Video: Garden State real estate

By Sharon Epperson Correspondent
CNBC
updated 3/16/2006 3:20:17 PM ET 2006-03-16T20:20:17

With a little more than 13,000 residents, the biggest draw for this Manhattan suburb is its proximity to the Big Apple. But don't expect to get much house for your hard-earned dollars.

CNBC recently visited a one-story ranch -- with its main entrance on the side -– and about 2,000 square feet of living space, including three bedrooms and two bathrooms upstairs, along with a full finished basement with nanny's quarters, a full bath and a play area.

“(The owner) originally listed it at a $1,250,000 and the market took a downturn of about 10 percent,” said Marjorie Bernstein, and agent with Weichert Realty who showed the house. “So she did a price improvement and made it a $1,150,000.”

Yet after three months, the house is still on the market. The house next doorrecently sold for about $900,000.

“Buyers are all waiting for the price to come down, and homeowners are waiting for prices to go up,” said Bernstein.

In this neighborhood, you're paying for a lot more than the house.

“Tenafly has blue-ribbon schools, and the houses of worship are within walking distance, and the proximity to the city is about 10 miles,” said Bernstein. “So with all those combined, that's where your high prices come in.”

The lots here are pretty small -- under half an acre but larger than a third of an acre.

Property taxes on this particular house are considered low, at under $12,000. “About $11,700, and that's considered excellent for this area,” said Bernstein.

The homeowner is willing to throw in some extras, including furniture, in hopes of getting that million-dollar-plus price. “All the window treatments and fabrics are new,” said Bernstein. “So they can move right in.”

No one's brought their bags just yet. But Bernstein is hopeful that an acceptable bid will come along soon.

“Springtime is just around the corner,” she said. “And buyers will be back out and prices will pop back up.”

© 2012 CNBC, Inc. All Rights Reserved

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