Thanks for the input. I agree that they seem to be very nice units. My concern was around the additional supply vs. demand. But, if the new units are higher end and/or oriented towards a different buyer, it's probably not a concern and could even make these units more valuable.

I reallly like this building, #1 Euclid. The units are spacious and bright. The balconies are attractive and offer views and privacy. The parking is in the basement with an elevator. One of the nice things is that it is possible to drive to the front door. leave your car there while you take something up to your unit. The common areas were recently redceorated. It is a great place to live if you like to be close to town and train.

There will always be price pressure when the supply exceeds deman, howeverI believe the new condos will be town houses and priced higher than those in this building. So they would appeal to a different buyer.

Karen Horbatt
Prudential NJ Properties
908-273-0400 x227

The building at #1 Euclid was built in the late '60s, give or take a year or two. It replaced a building that burnt in one of the largest fires Summit has ever seen. I remember, as I was there for hours with the First Aid Squad. The new, current building, was initially an apartment building, and went condo some years ago. Over the years many of the owners have put serious dollars into renovations, and the resale values have reflected that.

It remains one of the nicest addresses in town.

The development of the former Summit Medical Group property at the corner Summit and Deforest, two blocks away, appears to be stalled, although some ground work does appear to be in progress. My understanding was that it was initially to be office space, now will apparently be a mixture of residences and office.

One way or another, in Summit, it will be upscale. I cannot see how development of this property will cause any problems with property values at #1 Euclid.

Paul Vickery

Prudential New Jersey Properties - Summit
(862) 258 - 5008

how are you concerned that it could hurt the values? I by the way am a real estate broker and an owner of one of the one bedrooms.