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Gauging the limits of Jersey’s luxury residential market

A look at the biggest home sales and the biggest listing cuts in Bergen County

Alpine’s 44 Rio Vista Drive tops the sales list, with a final price of $13.9 million.
Alpine’s 44 Rio Vista Drive tops the sales list, with a final price of $13.9 million.

From the New Jersey Market Report: For even well-off Manhattanites, the dream of raising a family in a traditional single-family home with a white picket fence, minivan, puppy and two or more children often becomes a reality only in the more spacious suburbs of Northern New Jersey.

But that doesn’t mean the price tags aren’t hefty. At the most expensive end of the spectrum, Bergen County — the state’s most populous and most affluent area — has seen its share of luxury real estate hit the market. Many of these palatial homes come equipped with acres of land, gated pools and surfeit bedrooms and bathrooms.

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The two most expensive properties to trade hands in the past year — both in Alpine and less than four miles apart — were a 22-room brick manor at 44 Rio Vista Drive that sold for $13.9 million in July 2015 and a 21-room stone chateau at 5 Buckingham Drive that sold for $11 million that same month.

But many of these luxury listings are lingering on the market. Among the top single-family residences for sale in New Jersey as of May, homes in Bergen have seen the biggest price cuts in the past year. [more]