From NJ.com:
N.J. home got $350K over asking, making it the most expensive sale in its county this year
Five days is all it took for this Hoboken brownstone to go under contract for $350,000 more than its asking price.
The six bedroom, four full and one half bathroom home was listed March 7 for $3.3 million. It closed last month for $3.65 million.
“It was insane,” said Kaja Bolton of Christie’s International Real Estate, the listing agent. “I think we had 70 groups come through. That’s more like suburb kind of activity. But right now there’s not a lot on the market so we get a lot more people. Normally, 40 groups would be amazing.”
The 4,000 square foot single family home on tree-lined Garden Street, a premiere area in Hoboken, is the highest-priced single family home to sell in Hudson County this year.
The previous highest sale was of a four bedroom, four bathroom Jersey City home that closed on March 12 for $3.25 million.
…
The home got eight offers.
Jim Ristagno, of Coldwell Banker Realty, was the agent for the winning bidder.
“This was a unique property because it’s 21 feet wide,” he said. “For Hoboken terms that is huge — and it’s a 4,000 square foot home.”
Homes in Hoboken typically range from 12.5 feet to 24 feet wide. “Getting to 20 feet wide is really rare,” Ristagno said.
The home also has 11-foot ceilings on the parlor level, original trim and it sits on a large 21 foot by 100 foot lot, giving it a larger backyard.
First
That $1 million dollar cape in Fair Lawn is almost upon us.
Fast: And then the collapse.
Buddy of mine has a better brownstone on Hudson St. He thinks it’s worth $5 million. Zestimate says $3.5 million.
It’s not fiction that over the next 5 years, AI driven ppl and machinery will replace over 50% of existing labor. Especially the middle blue collar jobs. What happens to house prices then?
Around my corner Bristol Myers layed off 1200 workers with more restructuring in the works. Pfizer is doing the same. This is middle-management, marketing, and other jobs that are not directly related to the science these companies do.
So, why are people still buying?
RentLord,
I believe is FOMO. This is has a very late 2007, mid 1988 speculative feel to it. However, unlike those years I think this might go for another season and possibly two.
One season:
-Because of large amount of cash available to buy without needing mortgages and large amount of people without mortgage that if they want to play the game can borrow as needed. Add three psychological markers – 1- FOMO 2-Will get bailed out if we run into problem 3-If Trump wins there will be more tax cuts, more FIRE deductions and lower fed rates.
Two Seasons plus:
-If Trumps wins, there will be more tax cuts, more FIRE deductions and lower fed rates. And if problems, there will be a bail out.
Problem is https://www.msn.com/en-us/money/markets/trump-victory-more-bearish-for-debt-market-than-a-biden-win-warns-bond-king-bill-gross/ar-BB1n6FSJ
And of course looking at the 3rd World. When thing get there. Eventually is severe Austerity. So the Locust Boomers may get their death panels after all. Because god forbid a billionaire pay taxes.
1:25 demand for single family homes is expected to be strong for the next decade.
It’s eerily empty out on the roads near the GWB. Drove from Staten Island to Fort Lee/Edgewater in 45 minutes today… route 46 empty, njtpk empty, yesterday I rode around town, the roads….empty. Where the fk did everyone go?
BIL came back from San Diego and LA. Multiple well off friends trapped in $1.5-3MM homes unable to move or buy something else. All the talk around BBQ is about real estate. He came back mad at himself for a) not buying more RE instead of BTC and b) not having a 300K back yard.