Two houses that are next to each other on the same street in Montclair each just sold for 50% more than their asking prices., a realtor with NJ Metro Group Keller Williams Realty, listed both 92 and 94 South Fullerton Avenue within weeks of each other.is a five bedroom, three and a half bathroom home on .32 acres. It was built in 1890, but the home had undergone a gut renovation.
“This is why home prices have not begun to decline,” Jeffrey Otteau, a real estate economist and president of the Otteau Group said. The low inventory is “propping up home prices for the time being.” One day in the spring of 2006, Carson recalled, there were 226 homes for sale in Montclair. Now there are about 25. “Yet we seem to have more buyers than we had then,” she said.
“When seeing comparable houses to mine [in North Carolina] that are newer, in very nice neighborhoods, selling at a fraction of what I could sell my home for, it is tempting,” Jackson said. “Especially when the property taxes would be 1/25 of what we are currently paying.”Ginge Calhoun of the Allison Ziefert Real Estate Group of Compass represented the buyers on the Park Street home and said they had bid on three or four homes before landing this one.
“We’d look at list price, how renovated it is, how many bedrooms and bathrooms and give them a rough idea of where we thought the price might go,” Calhoun said.“A lot of buyers gravitate to Montclair because they’re trying to have an easier transition of moving from the city to the suburbs,” Ziefert said. “Montclair is known for its eclectic shops, diversity, walkability, good restaurants. It’s moving to the suburbs without feeling like you’re losing all the pluses of the city.