Home sales are booming in New Jersey — partially fueled by a desire of city residents to find a suburban address.
In some cases, that even includes luxury homes, which have long been losing value while sitting on the market for months.
That wasn’t the case in Saddle River, where Secaucus-based National Realty Investment Advisors, a developer in luxury real estate, quickly had the three luxury homes that made up the Estates of Saddle River go under contract.
The three homes, which have five to six bedrooms, six-plus bathrooms and 8,000 to 10,000 square feet, each were sold for approximately $3.5 million.
The final sales prices for the NRIA homes at Saddle River average about $3.5 million and up.
Richard Stabile, senior vice president of construction management and site procurement at NRIA, said the sales are a sign of the new times.
“Our ability to sell these three estates amid the current economic landscape speaks to the strength of Estates of Saddle River’s development and design teams, and to the high demand we’ve seen for this new style of luxury living,” he said.
“The desires of a luxury homebuyer have evolved significantly in recent years, and even more so today. People are prioritizing smart development and amenities over square footage, and it’s reflected in the homes they’re purchasing.”