Converted N.J. firehouse that’s been on the market for a year had a huge price cut

If you’re looking for a bargain, look no further.

This converted firehouse in Lambertville that has been on the market for nearly a year has had a $145,000 price cut, that’s nearly 15%.

It was listed in April 2024 for $995,000. On Oct. 1, the price was reduced $20,000 to $975,000. Then, on Oct. 12, the price was slashed $125,000 to its current list price, $850,000.

The median sales price of a home in Lambertville was $684,000 in January, according to the most recent data available from New Jersey Realtors.

“If it had just one off-street parking spot, it would’ve sold already,” said Cynthia Shoemaker-Zerrer of Callaway Henderson Sotheby’s International Realty, the listing agent.

There is a parking lot two blocks away where parking spots can be rented for a monthly fee. “There’s plenty of parking on the street,” she said. “But if someone wants a designated spot, there are options.”

The circa 1894 building has amazing river views and a rooftop deck.

It was a functioning firehouse until 2006 when Fleetwing Fire Company in Lambertville realized their new ladder truck was too big to fit inside the Main Street firehouse.

The woman who bought it converted it into a two-bedroom, one full- and one half-bathroom residence over a retail store.

The ground level is currently occupied by a record and music memorabilia store.

The building got all new plumbing, wiring and electric but the renovation kept the building’s original charm, such as fretwork between the kitchen and living room, hardwood floors and soaring ceilings that Shoemaker-Zerrer said are “probably 25-foot high.”

The main living area of the residence is on the second floor of the building, as is the primary bedroom and a full bathroom. The second bedroom is on the third floor. And the rooftop deck with 360-degree views is up a few more steps.

“That’s rare to have a deck that high up in town,” she said. “I don’t know of any others that are like that.”

The building is located within walking distance to most places in Lambertville and it’s two blocks from the Delaware River where you can walk over the bridge into New Hope, Pennsylvania.

Interest in the listing has picked up since the price cut. “There has probably been twice as much interest,” Shoemaker-Zerrer said.

One potential buyer came for a second showing last week and is scheduling a third viewing, she said. “We’ve had a lot of people from New York, two people from Brooklyn. A lot of people want to have a shop downstairs or hold art classes, that sort of thing.”

It is the oldest and one of the most successful Airbnbs in Lambertville, which makes showings difficult. “It’s pretty much booked almost every weekend,” Shoemaker-Zerrer said.

Its future as a short term rental would have to be explored by the buyer, since Lambertville passed a short term rental ordinance restricting those businesses.

Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.

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Allison Pries may be reached at apries@njadvancemedia.com.