how low for 2br condo @ edison (Cranford, Springfield: how much, townhouse, buying)

[confused101]

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 ?

[Spincycle]

Originally Posted by confused101

We are considering buying a condo in westgate in central nj (edison 08820).

Ok, but why Edison? Train to NYC? Diversity? Why?

Originally Posted by confused101

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.

Originally Posted by confused101

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.

[Sergio M]

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.

[Spincycle]

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?

[DodgeViper01]

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.

[Spincycle]

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.

[Caro257]

Originally Posted by confused101

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)

[lets_hope_for_newbruns]

low ball to 275k if its 1 bath.

the reason its selling well is because of great school (JP stevens)

[VictorKaminski]

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