Home Buying in 07721>Question Details

Pat, Home Buyer in Aberdeen, SD

Will prices drop further in Aberdeen Township?

Asked by Pat, Aberdeen, SD Mon Apr 14, 2008

I'm planning to buy a townhome in Cliffwood (aberdeen township). The price that I'm able to get on this one particular unit that interests me is at a 2004 price level. So it seems like a good deal, but I'm still wondering if the prices will drop further? Help!

Thanks, Pat

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5
Hi,

Oak Ridge, Peachtree and Ken Gardens represent the complexes that comprise most of the units sold within Cliffwood. Some complexes hold or lose value at different rates. Several factors can impact the value, and just one of many examples may be how one complex is fiscally managed compared to another. Using just this one example, a unit at a higher price in a well managed complex may be a better deal than a lower priced unit in a poorly managed complex with low reserves and deferred maintenance.

On what data set did you determine that the anticipated sale price mirrors 2004 pricing? The integrity of the data matters.

Assuming your data is accurate, the complex is sound, and no external nearby factors are adversely affecting property values……..is 2004 pricing good? Yes.

Will prices go down next year? Impossible to say. Each of us wishes we had a crystal ball, but none of us do. There are projections that, overall, properties in NJ may go down 4% in 2008 and see positive movement in 2009. If you buy a property at a good price today, that bottom line may be better than you might find in 8 months, 10 months, or 12 months.

Regards,
Deborah Madey - Real Estate Broker
Peninsula Realty Group - New Jersey
(732) 530-6350
Deborah@PeninsulaFirst.com
3 votes Thank Flag Link Mon Apr 14, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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No, prices will not drop further.

How do I know? Because I am selling now. If I were not selling until next year, that would be when prices hit the bottom. I am the one who always gets in the line that moves the slowest at the gas pump or grocery store. I bought dot com at the high. I bought real estate at the high. I am selling now....so this must be the low.
1 vote Thank Flag Link Tue Apr 15, 2008
Hi Pat,

Nobody knows. And anyone who says they do is blowing smoke. I've been an appraiser for 20+ years and I don't have any idea what will happen with the market. There are too many forces at work that can change in an eye blink.

So just make your own decision based on your own personal needs and present finances. If you ask a bunch of real estate professionals for their take, you'll get a whole bunch of opinions: all of them worthless. And you'll just drive yourself crazy because you don't know who to believe. And the answer is nobody, because nobody has a foggy clue. Really.

-Marc
Web Reference: http://www.marcpaolella.com
1 vote Thank Flag Link Mon Apr 14, 2008
HI,
What is going to happen is, the price will come down, that is sure, because, there is no sale at all in the new jersey. The inflation is started because of the gas price. The listings for sale and forclosure is also going up. All these factors will force the housing sectore to reduce the price.
0 votes Thank Flag Link Wed May 11, 2011
Hi Park Place,
We might sometimes share the same stream. I usually joke that the person who gets in a grocery store line should look for me, and then choose another line. Not because I am going to hold up the line, but, inevitably, the line I choose always has some issue. But, life treats me well in so many other areas, that the trade off is worth it. I hope the same is true for you.

Pat.....When buying a condo, review the bylaws and financial condition of the association before finalizing your transaction. Your attorney can help w/ this.

Deborah Madey - Realtor
Real Estate Broker
Peninsula Realty Group - New Jersey
0 votes Thank Flag Link Tue Apr 15, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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