Home Buying in East Amherst>Question Details

Bev, Home Buyer in East Amherst, NY

Why are 25 yr. old townhouses in E. Amherst, NY asking $150.00 sf./ this is new build prices !

Asked by Bev, East Amherst, NY Mon Apr 18, 2011

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Joe Sorrentino’s answer
I assume that you are referring to the unit currently for sale in Ransom Oaks for $249,900. First of all, it is a Villa or, an attached patio home with a Homeowner's Association. Houses are not sold by the pound (or sq/ft) like baloney. You can sit there at the computer trying to figure out on Trulia or Zillow what a property SHOULD sell for while someone else is actually out there buying the house meant for you!
Secondly, that is what they are asking, it doesn't mean that they will get it.
Third; those units rarely go up for sale and are in a highly sought after community, especially if you are a golfer, runner, swimmer or play tennis because this is within a planned community which has value-added amenities. Forth: You need to understand the difference between buying a single family home and a Townhouse within a condo association or a homeowners association. A portion of what you are buying is the unit and a portion of what you are buying is shares in the community association. If you even try to calculate a price per square foot, it will be all over the place. You cannot compare existing to new construction (I am in new construction so I know what I am talking about). New construction offers you NEW everything but there are a lot of things you don’t get: YOU pay the transfer tax, you many times pay for; appliances (including garage door openers), blinds and drapes, decks and patios. You pay for upgrades, garages - if detached, may be extra as well.
Bottom line: If you think it’s too high, don’t look at it. Most buyers in the Townhouse/Patio Home market are empty-nesters and they pay cash or get a minimal mortgage so they don’t have to worry about appraisals. They want what they want and are PAYING the prices for it! When this particular unit sells, look to see what it sells for and see who’s right. My guess is that it will sell in the next 2 months for approx. $230,000.
I wish you luck.
0 votes Thank Flag Link Mon Apr 18, 2011
Which townhouses are you referring to? I specialize in East Amherst, and I'd be happy to do some research on the sale price of recently sold townhomes in the same area to see if the sale prices support the listing price. Feel free to contact me.
0 votes Thank Flag Link Mon Apr 18, 2011
If you are interested in purchasing consider working with an agent and review comps--recently sold similar properties in the immediate area, then make a determination as to a fair offer/pricing....keep in mind that the seller sets his/her desired listing price...
0 votes Thank Flag Link Mon Apr 18, 2011
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