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Old 03-16-2009, 12:52 PM
 
329 posts, read 1,447,389 times
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There is this 1950 home listed for $385k (single level ) on a 4 acre rectangular land lot (150 front home * 1160) The home backs out to woods.... less than 1/2 mile from interstate highway. Owner says 4 variances were denied previously . But since then neighbor homes have split lots into say 75 * 75 ...etc...so township seems to be flexible these days.

Home is 3br/2 full bath. All utilities public -- sewer/water , gas etc....new roof , new furnace, forced air ...
I am still looking for a home to live in.
Pray tell me why should I buy this home close to princeton area (middlesex county) when builders are not building new homes anymore?
I could live in a newer home for that price. I mean premium for a heavily wooded lot cannot be more than $20,000 can it?

The only value in the home is for someone to tear it down and build a huge mansion..with pool etc....but in this tough economy billionaires are becoming millionaires and millionaires are becoming middle class . So who would want to buy this home in another 10 years , if I decide to sell.

Last edited by lets_hope_for_newbruns; 03-16-2009 at 01:24 PM..
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Old 03-16-2009, 12:59 PM
 
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Explain some more. I don't understand.
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Old 03-16-2009, 01:00 PM
 
329 posts, read 1,447,389 times
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i edited my post...
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Old 03-16-2009, 01:10 PM
 
Location: Houston, Texas
10,420 posts, read 46,487,568 times
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Quote:
Originally Posted by lets_hope_for_newbruns View Post
There is this 1950 home listed for $385k (single level ) on a 4 acre rectangular land lot (150 * 1160) The home backs out to woods....
Owner says 4 variances were denied previously.

Home is 3br/2 full bath. All utilities public sewer/water , gas etc....forced air ...new roof , new furnace
I am still looking for a home to live in.
Pray tell me why should I buy this home close to princeton area (middlesex county) when builders are not building new homes anymore?
I could live in a newer home for that price. I mean premier for a heavily wooded lot cannot be more than $20,000 can it?
Why were the 4 variences denied and you did not say what they are/were for? Also what does it have to do with your question?

Close to Princeton for $385K on 4 acres !?!?!?!?!?! Whataya nuts? That sounds like a steal !!! Buy it as fast as you can if it's as nice as you say and no one beat you to it already. The land alone is worth that.

Your other comment didn't make sense either. Yes it is true builders are not building new anymore. But I always advise others to buy a resale. There are several million resale homes on the various MLS books across the country so why bother with the stress of a builder?

A premier lot for $20,000?? In NJ?? Not since 1960. Why do you think homes are so expensive in NJ? Why do you think builders only build expensive homes? Because by the time they pay the extortion prices for the land, the only way they can make a profit is to build a very large home. If you want a basic ranch on a cookie cutter lot for under $100K they are all over the country in less expensive rural areas. But prices like that have not been seen in NJ since the 60s.
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Old 03-16-2009, 01:12 PM
 
Location: NJ
12,284 posts, read 33,052,616 times
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Quote:
Originally Posted by desertsun41 View Post
Why were the 4 variences denied and you did not say what they are/were for? Also what does it have to do with your question?

Close to Princeton for $385K on 4 acres !?!?!?!?!?! Whataya nuts? That sounds like a steal !!! Buy it as fast as you can if it's as nice as you say and no one beat you to it already. The land alone is worth that.

Your other comment didn't make sense either. Yes it is true builders are not building new anymore. But I always advise others to buy a resale. There are several million resale homes on the various MLS books across the country so why bother with the stress of a builder?

A premier lot for $20,000?? In NJ?? Not since 1960. Why do you think homes are so expensive in NJ? Why do you think builders only build expensive homes? Because by the time they pay the extortion prices for the land, the only way they can make a profit is to build a very large home. If you want a basic ranch on a cookie cutter lot for under $100K they are all over the country in less expensive rural areas. But prices like that have not been seen in NJ since the 60s.
I was thinking the same thing. We looked into buying land around 1995 and we found 1 acre for $75K and that was a steal.
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Old 03-16-2009, 01:15 PM
 
Location: Houston, Texas
10,420 posts, read 46,487,568 times
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Originally Posted by tahiti View Post
I was thinking the same thing. We looked into buying land around 1995 and we found 1 acre for $75K and that was a steal.
Imagine that ! If we only knew then what we knew now huh? We might all be wealthy.
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Old 03-16-2009, 01:16 PM
 
329 posts, read 1,447,389 times
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I have to ask the seller, what variances were they?

Gee, I just spelled checked my post...I meant premium lot, and not premier lot.
When I went home shopping, I have noticed that some charge a premium of 20k if the backyard is wooded. If there is water views from the lot, the premium in new jersey is 50k to 150k and if its a nice town (not perth amboy) LOL.
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Old 03-16-2009, 01:16 PM
 
1,024 posts, read 3,142,924 times
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Quote:
Originally Posted by desertsun41 View Post
Why were the 4 variences denied and you did not say what they are/were for? Also what does it have to do with your question?

Close to Princeton for $385K on 4 acres !?!?!?!?!?! Whataya nuts? That sounds like a steal !!! Buy it as fast as you can if it's as nice as you say and no one beat you to it already. The land alone is worth that.

Your other comment didn't make sense either. Yes it is true builders are not building new anymore. But I always advise others to buy a resale. There are several million resale homes on the various MLS books across the country so why bother with the stress of a builder?

A premier lot for $20,000?? In NJ?? Not since 1960. Why do you think homes are so expensive in NJ? Why do you think builders only build expensive homes? Because by the time they pay the extortion prices for the land, the only way they can make a profit is to build a very large home. If you want a basic ranch on a cookie cutter lot for under $100K they are all over the country in less expensive rural areas. But prices like that have not been seen in NJ since the 60s.
Great post!! Would give you reps if I could.
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Old 03-16-2009, 01:17 PM
 
329 posts, read 1,447,389 times
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Quote:
I was thinking the same thing. We looked into buying land around 1995 and we found 1 acre for $75K and that was a steal.

OK, let me put it this way to make my intention clearer: for this home the 3 acre could be useless (all woods..its not oak where I can sell it for profit...is it legal to cut trees in NJ and make profit? I don't think so )... .Also I can't be renting to hollywood in that wood area can I? Hahah


Gee, I just noticed that I have graduated to a senior member!
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Old 03-16-2009, 01:33 PM
 
2,893 posts, read 7,915,802 times
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OP as you've read, land around here is really expensive. I found this lot in Princeton-

Princeton Twp, NJ, 08540 - MLS ID#2441185 - Land real estate - REALTOR.comĀ® (http://www.realtor.com/realestateandhomes-detail/Princeton-Twp_NJ_08540_1088496586 - broken link)

This is just for a piece of land between 1/2-1 acre, just under 600K and this one isn't even the most expensive on the MLS!
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