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Guest
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 Posted: Wed, Jul 2 2008, 3:10 pm EDT Post subject: Cranbury home $875,000 (Plainsboro Rd.; reduced; sold?) |
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$1,110,000
3 Bed, 2 Bath
1 Acres
* Single Family Property
* 3 total bedroom(s)
* 2 total bath(s)
* 2 total full bath(s)
* 6 total rooms
* Type: Raised ranch, Fee simple, Ranch, Single/Detached
* Attached parking
* Heating features: Baseboard, Oil
* Interior features: Foyer/vestibule, Main floor laundry, Wall to wall carpeting, Wood floors, Master bedroom on main floor
* Exterior features: Fenced, Oversized garage, Patio, Rear yard, Septic sewer system, Storage/out-building(s), Water supply from well(s), Wooded
* Exterior construction: Brick
* Approximately 1 acre(s)
* School District: Cranbury Twp
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http://www.realtor.com/realestateandhomes-detail/187-Plainsboro-Rd_Cranbury-Twp_NJ_08512_1110745417 |
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Guest
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| Posted: Wed, Jul 2 2008, 4:52 pm EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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Does this home come with the secret bat cave or a gold mine or something?
Because short of that it may get the award for the most absurdly overpriced Cranbury home in recent history. What are they smoking? It is amazing people still waste their time and everyone else's with these bogus listings that obviously have no basis in reality and will never sell. The agent must be desperate for any listing even one that has no chance of moving until the price is halved… |
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Guest
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| Posted: Wed, Jul 2 2008, 5:13 pm EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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From the listing description: "40 years of pride-filled gardening and landscaping is evident when you walk thru the mature bushes and trees. Rhododendron, Azaleas, and many collector's speciemens are present."
We can track how many price reductions and days on the market for this one.
BTW, as of today (7/2/08 ), the Dow year-to-date performance is -15.45%.
Good luck to the owner(s). |
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Guest
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| Posted: Wed, Jul 2 2008, 8:23 pm EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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I thought this was a typo but it shows the same on Realtor.com. Incredible.
This home reassessed at the peek of the market in late 2006 for $576,400. So the owners think that in the subsequent down market their of the last 1.5 years their home has doubled in value!
Maybe this is some inside joke or something. Because they can't be serious. |
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lurker
Guest
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| Posted: Thu, Jul 3 2008, 6:08 am EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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Assessed value and market value are not the same thing.
The assessed value is much more static, used for calculating the tax amount on a home and does not reflect the dynamic nature of market value, which is "The sale price of real estate as agreed upon between a willing buyer and a willing seller, with neither being under any duress to either buy or sell.". |
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Guest
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| Posted: Thu, Jul 3 2008, 6:50 am EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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| lurker wrote: | Assessed value and market value are not the same thing.
The assessed value is much more static, used for calculating the tax amount on a home and does not reflect the dynamic nature of market value, which is "The sale price of real estate as agreed upon between a willing buyer and a willing seller, with neither being under any duress to either buy or sell.". |
Yes, that's true.
What is the probability of this house finding a willing buyer at the current asking price in a reasonable time frame (say 6 months)?
What will the seller(s) gain by having a bunch of strangers visiting the home for a long period of time? |
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Stop the Whining
Guest
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| Posted: Thu, Jul 3 2008, 12:04 pm EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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| Guest wrote: | I thought this was a typo but it shows the same on Realtor.com. Incredible.
This home reassessed at the peek of the market in late 2006 for $576,400. So the owners think that in the subsequent down market their of the last 1.5 years their home has doubled in value!
Maybe this is some inside joke or something. Because they can't be serious. |
My house was assessed for the same money a couple of years ago. I am finally a millionaire  |
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Guest
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| Posted: Thu, Jul 3 2008, 12:40 pm EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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NAR has stated it takes an average of 10 months right now to sell a house. So, what's the difference if they try to sell it for 1.1 mil and give a huge discount - You can already see homes in our area slashing their prices. It's harder to get a mortgage these days and even at a great rate. As always, Real estate is cyclical (this is just the bottom) - and the prices will go back up. But, just wait in a couple of years that it may be worth that price.
We live in an excellent area and our kids have the benefit of going to one of the top school systems (includes princeton high school). How much is that worth to a parent? Just look a private school tuitions. |
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Guest
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| Posted: Thu, Jul 3 2008, 4:26 pm EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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| lurker wrote: | Assessed value and market value are not the same thing.
The assessed value is much more static, used for calculating the tax amount on a home and does not reflect the dynamic nature of market value, which is "The sale price of real estate as agreed upon between a willing buyer and a willing seller, with neither being under any duress to either buy or sell.". |
When the asessment is years old it becomes minimally meaningfully, mostly in terms of understanding at what rate the property has appreciated or depreciated versus current fair market comps or to compare valuations with similarly assessed houses.
But this assessment is less than 2 years old and was done at the market peak. It would be foolish to suggest that it is so irrelevant as to justify a home doubling its price. If that were true, then the Township should be suing the reassessment company because we everyone else is paying for the under taxation of this home and probably other like it.
Sure at the end of the day the fair market value is whatever someone is finally willing to pay. But this one is so far out of the ballpark that declaring no one will pay near the ask price is a more conservative bet than making plans based on the assumption that you'll that the Earth will still be rotating around the Sun tomorrow. There's got to be a limit beyond which the audacity of even listing it at a certain price becomes paramount. This seller is so unrealistic that all they are accomplishing is adding to the inventory of quickly stall home inventory in the area, which just hurts the market for everyone. Perhaps that is their actual goal because obviously they aren't really interested in a sale. |
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Guest
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| Posted: Thu, Jul 3 2008, 4:29 pm EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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| Guest wrote: | NAR has stated it takes an average of 10 months right now to sell a house. So, what's the difference if they try to sell it for 1.1 mil and give a huge discount - You can already see homes in our area slashing their prices. It's harder to get a mortgage these days and even at a great rate. As always, Real estate is cyclical (this is just the bottom) - and the prices will go back up. But, just wait in a couple of years that it may be worth that price.
We live in an excellent area and our kids have the benefit of going to one of the top school systems (includes princeton high school). How much is that worth to a parent? Just look a private school tuitions. |
It's not going to be worth that price in a couple years, even if the market recovers. The home only made it half way to that value during the most robust and inflated real estate boom in U.S. history. There is not a single credible economist that believes that level of home value inflation will be repeated soon. Yes homes will improve in value again and eventually exceed the previous highs and keep going. But it will happen gradually. Even if we are at the bottom and prices start rebounding tomorrow, this home won't see a $1.1M price in a decade. |
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Guest
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| Posted: Sat, Jul 5 2008, 9:09 am EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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"Meandering down a peaceful country lane, surrounded by serene wooded scenery, is this unique, one of a kind home. Enjoy the quiet, bucolic setting as you walk up the flagstone patio into the hardwood foyer and into the huge Great Room/Living Room with fireplace and wood floors. Over-sized picture windows abound at every angle to give full views of the gorgeous, lush grounds. Built-in closets and shelving are extensive throughout the home. The spacious kitchen has butcher block counters, white painted, maple custom cabinetry (2 with glass front doors), and tiled walls. Both full bathrooms have ceramic tiled walls and floors. Mud Room, 2 Car heated Garage and more. 40 years of pride-filled gardening and landscaping is evident when you walk thru the mature bushes and trees. Rhododendron, Azaleas, and many collector's speciemens are present. Enjoy the views from either front or back patios. Award-winning Cranbury-Princeton school district."
http://www.trulia.com/property/1063696532-187-Plainsboro-Rd-Cranbury-NJ-08512 |
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Guest
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| Posted: Sat, Jul 5 2008, 9:24 am EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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| Blah, blah, blah. I'll give you this -- if the fancy agent description manages to pull an extra $550,000 from the fair market value of the property, I sure as heck know who I'll list with if I ever sell... |
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Guest
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| Posted: Sun, Jul 6 2008, 6:21 pm EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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| This has got to be a joke - it is right? |
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Guest
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| Posted: Sun, Aug 3 2008, 11:02 am EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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| Does anyone know why the asking price for this one is so high? |
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Guest
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| Posted: Sun, Aug 3 2008, 12:51 pm EDT Post subject: Re: Cranbury home $1,110,000 (Plainsboro Rd.) |
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| Only the sellers can really know but it seems likely they have drastically unrealistic expectations. |
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Guest
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| Posted: Fri, Aug 22 2008, 11:03 am EDT Post subject: Re: Cranbury home $950,000 (Plainsboro Rd.; reduced) |
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| new price: $950,000. |
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