Bergen County Luxury Home Market On Life Support


So many luxury homes for sale & not many sold = PROBLEMS

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Luxury Home For Sale Cresskill, New Jersey

The luxury market may be flying high in Manhattan and elsewhere in New York City where luxury apartments are selling for insane prices, but out here in the suburbs of Bergen County, which used to be the hotbed for  the luxury market in New Jersey, on its death bed…as it has been since the market crashed

 

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Here’s some facts:

  • Only 23 homes priced above $3 million have sold to date in 2013
  • The 5 most expensive homes sold: $13,375,000…$10, 500,000…$6,375,000…$5,500,000…$5,125,000…
  • Only 5 homes were sold in 2013 priced above $5 million
  • There are 95 single family homes listed for sale priced above $3 million
  • The most expensive home for sale in Bergen County is the “Gloria Crest Estate” in Englewood that is listed for $29,900,000. Guess they wanted to keep it under $30 million.  The home was originally listed for $39 million…and it was purchased in 20000 for $4,672,500.  Unfortunately the agents pictures don’t do this home justice…2 yr old picts taken in an off season doesn’t help the sales effort
  • There are 30 homes for sale priced above $5 million
  • The 5 most expensive homes for sale are $29,900,000…14,500,000…$14,000,000

Though there is a sizable percentage increase (90%) in sales for this price range, the number of homes sold (a 9 home increase…most in the $3M range) is insignificant compared to the number of homes that are for sale…95 homes

Towns with the most luxury homes for sale priced above $3 million:

  • Alpine…25 homes for sale
  • Saddle River…19
  • Cresskill…11
  • Franklin Lakes…8
  • Tenafly…8
  • Demarest…11

As with everything on this site, we let the numbers speak for themselves.  The luxury market is deader than dead, and there’s no light at the end of the tunnel.

Tell us what you think the future is for these ultra luxury homes

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