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 Posted: Fri, Sep 4 2009, 2:37 pm EDT Post subject: 50% off asking price for this home |
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This home was listed in Sept. 2007 for $3,800,000. It was sold in July 2009 for $1,900,000! The assessed value is $2,224,200.
If you have cash and need to buy a Cranbury home, now is a good time.
http://www.trulia.com/homes/New_Jersey/Cranbury/sold/851834-2-Lenape-Ct-Cranbury-NJ-08512
P.S. I don't understand why this one was sold on 05/17/1999 for a mere $237,500! |
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| Posted: Fri, Sep 4 2009, 4:36 pm EDT Post subject: Re: 50% off asking price for this home |
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It would have been a LOT sale in 1999 -- it was a custom built home. And its silly to compare the sale price to the original asking price when that was utter fantasy and comical to begin with. What is interesting and useful is the sale price relative to the 2006 assessment price during the market high. Looks like it is down about 10% from the market top, which isn't too all things considered. |
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| Posted: Sat, Sep 5 2009, 3:11 pm EDT Post subject: Re: 50% off asking price for this home |
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I know the sellers of this house. They ended up moving out of town to escape Cranbury property axes (a shocking 34K per year for this house). This costom home cost nearly 3 million to build several years ago with the pricetag for the indoor pool alone = 800K.
The house was "given" away for 15% less than the appraised value in 2007.
It really is a good time to buy a house almost anywhere at very discounted pricing. |
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Guest
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| Posted: Sat, Sep 5 2009, 4:01 pm EDT Post subject: Re: 50% off asking price for this home |
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| Guest wrote: | I know the sellers of this house. They ended up moving out of town to escape Cranbury property axes (a shocking 34K per year for this house). This costom home cost nearly 3 million to build several years ago with the pricetag for the indoor pool alone = 800K.
The house was "given" away for 15% less than the appraised value in 2007.
It really is a good time to buy a house almost anywhere at very discounted pricing. |
All that matters in relation to the state of the Cranbury housing market of everything you wrote was how much less it sold for than the October 2006 (not 2007) re-assessment, which was done at the peak of market. The fact that it sold for between 10-15% less than the market peak is actually great. Most of the New Jersey market is done 20+% and statistically the hardest hit are the luxury homes, which this would certainly qualify. Of course it is a great time to buy, and a lousy time to sell – that is true almost everywhere right now. But overall as a homeowner I am happy to see prices have held up so well based on this and other sales.
Anytime you sell, the price you personally “put into” a home is totally irrelevant. Some owners who know they may sell someday are very conscious of not over-invest in upgrades the almost never recovered in resale value. Too invest almost $800K into a pool is incredible. I assume they understood they would not see it back.
By the way, your story doesn’t ring true. Someone who ca afford to invest over $3M into a home would not be so financially stupid as to move at a loss of over $1.5M to avoid $34K a year in property taxes. Do the math. That would be insane. Not to mention, anyone who can invest over $3M in home upgrades can really be shocked or appalled by $34K in property taxes. Are you seriously suggesting that someone would feel okay putting $800K into a pool but move because of $34K in taxes? Not to mention, they actually got a DEAL on property taxes because they would have been assessed on the $2.2xM not the $3.xxM the home cost them. In many other markets their taxes would have been much worse since, while NJ has high taxes as a percentage of assessment value, some markets assess based on purchase price or construction price if new. In CA, they would have been paying almost $50K in property taxes based on the construction costs and would have had lousy public schools for their trouble. |
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| Posted: Sat, Sep 5 2009, 9:14 pm EDT Post subject: Re: 50% off asking price for this home |
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| well said. |
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wow!
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| Posted: Sat, Sep 5 2009, 9:37 pm EDT Post subject: Re: 50% off asking price for this home |
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| The pool alone costs more than the assessed value of my home, which has a Sylvan in-ground pool! |
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