Contrary to the conventional wisdom of local Realtors, the housing market in Tenafly has been on fire for the past two years. And no where is this more evident than in Tenafly where big money is STILL being poured into building new spec homes, and building custom homes for the new property owners.
If you were cheering the thought of McMansions being a thing of past in Tenafly, or anywhere else in Bergen County, it’s time to push the reset button. The days of over-sized homes on under-sized properties, in a select few corners of the real estate market, is alive and well…especially in Tenafly.
Capitalism is working. The sound of backhoes, nail guns and power saws is filling the air in Tenafly, and new monster homes are once again changing the face of our local landscape.
But let’s not complain so fast. Towns are in desperate need of the additional property taxes that these ultra luxury homes generate. In many cases the property taxes are double the cost of the previous home. And nowhere is this more popular than on the east hill of Tenafly.
If you thought the economic crash downsized everyone’s spirit, then look no further than the new homes that are being built by the property owners or by spec builders.
There are presently three new spec homes for sale in Tenafly that are in various stages of construction. These new ultra expensive luxury homes are being built by builders, and are priced between $3,695,000-$4,295,000
There are also three new ultra luxury homes that are being built by the property owners for themselves or have recently been completed. And these homes are also valued well in excess of $3.5 million
It is a gutsy move to build a spec home in this price range, even in a great market, and this is by no means even close to a great market. But these builders or investors see what they believe is an opportunity to fill a niche in this ultra luxury market. They are going for the gusto.
Builders in Tenafly will soon see if there really is a market once again for these more than McMansion homes in the highest price range. And we will also see just how many buyers there are out there for these expensive homes, as well as the $60,000+ in property taxes.
Will all these spec homes be sold at prices close to their asking price? I wish I had a crystal ball for this one, because I can’t wait to see the outcome.
If there aren’t enough buyers to back up these prices, then it’s going to be a huge flop for the few builders. But if they sell, then everyone in the community benefits.
Let us know where you think the market is heading, and what you think of these new homes