Short Hills Real Estate



Vulture Q&A


Vulture photo by Szabolcs Kokay.

Updated March 1, 2010

New items appear in blue and in Q&A section.

December NJ Unemployment Rate

No End in Sight


Source:
http://www.northjersey.com/news/business/012010_NJ_unemployment_rate_hits_highest_mark_in_33_years.html

Q3 2009 Delinquency Rate

No End in Sight


Source: Federal Reserve Bank

America Meets Millburn/Short Hills

Teen Girls Hazed at Millburn High School

$454,000

82 Whitney Rd54 Woodland Rd
 
    • 4 bedrooms
    • 2 full bathrooms
    • 1 car garage
    • 0.202 acres
    • Sold at $700,000 (Aug 28, 2009)
    • 4 bedrooms
    • 2 full bathrooms, 1 half bath
    • 1 car garage
    • 0.225 acres
    • Sold at $1,154,000 (Sep 15, 2009)

Feature Property: 55 Lake Rd

Sold 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 Cards

Why The Meltdown Has Only Just Begun



Is 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 Nightmare


Among 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 Drive

Bloody Monday: 71,400 US Jobs Lost in 1 Day

Mortgage Meltdown: 2nd Wave Yet to Arrive

Economy Worsens Dramatically as Recession Gathers Steam

	Manufacturer     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 Low
	
This Just In...

The Star-Ledger
June 14, 2008

NJ home sales plunged 30 percent in first quarter

By Sam Ali

When the National Association of Realtors issued its first-quarter report on the health of the housing market last month, New Jersey was singled out as one of only three states that saw the volume of home sales increase during the first three months of the year.

On Friday, the Realtors' group issued a huge correction, saying that instead of a slight increase, New Jersey's housing market actually saw a 30 percent drop in home sales during the first quarter compared with the same period last year.

Star-Ledger: NJ home sales plunged 30% in first quarter

Property Listing


Note: This property listing is updated on nearly a daily basis.  New items appear in blue and in Q&A section. 

Foreclosures

109 Forest Drive North
880 Ridgewood Rd
76 Great Oak Drive
61 Joanna Way
7 Woodland Rd
102 Short Hills Ave
390 White Oak Ridge Rd
352 Old Short Hills Rd
139 Lawrence Drive
10 Nottingham Rd
15 Shirlawn Drive
27 Oak Hill Rd
12 Hillside Ave
24 Canterbury Lane
32 Great Hills Terrace
69 Whitney Rd
33 Holly Drive
65 Old Short Hills Rd
250 Old Short Hills Rd
402 White Oak Ridge Rd
17 Farbrook Drive
296 Hartshorn Drive
14 Kenilworth Drive
7 Wordsworth Rd
216 White Oak Ridge Rd
7 Delbarton Drive
85 Mohawk Rd
57 Troy Drive
1 North Brook Drive
945 South Orange Ave
176 Hartshorn Drive
11 Shelley Rd
348 Old Short Hills Rd
145 Western Drive
474 Long Hill Drive
7 Farmstead Rd
158 Mohawk Rd
7 Woodland Rd
24 Dameo Place
44 West Beechcroft Rd
338 Old Short Hills Rd
15 Sparta Rd
9 Pinewood Ct
26 Whitney Rd
345 Old Short Hills Rd
159 Hobart Ave
7 Midhurst Rd
10 Addison Dr
11 Oswego Ln
2 Highview Rd
47 Troy Dr
366 Old Short Hills Rd
18 Brooklawn Dr

Short 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
10 Great Oak Drive - Back on The Market
76 Great Oak Drive - Foreclosure


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
2 Joanna Way - 465 Days on Market, Price Dropped $800,000 (29%)
61 Joanna Way - Foreclosure


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
145 Western Drive - Foreclosure
165 Western Drive - No Longer Under Contract, 50 Days on Market


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
7 Wordsworth Rd - 268 Days on Market, Price Dropped $151,000
7 Wordsworth Rd - Foreclosure