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Guest
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 Posted: Sat, Jul 7 2007, 10:49 am EDT Post subject: Cranbury Heights home $1,895,000 (26 Acres) |
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$1,795,000
5 Bed, 4.5 Bath
26 Acres
* Single Family Property
* Area: Cranbury Twp
* County: Middlesex County
* Subdivision: Cranbury Heights
* New construction
* 5 total bedroom(s)
* 4.5 total bath(s)
* 4 total full bath(s)
* 1 total half bath(s)
...
http://www.realtor.com/realestate/cranbury-nj-08512-1081525662/ |
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tracker
Guest
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| Posted: Sat, Dec 1 2007, 1:30 pm EST Post subject: Re: Cranbury Heights home $1,895,000 (26 Acres) |
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| The new price is $1,895,000. |
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Guest
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| Posted: Sat, Dec 1 2007, 10:55 pm EST Post subject: Re: Cranbury Heights home $1,795,000 (26 Acres) |
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| Richard increased $100K on this. Does he feels the local market is going to turn in spring? |
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Guest
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| Posted: Sat, Dec 1 2007, 11:30 pm EST Post subject: Re: Cranbury Heights home $1,795,000 (26 Acres) |
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Not a chance the market is turning around that soon. It would defy even the most optimistic projections. Plus, even if it did, he wasn't able to sell the land/future home at the previous price for the last 4+ years it has been on the market, including the peek, so it hardly seems like the value would exceed the peek of the market.
Either he is testing a higher price to attract a different kind of buyer because there are already a couple competing homes at higher prices in the market (this actually works some times) or he is reacting the the increased cost to actually build the home.
He is selling a house that doesn't exist. The list price reflects the purchase of the land (the farming field at the corner of Cranbury Neck and Ancil Davison plus the 1 acre buildable within Appplegate Court, next to his current primary residence) plus the purchase of a home that hasn't been built. If someone actually tries to buy it, he would end up telling them that the price is based on plans for a home and he would probably help them navigate doing a loan to buy the land and fincance the construction. You typically have to put at least 50% of the cost of the land down though. He values the land between $800K-1M of the price, realistically the lesser. |
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Guest
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| Posted: Mon, Dec 3 2007, 8:55 am EST Post subject: Re: Cranbury Heights home $1,795,000 (26 Acres) |
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If this one (asking $3,299,000) on Lenape Ct. was sold recently, then it may indicate the market for million-dollar homes is still ok.
http://cranbury.info/viewtopic.php?t=1685
The rich (or Rich  ) is richer even in this tough environment. |
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Guest
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| Posted: Mon, Jan 14 2008, 12:14 pm EST Post subject: Re: Cranbury Heights home $1,795,000 (26 Acres) |
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| Guest wrote: | If this one (asking $3,299,000) on Lenape Ct. was sold recently, then it may indicate the market for million-dollar homes is still ok.
http://cranbury.info/viewtopic.php?t=1685
The rich (or Rich ) is richer even in this tough environment. |
Except the Lenape one doesn't seem to have sold and instead was reduced (though is still way too high)... |
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right
Guest
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| Posted: Mon, Jan 14 2008, 7:00 pm EST Post subject: Re: Cranbury Heights home $1,795,000 (26 Acres) |
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| Guest wrote: | | Guest wrote: | If this one (asking $3,299,000) on Lenape Ct. was sold recently, then it may indicate the market for million-dollar homes is still ok.
http://cranbury.info/viewtopic.php?t=1685
The rich (or Rich ) is richer even in this tough environment. |
Except the Lenape one doesn't seem to have sold and instead was reduced (though is still way too high)... |
I think Rich is not in a hurry to sell this one, probably because the property tax is low, and there is income coming from renting the land out for farming. It is probably making money while it sits there waiting for a buyer. |
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Guest
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| Posted: Mon, Jan 14 2008, 9:47 pm EST Post subject: Re: Cranbury Heights home $1,795,000 (26 Acres) |
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| right wrote: | | Guest wrote: | | Guest wrote: | If this one (asking $3,299,000) on Lenape Ct. was sold recently, then it may indicate the market for million-dollar homes is still ok.
http://cranbury.info/viewtopic.php?t=1685
The rich (or Rich ) is richer even in this tough environment. |
Except the Lenape one doesn't seem to have sold and instead was reduced (though is still way too high)... |
I think Rich is not in a hurry to sell this one, probably because the property tax is low, and there is income coming from renting the land out for farming. It is probably making money while it sits there waiting for a buyer. |
The income from the farming is neglible -- not even as much as the tax on the property. |
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tax info
Guest
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| Posted: Mon, Jan 14 2008, 10:01 pm EST Post subject: Re: Cranbury Heights home $1,895,000 (26 Acres) |
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This one consists of two pieces:
1) One acre land for building your dream home; assessed value for the land is $350,000 (tax $3,025 (2006)).
2) 25.02 acres of farm land, assessed value $19,500, tax $499 (2006).
The total property tax for 2006 is $3,524. |
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Guest
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| Posted: Mon, Jan 14 2008, 10:40 pm EST Post subject: Re: Cranbury Heights home $1,895,000 (26 Acres) |
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| what is the taxt after reassessment? |
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tracker
Guest
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| Posted: Wed, Jan 23 2008, 8:44 am EST Post subject: Re: Cranbury Heights home $1,859,000 (26 Acres) |
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| The new price is $1,859,000. |
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Guest
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| Posted: Wed, Jan 23 2008, 10:16 am EST Post subject: Re: Cranbury Heights home $1,859,000 (26 Acres) |
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| tracker wrote: | | The new price is $1,859,000. |
Unimpressive change. Not sure what Rich is up to. First he unsuccessfully markets the lot without the theoretical house for at least 4 years during the lartest up market in history. Then he decided to promote it as if there is actually a house when any intrigued buyer will quickly be told he has plans for the great house they could build in a year or so. Then as the market declined he raises the price even though it didn't sell for less when the market was still stronger...
On top of all that, I doubt you actually get a guaranteed house for the listed sale price anyway. He's going to sell you the land and the plans and giev you an introduction to the guys at Alliance Homes who built the court the house has to sit it (all but one acre of the land is required to be farmlands and you have to place the house in the court) and then the actual cost will totally depend one what you negotiate with Alliance, what finishes you want, fluxuating material and labor prices and how you finance. And since land requires much larger downpayments even in the days of easy loans, expect to need at least $400K up-front in cash before your loan.
If I were really interested in this lot, I would say it may be worth about $600-700K plus whatever the cost of the home you build. It will have a great preserved farm field view forever, which is what gives you even that value... |
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