Sure hope we’ve got enough of them, there are currently 332 homes for sale over $2m in Essex, Hunterdon, Morris, Somerset, Sussex and Union (GSMLS). That number goes up to 600 homes when you add in Passaic, Hudson, and Bergen (NJMLS).
From the NY Times:
STEVE NEEDLE, a developer, thought a year ago that he had sold a $3 million castle-style mansion in Westfield even before his firm had finished construction.
But the buyer, employed as a Wall Street stock trader at the time, lost his financial footing in the crash last year.
“He could not complete,” Mr. Needle said, referring to the buyer and the sale, but sounding rather as though he was talking about a quarterback aiming for the end zone.
As things are turning out, his metaphor may be quite apt. With the Wall Street bonus-earning, mansion-buying client base sharply reduced at this point, Mr. Needle and other developers say they are trying to pivot, and make direct pitches to another elite group less affected by recessionary times: professional athletes.
“This area always depended so much on Wall Street, hedge fund money and to an extent ‘big pharma’ execs,” said Mr. Needle, whose Westfield-based company is called Needle Point Homes. “But the market has changed so much in the last year, and the buyer stream is sort of down to a trickle.”
His broker, Arlene Gonnella, a top-performing agent at Weichert Realtors for the last six years, said she recently “refocused” her marketing of the most lavish homes in the Short Hills area, where she is based, on sports agents and recruiters who might refer players looking to relocate.
“There are actually a lot of pro athletes out there looking for homes right now,” said Ms. Gonnella, who noted that she had shown the Jets linebacker Bart Scott and his wife, Darnesha, several houses in Short Hills last summer, after Mr. Scott was wooed to the Jets by Rex Ryan, the coach, who lives in Summit.