Record Morganville Sale Shows Continued NYC Buyer Demand for Luxury Properties in Monmouth County, N.J.
New York City buyers are continuing to compete heavily for luxury homes in Monmouth County.
MORGANVILLE, N.J. (Dec. 8, 2021) – A new home sales record was just reached in Morganville within Marlboro Township, with 4 Yorktown Rd. closing at $1.6M on Dec. 2, following a weekend of constant showings. It was listed by Katie Kelliher of Coldwell Banker Realty with a list price of $1.45M.
“The big story here is that New York City buyers are continuing to compete heavily for luxury homes in Monmouth County, seeking the same amenities they did at the height of the pandemic,” said Kelliher, who is a Certified Global Luxury Specialist and has been a top Coldwell Banker Realty agent for 22 years.
This was the highest-priced home resale in three years based on price-per-square-foot of homes between 5,000-5,700 square-feet, with the previous record being $1.3M (an approximately $226 vs. $300 price-per-square-foot difference), per FLEXMLS. All but one of Kelliher’s listings in 2021 sold at or above listing price, on average more than 6% above asking price, according to Monmouth MLS. Across Monmouth County, there were 844 sales of homes priced $1 million and above in 2020, compared to 1,059 sales at that price range in 2021, per Monmouth MLS.
Kelliher said that in spite of most COVID-19 restrictions easing since the spring and many buyers returning to New York City, many city buyers are still seeking large homes as their primary residence in less urban areas such as Monmouth County. Many have the freedom to telecommute and want to continue doing so, often requiring that a home have two offices. It drove competition for Kelliher’s Morganville listing, which saw 40 potential buyers tour the home and six offers. While many buyers from New York City (Manhattan, Brooklyn, Staten Island, etc.) are making cash offers, Kelliher said that many buyers who have the ability to make cash offers are doing so as leverage and refinancing into a mortgage right away since money is currently cheap and they do not want tie up all those funds.
Another trend that Kelliher sees behind the need for listings is that, instead of downsizing, many Baby Boomers are inviting Millennial kids to return home to their larger houses and stay awhile, saving up enough money to purchase larger homes (generally in the $600,000-$700,000 range) instead of typical starter homes.
On a related note, Coldwell Banker Global Luxury recently published a study called “A Look At Wealth” that showed “Urban Repatriates” returning to NYC, but keeping the second homes they purchased in the suburbs during the pandemic. With Monmouth County, though, Kelliher is seeing most city buyers choosing to relocate their primary residence thanks to the large homes and yards available for their dollar, and amenities such as close proximity to the New Jersey shore.
For more information about buying or selling a home in the Monmouth County area, contact Katie Kelliher at 201-600-0762 (cell), 732-946-9600, ext. 247 (office) or KatieKelliherRealEstate@Gmail.com. She is based in the Coldwell Banker Realty Holmdel/Colts Neck office, located at 998 Holmdel Rd, Holmdel, NJ 07733. Listings can be viewed online at https://katiekelliher.cbintouch.com/.
About Coldwell Banker Realty
Coldwell Banker Realty in New Jersey is a leading residential real estate brokerage company with approximately 50 offices and 4,000 affiliated sales associates. Coldwell Banker Realty is owned by a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), the largest full-service residential real estate services company in the United States. Visit ColdwellBankerHomes.com.