Million Dollar Listing New York/Los Angeles Move Over (to Maplewood, New Jersey)
I recently recapped Maplewood’s 2015 Real Estate statistics as part of another amazingly successful year for market growth. However, one of the standouts that I want to talk about is how the homes at the upper end of the market, more specifically the Million Dollar Homes performed.
In 2015 we ended up with a baker’s dozen worth of homes listed over $1,000,000. Of these homes, twelve of them sold for more than $1,000,000; in fact, 5 of them sold for more than their asking prices. The average prices paid for the lot was $1,180,500, representing 98.9% of the average asking price and they sold in a miraculous 33.5 days on market.
The average Million Dollar listing in Maplewood features just about 12 total rooms, making them about 50% larger than the average home in town. They also averaged 5.3 bedrooms and 3.2 baths. The highest price paid in 2015 was $1,375,000 for 574 Ridgewood Rd., selling for $125,000 above asking price in just six days!
Equally important to note is that 2015 came in with 13 closed transactions, just 1 shy of the 14 recorded million dollar sales in 2012, 2013 and 2014 combined. I attribute this trend to the health of NYC and Brooklyn’s real estate business. When the NYC economy is healthy, so is our beloved bedroom community of NYC. But, I have to also think that recent trends in the mortgage business may be a contributing factor.
According to Justin Messing, of Eagle Home Mortgage: “Jumbo loans are seeing a positive revival in the Mortgage Industry. In the past, Jumbo loans (loan amounts over $625,500) required a heavy down payment and top tier credit to meet guideline approval. Currently, these loans can be had with as little as 10% down and less than stellar credit. In addition, Jumbo loans can also be structured to carry no Mortgage Insurance with less than 20% down. Interest rates have also lowered on Jumbo loans over the past few years, in some instances even lower than Conforming loan limits ($417,000 or less). In today’s Mortgage Market, Jumbo loans are nothing to fear - you just need an experienced Loan Officer who can walk you through all the options. If you have any questions, feel free to contact me via email justinmessing@eaglehm.com or directly at 973-865-3252.”
This leaves me to the simple question: If this trend keeps up, can we assume Million Dollar Listing Maplewood will be next on Bravo?
Mark Slade
Keller Williams
917.797.5059
Good Homes
Selling a Maplewood/South Orange/Millburn/Short Hills area home involves many steps and having an experienced Maplewood New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County— Millburn, Short Hills, Montclair, West Orange, South Orange, Livingston, Maplewood, Springfield, Summit, Madison, Chatham, Scotch Plains, Fanwood, Cranford and Westfield--by your side will make the transaction run a lot smoother. I would love to be your Maplewood/South Orange New Jersey Area Real Estate Professional! I assist both buyers and sellers in the Bedroom Communities of New York City, mostly served by NJ Transit’s Mid-Town Direct Train Lines, offering commutes of 45minute or less to NY Penn Station, with either the purchase and or sale of residential real estate.
As an Accredited Buyer’s Agent (ABR), I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home. My GO-TO team can provide you the best in Real Estate advice with regard to attorney choices, Home Inspectors and Mortgage Loan Officers
As your Maplewood/South Orange/Millburn/Short Hills/Essex/Union County New Jersey listing agent I am well versed on as your local expert in all things in the Maplewood and South Orange area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your Mid-Town Direct home to be competitive in today’s market with training to provide my clients with an in-depth Advanced Comparative Market analysis, and advice on staging. As my office’s technology officer as well as both a Zillow Platinum Premier and Trulia Premier agent, I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your New Jersey Real Estate Agent and Realtor ® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your New Jersey Essex/Union County area Realtor® (with a little bit of Morris County thrown in for good measure) is one of my truest passions, and “Helping You Find Your Dream Home” is my number one priority.
Mark Slade
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