House in New Jersey costs $1.3 million – only to be torn down

Some people drop $1.3 million on a dream home — but in Little Silver, New Jersey, that same amount bought a house destined for demolition.

A 1950s bungalow on Borden Place, destroyed by Superstorm Sandy in 2012 and left to rot, just changed hands. It’s not even livable.

The small foreclosure landed on a prime piece of waterfront property, with land being the real prize, NJ.com reported.

While the median home price in Little Silver was $890,000 in July, according to New Jersey Realtors, this particular bungalow was struggling to sell. Originally listed for $1.69 million in 2023, it sat on the market for over a year.

The home’s foundation wasn’t deep enough to rebuild, explained Stacie Bender, an agent with Compass New Jersey who handled the listing — leaving the new owner with little choice but to start over.

But it wasn’t just any buyer who would snap up this half-acre plot of land on the Shrewsbury River.

“Location is the name of the game in real estate. We continue to see buyers who see the value of a waterfront lifestyle,” Bender told The Post.

“Trophy properties like 47 Borden Place, with outstanding southeast exposures and deep water docks, are extremely rare in our area. There were only two homes available for sale in Little Silver last year with open water views and 47 Borden Place is one of them.”

With around 2,600 square meters of buildable space, it’s the deep water access that really drives the price up.

“Waterfront properties in our area offer owners the luxury of access to boating, paddle boarding, crabbing, fishing, dock and dining, and incredible wildlife,” she said.

“I knew I was looking for an end user who wanted a smaller cottage on the water.”

And what a lifestyle it is. Bender, who lives nearby, paints a picture of paradise, explaining how it’s all just an hour’s boat ride from Hoboken’s 13th Street Pier.

The property also offers stunning sunsets and the “craziest rainbows” that grace the area, she said.

Meanwhile, just down the road, a three-bedroom landlocked home on a full acre hit $1.15 million this week.

The 2,700-square-foot, two-bathroom property highlights the stark contrast in value between waterfront and inland homes in this sleepy Monmouth County enclave.