Home Buying in Edison>Question Details

Primatanya, Other/Just Looking in 08816

First time home buyer interested in Centreplace at Edison by Lennar

Asked by Primatanya, 08816 Wed Dec 10, 2008

I recently looked at the condos in Centreplace - they were ok, the chelsea was nice, but they don't offer it on the third floor...instead they're offering the millienium which is slightly smaller, but it's pricey for third floor unit ($340K). Are the prices negotiable? Sales lady said no (the price reflects current market in bad economy), but I wanted to know if she was just trying to get over on me? Are the condos really worth the price Lennar is asking for?

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The condos are taking much longer to sell , I do not know why. It is certainly not a bad place ot live. I myself am really happy there(In a townhome not a condo) . I just keep reading about problems with people leaving their doors open while cooking.. The neighbours opposite each other have their doors open and the kids keep running in and out. People littering in hallways. Elevators are not functioning, The security buzzer rings the wrong homes. The garbage is not cleared often enough and petty stuff like that. There was also an incident of one of the residents who pryed the elevator door with a crowbar to try and get it open. Those kind of problems are common everywhere but for that price point my expectations environment were a bit higher hence i bought the townhome instead.

I am not discouraging you from buying the place but If you do decide to buy wait it out.

Monica hit the jackpot with the townhomes and she wants to repeat the same with the condos hence she doesnt want to negotiate. She just talks too much and is trying to make the sale. The townhomes were quick to sell as they were huge and came with full basements which are a rarity.

Also a word of advice ,they kind of push to use their lender UAMC but you are free to use anybody else. UAMC sells the mortgage to other lenders so make sure you negotiate with Luci (the mortgage advisor) on your rates.
0 votes Thank Flag Link Sun Dec 14, 2008
This is interesting points that you are making Narik. There is another community that I am looking at called Fulton Square in New Brunswick. Not sure if any of you have heard of it, but there selling their properties really low, even the townhomes are very nice & come with basements as well. What do you think of this? I know Brunswick schools are not that great, but it's right in Brunswick, and they have shuttle that takes you right to the train station.
0 votes Thank Flag Link Tue Dec 16, 2008
On the other hand, for $340,000, you may get a wonderful newer 3br 2hba townhouse at Birchview at Piscataway as you can click to see http://birchviewatpiscataway.blogspot.com/

School wise, Piscataway high school got 9 student with full scores on SAT this year, and 15 students got #1 in FBLA Competition in NJ and 5 got #1 in National FBLA Competition in Atlanta in 2008. Harsh living in the area got full scholarship going to Rutgers Pharmacy and going to be doctor, and Colin got full score in SAT go to U Penn, and Larry got into UC Berkeley, Bryant got full score on SAT ...etc all living in this neighborhood.

commute wise, it is very close to Dunellen Train Station, if going to NYC.
0 votes Thank Flag Link Sun Dec 14, 2008
I was there the other day with my friends looking to buy in this community, and the townhomes are all sold out, I guess because it can walk to Middlesex Academy of Science since 2004 and because one of the top high schools in NJ, e.g. NJ Science League Biology Competition in 2008, East Brunswick only got #5 and this new science high got #1 !!!

I am not surprised many families with kids going to go to high school from East Brunswick moving to this community, that's why all townhomes gone.

As to two bedroom condos, I believe the best to do is to negotiate with the builder to buy TWO at the same time, and have the builder open a connecting door, that way you do not need to buy a big house, and once your kids graduated from high schools and college, you can close one and rent it out for good investment.

This is very popoular in Chinese community, e.g. in Lincoln Harbor, many Chinese families bought two adjacent units from the builders and may have connecting door, or even make it a new big 4 br condo home.

But, you only have this option when you buy new, it is hard to find two adjacent condo for sale at the same time once the community sold out, and, of course, you seldom find 4br or 5br condo either.
0 votes Thank Flag Link Sun Dec 14, 2008
Thanks, Narik. Can you please tell me in greater detail what problems people have faced with the condos and why you believe they are not selling? Monica swears up and down that she has completely sold the building closest to the pool and they are working on putting up another building. Can you please send me the link to the online community board?
0 votes Thank Flag Link Thu Dec 11, 2008
We bought a town home at centerplace last year and I am not an agent. The maintenance is around $250 a month and its going to go up as per the Dec 10 board meeting.

The townhomes there are all sold out but the condos are not selling. There is one building which is completely empty and two more which are yet to be built ( I hate the construction vehicles going through the community)

That lady monica will not negotiate because she thinks it is hot property as the location is close to the train station for commute (You still need to park your car at and pay for parking. Bus takes 30-40 mins to the station) . She also told us that the board can collectively request a bus from the community but nothing has happend so far.

Although I like the townhouses the garden homes have a lot of issues and every day there are people complaining on the online community board about things not being taken care of by the builder.

My suggestion is to wait it out, if you are not in a hurry to buy a home , as the prices will reduce eventually. Also do look around for the price of comparable condos out there I am sure you will be able to find better deals out there.

Our agent just got a finder's fee and not a 6% commission so I dont think there is enough incentive for them to negotiate for you.
0 votes Thank Flag Link Wed Dec 10, 2008
Ptim,

Lennar has a great reputation for building an excellent product and supporting it with good service.

These are very challenging times for builders, buyers & sellers, and real estate professionals. The one thing we have learned from these difficult times is that the prices can and do decrease even after being told otherwise.

Our recommendation is to protect your interests by working with a real estate professional. An area realtor will know what prices these units have sold for. What types of incentives were married to the companies incentives, the position to take to save you money, etc.

Are these prices negotiable? Of course.....everything is negotiable. She has been trained to respond in this manner.... an experienced agent will know what community, simlar the the one you are interested, could be used as a competitive unit.

In other words, (We are considering properties in this location, within this price range, meeting this criteria etc. This is what we can get for $300,000 with builder A. this is what we can get from builder B for $309,000. We are serious buyers that want the best product and the greatest value. Our limit is $310,00- what can you do for us?)

Do not let them qualify you with their lender......this just complicates the issue and gives them the opportunity to build their price into your mortgage by rates, time periods, programs, etc. We like going into any builder meeting with a pre-approval letter from an independent lender that spells out your top number.

Do not leave a deposit until you have walked away and had time to evaluate your situation. They may tell you they can give you a better price if you don't have a realtor involved...believing this and going it alone will cost you money.
0 votes Thank Flag Link Wed Dec 10, 2008
RECOMMEND for you to contact a buyer agent from Trulia in your area. Never purchase a home direct from builder/seller/listing agent unless you have your own agent. Realtor needs to comp the area, review builders contract and etc. wont' know unless you have a real estate agent who works on your behalf. In some instance builders MIGHT provide incentives to agents/clients NOT to buyer off the street you stopped in. GREAT QUESTION trying to cover yourself that making a mistake. You are also protected by lender appraisal if the condo does not comp out to the appraisal lender wont approve a loan. However your buyers agent can assist you prior to spending any additional money
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Wed Dec 10, 2008
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