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A home in Millburn, New Jersey’s Short Hills community has made a big splash in the market, sparking a bidding war before selling for $1.72 million — $620,000 over its asking price, despite its modest size and appearance.
The 2,385-square-foot home, set on 1.1 acres, may not look like a luxury property at first glance, but its soaring sale price tells a different story.
The estate, located at 284 Forest Drive South, hit the market on Dec. 13 for $1.1 million and went under contract a short week later.
While the home sold for a high price, it’s not unusual for the neighborhood. According to Saritte Harel of Keller Williams Realty, who represented the seller, many homes in the area are priced around $1.7 million.
Harel confirmed that the property drew enormous interest before selling on Feb. 7, partly due to its condition.
“We had 24 offers and 110 showings. There was quite a lot of traffic,” Harel told Inman.
“It was an estate sale,” she continued. “The owner was 100 years old and lived in the house for a long time, but it was well maintained.” The home, built in 1948, was sold in as-is condition.
However, the home’s prime location may have been its biggest selling point.
According to Harel, interest varied between developers and local families.”It wasn’t necessarily only for a builder,” Harel said. “Local families thought about the opportunity to renovate the house, and a lot of builders from all over the state were interested in it as an investment opportunity. It appealed to everybody, and I think that was what made it so exciting.”
Harel pointed out an emerging trend — tight inventory is pushing buyers to expand their searches. “A lot of buyers are being creative and looking at things that otherwise wouldn’t have worked out. I’m also seeing Realtors who are showing my listings in Troy Hills, Fort Lee, Hoboken,” she said.
Inside, the home features four bedrooms, two and a half bathrooms, hardwood floors and new windows. There is a basement for additional storage.
Situated near the Cora Hartshorn Arboretum & Bird Sanctuary, a woodland garden, the home offers a blend of privacy and tranquility. There is also easy access to the New Jersey Transit MidTown Direct train station and the Glendale Elementary School.
According to Harel, the local family who purchased the property plans to rebuild.
