Price Reduced! Morris 8/18 – 8/28

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!

Morris
MLS Town Original List List Price Reduced
2203111 Kinnelon $2,150,000 $1,449,000 32.60%
2264950 Jefferson $435,000 $350,000 19.50%
2271789 Mount Olive $725,000 $599,900 17.30%
2258594 Jefferson $319,900 $265,000 17.20%
2276485 Roxbury $419,000 $349,000 16.70%
2299709 Rockaway $1,199,000 $999,999 16.60%
2265540 Morris $1,250,000 $1,050,000 16.00%
2268485 Denville $639,000 $539,000 15.60%
2302086 Morristown Town $649,000 $549,000 15.40%
2231744 Roxbury $389,900 $329,900 15.40%
2289264 Morris $618,000 $525,000 15.00%
2258958 Rockaway $529,000 $450,000 14.90%
2268683 Chatham $935,000 $799,000 14.50%
2222380 Rockaway $595,000 $509,900 14.30%
2275247 Harding $699,900 $599,900 14.30%
2293241 Rockaway $359,900 $309,900 13.90%
2285691 Mount Olive $649,000 $559,000 13.90%
2290975 Mount Olive $439,900 $379,900 13.60%
2280895 Parsippany-Troy Hills $379,900 $329,000 13.40%
2276232 Rockaway $219,000 $189,900 13.30%
2272288 Morris $389,000 $339,000 12.90%
2264066 Washington $1,090,000 $950,000 12.80%
2272566 Montville $859,000 $749,000 12.80%
2263866 Washington $865,568 $755,557 12.70%
2257922 Pequannock $538,190 $469,900 12.70%
2278711 Rockaway $429,000 $374,900 12.60%
2266600 Kinnelon $1,599,000 $1,399,000 12.50%
2284929 Kinnelon Boro $795,000 $699,900 12.00%
2285277 Kinnelon $765,000 $675,000 11.80%
2270644 Boonton Town $679,000 $599,900 11.60%
2277719 Randolph $1,690,000 $1,495,000 11.50%
2268559 Chatham $949,000 $839,900 11.50%
2258904 Rockaway $484,900 $429,900 11.30%
2107582 Dover Town $409,900 $365,000 11.00%
2303396 Montville $750,000 $669,000 10.80%
2288314 Madison $1,849,000 $1,650,000 10.80%
2272505 Roxbury $829,000 $739,900 10.70%
2253323 Jefferson $425,000 $379,900 10.60%
2291554 Montville $1,228,000 $1,099,000 10.50%
2269360 Parsippany-Troy Hills $229,000 $205,000 10.50%
2261436 Mount Olive $429,900 $384,900 10.50%
2302454 Washington $669,000 $599,000 10.50%
2271851 Parsippany-Troy Hills $574,900 $514,900 10.40%
2268333 Rockaway $479,900 $429,900 10.40%
2277298 Mountain Lakes $999,000 $895,000 10.40%
2273975 Randolph $319,500 $286,500 10.30%
2294469 Rockaway $499,900 $449,900 10.00%
2301653 Roxbury $217,000 $195,300 10.00%

Caveat Emptor!
Grim

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20 Responses to Price Reduced! Morris 8/18 – 8/28

  1. Jpatrick says:

    I’ve been watching Morris and Somerset County for about a year now. This is shades of the late 80’s, but much longer and more protracted. I think the slide could take years.

  2. Anth says:

    Thanks!

  3. Anonymous says:

    Looking at the following graph which depicts home values for the last 100 years, betting that the slide will take years is probably a losing bet:

    http://tinyurl.com/e4so5

  4. Anonymous says:

    http://tinyurl.com/e4so5

    This is one really scary chart to look at. There is a very long way to fall. Alot of fools bying at these so called “buyers market” prices are going to get killed.

    No rush to buy. Let prices just keep grinding lower until sellers just scream “get me out”!

  5. Anonymous says:

    “betting that the slide will take years is probably a losing bet”

    I disagree. Look at the chart– each “boom” has about the same slope as the resulting bust. In other words, however long the runup took was the same length of time for prices to hit bottom. In the chart, the runup starts in 1998. That sucks for those of us looking to get into a home. Prices are going to start dropping soon, but it could be 6-8 years before this thing hits bottom.

  6. Anonymous says:

    Whats the story for
    Bucks county Pa.

    Any info.?

    I got to get out of
    NJ.

    Its over .

  7. Anonymous says:

    Ask the fools with readjusting loans or the seller who is panicking cuz they are afraid the home equity is going to just go poooffff right before retirement.

    The market should show real signs of distress just after March ’07. When the grubbers start to really give up and start chasing the market downward. Just keep lowering the bid as the fools chase prices down to the bottom.

  8. Anonymous says:

    It is so fun watching the Grubbing sellers starting to panic and trying to lower their price more than the other grubber AND not getting a bid at all.

    Hehehehehe.

    The roles are in reverse now. HOW does it feel Grubbers and starving Realtors?
    Get used to it cuz alot more pain is on the way and alot less home equity in your pockets.

  9. Anonymous says:

    GO AHEAD GO OUT AND ABUSE A FEW SELLERS AND REALTORS.

    SLICE 40% OF OF THEIR BLOATED DREAM PRICE AND TELL’EM THAT’S IT. THIS IS BEFORE THE HOUSE INSPECTION.

    IT’S FUN TO WATCH’EM SQUIRM.

    HOW DOES IT FEEL GRUBBERS/STARVING REALTORS?

  10. Anonymous says:

    FIRE FIRE FIRE!!!!!!!!

    BOOOOOOOOYAAAAAAAAA

    Bob

  11. Anonymous says:

    “The chief investment strategist of Raymond James Financial, Jeffrey Saut, is warning clients that the ongoing collapse of residential real estate has far-reaching implications for both the economy and the stock market. The associate editor of a monthly investment letter, Michael Larson, tells me the market is on the verge of realizing the third phase of the housing bust, which he believes has very negative implications for stock prices.”

    “The first two were the stiff declines in homebuilders and suppliers of home products. Next on the list, Larson says, are the financial institutions, notably those banks and sub-prime lenders that provided the financing for super high loans on inflated properties.”

    “Larson notes that a lot of people on Wall Street seem to think the likely end of higher interest rates in the current credit-tightening cycle is a significant plus for the economy as a whole since it should ensure a soft landing. Our housing bear disagrees. On what basis, he asks, is it rational to expect a soft landing in a period that has produced the biggest real estate bubble in history?”

    “Private investor Neil Weisman..thinks it will take the housing industry at least five to seven years to work off its excess inventories, rather than the one to two years many Wall Streeters are projecting.”

    What a lesson to experience. Just keep your eyes and ears wide open. Soak it all up and never forget.

  12. Where were all these people last year?

  13. Anonymous says:

    Grim,
    Could you please add Middle Sex county Price Reduced!’s also.

  14. Jpatrick says:

    I can’t quantify this, but I think this coming real estate slide is going to have more of a national character to it. Much like that predicted by Gray Emerson Cardiff in 1982.

    One reason I think so is that the money market has been good for buyers for a long time. In a lot of markets, easy lending terms helped to jack up prices.

    What made lending terms so lax in some areas? I think local governments–counties and cities– were anxious to expand their tax bases with rising real estate prices. After all, the aftermath of 9-1-1 did strain a lot of local first-responders for resources.

  15. Anonymous says:

    So for a first time buyer with a growing family who pretty much has to buy in the next year or two (at the latest), what should you do? Do you buy west to get the size you need, knowing you want to be in a better town closer to NY, or do you try and squeak into a shack in the nicer town and wait out the storm?

  16. emphaticus says:

    I’ve been tracking my house’s value on zillow. Despite all of the negative data, this site shows a dramatic upward spike in value during the month of August. I’m in the 07005 zip code, and I can’t figure it out.

  17. Anonymous says:

    Zillow Smillow, Zillow is so inaccurate, i tried my house which i sold for 305 and zillow says its worth between 345 and 450 My mother inlaws house , she could get 500k but zillow marked it worth 350k. Zillow company should take that crap off the internet. Its worthless. On another note my coworker sold her house also , was listed at 439,000 she ended up taking 380k, she was pissed. I told her that she is very lucky because next year you would of gotten alot less.

  18. Stan says:

    The 100 year home value chart is likely exagerating the recent runup in home prices if it is using CPI to adjust for inflation. The CPI calcuation has been changed so it isn’t very accurate to compare modern CPI adjusted data with historical CPI adjusted data.

  19. Anonymous says:

    “So for a first time buyer with a growing family who pretty much has to buy in the next year or two (at the latest), what should you do?”

    Can you rent a home for a couple years? If not, I would buy the cheapest house you can stand to minimize losses.

  20. Anonymous says:

    MLS Number: 2282262 Clifton, NJ

    Started as by owner last October at 750k, next was agent # 1 with a listing price of 739k, ahter 6 months the current agent started at 649k. Just saw listing as 619k. So the prices are dropping drastically.

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