Passaic is seeing an increase in upcoming new construction within the urban areas, including condominiums and multi-family properties. One of the most significant construction projects is the 70,000 square-foot abandoned industrial building, which will be transformed into a 4,200 square foot commercial building with 63 loft style units. The building will be an incredibly important initiative to help grow the community.
The median sale price for properties currently sits at $310,000, a slight increase from $295,000 last year. The number of sales has decreased to 340 from 659 properties within a span of two months. Currently, inventory stands at 424 properties, a decrease from 514 two months ago. The average number of days on the market has decreased from 29 to 36 within the past two months.
Leonard Balducci – Passaic, New Jersey
Leonard Balducci has been an appraiser for 25 years and has worked in Passaic, Bergen, Union, Hudson, Essex, and Morris counties. He joined the appraisal business because he was looking for a professional service integrated in the real estate business with the ability to control his time and work. Leonard isn’t just a real estate appraiser; he’s also a real estate investor and manages his own properties. He loves to plan out renovations and repairs to his properties, which has allowed him to have a better understanding and knowledge of multi-family properties in suburban and urban areas.