This NJ Home Just Sold For $301,000 Above Its Asking Price

Offering the going price of a home in some New Jersey communities is not enough.

And one place where it does is Montclair.

Homes in this Essex County town regularly sell for 30% above asking price, said Paula Cardenas, agent at Signature Realty.

She listed a Centennial Colonial in April on Cloverhill Place for $749,000. It closed last week for $1,050,000. That’s $301,000, or 40%, above the asking price.

“There is no inventory,” Cardenas said. “And Montclair is a very desirable town.”

The century-old colonial has been completely renovated.

The home last sold in November 2021 for $451,000 and was purchased by a builder who completely remodeled it. “He did a great job,” she said. “He knows what people are looking for.”

Among these sought-after details were a home office, light oak floors, white paint, modern cabinetry, stainless steel appliances, neutral exterior colors, landscaping, new HVAC system and heater. water and a finished basement or attic, she said.

The house had four offers and was purchased by a family who moved from New York.

“We’ve had a few failed offers,” said Elina Harrison, agent at Keller Williams City Life Jersey City Realty, who represented the buyers. “Montclair is a difficult market. We had to adjust a bit. The third offer was lucky.

The family had looked for a home in Scarsdale and upstate New York before choosing Montclair because of its school district and easy access to New York via nearby train, she said.

“If you live in New York, you pay the same amount of rent and don’t have a yard or amenities that you have in a single-family home. They wanted to have a better life, but still be close to town.

New Jersey homes in April were selling statewide for 103.5% of the asking price, according to the most recent data from New Jersey Realtors.

As of April 2021, they were selling at 101% of list price. In April 2020 it was 98.2% and in April 2019 they sold at 97.6% of list price.

The Cloverhill Place home has four bedrooms and two and a half bathrooms. Its not two stations. And the property taxes are $10,347 per year.

The house sells for 40% more than the asking price

Modern cabinetry and quartz countertops were part of the remodel.

The house sells for 40% more than the asking price

The master bedroom with en-suite is one of 4 bedrooms.

Homes are selling for 40% above asking price

A finished basement for the kids to play in or relax in is on many buyers’ wish list.

The house sells for 40% more than the asking price

French doors and white walls made this home stand out.

Do you have any advice on the hot New Jersey real estate market? Unusual announcements? Big sales rather than asking? Bidding war stories? Let us know.

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Allison Pries can be reached at [email protected].

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