Market Conditions in 07078>Question Details

Funnyman, Home Buyer in 07078

Wht should I expect to pay for a 6BD/6BR fnshed bsmt/attic house in Deerfield; 5yr old house good cndtn with .51 acr land? wht prce range is

Asked by Funnyman, 07078 Mon Sep 19, 2011

"fair"?

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Answers

13
.51 acres of land? That's pretty specific. I'm guessing its your house and your about to list it for sale by owner and need to get some professional opinions as to the market value.
0 votes Thank Flag Link Sun Nov 3, 2013
Hi Funnyman,

Where is this property located? On a double yellow line road like Old Short Hills Rd or on a quiet street? The exact neighborhood and cost of homes surrounding the property make a huge difference in property value.

My guestimate based on the information you provided is anywhere from $1.7M - $2.7M (quite the range, but I've seen this scenario happen at Deerfield at each price point).

Please feel free to reach out directly if you would like more specific information.

Best,
Jude Daniels
judith@judithdaniels.com 973-943-5440
0 votes Thank Flag Link Sun Nov 3, 2013
Dear Mr. Funnyman,
I appreciate your question, and I sincerely hope you have a quality agent directing you appropriately in your situation. If not, you are certainly welcome to email me directly at Melanie@RealShortHills.com and I would be happy to assist. The real answer to your question is not easy to just throw your way w/o understanding many of the homes details as mentioned in other responses. Important variables for me, would definitely be to find out who was the home built by and who was the architect. As a home owner in town and representative of an Architect/ Builder I can honestly say that will make a huge difference in the quality and price of the home. Another important question would be, was it New Construction five years ago? If so, it should have 5 years left on a home warranty. If not, than only parts of the home may be "New". I am happy to discuss this further, and even happier to share my two New Construction listings in town with you! Go to: http://www.realshorthills.com/listings/new-construction/. Wishing you good luck!
Best,
Melanie Rosenbaum
0 votes Thank Flag Link Thu Jun 13, 2013
$2.5M - $2.9M for 5yo w/0.5 ac.

Typically in Deerfield, you'll have a larger lot than 0.5.

Everyone wants what you're looking for, so you will pay a premium.

Deerfield is full of mid-1970s nasty split-levels, etc., so if you want to buy one for $1.1M-$1.6M and knock it down or rehab it, that's possible, but to get something finished, you're at $2.5M+
0 votes Thank Flag Link Fri May 10, 2013
Currently we have homes in the Deerfield section of Short HIlls with 6 bdr 4bth listed for 1.250mil less than ,3 acre, another new built home with 5 bdr 4 bth with top of the line amenities for 1.749 mil and a few others that you may be interested in. If you are thinking of selling a home in this section for which I specialize in...contact me for a free in home valuation with no pressure! I live in Short HIlls so I know our area well!!!

ox,
Christine Johansson
coldwell Banker
0 votes Thank Flag Link Tue Jan 22, 2013
Funnyman,
$2 - 2.5MM but can go way over that for more amenities. Lists of the houses are readily available. I am more than willing to tell you which ones are fairly priced and which may be a little "over-market".
0 votes Thank Flag Link Wed Jan 16, 2013
If you have any interest in building, You could probably build it for $3,000,000 including the land and get what you want. Let me know if you need a recommendation. findnjhouse.com
0 votes Thank Flag Link Mon Jan 7, 2013
Your going about this all wrong. When purchasing Real Estate you should be asking yourself how much is this property worth to me. Forget about what other are paying, what other are selling for, what other are asking for, or anything else for that matter. Real Estate is worth only what someone else is willing to pay for it, so for you, the property you want to purchase is only worth what yor willing to pay for it, so when you find the house you want, after you assess the home, then figure out what its worth to you, and stick to your guns.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Tue Sep 20, 2011
Looking at recent sales, I see the following home that would have fit your criteria:

69 Lawrence, 6 bedrooms, 13 rooms , .55 acre, completely redone in 2005 which sold for $1,890,000
31 Farbrook 7 bedroomd 12 rooms .65 acre new construction sold for $ 2,535,000
71 Woodfield 6 bedrooms 13 rooms, .76 acre built in 2006 sold for $ 4,115,000

There are some good choices on the market now that fit your criteria. I've summarized a few below. Email me at Sarahzm@aol.com and I'd be happy to send you detailed listings of every home currently on the market that fits your criteria and go over them with you. Price depends on location, lot size, quality of builder and more. Below is a sampling. On average you can expect to pay in the neighborhood of $2,500,000, however depending on your specific preferences, you could pay anywhere between $1,900,000 and $4,500,000.

42 Troy, 6 bedrooms 16 rooms .48 acre built in 2007 Asking $2,400,000
11 Shawnee 6 bedrooms, 16 rooms . 57 acre built in 2008 Asking $2,795,000
85 Farbrook 6 bedrooms 12 rooms . 69 acre new construction Asking $ 2,795,000

Good luck in your search. I look forward to hearing from byou.

Sarah Macyshyn
0 votes Thank Flag Link Tue Sep 20, 2011
Depends on a # of factors such as location and style. I have attached a link to a half dozen homes similar to the one you described that have sold this year so you can get an idea for yourself. If you have any questions after that, please let me know.

Jeffrey Slaff
jeff@jerseyhomesbyjeffrey.com
http://www.jerseyhomesbyjeffrey.com
0 votes Thank Flag Link Mon Sep 19, 2011
Hi Funnyman,
It would be north of 2M, provided it is of
the highest quality construction, location (duh), and topography of the lot.
I hope that helps.
Thanks,
Stephen
http://www.stephen-duff.com
201-213-5038
0 votes Thank Flag Link Mon Sep 19, 2011
I have a few questions first: Is it on a busy street and is the property level and nicely landscaped? Can you tell me the tax assessment or 2010 taxes? Is there a bedroom on the 1st floor? It would help to know if there is a 2 or 3 car garage and if it is on the main level in the basement. If 5BR's are all on one level that would be more valuable than just 4 on the 2nd floor. Each of these factors would be considered in an value analysis. I can send you a list of 6BR homes that sold but there are so many contributing factors to price. Also you wrote 6BD/6BR, was that supposed to be 6 Bedrooms and 6 Baths? If you want to email me privately at kb@trghome.com I can give you a better analysis after I have some more data.
0 votes Thank Flag Link Mon Sep 19, 2011
You should be paying 2.1 million to 2.4 million.
Web Reference: http://www.hothomesnj.com
0 votes Thank Flag Link Mon Sep 19, 2011
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