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Why 55 lake rd. is sold for less than half of the estimate value?

songmatrix
Contributions: 1

songmatrix

Contributions: 1

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Any insider knows the story on 55 lake rd. sale? Sold for 999k and has an zEstimate of over 2mm? I know zEstimate is not accurate by any stretch, but it is hard to believe that it is off by that much, and seems the sales price is significantly lower than most listings.

Question refers to 55 Lake Rd, Short Hills, NJ 07078

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August 06 - Millburn

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Answers (1)

Karen Eastman Bigos, e-PRO, "Karen Bigos"
Contributions: 1178

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

Real Estate Agent

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Zillow All-Star

Since January 2009

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This home sits on a very desirable street but it needed a lot of work and it did not have much property. It is spacious inside and the town gave it a high tax assessment. Rarely does a house sell anywhere near this price in this neighborhood.