This New Jersey home, worth more than $500K, is being listed at shocking discount price

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....