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Real Estate
NJ Mansion Tax: Lawmakers Just Quietly Passed A New Bill That Makes Selling Way More Expensive NJ Mansion Tax: Lawmakers Just Quietly Passed A New Bill That Makes Selling Way More Expensive
NJ Mansion Tax: Lawmakers Just Quietly Passed A New Bill That Makes Selling Way More Expensive New Jersey’s luxury real estate market was thrown into turmoil after lawmakers passed a sweeping mansion tax bill on Monday, June 30, shifting the state’s high-end realty transfer fee from buyers to sellers and adding steep new tiers up to 3.5%. Under the new law, Assembly Bill 5804, sellers of homes over $1 million will absorb what had historically been a 1% buyer-paid fee, with significant increases for higher-value properties. The rates for sellers rises to: 2% over $2 million 2.5% over $2.5 million 3% over $3 million 3.5% over $3.5 million That means a seller of a $4 million home will …

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by Cecilia Levine
Real Estate
New Home Sales Sink In May, Supply Hits Three-Year High As Trump Tariffs Strain Market New Home Sales Sink In May, Supply Hits Three-Year High As Trump Tariffs Strain Market
New Home Sales Sink In May, Supply Hits Three-Year High As Trump Tariffs Strain Market New home sales plunged in May while housing supply surged to a three-year high, as rising prices, growing inventory, and the impact of President Donald Trump's tariffs deepened the US housing slowdown. Sales of new single-family homes fell to a seasonally adjusted annual rate of 623,000 in May, the US Census Bureau and Department of Housing and Urban Development said on Wednesday, June 25. That's down 13.7% from April and 6.3% from May 2024. The total also fell far below Wall Street's expectations. The Dow Jones had forecasted 695,000 sales for May, CNBC reported. The actual figur…

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by Chris Spiker
Real Estate
1.2M-Square-Foot Warehouse Proposed At Former Sheraton Crossroads In Mahwah 1.2M-Square-Foot Warehouse Proposed At Former Sheraton Crossroads In Mahwah
1.2M-Square-Foot Warehouse Proposed At Former Sheraton Crossroads In Mahwah Just weeks after the iconic Sheraton Crossroads hotel in Mahwah was imploded, redevelopment plans filed with the township show a massive new warehouse facility is proposed to rise in its place. The proposal calls for a 1.2 million-square-foot logistics center, which includes approximately 1.2 million square feet of warehouse space, plus 11,000 square feet of main office space and 1,500 square feet of shipping and receiving office space, according to site plans filed on June 16. The building would rise 40 feet high and include 175 loading dock doors and 4 drive-in doors, according to archite…

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by Cecilia Levine
Real Estate
New Jersey Home Listed For $1 — Yes, That's Right New Jersey Home Listed For $1 — Yes, That's Right
New Jersey Home Listed For $1 — Yes, That's Right A Newark home can be yours, as long as you have a dollar to spare. The house at 28 Reynolds Pl. has been listed for $1. And while you probably can't own the home for a simple George Washington, it's created quite a stir on the real estate market. Brendan DaSilva, who listed the 3-bedroom, 2-bathroom home, said he has seen homes suffer from being overpriced, but never saw a listing suffer from being undervalued. "The market dictates value, regardless of the listing," DaSilva, who has sold nearly 1,000 homes, 400 in Newark alone, said. Since the $1 listing went up, DaSilva said he receives …

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by Sam Barron
Real Estate
Builder Confidence Sinks Near Pandemic Low As Trump Tariffs Worry Homebuyers Builder Confidence Sinks Near Pandemic Low As Trump Tariffs Worry Homebuyers
Builder Confidence Sinks Near Pandemic Low As Trump Tariffs Worry Homebuyers Homebuilder confidence just sank to its third-lowest level since 2012 as President Donald Trump's sweeping tariffs and stubbornly high mortgage rates scare off prospective homebuyers. Builder sentiment dropped two points to 32 in June, according to the National Association of Home Builders/Wells Fargo Housing Market Index released on Thursday, June 17. That's barely above the readings of 31 in December 2022 and 30 in April 2020. In the Northeast, sentiment slipped one point to 43 on a three-month moving average. A score above 50 means more builders see conditions as good than poor…

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by Chris Spiker
Real Estate
Estate Featured In Netflix’s 'Zero Day' Starring Robert De Niro Listed For $15M Estate Featured In Netflix’s 'Zero Day' Starring Robert De Niro Listed For $15M
Estate Featured In Netflix’s 'Zero Day' Starring Robert De Niro Listed For $15M A stunning estate featured as a key filming location in the Netflix thriller series "Zero Day" is now on the market for $15 million. Known as Rabbit Hill, the 22-acre Westchester estate at 842 Sleepy Hollow Road in Briarcliff Manor blends old-world grandeur with modern comfort and cinematic appeal, according to its listing by Compass.  Originally built in 1929 and restored in 2016, the Georgian-style mansion recently served as a principal location for "Zero Day," a political conspiracy drama that aired in February 2025 and stars Robert De Niro, who also co-created the show.  The…

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by Ben Crnic
Real Estate
Home Listings Surge To Record $698 Billion As Buyers Back Off Home Listings Surge To Record $698 Billion As Buyers Back Off
Home Listings Surge To Record $698 Billion As Buyers Back Off A swelling supply of unsold homes and a slowdown in buyer activity have sent the housing market to a record high — $698 billion in total listings, the largest dollar value seen in more than a decade. That figure, reported by Redfin, is based on the combined asking prices of all active home listings across the US at the end of April. It marks a 20.3 percent increase from one year ago, and the highest value since Redfin began tracking the data in 2012. Much of that growth is driven by stale inventory. More than $330 billion worth of homes have sat on the market for 60 days or longer, accordin…

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by Joe Lombardi
Real Estate
$25M Sale Will Transform REI Lot In Paramus Into Multi-Family Apartment Complex $25M Sale Will Transform REI Lot In Paramus Into Multi-Family Apartment Complex
$25M Sale Will Transform REI Lot In Paramus Into Multi-Family Apartment Complex A $25 million real estate deal will bring more than 400 apartments to a site next to Bergen Town Center in Paramus, officials said. JLL Capital Markets announced the sale of the Bergen Town Center Land Site, where a 426-unit multifamily complex will be developed along Forest Avenue near Route 4. The buyer was a joint venture between Russo Development, LLC and KRE Group. The site was sold by Urban Edge Properties, JLL said in the release. The project will roll out in two phases: one with 166 units and the second with 260. Both will offer four stories of apartments over two to three leve…

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by Cecilia Levine
Real Estate
Zillow To Block Listings That Violate New Rules: Here’s What Gets You Banned For Life Zillow To Block Listings That Violate New Rules: Here’s What Gets You Banned For Life
Zillow To Block Listings That Violate New Rules: Here’s What Gets You Banned For Life Zillow is cracking down on how real estate listings are shared, and agents who break the rules could see their listings blocked from the site for good. Starting June 30, any listing that violates Zillow’s new Listing Access Standards may be permanently removed from both Zillow and Trulia, the company said in a public announcement posted May 20. The standards are based on a simple rule: If a listing is marketed to some buyers, it should be marketed to all buyers, Zillow said. The standards are designed to support transparency and fair access, and mirror the National Association of Realtors’…

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by Cecilia Levine
Real Estate
$3.88M Lakefront Mansion Is Sussex County's Most Expensive Listing $3.88M Lakefront Mansion Is Sussex County's Most Expensive Listing
$3.88M Lakefront Mansion Is Sussex County's Most Expensive Listing A show-stopping, custom-built lakefront mansion is on the market at $3.88 million, making it Sussex County’s most expensive residential listing. Located at 1 Lakeview Point Ave. on Culver Lake in Frankford, this estate offers more than just real estate—it’s a once-in-a-lifetime opportunity to own a private luxury compound with 300 feet of pristine waterfrontage, according to listing agent Joshua Baris of NJLux. 1 Lakeview Point Ave. NJLux 1 Lakeview Point Ave. NJLux Built in 2017, the 8-bedroom, 8-bathroom home sits on 8.03 gated acres and spans over 8,000 square fee…

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by Cecilia Levine
Real Estate
Home Sales Suffer Slowest April Since 2009 Amid Trump Tariffs, Rising Mortgage Rates Home Sales Suffer Slowest April Since 2009 Amid Trump Tariffs, Rising Mortgage Rates
Home Sales Suffer Slowest April Since 2009 Amid Trump Tariffs, Rising Mortgage Rates Home sales fell for the second straight month in April, dropping to their slowest pace for the month since the global financial crisis more than 15 years ago. Existing-home sales slipped 0.5% from March to a seasonally adjusted annual rate of four million homes, the National Association of REALTORS (NAR) said on Thursday, May 22. The median price for an existing home rose to $414,000, setting a new April record and marking the 22nd straight month of annual price increases. Sales hit their slowest April pace since 2009, CNBC reported. They were down 2.0% from April 2024, despite ho…

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by Chris Spiker
Real Estate
Spring Housing Market Slumps Under Trump's Tariffs, Builders Warn Spring Housing Market Slumps Under Trump's Tariffs, Builders Warn
Spring Housing Market Slumps Under Trump's Tariffs, Builders Warn Homebuilders are warning about a slow spring due to President Donald Trump's sweeping tariffs and high interest rates, according to a new survey. Builder confidence dropped sharply in May, falling to 34 on the National Association of Home Builders/Wells Fargo Housing Market Index released on Thursday, May 15. That's down six points from April, matching the low from November 2023 and marking the worst reading since December 2022. In the Northeast, sentiment slipped three points to 44 on a three-month moving average. A score above 50 means more builders see conditions as good than p…

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by Chris Spiker