CirclingVulture's Q&A

You've just confirmed the sellers deliberately withdrew the property from the market...

RE: 90 Whitney Rd, Short Hills, NJ 07078   This property is no longer Under Contract and has been on the market since August 2008.   Below is the listing history for this property:   Aug 10, 2008 - $935,000 - MLS # 2565001   Feb 10, 2009 - WITHDRAWN   Mar 01, 2009 - $855,000 - MLS # 2657850   May 28, 2009 - $799,000   Sep 02, 2009 - Under Contract   Nov 05, 2009 - WITHDRAWN   Posted: November 5, 2009   http://www.circlingvulture.com  

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.

RE: 19 Roland Dr, Short Hills, NJ 07078   This property is no longer in attorney review, and has been on the market for 209 days.   Curious that an offer was submitted on this property, given its odd location cut off from town, and that nicer properties are on the market at a similar price.   The last sale of this property was $1,250,000 in May 2005.  As a handy reference, 30% off that bubble peak price is $875,000.   Below is the listing history for this property:   Jun 24, 2008 - $1,195,000 - MLS # 2540410   Aug 03, 2008 - Attorney Review   Aug 08, 2008 - WITHDRAWN   May 26, 2009 - $1,195,000 - MLS # 2685437   Oct 29, 2009 - Attorney Review   Nov 03, 2009 - Active   Posted: November 4, 2009   http://www.circlingvulture.com   

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.

RE: 386 Old Short Hills Rd, Short Hills, NJ 07078   After 172 Days on Market, this property just sold for $229,900 (26%) below asking.  Property details:     - 3 bedrooms, 2 full baths, 1 half bath     - 2,057 square feet     - 1/2 acre lot       - 2 car attached garage       - Central air conditioning   Below is the listing history for this property:   Apr 06, 2009 - $879,900 - MLS # 2671538   Jun 14, 2009 - $790,000   Aug 13, 2009 - $729,000   Aug 27, 2009 - $699,000   Sep 25, 2009 - Under Contract   Oct 23, 2009 - Closed at $650,000   Posted: October 26, 2009   http://www.circlingvulture.com

RE: 1050 Morris Tpke, Short Hills, NJ 07078   After 939 Days on Market, this property just sold for $1,820,000 (47%) below asking.   The property was listed 6 separate times under 6 different MLS numbers.   Below is the listing history for this property:   Dec 29, 2006 - $3,900,000 - MLS # 2358069   Sep 04, 2007 - WITHDRAWN   Sep 26, 2007 - $3,900,000 - MLS # 2447494   Oct 10, 2007 - WITHDRAWN   Oct 12, 2007 - $3,750,000 - MLS # 2452866   Mar 12, 2008 - WITHDRAWN   Mar 13, 2008 - $3,350,000 - MLS # 2497826   Jun 13, 2008 - WITHDRAWN   Jun 16, 2008 - $3,350,000 - MLS # 2536121   Sep 08, 2008 - WITHDRAWN   Sep 09, 2008 - $2,999,000 - MLS # 2575726   Sep 27, 2008 - $2,650,000   Jan 05, 2009 - $2,495,000   May 04, 2009 - $2,300,000   Jun 01, 2009 - $2,150,000   Aug 17, 2009 - Under Contract   Oct 23, 2009 - Closed at $2,080,000   Posted: October 23, 2009   http://www.circlingvulture.com

This property has been under contract since October 8th.Location is awful -- busy corner.Kitchen appears a low-end reno simply to lure a buyer.Living room is small to start, and further, suffers from large openings which eat up usable wall and floor space.No central air.Tiny lot, no yard.House is vacant, has been on the market for 164 days, and the economic meltdown continues.  One who pays anywhere near the $750K asking price will be underwater for many years.http://www.circlingvulture.com

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?   http://www.circlingvulture.com

RE: 1050 Morris Tpke, Short Hills, NJ 07078   After 6 listings, and lowering the price by $1,750,000 (a reduction of 45%) the property went under contract on August 17, but has not yet closed.   Below is the listing history for this property:   Dec 29, 2006 - $3,900,000 - MLS # 2358069   Sep 04, 2007 - WITHDRAWN   Sep 26, 2007 - $3,900,000 - MLS # 2447494   Oct 10, 2007 - WITHDRAWN   Oct 12, 2007 - $3,750,000 - MLS # 2452866   Mar 12, 2008 - WITHDRAWN   Mar 13, 2008 - $3,350,000 - MLS # 2497826   Jun 13, 2008 - WITHDRAWN   Jun 16, 2008 - $3,350,000 - MLS # 2536121   Sep 08, 2008 - WITHDRAWN   Sep 09, 2008 - $2,999,000 - MLS # 2575726   Sep 27, 2008 - $2,650,000   Jan 05, 2009 - $2,495,000   May 04, 2009 - $2,300,000   Jun 01, 2009 - $2,150,000   Aug 17, 2009 - Under Contract   Posted: October 18, 2009   http://www.circlingvulture.com