Location contributes to the value of the property. If the property you are interested in has an excellent locaiton and is in excellent conditon, $115,000 sounds like a fair price. However it it needs work, you should factor in how much it would cost you to bring it up to your standards. If you bought a Baronet for the average sale price of $89,000 & invested $25,000 you would be able to put in a new kitchen with new appliances, redo the bathroom, install new carpeting and paint. The only thing you could not change is the location.
In case you didn't know, there are also 13 Baronet Models offered for sale in Leisure Village East. LVE is located off Shorrock Rd--only minutes away from Leisure Village. Good Luck. I hope I was some help.
I have to say it's all in the closed sales numbers..based upon the most recent sales and then making the adjustment of about 1/2-1% per month from the solds under contract date should and will reflect what the condo is truly worth today.
I'm assuming you are working with an agent and if so, have them run a buyer's CMA for you. If you don't have an agent, I can give you the name of someone in our office in that area.
Gina Chirico, Sales Associate
973-228-1000 ext 132