Purchased: 11/30/2005
Purchase Price: $269,900
MLS# 2665116
Listed: 3/19/2009
List Price: $230,000
Sold: 6/26/2009
Sale Price: $208,000
23% under the 2005 sales price

33 Farview Dr, Independence NJ
Purchased: 6/29/2007
Purchase Price: $594,000
MLS# 2665116
Listed: 4/15/2009
List Price: $500,000
Sold: 6/12/2009
Sale Price: $500,000
16% under the 2007 sales price

210 Aurora St, Lopatcong NJ
Purchased: 11/15/2001
Purchase Price: $100,000
MLS# 2501919
Listed: 3/26/2008
List Price: $177,900
Sold: 6/15/2009
Sale Price: $80,000
20% under the 2001 sales price

4 Grandview Ave, Lopatcong NJ
Purchased: 3/15/2006
Purchase Price: $272,950
MLS# 2602381
Listed: 11/13/2008
List Price: $230,500
Sold: 6/19/2009
Sale Price: $153,000
44% under the 2006 sales price

1208 Fairview Circle, Lopatcong NJ
Purchased: 6/29/2005
Purchase Price: $253,500
MLS# 2574183
Listed: 9/3/2008
List Price: $239,900
Sold: 6/2/2009
Sale Price: $207,500
18% under the 2005 sales price

20 Dogwood Ln, Lopatcong NJ
Purchased: 7/15/2004
Purchase Price: $279,990
MLS# 2642771
Listed: 2/5/2009
List Price: $249,000
Sold: 6/19/2009
Sale Price: $243,000
13% under the 2004 sales price

5 Oxford Ln, Mansfield NJ
Purchased: 7/16/2004
Purchase Price: $475,000
MLS# 2662388
Listed: 3/11/2009
List Price: $465,000
Sold: 6/18/2009
Sale Price: $393,000
17% under the 2005 sales price

262 Belvidere, Oxford NJ
Purchased: 7/14/2005
Purchase Price: $265,000
MLS# 2660381
Listed: 2/7/2009
List Price: $269,000
Sold: 6/30/2009
Sale Price: $262,000
1% under the 2005 sales price

288 Marshall St, Phillipsburg NJ
Purchased: 8/1/2003
Purchase Price: $85,000
MLS# 2576924
Listed: 9/12/2008
List Price: $83,900
Sold: 6/2/2009
Sale Price: $28,500
66% under the 2003 sales price

202 Washington St, Phillipsburg NJ
Purchased: 1/19/2005
Purchase Price: $68,850
MLS# 2622268
Listed: 12/31/2008
List Price: $55,000
Sold: 6/16/2009
Sale Price: $30,000
56% under the 2005 sales price

228 Route 519, Pohatcong NJ
Purchased: 5/31/2006
Purchase Price: $75,000
MLS# 2563006
Listed: 8/5/2009
List Price: $75,000
Sold: 6/30/2009
Sale Price: $50,000
33% under the 2006 sales price

302 Pennsylvania Ave, Pohatcong NJ
Purchased: 7/28/2004
Purchase Price: $237,500
MLS# 2636940
Listed: 1/26/2009
List Price: $234,900
Sold: 6/8/2009
Sale Price: $190,000
20% under the 2004 sales price

41 Falcon Way, Washington Twp NJ
Purchased: 5/20/2005
Purchase Price: $397,178
MLS# 2676089
Listed: 4/22/2009
List Price: $400,000
Sold: 6/26/2009
Sale Price: $380,000
4% under the 2005 sales price

Morris County Comp Killers, June 1st thru 30th.

137 Fairmount, Chatham NJ
Purchased: 7/15/2008
Purchase Price: $705,000
MLS# 2666779
Listed: 03/23/2009
List Price: $649,000
Sold: 6/17/2009
Sale Price: $649,000
8% under the 2008 sales price

11D Sentinel, Chatham NJ
Purchased: 4/29/2005
Purchase Price: $329,500
MLS# 2641845
Listed: 2/3/2009
List Price: $319,000
Sold: 6/1/2009
Sale Price: $300,000
9% under the 2005 sales price

6C Heritage, Chatham NJ
Purchased: 11/19/2004
Purchase Price: $370,000
MLS# 2670332
Listed: 4/2/2009
List Price: $359,000
Sold: 6/30/2009
Sale Price: $350,500
5% under the 2004 sales price

61 Dale Drive, Chatham NJ
Purchased: 2/5/2007
Purchase Price: $1,700,000
MLS# 2671164
Listed: 4/4/2009
List Price: $1,500,000
Sold: 6/10/2009
Sale Price: $1,430,000
16% under the 2007 sales price

4 Pine Ridge Court, Chester NJ
Purchased: 4/12/2004
Purchase Price: $1,659,000
MLS# 2622626
Listed: 1/1/2009
List Price: $1,795,000
Sold: 6/1/2009
Sale Price: $1,500,000
10% under the 2004 sales price

394 Franklin Ave, Denville NJ
Purchased: 11/5/2002
Purchase Price: $280,000
MLS# 2668526
Listed: 5/8/2005
List Price: $729,900
Sold: 6/26/2009
Sale Price: $250,000 (foreclosure)
11% under the 2002 sales price
66% under the 2005 asking price

19 Canterbury Rd, Denville NJ
Purchased: 11/4/2005
Purchase Price: $970,000
MLS# 2629786
Listed: 1/14/2009
List Price: $925,900
Sold: 6/19/2009
Sale Price: $835,000
14% under the 2005 sales price

4 Lauretta Court, East Hanover NJ
Purchased: 2/1/2008
Purchase Price: $810,000
MLS# 2624292
Listed: 6/26/2008
List Price: $850,000
Sold: 6/5/2009
Sale Price: $705,000
13% under the 2008 sales price

38 Park St 9F, Florham Park NJ
Purchased: 7/26/2007
Purchase Price: $400,000
MLS# 2629909
Listed: 4/15/2008
List Price: $456,000
Sold: 6/5/2009
Sale Price: $380,000
5% under the 2007 sales price

38 Park St 5G, Florham Park NJ
Purchased: 6/17/2005
Purchase Price: $435,000
MLS# 2642297
Listed: 2/3/2009
List Price: $408,888
Sold: 6/9/2009
Sale Price: $400,000
8% under the 2005 sales price

1508 Riveredge Ln, Whippany NJ
Purchased: 12/28/2006
Purchase Price: $425,000
MLS# 2675822
Listed: 9/29/2008
List Price: $435,000
Sold: 6/22/2009
Sale Price: $405,000
5% under the 2006 sales price

73 Lees Hill Road, Harding NJ
Purchased: 11/10/2004
Purchase Price: $2,077,500
MLS# 2663712
Listed: 3/16/2009
List Price: $1,700,000
Sold: 6/1/2009
Sale Price: $1,550,000
25% under the 2004 sales price

30 Patterson Dr, Jefferson NJ
Purchased: 8/1/2006
Purchase Price: $419,000
MLS# 2616162
Listed: 12/12/2008
List Price: $343,500
Sold: 6/17/2009
Sale Price: $234,900 (foreclosure)
44% under the 2006 sales price

2 North Glen Circle, Jefferson NJ
Purchased: 3/29/2005
Purchase Price: $440,000
MLS# 2673197
Listed: 10/12/2008
List Price: $449,900
Sold: 6/26/2009
Sale Price: $395,000
10% under the 2005 sales price

529 Pepperidge Tree Lane, Kinnelon NJ
Purchased: 7/30/2008
Purchase Price: $610,000
MLS# 2681500
Listed: 5/10/2009
List Price: $656,000
Sold: 6/29/2009
Sale Price: $537,000
12% under the 2008 sales price

7 Amira Lane, Kinnelon NJ
Purchased: 8/30/2005
Purchase Price: $1,825,000
MLS# 2668968
Listed: 8/29/2006
List Price: $2,295,000
Sold: 6/4/2009
Sale Price: $999,999 (foreclosure)
45% under the 2005 sales price!!!!!
56% under the 2006 asking price!!!!!

318 Main St, Madison NJ
Purchased: 9/5/2007
Purchase Price: $460,000
MLS# 2573020
Listed: 9/3/2008
List Price: $479,000
Sold: 6/3/2009
Sale Price: $435,000
5% under the 2007 sales price

75 Green Village Rd, Madison NJ
Purchased: 3/29/2004
Purchase Price: $689,000
MLS# 2640710
Listed: 7/31/2008
List Price: $769,000
Sold: 6/5/2009
Sale Price: $605,000
12% under the 2004 sales price

100 Shunpike Rd, Madison NJ
Purchased: 8/16/2005
Purchase Price: $980,000
MLS# 2678346
Listed: 4/29/2009
List Price: $970,000
Sold: 6/30/2009
Sale Price: $970,000
1% under the 2005 sales price

164 Talmage Rd, Mendham NJ
Purchased: 9/8/2005
Purchase Price: $750,000
MLS# 2678346
Listed: 3/11/2009
List Price: $719,000
Sold: 6/1/2009
Sale Price: $680,000
9% under the 2005 sales price

146 Mountainside Rd, Mendham NJ
Purchased: 9/28/2006
Purchase Price: $1,460,000
MLS# 2662705
Listed: 9/12/2008
List Price: $1,625,000
Sold: 6/1/2009
Sale Price: $1,250,000
14% under the 2006 sales price

1 North Gate Rd, Mendham NJ
Purchased: 6/8/2007
Purchase Price: $999,999
MLS# 2642306
Listed: 2/4/2009
List Price: $999,999
Sold: 6/19/2009
Sale Price: $880 ,000
12% under the 2007 sales price

101 W Hanover Ave, Morris Plains NJ
Purchased: 6/10/2005
Purchase Price: $369,000
MLS# 2674340
Listed: 1/8/2009
List Price: $344,900
Sold: 6/1/2009
Sale Price: $225,000
39% under the 2005 sales price

35 Grove Ave, Morris Plains NJ
Purchased: 11/15/2005
Purchase Price: $705,000
MLS# 2611732
Listed: 5/30/2008
List Price: $679,900
Sold: 6/25/2009
Sale Price: $566,000
20% under the 2005 sales price

2 Wildflower Ln, Morris Twp NJ
Purchased: 9/12/2005
Purchase Price: $440,000
MLS# 2674456
Listed: 3/31/2009
List Price: $377,900
Sold: 6/12/2009
Sale Price: $355,000 (foreclosure)
19% under the 2005 sales price

1 Columbia Rd, Morris Twp NJ
Purchased: 4/28/2005
Purchase Price: $469,999
MLS# 2654526
Listed: 2/24/2009
List Price: $509,800
Sold: 6/3/2009
Sale Price: $445,000
5% under the 2005 sales price

215 Mt Kemble, Morris Twp NJ
Purchased: 3/21/2005
Purchase Price: $575,000
MLS# 2591946
Listed: 10/18/2008
List Price: $575,000
Sold: 6/15/2009
Sale Price: $525,000
9% under the 2005 sales price

60 Pippins Way, Morris Twp NJ
Purchased: 4/30/2007
Purchase Price: $615,000
MLS# 2641389
Listed: 2/2/2009
List Price: $580,000
Sold: 6/3/2009
Sale Price: $565,000
6% under the 2007 sales price

1 Rolling Hill, Morris Twp NJ
Purchased: 8/27/2004
Purchase Price: $686,000
MLS# 2662709
Listed: 9/14/2008
List Price: $689,900
Sold: 6/18/2009
Sale Price: $650,000
5% under the 2004 sales price

(Stopping here, will start back up with Morristown later today)

Hunterdon County Comp Killers, June 1st thru 30th.
(Hat tip to willwork4beer for pulling together the Hunterdon killers)

36 Inverrary Pl, Clinton Twp NJ
Purchased: 4/20/2005
Purchase Price: $349,000
MLS# 2660390
Listed: 3/7/2009
List Price: $289,900
Sold: 6/1/2009
Sale Price: $285,000
18% under the 2005 sales price

253 Cokesbury Rd, Clinton Twp NJ
Purchased: 9/24/04
Purchase Price: $364,000
Purchased: 10/31/06 (Halloween!!)
Purchase Price: $394,000
MLS# 2657556
Listed: 3/2/2009
List Price: $374,900
Sold: 6/22/2009
Sale Price: $335,000
8% under the 2004 sales price
15% under the 2006 sales price
Trick or Treat…???

4 Smithfield Rd, Clinton Twp NJ
Purchased: 4/15/2004
Purchase Price: $1,025,000
MLS# 2637246
Listed: 1/26/2009
List Price: $1,099,000
Sold: 6/23/2009
Sale Price: $877,000
14% under the 2004 sales price

80 Runyon Mill Rd, East Amwell NJ
Purchased: 2/14/2001
Purchase Price: $370,000
MLS# 2617576
Listed: 12/16/2008
List Price: $459,000
Sold: 6/24/2009
Sale Price: $280,000
24% under the 2001 sales price

51 Bonnell St, Flemington NJ
Purchased: 7/21/2005
Purchase Price: $350,000
MLS# 2642612
Listed: 2/5/2009
List Price: $324,900
Sold: 6/12/2009
Sale Price: $280,000
20% under the 2005 sales price

23 Fifth St, Frenchtown NJ
Purchased: 9/13/05
Purchase Price: $326,000
MLS# 2669312
Listed: 3/31/2009
List Price: $289,900
Sold: 6/22/2009
Sale Price: $223,500
31% under the 2005 sales price

52 Everittstown Rd, Frenchtown NJ
Purchased: 10/19/07
Purchase Price: $385,000
MLS# 2669312
Listed: 3/2/2009
List Price: $360,000
Sold: 6/3/2009
Sale Price: $335,000
13% under the 2007 sales price

1312 Spruce Hills Dr, Glen Gardner NJ
Purchased: 10/4/05
Purchase Price: $191,500
MLS# 2674298
Listed: 4/15/2009
List Price: $172,900
Sold: 6/19/2009
Sale Price: $160,000
16% under the 2005 sales price

1714 Spruce Hills Dr, Glen Gardner NJ
Purchased: 7/21/06
Purchase Price: $214,900
MLS# 2676545
Listed: 4/23/2009
List Price: $210,000
Sold: 6/24/2009
Sale Price: $191,500
10% under the 2006 sales price

12 Spring Mountain Rd, Lebanon Twp NJ
Purchased: 2/17/05
Purchase Price: $380,000
MLS# 2625866
Listed: 1/7/2009
List Price: $335,000
Sold: 6/26/2009
Sale Price: $321,000
16% under the 2005 sales price

672 Winding Brook Lane, Lebanon Twp NJ
Purchased: 3/25/05
Purchase Price: $428,500
MLS# 2663478
Listed: 3/13/2009
List Price: $399,000
Sold: 6/29/2009
Sale Price: $375,000
12% under the 2005 sales price

206 Spruce Ct, Raritan Twp NJ
Purchased: 12/2/04
Purchase Price: $233,000
MLS# 2640330
Listed: 1/31/2009
List Price: $237,500
Sold: 6/30/2009
Sale Price: $223,000
4% under the 2004 sales price

12 Manchester Rd, Raritan Twp NJ
Purchased: 6/21/05
Purchase Price: $285,000
Purchased: 1/22/07
Purchase Price: $275,000
MLS# 2510563
Listed: 4/21/2008
List Price: $274,900
Sold: 6/18/2009
Sale Price: $260,000
9% under the 2005 sales price
5% under the 2007 sales price
(2007 Comp Killer – strikes again in 2009)

1 Alles Ct, Raritan Twp NJ
Purchased: 7/7/00
Purchase Price: $360,000
Purchased: 11/26/02
Purchase Price: $425,000
MLS# 2691759
Listed: 6/17/2009
List Price: $375,000
Sold: 6/17/2009
Sale Price: $357,000
1% under the 2000 sales price
16% under the 2002 sales price

12 Moore Dr, Raritan Twp NJ
Purchased: 5/2/2008
Purchase Price: $447,500
MLS# 2674744
Listed: 4/17/2009
List Price: $404,900
Sold: 6/23/2009
Sale Price: $375,000
16% under the 2008 sales price

9 Taylor Ct, Raritan Twp NJ
Purchased: 7/30/2006
Purchase Price: $680,000
MLS# 2617486
Listed: 12/16/2008
List Price: $529,000
Sold: 6/29/2009
Sale Price: $455,000
33% under the 2006 sales price

5 Stockton Dr, Raritan Twp NJ
Purchased: 7/29/2005
Purchase Price: $701,000
MLS# 2632574
Listed: 1/19/2009
List Price: $650,000
Sold: 6/25/2009
Sale Price: $577,500
18% under the 2005 sales price

93 Becks Blvd, Raritan Twp NJ
Purchased: 8/2/2004
Purchase Price: $669,000
MLS# 2592142
Listed: 10/18/2008
List Price: $699,000
Sold: 6/26/2009
Sale Price: $630,000
6% under the 2004 sales price

22 Vail Lane, Raritan Twp NJ
Purchased: 5/14/2007
Purchase Price: $705,000
MLS# 2663970
Listed: 3/17/2009
List Price: $669,000
Sold: 6/11/2009
Sale Price: $650,000
18% under the 2005 sales price

5 Edward Dr, Raritan Twp NJ
Purchased: 9/30/2004
Purchase Price: $795,000
MLS# 2628230
Listed: 1/12/2009
List Price: $750,000
Sold: 6/19/2009
Sale Price: $705,000
11% under the 2004 sales price

1 Morningside Ct, Raritan Twp NJ
Purchased: 5/3/2006
Purchase Price: $941,857
MLS# 2649490
Listed: 2/17/2009
List Price: $874,900
Sold: 6/30/2009
Sale Price: $850,000
10% under the 2006 sales price

901 Spring House Dr, Readington NJ
Purchased: 5/19/05
Purchase Price: $435,000
MLS# 2656144
Listed: 2/27/2009
List Price: $385,000
Sold: 6/29/2009
Sale Price: $345,000
21% under the 2005 sales price

8 Hay Barrick Rd, Readington NJ
Purchased: 12/7/06
Purchase Price: $505,000
Purchased: 8/26/08
Purchase Price: $480,000
MLS# 2643548
Listed: 2/6/2009
List Price: $449,900
Sold: 6/30/2009
Sale Price: $407,000
19% under the 2006 sales price
15% under the 2008 sales price
(2008 Comp Killer – strikes again in 2009)

14 Bouwrey Pl, Readington NJ
Purchased: 7/24/06
Purchase Price: $613,000
MLS# 2660409
Listed: 3/7/2009
List Price: $475,000
Sold: 6/22/2009
Sale Price: $445,000
27% under the 2006 sales price

122 Hillcrest Rd, Readington NJ
Purchased: 5/16/05
Purchase Price: $595,000
MLS# 2660409
Listed: 3/15/2009
List Price: $569,900
Sold: 6/24/2009
Sale Price: $545,000
8% under the 2005 sales price

3 Midvale Dr, Union Twp NJ
Purchased: 9/8/05
Purchase Price: $720,000
MLS# 2662844
Listed: 3/13/2009
List Price: $524,900
Sold: 6/1/2009
Sale Price: $500,000
31% under the 2005 sales price

4 Rachel Ct, Union Twp NJ
Purchased: 8/1205
Purchase Price: $660,000
MLS# 2636915
Listed: 1/25/2009
List Price: $579,000
Sold: 6/29/2009
Sale Price: $512,000
22% under the 2005 sales price

Bergen County Comp Killers, June 1st thru 30th.

83 Elmwood Ave, Allendale NJ
Purchased: 5/22/2006
Purchase Price: $630,000
MLS# 2912125
Listed: 5/1/2008
List Price: $669,000
Sold: 6/24/2009
Sale Price: $599,000
5% under 2006 sales price

98 Bonnie Way, Allendale NJ
Purchased: 8/1/2006
Purchase Price: $965,000
MLS# 2839728
Listed: 6/13/2008
List Price: $969,000
Sold: 6/25/2009
Sale Price: $720,000
25% under 2006 sales price

500 Highridge Ave, Cliffside Park NJ
Purchased: 4/5/2006
Purchase Price: $650,000
MLS# 2915007
Listed: 6/12/2007
List Price: $650,000
Sold: 6/2/2009
Sale Price: $319,000
51% under 2006 sales price

27 Jane Street, Closter NJ
Purchased: 7/9/2004
Purchase Price: $439,000
MLS# 2848048
Listed: 6/22/2006
List Price: $529,000
Sold: 6/17/2009
Sale Price: $250,000
43% under 2004 sales price

200 High Street, Closter NJ
Purchased: 5/30/2006
Purchase Price: $485,000
MLS# 2905219
Listed: 2/23/2006
List Price: $410,000
Sold: 6/12/2009
Sale Price: $375,000
23% under 2006 sales price
13% under 2004 sales price ($430,000)

96 Stewart St, Demarest NJ
Purchased: 12/9/2005
Purchase Price: $710,000
MLS# 2846372
Listed: 10/18/2008
List Price: $629,000
Sold: 6/19/2009
Sale Price: $525,000
26% under 2005 sales price

1055 River Rd 302, Edgewater NJ
Purchased: 5/2/2005
Purchase Price: $315,000
MLS# 2909570
Listed: 9/2/2008
List Price: $360,000
Sold: 6/9/2009
Sale Price: $295,000
6% under 2005 sales price

303 Stockton Ct, Edgewater NJ
Purchased: 5/23/2005
Purchase Price: $465,000
MLS# 2907857
Listed: 2/19/2009
List Price: $399,000
Sold: 6/3/2009
Sale Price: $399,000
14% under 2005 sales price

724 Jane Dr, Franklin Lakes NJ
Purchased: 8/27/2002
Purchase Price: $1,300,000
MLS# 2830616
Listed: 9/19/2007
List Price: $1,750,000
Sold: 6/24/2009
Sale Price: $1,155,000
11% under 2002 sales price!!!

121 Ramapo Valley Rd, Mahwah NJ
Purchased: 8/19/2004
Purchase Price: $350,000
MLS# 2901476
Listed: 10/2/2008
List Price: $424,900
Sold: 6/15/2009
Sale Price: $340,000
3% under 2004 sales price

811 Maywood Ave, Maywood NJ
Purchased: 5/3/2005
Purchase Price: $373,000
MLS# 2916795
Listed: 4/15/2009
List Price: $359,900
Sold: 6/29/2009
Sale Price: $359,000
4% under 2005 sales price

7 Boulder Run, Oakland NJ
Purchased: 4/12/2004
Purchase Price: $689,000
MLS# 2910950
Listed: 3/11/2008
List Price: $774,000
Sold: 6/3/2009
Sale Price: $642,000
7% under 2004 sales price

3 Woods End, Oakland NJ
Purchased: 8/16/2004
Purchase Price: $760,000
MLS# 2845345
Listed: 10/12/2008
List Price: $819,000
Sold: 6/1/2009
Sale Price: $710,000
7% under 2004 sales price

159 Leach Ave, Park Ridge NJ
Purchased: 6/30/2005
Purchase Price: $526,000
MLS# 2917058
Listed: 4/16/2009
List Price: $435,000
Sold: 6/10/2009
Sale Price: $435,000
17% under 2005 sales price

55 Sherwood Dr, Ramsey NJ
Purchased: 4/20/2006
Purchase Price: $490,000
MLS# 2852774
Listed: 7/1/2006
List Price: $539,900
Sold: 6/30/2009
Sale Price: $469,500
4% under 2006 sales price
(Huge renovation, new kitchen, baths, etc)

434 Bogert Ave, Ridgewood NJ
Purchased: 6/13/2007
Purchase Price: $540,000
MLS# 2909559
Listed: 3/12/2008
List Price: $564,500
Sold: 6/26/2009
Sale Price: $459,000
15% under 2007 sales price

231 Jeffer St, Ridgewood NJ
Purchased: 7/29/2004
Purchase Price: $587,000
MLS# 2912477
Listed: 3/19/2009
List Price: $599,000
Sold: 6/29/2009
Sale Price: $575,000
2% under 2004 sales price

47 Walthery Ave, Ridgewood NJ
Purchased: 9/30/2004
Purchase Price: $679,000
MLS# 2909593
Listed: 4/23/2008
List Price: $799,000
Sold: 6/25/2009
Sale Price: $615,000
9% under 2004 sales price

619 Westbrook Rd, Ridgewood NJ
Purchased: 8/18/2003
Purchase Price: $732,500
MLS# 2842214
Listed: 4/17/2008
List Price: $899,000
Sold: 6/30/2009
Sale Price: $699,000
5% under 2003 sales price

265 Monroe Ave, River Edge NJ
Purchased: 8/2/2005
Purchase Price: $500,000
MLS# 2843717
Listed: 8/15/2006
List Price: $524,902
Sold: 6/9/2009
Sale Price: $395,000
21% under 2005 sales price

195 Valley Rd, River Edge NJ
Purchased: 2/4/2008
Purchase Price: $815,000
MLS# 2918594
Listed: 4/27/2009
List Price: $799,000
Sold: 6/30/2009
Sale Price: $760,000
7% under 2008 sales price

222 Fairview Ave, Rutherford NJ
Purchased: 9/11/2006
Purchase Price: $650,000
MLS# 2917133
Listed: 4/10/2008
List Price: $720,000
Sold: 6/16/2009
Sale Price: $531,000
18% under 2006 sales price

13 Douglas St, Waldwick NJ
Purchased: 11/24/2004
Purchase Price: $432,500
MLS# 2913872
Listed: 2/4/2008
List Price: $470,000
Sold: 6/30/2009
Sale Price: $417,000
4% under 2004 sales price

6 Sherman Ave, Waldwick NJ
Purchased: 5/31/2005
Purchase Price: $595,000
MLS# 2901551
Listed: 1/10/2009
List Price: $595,000
Sold: 6/26/2009
Sale Price: $535,000
10% under 2005 sales price

1 Idalane St, Waldwick NJ
Purchased: 7/13/2006
Purchase Price: $737,000
MLS# 2911692
Listed: 2/4/2008
List Price: $815,000
Sold: 6/25/2009
Sale Price: $575,000
22% under 2006 sales price

675 Calvin St, Washington Twp NJ
Purchased: 9/5/2008
Purchase Price: $635,000
MLS# 2921475
Listed: 5/12/2009
List Price: $609,000
Sold: 6/29/2009
Sale Price: $615,600
3% under 2008 sales price

517 Richard Pl, Wyckoff NJ
Purchased: 11/7/2003
Purchase Price: $656,000
MLS# 2905520
Listed: 2/5/2009
List Price: $699,900
Sold: 6/29/2009
Sale Price: $653,000
Under the 2003 sales price

On to the comp killer (which must be a mistake, because Brigadoon prices never fall).

20 Woodbrook Circle, Westfield NJ
Purchased: January 1st, 2007
Purchase Price: $1,450,000

Bedrooms: 5
Baths: 4
Square Feet: 3900
Lot Size: 110×120
Taxes: $23,168

Listed for sale on January 11th, 2009
List Price: $1,325,000 (Ouch!)

Reduced to $1,275,090 on January 23rd.
Reduced to $1,199,000 on February 9th.
Reduced to $1,125,000 on February 27th.
Reduced to $1,075,000 on April 2nd.

The reduction to $1.075m was the magic number, 20 Woodbrook went into attorney review on 4/17 and went under contract on 4/30.

The big question is, what will it sell for? We won’t know until closing.

If it sells at asking price, the seller would have lost $375,000. Closer to $425,000 when you include the transaction costs associated with the sale. At asking, this property is selling at a discount of approximately 25% off it’s 2007 sale price.

Unfortunately, I don’t think it sold at asking. Westfield properties have been selling at about 95% of their last list price (on average) this year. If this property follows that trend, the closing price might be somewhere near $1.02m, and a much steeper loss for the owner.

(in progress, keep checking back. Price descending order, so scroll through to see updates)

MLS# 2609747 132 Ormont Rd, Chatham NJ
Purchased: 9/13/2005
Purchase Price: $890,000

Sold: 3/12/2009
Sale Price: $726,000
18.4% below 2005 purchase price

MLS# 2629546 15 Wychwood Rd, Morris Twp NJ
Purchased: 9/12/2006
Purchase Price: $790,000

Sold: 2/26/2009
Sale Price: $690,000
12.7% below 2006 purchase price

MLS# 2564064 16 Ridgeline Dr, Washington Twp NJ
Purchased: 10/30/2006
Purchase Price: $1,026,015

Sold: 3/12/2009
Sale Price: $660,000
35.7% below 2006 purchase price (REO)

MLS# 2624430 44 Buckley Hill Rd, Morris Twp NJ
Purchased: 9/17/2003
Purchase Price: $679,900

Sold: 3/12/2009
Sale Price: $659,500
4% below 2003 purchase price

MLS# 2634721 8 Montgomery Ave, Montville NJ
Purchased: 10/31/2006
Purchase Price: $855,000

Sold: 3/06/2009
Sale Price: $615,000
28.1% below 2006 purchase price

MLS# 2601044 3 Indian Trail Rd, Randolph NJ
Purchased: 6/30/2005
Purchase Price: $675,000

Sold: 2/20/2009
Sale Price: $610,000
9.6% below 2005 purchase price

MLS# 2562052 5 Sky Top Dr, Denville NJ
Purchased: 11/12/2007
Purchase Price: $725,000

Sold: 3/30/2009
Sale Price: $595,000
17.9% below 2007 purchase price

MLS# 2626867 2 Oakwood Ct, Morris Plains NJ
Purchased: 9/25/2007
Purchase Price: $599,000

Sold: 3/19/2009
Sale Price: $572,000
4.5% below 2007 purchase price

MLS# 2615717 13 Chestnut Way, Mount Olive NJ
Purchased: 9/17/2004
Purchase Price: $675,222

Sold: 3/15/2009
Sale Price: $550,000
18.5% below 2004 purchase price (REO)

MLS# 2630946 51 Taft Ln, Morristown NJ
Purchased: 1/12/2005
Purchase Price: $475,000

Sold: 3/27/2009
Sale Price: $415,000
12.6% below 2005 purchase price

MLS# 2608487 1505 Riveredge Ln, Whippany NJ
Purchased: 8/28/2005
Purchase Price: $485,000

Sold: 3/11/2009
Sale Price: $390,000
19.6% below 2005 purchase price

MLS# 2628389 14 Noelle Ct, Lincoln Park NJ
Purchased: 5/20/2005
Purchase Price: $409,000

Sold: 3/30/2009
Sale Price: $375,000
8.3% below 2005 purchase price

MLS# 2570106 11 Tulane Rd, Flanders NJ
Purchased: 12/20/2006
Purchase Price: $360,000

Sold: 3/30/2009
Sale Price: $355,000
1.4% below 2006 purchase price

MLS# 2624525 287 Gettysburg Way, Lincoln Park NJ
Purchased: 5/22/2006
Purchase Price: $389,900

Sold: 3/27/2009
Sale Price: $343,000
12% below 2006 purchase price

MLS# 2628229 3203 Appleton Way, Whippany NJ
Purchased: 9/8/2006
Purchase Price: $401,000

Sold: 3/20/2009
Sale Price: $360,000
10.2% below 2006 purchase price

MLS# 2634669 26 Hillery Dr, Flanders NJ
Purchased: 6/28/2005
Purchase Price: $400,000

Sold: 3/20/2009
Sale Price: $335,000
16.3% below 2005 purchase price

MLS# 2617936 347 Cambridge Dr, Butler NJ
Purchased: 2/28/2006
Purchase Price: $320,000

Sold: 3/17/2009
Sale Price: $301,500
5.8% below 2006 purchase price

MLS# 2617670 17 Arch St, Butler NJ
Purchased: 3/31/2005
Purchase Price: $355,000

Sold: 3/10/2009
Sale Price: $299,900
15.5% below 2005 purchase price

MLS# 2563430 31 Pine Tree Ln, Morris Twp NJ
Purchased: 10/20/2000
Purchase Price: $296,999

Sold: 3/30/2009
Sale Price: $248,000
16.5% below 2000 purchase price! (REO)

MLS# 2647702 13 Petersburg Ct, Oak Ridge NJ
Purchased: 5/10/2005
Purchase Price: $265,000

Sold: 3/30/2009
Sale Price: $238,500
10% below 2005 purchase price

MLS# 2621369 75 Randolph Ave, Mine Hill NJ
Purchased: 3/9/2006
Purchase Price: $390,000

Sold: 3/3/2009
Sale Price: $237,500
39.1% below 2006 purchase price!

MLS# 2595283 68 Wildwood Rd, Oak Ridge NJ
Purchased: 12/1/2007
Purchase Price: $242,000

Sold: 3/3/2009
Sale Price: $225,000
7% below 2007 purchase price!

MLS# 2609166 14 Brookside Ln, Mt Arlington NJ
Purchased: 6/27/2005
Purchase Price: $240,000

Sold: 3/25/2009
Sale Price: $220,000
8.3% below 2005 purchase price!

MLS# 2617944 38 Overlook Ave, Dover NJ
Purchased: 8/30/2002
Purchase Price: $246,000

Sold: 3/30/2009
Sale Price: $195,000
20.7% below 2002 purchase price!

MLS# 2845722 15 Terhune Ct, Upper Saddle River NJ
Purchased: 6/1/2006
Purchase Price: $1,600,000

Original List Price: $1,699,000
Sold: 3/6/2009
Sale Price: $1,250,000
21.9% below 2006 purchase price

MLS# 2829680 123 Woodland Ave, Ridgewood NJ
Purchased: 8/29/2006
Purchase Price: $1,350,000

Original List Price: $1,449,000
Sold: 3/12/2009
Sale Price: $1,175,000
13% below 2006 purchase price

MLS# 2901544 293 S. Central Ave, Ramsey NJ
Purchased: 9/18/2007
Purchase Price: $985,000

Original List Price: $979,900
Sold: 4/3/2009
Sale Price: $859,000
12.8% below 2006 purchase price

MLS# 2904948 405 Burlington Rd, Paramus NJ
Purchased: 8/11/2006
Purchase Price: $505,000

Original List Price: $495,900
Sold: 3/10/2009
Sale Price: $398,000
21.2% below 2006 purchase price

MLS# 2835150 23 River Dell, Oakland NJ
Purchased: 5/18/2006
Purchase Price: $799,900

Original List Price: $769,900
Sold: 3/23/2009
Sale Price: $610,000
23.7% below 2006 purchase price

MLS# 2850322 52 Walton Ave, Oakland NJ
Purchased: 2/6/2004
Purchase Price: $412,000

Original List Price: $639,000
Sold: 3/18/2009
Sale Price: $355,000
13.8% below 2004 purchase price

MLS# 2900082 48 Fairway Terr, Norwood NJ
Purchased: 7/28/2004
Purchase Price: $1,400,000

Original List Price: $1,599,000
Sold: 3/17/2009
Sale Price: $1,200,000
14.3% below 2004 purchase price

MLS# 2807120 833 Blanch Ave, Norwood NJ
Purchased: 4/2/2004
Purchase Price: $490,000

Original List Price: $639,000
Sold: 3/6/2009
Sale Price: $385,000
21.4% below 2004 purchase price

MLS# 2900219 639 Trenton St, New Milford NJ
Purchased: 2/9/2007
Purchase Price: $362,500

Original List Price: $399,900
Sold: 3/27/2009
Sale Price: $340,000
6.4% below 2007 purchase price

MLS# 2854372 68 Alcott Rd, Mahwah NJ
Purchased: 12/18/2007
Purchase Price: $830,000

Original List Price: $839,000
Sold: 3/10/2009
Sale Price: $750,000
9.6% below 2007 purchase price

MLS# 2821708 344 Watson Ave, Lyndhurst NJ
Purchased: 11/15/2007
Purchase Price: $412,000

Original List Price: $355,000
Sold: 3/5/2009
Sale Price: $290,000
13.8% below 2007 purchase price

MLS# 2840721 19 Long Valley Rd, Lodi NJ
Purchased: 11/15/2006
Purchase Price: $410,000

Original List Price: $299,900
Sold: 3/23/2009
Sale Price: $290,000
29.3% below 2006 purchase price

MLS# 2906999 156 Euclid Ave, Hackensack NJ
Purchased: 8/9/2006
Purchase Price: $509,000

Original List Price: $393,750
Sold: 3/26/2009
Sale Price: $322,500
36.6% below 2006 purchase price

MLS# 2827625 54 Catalpa Ave, Hackensack NJ
Purchased: 9/1/2005
Purchase Price: $370,000

Original List Price: $359,000
Sold: 3/16/2009
Sale Price: $280,000
24.3% below 2005 purchase price

MLS# 2829909 8 Buckingham Rd, Fort Lee NJ
Purchased: 12/29/2003
Purchase Price: $1,475,000

Original List Price: $1,750,000
Sold: 3/6/2009
Sale Price: $1,450,000
1.7% below 2003 purchase price!

MLS# 2902836 365 Kennedy Dr, Fairview NJ
Purchased: 12/26/2004
Purchase Price: $349,000

Original List Price: $250,000
Sold: 4/2/2009
Sale Price: $250,000
28.4% below 2004 purchase price

MLS# 2822648 43 Albert Ave, Fair Lawn NJ
Purchased: 2/14/2007
Purchase Price: $491,500

Original List Price: $539,000
Sold: 3/20/2009
Sale Price: $465,000
5.4% below 2007 purchase price

MLS# 2848465 12-42 Roosevelt Pl, Fair Lawn NJ
Purchased: 12/1/2005
Purchase Price: $417,500

Original List Price: $475,000
Sold: 3/3/2009
Sale Price: $294,000
29.6% below 2005 purchase price

MLS# 2854352 128 Rockwood Pl, Englewood NJ
Purchased: 6/8/2006
Purchase Price: $438,000

Original List Price: $505,000
Sold: 4/3/2009
Sale Price: $325,000
25.8% below 2006 purchase price

MLS# 2825654 398 Liberty Rd, Englewood NJ
Purchased: 9/18/2006
Purchase Price: $385,000

Original List Price: $400,000
Sold: 3/31/2009
Sale Price: $260,000
32.5% below 2006 purchase price

MLS# 2851253 78 Park Ave, Englewood NJ
Purchased: 6/18/2004
Purchase Price: $335,000

Original List Price: $299,900
Sold: 3/10/2009
Sale Price: $175,000
51% below 2004 purchase price

MLS# 2908405 148 Jefferson Ave, Emerson NJ
Purchased: 3/13/2008
Purchase Price: $535,000

Original List Price: $524,777
Sold: 3/27/2009
Sale Price: $505,500
5.5% below 2008 purchase price

MLS# 2849426 39 Godwin Ave, Elmwood Park NJ
Purchased: 1/18/2006
Purchase Price: $398,000

Original List Price: $433,000
Sold: 4/2/2009
Sale Price: $350,000
12% below 2006 purchase price

MLS# 2817503 40 Williamson Road, Bergenfield NJ
Purchased: 12/10/2004
Purchase Price: $349,000

Original List Price: $380,000
Sold: 3/19/2009
Sale Price: $300,000
14% below 2004 purchase price

MLS# 2851387 49 Murray Hill Terrace, Bergenfield NJ
Purchased: 9/9/2004
Purchase Price: $395,000

Original List Price: $475,000
Sold: 3/4/2009
Sale Price: $385,000
2.5% below 2004 purchase price

MLS# 2853248 160 Bergenline Ave, Closter NJ
Purchased: 8/2/2006
Purchase Price: $765,000

Original List Price: $755,000
Sold: 3/2/2009
Sale Price: $650,000
15% below 2006 purchase price

MLS# 2843463 139 E 53rd Street, Elmwood Park NJ
Purchased: 3/3/2006
Purchase Price: $412,000

Original List Price: $470,000
Sold: 3/23/2009
Sale Price: $285,000
31% below 2006 purchase price

Make no mistake, we are nowhere near a market bottom. Prices will continue to fall over the next year. This isn’t to say there aren’t some opportunities in this market, there are, but they are rare and difficult to find. The majority of homes on the market today continue to be wildly overpriced.

23 Whittredge Road, Summit NJ
Purchased: 6/23/2000
Purchase Price: $1,145,000

MLS# 2572707
Original List Price: $1,850,000 $1,975,000 (2005)
Sold: 2/12/2009
Sale Price: $1,100,000
(4% under the 2000 purchase price and 44% below the original 2005 list price)

275 East Bradford Ave, Cedar Grove NJ
Purchased: 12/13/1991
Purchase Price: $1,450,000

MLS# 2509082
Original List Price: $2,995,000 (2007)
Sold: 2/5/2009
Sale Price: $1,450,000
(No, this is not a misprint, short sale, sold at the 1991 purchase price, 51.6% under the 2007 original list price. This is why you do not buy properties during bubbles.)

902 Highland Ave, Westfield NJ
Purchased: 6/7/2006
Purchase Price: $1,450,000

MLS# 2588015
Sold: 1/28/2009 (close enough)
Sale Price: $1,250,000
(13.8% under the 2006 purchase price, a loss of more than $250,000 factoring in commissions)

12 Wadsworth Court, Teaneck NJ
Purchased: 6/15/2001
Purchase Price: $400,000

MLS# 2825917
Sold: 2/10/2009
Sale Price: $370,000
Owner facing foreclosure, lis pendens filed for $531,000. Short sale.
(7.5% under the 2001 purchase price!)

38 Newell Place, North Arlington NJ
Purchased: 5/26/2006
Purchase Price: $470,000

(Foreclosed, December 2008)

MLS# 2851963
Sold: 2/4/2009
Sale Price: $297,900
(36.6% under the 2006 purchase price)

24 Semel Ave, Garfield NJ
Purchased: 12/20/2005
Purchase Price: $500,000

(Foreclosed, October 2008)

MLS# 2851923
Sold: 2/9/2009
Sale Price: $192,000
(61.6% under the 2005 purchase price)

354 Hickory Street, Washington Twp NJ
Purchased: 11/10/2004
Purchase Price: $459,900

MLS# 2842917
Sold: 2/6/2009
Sale Price: $430,000
(6.5% under the 2004 purchase price)

54 Silver Birch Ave, Oakland NJ
Purchased: 11/18/2005
Purchase Price: $392,000

MLS# 2822610
Sold: 2/2/2009
Sale Price: $340,000
(13.3% under the 2005 purchase price)

24 Zuegel Court, Bergenfield NJ
Purchased: 3/31/2006
Purchase Price: $500,000

MLS# 2852261
Sold: 2/6/2009
Sale Price: $326,300
(34.7% under the 2006 purchase price)

140 O’Shaughnessy Lane, Closter NJ
Listed for Sale: 5/12/2006
Original List Price: $1,225,000
Reduced to: $995,000
Expired: 9/2/2007
DOM: 479

(Foreclosed November of 2007)

MLS# 2841374
Sold: 2/2/2009
Sale Price: $735,000
(40% under the 2006 asking price)

237 W. Madison Ave, Dumont NJ
Purchased: 10/28/2004
Purchase Price: $375,000

MLS# 2838072
Sold: 2/13/2009
Sale Price: $265,000
(29.3% under the 2004 purchase price)

54 Spruce Street, Farview NJ
Purchased: 11/1/2006
Purchase Price: $373,000

MLS# 2806554
Sold: 2/11/2009
Sale Price: $300,000
(19.6% under the 2006 purchase price)

340 Webster Drive, New Milford NJ
Listed for Sale: 3/6/2006
Original List Price: $689,900
Reduced to: $595,000
Expired: 5/31/2007
DOM: 335

(Foreclosed August of 2008)

MLS# 2845913
Sold: 2/2/2009
Sale Price: $395,000
(42.7% under the 2006 asking price)

535 Fairmont Ave, Westfield NJ
Purchased: 7/8/2004
Purchase Price: $1,375,000

MLS# 2599070
Sold: 2/2/2009
Sale Price: $1,350,000
(2% under the 2004 purchase price)

6 Radcliffe, New Providence NJ
Purchased: 10/28/2004
Purchase Price: $495,000

MLS# 2560642
Original List Price: $549,900 (2006)
Sold: 2/13/2009
Sale Price: $472,000
(4.6% under the 2004 purchase price, 14.2% below the 2006 list price)

46 Broadale Road, Clifton NJ
Purchased: 2/28/2007
Purchase Price: $629,000

MLS# 2615324
Sold: 2/12/2009
Sale Price: $530,000
(15.7% under the 2007 purchase price)

9206 Ravenscroft, Clifton NJ
Purchased: 1/23/2006
Purchase Price: $370,478

MLS# 2578334
Sold: 2/04/2009
Sale Price: $290,000
(21.7% under the 2006 purchase price)

74 Mountainside Drive, Pompton Lakes NJ
Purchased: 3/9/2005
Purchase Price: $382,500

MLS# 2517154
Sold: 2/9/2009
Sale Price: $311,000
(18.7% under the 2005 purchase price)

224 Levinberg Lane, Wayne NJ
Purchased: 10/27/2003
Purchase Price: $593,667

MLS# 2584247
Sold: 2/10/2009
Sale Price: $543,600
(8.4% under the 2003 purchase price)

139 Tooker Ave, Springfield NJ
Purchased: 1/26/2007
Purchase Price: $415,000

MLS# 2534079
Sold: 1/16/2009
Sale Price: $339,000
(18.3% under the 2007 purchase price)

2005 Wood Ave, Roselle NJ
Purchased: 5/11/2007
Purchase Price: $324,600

MLS# 2504184
Sold: 1/29/2009
Sale Price: $230,000
(29.1% under the 2007 purchase price)

773 Amsterdam Ave, Roselle
Purchased: 5/19/2006
Purchase Price: $264,900

(Foreclosed, August 2008)

MLS# 2613603
Sold: 2/2/2009
Sale Price: $178,500
(32.6% under the 2006 purchase price)

1354 Stockton Street, Rahway NJ
Purchased: 7/7/2006
Purchase Price: $347,500

MLS# 2568416
Sold: 1/21/2009
Sale Price: $225,000
(35.3% under the 2006 purchase price)

2 Bujak Court, Bridgewater NJ
Purchased: 8/10/2007
Purchase Price: $690,000

MLS# 2522117
Sold: 2/10/2009
Sale Price: $555,000
(19.6% under the 2007 purchase price)

52 Westgate Drive, Clinton NJ
Purchased: 1/19/2007
Purchase Price: $400,000

MLS# 2562645
Sold: 2/6/2009
Sale Price: $355,000
(11.3% under the 2007 purchase price)

17 Danberry Drive, East Amwell NJ
Purchased: 10/5/2007
Purchase Price: $552,000

MLS# 2549724
Sold: 1/30/2009
Sale Price: $540,000
(2.2% under the 2007 purchase price)

18 Stonehouse Drive, Readington NJ
Purchased: 10/15/2004
Purchase Price: $612,000

MLS# 2517824
Sold: 1/30/2009
Sale Price: $546,000
(10.8% under the 2004 purchase price)

Home prices can fall.

Home prices can fall.

Home prices can fall farther than I believe possible.

Home prices can fall for longer I believe possible.

My/Your home is not different.

My/Your street is not different.

My/Your town is not different.

It is not different here.

Home prices are falling and will continue to fall.

Here are a selected group of properties that have closed in Morris over the past month or two. It might help to read about what a comp killer is. Realize that I’m not trying to say that these properties are “good deals”, many of them are not. But what they do show is that prices can, and will fall. This crosses geographic areas, price ranges, shapes and sizes.

Fairfax Terrace, Chatham Twp
Purchased: 7/27/2004
Purchase Price: $765,000
Sold: 1/13/2009
Sale Price: $731,000
4.4% under the 2004 purchase price. 4.4% isn’t a big drop, but keep in mind we’re talking about a mid-2004 purchase price here. Prices were high in 2004, but they went much higher in 2005 and 2006.

Sheepfield Farms Drive, Harding
Purchased: 12/15/2006
Purchase Price: $3,500,000
Sold: 2/4/2009
Sale Price: $3,250,000
7% under the 2006 purchase price. Not a huge drop but we are talking about serious money here. You are looking at a loss of more than $400,000 on this transaction.

Spice Bush Road, Kinnelon
Purchased: 3/1/2006
Purchase Price: $837,500
Sold: 2/6/2009
Sale Price: $667,000 (foreclosure)
Roughly 20% under the 2006 purchase price. This is pretty steep drop for a property in the Smoke Rise community. This foreclosure was taken by the lender in November of 2007.

Lorraine Road, Madison
Purchased: 9/2/2004
Purchase Price: $662,500
Sold: 1/5/2009
Sale Price: $575,000
This is another property where you’ll need to take into account the purchase date. We’re talking about 13% below a 2004 price here. This is a loss of approximately $155k over 4 and a half years of ownership. If you are buying, you’ve got to have a much longer time horizon than this.

Baumgartner Drive, Madison
Purchased: 8/31/2006
Purchase Price: $1,015,000
Sold: 2/2/2009
Sale Price: $830,000
Another big chop for upscale Madison NJ. Approximately 18% under a 2006 purchase price. While this is bad, can you imagine being the guy who bought the very similar house next door for $1,235,000 in 2006?

Walsingham Road, Mendham Twp
Purchased: 6/14/2007
Purchase Price: $1,085,000
Sold: 1/30/2009
Sale Price: $835,000

Lakewood Drive, Denville
Purchased: 7/11/2007
Purchase Price: $545,000
Sold: 1/13/2009
Sale Price: $460,000

Schoolhouse Road, Jefferson
Purchased: 1/26/2007
Purchase Price: $600,000
Sold: 1/27/2009
Sale Price: $440,000

Fairmount Ave, Morris Twp
Purchased: 4/17/2007
Purchase Price: $548,000
Sold: 1/15/2009
Sale Price: $485,000

Sun Valley Way, Morris Plains
Purchased: 9/27/2004
Purchase Price: $489,000
Sold: 1/16/2009
Sale Price: $445,000

Saunders Lane, Hackettstown/Mt. Olive
Purchased: 11/14/2003
Purchase Price: $548,000
Sold: 1/14/2009
Sale Price: $500,000

Today’s comp killer comes to us from prestigious Upper Montclair, NJ.

This property was acquired by the prior owner during the very frothy Summer 2005 market, in fact, this property was purchased right around the time that the Northern New Jersey Real Estate Bubble Blog (whew!) was founded.

This 3 bedroom, 2 bath beauty was purchased in July of 2005 for what now seems like a completely outrageous sum, $709,000. In bubble market style, the “winning bidder” paid more than $50,000 over asking. Losing bidder would probably be a more accurate description. This kind of overbidding was the norm in 2005. I’ve told the story here before, so I won’t repeat, but I was a bidder on a $500k property that summer that ended up selling for $700k. You know, this very well have been me.

Anyhow, the property came back on the market less than a year later for $774,900. Huh? Yeah, it sat for 70 days before it was withdrawn. They cut the price to $699k, but it didn’t do any good. Flip gone flop? Please tell me the owners didn’t expect a $70,000 bonus for house sitting through the winter.

Seller tried the same game again in 2007, came on the market in March for $639,000. Surprising right? Priced at a loss in 2007 and it didn’t sell. 83 days later it was withdrawn.

Fast forward, 2008, came on the market AGAIN in April. List price was now $599,000, an aggressive price that would leave the seller taking a loss of approximately $130,000. It went under contract this past December, and the closing took place in late January.

The sale price?

$528,110

A loss of more than $200,000 once you factor in the commission! The sale price was 25% below the 2005 purchase price. I thought prices didn’t go down in Upper Montclair?

So much for Montclair real estate!

MLS#: 2624439
312 BYRAM-KINGWOOD RD
Kingwood Twp
Purchase: 05/14/04 $465,900
Original List Price: 03/25/08 $549,900
SOLD: 01/30/09 $370,000
20.59% off the 05/04 sale price
32.72% off 03/08 OLP

MLS#: 2551061
12 Rowlands Road
Readington Twp
Purchase Price: 09/10/03 $750,000
Original List Price: 04/10/06 $917,500
SOLD: 01/29/09 $637,500
15.00% off 09/03 sale price
30.52% off 04/06 OLP

MLS#: 2577333
38 Hillside Ct
Union Twp
Purchased: 08/18/04 $182,000
Original List Price: 09/13/08 $165,000
SOLD: 01/27/09 $150,000
17.59% off 08/04 sale price
09.10% off 09/08 OLP

And a handful of future comp killers too!

(No Photo)
MLS#: 2638845
619 FOX FARM RD
Bethlehem Twp
Purchase Price: 02/21/07 $265,000
Current Asking Price: 01/27/09 $210,000
20.76% off 02/07 sale price

MLS#: 2639482
33 Jockey Hollow
Bethlehem Twp
Purchase Price: 07/11/06 $565,500
Current Asking Price: 01/27/09 $475,000
16.01% off 07/06 sale price

MLS#: 2637608
24 WILLOW BROOK LANE
Clinton Twp
Purchase Price: 02/01/06 $725,000
Current Asking Price: 01/27/09 $675,000
06.90% off 02/06 sale price

MLS#: 2636882
3 MORNINGSIDE CT
Raritan Twp
Purchase Price: 01/25/05 $935,836
Current Asking Price: 01/25/09 $909,000
02.87% off 01/05 sale price
12.18% off 07/08 OLP

MLS#: 2636915
4 Rachel Court
Union Twp
Purchase Price: 06/07/05 $660,000
Current Asking Price: 01/25/09 $579,000
12.28% off 06/05 sale price
10.93% off 07/08 OLP

BERGENFIELD
90 LINCOLN AVE
SOLD: $388,000 12/12/2006
SOLD: $262,000 1/9/2009

CLIFFSIDE PARK
268 WAYNE AVE
SOLD: $410,000 2/6/2004
SOLD: $345,500 1/12/2009

CRESSKILL
308 GRANT AVE
SOLD: $1,630,000 12/6/2006
SOLD: $1,350,000 1/22/2009

DUMONT
52 W LINDEN AVE
SOLD: $355,000 7/7/2006
SOLD: $310,000 1/21/2009

ELMWOOD PARK
30 LINWOOD AVE
SOLD: $445,000 12/27/2002
SOLD: $430,000 4/6/2004
SOLD: $290,000 1/16/2009

ELMWOOD PARK
109 BELLEVUE AVE
SOLD: $436,000 6/23/2005
SOLD: $329,770 1/20/2009

EMERSON
136 DYER AVE
SOLD: $280,000 10/29/2004
SOLD: $410,000 11/23/2005
SOLD: $250,000 12/31/2008

ENGLEWOOD
297 MARY ST
SOLD: $353,000 4/27/2006
SOLD: $280,000 1/7/2009

ENGLEWOOD CLIFFS
27 GERALDINE CT
SOLD: $1,340,000 9/6/2005
SOLD: $1,295,000 1/22/2009

FORT LEE
2469 HAMMETT AVE
SOLD: $359,000 3/2/2005
SOLD: $285,000 12/31/2008

FORT LEE
219 BELLEMEADE AVE
SOLD: $700,000 11/17/2003
SOLD: $600,000 1/19/2009

LEONIA
49 HAWTHORNE TER
SOLD: $429,000 3/28/2003
SOLD: $429,000 1/16/2009

(No Photo)
LITTLE FERRY
2 VELOCK DR
SOLD: $379,900 7/10/2006
SOLD: $224,900 1/23/2009

MAYWOOD
49 GROVE AVE
SOLD: $348,000 7/21/2005
SOLD: $289,000 12/30/2008

OLD TAPPAN
60 CHERYL LN
SOLD: $825,000 4/19/2004
SOLD: $770,000 12/31/2008

RAMSEY
65 MAPLE ST
SOLD: $410,000 2/2/2005
SOLD: $399,000 12/31/2008

RIDGEWOOD
312 LINCOLN AVE
SOLD: $790,000 12/22/2004
SOLD: $720,000 1/9/2009

RUTHERFORD
29 WINGRA AVE
SOLD: $380,000 7/20/2005
SOLD: $310,000 1/9/2009

TEANECK
17 LEROME PL
SOLD: $355,000 2/16/2006
SOLD: $260,000 1/23/2009

TEANECK
124 BEDFORD AVE
SOLD: $375,000 2/6/2005
SOLD: $288,000 1/26/2009

TEANECK
1164 KENSINGTON RD
SOLD: $442,000 8/25/2004
SOLD: $375,000 1/8/2009

TEANECK
745 QUEEN ANNE RD
SOLD: $775,000 12/2/2002
SOLD: $777,500 1/22/2009

TENAFLY
94 OAK ST
SOLD: $639,000 7/15/2003
SOLD: $625,000 1/15/2009

WALDWICK
18 SMITH ST
SOLD: $550,000 7/15/2005
SOLD: $440,000 1/16/2009

WASHINGTON TWNSHP
378 FERN ST
SOLD: $740,000 6/23/2006
SOLD: $416,000 1/12/2009

WYCKOFF
727 MOUNTAIN AVE
SOLD: $562,500 8/15/2006
SOLD: $460,000 1/16/2009

Turns out football superstar Terrell Owens is significantly underwater on his Moorestown, NJ estate.

His property, on Cove and Landing in Moorestown, was purchased in May of 2004 for an astounding $3.9 million dollars. The property is currently listed by Prudential Fox and Roach Realtors.

Spread out over 5.7 acres, the estate features 5 bedrooms, 9 bathrooms, 3 car garage, adult game room, roman path, pool, jacuzzis, and on and on.

Luxist reports that this listing came on the market at $3.4 million, $500,000 under the 2004 purchase price. Current asking price on the property is $2.96 million, $940,000 below purchase, or approximately a 25% cut from the original purchase price. A steal for a home that was featured on MTV Cribs!

Turns out that Owens originally listed the property for sale for $4.399 million according to the Inquirer Early Word Blog in a report back from 2006. That would put this property at roughtly 38% under the original list price. Another article in the Inquirer puts the original list date sometime in October of 2005, a year and a half or so after purchase.

Update, 7:52am

Gets even better, found another Prudential Fox and Roach listing via Trulia that puts the current asking at $2.675 million. The property is now listed at $1.225 million below purchase, a 31% discount to Owens’ original purchase price and an amazing 44% below the original list price.