Home Buying in New Jersey>Question Details

Callie, Other/Just Looking in Tennessee

How are the current prices in Mahwah & Shongum section of Randolph, NJ compared to last year for a SF 4b/2ba?

Asked by Callie, Tennessee Thu Jan 15, 2009

We currently live in TN and my husband is originally from Mahwah. We will be moving back to Northern NJ in the next 1 1/2-3 years and would like to live in Mahwah or Shongum area of Randolph to be near family & have excellent schools for our 4 children. We are thinking of buying a 2nd home this year in these areas since we have extra cash on hand now, the interest rates are low, and so that we can spend the summers and holidays in NJ in our own home rather than being cramped at the in laws. If we decide to rent an apt./home we would be spending a minimum of $10K on travel, rent, etc. this summer alone. It's likely that my husband's future practice would be in close proximity to either of these towns. If not, then we would either rent the home or sell at a later date once we move back to NJ permanently. What are the tax implications of owning a 2nd home out of state? Any interest or depreciation reductions? We have enough family in the area that can look after the property regularly.

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Hi Callie,

Send me an e-mail via my profile and I can send you listing sheets directly from either the NJMLS or GSMLS. Here is some information though:

2854155: This is located at 517 Highland Rd in the Cragmere section (off Airmount). This property has been on the market for a long time. It was first listed on 1/31/2008 for an asking price of $548,888. It expired on 8/1/2008, and was then re-listed on 8/2/2008 at $508,000. It was withdrawn on 12/26/2008 but re-listed immediately for its present asking price of $499,000. I also have some other interesting information about this house, but it is private and I cannot disclose it on a public forum.

http://www.priv.njmls.xmlsweb.com/R.asp?C=6769122&D=1/16…


As for 2625929, that one is located at 121 Reich Av. That's off 202 near the old downtown section. That area has a lot of industry and power lines, etc. I'd get an aerial view on that one and see if you are still interested in it after reviewing surrounding land uses.

Anyway, this is getting pretty specific for Trulia, so send me an e-mail privately so I can send you listing sheets and other interesting data directly.

Good luck!

-Marc

Marc Paolella
Relocation Director
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
web: http://www.marcpaolella.com
1 vote Thank Flag Link Fri Jan 16, 2009
The median home price in Randolph is down 5% from last year, while Mahwah has dropped 8%. Probably not statistically significant.

You might want to consider a condo for the short term. It's not worth it to have to deal with yard maintenance in a second home scenario. Plus they are easy to sell or rent should that become necesssary.

I service both areas and am a member of both MLS systems. I grew up in Suffern so I know Mahwah quite well, and I now live a few miles from Shongum Lake.

If you want listing sheets for properties in either area, contact me anytime via my profile or website.

An interesting discussion of the tax implications for a second home is located here:

http://www.thomsonreuters.com/content/press_room/tlr_taxacct…

Good luck!

-Marc

Marc Paolella
Relocation Director
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
web: http://www.marcpaolella.com
Web Reference: http://www.marcpaolella.com
1 vote Thank Flag Link Thu Jan 15, 2009
Thanks Marc! I will be contacting you soon privately. Thanks for being an excellent resource!
0 votes Thank Flag Link Fri Jan 16, 2009
Hi Marc,
Thanks so much for all your helpful information! We're reluctant about a condo/townhouse because of the possible noise factor, association dues, and lack of yard/place for the kids to play outside. They are 2 homes in Mahwah that we're interested in, #2625929 and #2854155. Specifically. how long have they been on the market and where are they located? We're meeting with our financial advisor next week to get some more advice as well. Are there any comps available for a 3/4 bed 1+ ba w/ a good size yard under $550? Basically we are looking for a home in a good location and structurally sound, we're not afraid of remodeling.
0 votes Thank Flag Link Fri Jan 16, 2009
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