Iyan, if you are still in need of help judging value and location in Montclair (and surrounding areas), please call me. I spend several hours introducing new buyers to the town, and work for weeks and months if need be to make sure that they learn as much as possible before signing on the dotted line.

Karin Joseph Carson
Coldwell Banker
973-509-3957

In addition to the straight answers from Len Klein, my esteemed colleague and competitor, in the case of new construction (Bay St), the cost of site and construction makes the value different than re-sale and older buildings. However, at Elm St, a few yards away, new units for $489,000 will compete for buyers next week. In today's market, the value will be largely if not entirely determined by what a lender will risk on a loan application from an average buyer with credit score of at least 620 or a preferred buyer with a score of 700 or better. Similar priced and new units are at The Sienna at Church Street. Some buyers will value the train station at Bay St and others will prefer Raymond's for brunch on Church St. Which features do you value the most, Iyan? Anonymous Jer101970 seems to prefer a choice of restuarants over the convenient train ride. But he is not you, is he? And, there is rarely an exact match of features for choosing housing. Close daily train or tasty choices of where to eat? Walkin closet or western sunsets? Only the buyer can decide and you are all different. Remember, "We'll always have Hoboken." Happy house hunting. You'll do alright.
Carl

I would just like to say that I resent the thought that since I (and Carl) are Realtors that we are anything but honest. I am completely honest. The price of Real Estate is determined by the buyers. That's you. It makes no difference what sellers are ASKING buyers to pay... it's all about what the buyers are WILLING to pay. So... the value of any property is that price that a buyer is willing to pay. Simple as that. So... when looking for a home... your offer is based on what you think the property is worth... the owner will either accept, negotiate or refuse it. If you'd like to talk about your plans and get some straight forward information to help you make a good decision and feel good about the decision you've made... just reach out. I'm here to assist you in any way I can.

Iyan- Welcome to Jersey. The previous two answers to your question came from realtors so let me be honest. The Bay St. condo/townhomes are VERY overpriced due to the location. Bay St is still undergoing gentrification and in my opinion has about 10 years to go before you can justify that price. Yes, you are walking distance to the train station but that's about it. You are no where near the great restaurants and shops that Montclair has to offer. My advice is to see for yourself and then keep looking. Good luck.

Hi,

You got some good infor from Carl... and You can purchase a home in Montclair for $400-$450,000.... more space.. no association fees..... your own "piece of the rock." You have lots of choices. It all depends upon what you really want.

More questions? Just ask.

Leonard Klein
Coldwell Banker Residential Brokerage
973-509-3965
Leonard@LeonardKlein.com

Iyan,
Welcome, almost, to New Jersey. Bay St is new to the market and you may be the first in. Comparable space, amenities, location, and similar units recently sold, all will go into the appraisal for financing purposes. The tax assessment will be largely based on the closing sales price. The tax rate ($2.301 per $100) times the tax assessment will create the real estate tax for the year. If they sell for $449,000 taxes will be about $10,200. Are they worth the price? After you see the units and compare them to other possibilites, you the buyer will determine if they are worth the price. There are many things to consider when buying. Let me show them to you along with other possibilities. .
Carl Witizg
Weichert, Realtors
Upper Montclair http://www.CarlWitzigHomes.com