His other listing, a newly built 9,600-square-foot home on a 1-acre lot, returned to the market on May 8 for $3.995 million. The seller quickly accepted an offer from a New York City-based buyer.
New Jersey allowed in-person home showings to continue throughout the lockdown, helping sellers throughout the state. But last month’s trend toward pricey suburban houses was reflected even in parts of New York, where face-to-face showings were outlawed until just last week.
In Westchester County, for example, contracts to buy homes costing $2 million or more jumped 40% in May from a year earlier, while deals in other price ranges declined, according to data from appraiser Miller Samuel Inc.
‘Laser-Focused’ Buyers
Home-shoppers venturing to New Jersey aren’t just casually browsing, said Ben Garrison, an agent with Coldwell Banker in Maplewood who’s working with several would-be buyers from New York City. Some are juggling child care while working from home and are seeking more space before school, or a second wave of Covid-19, begins.
“They are laser-focused, highly motivated and they are being very decisive,” said Garrison, who last week listed a $2.5 million Frank Lloyd Wright-inspired home in Maplewood, where a scene in “The Marvelous Mrs. Maisel” was filmed. Furnishings are included.
Luxury buyers’ quick decision-making is also showing up in other Essex County towns. In the three months through June 13, homes in Montclair priced at $2 million or more spent a median of 35 days on the market, compared with 116 days in the previous three months, Garrison said. In Millburn, properties sold in a median of 37 days, down from 96.
“People are trying to find ways to engage in person again,” Garrison said. “Small gatherings where people come over, bring their own wine, sit in a backyard with a fire pit, sitting apart but still seeing each other face-to-face. If you have the space to do that, that’s obviously a good thing.”
Thihs article was provided by Bloomberg News.