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.
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.
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."
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.
Heidi A. Hartmann
Coldwell Banker Princeton
# # '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
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