Was there ever any doubt that home prices could fall? Below you’ll find a sampling of listings that have either sold, or are currently for sale and have seen price reductions in the past week. Every case has either sold for less than the original purchase price, or is currently for sale and is asking less than the original purchase price.
Please keep in mind that these were not “cherry picked” or “data mined” transactions. These were all found simply looking at the daily hotsheet (GSMLS and NJMLS) over the past week.
Caveat Emptor!
Sales Transactions
39 Port Colden Road, Washington Twp (REO)
Purchased: 8/26/2005
Purchase Price: $235,000
MLS# 2375419
OLP: $209,000
LP: $169,000
Sold: 11/19/2007
Sale Price: $169,000 (28% loss)
313 Ohio Ave, Pohatcong NJ
Purchased: 8/3/2005
Purchase Price: $305,000
MLS# 2446277
OLP: $304,900
LP: $299,000
Sold: 11/29/2007
Sale Price: $281,500 (8% loss)
1 South Locust Lake Road, Hope (REO)
Purchased: 12/17/2003
Purchase Price: $290,000
MLS# 2344781
OLP: $389,900
LP: $299,900
Sold: 11/27/2007
Sale Price: $245,000 (15% loss)
2 The Arbors, New Providence
Purchased: 10/2/2006
Purchase Price: $405,000
MLS# 2403527
OLP: $419,900
LP: $399,000
Sold: 11/29/2007
Sale Price: $399,000 (1.5% loss)
820 Passaic Ave, Linden (short sale)
Purchased: 11/8/2006
Purchase Price: $337,000
MLS# 2427965
OLP: $278,975
LP: $258,957
Sold: 11/29/2007
Sale Price: $259,000 (23% loss)
31 Tall Oaks, Vernon
Purchased: 7/6/2005
Purchase Price: $365,000
MLS# 2406099
OLP: $347,900
LP: $337,900
Sold: 11/27/2007
Sale Price: $309,900 (15% loss)
1 Parkside Terrace, West Paterson
Purchased: 6/16/2006
Purchase Price: $435,000
MLS# 2436182
OLP/LP: $399,000
Sold: 11/29/2007
Sale Price: $382,500 (12% loss)
147 Cambridge Ct, Clifton NJ (Short sale? Error?)
Purchased: 4/12/2004
Purchase Price: $279,000
MLS# 2426580
OLP: $359,900
Sold: 11/29/2007
Sale Price: $237,500 (4% loss)
1391 Pompton Ave, Cedar Grove (Short sale)
Purchased: 7/12/2006
Purchase Price: $350,000
MLS# 2436344
OLP/LP: $319,000
Sold: 11/29/2007
Sale Price: $300,000 (14% loss)
15 Overlook Terrace, Bloomfield
Purchased: 9/16/2005
Purchase Price: $332,500
MLS# 2432976
OLP/LP: $334,900
Sold: 11/29/2007
Sale Price: $320,000 (4% loss)
4-11 Lambert Road, Fair Lawn
Purchased: 6/6/2005
Purchase Price: $372,900
MLS# 2397650
OLP: $389,900
LP: $369,900
Sold: 11/29/2007
Sale Price: $330,000 (11% loss)
2185 Lemoine Ave, Fort Lee NJ
Purchased: 6/30/2005
Purchase Price: $335,000
Sale Date: 11/19/2007
Sale Price: $265,000 (21% Loss)
Currently for sale:
520 Floyd Street
Purchased: 9/26/2006
Purchase Price: $790,000
Currently active, listed as:
MLS# 2733003
Original List Price: $899,000
Current Asking Price: $749,000 (5% under purchase)
175 Parker Ave, Maplewood (REO, HSBC)
Purchased: 12/16/2004
Purchase Price: $490,000
Currently active, listed as:
MLS# 2445181
OLP: $476,500
Current asking: $441,900
(10% below 2004 purchase price)
14 Fernwood Road, Livingston
Purchased: 1/22/2007
Purchase Price: $995,000
Currently active, listed as:
MLS# 2430585
OLP: $995,000
Current asking: $899,000
(10% below purchase price)
306 21st Street, Irvington (REO)
Purchased: 4/14/2005
Purchase Price: $140,000
Currently active, listed as:
MLS# 2448943
Original List: $98,500
Current Asking: $79,900
(43% below purchase price)
792 Park Ave, River Edge
Purchased: 9/20/2006
Purchase Price: $405,000
Currently active, listed as:
MLS# 2438705
Original List: $422,000
Current Asking: $377,000
(7% below purchase price)
1091 Ash Drive, Mahwah (Short Sale?)
Purchased: 9/15/2006
Purchase Price: $367,500
Currently active, listed as:
MLS# 2439202
Original List Price: $369,000
Current asking: $334,000
(9% below purchase price)
53 Forest Road, Allendale NJ
Purchased: 8/27/2007
Purchase Price: $850,000
Current MLS# 2742039
Original List Price: $869,000
Current Asking Price: $819,000 (4% below purchase price)
520 Floyd Street, Waldwick NJ
Purchased: 12/22/2005
Purchase Price: $575,000
Current MLS# 2733003 11/17/2007
Original List Price: $599,000
Current Asking Price: $479,900 (16% under purchase)
86 Platt Ave, Saddle Brook NJ
Purchased: 10/2006
Purchase Price: $700,000
MLS# 2717166/2746969
OLP: $825,000
Cuurent asking price: $689,000 (1.6% under purchase)
290 Kinderkamack Road, River Edge NJ
Purchased: 8/2006
Purchase Price: $585,000
MLS# 2746946
OLP/LP: $575,000 (1.7% under purchase)
43 Walnut Ave, Bogota NJ
Purchased: 2/20/2005
Purchase Price: $423,000
MLS# 2741479
OLP: $379,900 ($494,900)
Current Asking: $362,000 (14% under purchase)
115 Elm Street, Fairview NJ
Purchased: 6/17/2005
Purchase Price: $410,000
MLS# 2740317
OLP: $449,000
Current asking price: $390,000 (5% under purchase)
15 Lee Street, Elmwood Park NJ
Purchased: 7/31/2006
Purchase Price: $390,000
Currently for sale, listed as:
MLS# 2713892
Original List Price: $447,000
Current Asking: $365,000 (6% under purchase)
144 Franklin Ave, Midland Park NJ (REO)
Purchased: 8/2/2005
Purchase Price: $630,000
Currently for sale, listed as:
MLS# 2734110
Original List Price: $539,900
Current Asking: $519,900 (17% under purchase price)
512 Highridge Ave, Cliffside Park NJ
Purchased: 1/30/2006
Purchase Price: $900,000
Currently active, listed as:
MLS# 2740898 (multiple relistings)
Original List Price: $1,120,000
Current Asking: $850,000 (6% under purchase)
55 Elm Street, Englewood Cliffs, NJ
Purchased: 10/28/2005
Purchase Price: $865,000
Currently active, listed as:
MLS# 2614876
Original List Price: $1,025,000
Current Asking: $849,000 (2% under purchase)
Great report! It proves that if homes are priced resonably they will sell.
Great report! It proves that if homes are priced resonably they will sell.
Hey Jim,
Any specs on those REO houses in Warren like bdrms and baths whether they have a garage or age? I note that with the REOs, if they are not urban they are way out here in Warren County.
Metro,
Will do, give me a little while though.
REOs aren’t just urban/western.
Take Bergen County for example:
http://bcsd.us/sheriff_sold.aspx
Every auction of $100 represents a REO. All of these are either back on the market, or will be listed shortly.
Just an interesting tidbit.. The fact that we’re seeing little if any auctions over upset price means that these homes have *zero* equity in them.
325 Springfield Ave, Hasbrouck Heights
Purchased: 5/1/2006
Purchase Price: $719,000
MLS# 2640884
OLP: $769,000
LP: $659,000
Sold: 11/29/2007
Sale Price: $635,000 (13% loss)
Any way of doing this by areas or charting the area drops?
Curious to know if this is a state wide drop or just areas around New York.
Forest Road in Allendale has just been reduced again 779,000
Excellent work, as usual, Grim.
Is Pre around to address this?
Jim,
I was just commenting that alot on your list seem to be out here in this relatively low population county.
BTW Jim if you ever want to map your data shoot me an email.