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Guest
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 Posted: Tue, Apr 26 2011, 8:32 pm EDT Post subject: Cranbury home $725,000 (S. Main Street; gone?) |
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$725,000
Beds: 3
Baths: 1.5
Lot Size: 0.16 Acres
Age: 150 year(s) old
1 total full bath
1 total half bath
9 total rooms
2 stories
Type: Detached
Family room
Kitchen
Master Bedroom is 16x14
Living room is 15x15
Dining room is 15x15
Family room is 15x14
Kitchen is 16x11
Den is 15 x 7
Basement is Full, Unfinished
1 car garage
Forced air heat
Cooling features: Central Air Conditioning
Inclusions: Dishwasher, Kitchen Pantry, Refrigerator
Approximate lot is 45X157
Lot size is less than 1/2 acre
Existing Structures: Spring House
Utilities present: Public Water, Public Sewer
School District: Cranbury Twp
Parking space(s)
Basement
Dining room
Den
Hardwood floors
MainFloorBathroom
Master Bedroom
Living Room
Energy Info: Ceilng Fan(s)
http://www.realtor.com/realestateandhomes-detail/29-S-Main-St_Cra_NJ_08512_M65551-98305 |
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Guest
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| Posted: Wed, Apr 27 2011, 9:12 am EDT Post subject: Re: Cranbury home $725,000 (S. Main Street) |
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| There are two homes within a block or so of this one on S. Main both asking $675,000 and that haven't moved quickly at that price and both have bigger lots, bigger houses and more rooms and a pool in one case. |
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Guest
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| Posted: Wed, Apr 27 2011, 1:57 pm EDT Post subject: Re: Cranbury home $725,000 (S. Main Street) |
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| Guest wrote: | | There are two homes within a block or so of this one on S. Main both asking $675,000 and that haven't moved quickly at that price and both have bigger lots, bigger houses and more rooms and a pool in one case. |
Thanks, very helpful. Any idea what I should offer? |
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Guest
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| Posted: Wed, Apr 27 2011, 3:20 pm EDT Post subject: Re: Cranbury home $725,000 (S. Main Street) |
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| Guest wrote: | | Guest wrote: | | There are two homes within a block or so of this one on S. Main both asking $675,000 and that haven't moved quickly at that price and both have bigger lots, bigger houses and more rooms and a pool in one case. |
Thanks, very helpful. Any idea what I should offer? |
In the end what a home is worth is ultimately a subjective decision of the buyer and seller. Often sellers expectations are unrealistic and whether they ultimately sell comes down to how much they need to. They may withdraw from the market being the fair market values they were offered were “fire sale” prices or trying to “steal” the house, because they lack a rational perspective on the market. Or a buyer may fall in love with a house or be absolutely committed to the market and like it more than their other options and be willing to pay a premium to market.
In this case this house is directly next door to a larger house from the sale vintage that is listed for $50K less. That house was on the market last year, asking around the same price as this one is now if memory serves, and withdraw from the market before coming back on a month or so ago.
This house listing for $725K assessed at the peak of the market in late 2006 for $578K then was later reassessed down to $538K. It may be even lower this year, I don’t know. Zillow.com, which estimates home values based on a complex algorithm of local comparable sales, house size, lot size, # of rooms, tax assessment, etc., currently estimates the house as worth $557.5K, with an upper “range” of $597K. I am not suggesting either of these data points is the true FMV of the house but they are useful information in assessing it. For point of comparison, the house next door assessed in 2006 at $630K then last year at $587K and has a Zillow estimate of $594K (up to $653K). And its starting ask is $50K less.
I personally would not pay more for this house than the two large ones along the same part of the street, all on the same side of the street. And my guess based on how high the ask is the sellers of this house do not have realistic expectations and would not consider a fair market offer. But you never know, they could just have some odd strategy of setting the ask very high versus their take. If you’re interested in the house, it never hurts to offer something more realistic knowing they may not take it. Try not to fall in love with a house that you don’t know whether the sellers or serious about selling. I would probably make an offer in the high-$500’s.
Good luck. This is prime home selling season so a lot of houses will come on the market over the next month or so. |
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