Real Estate For July 12-13: Over $500K

By on July 12, 2014

MyVeronaNJ-Money-PileThere’s a dividing line in suburban towns like Verona. Not one you’ll find on any map, but there nonetheless. It’s the line between homes priced at less than $500,000 and those priced above the half-million mark.

Verona real estate fared somewhat better than surrounding towns during the recession and its long recovery because we have a lot of homes in what real estate folks call “the sweet spot”, that is, priced below $500,000. Because their 20% down payments and carrying costs don’t seem as daunting to buyers, they tend to be snapped up faster.

This weekend, four of the five homes that are new listings are priced above $500,000. It could just be coincidence: Before they were listed this week, 19 other single-family homes and condominiums priced over $500,000 had come on on the market in recent months. It could be a sign of optimism in the economy. In its May report, the National Association of Realtors found that prices for all kinds of homes nationwide had risen 5.1% since May 2013.

It could also, however, be hubris. Some of the highest-priced listings are seeking a substantial premium to their assessed value, which is there for all to see at the bottom of the listing report. (Verona’s tax assessor has been actively revaluing properties since the big revaluation in 2009.) The higher asking price might not pose a problem to cash buyers, but mortgage lenders have gotten tougher on valuations since the recession. To be noted: Two of the three homes that have lowered their asking price this weekend are above $500,000.

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Here’s what’s happening in each category, from lowest priced to highest.

New Listings
28 Wedgewood Drive #43: 1 bed, 1 bath condo. First-floor unit. Updated kitchen. $175,000.
48 Martin Road: 3 beds, 2 baths. Three-season room, two-car garage. $375,000.
4 Dodd Terrace: 4 beds, 3 baths. Bi-level with central air, updated kitchen and baths. $559,000.
5 Dodd Terrace: 5 beds, 3 baths. Master with double closets, potential in-law suite. $620,000.
73 Fairway Avenue: 5 beds, 3 1/2 baths. Eat-in kitchen opens to yard, in-ground pool. $689,000.
83 Fairway Avenue: 3 beds, 3 baths. Open floor plan, two bedrooms on lower level. $725,000

Open Houses
284 Claremont Avenue #B5: 1 bed, 1 bath condo. Freshly painted. $142,000. Open house Sunday, 1 to 4 p.m.
45 Cumberland Avenue: 3 beds, 1 bath. Eat-in kitchen, wood-burning fireplace. $420,000. Open house Sunday, 1 to 4 p.m.
32 Hillside Avenue: 3 beds, 2 baths. Updated kitchen & baths, new windows. $459,000. Open house Sunday, 2 to 4 p.m.
22 Cresthill Road: 4 beds, 2 baths. Cape with landscaped, terraced yard. Dead-end street. $469,900. Open house Sunday, 1 to 5 p.m.
19 Franklin Street: 3 beds, 1 1/2 baths. Family room and finished basement. $449,000. Open house Sunday 1 to 5 p.m.
33 Cypress Avenue: 3 beds, 3 bathe. Split-level with deck, large flat yard. $499,000. Open house Sunday, 1 to 4 p.m.
56 Brentwood Drive: 5 beds 2 1/2 baths. Fully renovated inside and out. Upstairs laundry, paver patio. Price cut $20,000 to $579,900 $559,900. Open house Sunday, 1 to 5 p.m.

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Price Changes
11 Dodd Terrace: 4 beds, 2 baths. Bi-level with open floor plan, vaulted ceilings. Cut $17,000 to $458,000.
74 Fairway Avenue: 4 beds, 3 baths. Split-level with gourmet kitchen. Deck, expansive views. Cut $59,100 to $539,900.
56 Brentwood Drive: 5 beds 2 1/2 baths. Fully renovated inside and out. Upstairs laundry, paver patio. Price cut $20,000 to $579,900 $559,900. Open house Sunday, 1 to 5 p.m.

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  1. Maria Saj

    July 12, 2014 at 12:28 pm

    Just a note to correct the list price for 56 Brentwood. The price was reduce $20k and is now asking $559,900.

  2. Virginia Citrano

    July 12, 2014 at 1:56 pm

    Thanks. We’ll get that corrected ASAP.

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