5 most expensive home sales for Bergen County 2011


The 5 most expensive home sales in Bergen County 2011

2011 was not a banner year for the ultra luxury market in Bergen County.  Town like Alpine and Saddle river which used to have all the luxury action are just a faded memory at this point.  The big ticket items are now being purchased Manhattan and  the Hamptons, and this is a market killer for the suburbs.  By Manhattan standards, the 5 largest purchases in Bergen County aren’t even worthy of a yawn in NYC.

1/ 101 Fox Hedge Rd, Saddle River

  • Original Asking Price: $23,888,000
  • Sold: $10,000,000
  • Discount: 58%

This was the most expensive home sold in Bergen County for 2011

The former home of Russell Simmons originally went on the market for a jaw dropping price of $23,888,000 in 2008 (wasn’t it listed at $32mil?), and it took price ut after price cut after price cut to finally sell at $10 million.  Rumor has it that the purchaser is spending a fortune to update the home.  This is a perfect example of what happens when you put an insane price tag on any product…it won’t sell.  This home was never worth more than the final sales price, but someone must have thought that when a celebrities name is attached to it, then it becomes incredibly more expensive.  Guess again

2/ 14 Buckingham Dr Alpine

  • Original Asking Price: $10,000,000
  • Sold: $6,200,000
  • Discount: 38%

This was the most expensive home sold in Alpine in 2011. 

There are 19 homes for sale in Alpine that are listed for more than $5 million

This home originally went on the market in May 2009 and was sold September 2011.

What’s really sad about Alpine is that it was once the be-all-end all of New Jersey high-end sales.  But not anymore, because this end of the housing sector has all but dried up, with the exception of much safer havens such as Manhattan and somewhat in the Hamptons.

However there are two new incredible mega homes that are being completed at this time in the Rio Vista section of Alpine. One of the homes, was bought by a famous fashion designer as a shell that had been sitting for over half a decade, and is now being finished. It’s nothing short of amazing.  The second home is on one of the last remaining vacant properties in Rio Vista…and is one of the least desirable locations.  But the home is outlandishly humongous, and I’m sure by the time they install a forest full of  trees, they’ll transform the property into their own little oasasis.

3/ 20 Timberline Dr, Alpine

  • Original Asking Price: $12,000,000
  • Sold: $5,300,000       
  •  Discount: 56%

This “must see” Alpine home was originally listed in August 2007, and was finally sold in October 2011.  Guess the owners thought the price would ever get so low, because four years is a long time to wait to sell a home. But what’s even more perplexing is why the agents also believed that the home was valued so high to take such a listing.  Or did they take it hoping that one day the owner would come to his senses and have a few massive price reductions. Which they finally did, but they didn’t keep the listing with the original Realtor.

4/ 12 Werimus Brook Rd, Saddle River

  • Starting Asking Price: $5,975,000 /  Highest Asking Price $7,495,000
  • Sold: $4,400,000
  • Discount: 42%

This newly built home went on the market in 2006 and was finally sold in May 2011.  As with most new spec homes in Saddle River (and elsewhere) the builder got clobbered.  Greed was the bif factor here as was not reading the market correctly.  Though someone bought it for a huge discount, as all the purchasers did with the homes on this post…did they get a steal or did they just end up paying the new retail, thus making it not such a great bargain after all.

5/ 6 Oxford Way, Alpine

  • Original Asking Price: $7,900,000
  • Sold: $5,100,000
  • Discount: 36%

This home was listed at the beginning of 2008 and finally sold in November 2011.

Another huge hit for a luxury home in Alpine.  Unfortunately, this seems to be the trend going forward for the suburban luxury market.  There aren’t enough buyers at the top of the market outside of New York City, for all these expensive homes.  So the only place for the prices to go is down and down and down.

So what’s your opinion on the future of our mega expensive home home market. Will this niche come back in out lifetime, or are these homes tomorrows knock downs?

 

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