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No Longer Under Contract, On Market Since 2008 -- 15 Watchung Rd, Short Hills, NJ 07078

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CirclingVulture

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RE: 15 Watchung Rd, Short Hills, NJ 07078  

This property is no longer "under contract" and has been on the market since November 2008. 
  
Below is the listing history for this property: 

Nov 04, 2008 - $1,895,000 - MLS # 2598570 

Dec 20, 2008 - WITHDRAWN 

Apr 01, 2009 - $1,795,000 - MLS # 2669802 

Apr 13, 2009 - Attorney Review 

Apr 16, 2009 - Under Contract 

Jun 05, 2009 - WITHDRAWN  


Posted: June 7, 2009 

http://www.circlingvulture.com   
   
Question refers to 15 Watchung Rd, Short Hills, NJ 07078
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June 07 - Millburn
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CirclingVulture

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SM,

The option to "recoup full value" is not always available, given the ability of one to carry a property, job loss, business slowdown, divorce, etc.

As for the 2001 sale, people who make poor real estate decisions are a common phenomenon; my site is filled with them.
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November 04
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Screaming Monkey

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I find it hard to believe anyone paid $2M+ for this home in 2001.  You probably could've built it for less than that back then.  Also, that would imply this home would've been worth $4M+ at the peak.  Is that believable?  Also, they would've known before they listed that they would be losing money on the sale of this house.  Why bother listing at all if it was important to them to recoup the full value?
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November 04
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CirclingVulture

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I was told the sellers can't move, because they paid $2,075,000 in May 2001 (see Zillow's "Zestimate & Charts" for the property).


  $2,075,000 (2001 sale)   
- $1,795,000 (2009 full asking price)   
-------------------------------------   
= $280,000 loss   


+ $107,700 realtor fees at 6%   
-------------------------------------   
= $387,700 loss   


+ mortgage interest paid   
+ repairs   
+ maintenance   
+ closing costs   
+ opportunity costs...   


http://www.circlingvulture.com   
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July 12
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Karen Eastman Bigos, e-PRO, "Karen Bigos"

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I was told that the sellers decided not to move.
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July 12
 

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