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Old 08-18-2008, 06:53 PM
 
3 posts, read 7,839 times
Reputation: 11
Default how low for 2br condo @ edison

We are considering buying a condo in westgate in central nj (edison 08820) . this is a 2br condo with basement and a loft. This is being listed at 350. Comps show that lowest in this community was sold at 320 a few months back. Some have sold as high as 335K. But there was one that sold last year at 300K !. How much do you think our first offer should be ? And how much should be the max ? We can easily afford much more than that but we do not want to overpay in this market.
Can we start off at 15% below 320 ?
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Old 08-18-2008, 07:06 PM
 
Location: N.E. I-95 corridor
792 posts, read 1,947,262 times
Reputation: 189
Quote:
Originally Posted by confused101 View Post
We are considering buying a condo in westgate in central nj (edison 08820).
Ok, but why Edison? Train to NYC? Diversity? Why?

Quote:
Originally Posted by confused101 View Post
This is being listed at 350.
That's well in excess of $1/3M in a down market, in Edison (+/-), and not even a real house - a condoe ! It's WAY overpriced with respect to current conditions IMO.

Quote:
Originally Posted by confused101 View Post
Comps show that lowest in this community was sold at 320 a few months back. Some have sold as high as 335K. But there was one that sold last year at 300K !. How much do you think our first offer should be ? And how much should be the max ?
Looks like the "working range" is 300-335K (not 300-350k). My opinion is that first offer should be $300-305k, with upward negotiation towards around $315k (which is discounted 10% off of $350k) but not to exceed $318k. So start at $300k with a "CAP" of $318k.

Last edited by Spincycle; 08-18-2008 at 07:15 PM..
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Old 08-18-2008, 08:21 PM
 
Location: Cranford NJ
985 posts, read 2,127,233 times
Reputation: 319
The ones over by the tracks sell for less. If the unit is nicely painted, and updated it will sell for more. Compare apples with apples. Check out where the units are that sold for less. Some of those units have not been updated whatsoever.
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Old 08-19-2008, 12:53 PM
 
Location: N.E. I-95 corridor
792 posts, read 1,947,262 times
Reputation: 189
I hope the OP has a reliable and honest buyers agent/broker.

Basically the approach I am advising is take 10% off of the $335 comp. (or go to the lowest comp of 300k) in this down market which is in the $300-305k point.

Take the median of the comps $318k (for 300-335) range as your "cap".

What has you agent said, etc?
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Old 08-19-2008, 01:55 PM
 
Location: Central New Jersey
1,288 posts, read 3,913,417 times
Reputation: 276
Just like stated above, the tracks units are priced a little lower. From what you see in the comps, I would say to start around $310K and see what happens but know what your willing to go up from there. Price wise I would say to have your mindset for $335K if in great condition, $330K if okay, $320K to $325K if needs lots of work.
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Old 08-19-2008, 04:07 PM
 
Location: N.E. I-95 corridor
792 posts, read 1,947,262 times
Reputation: 189
Low ball and play hardball - low 300 regardless of condition. It's a condo, only 2br and in a down market to boot. Low 300 here.
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Old 04-28-2009, 02:42 PM
 
Location: West Orange
174 posts, read 382,346 times
Reputation: 36
Quote:
Originally Posted by confused101 View Post
We are considering buying a condo in westgate in central nj (edison 08820) . this is a 2br condo with basement and a loft. This is being listed at 350. Comps show that lowest in this community was sold at 320 a few months back. Some have sold as high as 335K. But there was one that sold last year at 300K !. How much do you think our first offer should be ? And how much should be the max ? We can easily afford much more than that but we do not want to overpay in this market.
Can we start off at 15% below 320 ?

That's expensive. I am looking as well and will not spend more than 250 in this market for a 2 bedroom. That includes Cranford, which is very affluent as well as Springfield or even Wesfield (I saw a townhouse there listed at 289K with a full basement, 2 beds, and loft)
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Old 04-28-2009, 04:35 PM
 
329 posts, read 1,030,340 times
Reputation: 104
low ball to 275k if its 1 bath.

the reason its selling well is because of great school (JP stevens)
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Old 04-28-2009, 05:26 PM
 
Location: Linden, NJ
85 posts, read 217,912 times
Reputation: 56
Talking Ahhh.... This post is a few years old and people still answering it?

Ahhh.... This post is a few years old and people still answering it?
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