Summer Sale - Start Today for $1 - Expires 6/30/25

What a deal. Renovated N.J. home offered for sale for $1.

The home is worth about $525,000 to $550,000.Courtesy of Brendan DaSilva, Keller Williams, NJ Metro Group
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Brendan DaSilva sees it all the time. A home is listed and then ends up selling for $200,000 over asking price.

So, he told NJ Advance Media, he wonders did the agent lowball the price or is the market that feverish?

DaSilva is doing his own social experiment with a home he owns and just listed for $1.

“I just want to see what would happen,” said DaSilva, a real estate agent with Keller Williams, NJ Metro Group.

He said he bought the home for $300,000 and put another $100,000 into it, renovating it from top to bottom.

The home is on the last street in Newark where it borders South Orange Village, down the block from Seton Hall University. It’s on a dead-end street. “It has high-end finishes,” he said. “It’s a really, really nice house.”

After two hours on the market, he already had two dozen calls about it.

He set a deadline for Tuesday, June 24, at noon for all offers to be in.

“Whoever comes up with highest bid is the offer we’ll go forward with,“ he said, adding that he will be ”very transparent.”

DaSilva said his group sells about 80 homes in Newark per year, so he has a good sense of the market. When asked what he thinks the home would sell for at market value, he said, $525,000 to $550,000.

The colonial-style home has a living room with a wood-burning fireplace, a brand new kitchen with quartz countertops and an attached dining area that has a bay window. The half bathroom is on the main level.

All three bedrooms and the full bathroom are on the second level.

It also has a finished basement, screened-in rear porch and a two-car garage.

There will be open houses for the listing on Saturday and Sunday from 11 a.m. to 1 p.m.

The living room has a wood-burning fireplace.Courtesy of Brendan DaSilva, Keller Williams, NJ Metro Group
The brand-new kitchen has quartz countertops.Courtesy of Brendan DaSilva, Keller Williams, NJ Metro Group
The dining area is adjacent to the kitchen.Courtesy of Brendan DaSilva, Keller Williams, NJ Metro Group
The full basement is finished.Courtesy of Brendan DaSilva, Keller Williams, NJ Metro Group
There are three bedrooms.Courtesy of Brendan DaSilva, Keller Williams, NJ Metro Group
There is one full and one half bathroom.Courtesy of Brendan DaSilva, Keller Williams, NJ Metro Group
It has a screened-in back porch.Courtesy of Brendan DaSilva, Keller Williams, NJ Metro Group

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.

More N.J. real estate news

Stories by Allison Pries

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

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