On January 27, 2009, a home at 221 Churchill Road was listed for sale at $1,590,000. This was an extremely well kept original ranch on a gorgeous acre lot. It was listed twice – as a single family home and as a building lot. Tenafly East Hill original homes are in high demand. Their acre properties are sought after by builders as building lots. Builders knock these homes down to construct a new luxury home.
A short while after being listed, the house was reduced to $1,425,000. It took only 2 weeks more to negotiate an accepted offer on February 23rd. This is notable because the buyer looked at this as a building lot transaction. Therefore it demonstrates the strength of demand for new high end construction.
What happened next is even more intriguing. It confirms the demand for Tenafly East Hill new construction.
On May 22nd the home came back on the market for sale. I called the listing agent to find out what happened. She told me that the sellers were purchasing a short sale property out of the area. They had thought they were nearly at the end of their short sale purchase. However, this was not the case. As a result, the builder buying 221 Churchill cancelled his contract because he needed to get on to another option. He simply couldn’t keep waiting.
Short sale transactions can take many many months. It can be as long as one year. If you are buying a short sale and your buyer is not prepared to wait 6-9 months, it’s not going to work in most cases. 221 Churchill thought they were within 30 days of closing when an unexpected issue popped up.
The home went back on the market on May 22nd at the start of the Memorial Day Weekend. I am sure you will agree that holiday weekends aren’t the best time to start marketing a house. What did happen was multiple offers almost immediately. The house accepted offer and was in Attorney Review again in 5 days.
This tells you that the market for luxury homes on the Tenafly East Hill is still strong and that the market is stronger now than it was at the end of February. But wait, you say, if things are so fine and dandy on the Tenafly East Hill, why are there so many homes for sale? Because they are not marketed correctly. It really IS as simple as that.
The listing agent for 221 Churchill Road had it marketed as both a residential home and a building lot. High end homes that are in original condition are the weakest part of the market. Luxury home buyers want it done. They don’t have the time or the inclination to renovate. As a result, those homes on the Tenafly East Hill are all building lots. That’s how they sell and that’s how they should be marketed.
The homes sitting on the Tenafly East Hill are mis-marketed. Those agents, in my opinion, are telling the owners the fairy tales they want to hear. So the homes sit and sit and sit. I see something else too. Those homes are not being marketed using modern advanced methods. They are just dumped in the MLS system, put in shiny brochures and advertised in high end magazines. Frankly that’s not how it works. I come from a very wealthy family. No one bought an estate because they saw an ad on Unique Homes. And they didn’t buy a Rolls from the Robb Report either.
Demand for new construction on the Tenafly East Hill is strong and getting stronger. If you have a home on the East Hill that’s more than 5 years old, don’t listen to the fairy tales if you want to move. Call me. You’ll be surprised at what creative modern marketing can do for you.