Offering the list price for a home in some New Jersey communities isn’t nearly enough.
And one place where that’s the case is Montclair.
Homes in this Essex County town regularly sell for 30% over asking price, said Paula Cardenas, an agent with Signature Realty.
She listed a 100-year-old colonial in April on Cloverhill Place for $749,000. It closed last week for $1,050,000. That’s $301,000, or 40%, over the asking price.
“There’s no inventory,” Cardenas said. “And Montclair is a very desirable town.”
The home last sold in November 2021 for $451,000 and was bought by a builder who completely renovated it. “He did an excellent job,” she said. “He knows what people are looking for.”
Among those sought-after details were a home office, light oak floors, white paint, modern cabinets, stainless steel appliances, neutral exterior colors, landscaping, a new HVAC system and water heater and a finished basement or attic, she said.
The house had four bids and was purchased by a family who relocated from New York City.
“We had a couple of offers that fell through,” said Elina Harrison, an agent with Keller Williams City Life Jersey City Realty, who represented the buyers. “Montclair is a tough market. We had to adjust a little bit. The third offer was a lucky one.”
The family had house-hunted in Scarsdale and New York state before deciding on Montclair because of its school district and easy access to New York City via the nearby train, she said.
“If you live in New York, you pay the same amount in rent and don’t have a backyard and commodities that you have in a single family home. They wanted to have a better life, but still be close to the city.”
Homes in New Jersey in April were selling statewide for 103.5% of asking price, according to the most recent data from New Jersey Realtors.
In April 2021, they were selling for 101% of list price. In April 2020, it was 98.2%, and in April 2019 they sold for 97.6% of list price.
The home on Cloverhill Place has four bedrooms and two-and-a-half bathrooms. Its steps from two train stations. And the property taxes are $10,347 per year.
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Allison Pries may be reached at firstname.lastname@example.org.