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OK, I've frequently kvetched about the high prices of homes in Northern NJ, even after the recent "drops". No matter what happens, I'm still a few years away from buying, but I always check real estate listings just to stay informed and see what's out there.
I was stunned to see a new(ish?) townhome community called Sparta Village in Sparta, built by Ryan Homes, being offered for prices in the 270s. I KNOW I would have noticed this previously, as I check the Ryan Homes site every once in a while. After doing a little research, I found that these homes were originally selling starting at $399K (that's why I didn't notice this before). They all appear to have at least 3BR and 2BA, and the site says they'll throw in a finished basement if you finance through their mortgage company.
This sounds too good to be true. Why the dramatic price drop, especially in an affluent town like Sparta? I know Sussex County ain't Bergen County in terms of demand or prices, but WOW! These houses would fetch at least 500K in a town like Paramus or even more in a town like Ridgewood (even in today's "poor" economy). (Why can't we have similar price drops on townhomes in Bergen County towns, LOL?)
Anyone know what the deal with this community is? Mod cut
Last edited by Viralmd; 02-28-2010 at 10:30 AM..
Reason: No links to specific properties/websites.
I can't say I've ever heard of this, but Ryan appears to be part of a large national builder NVR with its share of detractors. Put their name in Google and see what quickly turns up.
Just remember, the operative word is "townhome," presumably involving the creation of a developer-controlled condominium or homeowners association, shared maintenance, deed restrictions, and all of what that entails. Interestingly, nothing on their sales site mentions any of that.
(Why can't we have similar price drops on townhomes in Bergen County towns, LOL?)
My guess would be that the land in Sparta is probably worth 1/3 of what similar property is in Bergen.
It's still all about location but some just don't seem to understand.
Why does a 600K home in NJ cost 300K in North Carolina? Building lots in Northern NJ cost 250-500k, building lots in NC cost 10-50K
the only reason I can honestly think of it there is so much inventory especially in Sparta. You can also get a pretty nice single family home in the area for about 300k, so they got to be competitive.
Nope, not too good to be true. Right in the center of town too. Really nice units. You should take the ride out and see for yourself. Great Mexican restaurant up the street to check out if you get hungry.
Rt 15 the road of death. Used by crazy people in 4 wheel drive vehicles that believe it helps them stop on ice better.
Last Tues night coming home Rt 15 was ICE. Saw 4 spin outs (and good news no hits). 3 involved SUVs/PU trucks. Cant prove they were 4WD but going 50 like they were was suicide.
be very careful - you don't want to end up in a community like this - my guess, barely sold, and then be socked with HUGE monthly maintenance fees because the community is still empty, or you have people bailing out or being foreclosed on left and right who aren't paying. It costs $x amount to maintain these properties, if anyone bails, it's up to the rest of you to foot the bill. CHECK INTO THE FINANCIAL HEALTH of the homeowner's association (get a copy of the yearly audit, check out reserves, etc) before you even think about purchasing.
Wow gang, thanks for the input. Like I said, I'm still not quite ready to buy, but the price drop of homes in this community astonished me. I've never seen such a dramatic drop on a new townhouse community. I'm really tempted to take the ride just for kicks (and maybe get some Mexican food like Antoinette suggested)! Thanks!
The price drop was a function of the change in the price Ryan negotiated for the purchase of the land which allowed them make the site far more marketable. They finally began taking contracts a few months ago and have sold out the first 6 unit building which is already significantly complete. They have a number of sales in the next building, so if you are interested, you might want to get up there sooner rather than later.
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