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 me, nor do I believe they are a bargain or a value. Even reduced, I still believe these homes are still grossly overpriced.
On to the list!
| Bergen | ||||
| MLS | Town | Original List | List Price | Reduced |
| 2287392 | Fort Lee | $110,000 | $95,000 | 13.6% |
| 2262962 | Ridgewood | $799,900 | $699,000 | 12.6% |
| 2285801 | Franklin Lakes | $1,995,000 | $1,749,000 | 12.3% |
| 2289938 | Mahwah | $1,699,000 | $1,499,999 | 11.7% |
| 2266632 | Glen Rock | $649,000 | $579,000 | 10.8% |
| 2267028 | Waldwick | $479,900 | $429,900 | 10.4% |
| 2075642 | Franklin Lakes | $3,789,000 | $3,399,000 | 10.3% |
| 2273832 | Fair Lawn | $489,000 | $439,000 | 10.2% |
| 2208225 | Wood-Ridge | $489,000 | $439,000 | 10.2% |
| 2253634 | Teaneck | $389,000 | $349,900 | 10.1% |
| Essex | ||||
| MLS | Town | Original List | List Price | Reduced |
| 2273549 | West Orange | $149,000 | $89,900 | 39.70% |
| 2253911 | North Caldwell | $1,750,000 | $1,199,000 | 31.50% |
| 2268122 | West Orange | $699,000 | $499,000 | 28.60% |
| 2285068 | Livingston | $1,275,000 | $999,000 | 21.60% |
| 2286310 | West Caldwell | $719,000 | $570,000 | 20.70% |
| 2214626 | Livingston | $1,550,000 | $1,285,000 | 17.10% |
| 2278542 | Roseland | $1,489,900 | $1,250,000 | 16.10% |
| 2271512 | Livingston | $1,599,000 | $1,350,000 | 15.60% |
| 2275264 | West Caldwell | $945,000 | $799,900 | 15.40% |
| 2263349 | Roseland | $789,000 | $669,000 | 15.20% |
| 2266913 | Nutley | $699,000 | $599,000 | 14.30% |
| 2262771 | South Orange | $885,000 | $765,000 | 13.60% |
| 2282469 | South Orange | $749,000 | $649,900 | 13.20% |
| 2246458 | West Caldwell | $759,000 | $659,000 | 13.20% |
| 2246469 | West Caldwell | $759,000 | $659,000 | 13.20% |
| 2262324 | West Orange | $399,900 | $350,000 | 12.50% |
| 2305276 | Livingston | $535,000 | $470,000 | 12.10% |
| 2267895 | Bloomfield | $419,000 | $369,000 | 11.90% |
| 2301094 | Belleville | $169,000 | $149,000 | 11.80% |
| 2305129 | Belleville | $260,000 | $230,000 | 11.50% |
| 2255184 | Bloomfield | $434,900 | $385,000 | 11.50% |
| 2279566 | Verona | $439,000 | $389,000 | 11.40% |
| 2312376 | Livingston | $899,000 | $799,000 | 11.10% |
| 2304790 | Montclair | $779,000 | $699,000 | 10.30% |
| 2285051 | Belleville | $399,900 | $359,000 | 10.20% |
| 2281359 | Belleville | $345,000 | $310,000 | 10.10% |
| 2284571 | Nutley | $799,000 | $719,000 | 10.00% |
| Passaic | ||||
| MLS | Town | Original List | List Price | Reduced |
| 2261050 | Passaic City | $409,000 | $329,900 | 19.30% |
| 2279176 | Wayne | $1,400,000 | $1,149,999 | 17.90% |
| 2267782 | West Milford | $347,500 | $289,000 | 16.80% |
| 2257195 | Wayne | $279,900 | $234,900 | 16.10% |
| 2274861 | North Haledon | $549,000 | $465,000 | 15.30% |
| 2262776 | West Milford | $529,900 | $449,000 | 15.30% |
| 2249402 | West Milford | $498,888 | $424,999 | 14.80% |
| 2296845 | Wayne | $699,000 | $597,000 | 14.60% |
| 2279379 | West Milford | $875,000 | $749,000 | 14.40% |
| 2112125 | Wayne | $579,900 | $499,900 | 13.80% |
| 2272445 | Pompton Lakes | $459,900 | $399,900 | 13.00% |
| 2309009 | Hawthorne | $390,000 | $340,000 | 12.80% |
| 2241999 | Clifton City | $334,900 | $295,000 | 11.90% |
| 2270206 | Wayne | $339,000 | $299,000 | 11.80% |
| 2288240 | Little Falls | $644,500 | $569,000 | 11.70% |
| 2298614 | Hawthorne | $359,900 | $319,900 | 11.10% |
| 2292511 | West Milford | $449,900 | $399,999 | 11.10% |
| 2280889 | Clifton City* | $560,000 | $499,800 | 10.80% |
| 2292532 | West Milford | $279,000 | $249,999 | 10.40% |
| 2295162 | Clifton City | $344,700 | $309,000 | 10.40% |
| 2281765 | Little Falls | $289,900 | $259,900 | 10.30% |
| 2308996 | Clifton City* | $445,000 | $399,000 | 10.30% |
| 2293645 | West Milford | $339,900 | $305,000 | 10.30% |
| Union | ||||
| MLS | Town | Original List | List Price | Reduced |
| 2273201 | Union | $625,000 | $499,900 | 20.0% |
| 2266196 | Springfield | $1,225,000 | $995,000 | 18.8% |
| 2292358 | Westfield | $1,100,000 | $949,000 | 13.7% |
| 2263912 | Clark | $574,900 | $499,000 | 13.2% |
| 2248541 | Scotch Plains | $389,900 | $339,900 | 12.8% |
| 2267736 | Fanwood | $479,000 | $419,900 | 12.3% |
| 2270272 | Westfield | $649,500 | $569,500 | 12.3% |
| 2257882 | Elizabeth City | $335,000 | $295,000 | 11.9% |
| 2279312 | Scotch Plains | $634,900 | $559,900 | 11.8% |
| 2262295 | Plainfield City | $349,900 | $309,900 | 11.4% |
| 2262411 | Clark | $569,567 | $509,000 | 10.6% |
| 2296012 | Plainfield City | $669,000 | $599,900 | 10.3% |
| 2271550 | Plainfield City | $340,000 | $305,000 | 10.3% |
| 2289754 | Hillside | $439,000 | $394,000 | 10.3% |
| 2288259 | Elizabeth City | $299,900 | $269,900 | 10.0% |
| Somerset | ||||
| MLS | Town | Original List | List Price | Reduced |
| 2267697 | Bernards | $1,150,000 | $899,000 | 21.80% |
| 2260908 | Hillsugh | $414,900 | $344,900 | 16.90% |
| 2300614 | North Plainfield | $599,000 | $499,000 | 16.70% |
| 2259928 | Franklin | $184,900 | $155,000 | 16.20% |
| 2263259 | Hillsugh | $272,900 | $233,000 | 14.60% |
| 2300770 | Franklin | $329,999 | $282,900 | 14.30% |
| 2293109 | Warren | $459,900 | $399,900 | 13.00% |
| 2254157 | Warren | $859,900 | $749,900 | 12.80% |
| 2231213 | Bernards | $315,000 | $275,000 | 12.70% |
| 2284452 | Hillsugh | $319,900 | $279,900 | 12.50% |
| 2288392 | Watchung | $1,129,500 | $989,500 | 12.40% |
| 2266499 | Franklin | $347,500 | $305,500 | 12.10% |
| 2272155 | Bernards | $1,695,000 | $1,499,000 | 11.60% |
| 2259382 | Bound Brook | $250,000 | $222,000 | 11.20% |
| 2287921 | Franklin | $450,000 | $399,900 | 11.10% |
| 2267202 | Hillsugh | $359,900 | $319,900 | 11.10% |
| 2287416 | Bridgewater | $364,900 | $324,900 | 11.00% |
| 2275858 | Bernards | $829,000 | $739,900 | 10.70% |
| 2258320 | Franklin | $529,900 | $474,900 | 10.40% |
| Sussex | ||||
| 2205183 | Vernon | $575,000 | $424,900 | 26.10% |
| 2269021 | Lake Mohawk | $649,000 | $499,900 | 23.00% |
| 2289736 | Franklin | $187,900 | $149,000 | 20.70% |
| 2222349 | Frankford | $375,000 | $299,000 | 20.30% |
| 2263326 | Lafayette | $1,150,000 | $950,000 | 17.40% |
| 2269726 | Vernon | $599,900 | $499,900 | 16.70% |
| 2260291 | Frankford | $499,900 | $419,000 | 16.20% |
| 2269709 | Vernon | $249,900 | $210,000 | 16.00% |
| 2206399 | Fredon | $795,000 | $675,000 | 15.10% |
| 2254925 | Sparta | $1,169,900 | $997,500 | 14.70% |
| 2258343 | Frankford | $469,000 | $399,999 | 14.70% |
| 2294450 | Hopatcong | $219,000 | $189,000 | 13.70% |
| 2275226 | Byram | $439,000 | $385,000 | 12.30% |
| 2258869 | Sparta | $739,000 | $650,000 | 12.00% |
| 2285046 | Newton Town* | $339,900 | $299,800 | 11.80% |
| 2257670 | Lake Mohawk | $699,000 | $619,900 | 11.30% |
| 2301391 | Hopatcong | $359,000 | $319,000 | 11.10% |
| 2282839 | Lake Mohawk | $337,000 | $299,900 | 11.00% |
| 2301654 | Hardyston | $549,000 | $489,000 | 10.90% |
| 2276313 | Lake Mohawk | $749,000 | $668,000 | 10.80% |
| 2269465 | Wantage | $369,900 | $329,900 | 10.80% |
| 2309620 | Stillwater | $469,000 | $419,000 | 10.70% |
| 2237762 | Vernon | $234,500 | $209,500 | 10.70% |
| 2279985 | Lake Mohawk | $299,900 | $269,900 | 10.00% |
| 2279978 | Sparta | $299,900 | $269,900 | 10.00% |
| Warren | ||||
| 2289046 | Knowlton | $47,800 | $39,900 | 16.5% |
| 2276585 | Phillipsburg Town* | $129,900 | $109,900 | 15.4% |
| 2308912 | Harmony | $169,900 | $143,900 | 15.3% |
| 2275329 | Franklin | $209,000 | $178,000 | 14.8% |
| 2309089 | Harmony | $339,900 | $289,900 | 14.7% |
| 2264867 | Allamuchy | $459,900 | $393,000 | 14.5% |
| 2266201 | Pohatcong | $320,000 | $279,900 | 12.5% |
| 2274939 | Washington | $319,900 | $279,900 | 12.5% |
| 2298200 | Lopatcong | $329,900 | $289,900 | 12.1% |
| 2274596 | Oxford | $419,000 | $369,900 | 11.7% |
| 2307086 | Oxford | $279,900 | $249,900 | 10.7% |
| 2299344 | Allamuchy | $389,900 | $349,900 | 10.3% |
Caveat Emptor!
Grim
Nice new format.
KL
Ooo first comment !
loving the new format. you spoil us
Call me naive, but I’m amazed that people are buying at all right now. With prices clearly on the decline and dire warnings in the media almost every day, why would someone pounce on a house just because the price is lowered by $20,000?
Seems crazy to me, but then what do I know.
2309620 in Stillwater was reduced another $10K since this list was compiled.
It’s now $409,000 from $469000.
And only on the market for 16 days!
Very “motivated” sellers?
these reductions are nothing. reducing off an already ridiculous asking price is akin to using the same tactics apparel companies use when listing a ‘retail’ price for clothes and what you pay.
in this area most properties ran up 80-100% in the past 6 years. being happy with a 10-15% dip is IMO penny wise and pound foolish. the prices will come back down more until it’s closer to a historical relationship with fundamentals (e.g. wages). stick around folks, by this time next year i think you’ll see prices another 10-15% lower on an inflated adjusted basis, and that’s being bullishly optimistic.
meant inflation adusted basis. either way we’re going down and the speed of the decline is shocking everyone, even us bubbleheads.
Grim,
Internet by the beach. Nice.
Great new format.
Could you get Morris County on the list too?
Thanks
Will do, Morris had too many price reductions to fit.
grim
i am amazed at the attitude
of many people. They are just
not familiar with whats going
on in the real estate market right
now.
they feel it effects everyone
else and not them.
also, well , its North Jersey,
cant happen here. The Bergen
County crowd, they know it
cant happen their.
Its a joke, and I feel many
of these people and in for an
education and wealth goes by by,
How about Hudson County too?
WM
Nice new format and very good job.
I hope the prospective buyer are reading it carefully and realzing that the trend is to go SOUTH.
We haven’t reached there yet, so hold on to your hard earned money.
Wait on the side lines and watch where the market is heading.
Here in Central Jersey the prices are still sticking to the old norm.
Few reductions 5-10-15-20K, nothing drastic.
The number of SFHs have reduce in August because some homes are removed from the MLS and not because they are getting sold.
Market is very very slow…I mean dead slow.
Central Jersey Observer
Can you maybe trim the list for Morris? do a >15% or >20%, whatever fits best?
No problem, just give me until tomorrow night, I’m away for the weekend.
grim
“The Bergen
County crowd, they know it
cant happen their.”
That’s because it won’t. Just look at history.
We’re always better then anywhere else. Where else can you get so much status for your dollar and be so close to everything important.
Shopping, theater, etc.
Grim,
How about adding this one to your lsit.
MLS ID: 2281010
OLP: 509K
Very recently reduced from 469K to 419K.