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What can I expect the average house to ACTUALLY sell for? If it is listed for $1.1 mil, would it sell in the high $900's? Or is there a lot of buyer competition and paying asking price is the usual route?
I like more countryside (Mountain lakes?) and my hubs prefers city. I do want to be within 20 minutes of shopping, 5-15 min. from a grocery store and the kids' schools. Also, are Chatham and Madison right next to each other? How are they different, how are they alike? Are the Hapgood houses in Mountain lakes decent?
Mountain Lakes is a few minutes from Denville, so you will have no problem with the shopping. Really Mountain Lakes is the best of both worlds. It's got the country atmosphere and the great schools. And, while it does not have a downtown, Denville acts as a de facto downtown with restaurants, shops, etc.
The Hapgoods are very interesting and wonderful homes. They are of stucco construction and really have a "homey" feel on the interior. They are very well built, and the interiors feature lots of wood and lots of nooks and crannies. Although they are older, most are very well maintained, and most of the owners have upgraded with custom kitchens and baths using higher end materials such as granite, silestone, etc. Hapgoods are distinctive and peculiar to Mountain Lakes. You will notice that even some of the newer homes are designed to look sort of like Hapgood wannabes. It's kind of funny.
Another interesting wrinkle is that most Hapgoods are 2.5 to 2.75 story homes with 6-8 bedrooms. The 3rd level is also not an afterthought or an attic. The main staircase in a Hapgood services all 3 levels and is usually a wind-around, so the 3rd level is integrated well with the rest of the flow.
I have a few Hapgood floor plans and interior photos in my files. PM me if you are interested and I will send them over.
What can I expect the average house to ACTUALLY sell for? If it is listed for $1.1 mil, would it sell in the high $900's? Or is there a lot of buyer competition and paying asking price is the usual route?
Hapgood Report:
Here is a report for the past 12 months, showing the initial list price, the final list price, and the final sales price. These are all Hapgood Colonials in Mountain Lakes.
So, as you can see, there is definitely discounting from the list price, with no home selling at full list price. The question of how much a discount to expect on an individual house depends upon what you can learn about the motivation of the seller. A good agent is the key to this part of the equation. Additionally, although most Hapgoods are well maintained and a good home, you can see by the pricing that this is not always the case. A $500,000 Hapgood is a neglected Hapgood for the most part, and you have to look at the home very carefully to find the issues that are causing the low price.
Mendham is bucolic and wealthy, but somewhat remote. Downtown Mendham is small and does not offer anywhere near the shopping and services available to residents of Madison, Chatham, or Mountain Lakes. If you want to be near civilization, you would probably look in the Brookside section of Mendham Twp or Mendham Borough itself. Brookside is just northeast of the Borough so it is relatively close to "downtown" as it were. This is opinion, but I do not feel the downtown area of Mendham (the Borough) has the charm or convenience of the other areas. Mendham is also more insular than the other towns. Beyond the small downtown area, you have to drive for quite a spell to get to other towns, malls, etc. The schools are undoubtedly very good, but it does not sound like the Mendhams will appeal that much to your husband. It's really quite rural. And it's a decided hike to real civilization and activities beyond the tiny downtown. If you really like Mendham, concentrate on the Brookside area, at least it's fairly close to Morristown (15 minute drive). As far as pricing, your basic not too fancy 2,500-2,900 sqft 4 BR 3 Bath Colonial in Mendham or Madison will be about $600,000-$700,000. Chatham is pricier, about $800,000-$900,000. Mountain Lakes is in between, probably about $700,000. A really solid 3,500 sqft home in any of these areas will be just under $1,000,000 except in Chatham where you usually need about 20% more than the other towns for a similar product.
Last edited by Marc Paolella; 01-15-2013 at 04:20 AM..
I like more countryside (Mountain lakes?) and my hubs prefers city. I do want to be within 20 minutes of shopping, 5-15 min. from a grocery store and the kids' schools. Also, are Chatham and Madison right next to each other? How are they different, how are they alike? Are the Hapgood houses in Mountain lakes decent?
You should also consider Boonton Township which is right next to Mountain Lakes. They share the same high school - well the Boonton Township kids go to ML high. Boonton Twp has their own K-8 school which is also highly rated. But Boonton Township is a little more country (bigger, more wooded lots) than ML and you get a little more for your money. Just something to consider.
PS. Be VERY careful to only look at Boonton Township houses not Boonton TOWN which is a totally different ball of wax.
You should also consider Boonton Township which is right next to Mountain Lakes. They share the same high school - well the Boonton Township kids go to ML high. Boonton Twp has their own K-8 school which is also highly rated. But Boonton Township is a little more country (bigger, more wooded lots) than ML and you get a little more for your money. Just something to consider.
PS. Be VERY careful to only look at Boonton Township houses not Boonton TOWN which is a totally different ball of wax.
Also keep in mind that the Boonton-Mountain Lakes high school sharing agreement has to be voted on every few years. I think the next vote is coming up next year. While it is highly unlikely that the arrangement will not be approved, it is never a certainty. If it were ever to be dissolved for some unforseen reason, values in Boonton Twp would probably take a large hit. The Mountain Lakes High School connection is a key value component to living in Boonton Twp.
As someone who has searched alot of real estate listings in these towns recently, i would comment that i think Marc is off in 1 respect: I think Madison home prices are more expensive than Mendham, and closer to Mountain Lakes/Chatham prices. Mendham prices are significantly lower than the other 3 towns, imo. This makes sense as the other towns all have trains to NYC, and Mendham does not.
As someone who has searched alot of real estate listings in these towns recently, i would comment that i think Marc is off in 1 respect: I think Madison home prices are more expensive than Mendham, and closer to Mountain Lakes/Chatham prices. Mendham prices are significantly lower than the other 3 towns, imo. This makes sense as the other towns all have trains to NYC, and Mendham does not.
Never argue with the Morris County Wizard. Others have tried, but it's like Icarus. Flying close to the sun and just ending up like the cake in Macarthur Park. All melted and gooey.
Madison is your affordable housing center in this bunch. And don't sell Mendham short. It has no trains, but people who live in Mendham are not your run-of-the-mill commuters. If they need to get to the train, they just call car service...
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