Today’s Comp Killer* comes to us from Upper Montclair, NJ.
This home was purchased in December of 2006 for $490,000:
GSMLS# 2312373 – 48 Northview, Montclair NJ
List Date: 08/23/06
Original List Price: $529,000 (Multiple relistings, actual OLP $649,000)
Purchase Date: 12/14/2006
Purchase Price $490,000
It returned to market a bit more than a year after it was purchased, except this time as a short-sale.
GSMLS# 2449770
List Date: 10/02/2007
Original List Price: $499,000
Current Price: $439,000
In Summary:
Purchased: 12/14/2006
Purchase Price: $490,000
Currently for sale:
Asking Price: $439,000
* 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.
Jim,
Surprisingly nice looking on the inside. From what I could see from the pics.
KL
KL,
It’s in a terrible location, this is the last house before you hit the retail and parking on Bellevue (online maps have it much further down the street). Would be a great location for office space or small retail, actually.
Also, you don’t have a ‘real’ driveway or garage. You basically have a space for a single car where the front lawn would be.
Not much of a yard either, and that backs to retail/parking as well.
Might be a good property for a single person looking to be close to the Valley shopping area and quick access to the train. The train is really just a block up the road.
I’d consider it a condo equivalent with a bit of style.
One last thing, some might find the $12k in property taxes a bit excessive.
Jim,
I saw the taxes, not for me. If I were to buy anything with taxes over $7200, I’ll be paying more in taxes than rent. No effin way.
KL
I can rent a nice apartment for 1 person for what they pay just in taxes.
That’s not even worth 1/2 their asking.