STT757
September 27th, 2003, 06:15 PM
THE MONTCLAIR BOON
By JOANNA WALTERS and LISA ARCELLA
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September 27, 2003 -- ANNA and Ari Saradakos are leaving their house on Highland Avenue in Upper Montclair very reluctantly. If Anna’s dad weren’t ill, they’d stay in the artsy and peaceful town. Besides their memories, they’ll take away one very important thing: $150,000 profit — in just three years.
That’s due to the crazy real estate market in Montclair, the tri-state’s hottest suburb.
“The last five years have really been the biggest housing boom here,” says Joyce Slous, top Montclair sales associate for Burgdorff ERA.
She says homes that sold for $350,000 in 1996 have nearly tripled in value since. “It’s hard to find a three-bedroom, singlefamily home for under $400,000 now,” she adds.
Montclair — and the ritzier Upper Montclair — are luring buyers with their multi-ethnic neighborhoods, shared by the likes of Yogi Berra, makeup mogul Bobbi Brown and Bill Bradley.
Homeowners don’t want to sell, but when they do, there’s often a bidding war.
Take attorneys Leila and Philip Edmonds. It took them six months to find a home within their budget ($350,000 to $400,000) — only to be outbid by four other buyers.
Finally, they bought a threebedroom Colonial by offering $40,000 over the asking price. “We know there were at least two other offers they were considering,” Leila says. “It’s a place where you just can’t bid the asking price and expect to get the house.”
Slous says she has known buyers to offer $200,000 over the asking price to win a house, and saw 22 bidders on one property last year.
Sharon and Josh Cohn have been on Waterbury Road since 1997, when they heard a description of Montclair as “the Upper West Side of the suburbs, with more grass.”
They paid $385,000 for their four-bedroom, single-family house, just a few minutes walk from Watchung Avenue station, and made about $100,000 worth of improvements.
Now the place is on the market for $899,000. “A house down the block just went for $951,000,” says Josh.
Part of Montclair’s allure is the gorgeous old homes, many of them Victorians. Throw in a picturesque downtown with restaurants, two professional theaters, four movie theaters, art galleries and a museum, a 45-minute rushhour commute and magnet schools — and you’ve got out-ofcontrol demand.
You don’t even need to be a seller to receive a ream of flyers and “Want to sell?” notes pushed under your door.
Last week, Barbara and Glenn Wright were lunching in the Bluestone Cafe, one of the eateries with artwork by local artists and a mixed crowd of young moms, professional singles and couples.
“Earlier this year we thought about selling our house,” says Barbara, 39, who works two days a week as a product developer for a Manhattan fabric supplier. “We paid $239,500 for it eight years ago and the realtors told us if we sold now it would be closer to $600,000.”
So of course the Wrights were tempted to sell their early 1920s three-bedroom Colonial.
“We got random notes from people looking to buy in the area — private individuals, saying ‘We are pre-approved.’ And then we would get flyers coming through the door, from realtors boasting about how much they had just sold this or that house just around the corner for,” says Glenn, 41, a freelance advertising art director.
They talked to realtors but decided againt moving. They would need another car in their new location, and the even more spacious properties they considered in Connecticut weren’t enough to tear them away from the city they love.
“It is important to us that this is not a homogenous town,” says Glenn. “We like the mix of colors and incomes. We are staying.”
Instead of moving, the Wrights redid the kitchen and are now contemplating adding a third floor — something that can only push the value up even further.
But these high-price homes also come with high taxes. “You’ll pay between $9,000 and $11,000 a year on a $400,000 house,” notes Slous.
Despite the costs, young couples like 32-year-old Yin Chang and her 33-year-old husband, Michael D’Arcy, will continue to come here from Astoria, Queens, every weekend for a house-hunting trip.
“Some people are asking at least twice the estimated value of the house and the houses are being snatched up quickly,” Chang says.
“Still we think it’s a good value. We plan on having kids and we know the schools are good. The commute will be relatively easy for us and you don’t feel like you are stuck in the boonies. We want space and we think it will be ultimately a lot less expensive than living in New York.
“A $500,000 house in Montclair,” he adds, “is still twice the size of any house in Queens at the same price.”
http://nypost.com/realestate/6543.htm
By JOANNA WALTERS and LISA ARCELLA
--------------------------------------------------------------------------------
September 27, 2003 -- ANNA and Ari Saradakos are leaving their house on Highland Avenue in Upper Montclair very reluctantly. If Anna’s dad weren’t ill, they’d stay in the artsy and peaceful town. Besides their memories, they’ll take away one very important thing: $150,000 profit — in just three years.
That’s due to the crazy real estate market in Montclair, the tri-state’s hottest suburb.
“The last five years have really been the biggest housing boom here,” says Joyce Slous, top Montclair sales associate for Burgdorff ERA.
She says homes that sold for $350,000 in 1996 have nearly tripled in value since. “It’s hard to find a three-bedroom, singlefamily home for under $400,000 now,” she adds.
Montclair — and the ritzier Upper Montclair — are luring buyers with their multi-ethnic neighborhoods, shared by the likes of Yogi Berra, makeup mogul Bobbi Brown and Bill Bradley.
Homeowners don’t want to sell, but when they do, there’s often a bidding war.
Take attorneys Leila and Philip Edmonds. It took them six months to find a home within their budget ($350,000 to $400,000) — only to be outbid by four other buyers.
Finally, they bought a threebedroom Colonial by offering $40,000 over the asking price. “We know there were at least two other offers they were considering,” Leila says. “It’s a place where you just can’t bid the asking price and expect to get the house.”
Slous says she has known buyers to offer $200,000 over the asking price to win a house, and saw 22 bidders on one property last year.
Sharon and Josh Cohn have been on Waterbury Road since 1997, when they heard a description of Montclair as “the Upper West Side of the suburbs, with more grass.”
They paid $385,000 for their four-bedroom, single-family house, just a few minutes walk from Watchung Avenue station, and made about $100,000 worth of improvements.
Now the place is on the market for $899,000. “A house down the block just went for $951,000,” says Josh.
Part of Montclair’s allure is the gorgeous old homes, many of them Victorians. Throw in a picturesque downtown with restaurants, two professional theaters, four movie theaters, art galleries and a museum, a 45-minute rushhour commute and magnet schools — and you’ve got out-ofcontrol demand.
You don’t even need to be a seller to receive a ream of flyers and “Want to sell?” notes pushed under your door.
Last week, Barbara and Glenn Wright were lunching in the Bluestone Cafe, one of the eateries with artwork by local artists and a mixed crowd of young moms, professional singles and couples.
“Earlier this year we thought about selling our house,” says Barbara, 39, who works two days a week as a product developer for a Manhattan fabric supplier. “We paid $239,500 for it eight years ago and the realtors told us if we sold now it would be closer to $600,000.”
So of course the Wrights were tempted to sell their early 1920s three-bedroom Colonial.
“We got random notes from people looking to buy in the area — private individuals, saying ‘We are pre-approved.’ And then we would get flyers coming through the door, from realtors boasting about how much they had just sold this or that house just around the corner for,” says Glenn, 41, a freelance advertising art director.
They talked to realtors but decided againt moving. They would need another car in their new location, and the even more spacious properties they considered in Connecticut weren’t enough to tear them away from the city they love.
“It is important to us that this is not a homogenous town,” says Glenn. “We like the mix of colors and incomes. We are staying.”
Instead of moving, the Wrights redid the kitchen and are now contemplating adding a third floor — something that can only push the value up even further.
But these high-price homes also come with high taxes. “You’ll pay between $9,000 and $11,000 a year on a $400,000 house,” notes Slous.
Despite the costs, young couples like 32-year-old Yin Chang and her 33-year-old husband, Michael D’Arcy, will continue to come here from Astoria, Queens, every weekend for a house-hunting trip.
“Some people are asking at least twice the estimated value of the house and the houses are being snatched up quickly,” Chang says.
“Still we think it’s a good value. We plan on having kids and we know the schools are good. The commute will be relatively easy for us and you don’t feel like you are stuck in the boonies. We want space and we think it will be ultimately a lot less expensive than living in New York.
“A $500,000 house in Montclair,” he adds, “is still twice the size of any house in Queens at the same price.”
http://nypost.com/realestate/6543.htm