Will Montclair Break the $2,000,000 Ceiling?

There hasn’t been a home sale in Montclair in excess of $2 million since 6/20/2011, when there were four that Spring. Stanton Co. did sell a home last year for $1,999,999, but still short of the $2 million mark.

What are the right questions to be asking about what we are seeing? Are there a lot of homes for sale in excess of $2 million that aren’t selling? No, there is only one active and 2 expired listings over $2 million. Is this a change from the height of the market? Indeed, there were 13 sales over $2 million in 2006. Millburn seems impervious with no change in big sales.

Is it the taxes or the schools that drive the market there? A combination, plus there is just more stock of larger and or renovated homes. What difference do the taxes make? Taxes on a $2 million house in Montclair are $65k versus $38k in Millburn. What can you do with the $27k savings? How about finance an extra $470k in mortgage debt at today’s low rates.

Looking for more answers? Contact me directly to discuss, Rich