Home Selling in 08540>Question Details

Anon_owner, Home Seller in 08540

Ettl Farm vs. nearby neighborhoods

Asked by Anon_owner, 08540 Tue Mar 6, 2012

How much of a premium would you put on a home in Ettl Farm vs. similar size and condition in a neighboring subdivision off Rosedale Rd? What factors make Ettl Farm homes more valuable?

I ask because it looks like recent sales in Ettl Farm are fairly brisk, while homes in neighboring subdivisions asking similar prices are going through multiple reductions and/or expiring in their listings. This includes homes that have been recently renovated with high end finishes and much larger lots. It's almost like 2 different real estate markets are at work. What's the reason?

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The Ettl farm desirability in part is because of its family oriented neighborhood on land lots that are not overly large. The floor plans are gracious and suitable for everyday living and entertaining. Some have nicer finishes then others. The Ettl farm 'brand' as a developed community has value to some families.

Btw, Ettl farm also had a few 'bad' years of slow(er) house sales and currently feels brisk mostly because of right pricing. It is easier to understand price and value in a development with many similar properties than in neighborhoods with unique architectures plans.
0 votes Thank Flag Link Sat Mar 2, 2013
Neighboring subdivisions to Ettle are very different with a tremendous mix of housing. (check brookstone/wendover for example where there are tear downs to multi million dollar homes) Ettle farm is the largest and newest medium to high end development. Compared to cradle rock for example there are far more homes. TYpically homes tend to gravitate towards the neighborhood prices. Homogenous neighorhoods like Ettle are a bit easier to price (sell) because of this. Custom homes present challenges as buyers often look at the surrounding homes to figure value.
0 votes Thank Flag Link Wed Mar 7, 2012
Ettl Farm is one of the only younger neighborhoods in Princeton. It also provides a great enviornment for kids. It is easier to understand comparible properties and value when you have models to base offers on. Many times relocation types buy in neighborhoods as these homes are generally ready to move in to.

Other neighborhoods/locations may be more dated and/or some have upgrades. Many sellers have been reducing their prices when there is a small pool of buyers in the market place. Some properties have sold as teardowns as land is scarce. Many of todays buyers want newer or totally remodeled homes. These are the homes that have been selling and can been seen by the last few years of sales.
0 votes Thank Flag Link Wed Mar 7, 2012
In addition to the data specific to Ettl Farms, you may be interested in the current in the real estate market in NJ. This information will soon be updated to include data for February. I'll post it when it becomes available

NJ Home Sales Record 31% Increase in January according to the Otteau Report which states the following:

"Given the malaise in the housing market in recent years, a double digit increase in purchase demand is a big deal. What's even more impressive is that this increase occurred in the month of January, and without home buyer tax credits stimulating demand. Housing demand in New Jersey exploded off the chart in January with 4,700 home-purchase contracts which equates to a 31% increase compared to one year earlier. That performance exceeded the 4,600 recorded in January 2010 when home sales surged due to the availability of home buyer tax credits, and was the best since 2008. Certainly the mild January weather had a hand in this compared to last year's heavy snow accumulations. But an increase of this magnitude extends beyond a weather related influence. Charts are available. send me your e-Mail to receive them."
Web Reference: http://cygaydos.com
0 votes Thank Flag Link Tue Mar 6, 2012
Hi Home Seller,
Princeton is a funny market place wherein on the same street prices can vary drastically due to age, size and condition. That being said, you can have a 1950's low slung ranch next door to a two-story recently constructed McMansion. It is rare in Princeton to find a development of similar style,age and size single family homes. Ettl Farm is one of a few developments that is still close to town (not up on the ridge) and offers similar "like-style" single family homes that can make a purchaser feel a bit more comfortable buying a home in an uncertain market. Ettl Farm homes are 10-12 years old which in Princeton is newer, an older renovated home in a neighborhood of mixed aged and looking properties doesn't offer a feeling of stability to buyer's relocating to Princeton. Another factor that makes Ettl so attractive are the lot sizes of a 1/2 to 3/4 acres, anything larger becomes overwhelming for some buyers to maintain. To answer your question about a premium, no one can state for certain as value is subjective according to the pool buyers in the market when you're on the market.
I hope this helps, if you're currently not listed and would like to discuss further-feel free to call or text me.
Best,
Heidi A. Hartmann
Coldwell Banker Princeton
609-658-3771
0 votes Thank Flag Link Tue Mar 6, 2012
I sold a Home to a client in Ettl Farms. We searched all of Princeton for 6 months. My client took her lunch hour 2 to 3 times per week and we meticulously researched every home in the price range from $600,000 to $1,400,000. after careful evaluation, my client chose the home in Ettl Farms for $1,250,000. Reasons were the quality of the construction including many special interior feature, finished basement, great patio, extra large bedrooms, 3.5 Bathrooms, study/office on 1st floor, great neighbors, Johnson Park Elementary School and most important we studied the price history of all of the properties in Ettl Farm since the development was built and found the price appreciation to be the most stable. They are still very pleased with their purchase and their investment. Current homes for sale are:
# # 'MLS' # ## Street Name $ PRICE $$ BrBth
1 5960898 18 Walker Drive $1,399,500 4 3/1
2 6007482 62 StoneCliffRd $1,410,000 4 4/1

Cyril Gaydos, Realtor Associate, RE/MAX Greater Princeton
112 Village Blvd., Princeton Forrestal Village, Princeton, NJ 08540-5760
Phone#: 609-951-8600; Cell: 609-509-0777 or 609-651-6659
I have Matched 107 Buyers to 107 Sellers since 2004
Send Me an E-Mail >>> RealEstate@CyGaydos.com
Send Text Message >>> 6095090777@vtext.com
Visit our Web Site >>> http://www.cygaydos.com
Web Reference: http://cygaydos.com
0 votes Thank Flag Link Tue Mar 6, 2012
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