The Real Deal New York

Gauging the limits of Jersey’s luxury residential market

A look at the biggest home sales and the biggest listing cuts in Bergen County
By Eda Kouch | June 01, 2016 09:00AM
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.

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.

priciest-single-family-home-salesThe 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.

(Click to enlarge)

(Click to enlarge)

The listing that has seen the most dramatic price reduction this past year is 91 North Woodland Street in Englewood. The mansion, formerly known as the Gloria Crest Estate, which had been featured on “Lifestyles of the Rich and Famous,” listed for $25 million in June 2015.

Phyllis Lasser of Coldwell Banker, the property’s listing agent, told The Real Deal that the grandeur of the mansion — which includes a lake and accompanying wildlife on the premises — warrants the high price tag, but that there are very few serious buyers who would even consider touring homes over $20 million. Now that it’s priced at $19.5 million, Lasser expects to attract more potential buyers.