New Home Construction in the Short Hills Area

New Home Construction in the Short Hills Area

I wanted to focus on some of the high-end homes on the market, specifically in Millburn and Short Hills. Many of our clients are interested in new construction and there are many misconceptions about what it takes to get into new construction and what you get for the money. First, there is very little new construction under $2 million. Actively on the market, there are two homes that are under $2 million and they are both on White Oak Road.

Of the 37 homes that are on the market above $1.7 million, one-third is new construction. Comparatively, 1/3 of the houses that have sold in that $1.7 million range were new construction as well. In the past 12 months, 81 homes have sold in that price point and 25 of those were new construction.

In regards to the $2-2.5 million price point, you typically get between 0.3-0.4 acre lot, 6-7 bedrooms and 6-7 bathrooms. When you breach the $2.5 million price point, you can expect to get between about a ½-3/4 of an acre lot. The average days on market for these homes is 75 days, but this can be larger due to the fact that some homes are re-listed and the selling price is about 95% of the list price. Since the homes are built on spec by the builders, it takes time for the price to come down to market value; this is where the buyers usually come in. The most raved about features for new homes is the high ceilings, low maintenance and ten year warranty.

If you have any questions or interests in these homes, please call me (973) 214-0691. Thanks and have a great day!

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