Just to update you, there was a series of price reductions published in the New Jersey MLS a few minutes ago this morning for The Plaza at Tenafly - only 2 increases and that was for 1 bedroom units which went from $280,000 to $305,000 but the 7 other price changes were all reductions most by 5%. To date, only 6 units have been sold in the New Jersey MLS all of them closing this year.

If you plan on buying a unit at the plaza and keeping it for years to come, it is an excellent buy. Here are some reasons why. Tenafly holds its value very well because buyers find the school system, the close proximity to the GWB, and the downtown area very desirable. You are also purchasing at the bottom of the market. In the future the value of the unit will increase not decrease. Unless we hit another recession that is worst than the one we are currently experiencing prices will begin to rise. Lastly research has proven that towns with a commuter train line have held their value and that we will see much more growth in home values in these towns, than in neighboring towns. If the commuter rail is brought to Tenafly you will definitely see growth in the value of your unit.

It all depends on what your definition of a good buy is and also on whether or not it meets your housing objectives. It's not only about the price - you have to be happy living there. The location is poor in that it's on a very busy street surrounded by industrial uses. However, if the commuting train ever does come to Tenafly, it's supposed to go as far as the Tenafly/Cresskill border which would be a short walk from The Plaza at Tenafly and this would indeed have a positive impact.

This complex has been having a hard time getting it's units under contract and pricing has been reduced significantly - from $425,000 to $274,450 and from $540,550 to $341,800 to give you a few examples. At these reduced asking prices, it does look intriguing but the location remains poor Again, no matter how good a "deal" this is, if you don't like it, it won't work for you.