Welcome to the first edition of Price Reduced! at the new site.
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. Even reduced, I still believe these homes are still grossly overpriced.
With that, the listings please!
| MLS | Town | OLP | List Price | $ Reduced | % Reduced |
| 2307369 | Tenafly Boro (1161) | $1,200,000 | $918,000 | $282,000 | 23.5% |
| 2243191 | Wyckoff Twp. (1170) | $1,200,000 | $950,000 | $250,000 | 20.8% |
| 2286214 | Garfield City (1121) | $499,900 | $399,900 | $100,000 | 20.0% |
| 2259132 | Glen Rock Boro* (1122) | $559,900 | $449,000 | $110,900 | 19.8% |
| 2267010 | Hillsdale Boro* (1127) | $539,000 | $434,000 | $105,000 | 19.5% |
| 2266041 | Old Tappan Boro (1143) | $1,699,000 | $1,375,000 | $324,000 | 19.1% |
| 2290235 | Franklin Lakes Boro (1120) | $2,899,000 | $2,395,000 | $504,000 | 17.4% |
| 2276395 | Elmwood Park Boro (1111) | $599,000 | $499,900 | $99,100 | 16.5% |
| 2269297 | Waldwick Boro (1164) | $599,000 | $499,900 | $99,100 | 16.5% |
| 2271274 | Ridgewood Village (1151) | $1,195,000 | $999,000 | $196,000 | 16.4% |
| 2287866 | Upper Saddle River Boro (1163) | $1,189,000 | $999,999 | $189,001 | 15.9% |
| 2264815 | Edgewater Boro (1113) | $819,900 | $689,900 | $130,000 | 15.9% |
| 2279027 | Franklin Lakes Boro (1120) | $1,185,000 | $999,000 | $186,000 | 15.7% |
| 2273473 | Hackensack City (1123) | $520,000 | $439,000 | $81,000 | 15.6% |
| 2289615 | Demarest Boro (1109) | $1,396,500 | $1,179,000 | $217,500 | 15.6% |
| 2283639 | Ridgewood Village* (1151) | $1,299,000 | $1,099,000 | $200,000 | 15.4% |
| 2310575 | Franklin Lakes Boro (1120) | $1,299,000 | $1,099,000 | $200,000 | 15.4% |
| 2097387 | Franklin Lakes Boro (1120) | $1,299,900 | $1,100,000 | $199,900 | 15.4% |
| 2285546 | Wyckoff Twp.* (1170) | $625,000 | $529,000 | $96,000 | 15.4% |
| 2276413 | Midland Park Boro* (1135) | $589,000 | $499,000 | $90,000 | 15.3% |
| 2258735 | Franklin Lakes Boro (1120) | $2,299,000 | $1,949,000 | $350,000 | 15.2% |
| 2279870 | Hasbrouck Heights Boro (1125) | $495,000 | $419,900 | $75,100 | 15.2% |
| 2276417 | Fair Lawn Boro (1117) | $498,000 | $423,000 | $75,000 | 15.1% |
| 2303514 | Westwood Boro* (1167) | $1,095,000 | $935,000 | $160,000 | 14.6% |
| 2290064 | Garfield City (1121) | $359,900 | $309,900 | $50,000 | 13.9% |
| 2268047 | Mahwah Twp. (1133) | $749,938 | $649,938 | $100,000 | 13.3% |
| 2299388 | Mahwah Twp. (1133) | $1,500,000 | $1,300,000 | $200,000 | 13.3% |
| 2282607 | Franklin Lakes Boro* (1120) | $1,095,000 | $949,000 | $146,000 | 13.3% |
| 2105963 | Oakland Boro (1142) | $530,000 | $460,000 | $70,000 | 13.2% |
| 2282614 | Ridgewood Village (1151) | $919,900 | $799,000 | $120,900 | 13.1% |
| 2311099 | Ramsey Boro (1148) | $229,900 | $199,900 | $30,000 | 13.0% |
| 2270326 | Ramsey Boro* (1148) | $619,900 | $539,900 | $80,000 | 12.9% |
| 2281241 | Allendale Boro* (1101) | $849,000 | $739,500 | $109,500 | 12.9% |
| 2271544 | Fair Lawn Boro* (1117) | $499,998 | $437,696 | $62,302 | 12.5% |
| 2247532 | Saddle Brook Twp. (1157) | $449,900 | $395,000 | $54,900 | 12.2% |
| 2307852 | Wyckoff Twp. (1170) | $849,000 | $749,000 | $100,000 | 11.8% |
| 2267166 | Wyckoff Twp. (1170) | $599,000 | $528,900 | $70,100 | 11.7% |
| 2304254 | Oakland Boro* (1142) | $529,900 | $469,900 | $60,000 | 11.3% |
| 2286440 | Wyckoff Twp.* (1170) | $535,000 | $475,000 | $60,000 | 11.2% |
| 2306479 | Fair Lawn Boro (1117) | $449,000 | $399,000 | $50,000 | 11.1% |
| 2257084 | Fair Lawn Boro (1117) | $589,999 | $524,900 | $65,099 | 11.0% |
| 2301092 | Saddle River Boro* (1158) | $2,695,000 | $2,399,000 | $296,000 | 11.0% |
| 2248572 | Saddle Brook Twp.* (1157) | $729,900 | $649,900 | $80,000 | 11.0% |
| 2265607 | Ramsey Boro (1148) | $948,910 | $848,900 | $100,010 | 10.5% |
| 2266915 | Franklin Lakes Boro* (1120) | $669,900 | $599,900 | $70,000 | 10.4% |
| 2278375 | Franklin Lakes Boro (1120) | $1,598,900 | $1,435,000 | $163,900 | 10.3% |
| 2263483 | Mahwah Twp. (1133) | $945,938 | $849,938 | $96,000 | 10.1% |
| 2295462 | Franklin Lakes Boro (1120) | $1,085,000 | $975,000 | $110,000 | 10.1% |
Grim
Where is the data? , I don’t see it?
You should see the data now.
jb
For those interested, you can look these properties up by using the Advanced Search at Realtor.com
jb
Grim add these two to the list:
MLS 2619302
Town: Oradell
OLP: $659,000
LP: $569,000
Reduction: 14%
MLS 2619302
DOM over 120 days
Town: Cresskill
OLP: $688,000
LP: $575,000
Reduction: 16%
DOM over 180 days
OOPS FORGOT mls for cresskill
MLS 2619302
Town: Oradell
OLP: $659,000
LP: $569,000
Reduction: 14%
MLS 2619302
DOM over 120 days
MLS 2611358
Town: Cresskill
OLP: $688,000
LP: $575,000
Reduction: 16%
DOM over 180 days
# Hard Place Says:
September 26th, 2006 at 3:53 pm
Repost of my comment.
Between rock and a hard place here. Didn’t jump into the market 4 yrs ago after I got married, now I’ve got a kid almost one and need a larger space. Currently renting a one BR in Manhattan. THe Millburn, Chatham, Madison and Summit areas have been my targets, but asking prices have been moving down slowly. I did a 20% lowball on current asking on a place, but they only came down 2.5% after already reducing 8% from original LP. House needs updating, but they are priced lower than 2005 comps and a bit above 2004 comps. I can sit tight for maybe another 6-9 months at most a year, but the kid is growing.
Hard Place
Rent for a year so you’re right there to watch inventory?
http://newjersey.craigslist.org/apa/205155760.html
http://realestate.nytimes.com/+ComShare/vulisting.asp?Lid=403-2302380
So far nothing has cracked in Fort Lee…land of the 500-700K half a house.
Bergen had never seen such big drops before !! After look at these houses on MLS – they are crappy anyways – no wounder nobody is looking at them.
When do you suppose you will stop adding the caveat “these homes are still grossly overpriced”? 6 months, 12 months? Buyers still not getting it… price reduced 10k, big deal!
This one just closed — 35% off original asking price:
20 Great Hills Terrace, Short Hills
MLS 2269098
Apr 20, 2006 – $1,199,000
Jun 27, 2006 – $1,075,000
Jul 08, 2006 – $995,000
Jul 14, 2006 – $849,000
Aug 10, 2006 – Attorney Review
Aug 31, 2006 – Under Contract
Sep 25, 2006 – Closed @ $772,000
Pat – tried talking to my wife about renting a house for a year or two, but the wifey just wants to bite the bullet. Prices do seem to be below 2005. I’m hoping they go below 2004. The place I’m looking at would be decent if I could get them to drop at least 10% from current asking. It needs updates, but got good bones.
Oh, I’m watching Hoboken too tommyj, and I have seen prices falling for sure. We briefly considered buying a condo in April ’05 – would have paid about 535 for it. Now, same building, same type of condo, cannot sell for that. Also, if you wanted anything decent, 650 was the going number. Now there are plenty of 2 bed/2 bath under 600. Granted, all condos are not the same in terms of amenities or locations, but things are coming down there.
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