How NJ home in need of work still sold for $115K over list price
It’s the kind of story that frustrated New Jersey buyers shopping for a home don’t want to hear. A so-so house that needs a ton of updating selling in less than two weeks after a bidding war that resulted in $115,000 over asking price.
It’s enough to make prospective buyers give up.
This particular home is in Fair Lawn. It’s a 67-year-old home that only has 1,700 square feet yet the list price was $575,000. Remember when a home over half a million dollars was a McMansion? When you scroll through the pics below you’ll see the updating it needs. The basement isn’t even finished and the garage only fits one car.
Yet when it was listed on November 30 interest was fierce and 15 bids played against each other.
Why?
The location was good even if the modest 3-bedroom home needed work, and the available inventory in that desirable section of Fair Lawn was low. Plus, it was priced right. The median sale price for a home in that town that month was $596,000. This was $21,000 less.
That gets more eyeballs and walkthroughs, then that in turn ups the odds of a bidding war.
It happened. And this little Charlie Brown Christmas tree of a home sold for $690,000.
Good grief!
But weary buyers should know it’s not like this everywhere and there have been signs the market is cooling. Keep the faith.
Even if you’re not looking for a home, scroll through these pics of the house and ask yourself if you would pay $115,000 over asking price.
Almost anyone would agree the kitchen could use updating.
The wood paneling and drop ceiling feel dated
It’s nice but is it $690,000 nice?
You would hope with this much investment you’d get a finished basement, but no.
Even the deck is pretty ordinary.
For the price these folks paid I hope they turn it into their dream home.
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Gallery Credit: Stacker
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Gallery Credit: Stacker
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.
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