Today’s Comp Killer* comes to us from Mahwah, NJ.
This townhome was purchased in December of 2005 for $616,000. The purchaser likely thought they were getting a “good deal” as the purchase price was significantly under the original $669k asking price:
NJMLS# 2023707 – 13# Day Ct, Mahwah NJ
List Date: 9/1/2005
Original List Price: $669,000
Sale Date: 12/8/2005
Sale Price $616,000
DOM: 99
It returned to market a bit more than a year after it was purchased:
NJMLS# 2701797
List Date: 1/13/2007
Original List Price $639,888
Reduced to: $616,000
DOM: 183
Expired
Relisted as NJMLS# 2737184
List Date: 9/11/2007
Original List Price: $599,000
Reduced to: $587,000
DOM: 49
Active
In Summary:
Purchased: 12/8/2005
Purchase Price: $616,000
Currently For Sale
Asking Price: $589,000
Commission: 5%
Sale at current asking, post commission: $560,000
Est. Dollar Loss: ~$56,000
Est. Nominal Loss: ~9%
Est. Real Loss: ~14%
* Note: Not all properties featured in Comp Killer would be used as comps in the case of a formal appraisal. Short-sales and foreclosures, because of their pressured nature, are not typically used as comp sales for an appraisal. In typical mark-to-make believe fashion, appraisers don’t consider ‘forced’ sales to be representative of the market.
This comp killer should be updated when it eventually sells…..
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.
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a year from now and $100k less.
C’mon sellers smell the coffee. It’s wakey wakey time!!!
This place is worth $150K, lets get real.
I’m sick of realtors. I had one for almost a year. She did nothing. I am now FSBO and am doing my own marketing and am sparking some interest. I had a realtor contact me and tell me he wanted my business I said now but that if he showed the house and sold it to someone I would give him 1%. He had the nerve to tell me that wasn’t enough and realtors would shut me out. I have new for you buddy – the housing market stinks and 1% is better than the nothing at all you are going to get. There is the housing problem right there.
Greedy realtors. My house is at rock bottom price just to get rid of it. I have to cover the mortgage on it and that’s all I want to do. Greedy bastards
The rest of the story on our “comp killer” today….
It’s a townhouse in the Chapel Greens complex, so you have to figure in the $315 per month association fee. I don’t see mention of pool or tennis in the amenities, so for $300 you get your grass cut and your snow shoveled.
These are all 3 bed, 2.5 bath, built in 1987 and all 2192 sq ft. There are a few recent sales at $580K – $599K.
By the way, the listing mentions “new cherry wood finish kitchen” and “Freshly painted in neutral tones, fabulously decorated with many designer touches” We might have to factor in a few more bucks on this one when all is said and done.
This dump is worth a price that should move inverse to the property taxes.
Think of it like how a bond trades in price vs yield.
As the property taxes go up… like the yield, the price of the house should go down.
Using my formula… all realestate in NJ should eventually look like the chart of the ABX.
Again, Get out of NJ while you still can. get out. It will not change.. and soon it will be a turd world republic. NJ may just be what the nation will look like in 20yrs.
You must get out and leave. There is no reason to be here.
Everytime I go to the state to either go to Manhattan or visit family, I either:
1. Get a busted alignment on my car
2. Get stalked by gestappo cops every 3 miles when i enter a new town and a new dept (they did this to blacks in alabama once) for having a PA plate.
3. Get stuck in perma-construction on 78 or 80
4. Pay ever higher tolls on the Turnpike and Parkway.
5. Get cut off by some Tony Soprano, who then drive 10mph UNDER the speed limit for ever.
F your state. You have snobs in the HILLS and illegal immgrants ghettos and not much in between.
It is sad, that so many great things came from NJ, but none lately.