Price Reduced! 4/10 – 4/17

Welcome to another edition of Price Reduced!

For all the newcomers to this blog, Price Reduced! takes a look at a handful of significant price reductions across Northern NJ. The purpose of this exercise is to serve as proof 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 by myself, nor do I believe they are a bargain or a value. Even reduced, I still believe these homes are still grossly overpriced.

I’m going to break this down into two lists this week. I’d like to keep the $1m and higher properties separate due to the fact that they are beginning to dominate the price reduction lists.

The Sub 1m List:

MLS# 2251858 – Hampton, NJ
Previous Price $289,900
Current List Price $249,900 (Price Reduced 13.8%)

MLS# 2262035 – Bloomfield, NJ
Previous Price $575,000
Current List Price $499,900 (Price Reduced 13.1%)

MLS# 2257002 – Rahway, NJ
Previous Price $299,900
Current List Price $265,000 (Price Reduced 11.6%)

MLS# 2258259 – Washinton Boro, NJ
Original List Price $275,900
Previous Price $264,900
Current List Price $234,999 (Price Reduced 11.3%, 14.5% off Original List)

MLS# 2241722 – Florham Park, NJ
Previous Price $675,000
Current List Price $599,900 (Price Reduced 11.1%)

MLS# 2242359 – Sparta, NJ
Previous Price $895,000
Current List Price $799,900 (Price Reduced 10.9%)

MLS# 2253255 – Belleville, NJ
Previous Price $399,900
Current List Price $359,900 (Price Reduced 10%)

MLS# 2247607 – Elizabeth, NJ
Previous Price $449,900
Current List Price $405,000 (Price Reduced 10%)

MLS# 2210453 – Cedar Grove, NJ
Original List Price $1,150,000
Previous Price $1,099,000
Current List Price $999,000 (Price Reduced 9.1.%, 13.1% off Original List)

MLS# 2256483 – Woodbridge, NJ
Previous Price $339,900
Current List Price $309,000 (Price Reduced 9.1%)

MLS# 2247901 – Rockaway, NJ
Previous price $769,900
Current List Price $699,999 (Price Reduced 9.1%)

MLS# 2212294 – Roselle Park, NJ
Previous Price $454,900
Current List Price $415,000 (Price Reduced 8.8%)

The $1m+ List:

MLS# 2243656 – Chester, NJ
Original List Price $1,350,000
Previous Price $1,199,999
Current List Price $999,999 (Price Reduced 16.7%, 25.9% off Original List)

MLS# 2255980 – Montville, NJ
Original List Price $2,400,000
Previous Price $1,900,000
Current List Price $1,600,000 (Price Reduced 15.8%, 33.3% off Original List)

MLS# 2258312 – Ridgewood, NJ
Previous Price $1,595,000
Current List Price $1,399,000 (Price Reduced 12.3%)

MLS# 2228485 – Montville, NJ
Previous Price $1,695,000
Current List Price $1,495,000 (Price Reduced 11.8%)

MLS# 2104615 – Franklin Lakes, NJ
Previous Price $1,699,000
Current List Price $1,499,000 (Price Reduced 11.8%)

MLS# 2232910 – Montclair, NJ
Original List Price $1,395,000
Previous Price $1,219,000
Current List Price $1,079,000 (Price Reduced 11.5%, 22.7% off Original List)

MLS# 2238993 – Chatham, NJ
Previous Price $1,150,000
Current List Price $1,025,000 (Price Reduced 10.9%)

MLS# 2250020 – Harding, NJ
Previous Price $3,999,000
Current List Price $3,599,000 (Price Reduced 10%)

MLS# 2241648 – Scotch Plains, NJ
Original List Price $1,695,000
Previous Price $1,550,000
Current List Price $1,399,000 (Price Reduced 9.7%, 17.5% off Original List)

For those wondering why it seems that mid-range properties aren’t being represented here, let me explain why. Many midrange properties are seeing lower percentage reductions at a shot, typically on the order of $10-20k each reduction. I never make it deep enough into the list to pull out the $400-$500 properties that have been reduced multiple times. The week’s list contained over 700 properties, going through every one of them to check it’s history. The higher range sellers seem perfectly content to make huge reductions in one shot, the mid-range looks to prefer making multiple smaller reductions.

Again, this list is just an illustration of what is going on in the market, I trust that no-one is actually scouring this list for prospective purchases. I’m still urging sellers to be patient and wait to see how the next few months unfold.

Caveat Emptor!
Grim