New Jersey home worth more than $500K lists for shocking sum

Got a buck?

A New Jersey Realtor has listed a Newark house for $1, calling the move a social experiment intended to evaluate the current state of the housing market.

Broker Brendan DaSilva said he bought the colonial-style home on Reynolds Place for $300,000, and then invested $100,000 into renovating it.

Trulia and Zillow records, however, indicate it was last sold on April 3 for $30,000.

Prior to that, records show the home, which is situated on a dead-end street, was sold in 1974 for $36,500.

The three-bedroom, 1½-bathroom residence was first built in 1945 on a 4,791-square-foot lot on Newark’s border with South Orange. Seton Hall University is just down the block.

DaSilva believes the house is worth at least $525,000. The new owners should expect to pay at least $6,564 in property taxes.

But the $1 listing is no joke.

Bids can start at that price, and DaSilva told NJ.com that “whoever comes up with highest bid is the offer we’ll go forward with.”

“It has high-end finishes,” he continued. “It’s a really, really nice house.”

The home’s basement is finished “for extra living space,” according to the listing.

“I just want to see what would happen,” added DaSilva.

There’s also a private backyard, an enclosed porch and a total of six parking spots — with two in an enclosed garage.

DaSilva, a real estate agent with Keller Williams in nearby Montclair, will be accepting offers on the home through June 24.

Prospective buyers can get a look at the home during open houses on Saturday and Sunday between 11 a.m. and 1 p.m.