Vacant parcel in Alpine, New Jersey, sells for $4.5M

A 2-acre parcel in the Rio Vista section of Alpine, New Jersey, has fetched the highest-price in 13 years for a parcel of residential land of its size in Northern New Jersey, according to a press release. 

The parcel at 8 Stone Tower Drive sold for $4.5 million, according to Joshua Baris of Coldwell Banker Realty, the real estate agent who represented the buyer and seller, both of whom were unidentified.

The property is zoned for single-family residential use, and the buyer plans to build a luxury home on the property, Baris said.

According to the New Jersey Multiple Listing Service, the sale is the highest for a 2-acre parcel since 8 Frick Drive, also in Alpine, sold for $4.5 million. 

Alpine, which was once ranked by Forbes as America’s most expensive zip code, is known for selling lots of that size; 19 Rio Vista Drive sold in 2021 for $4.4 million and 23 Stone Tower Drive sold in 2016 for $4.175 million, according to the NJMLS. 

The median sale price of a home in Alpine last month was $2.37 million, according to Redfin. The market has been slow in Alpine, however, with just three homes having been sold in the past five months.

While the sale may have been pricey for Northern New Jersey, it’s dwarfed by comparison to the vacant lot in Avalon, New Jersey, purchased last year by an unnamed businessman for $11.5 million. The purchaser also bought an adjacent property, which had a 4,700-square-foot-home on it, for $9.5 million. 

The $21 million combined sale set a record for Seven Mile Island.

— Ted Glanzer