How One Cedar Knolls Home Sold for $251,100 Over Asking
The New Jersey real estate market continues to defy expectations, with some homes attracting intense competition and sky-high offers. A recent sale in Cedar Knolls, Hanover Township, stands out as a prime example: a four-bedroom colonial home listed at $899,000 ultimately closed for $1,150,100—an astonishing $251,100 (29%) over the asking price.
What Drove the Frenzy? T
his 2,866-square-foot home, located on a quiet cul-de-sac and set on a half-acre lot, was initially marketed as an office exclusive, meaning it wasn’t immediately listed on the multiple listing services. Even so, demand was immediate and intense. According to listing agent Seema D. Wu of Keller Williams Metropolitan, the property received an over-asking offer before it officially hit the market.
Once publicly listed, interest surged: 39 private showings led to 24 offers, reflecting the pent-up demand for homes in desirable New Jersey neighborhoods. Wu attributes the popularity to several factors:
Prime location on a cul-de-sac
Low property taxes
Excellent schools
Strong sense of community
Home Features That Sealed the Deal
The colonial’s layout offered broad appeal, opening to a spacious foyer and featuring a living room, dining room, large kitchen, laundry room, and a family room with a fireplace on the main level. Upstairs, all four bedrooms and two full baths—including an en suite in the primary bedroom—provided ample space for families. Outside, a two-tiered deck overlooked a flat, expansive backyard, adding to the home’s charm and functionality.
Wu described the property as having “old world charm, character and a spacious yard”—attributes that resonated with buyers in a market where such listings are rare.
Winning the Bid: Flexibility and Strong Terms
With so many offers on the table, the winning bid stood out not just for price, but also for terms. The buyer’s agent reduced their commission, the buyer’s attorney agreed to all contract terms, and the buyers were flexible on closing—critical since the seller needed time to remove an oil tank and secure permits.
What This Means for Buyers and Sellers
This sale underscores the competitive environment in New Jersey’s real estate market, especially in sought-after areas with limited inventory. For sellers, it’s a reminder that well-presented homes in desirable locations can attract multiple offers and significant premiums. For buyers, it highlights the importance of strong, flexible offers and the value of working with experienced agents and title professionals who can navigate complex, fast-moving transactions.
At Counsellors Title Agency, we see firsthand how these bidding wars play out at the closing table. Our experienced team ensures that, even in the most competitive situations, transactions are handled smoothly and efficiently—protecting your interests and reputation every step of the way
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