Northern New Jersey Bubble Blog reports on some shocking MLS finds - houses sold for significantly less than their original asking price.
Anyone want to start a new blog? I'd recommend lowball.blogspot.com - and then post some of the biggest lowballs taken. This, I believe, will be the new American obsession - how low will they go? I think it'd be good fun to run around to new condo developments and make 50% off offers...
MLS# 2210660 - Roxbury Twp. (Victrian) Original List Price: $199,000 List Price: $180,000 Sales Price: $94,000 (47.8% Loaball, 52.8% off OLP)
MLS# 2101635 - Newark City (Colonial) Original List Price: $699,900 List Price: $599,999 Sales Price: $350,000 (41.7% Lowball, 50% off OLP)
MLS# 2254058 - Hillside Twp. (CapeCod) List Price: $269,900 Sales Price: $185,000 (31.5% Lowball)
MLS# 2248565 - Clifton City (HalfDupl) Original List Price: $299,000 List Price: $269,000 Sales Price: $190,000 (29.4% Lowball, 36.5% off OLP)
MLS# 2041025 - Nutley Twp. (TwnIntUn) List Price: $499,900 Sales Price: $360,000 (28% Lowball)
MLS# 2245054 - Linden City (CapeCod) Original List Price: $319,000 List Price: $279,901 Sales Price: $205,000 (26.8% Lowball, 35.7% off OLP)
MLS# 2112093 - Pohatcong Twp. (Colonial) List Price: $99,999 Sales Price: $75,000 (25% Lowball)MLS# 2262368 - Denville Twp. (RanchExp) List Price: $459,900 Sales Price: $345,000 (25% Lowball)
June 11, 2006
Lowballing in New Jersey
Subscribe to:
Post Comments (Atom)
11 comments:
Read:
It`s not yet a "Buyer`s market" until we saw 30% decline in home prices.
Don`t believe in the hype of media and salesmen that it is now a buyers market !!!!!
I agree with the poster above. You buy now and you're just a little less screwed when it really starts to slide, but you have to admit that these accepted low-ball offers are happening much sooner than many of us would have thought.
It just goes to show that mixed in with all the idiots who participated in this crazy market, there are a few smart ones. Sure, their neighbors think they were nuts to accept such low-ball offers, but in the long run, it will in hindsight, have been a very smart decision for them (the sellers)
If you are a buyer, you must use comps from at least a year ago. And even then it may not be enough. Now you gotta find a seller desperate enough to go through with selling their place for last years price.
Slowly though... it is happening.
If you buy a house right now and dont get at least 50% off the asking price, your screwed for the next 10 years.
I'm from NJ and when I am ready to make an offer it will be a low, lowball. I am in no rush as prices are coming down. Spring season was a bust and things are going down hill fast. It is obvious some sellers and their realtors are ignorant to pricing for this market.
The crap that is listed for $500k is not worth $150k. Buyers are much more cautious and houses are not selling. God help the idiot who buys and over pays in this market.
wonder how he got all the sales information ... is he a real-estate agent ? or does he track properties as they are listed and then sold ?
wish I could do the same for my are ..
I wonder if you can post the address
to varify this data amamazing if true.
or maybe not so amazing could be these gems where put on the market with a 30 to 50% inflated listing price in the first place.
I would love to zillow these.
This housing downturn will probably play out over the next 5 to 10 years. I don’t expect any fire sales or fast declines, just a slow drawn-out correction like what was seen in Japan after their housing bubble of the 1980s.
But a big difference is that it now will take 6 to 12 months to sell a house rather than a few weeks, and sometimes people really need to sell in a hurry, so there will be bargains here and there.
The only way housing will crash fast is if there is a giant spike in unemployment or a serious credit crunch.
they are indeed true. To confirm for your self
copy this link and just replace the MLS # at the end and his refresh
http://listings.gsmls.com/SearchDetail/Scripts/PrtBuyFul/PrtBuyFul.asp?MlsNumList=1618385&prp=Mls
Good to see prices reverting to the mean.
Take a look at this...
NJ Housing Bubble T-shirts from
www.JerseySlogans.com
Post a Comment