Sunday, February 07, 2010
Open House on Orange St.
Had an interesting encounter with a gent with a different approach to open houses. He's not licensed as a Realtor, but apparently gets paid to snag passers by(like me) who he sees pausing in front of these condo steps -- from the relative warmth of his minivan a couple of houses away. He then shares info about the units and gets a fee from management for showing them. We discussed the sluggish condo market in Bloomfield and he reported that half the 14 units are still unsold after over two years on the market.
Meanwhile, several blocks away on Montgomery Street, sits another just completed block of a dozen townhouses with no sign of life on a Sunday afternoon. They're asking about 100k more. Their 339k unit is the highest priced in Bloomfield. It has been on the market for 443 days. For yet another 100K you can move up to the Brookdale section of Bloomfield where Bloomfield's last woodland forest has been clear cut in half to make way for a much larger development of 42 townhouses.
I've written earlier about my discussion with the aforementioned Liongate developer who seemed unaware of the declining market for condos and townhouses in town. He seems to have had a reality check since the only development to the site in the past year has been a growing pond of stagnant rainwater. Developers continue to be attracted to Bloomfield's proximity to the high end gloss of Montclair and express RR and Bus service to NYC. Commuters are just starting to appreciate the advantages of Bloomfield, but not so much the advantages of condo living.