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Old 03-30-2009, 09:38 PM
 
11,337 posts, read 10,975,004 times
Reputation: 14993

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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!
A tired 2BR duplex in Parkway Village is going for around $215,000-$230,000 these days. A nice updated unit might fetch $230,000-$240,000. There was even a Fannie foreclosed unit that is presently under contract whose asking price was $192,000.

Someone just put a 1BR simplex on the market for an asking price of $229,900. That is not realistic at this point. It will sit for months at that price.

-Marc
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Old 03-31-2009, 02:05 AM
 
460 posts, read 3,539,518 times
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Although there are parkway exits on 2 sides of town I also do not read or hear about crimes going on due to 'easy getaways' so that may be speculation.
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Old 03-31-2009, 08:59 AM
 
Location: West Orange
174 posts, read 621,410 times
Reputation: 36
Quote:
Originally Posted by E-TOWN-R.I.P. View Post
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.
THANK GOOD YOU SAID THAT! Thank you cause I think the place is great. I live in Brooklyn now and that area seems very nice and quiet to me.
Are there any other reason why people think this isn't the best place in Cranford?

I need to know if I'm not paying too uch for it now since we're in the recession and the property values went down 40% in the country.
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Old 03-31-2009, 09:00 AM
 
Location: West Orange
174 posts, read 621,410 times
Reputation: 36
why people seem to think thsi area isn't great? Is it too much if I pay 230K for a condo there?
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Old 03-31-2009, 09:34 AM
 
Location: West Orange
174 posts, read 621,410 times
Reputation: 36
Thanks Marc. I have a realtor that is making me crazy at this point. He tells me I have a 2 bed townhouse for 260 maybe we can get it for 250. So I think to myself, who are you to determine my offer???? I hate that and I think that 260 is a lot for those unit in parkway village, they aren't that big, and yes I saw the 192K apt - sold already!
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Old 03-31-2009, 10:01 AM
 
273 posts, read 682,607 times
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Just one thing to consider is it noisy by the parkway i dont know
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Old 03-31-2009, 10:15 AM
 
11,337 posts, read 10,975,004 times
Reputation: 14993
Quote:
Originally Posted by Caro257 View Post
Thanks Marc. I have a realtor that is making me crazy at this point. He tells me I have a 2 bed townhouse for 260 maybe we can get it for 250. So I think to myself, who are you to determine my offer???? I hate that and I think that 260 is a lot for those unit in parkway village, they aren't that big, and yes I saw the 192K apt - sold already!
Umm.... no. You offer what you want. If you get the slightest bit of annoyance from the agent then dump him or her. A buyers agent is supposed to seek the lowest possible price. I mean. At least try. If it doesn't work then you can move on. But $250,000 for a $260,000 list. No.

-Marc
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Old 03-31-2009, 10:17 AM
 
Location: West Orange
174 posts, read 621,410 times
Reputation: 36
[SIZE=3]My Biggest concern is not to get ripped off if I don’t have to. As to the noise there, it’s not so bad. I live in Brooklyn and fire trucks, ambulances and car crashes are something I live with day to day. I don’t like to be pushed, as Marc said, the realtor is an a..[/SIZE]
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Old 03-31-2009, 10:28 AM
 
183 posts, read 498,871 times
Reputation: 89
Quote:
Originally Posted by E-TOWN-R.I.P. View Post
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.
I can assure you I'm fairly sane. And since I've been living here for nearly 25 years, I feel that I'm reasonably well-informed about the town. How long have you lived in Cranford?

Regarding your buddy's condo, you are quoting a price two years old, at or near the height of the market, so it's relevance to today's prices is extremely minimal. I also don't know what bearing the unit's cleanliness has to do with anything, other than to explain why he may have gotten top dollar.. However for comparison purposes, $275k - $285k was the going rate for a 1-bedroom in English Village as recently as the latter part of last year. And the units that did come up for sale sold pretty quickly. So there is most definitely a difference in how these complexes are perceived.

That brings us to the desirability of Parkway Village: it is simply less desirable than other condo communities in Cranford. The main reason is location.

Parkway Village is 3/4 of a mile to the center of town, so walkability to in-town activities isn't very good. That's also a minus in regard to NYC transportation. It is located right next to the parkway, so it's easy to get out of Cranford, but you're going to be hearing a lot of road noise in those condos. Cranford gets very quiet at night, and you can hear that kind of thing very easily. Most streets become fairly deserted in the evening, but the parkway always has traffic.

The area is not as attractive as other areas in Cranford, and the home prices reflect that.

As to crime (which I did not mention), it seems that at one time Parkway Village was more prone to auto break-in, theft, and burglary, due to it's proximity to the GSP. I remember hearing this years ago. But I am not aware that Parkway Village is more prone to crime in recent years. I don't have any breakdown of where crime is committed in Cranford, although I am aware that it doesn't seem to be committed very much. The Parkway Village reputation may continue because it just makes sense that it's an easier target given the getaway potential.

Now to put it in context...

Crime is very low in Cranford, and from that standpoint, I don't think there's really a bad place to live in the township. As with any town, there are areas more attractive and more desirable than others. Parkway Village isn't a bad looking place at all, and I don't see why someone couldn't be happy there. But in shopping for real estate, it would be smart to compare it to other available condos within the town to be better able to judge it objectively and relatively. If it were me, I'd prefer to live in a different complex, but that's just my opinion. Parkway Village is more affordable than most, but I think you have to weigh aesthetics, convenience, and resale potential versus affordability.

Best of luck, Caro.
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Old 03-31-2009, 10:48 AM
 
Location: West Orange
174 posts, read 621,410 times
Reputation: 36
[SIZE=3]LeavingNj, thank you for a very throughout breakdown of the place. I know I should look at the price but I would like to consider that our first step in purchasing real property. We don’t belong to very affluent people, rather middle class, who are trying to start in a nice neighborhood. I see that the place has its pluses and the parkway seems to be the negative part thus far. However, as you mentioned, it’s not too bad. I also tried to figure out the transportation part, which doesn’t seem to be a problem either. Should you have any more of useful ideas please let me know, I do appreciate your input.[/SIZE]
[SIZE=3] [/SIZE]
[SIZE=3]Thanks![/SIZE]
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