Albe, Home Buyer in 07302

What is a realistic $ value for a townhouse (NEW, 3BR, 2 1/2bath) in Westfield, NJ in the current market?

Asked by Albe, 07302 Fri Mar 14, 2008

What about the appreciation of a townhouse in an area like Westfield? Is it true that a single family homes (even if condition and location of the house is less attractive) is a better investment?

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Answers

3
The appreciation of a townhome is very optimistic because young 2 earner families have no time to care for a house and want to start out in a condo/townhouse. However the builders build very few 3 BRs in that area. I can only guess their thinking was for first time buyers without children or older couples with children out on their own or in college. However as the other realtor said there aren't many; not that they are not for sale, but there aren't any period. The Savannah is problematic because it is a senior community and they cannot sell or rent to persons not in the senior category. If you are a builder, thinking of buying a site to build condos or townhomes on the opportunity is golden. Pricing is directly related to the length of time it take s to get into NYC. I specialize in the NYC train lines; the Raritan and the Morris and Essex line (which is the Midtown Direct) If you need a 3 BR townhome on the trainline, your better bet would be New Providence or berkeley heights. There was enough empty land there to build them and in those towns builders DID build 3 BRs. My personal belief is that the single family (if it is updated) is always the better investment. People want to own a piece of land. It is a tradeoff for convenience and there is usually astrong market for either. Edie Angelo RE/MAX Achievers, Summit, NJ
0 votes Thank Flag Link Tue Nov 30, 2010
Hi Albe
There currently are no 3 br townhomes listed in Westfield. - pretty slim pickings overall if that's what you are looking for. You might be better off looking for a single family home if your heart is set on Westfield.
There is new construction, a condo, The Savannah in an elevator building downtown. Prices are in the 700's to a high of $1,580,000 for 2 br/2bth units.

If you are looking for townhomes, then you might consider some nearby towns such as Springfield (there is a 3 br, 2.5 bth townhome listed for 459,00 in a complex called Park Place)....or perhaps Scotch Plains.....

Feel free to reach out to me, and I can help you fine tune other options. Much will depend on your price range and commuting needs.

Best wishes,
Debbie Rose
Prudential NJ Properties
email: Debbie.Rose@PrudentialNewJersey.com
0 votes Thank Flag Link Tue Jul 28, 2009
Albe,
If you care to mention the community, I could give you a more pointed answer. Meanwhile, if it's new and truly in Westfield it must be downtown, "luxury" building. Buyers are mostly downsizers who prefer to stay in town or keep a presence in town among multiple residences. Translation: prices will be rich--no bargain compared to single family homes. As for investment quality, they could be as good as a house, we've just never seen it before. . .good luck with your decision process, and feel free to reach out for more info or perspective. Scott Gleason
0 votes Thank Flag Link Tue Jul 28, 2009
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