Estates at Princeton Junction by Toll Brothers

[BobKovacs]

Originally Posted by juliann1977

Those models were upgraded out the wazoo, so I believe that they sunk 200k into them. But don't builders generally do reductions on models because they tend to get beat up with the masses traipsing through?

Actually, most builders try to sell the models as soon as they're built, and then lease them back from the buyers for the time period that they need the sales center. The buyers get to buy in at Phase 1 pricing and bank on price increases as the development builds out, and the builder gets to take the construction loan off their books.

In this case, it sounds like Toll wasn't able or willing to do that for whatever reason. That said, you should be able to pick that house up at whatever the base price is, plus around 1/3-1/2 of the options/upgrade costs- it's not unusual for builders to triple their cost to arrive at the pricing for upgrades, so their basis in the house is pretty low (not to mention that they normally get the subs to do the model options at no cost, in exchange for the ability to keep working in the tract, so their basis is actually even lower). You'd have to be out of your mind to pay $900k for that house (for so many reasons....lol).

[jerseyj]

We, too, went to look at those homes when they were 1st offered for sale (not to buy...just to snoop)
The big ones were selling for around 1M, the "carriage" homes where in the 700's and the townhomes were around the 600's.
People (lots with NY plates) were lining up to plunk down big bucks for them. I could not believe it!
You could literally wave to your neighbour from kitchen to kitchen or worse bath to bath
But they sold like hotcakes. I think if these people are trying to get what they paid for them, they need to pull their heads out of the sand join the rest of us in the real world.
Toll has since built a large apartment complex in the same development. I hear nothing but complaints from the renters, thin walls, lousy appliances, cheap finishes etc etc.
Oh! and the other thing is, the tracks run right along the back of the development.

[tahiti]

Originally Posted by juliann1977

Those models were upgraded out the wazoo, so I believe that they sunk 200k into them. But don't builders generally do reductions on models because they tend to get beat up with the masses traipsing through?

i know the one recent development in my area priced its model into the stratosphere. it was GORGEOUS, and the largest home. it went for over $1M - more than any other house (i'd say average price was around $700K) - this was in 2005. hopefully those folks plan on staying awhile!

how big are the lots in this Toll Bros development? i would *hope*...given the price and size....they'd be at least .5 acre.

[jerseyj]

Originally Posted by tahiti

i know the one recent development in my area priced its model into the stratosphere. it was GORGEOUS, and the largest home. it went for over $1M - more than any other house (i'd say average price was around $700K) - this was in 2005. hopefully those folks plan on staying awhile!

how big are the lots in this Toll Bros development? i would *hope*...given the price and size....they'd be at least .5 acre.

Tahiti- The 1M homes for sale are on .22 acres
When I said they could share bathroom time...I meant it

[CA2NJguy]

Originally Posted by tahiti

i did a little more digging on that development (because I was so shocked by the price!), and I'm guessing the OP is looking at purchasing the model home (CA2NJ - correct me if I'm wrong). the base price for the house is somewhere between $640 - $700K, based upon the 2700 sq ft size he mentioned. considering toll is asking $900K, it's got to be the model.

CA2NJ - you need to ask yourself if you think the $200-250K they are charging for upgrades are worth it. You'll probably have the most expensive house in the development, which, IMHO, especially now, isn't good.

yes I am talking about the model home. The square footage is actually 3100, but the lot is tiny. It does have a nicely finished basement at about 1200 sq ft.

I'm new to the East coast and one reason for considering this home is because I don't want to bother with having to fix up anything or to build out any landscape, etc. This house is all done, turnkey move in condition. I know there's a premium to be paid, but just want to hear your opinions on whether it's a terrible idea.

[jerseyj]

Originally Posted by CA2NJguy

yes I am talking about the model home. The square footage is actually 3100, but the lot is tiny. It does have a nicely finished basement at about 1200 sq ft.

I'm new to the East coast and one reason for considering this home is because I don't want to bother with having to fix up anything or to build out any landscape, etc. This house is all done, turnkey move in condition. I know there's a premium to be paid, but just want to hear your opinions on whether it's a terrible idea.

CA2NJ- The thing is there are a number of fairly new large developments in WW. The Estates at Princeton Jct happens to be one of the newest.
I would suggest you check out realtor.com zip 08550. Look at pages 7,8,9 and 10. All of these homes are in great neighbourhoods and have much bigger lots with mature landscaping.
Those lots in the Estates are TINY! And as mentioned earlier the train tracks run in the back of that development.
Good luck with your search!

[Troy1]

I agree with JerseyJ. We also went to look at the development and I recall the model home that you are talking about. The basement is finished very well. However, lot size is pathetic and as mentioned earlier you can literally look into your neighbor's house. The train line runs right behind the development and the whole dev was built on the bear brook swamp. It is cut off from the rest of town. You can do a lot better with that budget. As I mentioned, look into Hunter's Run, Windsor Park estates, Le Parc, Southfield meadows. I live in WW so if you need more info, you can PM me. Good Luck.

[Sheetal_MA]

I recently relocated from New England and zeroed in on West Windsor for the schools. The Estates at Princeton Junction area is very popular. I currently live in the apartment complex in the community and couldn't believe the low vacancy rate given that they were one of the most expensive apartments in the area. The apts were gone within a day or two after coming onto the market. I think they're popular due to close proximity to the train station (good for spouse looking for work - NYC, PHL easy commute), have nice features that make it feel more like a home than apt (ceramic floor, maple cabinets, crown molding, open layout), and it's quiet.

I have visited the Toll sales office at the Estates at Princetion Junction from time to time to research the local real estate market. My first visit was in April 2007 and the latest 2 weeks ago. During each visit there were at least 3 other families taking a look. Even with the slowdown in the real estate market in 2007, they sold 25+ lots from Sept to Dec and now they are all sold out. So while the lots are small, they're selling while other builders are struggling.

With respect to the prices, the community has 3 categories of single family homes - reasonable, moderate, and high. To my surprise, the high priced ones were the first to sell out. Home prices (@Nov 2007) in the reasonably priced section range from $560K (smallest floorplan, w/o basement) to $750k. The $900K mentioned by the OP is for the model home which is fully furnished. The base price for that house is $730k. Given almost $200k in upgrades and $100k+ in furnishings, I think it's a great deal. I'd buy it if I had the money. It's ideal for someone moving from the west coast because you don't have to go through the hassle of moving furniture - just bring your clothes and you're good to go.

As someone who is relocating to the area, I looked at other areas to compare prices. People here have mentioned other communities in WW but I think most houses there are 10+ years old. If you live in a home for add'n 10 years, you'll need to replace the roof, water heater, carpet, etc. in that time while with new construction, you don't really need to do anything. I saw a couple homes in Plainsboro with backyard adjacent to the train line for $550K+. The lot was just a little bit bigger but the homes were 10-15 years old. There is a village style home on a major street listed for $600k. I also looked at new construction in Franklin Township (price range $600k-$750k but poor schools) and Burlington County (price range $450k-$600k but village style homes with unusual driveway and very little land).