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August   6

Slashing Prices

Myrtle_2 Folks coming to an open house tomorrow on Myrtle Avenue in Montclair might be surprised to learn the house, No. 42, an 1897 Victorian advertised in the Montclair Times for $729,000, has now been reduced to $649,000. Situated on a third of an acre, the house has 6 bedrooms, 3 full baths and 1 half. Taxes are $13,501.

On the same street, after a major renovation, this house, no. 63, sold for $1,675,000 in January. 


August 6, 2005 in Barista Does the Math | Permalink


Hmmm-- probably needs a lot of work. I looked at a much less prepossessing house (at least from the outside), on Grove St., last weekend, for $679K.

Posted by: latebloomer | Aug 6, 2005 2:00:46 PM

The outside of that green victorian is pretty much what I envision in my head as the house I'll build in NC. Very nice! Maybe I'll sneak over to the open house tomorrow and look at the layout inside!

Posted by: Jaynee | Aug 6, 2005 4:10:13 PM

How does this whole tax thing work again? My house is way smaller, with one full bath and a postage stamp lot--yet my taxes are pretty close to this house which is way bigger. Hmmmmmmm

Posted by: late | Aug 6, 2005 7:27:02 PM

Was the price was reduced? Or, was this house just made more 'attractive' to every buyer looking in Montclair? I bet the bidding war brings the price up at least 20%.
What clever realtors we have in this town. Most towns in NJ frown upon these sales tactics.

Posted by: stay at home | Aug 6, 2005 10:05:10 PM

believe me, no realtor or seller wants to reduce the house price if they can help it. if there had been a bidding war, or even a buyer willing to pay asking, they'd much rather go with that. i think the housing market has its ups and downs, just like any other market.

Posted by: fran | Aug 7, 2005 12:11:58 AM

A similar observation regarding property taxes. We need a reassessment as soon as possible as my taxes are less than 10% smaller than teh figure quoted. I have much less land and probably a smaller home.

Posted by: REL | Aug 7, 2005 9:50:56 AM

i am just frightened about a reassessment because i assume 'reassessment in montclair' is international code for 'staggering increase on an already overburdened homeowner.'

Posted by: fran | Aug 7, 2005 11:11:57 AM

Well, my house and lot are way smaller and I pay $4,000 more in yearly taxes.

Posted by: Martin | Aug 7, 2005 12:18:53 PM

Perhaps it has no indoor plumbing. Add a toilet and some water and we're looking at an $875 house with $17K in taxes.....

Posted by: sillychick | Aug 7, 2005 1:01:00 PM

Martin--do you have new bathrooms and a new kitchen?

Posted by: late | Aug 7, 2005 1:15:45 PM

I saw this house. Very nice curb appeal. However . . . The common rooms are very small, as are the bedrooms. All of the bathroom are bad, and the 3rd floor bath is probably hazardous. The kitchen is dark and ancient. Looks like about a $250K renovation project.

Posted by: In the Market | Aug 7, 2005 4:44:44 PM

Saw it too-- Had a lot of charm and potential but needs a lot of work, esp in kitchen and baths. And who knows if there are more, less obvious problems.

Posted by: latebloomer | Aug 7, 2005 5:50:46 PM

Montclair is great and all, but is there any other towns/areas around here that are at least somewhat affordable?? At least in the Essex/Passaic County areas? Or should I just start up my own art colony in hopes of it later becoming a wealthy suburb?

Posted by: Jon | Aug 7, 2005 8:36:28 PM

Good idea, Jon-- aren't there some old abandoned mills in Paterson that you could turn into artists' lofts?

Posted by: latebloomer | Aug 7, 2005 8:41:10 PM

Thats hysterical, because that is exactly what I was thinking! Paterson has at least some hope of maybe bouncing back... I still do not understand why Paterson is having such a tough time doing so though... The city of Passaic, unfortunately, seems hopeless.

Posted by: Jon | Aug 7, 2005 8:49:58 PM

I watched "Flip This House" on A&E this past Saturday while our electrician was doing some work. I was intrigued by (and jealous of) the business of buying, renovating, and selling homes for a huge profit.

It seems like such a large endeavor, but what fun and jeesh - the money these guys make is unbelievable.

Sorry, but when you sit in your local H&R Block office clad in Target head-to-toe, and are told that you "make too much money" for any tax breaks, it's a little discouraging, prompting me to wonder, "What the heck are we doing wrong?"

Go for it, Jon. I grew up across the river from Paterson. It was once a thriving metropolis and has a lot of potential.

Posted by: Dog Mom | Aug 8, 2005 7:53:41 AM

Jon - yes, there are other more affordable towns in Essex County. Check out Bloomfield. Lots of great more reasonably priced housing stock (particularly in the South End if you like older more Victorian style homes) and Broad Street is really starting to perk up - new coffee place (Remedy Cafe') and some new restaurants too.

Posted by: Mauigirl | Aug 8, 2005 9:41:06 AM

hey, speaking of H&R block, does anyone have a good CPA recommendation?

As a single girl with just a few investments and no mortgage, I was fine doing my taxes online on my own...

But combine my income with my now-husbands, throw a mortgage into the mix and some capital gains that I harvested to help pay for our down payment... I think I'm ready for a pro to do those taxes for 2005.

Anyone have a good, and reasonably priced, CPA?

Posted by: Daniella | Aug 8, 2005 7:54:01 PM

We use Karen Altman in Bloomfield...973-743-7700
Tell her Dave and Cindy sent you...

Posted by: muttcutter | Aug 8, 2005 8:38:32 PM

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