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Could anyone give me some info about the Princeton real estate market? We are relocating by the end of this year. The houses seem overpriced to me (500K for a smallish duplex???) Maybe that's the norm there, I don't know. Do you think the prices will come down? When? In the Spring? We are very open to renting but right now there seems to be little selection. We would like to be walking distance (say one mile) from the University. I would appreciate any thoughts from more experienced people. All opinions welcome. Thanks.
If you think the houses in Princeton are overpriced you are in for a huge surprise! You are talking prime area. I'll be extremely surprised if you can get a house for less than that. If you do, it probably needs tons of work. Not sure about rentals. Princeton area IMO will never depreciate. Try surrounding areas like East/West Windsor, Rocky Hill is nice and Montgomery. But, again, NJ real estate/taxes are out of control. We are paying for all the corruption AND BTW new construction goes for at least $800+. Good luck in your search. These are all great, beautiful areas with very good school systems.
The houses seem overpriced to me (500K for a smallish duplex???)
You're not from around here are you? ;-)
Princeton is one of the hot spots, so you're going to pay a premium for being close to the university. Most of the rentals there are taken by Princeton students paid for by mom and dad probably.
If you're not familiar with the area, I'd suggest renting a condo/townhome. Some nice townhomes in Hamilton and Plainsboro which are close by.
The funny thing is that we are from Manhattan, so we are used to high housing costs. We are really set on living walking distance from the University, because we don't want to be 100% car dependant. We don't own a car now and hope to get away with just one car once we move. I actually prefer a small house or townhouse, as yard work is not my thing. We currently live in a 750 square foot 2 bedroom apartment with 2 kids, so what is considered "small" in Princeton will probably seem spacious to us. Are houses going for asking price? If not, how much less? Thanks for the replies so far...
By no means coming from Manhattan should be a no shocker then. I did a quick MLS search with Princeton's zip code (08540)...again, a quick search, and found that for less than $500 you can probably get a townhouse. The thing is I don't recall seeing townhouses right on Route27/Nassau street which would be walking distance to the university. These townhouses listed will probably need a car. Walking distance streets that I can recall are Whitherspoon/Hamilton/Alexander, just in case you want to take a look at a map. All the houses on these streets are victorian-like small houses (which would most probably be very spacious to you). You can definitely contact Callaway/Gloria Nilson/Sotheby's are RE signs a see the most around Princeton. I used to live 15 minutes from Princeton by Kendall Park.
Just like Acadia 1, I did a quick search on realtor.com for the 08540 zip (Princeton). Funny thing, the first 12-15 pages (least expensive) were all properties in the surrounding areas that use the Princeton zip, Plainsboro, West Windsor, Montgomery and South Brunswick. None even remotely walkable to the University.
The first house advertised as being "walkable to town" (and the University) was on page 19 and was $535,000 and a duplex (3/1&1/2).
One of the problems is that these boro homes rarely come on the market and when they do local realtors snatch them up and then turn them over without ever having to list them.
If you are set on a Boro home, my advice would be to contact a couple of the Boro realtors and get on the inside track.
Good luck
As many have said, Princeton boro homes tend to elicit a premium, although they do come up (I live nearby). Prices in the area did shoot up just like everywhere else over the past few years though, and I know that people bought there who couldn't really afford it, so it would be worth searching out properties and throwing out a few lowballs. People can always turn them down, but you never know your luck.
You could definitely find area rentals but one caveat - as someone mentioned before they are popular with students and being Princeton, many students come from very wealthy families so prices are high.
There are presently at least 5 homes that are in the $450k-$550k range and in the borough. There are a few more that are in the township but within walking distance to town. I am an agent with Henderson-Sothebys, so this info is form the MLS, which may or may not be on Realtor.com.
In terms of the forecast into the spring, no one really knows for sure. Like with all investments, we know that we hit the bottom, only when the prices are on the rise again. Let me know if you need any more information.
Princeton is one of several towns in NJ that are holding steady in price primarily due to the school system, proximity to New York and Philadelphia, and employment along the Route 1 corridor. If you would like an eNeighborhoods Report or school reports please let me know. These are detailed area reports provided by Realtors to help make an informed decision about town and schools.
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