As soon as Moe Sankar listed a duplex in Clifton for sale, people began ringing the doorbell and trying to get inside to see it.
Showings didn’t start until four days later but he already had an offer three days after it was listed, site unseen.
“The interest started as soon as I put the post in the ground for the for sale sign,” said Sankar, of Keller Williams Village Square. “That’s the market for you.”
The six bedroom, three full- and one-half bathroom duplex has a split basement, a driveway and a two-car garage. It was listed for $699,999.
“We started with an aggressive number to bring in buyers,” he said.
When it was listed, it was the only duplex in Passaic County in that condition for less than $800,000, Sankar said, adding that the split basement and driveway are rare.
He did an open house the first weekend after it was listed in January and more than 200 people toured the property in two hour periods on Saturday and Sunday. Final and best offers were due on Monday and the house was in attorney review by Wednesday. It closed March 8 for $840,000, that’s $140,001 above the asking price.
The seller chose the cleanest offer, it waived the inspection, appraisal and allowed the current below market-value tenant to stay. The tenant is paying $2,300 and market value would be about $3,000.
The side of the duplex where the seller lived, will be renovated and rented for $3,750, Sankar.
The home is located in a booming area of Clifton that’s near South Paterson. It’s close to highways, public transportation and shopping.
And multi-family homes have been very popular among buyers since prices and interest rates have risen. Buyers of multi-family homes can share the mortgage with a tenant, agents say, making the high costs more tolerable.
“If you can’t quite afford to make the jump from living in an apartment to buying your own home, purchasing a two-family home gives you a hybrid solution,” said Jeffrey Otteau, a real estate economist who heads the Otteau Group.
Sales of single family homes declined in 2023 but two to four family home sales increased about 10%, Otteau said.
Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.
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Stories by Allison Pries
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Allison Pries may be reached at apries@njadvancemedia.com.