The Passaic County market
Passaic is effectively two counties inside one boundary, and the divide runs roughly along the line between the cities and the townships.
Paterson, Passaic City and Clifton hold dense two, three and four-family stock that prices on what a building earns. For purchase and refinance lending those get an income analysis alongside comparable building sales, reconciled rather than averaged. A four-family priced as though it were a large house is the most common error in this market and the one most likely to come back from review.
North and west — Wayne, Ringwood, West Milford — the same county prices on land, lot and access. Detached housing, larger sites, and a buyer pool with nothing in common with the one bidding in the south.
Highlands restrictions affect what can be built on a good deal of the northern acreage. Where restricted and unrestricted parcels have both sold, the difference is measurable and comes from those sales.
Comparables do not cross the divide, and these reports do not pretend they can.
Municipalities served in Passaic County
Paterson · Clifton · Passaic · Wayne · West Milford · Wanaque · Pompton Lakes · Hawthorne · North Haledon · Prospect Park · Haledon · Totowa · Little Falls · Woodland Park · Ringwood · Bloomingdale · West Paterson