Tenafly market snapshot: is it true that market is going downhill, but sellers refuse to let go?

Asked by Rjohn, Tenafly, NJ Wed Mar 7, 2012

Almost all Bergen County communities have faced increased real estate values over the past 15 years. The data shows that Tenafly in particular had the steepest increase, probably because of its school system (and its local realtors).
The latest Case Shiller data release from Feb 2012 reveals that the local market is still headed for a significant correction and Tenafly is no different. However, by looking at the actual number of real estate transactions in Tenafly, I found something very interesting - sellers who are trying to sell costly properties cannot find buyers.
In 2011, when Tenafly sellers admitted real estate values were going down, there were 66% more transactions by March-7, compared to the same period in 2012. Today, there are actually more properties in the market than a year ago, buyers are much more educated these days and the excellent education systems offered by the surrounding towns (such as Cresskill, Closter etc) is an excellent alternative.

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Bergenguy, Both Buyer And Seller, Tenafly, NJ
Mon Mar 26, 2012
The most recent housing data published today clearly indicates that the Tenafly Real Estate market is heading south.. Check out the NJ realtor comment - http://www.cnbc.com/id/46855457

Teanfly is far from being this 'Beverley Hills / old money' type town for the most part. So to your point about riding out the storm, I don't believe most Sellers could afford waiting for the market to renounce before selling. There's a reason why their properties are in the market and buyers know that very well.

Prices will have to continue drop for the market to start moving again. There's a high number of properties in the market, but steep decline in the number transactions.
0 votes
Patricia Mil…, Agent, Tenafly, NJ
Fri Mar 16, 2012
As an agent who started in Tenafly in 1993 I've experienced a lot. That market was similar to now. I like to tell my clients that Tenafly is one of the last towns to decline in price and the first to bounce back. Another factor, besides the schools is the affluence of the homeowners. Many can afford to hold onto their property and "ride-out the storm". They often rent out their property until prices recover. I just listed a single family home for rent again. It was the owners former residence and has turned into an excellent investment. I sold them a home in another near-by town several years ago. The next factor buffering Tenafly prices is proximity to NYC. That market is doing well and it spills over to higher prices (or less decline in prices) in Tenafly. All that being said, I would buy in Tenafly now. Just like picking a stock, you never know whn you hit the bottom. You can only buy based on the trend.
I hope this provides a more complete picture of Tenafly real estate values. It is a great town!.
0 votes
Bergenguy, Both Buyer And Seller, Tenafly, NJ
Wed Mar 7, 2012
If you were asking whether prices will continue to drop in Tenafly, I believe so.... When there is an over-supply of homes or land in a given area, but steep decline in number of transactions, you can usually expect there to be a fall in prices.

Interesting times to sit back and watch....
0 votes
Peter J Roge…, Agent, Mahwah, NJ
Wed Mar 7, 2012
And the point of your post is?
0 votes
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