I know you must be in a tough spot to like your house and then having to sell it when market has gone down. But believe me your unit is still way overpriced.
In a townhouse situation, people compare prices with comparable units, so even though you may have upgrades that are of value to YOU, may not mean as much to a buyer.
Right now, Linda lane(which carries more premium) is listing for much less than what you have listed for(379k). Also for Westgate comparison, see list price on unit below that is near yours-reduced just yesterday. "New Listing $339,900 396 WESTGATE DR
3 Bedrooms, Status: Active. Condo/Townhouse"
So just because you bought it at the market peak, does not mean buyers now will bite anywhere close to that price. It depends- if you must sell, you have to price it realistically. If you can wait it out, it still won't touch that level in a long while. Market has changed for worse even in last 3 months-and now with all the layoffs in financial sector, mortgage tightening, pharma cos contraction, NJ is out of luck on job growth and the market is trending to these macro signs.
As usual, your information is only half correct, so I feel compelled to correct the inaccuracies.
WESTGATE I and II
There are currently 4 active units in the MLS.
There are 2 units under contract
There are 2 units in attorney review, including 71 Linda Lane which expired 12/9/09 and and was re-listed the same day at a slightly lower price, so the MLS is NOT wrong !!
There were 28 closings year to date (Jan 7, 2009 to Jan 7, 2010) ranging from $297,000 to $369,000.
The development is not "sold out" and never has been, there are always units coming on the market and selling.
Buyers interested in the development should contact a Realtor who has access to the current information, statistics and property history.
1) Drive time to Metropark can be about 15 minutes or so depending on the traffic. There is also a bus loop to the train station
2) There are 396 units in Westgate 1 and about 200 in Westgate II. Turnover % is about that you'd expect for a development of this size.
3) Westgate are all 2 bedroom 2.5 bath units, but they do have garages and smallish basements as well as a pool and playground and lots of community property.
There are numerous other developments in North Edison with less land (lower HOA fees in some cases), some don't have garages or basements but do have 3 bedroom units with 2-2.5 baths.
Depending on your price range, and what's important to you as far as having or not having amenities, there is probably something out there for you !!
Feel free to contact me at PruMaryNJ@aol.com or call me at 908-675-0167, and I can give you more details .
My wife and I are looking into places in the North Edison area. We had a chance to look around at Westgate a couple of weeks ago and wanted to ask some questions.
1. How is the morning drive to Metropark? (I work in Newark so commuting from Metropark is important)
2. I get the impression that there is a high turnover rate in the past several years. What is the reason for the turn-over, and does it spell trouble for the HOA?
3. Finally, are there comparable places that we should be looking at in the North Edison area? How does Westgate stack up in comparison to other places?
Thanks for all of your help.
The utilities are NOT incuded in the rentals.
Currently there is only one unit available for rent, listed at $2100/month. The rent includes the maintenance fee. In this case the landlord is paying commission too.
Rents in the last 12 months have been from $1900 to $2050/month (depended on location in development and upgrades)
Feel free to contact me. I can arrange for you to receive emailed listings of rentals in the development as soon as they are listed.
Mary Petti
prumarynj@aol.com
908-675-0167
Thank You
5 more units just sold and under attorney review at Westgate as you can click to see http://msx.mlxchange.com/Pub/EmailView.asp?r=1339529623& and only 7 left, including yours, so, the whole community will be sold out in a week or two, given the speed of selling!!!
Did you get Jose 732 979-9100 (cell) to distribute 1,000 invitation labels to your open houses to Prospective Buyer Communities@ ? such as Durham Woods Apt (rented out), Oxford Arms (rented out) ...etc. The invitation label would be just two liners, saying
"You are cordially invited to my open house at Westgate, for more info
go to http://westgatesquare.blogspot.com/
Jose will tape labels at door knobs, car winshields, ...etc and you will be surprised that dozens of serious first time buyers would show up at your Westgate open houses to avoid rent hike in the area...
Cheng
p.s. By the way, many more buyers coming to move to Greater Edison area since Edison just ranked #35 of Top 100 Best Places to Live in America by CNN Money Magazine as you can click to see ... http://money.cnn.com/magazines/moneymag/bplive/2008/snapshot make some hard coppies to pass to dozens of buyers to your open house.
I am also having OPEN HOUSE on both this Saturday (7/19) and Sunday (7/20).
But I am very disappointed and disgusted that someone is stealing my fsbo yard signs (3 times), I checked with the westgate assoc and home owners around and it appears to be works of a rogue realtor agent...and one of the people there gave me a license plate number which I called police and passed on the info. they said they will look into it, investigate further and take action. Also next time when they are stealing they can smile at the hidden motion sensor camera.
This is very cheap and not a fair game....whoever it is, has now prompted me to take-up strict stance & report against realtors who violate westgate official rules to not post any real estate or other signs "inside" the complex...why should I let them violate the rules when they are not playing by the rules and let me have my signs?
Whoever it is has picked on the wrong person :) I am not a quitter and have an MBA with JD (IP-Law). Anyway I thought I will bring it to you guys since you all are nice people here and you can see that how one/some of you stoop so low.
Thanks for all your suggestions....just to let you know I am having OPEN HOUSE for my 284 Westgate Square home on Saturday 7/12 10am-7pm and Sunday 7/13 10am-3pm.
All are welcome to come by and see the unit.
thanks
Anu
MLS - MLS# 900391 http://msx.mlxchange.com/Pub/EmailView.asp?r=1947491778&
Realtor.com - http://www.realtor.com/realestate/edison-nj-08820-1101136293
http://www.FSBO.com - http://www.fsbo.com/110123
http://www.owners.com - http://www.owners.com/WTW8019
http://www.forsalebyowner.com - https://www.forsalebyowner.com/21754481
http://www.craigslist.com - http://cnj.craigslist.org/rfs/745339109.html
Also, #306 just sold under attorney review ...
99 Linda Ln
115 Linda Ln
29 Westgate Dr
180 Westgate Dr
just sold under attorney review http://msx.mlxchange.com/Pub/EmailView.asp?r=335238131&s
Did you get 1,000 open house invitation flyers to Durham Woods Apt? or Edison Village, Blueberry Village, Rivindell? How was your open house?
I just advised a listing agent of another Westgate unit to do the same thing as I told you, and many prospective buyers will get to know Westgate in the open house ...
Cheng
nj.com real estate 08820 on the 6th page . u can find pictures and a complete description there.
this property is a must see and will be sold sooner than later.
pollak
Also, there are many first time buyers at Durham Woods Apt (rented out), Edison Villages, Blueberry Villages (rented out), ...etc looking to buy nice 2br 2hba townhouse at Westgate. You may want to ask Jose 732 979-9100 (cell) to distribue 1,000 invitation flyers to your open houses ...
If your offers are short of a few thousands to have a deal, introduce them to Jose who can also help obtain nice new furniture at warehouse price for them to save several thousands dollars to make the deal.
Many more condo/townhouses sold at Edison:
1615 EDISON GLEN Terrace, Edison NJ 08837 3br 2hba townhouse at Edison glen just sold at $359,900
1805 Edison Glen Terrace, Edison NJ 08837 2br 2ba condo at Edison Glen just sold at $259,900
604 EDISON GLEN Terrance, Edison NJ 08837 1br 1ba condo at Edison Glen just sold at $199,900.
736 WATERFORD Dr, Edison NJ 08817 2br 2ba condo at Waterford just sold at $244,900
503 MAPLECREST Rd, Edison NJ 08820 2br 1hba condo at The Maples just sold at $269,000
203 MAPLECREST Rd, Edison NJ 08820 2br 1hba condo at THe Maples just sold at $309,900
37 HAWTHORN Dr, Edison NJ 08820 3br 2hba townhouse at Dog Medows just sold at $419,900
This is good signs for you, Pollak. Be sure to find a house you want to move up, or you may end up sold your townhouse and no place to go ... No one would just rent for a few months...
I think you want to have open house on Sunday 1-4pm and consecutive open houses, and yours will be sold no more than 4 open houses, often sold at 2nd or 3rd open houses, sometimes, 1st open house if you are well planned.
e.g. If you get Jose at 732 979-9100 (cell) to distribute 1,000 invitation flyers to Prospective Buyer Communitites@ such as Durham Woods Apt or Edison/Blueberry Villages Apt, you may have dozens of prospective buyers came to your open house.
Only put the Open House sign out on Sunday noon fresh, and do not expect the neighbor will buy, they are just lookers, but their looking would help you too since they may have colleagues or friends looking to buy, and that's why sometimes, you need to have consecutive open houses plan, so that they can go back to get their colleagues to come see.
The responsibility would be to provide timely market information about Westgate. For example, cma oneliner like this one http://msx.mlxchange.com/Pub/EmailView.asp?r=58872156&s= is very important that tells us sometimes,
the HIGHEST listed unit get sold first. Not sure why, but this also give some knowledge to uncover prospective move up buyers. e.g. one may not want to move up unless their 2br 2ba townhouse will sell at least $360k, and we can show them that is feasable.
Posting link like this http://msx.mlxchange.com/Pub/EmailView.asp?r=58872156&s= also provide a timely and ongoing "market analysis" of the community, and prospective buyers of Westgate shall find it very useful and keep coming back.
In order to be "Preferred Community Realtor"@, one also need to broadcast to the community to identify move up buyers so that we can have more supply for the new buyers. So far, there were 53 units in Westgage for past year, and all sold but only 5 left. It is very low inventory. I expect the community to be sold out like Edison Hollow South, Edison Manor, University Heights ...etc soon. So we need to encourange ready move buyers to list their units and move up to buy bigger home their family deserve, especially, at collapsed mortgage rate.
