This century-old 1 bathroom house took $11,000 worth of staging, attracted 25 bids, and sold for $253,000 above its asking price

The home's renovated living room.

Courtesy of Lorraine Hurlbut

• More than 100 people stopped by to check out a one-bathroom house in Nutley, New Jersey.
• The home was renovated on a budget, helping it sell over $253,000 above its initial asking price.
• The home's real estate agent said its proximity to New York also made it more desirable.

A one-bathroom home in Nutley, New Jersey, listed for sale in December and visited by more than 100 people, just sold for $253,000 above its original asking price.

The four-bedroom home, built in 1906 by local architect and developer William Lambert, debuted at an initial price of $599,000. However, after $11,000 of renovations, its value soared to $852,000, local news publication New Jersey.com reported.

"I grew up in Nutley," Lorraine Hurlbut, the listing agent for the home who works with Keller Williams NJ Metro Group, told Business Insider. "To have this happen here, I'm so proud."

Nutley is a suburban enclave best known as the home of fictional character Furio Giunta from "The Sopranos." It's located in Essex County, just a 34-minute drive from New York City — a factor that likely played into the home’s popularity, Hurlbut said.

“We have New Yorkers, people from Hudson County that live in Jersey City and Hoboken come,” to buy homes in Nutley, Hurlbut said. “When they have families and they want to get into a nice school and a home instead of a condo, they come here.”

To make the more than century-old home more attractive to prospective buyers, its owners gave Hurlbut, a former New York City stylist, a budget of just $11,000. 

Hurlbut enlisted the assistance of her contractor husband, Geoffrey, along with painters, electricians, and carpenters for the project.

Together, they transformed the home, which now features new steps and railings, fresh coats of paint, and newly sanded and stained floors. The home’s attic was also converted into an office space.

A before and after shot of the attic.

Courtesy of Lorraine Hurlbut

Her renovations paid off handsomely. With 15 bids received, the home's sale price soared by over 40% of the asking price — setting a record in Nutley, Hurlbut told NJ.com. According to her, the previous record was set three years ago when a home sold for 27% above its asking price.

“I don't do minimal staging,” Hurlbut told Business Insider. “I was a stylist in the city. I love to layer and make the home look like somebody lives there. It's just a beautiful warm look.”

The home's dinning room.

Courtesy of Lorraine Hurlbut

Aside from the home's proximity to New York and its makeover, Hurlburt said that Nutley's low supply of available homes could have also contributed to its success.

“There's hardly any new construction going on,” she said. “There's no land left here in New Jersey to really build.”

According to Redfin data, New Jersey had just 20,451 homes listed for sale in January, marking a 17.1% decrease compared to the previous year. Additionally, the average month of supply decreased year over year, now standing at 3 months.

“Inventory here is low, and it's going to remain low,” Hurlbut added. “I don't see it changing this spring at all.” 

Read the original article on Business Insider

from All Content from Business Insider https://www.businessinsider.com/nutley-new-jersey-1-bathroom-home-sells-253000-over-asking-2024-2
via gqrds