These are the 5 most expensive homes in NJ that sold in 2021
Home prices soared for a second straight year in New Jersey in 2021.
After climbing 12% in 2020, they gained about another 15% in 2021. These huge increases were brought on by low interest rates, low inventories and a shift in people’s priorities brought on by the pandemic.
The median selling price of homes statewide was $ 435,000 in November 2021, the latest month for which data is available. And homes statewide were selling nearly 102% above asking price.
But the luxury market is a little different.
Four of the state’s five most expensive home sales sold below asking price. But they all sold for over $ 11 million.
“When you’re at this price point, you won’t get multiple deals,” said Robert White, president of New Jersey Realtors. “It’s an exclusive price. He is a very unique buyer. We don’t expect them to sell with multiple offers above the asking price.
According to data from the Otteau Group, the largest increase in home sales statewide in 2021 was for homes that cost more than $ 1 million.
Sales of homes valued between $ 1 and $ 2.5 million increased 27% from 2020. And sales of homes valued over $ 2.5 million increased 19% .
This can be attributed to increased job security in 2021 and less reluctance to bring in foreigners to visit their homes, said Jeffrey Otteau, real estate economist and chairman of the Otteau Group.
Four of the five most expensive homes were on the Jersey Shore.
“The demand for a second home… remains a top priority as COVID continues to restrict travel,” said Jack Vizzard, management broker at Berkshire Hathaway Fox & Roach.
And, the Jersey Shore is “one of the last real estate areas to take a hit and it’s recovering quickly,” said Michael Crovo of Compass Real Estate, the Beach to Bay team.
Here are the homes that sold the most in NJ last year, according to data provided by the Otteau Group:
5.130 74th Street Avalon, NJ – $ 11,150,000
The oceanfront lot offers stunning views from Avalon to Atlantic City.
The 6-bedroom, 6.5-bath home sold for $ 11.150 million.
It was built in 2019 and covers 4,150 square feet.
This 4,150 square foot home, built in 2019, sits on a 60 foot by 110 foot oceanfront lot with stunning views from Avalon to Atlantic City. It has 6 bedrooms, 6.5 bathrooms, an inground pool, an outdoor kitchen, hardwood floors throughout, three floors of paneling and a living room facing the ocean.
It went on sale in August 2021 for $ 12.5 million. The price was lowered to $ 11.9 million in October 2021 and the house sold for $ 11.15 million in November.
Property taxes were $ 45,568 in 2020.
4. 1421 Ocean Ave. Mantoloking, NJ – $ 12,595,000
It sits on 0.82 acres and offers panoramic views.
Built in 2016, the 7,491 square foot home was designed by renowned coastal architect John Lederer.
It sold for $ 12.595 million in September, more than $ 2 million more than its list price.
Built in 2016 from hand-sawn Maibec Nantucket cedar and custom woodwork by Micheal Fea and designed by renowned coastal architect John Lederer, this 7 bedroom, 6 full bath, 3 full bath home sits on 0.82 acres, offers panoramic views, 100 feet of ocean frontage, and a heated saltwater pool.
It is the only home in the top five that sold for above asking price. It was listed in June 2021 for $ 10.5 million and sold in September 2021 for $ 12.6 million. “We had three bidders on the property in a very short period of time,” said listing agent Jennifer Donovan of Compass RE. “They were all very persistent in pursuing it and we decided to go for the best and end up selling almost 20% above the list price.”
3. 2 90th Street and 4 90th Street Stone Harbor – $ 13,100,000
The two homes sold in a single transaction for $ 13.1 million.
The side-by-side lots have 147 feet of ocean frontage.
This was a rare opportunity to win a double oceanfront prize on the coveted Seven Mile Island. The lots have a combined 147 foot ocean frontage. The houses had a total of 8 bedrooms and 6.5 bathrooms. But the new owner has already demolished them to build a large house, Compass Real Estate listing agent Michael Crovo said, the Beach to Bay team said.
“Right now the waterfront is extremely desirable and there are only a few lots, and with limited inventory in general,” Crovo said. “The prices are low. Money is not expensive.
2. 1067 Ocean Avenue Mantolok – $ 13,750,000
Blue Arches sits on over 2 acres with 210 feet of ocean frontage.
The 6,952 square foot home has 9 bedrooms, 9 full bathrooms and 3 powder rooms.
It sold for $ 13.75 million in June 2021.
This home, known as the Blue Arches, spans over 2 acres and has 210 feet of ocean frontage. It has 9 bedrooms, 9 full bathrooms and 3 powder rooms, three fireplaces, a wood-paneled library, inlaid ironwork and original historical details. It was built in 1929.
The house was listed in April 2021 for $ 14.995 million and sold in June for $ 13.75 million.
1. 675 Ramapo Valley Road, Mahwah – $ 26,000,000
Built in 1907 and known as the Crocker Mansion and Darlington mansion, this estate has Jacobean grandeur but has been completely updated and extended to include modern amenities, including its own spa with steam room, sauna, massage room and beauty salon, theater, poker room, and cigar room
The 50,000 square foot home has 21 bedrooms, 19 full baths, and 7 partial baths.
It sits on over 12 acres overlooking the Ramapo Mountains.
The most expensive home sold in New Jersey in 2021 is known as the Crocker Mansion and Darlington Mansion. It is a 50,000 square foot Jacobean style estate that has been meticulously restored but includes modern amenities such as a spa with hammam, sauna, massage room and beauty salon, theater, poker room, cigar room. , indoor pool and garage for 8 cars. It has 21 bedrooms, 19 full and 7 partial bathrooms.
It went on sale in February 2021 for $ 39 million, reduced to $ 33 million in June, and sold for $ 26 million in December 2021.
READ MORE:
The mad bidding wars may be over, but house prices will continue to rise in 2022. Here’s what to expect.
Has the residential real estate market in NJ peaked? Here’s what industry experts are saying.
City robbery is over and more lessons from the NJ real estate market in 2021
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Allison Pries can be reached at [email protected].