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An entertainer’s dream home in a great location in Summit sold for hundreds of thousands of dollars above the asking price.
The four-bedroom, four full- and two half-bathroom home was listed April 10 for $1.85 million. In less than a week it was under contract. The home closed June 6 for $2.3 million – that’s $450,000 more than its asking price.
“It was a combination of how the house was and the location that just catapulted it to another level,” said Kim Cannon of Prominent Properties Sotheby’s International realty, the listing agent.
The completely renovated colonial, built in 1950, was once the carriage house for a very large home behind it. The property was subdivided years ago, she said.
“The house has good flow, a really pretty pool, it’s private, and the veranda just feels like you’re away on vacation but you’re in a perfect location in the suburbs,” Cannon said.
The home has coffered ceilings and a fireplace in the dining room, an open kitchen and family room with doors leading to a covered back porch with a mahogany ceiling.
There is a covered, mahogany back porch next to the in-ground pool.Courtesy of Kim Cannon of Prominent Properties Sotheby’s International Realty
All four bedrooms are on the second floor. The primary and another bedroom have ensuite bathrooms, plus there is another full bathroom on the second floor.
The partially finished basement has a wet bar and a half bathroom. And the back yard has a heated in-ground pool.
“It has an entertaining vibe,” she said.
The home is located at the end of a quiet street within walking distance to two schools and has easy access to downtown.
“The neighborhood is very sought after because it’s close to so many things,” Cannon said.
In just a few days of showings the home got 14 offers – all over asking price.
The home closed for 24% more than its list price. “That’s pretty exceptional,” she said. “Some houses in this area are selling for 10% to 15% above asking price. But over 20% … I think we were all a little surprised.”
The median sales price of a home in Summit was $1,349,500 in April, according to the most recent data available from New Jersey Realtors.
Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.
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Allison Pries may be reached at apries@njadvancemedia.com.
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