In a week of high-end real estate sales, several counties saw record-breaking transactions between April 17 and April 24. Houses in Short Hills, Essex County; Moorestown, Burlington County; Plainsboro, Middlesex County; and Meridian Twp, Ingham County have all been sold for impressive amounts.
A detached house at 114 Prospect Place in South Orange has set the bar high with its $3.6 million sale price. The transfer of ownership was settled back in March for this 1,473 square-foot property which came down to $781 per square foot. Another notable transaction includes the sale of a single-family residence at 77 Durand Road in Maplewood. The average price per square foot for houses sold during that week ended up at $206.
"I've been working as a real estate agent here for over ten years and I can't recall any other time when we had so many expensive sales within just one week," says Jeff Morrison, an experienced local agent.
Burlington County's most expensive sale took place at a house located in Moorestown that went for $2.6 million during April 17-24 period. Meanwhile, Middlesex county witnessed the priciest transaction with the purchase of a home on Crocus Court in Piscataway totaling $885k — setting new records across both regions.
"We're seeing more people looking to invest their money into properties rather than keeping it locked away," explains Jane Rogers from Platinum Realty Group.
Notably expensive homes were also sold across Meridian Township where one property fetched an astounding sum of nearly three-quarters of a million dollars ($680k). This particular residence boasted an average price per square foot amounting to approximately $183k — making it among the most luxurious listings on offer throughout the region.
The spike in high-priced real estate sales can be attributed to a combination of factors, including low interest rates and the current economic climate. Investors are seeking secure options to invest their money, and these luxury properties represent an attractive opportunity.
"There's no doubt that people are looking for alternative ways to make their money grow," says Laura Davis from Prestige Properties. "I think we will see more record-breaking sales in the future as long as market conditions remain favorable."
Real Estate Newswire, a service provided by United Robots, uses machine learning to generate analysis of data from real-estate transactions nationwide. This innovative technology allows experts like Morrison, Rogers, and Davis to stay informed about property trends across multiple regions — ensuring they possess valuable insights into key investment opportunities for their clients moving forward.