Before the economy took a downturn in the mid-2000’s, luxury real estate was faring well in Bergen County, New Jersey. The suburb, which is a short commute from New York City, is home to some of the best schools in the nation. Many families and professionals from New York are opting for the land, space, and opportunities that Bergen County has to offer. Beautiful homes and great public schools are trumping high-rises. But it’s not just families who need sensible living spaces who flock to Bergen county. Big business professionals, entertainers, and sports stars desire the same attractions that makes Bergen County alluring to the general public.
Thus, several larger than life luxury mansions have been constructed in Bergen County. Amidst this growing community of families and individuals in Bergen County rests a series of homes priced at more than $5 million, with one home – the so-called Stone Mansion – originally priced at $68 million.
The story of the Stone Mansion may act as a fable for what is happening all around Bergen County, and perhaps in the country at large. The home was built by real estate investor Robert Kurtz at a time when the economy was booming and prospects looked good. Post economic downturn, the house has sat on the market, available, for many years. The price has dropped from $68 to $49 million. Yet, Kurtz insists that there is no desperation to be had when it comes to selling this home.
The difference, by and large, between luxury real estate and traditional real estate is that more times than not, a luxury home is not being purchased out of necessity. Whether it will be a second home or a primary residence, the lifestyles of those else who can afford such homes do not necessitate that such a purchase move on a particular timeline. For that reason, it’s of less concern when a house spends more time on the market. There is nothing wrong with the house, it just hasn’t found its owner yet.
While Stone Mansion may be a good indicator for the slow-down of quick luxury purchases in Bergen County, high priced homes are actually selling in the New Jersey suburb. In 2013, six homes within Bergen County sold at a price of over five million dollars. The homes that sold were in Saddle River, Englewood, and Alpine. The higher end of the price spectrum in 2013 was the Alpine home. Which sold for just under $13.5 million.
Projections for real estate, particularly in New Jersey, show sales and prices continuing to rise. Could this mean a continuing flow of sales for luxury homes in the county? As the times change and markets become more stable, many developers and owners have hope. “The hope is that someone will come in and this will be the right house at the right time for them,” says one homeowner. “But if not, the time will come. These are beautiful homes in one of the most sought after areas in the United States. These houses won’t be empty forever.”