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 Posted: Wed, Jul 16 2008, 7:14 pm EDT Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced) |
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| What does a drop of $8000 on a $1875000 house amount to? __NOTHING__!! |
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Guest
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| Posted: Wed, Jul 16 2008, 9:48 pm EDT Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced) |
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| Guest wrote: | | What does a drop of $8000 on a $1875000 house amount to? __NOTHING__!! |
About 1/3 of 1%. That and the outrageous initial price and slowness to adjust the price scream that this is not a serious seller. They are either in serious denial or just have it out there in case someone falls in love with it and ignores the market comps or trends. There is about a 1/3 of 1% chance of that as well, but hey that means its still possible... |
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Guest
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| Posted: Wed, Jul 16 2008, 10:11 pm EDT Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced) |
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Let's put this house into local perspective.
After 8.5 months, they have managed to reduce the price to something still over 20% above the reassessment price done in October 2006 at the peak of the market. They started by asking for over about 50% over the reassessment value.
Now I know there are some people who like to protest that the reassessment value has no relationship to the current fair market value but that just isn't the case when the reassessment was as recent as this one was. Even if it is not an exact measure, its not wildly off. But if you disagree, prove it. List a single house that has sold in Cranbury in the last year to 18 months that got even 10% over the reassessment value. I'm not even sure there is one that got 5% over but even so that is a small fraction of the overage they are asking -- it would be unprecedented in the current local market.
So then let's compare two other houses of comparable size and even newer that are for sale or sold this year on Liedtke Drive. #17 just came on the market and day one is asking less than 10% over the reassessment value. #24 went under contract a few months ago for slightly less than the reassessed value.
Why would anyone pay 20% or even 10% over reassessment value when there are comparable homes available for hundreds of thousands less and more in line with their current assessed values?
If this person is not diluted the other possibility is they are in trouble. I have seen many cases where people have over-leveraged the increasing paper value of their homes during the up-market with one or multiple home equity loans to pay for things like the "nice pool" only to now find that the combined value of the loans and mortgage is more than the current fair market value of the home. That could be the case here. |
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Guest
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| Posted: Wed, Sep 10 2008, 11:00 pm EDT Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced) |
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Wow, this one is asking for over $850,000 more than another house just listed on the same street with the same # of bedrooms and bathrooms, the same lot size and the cheaper one has a pool. The cheaper one looks pretty nice from the pics too.
Why would anyone pay almost double for this one? |
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Guest
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| Posted: Sat, Sep 20 2008, 9:45 pm EDT Post subject: Re: Cranbury home $1,850,000 (Petty Rd.; reduced) |
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| new price: $1,850,000. |
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Guest
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| Posted: Sat, Sep 20 2008, 11:25 pm EDT Post subject: Re: Cranbury home $1,850,000 (Petty Rd.; reduced) |
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I don't know whether to laugh or feel sorry for this "seller" (I doubt they are really serious) and agent.
This house has been on the market over 10.5 months and is still prices hundreds-of-thousands too high. Yet the make these tiny adjustments to the asking price after months. It's really hard to comprehend that they are serious sellers. At this rate, they will hit the fair market value of the home in about 5 years on the market... |
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Guest
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| Posted: Sun, Sep 21 2008, 8:47 am EDT Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced) |
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| Guest wrote: | Wow, this one is asking for over $850,000 more than another house just listed on the same street with the same # of bedrooms and bathrooms, the same lot size and the cheaper one has a pool. The cheaper one looks pretty nice from the pics too.
Why would anyone pay almost double for this one? |
I guess they figured reducing it to $825,000 more than the other one made them about even now... |
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Guest
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| Posted: Thu, Sep 25 2008, 11:32 am EDT Post subject: Re: Cranbury home $1,800,000 (Petty Rd.; reduced) |
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| new price: $1,800,000. |
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Guest
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| Posted: Thu, Feb 12 2009, 11:06 am EST Post subject: Re: Cranbury home $1,800,000 (Petty Rd.; reduced) |
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| Anyone want to make any bets on how long this house actually stays on the market or whether it will be dropped to something within the hemisphere of a fair market price (versus the owners just giving up on their fantasy and pulling it)? It's going on 15 months and counting. It was worth about $1.4 million when it listed for $2.1 million in 2007. It's probably lost another $150-200,000 in value since. It gets both prices for the most audaciously over-priced and the longest on the market all at once. By comparison the other house on Petty at $900-something is a super bargain and even that hasn't sold... |
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