Builder takes a chance on new construction
Sunday, September 8, 2013
The Record
The listing: Five-bedroom colonial
Location: Ridgewood
Listed by: Dennis Jaye of Re/Max Real Estate Ltd. in Oradell
On the market: Four months, while under construction
Asking price: $1,268,500
The game plan: The home was newly constructed by a builder on speculation, with extras like an oversized laundry room, parking for four cars and a first-floor bedroom with full bath.
Since the housing bust, most North Jersey builders have held off on building without a buyer already lined up, but Jaye said he advised the builder that building in Ridgewood was a safe bet. He thought the house would attract buyers relocating from out of the area, who are often drawn to Ridgewood for its well-regarded school system, lively downtown and commuter train station.
“The train commute, for Wall Streeters, is a big deal,” he said.
Jaye listed the home on the New Jersey Multiple Listing Service and advertised it on the Internet, with its own website. A buyer relocating from Switzerland made a full-price offer.
The result: Another agent brought in the buyer and the home sold for $1,268,500.
Now we’re at four cars to a family. Used to be common to share one. Does not bode well for already-awful traffic here.
The beautiful old unique Ridgewood homes are making way for these monstrosities covering too much of the plot.
Let them build it if it meets the zoning requirements. They can pay more real estate taxes for that privilege so I wont have to.
#2, the part where you wrote “so I won’t have to” is pitifully optimistic. They can pay more, yes. You will pay too, regardless!