CirclingVulture's Q&A

RE: 183 Parsonage Hill Rd, Short Hills, NJ 07078   This property has been on the market for 420 days.   The price has been reduced by $1,172,500 which is a 49% reduction.   Below is the listing history for this property:   Jul 30, 2006 - $2,400,000 - MLS # 2304906   Aug 01, 2007 - WITHDRAWN   Jul 02, 2009 - $1,227,500 - MLS # 2695888   Posted: July 23, 2009   http://www.circlingvulture.com

RE: 18 Fielding Rd, Short Hills, NJ 07078   This property is no longer Under Contract and has been on the market for 25 days. Below is the listing history for this property:   Jun 24, 2009 - $1,145,000 - MLS # 2693782Jul 09, 2009 - Under ContractJul 17, 2009 - ActivePosted: July 18, 2009http://www.circlingvulture.com   

RE: 24 Dameo Pl, Short Hills, NJ 07078   Public records indicate the foreclosure process for this property began on May 13, 2009.   The property was purchased in April 2006 for $610,000.http://www.circlingvulture.com   

RE: 7 Woodland Rd, Short Hills, NJ 07078   Public records indicate this property will be sold at Sheriff Sale on July 21, 2009 (Docket # F760008).   Amount owed lender Deutsche Bank is an astonishing $997,501.  Since the amount owed is approximately 25-35% more than the property is worth, it will undoubtedly go back to the bank, and surface on the market 6-9 months from now as REO.   http://www.circlingvulture.com   

Yes, under contract on July 2nd.   Below is the listing history for this property:   Jun 06, 2009 - $1,395,000 - MLS # 2688946   Jun 08, 2009 - Attorney Review   Jun 18, 2009 - Active   Jul 02, 2009 - Under Contract   http://www.circlingvulture.com  

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   

Below is the listing history for this property:   Mar 29, 2004 - $695,000 - MLS # 1671861   Apr 23, 2004 - Under Contract   Jun 15, 2004 - Closed at $755,000   ---   Mar 05, 2006 - $879,000 - MLS # 2253723   May 01, 2006 - $829,000   Jun 05, 2006 - $795,000   Jul 13, 2006 - WITHDRAWN   Jul 14, 2006 - $795,000 - MLS # 2299446   Sep 07, 2006 - WITHDRAWN   Sep 09, 2006 - $745,000 - MLS # 2317848   Sep 27, 2006 - Under Contract   Oct 20, 2006 - Closed at $705,000   ---   Apr 17, 2009 - $665,000 - MLS # 2674685   May 20, 2009 - Attorney Review   May 27, 2009 - Under Contract   Jul 10, 2009 - Closed at $655,000   Posted: July 11, 2009   http://www.circlingvulture.com   

RE: 18 Meadowbrook Rd, Short Hills, NJ 07078   This property recently sold for $655,000 which is the second time the property sold at a loss in the past three years.  Was listed at $879,000 at one point in 2006.   2006 Sale: $92,300+ loss   Bought for $755,000 on Jun 15th 2004, sold for $705,000 on Oct 20th 2006, which is a loss of $50,000.  Realtor fees at 6% are another $42,300.   That's a loss of $92,300 ($50,000 + $42,300) excluding mortgage interest paid, repairs, maintenance, closing costs, opportunity costs, etc, which easily add at least another $100,000.   2009 Sale: $89,300+ loss   Bought for $705,000 on Oct 20th 2006, sold for $655,000 on Jul 10th 2009, which is a loss of $50,000.  Realtor fees at 6% are another $39,300.   That's a loss of $89,300 ($50,000 + $39,300) excluding mortgage interest paid, repairs, maintenance, closing costs, opportunity costs, etc, which easily add at least another $100,000.   See also previous posting on 19 Colonial Way for an illustration of the additional carry and transaction costs not mentioned here.  

RE: 327 Lupine Way, Short Hills, NJ 07078   This property is no longer Under Contract (for the 2nd time) and has been on the market for 147 days.   Below is the listing history for this property:   Mar 28, 2008 - $1,085,000 - MLS # MLS 2502484   Apr 16, 2008 - $1,025,000   May 04, 2008 - Attorney Review   May 05, 2008 - Active   Jul 20, 2008 - Attorney Review   Jul 22, 2008 - Active   Jul 23, 2008 - Under Contract   Jul 29, 2008 - WITHDRAWN   Jun 03, 2009 - $999,000 - MLS # 2688718   Jun 18, 2009 - Attorney Review   Jun 19, 2009 - Under Contract   Jul 01, 2009 - Active   Posted: July 1, 2009   http://www.circlingvulture.com

RE: 28 Coleridge Rd, Short Hills, NJ 07078   This property is no longer in Attorney Review and has been on the market for 22 days.   Below is the listing history for this property:   Jun 06, 2009 - $1,395,000 - MLS # 2688946   Jun 08, 2009 - Attorney Review   Jun 18, 2009 - Active   Posted: June 27, 2009   http://www.circlingvulture.com