Gotta VENT about an underpriced home sale in Tenafly

Sorry, but I have to vent to someone about a home that recently sold and closed in Tenafly. This is a sale that could be a market killer in Tenafly…and I can’t believe what it sold for.

An incredibly beautiful 5,500 sf ultra luxury home on 1 acre, on Devriese Ct in Tenafly, was recently sold after a very long sales cycle.  The home has everything and it is impeccable: from the pool to the beautifully designed landscaping and private property, and a sought after cul-de-sac…which is a rarity in Tenafly, this was a perfect home.

Sorry for the low res photos, but that what you mostly get on the njmls. I think they take the pictures with cvs disposable cameras.  And it’s my belief that low quality content has a negative impact on sales prices. Marketing your home like kmart won’t bring Neiman’s prices

This slideshow requires JavaScript.

  • Originally listed: 10/1/10 at $2,895,000
  • Sold for: $2,400,000

This home sold for LESS THAN the cost to build this same home anywhere else in Tenafly.

  • Land value is easily…$1,600,000
  • Cost to build at a bare bones minimum…$1,200,000
  • Landscaping and pool and driveway…$250,000

The minimum cost to rebuild this home, including the land is…$3,050,000 at the minimum!

I don’t care what anyone says…but this is what happens when you don’t market a home in a way that brings out it’s real value.

It’s a market killer because this is the home that other sales and appraisals will be compared to. 

If this is all a Realtor can get for a fantastic home on one acre of property in the hottest town in the region, then we have to be concerned about the values of other homes in Tenafly that are for sale.

This price screws everyone in Tenafly who not only wants to sell their home, but also for those who want to refinance their home.  This sale hurt every home in town, especially all the homes priced above $2.0M.  And the Realtors are going to start blaming the appraisers.  But sorry, but this one is on the Realtors.  If this is the best we can do on a fantastic home, then I shudder what will happen to anything less than fantastic.  It just proves that anyone can sell a home if you price it for less than its cost.

Congratulations Mr and Ms Purchaser…you got the steal of a lifetime!

Welcome to Tenafly


One thought on “Gotta VENT about an underpriced home sale in Tenafly”

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s