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Real Estate

New Jersey house fetches $1.3M — just to get demolished

By
Mary K. Jacob
Published Sep. 24, 2024, 1:47 p.m. ET
A 1950s New Jersey bungalow in Little Silver, damaged by Superstorm Sandy, sold for $1.3 million, even though it is uninhabitable and will be torn down.
A 1950s New Jersey bungalow in Little Silver, damaged by Superstorm Sandy, sold for $1.3 million, even though it is uninhabitable and will be torn down. Courtesy of Stacie Bender

Some folks drop $1.3 million on a dream home — but in Little Silver, New Jersey, that same sum bought a house destined for demolition.

A 1950s bungalow on Borden Place, ravaged by Superstorm Sandy in 2012 and left to rot, just changed hands. It’s not even livable.

The tiny wreck sat on a prime piece of waterfront property, with the land being the real prize, NJ.com reported.

The property, located on Borden Place, had been on and off the market since July 2023, with prices ranging from $1,699,000 to $1,450,000 before closing in September.
The property, located on Borden Place, had been on and off the market since July 2023, with prices ranging from $1.45 million to $1.69 million before closing in September. Courtesy of Stacie Bender

While the median home price in Little Silver was $890,000 in July, according to New Jersey Realtors, this particular bungalow struggled to sell. Originally listed for as much as $1.69 million in 2023, it lingered on the market for more than a year.

The house’s foundation wasn’t deep enough to even rebuild on, Stacie Bender, an agent with Compass New Jersey who held the listing, explained — leaving the new owner with little choice but to start fresh.

But it wasn’t just any buyer who would snatch up this half-acre lot on the Shrewsbury River.

“Location is the name of the game in real estate. We continue to see buyers who see the value of a waterfront lifestyle,” Bender told The Post.

“Trophy properties such as 47 Borden Place, with exceptional southeast exposures and deep-water docks, are extremely rare in our area. There’s only been two homes available for sale in Little Silver in the past year with open water views and 47 Borden Place being one of them.”

With about 2,600 square feet of buildable space allowed, it’s the deep-water access that really drives up the price.

Despite the house's poor condition, the waterfront lot on the Shrewsbury River attracted a buyer interested in the lifestyle it offers, including boating, fishing, and scenic views.
Despite the house’s poor condition, the waterfront lot on the Shrewsbury River attracted a buyer interested in the lifestyle it offers, including boating, fishing and scenic views. Courtesy of Stacie Bender
The area is known for its sunsets and rainbows, and waterfront properties continue to command high prices due to limited availability
The area is known for its sunsets and rainbows, and waterfront properties continue to command high prices due to limited availability. Courtesy of Stacie Bender

“Waterfront properties in our area afford owners the luxury of access to boating, paddle boarding, crabbing, fishing, dock and dine and incredible wildlife,” she said.

“I knew I was looking for an end user who wanted a smaller cottage on the water.”

And what a lifestyle it is. Bender, who lives nearby, paints a picture of paradise, explains how it is all just a one-hour boat ride from Hoboken’s 13th Street Pier.

The property also offers stunning sunsets and the “craziest rainbows” that grace the area, she said.

Meanwhile, just down the street, a landlocked three-bedroom home on a full acre fetched $1.15 million this week.

The 2,700-square-foot property, which has two bathrooms, highlights the stark contrast in value between waterfront and inland homes in this sleepy Monmouth County enclave.