Wednesday, May 09, 2012

Dramatic Montville Price Drop Illustrates the Reality of Luxury Home Pricing in NJ

Melissa and Joe Gorga first put their home on the market in 2010 for $4.5 million shortly before becoming part of Real Housewives of New Jersey. They took it off the market when the hit reality show began -- perhaps thinking that the growing popularity of the show would add to the home's value.
This week they relisted their 13,500 ft. mansion for $3.8 Million -- a hefty %700,000 price drop. Tax rcords indicate that Joe Gorga, a developer who builds custom homes to order, bought the property in 2008 before building their French Chateau style mansion.

Perhaps the Gorgas  lowered their asking price to compete with this comparably sized mansion now under constructioin in their neighborhood listed at $3.89 Million.

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