Lowball! 5/2 – 5/12

Lowball! takes a look at home sales over the past week from a very different perspective. For those new to Lowball!, a lowball offer is when a buyer offers a significantly lower bid than asking in hopes that the seller accepts the offer. We take a list of home sales over the past week and pick out the sales that have the highest percentage difference between asking price and selling price.

The purpose of Lowball! is to show buyers that the market has changed and buyers now have considerably more leverage than sellers. Just a short time ago, Lowball! offers would have been laughed at and discarded, however, not any more. The fact that so many under-asking offers are being accepted is clear proof that the market is changing.The list does not contain all sales, I hand-pick the most interesting sales from the list. These listings might be the highest dollar drops, biggest percentage reductions, or sales in towns that are thought to still be ‘hot’. Please note, even with double digit percentage reductions, these homes are still incredibly overpriced.

Changed the format a bit this week to break the data up into useful price ranges.

$1M and Up

MLS# 2102176 – Franklin Lakes, NJ
Original List Price $1,499,000
List Price $1,350,000
Sales Price $1,175,000 (13% Lowball, 21.6% off Original List)

MLS# 2202458 – Upper Saddle River, NJ
List Price $1,299,000
Sales Price $1,140,000 (12.2% Lowball)

MLS# 2095346 – Chatham, NJ
Original List Price $1,695,000
List Price $1,595,000
Sales Price $1,400,000 (12.2% Lowball, 17.4% off Original List)

MLS# 2213151 – Essex Fells, NJ
Original List Price $1,499,000
List Price $1,350,000
Sales Price $1,195,000 (11.5% Lowball, 20.3% off Original List)

MLS# 2242020 – Westfield, NJ
List Price $1,200,000
Sales Price $1,075,000 (10.4% Lowball)

MLS# 2091270 – Essex Fells, NJ
Original List Price $1,950,000
List Price $1,840,000
Sales Price $1,660,000 (9.8% Lowball, 14.9% off Original List)

$750k – $1m

MLS# 2236912 – Sparta, NJ
List Price $1,149,900
Sales Price $996,000 (13.4% Lowball)

MLS# 2254695 – Montville, NJ
Original List Price $1,090,000
List Price $980,000
Sales Price $875,000 (10.7% Lowball, 19.7% off Original List)

MLS# 2246496 – Westfield, NJ
List Price $837,500
Sales Price $750,000 (10.4% Lowball)

MLS# 2258440 – West Orange, NJ
List Price $1,100,000
Sales Price $990,000 (10.0% Lowball)

MLS# 2065205 – Boonton, NJ
Original List Price $1,500,000
List Price $999,000
Sales Price $930,000 (6.9% Lowball, 38% off Original List)

$500k – $750k

MLS# 2107061 – Clark, NJ
List Price $729,900
Sales Price $662,500 (9.2% Lowball)

MLS# 2235618 – West Paterson, NJ
List Price $649,000
Sales Price $590,000 (9.1% Lowball)

MLS# 2243747 – Florham Park, NJ
Original List Price $699,900
List Price $670,000
Sales Price $615,000 (8.2% Lowball, 12.1% off Original List)

MLS# 2236567 – Rutherford, NJ
List Price $675,000
Sales Price $620,000 (8.1% Lowball)

MLS# 2234467 – Westfield, NJ
List Price $579,785
Sales Price $535,000 (7.8% Lowball)

MLS# 2235154 – Weehawken, NJ
List Price $585,000
Sales Price $535,000 (6.8% Lowball)

$250k – $500k

MLS# 2208103 – Newark, NJ
Original List Price $349,900
List Price $309,900
Sales Price $255,000 (17.7% Lowball, 27.1% off Original List)

MLS# 2261406 – Clifton, NJ
List Price $499,900
Sales Price $420,000 (16% Lowball)

MLS# 2232460 – Cranford, NJ
Original List Price $424,900
List Price $399,000
Sales Price $350,000 (12.3% Lowball, 17.6% off Original List)

MLS# 2205845 – Montclair, NJ
List Price $499,900
Sales Price $445,000 (11% Lowball)

MLS# 2105816 – Passaic, NJ
Original List Price $569,000
List Price $515,000
Sales Price $462,000 (10.3% Lowball, 18.8% off Original List)

MLS# 2206749 – Wayne, NJ
Original List Price $464,900
List Price $449,900
Sales Price $405,000 (10% Lowball, 12.9% off Original List)

$250k and Under

MLS# 2250016 – Hopatcong, NJ
List Price $175,000
Sales Price $120,000 (31.4% Lowball)

MLS# 2256965 – Wayne, NJ
List Price $229,000
Sales Price $180,000

MLS# 2101449 – Frankford, NJ
Original List Price $329,000
List Price $279,900
Sales Price $230,000 (17.8% Lowball, 30.1% off Original List)

MLS# 2230084 – Hampton, NJ
Original List Price $229,900
List Price $219,000
Sales Price $185,000 (15.5% Lowball, 19.5% off Original List)

MLS# 2200574 – Liberty, NJ
Original List Price $149,900
List Price $144,900
Sales Price $125,000 (13.7% Lowball, 16.6% off Original List)

MLS# 2241167 – Phillipsburg, NJ
List Price $183,000
Sales Price $160,000 (12.6% Lowball)

Caveat Emptor!
Grim