The 5 most expensive homes sold in Bergen County 2012…and it’s not good news

The luxury real estate market continues to take it on the chin in 2012

There are 101 homes for sale in Bergen County priced above $3 million, and only five homes have sold thus far in 2012.  And the most expensive home sold was a paltry $4.5 million.

The big problem with this market niche is that there is no end in sight for a dismal performance, And the luxury home sales numbers are coming off of a horrendous year in 201,1 where only 26 homes were sold in Bergen County for more than $3 million.  Selling only 30% of the homes listed for sale in this price range is a major cause for concern, especially if yours home is for sale.

The Bergen County numbers spell trouble for the luxury market:

Here’s what 2012 looks like so far:

The 5 most expensive home sales in Bergen County 2012:

1/ 13 Glen Carl Rd, Upper Saddle River

  • List/Sold: $3,495,000 / $3,000,000
  • Under contract in 5 months
  • Sold at a 15% discount

This sale broke my heart, because it’s an incredible home, on a nice property, in a nice neighborhood, and the builder/owner put his heart into building it. Unfortunately It was sold at a price considerably below it’s cost.

2/ 187 Buckingham Rd, Tenafly

  • List/Sold: $3,795,000 / $3,250,000
  • Under contract in 21 months
  • Sold at a 15% discount

What is interesting about the sale of this home is that it sold for the price that the homeowner purchased it for in 2006. This shows us that NOT every home lost 30% of its value since the crash…and buyers, sellers and Realtors have to be aware of this throughout the process. Tenafly has been the hottest market in the area for a long time…and it continues that with the sale of this luxury home, which most agents thought would never sell for close to this price.  New Yorkers tend to think differently. Tenafly has eight homes for sale priced above $3 million

3/ 113 Andersen Ave, Demarest

  • List/Sold: $4,495,000 / $3,850,000
  • Under contract in 20 months
  • Sold at a 15% discount

4/ 15 N. Church Rd, Saddle River

  • List/Sold: $8,845,000 / $4,100,000
  • Under contract in 60 months
  • Sold at a 54% discount

This goes to show you what happens when a builders/Realtors overestimate the value of a new home…and not knowing when to get out.  This is a spectacular home, but to take sever years to build it and a combined 5 years to sell it is a ginormous failure

5/ 8 Piermont Rd, Franklin Lakes

  • List/Sold: $13,500,000 / $4,500,000
  • This home first went on the market in 2005, and was withdrawn for sale in 2007.  It was then re-listed in 2010 for $6,500,000…20 months later
  • Sold at a 67% discount from the original asking price
  • Sold at a 31% discount from the revised asking price

Obviously the value of this home was misread…except for by the purchaser.

If you are in the process of trying to sell your luxury home, or are contemplating doing so, then you need to be aware of these numbers…because this affects you.

The builder/marketing fanatic part of me says that in order to increase your chances of grabbing a buyers attention, selling your home faster, and optimizing your price, then your focus your attention on producing some great marketing, so your home stands out from the crowd. Without something better than traditional real estate marketing, your home is just like all the other homes floating around in cyberspace on a bunch of free listing sites. Your chances of selling your home won’t increase unless you do something more.

Now it’s all about marketing.

And run from everyone who tells you that it’s all about price…because it’s not.  Of the 101 luxury homes that are for sale it looks like all 101 have already had price reductions…and it didn’t work.

Now it’s all about finding one of the few buyers who are out there in this price range and grabbing them, and not letting them go!


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