Home Buying in Metuchen>Question Details

Shana25, Home Buyer in Highland Park, NJ

Why is 22 Park Square now listed as a new listing at $312000 when it has been in the market forever at $297,000 with no movement?

Asked by Shana25, Highland Park, NJ Tue Jan 8, 2013

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5
Lipstick on a pig! - paint, floor and appliances may make a unit more desirable AT THE RIGHT PRICE. Buyers bought at $280,000 in 2009 and the market has gone DOWN since then. It didn't sell for over a year at $297,000. Spending a couple of thousand dollars still doesn't raise the value to $312,000.
0 votes Thank Flag Link Mon Feb 11, 2013
Clearly you all haven't seen this location. It was listed for sale prior to being completely renovated, hardwood floors and new appliances. It's by far the nicest unit in the complex.
0 votes Thank Flag Link Mon Feb 11, 2013
Because the SELLER is not relly committed to selling;
they figure; "If someone is willing to pay....."

It also might be a Seller who won't listen to us.
0 votes Thank Flag Link Fri Jan 11, 2013
One word... GREED (or maybe stupidity?).

Unit was originally a FSBO at $329,900, after months of no sale was relisted by at least two different agents decreasing in asking to $299k. Owners purchased in June 2009 at $280,000. Metuchen market is DOWN since June 2009 by an average of 10% - suggesting "market" might be $252,000 or so.

Another objective measure (not real estate agent fluff), closed sales prices as a percentage of tax assessed value. Metuchen assessor pretty active in "re-assessments" AND this measure considers square footage, amenities and location differences. Current 22 Park assessment of $158,200 times recent sales ratio of 1.65 suggests current value of $261,000.

The FMV of these units has decreased so much the assessor has routinely lowered both Central Square and Franklin Square units across the street (many Franklin Square units have had more than one decrease).
0 votes Thank Flag Link Fri Jan 11, 2013
The most notable reason visible is the home was relisted by a different agency. On the listing appointment the agent might have told the homeowners that they could get more money for the property, or the homeowners might have wanted to change their price for personal reasons. No matter what the reason is, the market will say what it is worth. If you have any further questions, please do not hesitate.

Sincerely,

Keith Jean-Pierre
Re/Max First Realty
Direct: (848) 391-6428
0 votes Thank Flag Link Tue Jan 8, 2013
One word...GREED (or maybe stupidity?). Unit has been offered for almost two years including two different agents and a FSBO at $329,900. Owners purchased in June 2009 at $280,000. The market has been DOWN since then. Average Metuchen declined 2009-2012 is 10+%. Would suggest current value around $252,000. Another "value" check (no Realtor "fluff") is ratio of ACTUAL sale prices to tax assessed values. The Metuchen assessor reflects differences in location, square footage, amenities (fireplace, 3 of baths, etc). Recent sales ratio in Metuchen is around 1.65. Applied to this assessed value suggests price of $261,000. Check assessments on both Central Square and Franklin Square (across the street) - have been lowered to reflect drops in market value. Some units in Franklin Square have been lowered MORE THAN ONCE!

Be Smart...Be Informed!
Flag Fri Jan 11, 2013
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