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205 Days on Market, Price Reduced $745,000 (31%) -- 60 Great Hills Rd, Short Hills, NJ 07078

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RE: Block 4102, Lot 11 (60 Great Hills Rd, AKA "2 Tall Pine Ln")

This property has been on the market for 205 days.  

The price has been reduced by $745,000 which is a 31% reduction.  

The property was listed 2 separate times under 2 different MLS numbers, with the first listing as 60 Great Hills Rd and the second listing as "2 Tall Pine Ln."  


Below is the listing history for this property:  

Jan 15, 2009 - $2,395,000 - MLS # 2630251  

Feb 23, 2009 - $1,999,999  

May 04, 2009 - $1,749,000  

Jul 16, 2009 - WITHDRAWN  

Jul 31, 2009 - $1,650,000 - MLS # 2703002  


Posted: August 21, 2009  

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Question refers to 60 Great Hills Rd, Short Hills, NJ 07078
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August 21 - Millburn
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Karen Eastman Bigos, e-PRO, "Karen Bigos"

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Lowering the tax bill for a buyer makes this property slightly more competitive (affordable) if a buyer is comparing this house against another with a lower tax bill. No one has said that this tax credit will not be reflected in the selling price. You are assuming that fact, but we do adjust the price when a credit is offered. Are you startled when people flock to the mall to make purchase because of a sale at a department store? When people can save money, it is, or can be motivating. When they are offered a perk or a sale price, it does not mean they are living up to their limit. When a hotel offers a free night if you book 3 nights, some people will take that vacation because of a small incentive.  It so happens that there is more than one buyer with interest in this property, and that is what we hoped for, with or without the incentive.
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November 02
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The point here is primarily one of ethics, not necessarily dollar amounts.  A $7,000 gift to a buyer, or a $50,000 repair credit to a buyer, is part of the transaction and should be recorded as such.  The sales price should be lowered by the gift amount to allow an open and honest recording of the transaction by town hall.   

It's startling if what you state is true, that a token amount such as $7K would serve to incent a buyer at this price point.  Too many living right up to their limit these days.
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October 27
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Karen Eastman Bigos, e-PRO, "Karen Bigos"

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Do you really think that a first quarter tax credit of $7,243 (0.4%) provides a distorted selling price? If the price were reduced by that amount you would say that was meaningless. The sellers are willing to offset the taxes until a tax appeal can be filed and won. That amount of money will provide tax relief that a price reduction would not accomplish. This incentive has worked before so there is no harm in trying it again. It is not meant to provide a distorted view to consumers. It is CLEARLY stated that this credit is being offered and therefore any consumer can calculate that into their market analysis. Do you think the $8,000 first time buyers tax credit is distorting the market values? 
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October 27
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RE: 60 Great Hills Rd, Short Hills, NJ 07078  

Two questions arise from the seller's offer of a cash gift to a buyer:  

-- Do they honestly believe a $7,243 "gift" will motivate anyone?  The price has already been reduced by 37% to $1.5M (with no takers in the 41 days since) and another 0.4% "gift" will motivate someone to make a deal by November 10th?  


-- Is it ethical for a seller to offer cash gifts, which are not recorded as part of the sales price at town hall, thereby providing a distorted view of the housing market to consumers?   Why not simply lower the price to allow an open and honest recording of the transaction by town hall?  



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October 18
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Karen Eastman Bigos, e-PRO, "Karen Bigos"

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This listing is now priced at $1,500,000 - almost $250,000 below the tax assessment. I did not have the listing at the original price of $2,395,000. The sellers are offering to submit a tax appeal for any buyer, and, if an acceptable contract is signed by November 10th, the sellers will agree to pay the 1st quarter taxes in 2010 for the new owner. The address is AKA - 2 Tall Pine Lane and there have also been a bunch of interior improvements. You can see the photos at http://www.2TallPine.com
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October 17
 

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