New Construction in Millburn and Short Hills: What Today’s Redevelopment Market Means for Buyers, Builders and Sellers
In Millburn and Short Hills, new construction often starts with an existing home.
With limited vacant residential land, buyers and builders increasingly evaluate properties not only for what stands there today, but for the value of the location, the lot and what could ultimately be built.
Few properties illustrate that better than 7 Sunset Drive in Millburn.
The Saritte Harel Team listed the original home for $799,000 in February 2025. It received 13 offers, including 12 above asking, went under contract in eight days and ultimately sold for $965,000, approximately 21% above list price. The team represented both the sellers and buyer, Vantage Builders LLC, in the transaction.
Today, Vantage Builders is transforming the property into an approximately 5,900 square foot luxury residence with six bedrooms, six full baths and one half bath, currently being offered through The Saritte Harel Team at just under $3 million.
That transformation recently caught the attention of Jersey Digs, which featured 7 Sunset Drive in a story examining the changing economics of redevelopment and new construction in Millburn. Jersey Digs also noted that The Saritte Harel Team handled the original sale and is now marketing the new home.
Read the Jersey Digs feature on 7 Sunset Drive
Why New Construction Often Begins With an Existing Property
Millburn and Short Hills are established communities with limited undeveloped residential land. For buyers hoping to build a custom home and builders searching for their next project, that often means identifying an existing property with the right combination of location, lot characteristics and future potential.
As Saritte Harel explained when discussing 7 Sunset Drive: “Buyers are not only evaluating the home that exists today. Builders and experienced buyers are looking closely at the underlying land, location and what a property could ultimately become.”
The competition surrounding 7 Sunset, followed by its transformation into a nearly $3 million new construction home, reflects how much underlying land and location can influence value in today’s market.
The trend extends well beyond one property. New Jersey accounted for 10.4% of residential demolition permits nationwide in 2025, ranking third in the country, according to research included in our original analysis of the 7 Sunset transaction
7 Sunset Drive Is Not an Isolated Example
We have seen similar competition for properties with significant location and redevelopment potential elsewhere in Millburn and Short Hills.
At 284 Forest Drive South in Short Hills, another Saritte Harel Team listing generated 24 offers and ultimately sold for $1.72 million, $620,000 above its $1.1 million asking price.
Jersey Digs referenced that transaction in its recent 7 Sunset coverage, noting that the buyer intended to replace the existing home with a larger new residence.
Together, these transactions demonstrate why evaluating Millburn and Short Hills real estate can require looking beyond the existing structure and considering the property’s broader potential.
See how 284 Forest Drive South sparked a 24 offer bidding war in Short Hills
What Buyers, Builders and Sellers Should Consider
Not every older home is a redevelopment opportunity, and not every lot makes financial sense for new construction.
For buyers and builders, the analysis can include lot size and shape, topography, zoning, acquisition price, construction costs, surrounding property values and the anticipated value of the completed home.
For homeowners, understanding that same equation can be important before selling. A property that appears dated or in need of substantial renovation may attract a very different buyer pool when builders recognize value in the land, location and surrounding new construction market.
The goal is not to assume an older home should be replaced. It is to understand all potential sources of value before determining pricing and marketing strategy.
Finding New Construction in Millburn and Short Hills
Buyers interested in new construction have several paths. They may purchase a completed home, buy while construction is underway, work with a builder earlier in the process or identify an existing property where they can create a custom home.
Not every opportunity reaches the public market at the same stage.
Some new construction homes are offered privately before appearing on major real estate websites. Other opportunities begin with an existing property that has not been marketed specifically as a potential building site.
The Saritte Harel Team works with buyers, homeowners and builders throughout this process, including identifying potential properties, evaluating local market value and providing insight into select private and upcoming new construction opportunities.
Explore our Construction Concierge services
Read our guide to custom home building in Short Hills
Frequently Asked Questions About New Construction in Millburn and Short Hills
How can buyers find new construction homes in Millburn and Short Hills?
Buyers can search for completed new construction, homes currently being built and properties that may ultimately be redeveloped. Some opportunities are also marketed privately before appearing on major real estate websites, making local builder and real estate relationships an important part of the search.
Are there off market new construction opportunities in Millburn and Short Hills?
Yes. Some new construction homes are offered privately before they are publicly marketed. Builders may also begin working with prospective buyers during construction or earlier in the development process.
Can a real estate agent help identify a property to build on in Millburn or Short Hills?
Yes. Because vacant residential land is limited, finding a building opportunity may mean identifying an existing property with the right location, lot characteristics and redevelopment potential. Local market knowledge can also help buyers evaluate acquisition price against the potential value of the completed home.
What should builders consider when purchasing property in Millburn or Short Hills?
Builders typically evaluate more than acquisition price alone. Location, lot characteristics, zoning, construction costs, nearby new construction sales, buyer demand and anticipated resale value can all influence whether a property represents a viable opportunity.
Who works with new construction buyers and builders in Millburn and Short Hills?
The Saritte Harel Team of Keller Williams Premier Properties works with homeowners, buyers and builders throughout Millburn, Short Hills and surrounding Essex County communities. The team’s experience includes new construction sales, builder acquisitions, private opportunities and helping buyers identify properties with potential for a custom home. Through our Construction Concierge, clients can also access resources and guidance throughout the process of identifying a property and planning a new home.
Looking fOr New Construction or a Building Opportunity?
Whether you are searching for a completed new construction home, hoping to identify a property to build on, evaluating a redevelopment opportunity or wondering how the underlying value of your property could affect a future sale, local market knowledge matters.
The Saritte Harel Team works with new construction buyers, builders, developers and homeowners throughout Millburn, Short Hills and surrounding Essex County communities.
Contact our team to learn more about current listings, private opportunities, upcoming new construction and properties that may offer building potential.
