Sure, you could buy a brand new luxury home at Hempstead in Montclair. It will get you a LARGE home — but how about the size of your backyard? The five-bedroom, 5,000 square foot McMansions being built on the former Marlboro Inn property’s 105,400 square feet or 2.4197 acres. That means each 5,000 square foot home sits on roughly 10,540 square feet. Sure, there are plenty of other homes situated close together on smaller spits of land in Montclair, but most aren’t selling in the million plus range. For roughly the same amount of dough, here’s what’s you can get…
For $1,675,000, you could pick up 72 Lloyd Road (above). It’s situated on .87 acre, taxes are $33,085, and as far as we can tell the backyard doesn’t face the street.
For a little less cash, there’s 55 Elston Road (right). On almost a half acre, with taxes of 20,380, it’s $1,299,000. Another for sale option — directly across the street from the exclusive Hempstead…



is this seven-bedroom Christopher street home, (click photos above to enlarge). With a pool, a third of an acre of land, and a dining room with gorgeous detail, it will set you back $1,428,000.
Developments USUALLY have names that reflect what WAS on the site, before the development;
Giralda Farms
Pine Acres
Oakwood
Hawk Landings
Hunter’s Glen
Was there a marijuana field on that corner?
I think Crampstead is a more apt name. Thanks Liz for this comparison. I say it to myself every time I drive by Crampstead Estates–Why would anyone buy that, when they could have half a dozen better homes in that price range. There is simply no comparison in build quality between what goes up today and any vintage home.
I guess no one remembers when “Exclusive” used to describe a development or country club…meant no blacks or Jews need apply.
Hmmm.
But…how much work do all of the non-Hempstead houses require to build up their infrastructure to “modern” standards (electric, plumbing, leaking basements, older kitchens and baths), a/c, heating, etc.)? Facing the hassle of renovation work, and the expenses, might make a brand new house a more attractive option.
Even better. Sit on the sidelines and watch the real estate market decline.
You’ll be able to buy that $1.7m home for 1.2m and put the $500k you saved in a decent yield CD. You can use the interest to pay your tax bill.
Caveat Emptor,
Grim
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