Short Hills Real Estate |
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 Vulture Q&AVulture photo by Szabolcs Kokay. |
Updated March 1, 2010New items appear in blue and in Q&A section.December NJ Unemployment RateNo End in Sight Source: http://www.northjersey.com/news/business/012010_NJ_unemployment_rate_hits_highest_mark_in_33_years.html Q3 2009 Delinquency RateNo End in Sight Source: Federal Reserve Bank America Meets Millburn/Short HillsTeen Girls Hazed at Millburn High School$454,000
Feature Property: 55 Lake RdSold at $999,999 Property details: • 5,300 square feet • 6 bedrooms • 4 full bathrooms, 1 half bath • Foyer, Dining Room, Living Room, Family Room, Great Room, Office • Eat-in Kitchen, Pantry, Laundry Room, Sunroom, Walk-in Closets • Number of "million dollar" Glenwood houses that can fit inside: 3 • .3960 acres • 3 car garage • Underground lawn sprinklers • Hartshorn schools • Fantastic street and location • Steps to the ponds • Steps to tennis and pools at Short Hills Club • 2007 township assessment: $1,948,300 • Original asking: $1,800,000 • July 2009 sale price: $999,999 (45% below asking) Short Hills Inventory to Increase 25% Next Year Planning to list a property next year "when the market improves"? Currently listed but putting off price reductions to meet the market, because they're not making any more land? Well, there are 6 acres of new land coming on the market next year. The Chanticler catering hall will disappear, and the 6-acre site will soon feature 30 "upscale luxury" townhouses, each with: • Marble foyers and circular staircases • "Exquisite design" and "old world charm" • Gleaming hardwood floors • Granite counters • Viking and Sub-Zero appliances • 3,600 to 3,900 square feet of living area • Two car garages • Three car driveways • Walk to Midtown Direct train • Walk to downtown shops and restaurants • Modern insulation, plumbing, electrical, heating, windows, and doors - Landmark Chanticler caterers to become luxury condo site - Chanticler unveils plans for luxury townhouses Uncharted Waters Source: Federal Reserve Bank House of CardsWhy The Meltdown Has Only Just BegunIs 30% The New Black? 40%? 50%?In the last few months alone:
• 35 Barnsdale Rd: 260 Days on Market, Price Reduced $675,000 (29%)
• 10 Watchung Rd: 602 Days on Market, Price Reduced $1,095,000 (37%) • 1050 Morris Tpke: Sold $1,820,000 (47%) Below Asking • 345 Old Short Hills Rd: 347 Days On Market, Reduced $250,900 (30%) • 4 Westview Rd: Sold $801,000 (30%) Below Asking • 120 Knollwood Rd: Sold $1,900,000 (45%) Below Asking • 10 Woodcrest Ave: Sold $585,000 (34%) Below Asking • 63 Tennyson Dr: Sold $430,000 (31%) Below Asking • 11 Timber Acres Rd: Sold $867,000 (48%) Below Asking • 55 Lake Rd: Sold $800,000 (45%) Below Asking • 183 Parsonage Hill Rd: Price Reduced $1,172,500 (49%) • 28 Forest Dr North: Sold $1,450,000 (46%) Below Asking • 54 Merrywood Ln: Sold $670,000 (34%) Below Asking • 1 North Brook Drive: Price Dropped $374,000 (34%) • 33 Twin Oak Rd: Sold $1,095,000 (46%) Below Asking • 50 Hilltop Rd: Sold $1,002,500 (29%) Below Asking • 46 Farley Rd: Sold $1,500,000 (28%) Below Asking • 110 Hartshorn Dr: Price Reduced $800,000 (35%) • 26 Harvey Dr: Sold $688,000 (29%) Below Asking • 242 Hartshorn Dr: Price Dropped $2,750,000 (29%) • 12 Bruce Cir: Sold $1,030,000 (46%) Below Asking • 15 Rippling Brook Dr: Sold $304,000 (27%) Below Asking • 85 Mohawk Rd: Sold $410,000 (30%) Below Asking NJ Realtors Deceive Consumers With "Relisting"NAR: "No relisting regulation needed since there's no problem"Study: American Dream Becomes Debt-Filled NightmareAmong those earning over $100,000 annually: • 42% concerned they'll be unable to sustain current lifestyle. • 53% worried about job loss in next 12 months. • 29% can't survive 1 month after a job loss. Walking Dead: Citigroup • 12,000 offices worldwide • 327,000 employees (29,000 in NY and NJ) • 200 million customer accounts • $1.938 Trillion in assets • $55 share in 2007 • $0.97 share in 2009, a decline of 98% Short Hills Realtors: Prices falling, 4th quarter 2008 "by far the worst" ever seen.Real Estate Expert Responds to Vulture Critics:"When I came across C.V.'s comments on Zillow, it reminded me of just how critical that market information is. Realize folks, this uproar by Short Hills real estate agents isn't because of a few snarky comments, it's because someone is making data available to the buyers. Once the data is public, it becomes impossible to use that data to persuade buyers. Just look at the outrage caused by someone making a few numbers public? Just as the financial media today talk about transparency being necessary for a functioning market, these agents would prefer to operate in their own mark-to-myth world where only they know the state of the market, and can profit from that." How Large Was the Bubble?We're probably near the bottom, right? Wrong.
Low Income Housing Coming to Rippling Brook DriveBloody Monday: 71,400 US Jobs Lost in 1 DayMortgage Meltdown: 2nd Wave Yet to ArriveEconomy Worsens Dramatically as Recession Gathers SteamManufacturer YOY Sales -------------------------- Audi -9.0% BMW -36.0% Chrysler -53.1% Ford -32.3% General Motors -31.2% Honda -34.7% Hyundai -48.3% Mercedes -32.0% Nissan -30.7% Porsche -25.0% Saab -57.0% Toyota -36.7% Volkswagon -13.5% Volvo -47.1% Sources: - Automakers Fear a New Normal of Low Sales - Auto Sales Dive 36%, Drag Industry to 16-Year LowThis Just In...
Property ListingNote: This property listing is updated on nearly a daily basis. New items appear in blue and in Q&A section. ForeclosuresShort Sales• 27 Hillside Way• 345 Old Short Hills Rd Addison Drive • 10 Addison Dr - Foreclosure
Andover Drive • 10 Andover Drive - 94 Days on Market, Sold 20% Below Asking
Baltusrol Way • 50 Baltusrol Way - No Longer Under Contract, 199 Days on Market
Barnsdale Rd • 35 Barnsdale Rd - 260 Days on Market, Price Reduced $675,000 (29%)
Beech Terrace (Millburn) • 15 Beech Terrace - Sold for $440,000 on July 22, 2008
Brooklawn Drive • 18 Brooklawn Dr - Foreclosure
Bruce Circle • 11 Bruce Circle - Sold for $740,000 on Dec 3, 2007
• 12 Bruce Circle - 359 Days on Market, Sold $1,030,000 (46%) Below Asking Canterbury Lane • 24 Canterbury Lane - Foreclosure
Cayuga Way • 52 Cayuga Way - No Longer Under Contract, 89 Days on Market
Coleridge Rd • 28 Coleridge Rd - No Longer in Attorney Review, 22 Days on Market
Colonial Way • 19 Colonial Way - Sold for $360,000 Loss Since Buying in 2006
Country Day Drive • 1 Country Day Drive - Price Dropped $194,000, Listed 2 Times
Cross Gates • 1 Cross Gates - On Market Since 2007, Price Dropped $705,000 (24%)
Dale Drive • 253 Dale Drive - No Longer Under Contract, 97 Days on Market
Dameo Place • 24 Dameo Place - Foreclosure
Delbarton Drive • 7 Delbarton Drive - Foreclosure
• 9 Delbarton Drive - 290 Days on Market, Sold $1,295,000 (30%) Below Asking Dryden Terrace • 29 Dryden Terrace - 182 Days on Market, Listed 3 Times
East Beechcroft Rd • 10 East Beechcroft Rd - No Longer Under Contract (4th Time), 340 Days on Market
Exeter Rd • 30 Exeter Rd - No Longer Under Contract, 94 Days on Market
• 33 Exeter Rd - No Longer in Attorney Review Fairfield Drive • 102 Fairfield Dr - No Longer Under Contract, 76 Days on Market
Falmouth St • 16 Falmouth St - No Longer in Attorney Review, 132 Days on Market
• 16 Falmouth St - No Longer in Attorney Review, 61 Days on Market Farbrook Drive • 17 Farbrook Drive - Foreclosure
• 28 Farbrook Drive - No Longer Under Contract, 149 Days on Market • 91 Farbrook Drive - No Longer Under Contract Farley Rd • 46 Farley Rd - 522 Days on Market, Sold $1,500,000 (28%) Below Asking
Farmstead Rd • 7 Farmstead Rd - Foreclosure
Fielding Rd • 18 Fielding Rd - No Longer Under Contract, 25 Days on Market
Forest Drive North • 10 Forest Drive North - 324 Days on Market, Price Dropped $500,000 (17%)
• 28 Forest Drive North - 465 Days on Market, Sold $1,450,000 (46%) Below Asking • 109 Forest Drive North - Foreclosure Forest Drive South • 277 Forest Drive South - No Longer Under Contract, 34 Days on Market
• 301 Forest Drive South - Just Sold for $735,000 (18% Below Asking) • 304 Forest Drive South - No Longer Under Contract Great Hills Rd • 18 Great Hills Rd - 759 Days on Market, Sold 29% Below Asking
• 60 Great Hills Rd - 205 Days on Market, Price Reduced $745,000 (31%) Great Hills Terrace • 32 Great Hills Terrace - Foreclosure
• 33 Great Hills Terrace - 132 Days on Market, Sold 22% Below Asking Great Oak Drive Grosvenor Rd • 6 Grosvenor Rd - 883 Days on Market, Sold 25% Below Asking
Hartshorn Drive • 110 Hartshorn Drive - 609 Days on Market, Price Reduced $800,000 (35%)
• 176 Hartshorn Drive - Foreclosure • 128 Hartshorn Drive - 266 Days on Market, Sold 35% Below Asking • 225 Hartshorn Drive - On Market Since 2006, Price Dropped $704,000 (28%) • 242 Hartshorn Drive - 125 Days on Market, Price Dropped $2,750,000 (29%) • 293 Hartshorn Drive - No Longer in Attorney Review, 697 Days on Market • 296 Hartshorn Drive - Foreclosure • 425 Hartshorn Drive - 134 Days on Market, Price Dropped $301,000 (25%) Harvey Drive • 26 Harvey Drive - Listed 11 Months Ago, Sold $688,000 (29%) Below Asking
Hemlock Rd • 100 Hemlock Rd - 591 Days on Market, Sold 33% Below Asking
Highview Rd • 2 Highview Rd - Foreclosure
Hillside Ave • 12 Hillside Ave - Foreclosure
• 12 Hillside Ave - No Longer Under Contract, 238 Days on Market • 85 Hillside Ave - On Market Since April 2006, Price Reduced 4% Hillside Way • 27 Hillside Way - On Market Since 2006, Now Priced $4,000 Higher
• 27 Hillside Way - Short Sale: 441 Days On Market, Price Dropped $170,000 (20%) Hilltop Rd • 50 Hilltop Rd - 815 Days on Market, Sold $1,002,500 (29%) Below Asking
• 55 Hilltop Rd - 290 Days on Market, Sold $450,000 Below Asking Hobart Ave • 22 Hobart Ave - 260 Days on Market, Now on 3rd Listing
• 50 Hobart Ave - Sold for $711,500 on Aug 8, 2008 • 124 Hobart Ave - Buyer Paid $1.1M for Prefabricated House • 159 Hobart Ave - Foreclosure • 159 Hobart Ave - Sold 24% Below 2007 Sale • 303 Hobart Ave - 279 Days on Market, Sold $1,600,000 (27%) Below Asking Hobart Gap Rd • 25 Hobart Gap Rd - Sold for $120,644 Loss Since Buying in 2004
Holly Drive • 33 Holly Drive - Foreclosure
Inverness Court • 20 Inverness Court - 605 Days on Market, Sold 28% Below Asking
Joanna Way Kean Rd • 65 Kean Rd - No Longer in Attorney Review, 360 Days on Market
Kenilworth Drive • 14 Kenilworth Drive - Foreclosure
Knollwood Rd • 120 Knollwood Rd - 403 Days on Market, Sold $1,900,000 (45%) Below Asking
Lake Rd • 55 Lake Rd - 350 Days on Market, Sold $800,000 (45%) Below Asking
Lawrence Drive • 92 Lawrence Drive - No Longer in Attorney Review, 87 Days on Market
• 139 Lawrence Drive - Foreclosure Lee Terrace • 6 Lee Terrace - No Longer Under Contract
Long Hill Drive • 194 Long Hill Drive - 344 Days on Market, Sold $460,000 Below Asking
• 474 Long Hill Drive - Foreclosure Lupine Way • 320 Lupine Way - How to Lose $360,000 in Real Estate
• 327 Lupine Way - No Longer Under Contract (2nd Time), 147 Days on Market Marion Ave • 17 Marion Ave - Sold for $343,000 Loss Since Buying in 2006
• 28 Marion Ave - 242 Days on Market, Sold 40% Below Asking Meadowbrook Rd • 18 Meadowbrook Rd - Since 2006: Two Sales, Two Losses
• 55 Meadowbrook Rd - Just Sold for $565,000 • 72 Meadowbrook Rd - Chasing the Market Down for 2+ Years, Listed 4 Times Merrywood Lane • 54 Merrywood Lane - 298 Days on Market, Sold $670,000 (34%) Below Asking
Midhurst Rd • 7 Midhurst Rd - Foreclosure
Millburn Ave (Millburn) • 262 Millburn Ave - Sold for $330,000 (27% Below Asking)
Minnisink Rd • 55 Minnisink Rd - 217 Days on Market, Sold $495,000 (33%) Below Asking
Mohawk Rd • 85 Mohawk Rd - Foreclosure
• 85 Mohawk Rd - 160 Days on Market, Sold $410,000 (30%) Below Asking • 158 Mohawk Rd - Foreclosure Morris Turnpike • 1050 Morris Turnpike - 939 Days on Market, Sold $1,820,000 (47%) Below Asking
North Brook Drive • 1 North Brook Drive - Foreclosure
• 1 North Brook Drive - On Market Since 2008, Price Dropped $374,000 (34%) Nottingham Rd • 10 Nottingham Rd - Foreclosure
Oak Hill Rd • 15 Oak Hill Rd - Sold for $195,000 Loss Since Buying in Oct 2007
• 27 Oak Hill Rd - Foreclosure • 27 Oak Hill Rd - 122 Days on Market, Sold 24% Below Asking • 27 Oak Hill Rd - No Longer Under Contract, 60 Days on Market Oakview Terrace • 100 Oakview Terrace - No Longer Under Contract, 74 Days on Market
Old Short Hills Rd • 65 Old Short Hills Rd - Foreclosure
• 250 Old Short Hills Rd - Foreclosure • 250 Old Short Hills Rd - No Longer Under Contract, 198 Days on Market • 338 Old Short Hills Rd - Foreclosure • 345 Old Short Hills Rd - Foreclosure • 345 Old Short Hills Rd - Short Sale: 347 Days On Market, Reduced $250,900 (30%) • 348 Old Short Hills Rd - Foreclosure • 352 Old Short Hills Rd - Foreclosure • 366 Old Short Hills Rd - Foreclosure • 386 Old Short Hills Rd - 172 Days on Market, Sold $229,900 (26%) Below Asking • 434 Old Short Hills Rd - Asking $535,000 Above Bubble Peak Sale Price Oswego Lane • 11 Oswego Ln - Foreclosure
Park Rd • 14 Park Rd - 68 Days on Market, Sold 18% Below Asking
Parsonage Hill Rd • 183 Parsonage Hill Rd - 420 Days on Market, Price Reduced $1,172,500 (49%)
• 215 Parsonage Hill Rd - Just Sold, Took 307 Days Pine Terrace East • 11 Pine Terrace East - No Longer in Attorney Review, 119 Days on Market
• 35 Pine Terrace East - Sold for $470,000 (27% Below 2007 Assessed Value) Pinewood Ct • 9 Pinewood Ct - Foreclosure
Princeton Terrace • 1 Princeton Terrace - 159 Days on Market, Price Dropped $250,000
Quaker Rd • 4 Quaker Rd - No Longer Under Contract, 19 Days on Market
Ridge Terrace • 9 Ridge Terrace - Sold for $235,000 Loss Since Buying in 2005
• 15 Ridge Terrace - 212 Days on Market, Now on 4th Listing Ridgewood Rd • 880 Ridgewood Rd - Foreclosure
Rippling Brook Drive • 15 Rippling Brook Drive - 477 Days on Market, Sold $304,000 (27%) Below Asking
Roland Drive • 19 Roland Drive - No Longer in Attorney Review (Again), 209 Days on Market
Seminole Way • 19 Seminole Way - 403 Days on Market, Price Dropped $1,046,000 (37%)
• 34 Seminole Way - 150 Days on Market, Sold 23% Below Asking Shelley Rd • 11 Shelley Rd - Foreclosure
Shirlawn Drive • 12 Shirlawn Drive - 764 Days on Market, Sold $599,000 Below Asking
• 15 Shirlawn Drive - Foreclosure Short Hills Ave • 102 Short Hills Ave - Foreclosure
Silver Spring Rd • 57 Silver Spring Rd - No Longer Under Contract, 192 Days on Market
• 116 Silver Spring Rd - 317 Days on Market, Sold $210,000 (15%) Below Asking South Orange Ave • 945 South Orange Ave - Foreclosure
South Terrace • 1 South Terrace - 329 Days on Market, Sold 28% Below Asking
Sparta Rd • 15 Sparta Rd - Foreclosure
Spenser Drive • 36 Spenser Drive - No Longer in Attorney Review
Tall Pine Ln • 2 Tall Pine Ln - See 60 Great Hills Rd
Taylor Rd • 21 Taylor Rd - 156 Days on Market, Sold 18% Below Asking
Tennyson Drive • 63 Tennyson Drive - 174 Days on Market, Sold $430,000 (31%) Below Asking
• 81 Tennyson Drive - No Longer Under Contract • 160 Tennyson Drive - 278 Days on Market, 3 Different Listings, Same Price Timber Acres Rd • 11 Timber Acres Rd - On Market Since 2006, Sold $867,000 (48%) Below Asking
Troy Drive • 15 Troy Drive - 166 Days on Market, Sold 42% Below Asking
• 47 Troy Dr - Foreclosure • 57 Troy Drive - Foreclosure Twin Oak Rd • 25 Twin Oak Rd - Sold 20% Below Asking, $559,000 Loss Since Buying in 2007
• 33 Twin Oak Rd - 377 Days On Market, Sold $1,095,000 (46%) Below Asking Washington Ave • 40 Washington Ave - Foreclosure
Watchung Rd • 10 Watchung Rd - 602 Days on Market, Price Reduced $1,095,000 (37%)
• 15 Watchung Rd - No Longer Under Contract, On Market Since 2008 Wellington Ave • 58 Wellington Ave - Sold for $600,000 Feb 4, 2008 (25% below asking)
West Rd • 30 West Rd - 359 Days on Market, Sold 26% Below Asking
West Beechcroft Rd • 44 West Beechcroft Rd - Foreclosure
Western Drive Westview Rd • 4 Westview Rd - Sold $801,000 (30%) Below Asking + Free Underground Pool
White Oak Ridge Rd • 216 White Oak Ridge Rd - Foreclosure
• 390 White Oak Ridge Rd - Foreclosure • 402 White Oak Ridge Rd - Foreclosure • 408 White Oak Ridge Rd - Extremely Overbuilt House for this Location • 460 White Oak Ridge Rd - Overpriced, Been Sitting Forever • 584 White Oak Ridge Rd - 193 Days on Market, Sold 22% Below Asking Whitney Rd • 26 Whitney Rd - Foreclosure
• 27 Whitney Rd - Absurdly Overpriced • 32 Whitney Rd - 179 Days on Market, Sold 22% Below Asking • 69 Whitney Rd - Foreclosure • 76 Whitney Rd - No Longer Under Contract • 90 Whitney Rd - No Longer Under Contract, On Market Since 2008 Winding Way • 42 Winding Way - Sold for $317,000 Loss Since Buying in 2006
Woodcrest Ave • 10 Woodcrest Ave - 132 Days on Market, Sold $585,000 (34%) Below Asking
Woodfield Drive • 41 Woodfield Drive - 257 Days on Market, Sold 24% Below Asking
Woodland Rd • 5 Woodland Rd
• 7 Woodland Rd - Foreclosure • 7 Woodland Rd - Foreclosure • 15 Woodland Rd - Sold $715K During Bubble, Now Asking $799K? Wordsworth Rd 
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