Realtors: Bidding Wars Are Back! Tri-State Area Real Estate Market Is Recovering

April 3, 2012 12:00 AM

Realtors: Bidding Wars Are Back! Tri-State Area Real Estate Market Is Recovering
" MONTCLAIR, N.J. (CBSNewYork) — It contributed to the global recession, and economists say it’s what will indicate if the economy is truly on the mend.

So how is the real estate market doing in our area?

CBS 2′s Don Dahler saw a gorgeous house in Montclair on Tuesday. It was a perfect example of what’s happening in the housing market around these parts.

The enormous Elizabethan Tudor, built in 1919, has seven bedrooms, six baths and a magnificent copper Florentine ceiling. It features not one, but four kitchens, including one in the carriage house.

The one-acre lot has a designer swimming pool, a Koi pond, meticulous landscaping, and a tennis court in one of the most desirable towns in New Jersey. And the price has dropped one-third from what the owners would have asked just five years ago.

Real estate agent Marie Dasaro said the interest in similar houses, and all price ranges, has heated up.

“A lot of houses have been selling above asking price, so we’ve actually had bidding wars,” Dasaro said "

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