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Crisco Price Chop!

First, they changed the name. Now they've changed the price. The homes at Christopher Court were advertised this week for $1.395 million, down from the original "priced from $1,625,990 to $1,825,990".

Criscodrive_2

Crisco joins a number of other new construction projects that have had price adjustments. What price would it take for you to buy?

January 22, 2007

Comments

i wouldn't buy one of those things at all, BUT, let's all have fun speculating on how low these will go. One could even set up a friendly wager. Here's how i'd bet: After (and if) all ten sell, I predict the lowest selling price will be: $875K.

Posted by: sleepysleek | Oct 7, 2006 12:22:04 PM

More cuts, they are a coming. My bid is $700-850k. Comparably sized, but tasteful houses with a yard, are available for ~$1.2M. There are plenty of houses in the $8-900k range which could be expanded to be comparably sized & with a yard for <$200k.

Posted by: 'Cross from Crisco | Oct 7, 2006 12:52:49 PM

There are lots of people who want to live in Montclair, but prefer the features and layout that you can get in newly constructed homes. I think the Criso homes will all sell for over $1mm, probably closer to $1.2

Posted by: ralphy | Oct 7, 2006 2:34:26 PM

They are going to go condo and sell for $975K.

Posted by: Hiding | Oct 7, 2006 3:16:31 PM

There's a beautiful old Victorian with yard, garage, nice-sized lot, on Walnut between Valley and Central. Looks like it was completely re-done inside and out, and they're asking $900K. Still sounds like a lot of $ to me, but a MUCH better deal, I think. And the totally renovated Victorian with no back yard at Midland and Walnut went for about $900. Its sister, carved out of its former back yard is still sitting there.

Criscos I imagine will go between $800 and $900.

I must say I am enjoying these reductions. Keep 'em comin, you greedy pigs!

Posted by: latebloomer | Oct 7, 2006 3:35:48 PM

BTW, have ANY of them sold yet?

Posted by: latebloomer | Oct 7, 2006 4:01:01 PM

Not a single one has sold according to my real estate broker neighbor. I wonder why? I know I'd love to watch my neighbors eating dinner and watching tv right outside my own window. Some of those houses have less than 5 feet between them!

Posted by: Happy in my old house | Oct 7, 2006 4:07:26 PM

Eating dinner and watching tv, indeed! In the sample house, the Jacuzzi tub is right up against a picture window. They say every house just needs to find the one family whose taste and values fit ... odds of a bidding war are low.

Posted by: 'Cross from Crisco | Oct 7, 2006 6:50:09 PM

I think the developer of Crisco was banking on New York City transplants. But he should have considered that most people move out of the city to acquire a little privacy and a little outdoor property. What was he thinking when he went big on indoor space and completely low on privacy and patios?

Posted by: claire lune | Oct 7, 2006 8:43:36 PM

Most people who move out of the city can't imagine having to share a driveway. They also look forward to barbqueing and having their kids play in their backyards

Posted by: Hiding #547 | Oct 7, 2006 9:21:28 PM

Actually, one of the two Walnut/Midland corner homes went for $1.1M and closed. The other has been in attorney review for ages, still being shown by agents.

Posted by: Real Estate Freak | Oct 7, 2006 10:44:15 PM

I do agree many would like to live in Montclair. But, some attraction here is the character of older homes with renovation and location. If a person lives in U.Montclair the only point would be to have a nice size lot. Anything less than a big lot would be an embarassment to your neighbors and you should simply live at Walnut Lofts (who bought the one unit there)?

Posted by: REL | Oct 8, 2006 7:15:43 AM

Real Estate Freak says one of these closed for $1.1M. Once the deed is filed, it's public. Barista, can you help us see if the deal is really done?

Posted by: 'Cross from Crisco | Oct 8, 2006 8:03:42 AM

It's not just Crisco folks, prices of all homes in Montclair are falling.

Posted by: Reality Hurts | Oct 8, 2006 9:27:51 AM

Checking into the "deal" -- we'll post as soon as we know...

Posted by: Liz | Oct 8, 2006 10:39:01 AM

There are 32 listings up at Realtor.com between $950K and $1.5mm. Looking at what you can get in that price range, I'd say the Crisco homes will be lucky to sell at the lower end of that range.

Posted by: appletony | Oct 8, 2006 11:17:25 AM

...and Real Estate Freak was talking about the subdivided Walnut lot houses, not Crisco.

Posted by: appletony | Oct 8, 2006 11:19:30 AM

By the way...has anyone looked inside the Walnut street lofts? They're a disaster.

They feel more like senior assisted living space than "loft" space. To think they could have done anything they wanted with that space. What a waste.

Posted by: Jack Lalane | Oct 8, 2006 11:44:25 AM

From Grove Street, Crisco homes look like giant bunkers painted in some dated, mid 90s Martha Stewart colors (where was Bobbi Brown when the design team was at their drawing boards?) I agree that these homes will have a hard time fetching over $1M. But how will this impact the value of the homes in the surrounding neighborhoods?

Posted by: claire lune | Oct 8, 2006 1:05:29 PM

Well, Claire Lune, at the zoning hearing the board did say, explicitly, that this would be bad for the neighbors. But, too bad for them (us). Now the town is out one valuable, but badly managed architectural highlight and has ten, ten, ten, ten ... , ten big things with elevators.

Posted by: 'Cross from Crisco | Oct 8, 2006 9:07:11 PM

$700K each. Max. No one in their right mind would pay more.

Posted by: Yuck! | Oct 8, 2006 11:16:32 PM

Best solution: Raze it and turn it into a park.

Posted by: gabe | Oct 9, 2006 7:50:22 AM

Prices for homes in the very upper end of the market have gone up, or are above asking in a number of cases. And there are still bidding wars in many cases -- just with less players.

Therefore, focusing on prices that have gone down for new construction as a category is miss-leading. Prices for new construction that's junk or looks fake -- and was over-priced -- have gone down. They will ultimately get what they deserve.

Some new construction has actually gone over asking (Heller Dr $3.4 plus million). Similarly, older homes that are not great, but might have received a higher price at the very peak of the market, are now down somewhat because reality has set in.

But there are still bidding wars on some older homes that are clearly top quality.

Conclusion: prices are still much higher than a few years ago but the increase has leveled and some are down a bit from the peak, thereby creating the impression that prices have fallen.

Posted by: MARTIN SCHWARTZ | Oct 11, 2006 4:13:42 AM

Therefore, focusing on prices that have gone down for new construction as a category is miss-leading.

Spoken like a man in the new/old construction biz.

Posted by: sellbuy | Oct 12, 2006 11:56:08 AM

These McMansions will sit empty until they are priced under 500K ... anyone who says they will go for over a million is shill for the Real Estate Industrial Complex.

Posted by: redglare | Oct 18, 2006 9:18:52 AM