N.J.’s 5 most expensive homes for sale right now starting at $22M

If you’re looking for a massive horse farm estate, oceanfront new construction or a grand chateau – and have more than $20 million burning a hole in your pocket – these homes might be for you.

New Jersey’s current list of five most expensive homes for sale range in price from $22,490,000 to $35 million.

The median sales price of a home in New Jersey was $530,000 as of September, according to New Jersey Realtors data. Homes spent an average of 32 days on the market before being sold that month.

But homes that are listed for tens of millions of dollars don’t follow the same quick-selling trend.

Sales can take “five to 10 years,” said Denise Albanese of Christie’s International Real Estate, who has the listing for a home on this list in Alpine.

A home on Frick Drive in Alpine was the highest priced home that sold in New Jersey in 2022 at $27.5 million. It was on the market for nine years.

“These houses take a long time to sell because it’s a very specific person who can buy it,” Albanese said. “We get so many calls. But people have to prove their funds before we can let them in for a showing.”

Low inventory has been a problem throughout the state for years. There is a 2.8-month supply of homes for sale statewide, according to New Jersey Realtors data. Typically, a buyer’s market has a 7-month supply.

But for homes above $2.5 million, there is a nearly 10-month supply, according to data from the Otteau Group.

The counties with the most homes for sale above $2.5 million are Morris County, with 21-month supply, Mercer with 18-month supply; Bergen with 16-month supply, and Somerset County with 11-month supply, the Otteau Group found.

Jack Vizzard, of BHHS Fox & Roach, who has a listing in Avalon that made the list, said he’s getting calls from celebrities. “Household-named people have inquired,” he said.

“The property offers a lot of privacy,” Vizzard said. “And if you’re wealthy in Avalon, it’s not a big deal. You’re just part of the crowd, which I think is attractive.”

To market such a property, Vizzard said he uses geofenced marketing campaigns that target the demographic of people who can actually afford a $25 million home.

“Private airports, country clubs, along the Main Line (in Philadelphia) or up in New York City athletic clubs — we geofence those areas,” he said.

Sharon Ortepio, who markets a lot of horse farms and has the most expensive listing in New Jersey, knows that this type of property is a niche.

“It’s a serious horse facility,” she said, of the 75-acre property in Bedminster. “It’s not for everyone.”

New Jersey is an equestrian haven. The horse racing industry contributes an estimated $1.1 billion in economic activity to the state. As a result, there are a large number of farms in New Jersey dedicated to breeding and raising horses.

The Garden State has more horses per square mile than any other state. Yearlings of New Jersey sires were among the highest grossing sales at a prestigious national horse auction. And the horse is the official state animal for New Jersey.

“Marketing a home of this grandeur takes patience and creativity,” said Lisa Poggi who, along with Tom Postilio and Mickey Conlon of Douglas Elliman, has listed the third most expensive home in New Jersey, another horse farm. “The estate is built around an equestrian farm, so we are busy networking with top equestrian owners, brokers, etc. In addition to identifying parties that would have a similar need for the privacy that this estate offers.”

The five most expensive real estate listings in New Jersey currently include:

5. 48 Rio Vista Drive, Alpine – $22,490,000

Chateau de la Roche is a 25,700-square-foot custom home with seven bedrooms, nine full and three half bathrooms. It sits on a 2-acre lot less than 30 minutes from Manhattan. It has a 15-seat theater, billiards, two bars, a wine celler, two indoor plunge pools, a sauna, steam room and a conservatory.

4. 200 Stabled Way, Mahwah – $22,500,000

This gated home on 43-acres backs to the Ramapo River. It has 10 bedrooms, 10 full and four half bathrooms, an English pub, a theater, indoor and outdoor pools, sports courts, a football field, a 3,400-square-foot carriage house with two to three bedrooms, a 20-stall horse barn, paddocks, an indoor riding area and trails.

It was built in 2000 and the property taxes are $120,000 per year.

3. 318-322 Route 537, Colts Neck – $24,900,000

A 160-acre horse farm dedicated to the breeding, sale and racing of thoroughbreds. It has a 25,000-square-foot main house that was built in 2007.

The home has a 24-seat formal dining room, gourmet kitchen, a lounge, an eight-seat bar, a 3,500-bottle wine cellar and tasting room, a 12-seat movie theater, a game room, a conservatory and a fitness center. It also has 7 bedrooms and 8 full and 4 half bathrooms.

2. 5499 Dune Drive, Avalon – $24,999,000

Elevation, privacy and 360 degree views of the Atlantic Ocean and Great Sound could make this Malibu-style new construction home break a sales price record for this Seven Mile Island town. Under construction and expected to be completed next year, it will have six bedrooms each with an ensuite bathroom, another full and one half bathroom, an elevator, multiple decks with ocean views, a gym, a sauna, a lap pool and a soaking pool.

A world-class equestrian estate on 75 gated acres. It has a riding hall with retractable windows and a climate controlled viewing lounge, a jump field, an outdoor arena, fenced paddocks, trails and galloping tracks, a two-wing barn each with 10 stalls and the original barn has an attached cottage at each end.

The main house, built in 2007, has four bedrooms, four full and two half bathrooms. The property also has an inground pool, a pond, and a two-car garage.

Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.

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Allison Pries may be reached at apries@njadvancemedia.com.