The Real Deal New York

New Jersey luxury home buyers facing sticker shock

Rising luxury home prices have spurred competition among top brokerages courting affluent buyers

June 17, 2016 01:46PM
By Elaine Pofeldt | Chart data by Eda Kouch

An estate at 220 Vaccaro Drive in Alpine listed by Prominent Properties Sotheby’s International.

An estate at 220 Vaccaro Drive in Alpine listed by Prominent Properties Sotheby’s International.

By one measure, New Jersey’s residential market is robust, as rising sales are putting a dent in inventory. Yet the price tags on some luxury homes are giving buyers pause — and spurring competition among brokerages for those home-seekers who can afford the hefty sums.

“We feel the $2 million properties aren’t moving as fast,” said Soha Fontaine, the broker/owner of a new RE/MAX luxury residential property office in Hoboken. The city has 40 homes listed for $2 million or above, which she believes to be a record. 

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