HomeExaminerExaminer NewsRecord sale shows continued NYC buyer demand for luxury properties in Monmouth...

Record sale shows continued NYC buyer demand for luxury properties in Monmouth County

MARLBORO – A new home sales record was just reached in the Morganville section of Marlboro with a residence at 4 Yorktown Road, off Pleasant Valley Road, closing at $1.6 million on Dec. 2, following a weekend of showings, according to a press release from Coldwell Banker Realty.

The home was listed by Katie Kelliher of Coldwell Banker Realty with a list price of $1.45 million, according to the press release.

“The big story here is that New York City buyers are continuing to compete heavily for luxury homes in Monmouth County, seeking the same amenities they did at the height of the COVID-19 pandemic,” Kelliher was quoted as saying in the press release.

This was the highest priced home resale in three years based on price per square foot of homes between 5,000 and 5,700 square feet, with the previous record being $1.3 million (an approximately $226 vs. $300 price per square foot difference), per FLEXMLS.

Kelliher said in spite of most COVID-19 restrictions easing since the spring and many buyers returning to New York City, many city buyers are still seeking large homes as their primary residence in less urban areas such as Monmouth County.

Many people have the freedom to telecommute and want to continue doing so, often requiring that a home have two offices. That fact drove competition for Kelliher’s Morganville listing, which saw 40 potential buyers tour the home and six offers made, according to the press release.

According to the press release, another trend Kelliher sees behind the need for listings is that instead of downsizing, many baby boomers are inviting millennial children (generally between 25 and 40 years old) to return home to their parents’ larger houses and stay awhile, saving up enough money to purchase larger homes (generally in the $600,000 to $700,000 range) instead of typical starter homes.

Across Monmouth County, there were 844 sales of homes priced at $1 million and above in 2020, compared to 1,059 sales at that price range in 2021, per Monmouth MLS.

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