South Bound Brook - short sale (2010, to rent, insurance)

[abhimehr]

Townhouse built in Oct 2006, bought then for ~$400K. Seller's bank has listed it as a short sale, may go for ~$320K. Is this a good price to get in for that boro ?

[Delphi]

Originally Posted by abhimehr

Townhouse built in Oct 2006, bought then for ~$400K. Seller's bank has listed it as a short sale, may go for ~$320K. Is this a good price to get in for that boro ?

320K may be close to 2004 price.!!!!!!!!! Good deal? You figure.

[xmonger]

Currently, the max anyone should bid in this market is 02/03 pricing. The market will retrace to levels below that before we see any stabilization. IMHO.

[syncmaster]

Originally Posted by abhimehr

Townhouse built in Oct 2006, bought then for ~$400K. Seller's bank has listed it as a short sale, may go for ~$320K. Is this a good price to get in for that boro ?

I wouldn't buy by the canal at that price.

[abhimehr]

Originally Posted by syncmaster

I wouldn't buy by the canal at that price.

This property does not require flood insurance... the current owner does not have it. It is in a low risk area but I will find out from my title person later this week for assurance and what flood level this unit is classified under.

[Jerseyt719]

South Bound Brook isn't notable for flooding. But $320 seems really high to me for that town.

[desertsun41]

Keep in mind that $320K now will be worth around $250K by years end or next spring.

No one believed that $400K home in 2005 would be worth $370K in 2006. No one believed that $370K home in 2006 would be worth $350K in 2007.
No one believed that $350K home in 2007 would be worth $320K in 2009.

So why would anyone think that $320K home now will not be worth less in 2010?

Shall I go on to 2012 or beyond? You get the point. If you wish to deny it can happen, even though it already has the past 4 years consecutively, then I will be happy to save this post and your email and give you a courtesy mail when it happens.

No hate mail from Realtors please ! Except the facts.

[abhimehr]

I don't wish to deny that prices may go down in the near future. But what do you suggest I do, if I have to buy now ?
1. Quote a futuristic low price. How long will I have to wait for this to happen ?
2. Not buy now and keep renting ? P.S. At the current tax rates and rebates, even if the home price goes down by a further $20K, I should break even as opposed to renting..... no ?

"If you wish to deny it can happen, even though it already has the past 4 years consecutively, then I will be happy to save this post and your email and give you a courtesy mail when it happens."

Seriously ? Easy desertsun41.

[Jerseyt719]

Originally Posted by abhimehr

I don't wish to deny that prices may go down in the near future. But what do you suggest I do, if I have to buy now ?
1. Quote a futuristic low price. How long will I have to wait for this to happen ?
2. Not buy now and keep renting ? P.S. At the current tax rates and rebates, even if the home price goes down by a further $20K, I should break even as opposed to renting..... no ?

"If you wish to deny it can happen, even though it already has the past 4 years consecutively, then I will be happy to save this post and your email and give you a courtesy mail when it happens."

Seriously ? Easy desertsun41.

If you have to buy now, then you do it. I think that $320K is really high for a townhouse. Lowball, the worst they can say is no.

Unless you are looking to flip really quick, this is not a bad time to buy.
Best of luck to you in your new home.

[lets_hope_for_newbruns]

for a 2 bedroom townhome its still a high price in that area especially because that part of south bound brook was impacted by hurricane floyd... unless they did something which I doubt...

...check out whats happening to prices in townhomes in east brunswick and north edision...i am shocked to see what these are being sold at these days.
the air quality in south bound brook is better than edison or other congested places though.

there will never be right answer...u have select the best choice and it may be still be another compromise then.