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Old 05-11-2011, 10:16 AM
 
42 posts, read 98,476 times
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We have been looking for a house in Westfied for a while, and we noticed that while the rest of the country is in downward housing spiral, Westfield does not seem to be affected. We keep seeing very expensive houses (in the $800K range), which require a lot of work. And we keep hearing that phrase, "this is Westfield"! Westfield is very nice. Many things to recommend it, but it is not Park Avenue. How do sellers justify such unreasonable prices. Our price range is not insignificant, up to $700K, for a standard 4 bed/2 bath home. But we either see homes that are total fixer-uppers, or in what is termed "part of town where real Westfield residents wont buy." Not even sure what that means. Any input or suggestions would be appreciated!
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Old 05-11-2011, 10:50 AM
 
1,527 posts, read 4,053,280 times
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Quote:
Originally Posted by Lina999 View Post
We have been looking for a house in Westfied for a while, and we noticed that while the rest of the country is in downward housing spiral, Westfield does not seem to be affected. We keep seeing very expensive houses (in the $800K range), which require a lot of work. And we keep hearing that phrase, "this is Westfield"! Westfield is very nice. Many things to recommend it, but it is not Park Avenue. How do sellers justify such unreasonable prices. Our price range is not insignificant, up to $700K, for a standard 4 bed/2 bath home. But we either see homes that are total fixer-uppers, or in what is termed "part of town where real Westfield residents wont buy." Not even sure what that means. Any input or suggestions would be appreciated!
It's an expensive town.

Your budget isn't that high for a 4 br for a lot of towns. Do you really need a 4 br? You might want to try a 3 br. Also, you might want to take a look at other towns.
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Old 05-11-2011, 10:53 AM
 
Location: NJ
17,574 posts, read 45,989,151 times
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Quote:
Originally Posted by Lina999 View Post
How do sellers justify such unreasonable prices.
Probably the same way buyers justify paying those prices.
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Old 05-11-2011, 11:05 AM
 
Location: West Orange, NJ
12,546 posts, read 21,335,675 times
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i got a 4 bedroom in my town for far less than $700,000. i don't have a large property, but it's fine for now. look in other towns if you don't want to go higher than that. or wait and see if prices come down. but good schools, easy access to nyc, etc. what do you expect?
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Old 05-11-2011, 11:05 AM
 
Location: Hackensack, NJ
777 posts, read 2,369,712 times
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Westfield has been affected by the downturn in the market, according to Garden State MLS statistics:
April 2006 Average sales price: $710,638
Median sales price: $617,500
Average Days on the Market: 57
April 2011 Average sales price: $628,058
Median sales price: $498,000
Average Days on the Market: 104
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Old 05-11-2011, 11:09 AM
 
Location: North Idaho
2,392 posts, read 2,989,602 times
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Quote:
Originally Posted by Lina999 View Post
"part of town where real Westfield residents wont buy."
That's Westfield for ya! You may want to look in Scotch Plains or Fanwood. South side of Scotch Plains in particular is not too different from Westfield. I think prices may be a little lower in those communities.

BTW, my parents were born in Westfield, and I grew up in Fanwood.
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Old 05-11-2011, 11:15 AM
 
19,045 posts, read 25,130,150 times
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The OP may also want to look in Cranford.

Cranford is also a great place to live, with a high quality of life, all-around.
As one of my former business associates used to say, "The only thing that Cranford is lacking in comparison to Westfield is attitude!"
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Old 05-11-2011, 11:56 AM
 
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As Kevin1975 suggests your impression is wrong. Prices in Westfield are decreasing. I believe that they will decrease further as there is no reason that properties there remain in bubble territory.

Prices are going down slowly and you are frustrated because you want to buy now. You cannot control how fast prices are going down. Rent and wait this crash out.
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Old 05-11-2011, 12:42 PM
 
189 posts, read 579,057 times
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Demand is high in Westfield because it makes for a somewhat easy transition for those moving from Hoboken or the City and the schools are of high quality. Demand may even increase when the Raritan Valley line goes midtown direct, which has been promised for years but seems to be coming sooner than later.

Agree with the posters above that if you feel priced out of Westfield, you should consider neighboring towns which may not have the same cachet but match WF in all other areas. Cranford schools are ranked higher than WF, taxes are comparably lower, and its more convenient to the GSP. I live in Cranford and spend a lot of time in WF. Yes, the downtown is fantastic but don't buy a house you will regret sinking money into just because of the town's prestige factor.
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Old 05-11-2011, 01:10 PM
 
1,614 posts, read 3,743,879 times
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Westfield prices are decressing. I saw a house that went for $1.1M+ in 2006 sell for $950K this year. Things are off 10%-20% from their highs. It is just an expensive town. And for the comment "part of town where real Westfield residents wont buy", there are just parts of town that are nicer than others. Most of the houses we saw were being sold by people upgrading and buying another house in Westfield. The older people that are selling are downsizing outside of Westfield since there is no reason to pay those high taxes if you do not have kids in school. So if you already live in Westfield, and you are looking to buy again in Westfield, you are probably upgrading and therefore probably buying in one the nicer sections of town.
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