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Old 05-12-2011, 10:11 AM
 
7 posts, read 32,282 times
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I live in Westfield and work in Midtown NYC. Takes under an hour to take the train from Westfield into NY Penn. Normal if not shorter commute then the average workforce member. Housing prices have come down but that is only because homes used to sell at a frenetic pace regardless of condition. My wife and I saw tons of houses and most sold at asking if not above. Now buyers are more selective. Trust me if the house is worth 1 million + it will sell there. It's the house that's worth 700k that is offered @ 950k that is sitting on the market. House in my neighborhood just hit the mkt @ 1.065 Would be surprised if it lasts the month.
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Old 05-12-2011, 10:43 AM
 
1,527 posts, read 4,063,189 times
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Originally Posted by Lina999 View Post
I thank you all for replying. I think you made some valid points. What truly bothers us about our search is that the prices of the homes do not reflect good value. We are looking at WF because we have friends in town, and because we do find it charming and easy to navigate. But we ultimately want to get some value for our money.
I would explore some other towns. Town, schmown, at the end of the day, you should like the actual house you are living in too. Good luck.
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Old 05-12-2011, 10:51 AM
 
42 posts, read 98,597 times
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Originally Posted by manderly6 View Post
To be clear, you should have said "the prices of the homes do not reflect good value to us".
Not sure I agree with that, there are objective standards of good/bad. If a house has mold in the basement, no insulation in the attic, an EPA violation because of a buried oil tank, I am not sure anyone would find it good value. And it is selling in the 900+ range.
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Old 05-12-2011, 11:14 AM
 
Location: NJ
17,573 posts, read 46,132,333 times
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Originally Posted by Lina999 View Post
Not sure I agree with that, there are objective standards of good/bad. If a house has mold in the basement, no insulation in the attic, an EPA violation because of a buried oil tank, I am not sure anyone would find it good value. And it is selling in the 900+ range.
Do you not see the problem with your statement? If no one found it to be good value, why would anyone buy it?
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Old 05-12-2011, 11:18 AM
 
42 posts, read 98,597 times
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I think you are missing my point, noone is buying it, but it is sitting on the market in the 900+ range. Other sellers with same or worse houses view this as a sign that the price range is acceptable. A few posts ago someone nailed it, its the 700K house that is being offered for 900K+ that is sitting there. For 700, I would buy it, and fix it up. For 900 it is still sitting there, but it is setting the standard. There are houses like that sitting on zillow for over 2 years, but somehow some delusional seller still thinks that it will sell because it is in Westfield.
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Old 05-12-2011, 11:27 AM
 
Location: NJ
17,573 posts, read 46,132,333 times
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Originally Posted by Lina999 View Post
I think you are missing my point, noone is buying it, but it is sitting on the market in the 900+ range. Other sellers with same or worse houses view this as a sign that the price range is acceptable. A few posts ago someone nailed it, its the 700K house that is being offered for 900K+ that is sitting there. For 700, I would buy it, and fix it up. For 900 it is still sitting there, but it is setting the standard. There are houses like that sitting on zillow for over 2 years, but somehow some delusional seller still thinks that it will sell because it is in Westfield.
I think I did miss your point. That being said, there are delusional sellers in every town.

Standards aren't set by what is currently being listed. They are set by recent sales.
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Old 05-12-2011, 01:04 PM
 
Location: West Orange, NJ
12,546 posts, read 21,398,016 times
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Quote:
Originally Posted by Lina999 View Post
I think you are missing my point, noone is buying it, but it is sitting on the market in the 900+ range. Other sellers with same or worse houses view this as a sign that the price range is acceptable. A few posts ago someone nailed it, its the 700K house that is being offered for 900K+ that is sitting there. For 700, I would buy it, and fix it up. For 900 it is still sitting there, but it is setting the standard. There are houses like that sitting on zillow for over 2 years, but somehow some delusional seller still thinks that it will sell because it is in Westfield.
zillow data is known to not be 100% accurate. i may have missed it if you mentioned earlier, but how long has it been on the market?

also, you don't know the sellers' situation. maybe they don't really need to move, but if they can get some sucker to pay $900k for their home, they would? i've listed my wife's car for sale sometimes when i see what a comparable model sold for. i think the price is ridiculous, but if someone were to give me the money for it, i'd sell it and replace it.
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Old 05-12-2011, 02:05 PM
 
1,527 posts, read 4,063,189 times
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Originally Posted by bradykp View Post

also, you don't know the sellers' situation. maybe they don't really need to move, but if they can get some sucker to pay $900k for their home, they would?
Yes, never assume the people actually have to move.
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Old 05-12-2011, 02:27 PM
 
1,619 posts, read 3,771,856 times
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Originally Posted by nytrader View Post
House in my neighborhood just hit the mkt @ 1.065 Would be surprised if it lasts the month.
It might sell at that price, but that kitchen is small and I have no idea why they wasted space on the first floor to put in that full bath.
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Old 05-12-2011, 03:02 PM
 
42 posts, read 98,597 times
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Originally Posted by sonofagunk View Post
It might sell at that price, but that kitchen is small and I have no idea why they wasted space on the first floor to put in that full bath.
Also, you have to keep in mind that the house is quite old. While the older houses were built well, you do have to wonder whether the renovations are only skin deep. Has all the plumbing been updated? What about electric systems? Sewage pipes? I currently own a house that was built in the mid 50s, and all these systems are beginning to cause some trouble. Nothing major, but an on-going expense. Personally, I would find this house overpriced. Maybe that is why I am having trouble purchasing a place in this town
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