A New Jersey Realtor has listed a Newark house for $1, calling the move a social experiment intended to evaluate the current state of the housing market. Broker Brendan DaSilva said he bought the colonial-style home on Reynolds Place for $300,000, and then invested $100,000 into renovating it.
This house is almost identical in size to the house I grew up in - in Newark. The three-bedroom, 1½-bathroom residence was first built in 1945 on a 4,791-square-foot lot on Newark’s border with South Orange. Seton Hall University is just down the block.
DaSilva believes the house is worth at least $525,000. The new owners should expect to pay at least $6,564 in property taxes. But the $1 listing is no joke.
Bids can start at that price, and DaSilva told NJ.com that “whoever comes up with highest bid is the offer we’ll go forward with.”
I'll track the sale and let you know what it goes for, and my giess right now is it'll go somewhere in the high 6's to low 7's. Hundred thousands, of course.
The listing is here...
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with 2 Batteries and Charger for only $ 149.00 for everything.
The same setup at Home Depot is $ 249.00
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