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Unread 03-30-2009, 02:53 PM
 
Location: West Orange
174 posts, read 367,753 times
Reputation: 36
Default Pricing of Condos in Cranford, nj

I am looking at some condos/town houses in cranford, nj and would like to know what they are really worth. I saw one in Parkway Village, which I loved by it was snatched the next day. The asking price was 229,900 and it was dwo levels.

Any ideas if that price is normal for the area? What should I expect when making an offer, how much down can I go with the offer?

Thanks all!
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Unread 03-30-2009, 03:15 PM
 
183 posts, read 290,313 times
Reputation: 87
Quote:
Originally Posted by Caro257 View Post
I am looking at some condos/town houses in cranford, nj and would like to know what they are really worth. I saw one in Parkway Village, which I loved by it was snatched the next day. The asking price was 229,900 and it was dwo levels.

Any ideas if that price is normal for the area? What should I expect when making an offer, how much down can I go with the offer?

Thanks all!
That price (assuming it was a 2-bedroom), was a very good price (I guess that's why it went so fast). If you loved it, you probably should have made an offer.

That said, it was Parkway Village. Not exactly the most desirable condo community in Cranford. So prices there will always be on the lower end of the condo market.
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Unread 03-30-2009, 03:26 PM
 
786 posts, read 1,512,339 times
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Both cyberhomes.com and zillow.com show those condos in the $230k-240k range, so that price you mention is slightly less than valuation.


Last edited by kalim2008; 03-30-2009 at 03:36 PM..
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Unread 03-30-2009, 03:27 PM
 
8 posts, read 14,552 times
Reputation: 13
Wow!! that price seems like a steal!! I would expect 2 bed condos in Cranford to price around 360,000. (But it depends on how updated it is)
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Unread 03-30-2009, 03:51 PM
 
183 posts, read 290,313 times
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Quote:
Originally Posted by kalim2008 View Post
Both cyberhomes.com and zillow.com show those condos in the $230k-240k range, so that price you mention is slightly less than valuation.

Yeah...well of course one has to take both those sites with a grain of salt, as both are fairly inaccurate in this area. Accordng to zillow's stated accuracy, more than 1/3 of the time they are not even within 20%, which can be a sizable amount. A condo listed for $230 might be worth $186,000 or $276,000 based on zillow's accuracy claims. I'm not sure how much help that is to a buyer. It does seem that zillow is closer on condos, though, since they have a good number of very similar units from which to draw data. On single-family homes, zillow is often absurd, and almost always on the low side of value. Cyberhomes is simply bizarro-world.

IMO, if you get close to a zillow price, you've done very well indeed.
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Unread 03-30-2009, 03:55 PM
 
183 posts, read 290,313 times
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Quote:
Originally Posted by mommy1022 View Post
Wow!! that price seems like a steal!! I would expect 2 bed condos in Cranford to price around 360,000. (But it depends on how updated it is)
More importantly, it depends on where it is. An apartment in English Village, for instance, is always going to be worth considerably more than a similar-sized unit in Parkway Village, for instance. Visit both and it's easy to see why.
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Unread 03-30-2009, 04:31 PM
 
260 posts, read 395,455 times
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one thing to be careful of living by the parkway is burglary i hear it is common by the parkway. its a quick getaway.
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Unread 03-30-2009, 06:12 PM
 
1,024 posts, read 2,126,859 times
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Quote:
Originally Posted by midagegirl View Post
one thing to be careful of living by the parkway is burglary i hear it is common by the parkway. its a quick getaway.
I agree. While there isn't a lot of crime in Cranford, most of it, I think, happens near the parkway exits b/c it is an easy on and off to get away.
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Unread 03-30-2009, 06:28 PM
 
510 posts, read 1,131,789 times
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Quote:
Originally Posted by LeavingNJ View Post
That price (assuming it was a 2-bedroom), was a very good price (I guess that's why it went so fast). If you loved it, you probably should have made an offer.

That said, it was Parkway Village. Not exactly the most desirable condo community in Cranford. So prices there will always be on the lower end of the condo market.
What??? My buddy lived in Parkway Village for 5 years and sold his 2 bed, 1 bath condo for $285k in 2007. His place was immaculate and the complex was really nice, too. There was never any crime there. You're out of your mind.
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Unread 03-30-2009, 06:33 PM
 
510 posts, read 1,131,789 times
Reputation: 148
Quote:
Originally Posted by Caro257 View Post
I am looking at some condos/town houses in cranford, nj and would like to know what they are really worth. I saw one in Parkway Village, which I loved by it was snatched the next day. The asking price was 229,900 and it was dwo levels.

Any ideas if that price is normal for the area? What should I expect when making an offer, how much down can I go with the offer?

Thanks all!
You should've jumped on it. My friend sold a similar unit for $285k about two years ago. But the downturn in the housing market has really affected prices, which is most likely the reason it was so low. I looked there before moving to Westfield, and I thought it was really nice. You should check it out for yourself.
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