Home Buying in South Amboy>Question Details

Jay22, Home Buyer in South Amboy, NJ

South Amboy waterfront town homes priced right at this point?

Asked by Jay22, South Amboy, NJ Sat May 7, 2011

It seems like the area has bottomed out and might be a good entry point with upside potential given the proximity to train and continued waterfront development

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3
Yes, it appears Lighthouse Bay has bottomed out as 6 houses have either sold/or gone under contract in the last 6 months. One of the beachfront homes is under contract for $1.295M; 2 on Spinnaker have sold and 3 on Blue Heron. Those five houses have ranged between $550K and $665K.

We currently have our house listed 16 Spinnaker for $650K. Four years ago we listed it for $929K. If you are interested, here is our listing. We have an open house this Sunday July 17th 1-4pm. Thanks!

http://www.realtor.com/realestateandhomes-detail/16-Spinnake…
0 votes Thank Flag Link Wed Jul 13, 2011
Jay,

Just to add to Mary's informative answer, the market whether it has bottomed out or not will be determined by buyers such as yourself and sellers. As an informed buyer your offer when accepted becomes the market.
Just as you are now doing your due diligence in the area you would like to buy your home; choosing a real estate to work with you is just as important.
Good luck, best wishes and have fun in your search.
0 votes Thank Flag Link Sun May 8, 2011
Jay,

Priced right is a relative term. If you mean you think they have bottomed out, then yes it's a good time to buy based on that presumption. No one has a crystal ball as to how low they will go. For a well qualified buyer (meaning with 20% down) at these historically low interest rates should be just fine, purchasing now and living there for 5-10 years.

Just as examples, in Lighthouse Bay the last three closings for a 3 bedroom, 3.5 bath townhomes were $395K in Novemeber 2010, and $370 and $440K in January 2011. A 3 bedroom, 2.5 bath just closed in February 2011 for $428,500. There are 7 active properties currently listed between $435K to $585K, but two of the lower priced units are short sales.

In Beacon Point the closed prices were $285K in June 2010, $275K in August 2010. In March of this year one sold for $255K, but THIS one was a short sale and on the market for 1800 days !!!!. The active properties are all listed between $285K and $350K, and there is a short sale already approved at $278K.

Looks to me like the prices have actually stabilized, so if you are interested in one, I say go for it.
0 votes Thank Flag Link Sun May 8, 2011
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